Half Year Results 2025

Interim
Report
2025

The first six months of 2025 have been an important step towards delivering sustained and
profitable growth. Our long-term growth strategy and investments have increased revenue,
and this has been achieved through hard mahi, strong execution and a focus on productivity,
efficiencies and cost control. We look forward to building upon this.
Committed to delivering sustained
and profitable growth.
Contents
02.
01.
Chair and CEO
review 03
Financials 08
Income statement 08
Statement of
comprehensive income
09
Statement of
changes in equity
10
Balance sheet 12
Statement of cash flows 13
Notes to the financial
statements
16
Click on any of the text
headings to navigate
through this report.
Expect to harvest
over 500 tonnes
of premium jumbo
blueberries from
our Queensland
farm this season
T&G Fresh
partnered
with Kaikohe
Berryfruit Limited
Partnership to
expand Northland
berry volumes
Opened a Taipei
office, T&G’s sixth
office in Asia
ENVY™ apples
outperformed the
total fresh apple
category in the U.S.
T&G Global Interim Report 20252

01. Chair and
CEO review
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
$2.3m
Net profit/(loss) before tax
2024: ($8.2m)
$920.6m
Revenue
2024: $820.1m
$18.1m
Operating profit/(loss)
2024: ($2.6m)
Kia ora,
We’re pleased to report a significantly improved
first half year result, with T&G Global returning to
profitability.
This performance is the result of increased revenue
from our long-term growth strategy and investments,
strong execution, our team’s hard mahi, and a focus
on productivity, efficiencies and cost control. It is
a good first step towards delivering sustained and
profitable growth.
For the first six months of the year, to 30 June 2025,
revenue for the Group is $920.6 million, up 12%
from $820.1 million in the comparable half year in
the 2024 financial year. Operating profit increased to
$18.1 million, compared to a loss of $2.6 million in the
corresponding 2024 period, and net profit before tax is
$2.3 million, compared to a loss of $8.2 million in the
comparable 2024 period.
Globally, volatility continues, with trade risks,
inflationary pressure and ongoing uncertainty impacting
some markets. While we remain vigilant to this, we are
focused on what’s in our control and ensuring each part
of the business is strong and resilient.
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Financials
3
Chair and CEO review

Apples
Revenue in our Apples business increased 15%,
to $675.3 million, compared to $589.0 million in the
comparable half year in the 2024 financial year, and
operating profit increased 99%, to $47.3 million,
compared to $23.7 million in the corresponding
2024 period. This sustained uplift in performance is
the result of significant investment in our long-term
Apples strategy, team and culture. Over the coming
years, volumes, revenue and profitability will continue
to increase.
It was a high quality 2024/25 North American
crop, and in Aotearoa New Zealand, optimal growing
conditions, combined with the hard work of our
team and independent growers, produced excellent
tasting fruit, including our premium ENVY™ and
JAZZ™ apples, with good colour, sizing and yields.
In line with our strategy, significant long-term
investment has been made in new ENVY™ apple
plantings, delivering a 22% increase in this year’s
domestic crop. It has been a record year of branded
apple volumes, laying the foundation for continued
year-on-year increases through to 2035 to meet
increasing consumer demand.
Across all strategic growth markets, we are building
demand for our premium apple brands by increasing
ranging across channels and customers, excellent
every day in-store execution, and connecting with more
consumers. The team’s hard work is delivering results.
In Asia, it has been a positive start to the season,
with programmes driving new growth for our
brands through increased sales velocity, customer
engagement and strong shopper activities.
Chair and CEO review continued
Modern trade channels are outperforming, and this
is helping offset some softness in wholesale and
direct markets, including in Viet Nam, Hong Kong and
Malaysia. There’s strong demand in China and Thailand
and prices are holding, noting we still have a way to run
for the full season.
In North America, the domestic market is challenging,
with soft consumer sentiment and tariff risks. We are
focused on maintaining a strong value proposition
every day of the year, and it’s pleasing to see ENVY™
outperforming the total apples category on purchase
frequency, spend per trip, buying rate and average
basket size over the 52 weeks ending 31 May 2025.
JAZZ™ apples have performed well. The Aotearoa
New Zealand crop was one of the best for a number
of years, and this supported access into high-value
markets like Japan and the United Kingdom. At this
point in the year, sales are significantly ahead of 2024
and the forecast grower return is tracking above our
estimated range.
This year’s first JOLI™ apple harvest at scale from
VentureFruit’s commercial test block was a success,
with exceptional fruit sizing, colour and taste. On
all parameters, it is meeting consumer experience
expectations. A commercial packing trial in Hawke’s
Bay delivered great outcomes, and learnings will be
applied as we prepare for the brand’s 2027 commercial
launch. In the second half of this year, T&G will plant a
further 32 hectares of JOLI™ apples, complemented by
an additional 65 hectares to be planted by our network
of independent Aotearoa New Zealand apple growers.
A new office opened in Taiwan in June – our sixth in
Asia. With its 23 million people and strong trading ties
with Aotearoa New Zealand, Taiwan is a significant
market for T&G. Taiwanese consumers purchase
around 2.8 million metric tonnes of fruit each year,
making it a key growth market for ENVY™ apples.
Over the past eight years, with the support of local
importers, distributors and customers, we have built
a strong presence for ENVY™ apples, achieving a 25%
year-on-year volume growth. This new office is the
natural next step in our expansion.
$675.3m
Revenue
$47.3m
Operating profit
2024: $23.7m
2024: $589.0m
Apples
T&G Global Interim Report 2025
Financials
4
Chair and CEO review

