Earnings call transcript: New Zealand Rural Land posts H1 2026 profit as stock rises
New Zealand Rural Land Company reported a first-half profit of NZD 4.74 million for the six months ended 30 June 2026, with earnings per share (EPS) of NZD 3.24 cents. The company's stock rose 2.17% to $0.94 following the earnings call. The rural landlord issued a quarterly dividend of NZD 1.34 cents per share, totaling NZD 2.68 cents for the period.
New Zealand Rural Land Company owns rural and horticultural land across New Zealand, and its portfolio continued to generate rent growth during the half year. The company's balance sheet remained conservative, with gearing at 30.4% and no covenant pressure. The Kiwi Crunch process, which involves three apple orchards and related assets, is still unresolved, resulting in NZD 1.2 million in rental exposure.
Management described the Kiwi Crunch situation as an anomaly and indicated strong interest from potential lessees and buyers for the affected properties.
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