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New Zealand Rural Land Company (NZL) briefings
Read that company's published results in release order, newest first.
New Zealand Rural Land Company (NZL)HY26Released 27 August 2026
NZL's NPAT grew 34.3% but operating cash flow fell 43.9%
Profit before tax rose 39.5% while operating cash flow dropped 43.9% to $2.4m, raising questions about earnings quality.
Published 27 August 2026
Read briefingNew Zealand Rural Land Company (NZL)FY25Released 27 February 2026
NZL's NPAT fell 65.8% as AFFO cash earnings rose 9.9%
PBT fell 64.7% and NPAT fell 65.8% even as AFFO grew, and the release does not reconcile the divergence.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)HY25Released 21 August 2025
PBT fell 66.9% as margin sank to 39.3% while payout hit 89.3% of NPAT
PBT margin fell to 39.3%, well below the historical average of 99.8%, while the payout ratio jumped to 89.3% of a much smaller profit.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)FY24Released 28 February 2025
NPAT surged 111.9% but underlying AFFO grew only 13.6%
A tax swing and fair-value effects drove statutory profit well ahead of the 13.6% rise in recurring AFFO earnings.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)HY24Released 29 August 2024
NPAT surged 134.0% but AFFO cash earnings rose only 26.8%
Acquisition-funded growth lifted NPAT 134.0% and revenue 60.2%, yet NTA per share fell 4.9% and the dividend was cut 28.1%.
Published 21 August 2026
Read briefingNZ Rural Land Company (NZL)FY23Released 29 February 2024
Whanganui acquisition sharpens NZ Rural Land Company Limited's cash-flow test
The NZ$71.6m acquisition price adds cash-context, while operating cash, capex and working capital remain the direct evidence.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)HY23Released 1 March 2023
Capital raise puts New Zealand Rural Land Company's debt headroom in focus
The NZ$38.5m capital raised is relevant to debt headroom, while borrowings and gearing remain the direct evidence.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)FY22Released 26 August 2022
NZL's NPAT jumped 162.9% but only 8.5% is paid out to shareholders
Revenue and profit growth reflect a portfolio still being assembled, not like-for-like performance, while cash fell and borrowings rose.
Published 21 August 2026
Read briefingNew Zealand Rural Land Company (NZL)HY22Released 22 February 2022
NZL deploys cash shell: $61.5m capex funded by $88.5m of new debt
HY21 was pre-operational so the headline growth rates are not informative; the real read is a leveraged rural land portfolio at $1.35 NTA per share.
Published 28 April 2026
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