PGW announces positive half-year result
PGG Wrightson Ltd | NZX Announcement
24 FEBRUARY 2026
PGW announces positive half-year result
GROUP PERFORMANCE & INTERIM DIVIDEND
PGG Wrightson Limited
1
(PGW) today announced its results for the half-year. Key items for the
first six months to 31 December 2025 include:
• Operating EBITDA
2
of $45.7 million (up $4.4 million or 11%*).
• Operating Revenue of $619.4 million (up $49.1 million or 9%*).
• Net profit after tax of $17.3 million (up $1.3 million or 8%*).
• Interim dividend declared of 4.5 cents per share.
• Reaffirmed FY26 full year Operating EBITDA guidance of around $64 million.
(* compared to the prior corresponding six months to 31 December 2024)
PGW Chair, John Nichol said “PGW delivered positive and improved performance in the first six
months of the financial year, reflecting both pleasing operating execution and a generally
supportive market environment across the export sector for New Zealand’s primary producers.
The first half was characterised by favourable commodity pricing across a number of key
segments for PGW’s customers. Positive export pricing for kiwifruit and apples resulted in good
demand for PGW’s products and advisory services. By contrast, the viticulture and arable
sectors experienced weaker demand.
Red meat markets were particularly strong, driven by tight global supply and resilient offshore
demand. Improved on-farm profitability translated into demand for PGW’s livestock services,
pasture renewal, agronomy, and animal health. Dairy pricing remained supportive, providing
confidence and cashflow stability for dairy farmers. Wool pricing also improved during the
period.
The buoyant rural real estate market contributed positively, reflecting improved confidence
across the rural property sector generally.
Against this backdrop, PGW delivered improved performance. PGW invested in strategic
initiatives designed to strengthen its market position and enhance customer value.
Investments during the period included the acquisition of animal health manufacturer, Nexan
Group and the launch of PGW’s Blue Ag™ product label.
The Board declared a fully imputed interim dividend of 4.5 cents per share which will be paid on
8 April 2026 to shareholders on PGW’s share register as at 5pm on 26 March 2026.”
Retail & Water Group
PGW CEO, Stephen Guerin commented that “Our Retail & Water business which incorporates
Rural Supplies, Fruitfed Supplies, Water, and Agritrade saw Operating EBITDA of $41.8 million
PGG Wrightson Ltd | NZX Announcement
(up $2.3 million or 6%), and revenue was $528.6 million (up $38.3 million or 8%) on the prior
corresponding period.
PGW acquired the lease of the Geelen Family Trust Research Station in Hastings, strengthening
our long-standing commitment to research and development. The site provides our team with a
dedicated training hub for horticultural and agricultural trials. Our customers directly benefit from
PGW’s strengthened technical capability.
PGW acquired the Nexan Group, owner of the Nexan and Vetmed animal health brands. This
acquisition strengthens our position by bringing within the Group this trusted New Zealand-made
product range which tailors products to meet the needs of our customers’ operations.
Another key growth initiative, Blue Ag
TM
, our private label ag-chem range was launched and has
been through its first trading season, with early adoption being positive. The new portfolio of
registered active ingredients improves supply resilience, provides price point control, and offers
customers greater choice.
Rural Supplies delivered improved sales and earnings compared to the prior period, supported by
demand across agronomy, as well as animal health and nutrition categories.
Fruitfed Supplies delivered steady performance through the half year, with revenue ahead of the
prior comparative period and market share remaining strong. Encouragingly, the kiwifruit and
apple sectors continued to show confidence, with ongoing orchard investment, new plantings, and
varietal development. However, the broader horticultural environment was mixed, with headwinds
in parts of the viticulture and vegetable sectors.
Agency Group
Our Agency group includes Livestock, Wool, and Real Estate. Agency delivered an Operating
EBITDA of $8.7 million for the first six months of the 2026 financial year, an increase of $1.8
million or 27% compared with the same period last year. Revenue was $89.8 million, up $10.7
million or 14% compared to the prior period.
The Livestock business delivered an exceptional first half performance, underpinned by strong
livestock prices and throughput. Cattle continued to be in high demand and sheep prices were
significantly higher than last year. Confidence in the dairy sector improved on the back of strong
milk prices.
Demand for our GO-STOCK products continues to grow, especially from new clients, with a large
number of new contracts being signed.
Momentum grew across the strong wool market, with prices maintaining their upward trajectory
and providing a more positive outlook for growers.
PGW Real Estate delivered a pleasing first half performance, supported by continued confidence
and improving profitability in the rural sector. Rural sales remained the primary driver of growth,
with dairy properties performing particularly well in the Lower South Island and the kiwifruit sector
showing its greatest momentum in years.