Chair and CEO review continued
T&G Fresh
T&G Fresh’s revenue increased to $229.2 million,
compared to $218.3 million in the comparable half year
in the 2024 financial year, and operating profit increased
to $3.7 million, from a loss of $11.3 million in the
corresponding 2024 period.
As a leading grower and produce manager, over the
last two years, we have been transforming T&G Fresh
to create a stronger and more profitable business.
A focus on productivity and cost control has helped
drive improvements in the first half of the year, despite
weak market conditions.
T&G Fresh has leveraged the strength of its vertically
integrated categories, delivered growth through
recent strategic investments in stone fruit and berries,
performed strongly in Fiji, the Pacific Islands and across
our markets network, and improved efficiencies. The
business has strong momentum, which will continue
to drive improved performance.
Following last year’s acquisition of Hinton’s stone
fruit business in Central Otago, this summer’s cherry
crop was excellent, with well over 300 tonnes sold to
domestic and export customers, and strong returns
achieved in the Taiwanese market.
Our Queensland blueberry business, planted with our
premium jumbo blueberries, had a robust start to the
season. Favourable growing conditions and improved
plant maturity enabled fruit to reach the market eight
weeks ahead of schedule, commanding a strong
premium. This year, we expect to harvest over 500
tonnes of fruit, with 15% bound for Asian markets. A new
grading and packing line was commissioned, improving
efficiency and labour optimisation, and enabling high-
volume throughput and best-in-class packout.
In Northland, a new joint venture with Kaikohe Berryfruit
Limited Partnership will continue our investment and
expansion in our berry operations and IP programme.
The partnership will grow strawberries (including our
exclusive varieties) and our jumbo blueberries for the
domestic and export market, with T&G Fresh serving
as the exclusive sales agent.
In citrus, we continued to face challenges with some
cultivars. While growing conditions were difficult,
shifts in the markets we supply have also impacted
performance. Lemons have faced a number of difficult
export seasons, given high levels of competition,
and domestically, navel oranges have struggled for
market space given competition with imported navels.
This impacts our ability to obtain a good return.
As T&G Fresh continues its transformation, after the
conclusion of this reporting period we made some
further moves to future proof the business and deliver
the best service to growers and customers.
A network strategy has been implemented to
ensure we have the freshest produce and best service
availability, enabled by investment in digital tools and
logistics capabilities. As part of this, our Hamilton
market has transitioned to become a dedicated
transport cross-dock and further investment will
be made in the Tauranga market.
To drive category growth and ensure our offering
remains relevant, we will reduce the size of our
lemon operations, consolidate our navel orchards
and shift our blueberry strategy to premium jumbo
blueberries in the second half of 2025. A Kerikeri
orchard will also be replanted with this exclusive
premium blueberry variety.
In covered crops, our biggest and most strategically
important growing operation, our footprint has been
reviewed for efficiency, maximum asset value and
capacity for growth. With the Harrisville site in Tūākau
requiring significant investment and no longer being
cost-competitive, the glasshouse will close this year.
This will enable a simplified planting plan across our
Geraghty, Ōhaupō and Reporoa sites, reduced volatility,
and stronger returns in this important category.
The Harrisville site, along with four Northland orchards,
will be prepared for sale.
In this six-month period, T&G Fresh has made
considerable progress to improve its short-term
performance and build a strong future-fit business,
with sustained competitive advantage.
$229.2m
Revenue
$3 .7m
Operating profit/(loss)
2024: ($11.3m)
2024: $218.3m
T&G Fresh
T&G Global Interim Report 2025
Financials
5
Chair and CEO review

VentureFruit
In the first six months of the year, VentureFruit revenue
from external customers decreased to $2.9 million,
compared to $4.0 million in the comparable 2024
period, due to changes in the timing of invoicing
planting fees. The operating loss increased to a
loss of $7.2 million from a loss of $3.4 million in
the comparable half year in the 2024 financial year,
due largely to phasing of operating expenditure.
While softer economic conditions slowed the licensing
of some varieties globally, strong strategic progress
was made, with new apple and berry licensed plantings
and increased volume growth.
The commercialisation of JOLI™ apples continues
to progress incredibly well. Following a successful
growing season and harvest from our commercial test
block, this year’s 380,000 available trees have been
licensed in Aotearoa New Zealand. Three commercial
JOLI™ apple test blocks have also been established in
Spain, Italy and France.
Over 900 hectares of TUTTI™ apples, the first variety to
be commercialised from the Hot Climate Partnership,
have now been licensed across Spain, Latin America,
China and the United Kingdom. This marks significant
progress on the scheduled 1,200-hectare programme,
which is expected to generate around three million
TCEs by 2035. We continue to receive significant
interest from other markets, including North America
and Aotearoa New Zealand.
Following the late 2024 launch of STELLAR™ apple
trees, VentureFruit has seen strong demand, with
globally-available plant material selling out fast for
2025 and 2026 plantings.
In berries, VentureFruit has licensed over 85 hectares
of blueberries in Australia, bringing its Australasian
berry programme to over 150 hectares. With growers
and marketers looking to diversify their offering
to late-season, moderate-to-high chill varieties,
VentureFruit’s extensive berry portfolio provides
a superior point of difference.
In North America, VentureFruit has 34 apple
varieties under evaluation across six test sites, five
pear varieties in trials at three test locations, and
three blueberry varieties being trialled across 14 sites.
Collectively, this represents around 75% completion
of its North American test partner network build. With
this strong foundation and accelerating momentum,
VentureFruit is well positioned to deliver its growth
objectives. A breeding agreement for apples has also
been executed, which will speed up the breeding-
to-commercialisation timeframe for VentureFruit’s
products to enter North America.
We have had great success enforcing our intellectual
property in China. The Supreme People’s Court of the
People’s Republic of China upheld an earlier landmark
ruling regarding the protection of our Scilate apple plant
variety rights, with punitive damages awarded and the
infringer required to cut out the illegal material (Scilate
apples are sold as our ENVY™ apple brand). This was
followed by another significant ruling, with the Qingdao
Intermediate People’s Court ruling in our favour against
a corporate grower. Over the next six months, we will
work to enforce the Court’s rulings, while continuing
to take action on unauthorised plantings, propagation,
trademark infringements and illegal sales.
Chair and CEO review continued
$2.9m
Revenue
($7. 2m)
Operating (loss)
2024: ($3.4m)
2024: $4.0m
VentureFruit
T&G Global Interim Report 2025
Financials
6
Chair and CEO review

