Allied Farmers (ALF) H2 2025 earnings summary

Executive summary

• Net profit after tax attributable to shareholders was $2.87 million, down from $5.21 million in FY24, mainly due to a one-off gain in the prior year; adjusted profit after tax rose to $3.84 million from $2.69 million year-over-year, reflecting improved core business performance.

• Basic earnings per share decreased 44.4% to 9.97 cents; net tangible assets per share increased to $0.51 from $0.40 year-over-year.

• No dividend was paid for FY25, with capital retained to pursue growth opportunities and utilize tax losses.

• A conditional sale of NZ Farmers Livestock Limited (NZFL) was agreed post-balance date, targeting completion by December 2025.

Financial highlights

• Total revenue increased to $30.63 million from $27.63 million year-over-year.

• Net profit before tax was $4.07 million (FY24: $7.32 million); profit after tax was $3.84 million (FY24: $6.92 million).

• Operating cash flow rose to $6.80 million from $2.10 million year-over-year.

• Net tangible assets per share (consolidated) rose to $0.54 (FY24: $0.48).

Outlook and guidance

• The start to FY26 is described as very positive for NZFL, despite some softening in the veal business.

• Capital will continue to be allocated to growth opportunities that utilize tax losses, with no dividends planned.