Allied Farmers (ALF) H2 2026 earnings summary

Executive summary

• Reported audited profit after tax of $2.613 million for FY26, down from $3.841 million in FY25, with profit attributable to shareholders rising to $2.989 million (FY25: $2.871 million).

• Sale of 67.7% stake in NZ Farmers Livestock Limited (NZFL) completed on 1 December 2025, generating $5.878 million in cash and shifting focus to rural asset management and new investments.

• Continuing operations posted a loss before tax of $0.907 million (FY25: $0.227 million profit), mainly due to lower NZRLM fee revenue and higher costs.

Financial highlights

• Basic EPS increased 4.0% to 10.37 cps (FY25: 9.97 cps); NTA per share rose to $0.66 (FY25: $0.51).

• Cash reserves at 30 June 2026 were $11.8 million, up from FY25, mainly from the NZFL sale.

• Total assets valued at $47.4 million, with an implied net asset value of $1.64 per share, a 62% discount to market price.

• No dividend paid in FY26.

Outlook and guidance

• FY27 profit after tax expected to be materially lower due to non-recurrence of FY26 tax benefit and lack of new investments.

• Board is actively seeking new investment opportunities to deploy cash reserves.