“This first half
of the year is a key step
in delivering sustained
and profitable growth,
and we look forward to
building upon this.”
Chair and CEO review continued
Outlook
As we look to the remainder of the financial year,
T&G is well positioned to continue delivering financial
performance improvements.
We have strong ongoing demand for our premium
brands, and as experienced in the first half of the year,
we have robust performance management and cost
controls. This will result in further benefits from T&G
Fresh’s transformation and further volume growth from
the northern hemisphere apples season.
As discussed at the Annual Shareholder Meeting,
BayWa AG’s transformation programme is continuing
until 2028. It has since been confirmed that its
shareholding in T&G will be divested as part of a
long-term reorganisation. As BayWa works through
this, our shareholders will be kept informed.
Over the last seven years, we have invested in
transforming this iconic business, implementing
an ambitious growth plan, investing in the right
foundations, and creating a passionate and high-
performing team. This first half of the year is a key
step in delivering sustained and profitable growth,
and we look forward to building upon this.
Ngā mihi
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
T&G Global Interim Report 2025
Financials
7
Chair and CEO review

For the six months ended 30 June 2025
Income statement
NOTEUnaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Revenue from contracts with customers3920,620820,0801,360,891
Other operating income1876,91813,043
Purchases, raw materials and consumables used(709,761)(642,381)(1,009,985)
Employee benefits expenses(106,206)(101,851)(192,016)
Depreciation and amortisation expenses(30,421)(30,464)(58,397)
Other operating expenses(56,295)(54,933)(100,872)
Operating profit / (loss)18,124(2,631)12,664
Financing income2,6523,0965,406
Financing expenses(18,647)(17,661)(34,236)
Share of loss from joint ventures9––(26)
Share of profit from associates9–1,1452,441
Other income1437,8297,767
Other expenses––(847)
Profit / (loss) before income tax2,272(8,222)(6,831)
Income tax expense4(578)(10,413)(3,057)
Profit / (loss) after income tax1,694(18,635)(9,888)
Attributable to:
Equity holders of the Parent(1,097)(21,426)(16,034)
Non-controlling interests2,7912,7916,146
Profit / (loss) for the period1,694(18,635)(9,888)
Earnings per share (in cents)
Basic and diluted loss(0.9)(17.5 )(13.0)
The accompanying notes form an integral part of these interim financial statements.
T&G Global Interim Report 2025
Chair and CEO review
8
Financials

The accompanying notes form an integral part of these interim financial statements.
Statement of comprehensive income
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Profit / (loss) for the period1,694(18,635)(9,888)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Movement in asset revaluation reserve ––(4,165)
Loss on revaluation of property, plant and equipment:
Held by subsidiaries of the Group –(1,085)–
Deferred tax effect of movements in asset revaluation reserve –3042,236
Deferred tax effect on sale of property, plant and equipment ––540
–(781)(1,389)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(6,884)1,97010,371
Cash flow hedges:
Fair value gain / (loss)30,267(9,111)(24,746)
Reclassification of net change in fair value to profit or loss(19)98(938)
23,364(7,043)(15,313)
Other comprehensive income / (expense) for the period23,364(7,824)(16,702)
Total comprehensive income / (expense) for the period25,058(26,459)(26,590)
Total comprehensive income / (expense) for the period is attributable to:
Equity holders of the Parent 23,498(29,660)(34,277)
Non-controlling interests1,5603,2017,687
25,058(26,459)(26,590)
For the six months ended 30 June 2025
T&G Global Interim Report 2025
Chair and CEO review
9
Financials

The accompanying notes form an integral part of these interim financial statements.
Statement of changes in equity
For the six months ended 30 June 2025
Unaudited
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2025
Balance at 1 January 2025176,35767,767226,016470,14020,511490,651
(Loss) / profit for the period – –(1,097)(1,097)2,7911,694
Other comprehensive income / (expense)
Exchange differences on translation of foreign operations –(5,653) –(5,653)(1,231)(6,884)
Movement in cash flow hedge reserve –30,248 –30,248 –30,248
Total other comprehensive income / (expense) –24,595 –24,595(1,231)23,364
Transactions with owners
Dividends7 – – – –(2,430)(2,430)
Investment from non-controlling interest – – – –526526
Acquisition of non-controlling interest’s share in subsidiary8 – –(14,190)(14,190)(3,073)(17,263)
Total transactions with owners – –(14,190)(14,190)(4,977)(19,167)
Transfer from asset revaluation reserve due to asset disposal –(11)11 – – –
Balance at 30 June 2025176,35792,351210,740479,44817,094496,542
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Chair and CEO review
10
Financials

The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2025
Unaudited
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2024
Balance at 1 January 2024176,357100,296227,764504,41717,4 7 1521,888
(Loss) / profit for the period––(21,426)(21,426)2,791(18,635)
Other comprehensive income / (expense)
Revaluation of property, plant and equipment–(1,085)–(1,085)–(1,085)
Deferred tax effect on revaluation of property, plant and equipment–304–304–304
Exchange differences on translation of foreign operations–1,561–1,5614091,970
Movement in cash flow hedge reserve–(9,014)–(9,014)1(9,013)
Total other comprehensive (expense) / income–(8,234)–(8,234)410(7,824)
Transactions with owners
Dividends7––––(2,948)(2,948)
Investment from non-controlling interest––––522522
Total transactions with owners––––(2,426)(2,426)
Transfer from asset revaluation reserve due to asset disposal–(11,675)11,675–––
Balance at 30 June 2024176,35780,387218,013474,75718,246493,003
Statement of changes in equity continued
T&G Global Interim Report 2025
Chair and CEO review
11
Financials