Cashflow and Debt
PGW recorded an operating cash outflow of $49.9 million for the first six months of the financial
year. This represented an $18.9 million higher outflow versus the prior comparative period of $31.0
million.
The higher operating cash outflow was a result of the seasonal increase in working capital over the
spring trading period. Stronger trading in the Retail and Water and Livestock businesses together
with higher livestock values resulted in higher net working capital movements (including GO-
PGG Wrightson Ltd | NZX Announcement
STOCK) of $22.3 million versus the prior comparative period. Operating EBITDA and the earnings
from Jointly Controlled Entities was $4.4 million higher than the interim period to 31 December
2024. Tax payments were $1.4 million higher.
Cashflows from investing activities were $20.5 million, an increase of $15.2 million versus the prior
comparative period. This included the $19.7 million acquisition of the Nexan Group along with
fixed asset and intangible purchases of $2.3 million, partially offset by proceeds from fixed asset
disposals totalling $1.5 million.
Lease liability payments increased by $0.6 million. The final FY25 dividend payment of $3.0 million
was made in October 2025. Net interest-bearing debt was up $64.0 million from 31 December 2024
to be $170.7 million.
”
Outlook
Mr Nichol noted, “Looking ahead for the remainder of the financial year, the operating
environment is expected to continue to be predominantly positive and present both
opportunities and challenges for PGW and the wider sector. Overall conditions across
agriculture remain favourable, with most parts of the sector performing well, supported by firm
global demand and strong commodity pricing.
The red meat market remains a particular source of strength, underpinned by constrained global
supply and elevated pricing. Wool has also shown renewed momentum, with improving demand
supporting greater price stability. These conditions support positive returns and underpin farmer
confidence.
Horticulture continues a moderately steady expansion, led by kiwifruit and apples. Viticulture
and arable cropping remain the key exceptions, with subdued demand continuing to weigh on
grower confidence and investment decisions.
Confidence in the rural real estate market is expected to continue, supported by stabilising dairy
profitability and lower interest rates.
Broader economic indicators are encouraging. A softer New Zealand dollar is benefitting
exporters, although this is partially offset by higher imported input costs.
Together, these trends contribute positively to farm incomes and support an optimistic outlook
for the rural servicing sector. PGW is well placed to support its farmer and grower customers
and to capture opportunities arising from the forecast export demand.
While remaining mindful of ongoing challenges, the Group is optimistic about the remainder of
the financial year and remains on track to deliver its forecast 2026 full‑year Operating EBITDA
guidance of around $64 million.”
For investor relations queries and media enquiries, please contact:
Julian Daly
General Manager Corporate Affairs / Company Secretary
PGG Wrightson Limited
Phone: 0800 10 22 76 / +64 3 477 4520
Email: companysecretary@pggwrightson.co.nz
Registered Office:
PGG Wrightson Limited
1 Robin Mann Place, Christchurch Airport
Christchurch 8053, New Zealand
PGG Wrightson Ltd | NZX Announcement
Phone: 0800 10 22 76 / +64 3 477 4520
Website: pggwrightson.co.nz
1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in associates and jointly
controlled entities.
2
Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation,
impairment and fair value adjustments, and non-operating items. PGW has used non-GAAP profit measures when
discussing financial performance in this document. Please refer to our full accounts for details of how Operating
EBITDA relates to GAAP. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the
policy “Non-GAAP Accounting Information” available on our website (www.pggwrightson.co.nz).
---
For the six months ended 31 December 2025 | Mō ngā marama e ono ki te 31 o Tīhema 2025
Half Year Report
Te Pūrongo mō te Tau Haurua
Operating
Revenue of
Net profit after
tax (‘NPAT’) of
Fully imputed
Interim dividend of
Operating
EBITDA of
Performance Results
Ngā Otinga Whakatutukitanga
$45.7m
$619.4m
$17.3m
4.5¢/share
$1. 3 m or 8%
from the comparative period
$4.4 m or 11%
from the comparative period
$49.1 m or 9%
from the comparative period
Rose Barker, PGW Water Sales & Design Engineer,
discusses the benefits of remotely controlled
irrigation systems with Rick Wobben from
Netherland Holdings near Rangiora, Canterbury.
Helping grow
the country
Our Strategic Initiatives
Front page caption: Craig Bates, PGW Real Estate Sales Manager (centre), discusses how well the property and livestock are looking prior to the offering of Glenside,
which the family has owned since the late 1860s, with owners Garry (left) and Julene (right) McCorkindale, near Lawrence, South Otago.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
2
|
PGG WRIGHTSON LIMITED
Nexan AcquisitionLaunch of Blue Ag™R&D Expansion
•
PGW acquired Nexan Group,
the manufacturer of animal
health products.
•
PGW has partnered with
Nexan for over a decade.
•
Complementary strategic
fit to deliver high-quality
innovative solutions that help
New Zealand farmers thrive.