Balance sheet
As at 30 June 2025
NOTEUnaudited
30 Jun 2025
$’000
Unaudited
30 Jun 2024
$’000
Audited
31 Dec 2024
$’000
Current assets
Cash and cash equivalents74,48953,43146,801
Term deposits1,5003,417–
Trade and other receivables272,180236,958225,372
Inventories165,887164,91666,523
Taxation receivable10,95313,2865,483
Derivative financial instruments6,2873,656989
Biological assets16,17914,00736,260
Non-current assets classified
as held for sale8,2808,28026,497
Total current assets555,755497,951407,925
Non-current assets
Trade and other receivables17,56238,97431,592
Derivative financial instruments11,1679,396259
Deferred tax assets429,4131,37019,639
Investments in unlisted entities912,0807979
Property, plant and equipment5403,624394,519406,934
Right-of-use assets164,201159,032169,123
Intangible assets77,40678,37479,248
Investments in joint ventures92,7452,9452,740
Investments in associates9–30,16412,000
Total non-current assets718,198714,853721,614
Total assets1,273,9531,212,8041,129,539
Current liabilities
Trade and other payables248,850221,299199,914
Loans and borrowings6295,092111,200196,177
Lease liabilities27,55922,62124,531
Taxation payable11,3437,7 1 53,562
Derivative financial instruments1,3231,9746,993
Total current liabilities584,167364,809431,177
NOTEUnaudited
30 Jun 2025
$’000
Unaudited
30 Jun 2024
$’000
Audited
31 Dec 2024
$’000
Non-current liabilities
Trade and other payables444445
Loans and borrowings619,536181,91618,843
Lease liabilities166,716162,864173,953
Derivative financial instruments2,26273510,790
Deferred tax liabilities44,6869,4334,080
Total non-current liabilities193,244354,992207,711
Total liabilities777,411719,801638,888
Equity
Share capital176,357176,357176,357
Revaluation and other reserves92,35180,38767,767
Retained earnings210,740218,013226,016
Total equity attributable to
equity holders of the Parent479,448474,757470,140
Non-controlling interests17,09418,24620,511
Total equity496,542493,003490,651
Total liabilities and equity1,273,9531,212,8041,129,539
Approved for and on behalf of the Board
The accompanying notes form an integral part of these interim financial statements.
C.A. CAMPBELL
DIRECTOR (CHAIR OF FINANCE, RISK AND
INVESTMENT COMMITTEE)
08 AUGUST 2025
B.J. MANGOLD
DIRECTOR (CHAIR)
08 AUGUST 2025
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Chair and CEO review
12
Financials

Statement of cash flows
For the six months ended 30 June 2025
NOTEUnaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers892,456791,6471,354,338
Cash receipts from insurance proceeds3,0581,7813,880
Other5,4962,33212,320
Cash was disbursed to:
Payments to suppliers and employees(874,052)(801,269)(1,299,180)
Interest paid(6,967)(6,521)(10,252)
Income taxes paid(1,255)(1,095)(440)
Net cash inflow / (outflow) from operating activities18,736(13,125)60,666
Cash flows from investing activities
Cash was provided from:
Cash receipts from insurance proceeds3,7385,9766,897
Current term deposits––2,277
Dividends received from joint ventures and associates––1,243
External loan repayments from suppliers, customers, associates and joint ventures609461871
Investment from non-controlling interest526522732
Sale of other property, plant and equipment83429314
Sale of Pukekohe property–10,79910,799
Sale of Belgian property––2,148
The accompanying notes form an integral part of these interim financial statements.
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13
Financials

NOTEUnaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Cash was disbursed to:
Purchase of property, plant and equipment5(6,729)(11,347)(45,673)
Purchase of intangible assets(444)(517)(2,382)
Loans to suppliers, customers, associates and joint ventures–(200)(200)
Current term deposits(1,500)(1,140)–
Net cash (outflow) / inflow from investing activities(3,717)4,983(22,974)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings7,5005,200–
Proceeds from long-term borrowings3,86813,00030,000
Proceeds from seasonal funding94,00073,000–
Proceeds from Ultimate Parent borrowings –6,0006,000
Cash was disbursed to:
Dividends paid to non-controlling interests(2,430)(2,948)(5,379)
Repayment of long-term borrowings(6,500)(620)(1,096)
Net repayment of short-term borrowings––(17,500)
Repayment of lease liabilities(27,052)(19,854)(37,544)
Seasonal advances to growers(48,876)(42,293)–
Bank facility fees and transaction fees(2,031)(1,892)(4,235)
Net cash inflow / (outflow) from financing activities18,47929,593(29,754)
Net increase in cash and cash equivalents33,49821,4517,938
Foreign currency translation adjustment(5,810)1,4728,355
Cash and cash equivalents at the beginning of the year46,80130,50830,508
Cash and cash equivalents at the end of the period74,48953,43146,801
For the six months ended 30 June 2025
The accompanying notes form an integral part of these interim financial statements.
Statement of cash flows continued
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14
Financials

NOTEUnaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Profit / (loss) for the period1,694(18,635)(9,888)
Adjusted for non-cash items:
Amortisation expense2,0632,2294,320
Depreciation expense28,35828,23554,077
Movement in deferred tax(9,301)5,219(17,461)
Movement in expected credit loss allowance96(6,185)(7,627)
Revenue from sale of licences(107)(199)(3,502)
Share of loss of joint ventures9– – 26
Share of profit of associates9– (1,145)(2,441)
Other movements(1,109)(8,221)(10,230)
Net loss on loan written off– – 1,376
20,00019,93318,538
Adjusted for investing and financing activities:
Bank facility and line fees2,0311,8924,235
Gain on disposal of other property, plant and equipment(143)(62)–
Loss on disposal of other property, plant and equipment– – 684
Loss on assets damaged from Cyclone Gabrielle– –491
Insurance proceeds– (5,976)(7,767)
1,888(4,146)(2,357)
Impact of changes in working capital items net of effects of non-cash items, and investing and financing activities:
(Increase) / decrease in debtors and repayments (31,276)(20,432)8 ,17 5
Decrease / (increase) in biological assets20,08114,242(8,011)
Increase in creditors and provisions 105,32292,18448,437
(Increase) / decrease in inventories(99,364)(97,276)1,117
Decrease in net taxation receivable 3911,0054,655
(4,846)(10,277)54,373
Net cash inflow / (outflow) from operating activities18,736(13,125)60,666
Statement of cash flows continued
Reconciliation of profit / (loss) after income tax to net cash flow from operating activities
The accompanying notes form an integral part of these interim financial statements.
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Chair and CEO review
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Financials

Notes to the financial statements
1. Basis of preparation
Reporting entity and statutory base
T&G Global Limited (the Parent) and its subsidiary companies (the Group), are
recognised as one of Aotearoa New Zealand’s leading growers, distributors,
marketers and exporters of premium fresh produce. Key categories for the Group
include apples, berries, citrus (lemons, mandarins and navel oranges), tomatoes
and stone fruit.
These unaudited condensed interim financial statements presented are for the
Group which comprises the Parent and its subsidiaries, and joint ventures as at
30 June 2025.
The Parent is registered in New Zealand under the Companies Act 1993 and is
a FMC Reporting Entity under the Financial Market Conducts Act 2013, and the
Financial Reporting Act 2013.
The Parent is a limited liability company incorporated and domiciled in Aotearoa
New Zealand and is listed on the New Zealand Stock Exchange. The address of its
registered office is Building 1, Level 1, Central Park, 660 Great South Road, Ellerslie,
Auckland 1051.
BayWa Global Produce GmbH (the Immediate Parent) and BayWa Aktiengesellschaft
(the Ultimate Parent) are the parents of the Group and are based in Munich, Germany.
Statement of compliance
These unaudited condensed interim financial statements have been prepared in
accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP),
NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting. The
unaudited condensed interim financial statements should be read in conjunction
with the annual report for the year ended 31 December 2024 (2024 Annual Report),
which has been prepared in accordance with New Zealand equivalents to International
Financial Reporting Standards (NZ IFRS) and other applicable New Zealand Financial
Reporting Standards as appropriate for profit-oriented entities, and International
Financial Reporting Standards (IFRS). The accounting policy information used in the
preparation of these unaudited condensed interim financial statements are consistent
with those used in the 2024 Annual Report.
These unaudited condensed interim financial statements are expressed in
New Zealand dollars which is the presentation currency of the Group. All financial
information has been rounded to the nearest thousand ($’000) unless otherwise
stated.
Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future. The resulting
accounting estimates may, by definition, not equal the related actual results.
The estimates and judgments used in the preparation of these unaudited condensed
interim financial statements are consistent with those used in the 2024 Annual
Report.
2. Segment information
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-makers. The chief operating decision-makers
have been identified as the Chief Executive Officer, the Chief Financial Officer and the
Executive team of the Group.
The chief operating decision-makers assess the performance of the operating
segments based on operating profit, which reflects earnings before financing income
and expenses, share of profit from joint ventures, other income, other expenses and
income tax expense. Inter-segment pricing is determined on an arm’s length basis and
segment results include items directly attributable to a segment.
No single external customer’s revenue accounts for 10% or more of the Group’s
revenue.
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Financials

Notes to the financial statements continued
2. Segment information continued
Operating segments
The Group comprises the following main operating segments:
Operating segmentSignificant operations
ApplesGrowing, packing, cool storing, sales and marketing of apples worldwide.
T&G FreshGrowing, trading and transport activities within New Zealand and Australia, and exports to the Pacific Islands, Australia and Asia.
This incorporates the New Zealand wholesale markets and the tomato, citrus, berry and stone fruit growing operations. This includes
international trading activities in Australia.
VentureFruitVariety management including identification, acquisition, development and protection of new varieties of fruit. Revenue from the sale of
right-to-grow licences is included in this business division.
OtherIncludes property and corporate costs, and some trading elements of the former International trading operating segment that have not
been reallocated to the other remaining operating segments in the current period.
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the following tables:
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2025
Total segment revenue776,422237,83626,73013,229 1,054,217
Inter-segment revenue(101,138)(8,623)(23,836)– (133,597)
Revenue from external customers675,284229,2132,89413,229920,620
Purchases, raw materials and consumables used(532,234)(155,763)(5,950)(15,814)(709,761)
Depreciation and amortisation expenses(16,710)(12,426)(107)(1,178)(30,421)
Net other operating expenses(79,043)(57,288)(4,028)(21,955)(162,314)
Segment operating profit / (loss)47,2973,736(7,191)(25,718)18,124
Financing income2,652
Financing expenses(18,647)
Net other Income and expenses143
Profit before income tax2,272
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Financials

Notes to the financial statements continued
2. Segment information continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2024
Total segment revenue661,955 226,927 24,230 8,809 921,921
Inter-segment revenue(72,966)(8,597)(20,278) – (101,841)
Revenue from external customers588,989 218,330 3,952 8,809 820,080
Purchases, raw materials and consumables used(469,682)(156,451)(5,213)(11,035)(642,381)
Depreciation and amortisation expenses(16,504)(12,614)(104)(1,242)(30,464)
Net other operating expenses(79,047)(60,555)(2,063)(8,201)(149,866)
Segment operating profit / (loss)23,756 (11,290)(3,428)(11,669)(2,631)
Financing income3,096
Financing expenses(17,661)
Share of profit from associates1,145
Net other Income and expenses7,829
Loss before income tax(8,222)
T&G Global Interim Report 2025
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Financials