• Launched Blue Ag™, PGW’s
private label ag-chem range.
• Enhances PGW’s offering
across agronomy and
innovation.
• Provides price-point control.
• Stocked through our
Rural Supplies and Fruitfed
Supplies stores.
•
Acquired the lease of a
2.8-hectare research station* in
Hastings.
•
Dedicated hub for horticultural
and agricultural trials which will
enhance our technical capability.
•
Customers will benefit from
emerging technologies and
innovative product development.
* Geelen Family Trust Research Station
previously operated by Bayer Crop Science.
Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation, impairment and fair value adjustments, and non-operating items. PGW has used non-GAAP profit
measures when discussing financial performance in this presentation. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available
on our website www.pggwrightson.co.nz.
Operating Revenue
640
620
600
580
560
540
520
500
HY22 HY23 HY24 HY25 HY26
60
50
40
30
20
10
0
-10
552
586
561
570
619
$ million
Retail & Water
Agency
Other
Total Operating EBITDA
44
49
40
39
42
77
9
4
-4
-5-5-5-5
HY22 HY23 HY24 HY25 HY26
Net Profit After Tax
25
20
15
10
5
0
17
23
21
13
16
$ million
HY22 HY23 HY24 HY25 HY26
$ million
1
FY22 FY23 FY24 FY25 FY26
Operating Cash Flow
80
60
40
20
0
-20
-40
-60
41
-17
60
-35
65
43
-7
-31
-50
$ million
Operating cash flows in the first half of the financial
year reflect the seasonal build in working capital
which is recovered in the second half of the
financial year.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
3
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Operating EBITDA
12
24
26
58
1st Half 2nd Half Full Year
47
48
37
41
46
Financial Performance | Whakaaturanga Pūtea
Share Price
PGW share price from 13 August 2019 (post share consolidation) to 31 December 2025.
6
5
4
3
2
1
0
$
13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 13 FEB 25 13 AUG 25 31 DEC 25
0
1
2
3
4
5
6
13-Aug-19 13-Feb-20 13-Aug-20 13-Feb-21 13-Aug-21 13-Feb-22 13-Aug-22 13-Feb-23 13-Aug-23 13-Feb-24 13-Aug-24 13-Feb-25
13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 13 FEB 25 13 AUG 25 31 DEC 25
Total Shareholder Return
300
250
200
150
100
50
0
0
50
100
150
200
250
300
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25
?;7:@
PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 31 December 2025.
PGW TSR (Inc Dividends) NZX50G
PGW TSR +38.7%
NZX50G +24.8%
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
4
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Financial Performance | Whakaaturanga Pūtea
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
5
|
PGG WRIGHTSON LIMITED
First Half Financial Year Summary
Financial Performance | Whakaaturanga Pūtea
Net Interest-Bearing Debt (NIBD) Development
HY26: June 2025 – December 2025
180
160
140
120
100
80
60
40
20
0
180
160
140
120
100
80
60
40
20
0
$ million
June 2025
NIBD
Operating
EBITDA
I
nterest
& FX
Tax
Payments
Working
Capital
Movements
(ex. GO-STOCK)
GO
-STOCK
Movements
Asset
Disposals
A
sset
Purchases
Nexan
Acquisition
Lease
Principal
Repayment
Dividends
Paid
Other December
2025 NIBD
85.6
- 45.7
4.8
1.4
2.3
-1.5
3.0
10 6.5
-17.4
11. 8
19.7
0.2
170.7
Increase Decrease Total
Net Interest-Bearing Debt (NIBD) Development
HY25: June 2024 – December 2024
$ million
June 2024
NIBD
Operating
EBITDA
I
nterest
& FX
Tax
Payments
Working
Capital
Movements
(ex. GO-STOCK)
GO
-STOCK
Movements
Asset
Purchases
A
sset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other December
2024 NIBD
59.2
- 41.4
5.1
8.2
11. 20.3
72.6
-5.8
-2.7
106.7
Increase Decrease Total
Laura Morgan, Fruitfed Supplies Technical
Advisor, assesses cherries at an orchard in
Hawke’s Bay.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
6
|
PGG WRIGHTSON LIMITED
Positive first half for PGG Wrightson
John Nichol
Chair
Stephen Guerin
Chief Executive Officer
PGG Wrightson Limited (‘PGW’ or ‘the Group’) has delivered positive and improved performance in the first six months of the
financial year, reflecting both pleasing operating execution and a generally supportive market environment across the export
sector for New Zealand’s primary producers.
For the six months ended 31 December 2025, PGW recorded Operating EBITDA of $45.7 million, an increase of $4.4 million or 11%
on the prior corresponding period. Operating Revenue increased by $49.1 million, or 9%, to $619.4 million, while net profit after tax
rose to $17.3 million, up $1.3 million or 8%. These results reflect encouraging earnings growth and demonstrate the Group’s ability
to perform through varying market conditions.