Notes to the financial statements continued
2. Segment information continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Audited year ended 31 December 2024
Total segment revenue1,009,444477,42546,72433,4981,567,091
Inter-segment revenue(150,301)(22,136)(33,763)– (206,200)
Revenue from external customers859,143455,28912,96133,4981,360,891
Purchases, raw materials and consumables used(652,677)(314,349)(11,878)(31,081)(1,009,985)
Depreciation and amortisation expenses(33,063)(22,596)(217)(2,521)(58,397)
Net other operating expenses(129,736)(114,728)(5,157)(30,224)(279,845)
Segment operating profit / (loss)43,6673,616(4,291)(30,328)12,664
Financing income5,406
Financing expenses(34,236)
Share of loss from joint ventures(26)
Share of profit from associates2,441
Net other Income and expenses6,920
Loss before income tax(6,831)
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Financials

Notes to the financial statements continued
3. Revenue from contracts with customers
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2025
Nature of revenue
Sale of produce 638,750 189,925 312 13,079 842,066
Sale of licences 1,464 – – 34 1,498
Commissions 5,411 14,360 922 – 20,693
Services 29,659 24,928 178 116 54,881
Royalties– – 1,482 – 1,482
Revenue from external customers 675,284 229,213 2,894 13,229 920,620
Timing of revenue recognition
At a point in time
Sale of produce 638,749 189,925 312 13,079 842,065
Sale of licences 1,464 – – 34 1,498
Commissions 5,411 14,360 922 – 20,693
Services 26,382 24,928 178 116 51,604
Royalties– – 1,482 – 1,482
672,006 229,213 2,894 13,229 917,342
Over time
Services 3,278 – – – 3,278
3,278 – – – 3,278
Revenue from external customers 675,284 229,213 2,894 13,229 920,620
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Financials

Notes to the financial statements continued
3. Revenue from contracts with customers continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2024
Nature of revenue
Sale of produce 549,158 181,272 96 8,620 739,146
Sale of licences– – 1,550 18 1,568
Commissions 9,600 12,541 991 149 23,281
Services 30,060 24,517 153 22 54,752
Royalties 171 – 1,162 – 1,333
Revenue from external customers 588,989 218,330 3,952 8,809 820,080
Timing of revenue recognition
At a point in time
Sale of produce 549,158 181,272 96 8,620 739,146
Sale of licences– – 1,550 18 1,568
Commissions 9,600 12,541 991 149 23,281
Services 23,725 24,517 153 22 48,417
Royalties 171 – 1,162 – 1,333
582,654 218,330 3,952 8,809 813,745
Over time
Services 6,335 – – – 6,335
6,335 – – – 6,335
Revenue from external customers 588,989 218,330 3,952 8,809 820,080
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Financials

Notes to the financial statements continued
3. Revenue from contracts with customers continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Audited year ended 31 December 2024
Nature of revenue
Sale of produce 804,604 383,646 304 32,396 1,220,950
Sale of licences– – 6,056 713 6,769
Commissions 6,365 28,612 2,684 239 37,900
Services 38,666 43,031 710 150 82,557
Royalties 9,508 – 3,207 – 12,715
Revenue from external customers 859,143 455,289 12,961 33,498 1,360,891
Timing of revenue recognition
At a point in time
Sale of produce 804,604 383,646 304 32,396 1,220,950
Sale of licences– – 6,056 713 6,769
Commissions 6,365 28,612 2,684 239 37,900
Services 29,404 43,031 710 150 73,295
Royalties 9,508 – 3,207 – 12,715
849,881 455,289 12,961 33,498 1,351,629
Over time
Services 9,262 – – – 9,262
9,262 – – – 9,262
Revenue from external customers 859,143 455,289 12,961 33,498 1,360,891
T&G Global Interim Report 2025
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Financials

Notes to the financial statements continued
4. Taxation5. Property, plant and equipment
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Asset acquisitions and disposals
Cost of assets acquired6,72911,34745,673
Net book value of assets disposed321,154(8,368)
Net gain / (loss) on assets
disposed14362(684)
6. Loans and borrowings
Reclassification of non-current borrowings
As at 30 June 2025, the Group reclassified $173.5 million of its renewed term debt
facility from non-current borrowings to current borrowings. As noted in the 2024
Annual Report, the Group breached a covenant based on the net worth of its Ultimate
Parent in the 2024 financial year. A waiver was provided by the Group's banks until
31 March 2025 at which point the requirement was to be removed if the Group moved
from a negative pledge facility (secured by a guarantee from the Ultimate Parent)
to a fully secured facility (without the Ultimate Parent guarantee).
Further waivers were subsequently provided by the banks extending the period
of grace to 7 July 2025. On 1 July 2025, the Group moved from a negative pledge
facility to a fully secured facility without the Ultimate Parent guarantee, satisfying
the requirements of the banks.
Current tax
Current tax expense for the interim periods presented is the expected tax payable
on the taxable income for the period, calculated as the estimated average annual
effective income tax rate applied to the pre-tax income of the interim period and
adjusted for any permanent and timing differences.
Deferred tax
The amount of deferred tax provided is based on the expected manner of realisation
or settlement of the carrying amounts of the assets and liabilities, using the estimated
average annual effective income tax rate for the interim periods presented.
Income tax expense
Income tax expense at 30 June 2025 comprises of:
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Income tax credit(578)2,262(3,057)
Deferred tax expense on buildings–(12,675)–
Income tax expense(578)(10,413)(3,057)
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Financials

Notes to the financial statements continued
7. Dividends
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited
6 months to
30 Jun 2024
$’000
Audited
12 months to
31 Dec 2024
$’000
Unaudited
6 months to
30 Jun 2024
Cents per share
Unaudited
6 months to
30 Jun 2024
Cents per share
Audited
12 months to
31 Dec 2024
Cents per share
Ordinary shares
Dividends to non-controlling interests in Group subsidiaries2,4302,9485,379–––
Total2,4302,9485,379 – ––
8. Investments in subsidiaries
During the period, the Group had the following changes in its investments in subsidiaries.
Name of entity
Place of business and
country of incorporation
Ownership interest (%)
Principal activity30 Jun 202530 Jun 202431 Dec 2024
T&G Kaikohe Berryfruit GP Limited
(1)
New Zealand85––Investment company
Delica North America, Inc.
(2)
United States of America905050Fruit exporter
(1)
On 21 May 2025, T&G Kaikohe Berryfruit GP Limited was incorporated. The entity is located in Auckland, New Zealand.
(2)
Effective from 1 January 2025, the Group acquired an additional 40% shareholding in Delica North America, Inc. for a purchase price of $18.2 million.
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Financials

Notes to the financial statements continued
9. Investments in joint ventures and associates
Set out below are the joint ventures and associates of the Group as at 30 June 2025. The joint ventures and associates have share capital consisting solely of ordinary shares,
which are held directly by the Group.
The Group’s investments in joint ventures and associates in 2025 and 2024 are:
Ownership interest (%)
Name of entityPlace of business and country of incorporation30 Jun 202530 Jun 202431 Dec 2024
Joint ventures
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Associates
Grandview Brokerage LLC
(1)
United States of America–3939
(1)
Effective from 1 January 2025, the Group sold 24.39% of its shareholding in Grandview Brokerage LLC. The Group no longer has significant influence of Grandview Brokerage LLC as defined in NZ IAS 28 Investments in Associates and Joint Ventures.
As such, the Group discontinued the application of the equity method and recorded the retained interest as a financial asset in accordance with NZ IFRS 9
Financial Instruments. The Group’s retained interest is classified as ‘Investments in unlisted entities’ on
the balance sheet.
Contributions from joint ventures and associates
During the period ended 30 June 2025, there were no contributions from joint ventures and associates (30 June 2024: $1.1 million from Grandview Brokerage LLC;
31 December 2024: $2.4 million from Grandview Brokerage LLC).
T&G Global Interim Report 2025
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Financials

Notes to the financial statements continued
10. Financial instruments
Financial instruments by category
Financial assets
Measured
at amortised
cost
$'000
Fair value through
profit or loss
(held for trading)
$'000
Derivatives
for hedging
$'000
Equity instrument
designated at fair
value through OCI
$'000
Total
$'000
As at 30 June 2025 (unaudited)
Cash and cash equivalents74,489– – – 74,489
Term deposits1,500– – – 1,500
Trade and other receivables (excluding prepayments and taxes)270,571– – – 270,571
Investment in unlisted entities– – – 12,08012,080
Derivative financial instruments– – 17,454– 17,454
Total346,560– 17,45412,080376,094
As at 30 June 2024 (unaudited)
Cash and cash equivalents53,431– – – 53,431
Term deposits3,417– – – 3,417
Trade and other receivables (excluding prepayments and taxes)256,614– – – 256,614
Investment in unlisted entities– – – 7979
Derivative financial instruments– 213,050– 13,052
Total313,462213,05079326,593
As at 31 December 2024 (audited)
Cash and cash equivalents46,801– –– 46,801
Term deposits– – – – –
Trade and other receivables (excluding prepayments and taxes)234,550– – – 234,550
Investment in unlisted entities– – – 7979
Derivative financial instruments– – 1,248– 1,248
Total281,351– 1,24879282,678
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Financials

Notes to the financial statements continued
10. Financial instruments continued
Financial liabilities
Measured
at amortised
cost
$'000
Fair value through
profit or loss
(held for trading)
$'000
Derivatives
for hedging
$'000
Total
$'000
As at 30 June 2025 (unaudited)
Borrowings314,628– – 314,628
Trade and other payables (excluding employee entitlements)235,305– – 235,305
Lease liabilities194,275– – 194,275
Derivative financial instruments– 693,5163,585
Total744,208693,516747,793
As at 30 June 2024 (unaudited)
Borrowings293,116– – 293,116
Trade and other payables (excluding employee entitlements)207,945– – 207,945
Lease liabilities185,485– – 185,485
Derivative financial instruments– 1552,5542,709
Total686,5461552,554689,255
As at 31 December 2024 (audited)
Borrowings215,020– – 215,020
Trade and other payables (excluding employee entitlements)186,203– – 186,203
Lease liabilities198,484– – 198,484
Derivative financial instruments– 617,77717,783
Total599,707617,777617,490
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2025 are considered to be level 2 in the fair value hierarchy (30 June 2024:
level 2; 31 December 2024: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2024 Annual Report.
For the six months ended 30 June 2025 and the financial year ended 31 December 2024, the estimated fair values of all the Group's other financial assets and liabilities
approximate their carrying values.
T&G Global Interim Report 2025
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Financials

Notes to the financial statements continued
11. Contingencies
During the period ended 30 June 2025, the Group provided a $0.05 million
(30 June 2024: nil; 31 December 2024: nil) indemnity to BNP Paribas for French tax
representative purposes, and an additional $2.7 million (30 June 2024: $3.3 million;
31 December 2024: $3.3 million) guarantee to Blueberry Prop Pty Ltd in relation to
the lease obligations of T&G Berries Australia Pty Ltd, a 85% owned subsidiary of
the Group.
There were no other changes in contingent liabilities during the period.
12. Capital commitments
As at 30 June 2025, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2025
$’000
Unaudited
30 Jun 2024
$’000
Audited
31 Dec 2024
$’000
Property, plant and equipment1381,993984
Intangible assets354324265
Total4922,3171,249
13. Seasonality of business
The Group’s operating segments are subject to seasonal fluctuations. The Apples
operating segment generates most of its revenue during the middle of the year and
completes its seasonal programmes before the final quarter of the year. The Group’s
other operating segments are also impacted by the availability of fresh produce which
varies during the year.
14. Events occurring after the reporting period
Other than as described in Note 6, there are no material events that occurred after
the reporting date that would require adjustment or disclosure in these unaudited
condensed interim financial statements.
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Financials

Building 1, Level 1,
Central Park
660 Great South Road,
Ellerslie Auckland 1051,
Aotearoa New Zealand
+64 9 573 8700
info@tandg.global
tandg.global

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MARKET UPDATE
8 August 2025

Half year results 2025
At a glance:
• Revenue: $920.6 million, up from $820.1 million
• Operating profit: $18.1 million, compared to a loss of $2.6 million
• Net profit before tax: $2.3 million, compared to a loss of $8.2 million
• Net profit after tax: $1.7 million, compared to a loss of $18.6 million
T&G Global today released its interim results for the six months ending 30 June 2025, reporting a
significantly improved performance and a return to profitability.
T&G Global Chair Benedikt Mangold said the Company is beginning to see the results of its long-
term growth and investment strategy.
“Our first six months’ performance is the result of increased revenue from T&G’s strategy and
investments, strong execution, and an absolute focus on productivity, efficiencies and cost control
across the whole business. It is a key step in delivering sustained and profitable growth, and we
look forward to building upon this,” says Benedikt.
Chief Executive Officer Gareth Edgecombe echoed this sentiment, saying “This result reflects the
strength of our growth strategy and the mahi of our team. Global demand for our premium apple
brands is growing in line with our volumes, and across our business we’ve strengthened customer
and grower relationships and optimised our value chain. While global volatility continues, we’re
firmly focused on what’s in our control and ensuring our business is strong and resilient.”
T&G’s Apples business delivered a sustained uplift in performance, with revenue increasing 15%,
to $675.3 million, compared to $589.0 million in the comparable 2024 half year period. Operating
profit increased 99% to $47.2 million, compared to $23.7 million in the corresponding 2024 period.
“This strong improvement reflects the significant investment in our long-term Apples strategy,” said
Gareth.
“Across North America and Aotearoa New Zealand, it was a high-quality crop, with excellent
tasting fruit, with good colour, sizing and yields. Significant plantings of ENVY™ apples over the
past few years have contributed to it being a record year for branded apple volumes.
“Our Asia retail programmes are driving new growth, with strong performance in modern trade
channels, and the opening of our Taiwan office marks a significant step in our expansion. In North
America, while the market is challenging, ENVY™ apples are outperforming the total apples
category in a number of key metrics.”
Revenue in T&G Fresh increased to $229.2 million, compared to $218.3 million in the comparable
2024 period, and operating profit increased to $3.7 million, from a loss of $11.3 million in the
corresponding 2024 period.
“Over the last two years, we’ve been working to create a stronger and more profitable T&G Fresh
business. The results of this continuing transformation, together with a focus on productivity,

efficiencies and cost control, has helped drive improvements in the first half of 2025, despite weak
market conditions,” says Gareth.
“Growth has been delivered from recent strategic investments in stone fruit and berries, together
with strong performance from our Fijian, Pacific Islands and domestic markets network. T&G Fresh
has strong momentum and this will continue to drive improved performance.”
T&G’s VentureFruit business saw its revenue from external customers decrease to $2.9 million,
compared to $4.0 million in the comparable 2024 period, due to changes in the timing of invoicing
planting fees. The operating loss increased to a loss of $7.2 million, from a loss of $3.4 million, due
largely to phasing of operating expenditure.
“The commercialisation of our new premium JOLI™ apple brand continues to scale, ahead of its
consumer launch in 2027. This year, 380,000 trees have been licensed to grow in Aotearoa New
Zealand, and test blocks established across Europe,” says Gareth.
“As we head into the second half of the year, T&G is in a strong position to build on this
momentum. We have a well-structured growth strategy, solid foundations, and a great capable
team. We’re confident in our ability to continue delivering improved financial performance.”
T&G’s 2025 interim report is available at: https://tandg.global/investors/reporting/
ENDS
For further information, please contact:
Adrienne Sharp
Head of Corporate Affairs
adrienne.sharp@tandg.global
+64 27 801 5534

About T&G Global
T&G Global’s story began more than 125 years ago as Turners and Growers, and today the business helps
grow healthier futures for people around the world. As a part of the BayWa Global Produce family, T&G is
located in 13 countries and its team of 1,800 people both grow and partner with over 700 growers to market,
sell and distribute nutritious fresh produce to customers and consumers in over 55 countries. It does this
guided by kaitiakitanga – treating the land, people, produce, resources, and community with the greatest of
respect and care, as guardians of their future. www.tandg.global

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$920,620 12%
Total Revenue $920,620 12%
Net profit/(loss) from continuing
operations
($1,097) (95%)
Total net profit/(loss) ($1,097) (95%)
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$3.18 $3.37
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to the financial commentary and unaudited condensed
interim financial statements attached as part of this announcement.

Authority for this announcement
Name of person

authorised to
make this announcement
Doug Bygrave

Contact person for this
announcement
Doug Bygrave

Contact phone number
+64 9 573 8899

Contact email address
Doug.Bygrave@tandg.global

Date of release through MAP

08 August 2025

Unaudited financial statements accompany this announcement.