7
|
PGG WRIGHTSON LIMITEDHALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
Chair and Chief Executive Officer’s report
Te Pūrongo a te Heamana me te Tumuaki
Chair and Chief Executive Officer’s report continued
Market environment and commodity pricing
The first half was characterised by favourable commodity pricing across a number
of key segments for PGW’s customers. The Ministry for Primary Industries’ Situation
and Outlook for Primary Industries December 2025 is positive for the sector. New
Zealand’s primary sector export revenue is forecast to reach a new record of $62.0
billion by 30 June 2026. Dairy exports are forecast to be up 1% to $27.4 billion, red
meat and wool up 7% to $13.2 billion, and horticulture up 5% to $9.2 billion.
Dairy pricing has remained supportive, providing confidence and cashflow
stability for dairy farmers. While there has been a degree of volatility within global
dairy markets, milk price expectations through the period supported continued
on
-farm investment in feed, fertiliser, animal health, and productivity-enhancing
inputs. This underpinned solid demand across PGW’s dairy-related service and
supply categories.
Red meat markets were particularly strong, with elevated sheepmeat and
beef prices driven by tight global supply and resilient offshore demand. These
conditions translated into continued improvement in farm-gate returns for
sheep and beef farmers and supported renewed confidence. Improved on-
farm profitability translated into demand for PGW’s livestock services, pasture
renewal, agronomy, and animal health, contributing positively to PGW’s earnings
performance.
Wool pricing also improved during the period. While the strong wool sector
remains structurally challenged, better pricing conditions are providing
incremental support to sheep farmer incomes.
Export pricing for kiwifruit and apples remains positive. Increased demand for
premium New Zealand produce, combined with generally favourable growing
conditions through the spring and early summer sees good crop quality going
into the harvest window. This has resulted in good demand for PGW’s products
and advisory services for these crop segments.
By contrast, the viticulture and arable sectors have experienced weaker demand.
Softer global wine markets and elevated inventory levels constrained grape
pricing and resulted in more cautious spending. While baseline demand for
essential vineyard consumables and services was maintained, discretionary
investment was more subdued.
The buoyant rural real estate market also contributed positively during the period,
reflecting improved confidence across the rural property sector generally.
Weather conditions and production outcomes
Weather conditions during the first half were, on balance, supportive for
agricultural production. Good rainfall across much of New Zealand underpinned
above average pasture growth, benefiting dairy and sheep and beef systems by
supporting livestock condition and reducing reliance on supplementary feed.
There were, however, several damaging regional weather events. Hail damage
across parts of the Canterbury Plains impacted some arable and horticultural
operations, while the cyclonic events early this year caused localised disruption
to farming systems and infrastructure in the north. Outside these regions,
relatively benign conditions allowed farmers and growers to focus on production
optimisation.
Operational performance and strategic progress
Against this backdrop, PGW delivered improved performance across several
key areas of the business. Gains in agronomy and animal health reflected both
favourable market conditions and the Group’s continued investment in capability
and technical expertise. Livestock
-
related services benefitted from strong
demand and farmer confidence, while rural retail activity remained steady and
followed seasonal expectations. At the same time, PGW invested in strategic
initiatives designed to strengthen its market position and enhance customer
value. Investments during the period included the acquisition of animal health
manufacturer, Nexan Group and the launch of PGW’s Blue Ag™ product label.
These initiatives further enhance PGW’s offering across agronomy and innovation,
positioning the Group to support customers through increasingly complex
production, regulatory, and environmental challenges.
Cashflow and debt |
Te Kapewhiti me te Nama
PGW recorded an operating cash outflow of $49.9 million for the first six months
of the financial year. This represented an $18.9 million higher outflow versus the
prior comparative period of $31.0 million.
The higher operating cash outflow was a result of the seasonal increase in
working capital over the spring trading period. Stronger trading in the Retail and
Water and Livestock businesses together with higher livestock values resulted in
higher net working capital movements (including GO-STOCK) of $22.3 million
versus the prior comparative period. Operating EBITDA was $4.4 million
higher than the interim period to 31 December 2024. Tax payments were
$1.4 million higher.
Cashflows from investing activities were $20.5 million, an increase of $15.2 million
versus the prior comparative period. This included $19.7 million in respect of the
Nexan Group acquisition, along with fixed asset and intangible purchases
of $2.3 million, partially offset by proceeds from fixed asset disposals totalling
$1.5 million.
Lease liability payments increased by $0.6 million. The final FY25 dividend
payment of $3.0 million was made in October 2025. Net interest-bearing debt
was up $64.0 million from 31 December 2024 to be $170.7 million.
Distributions |
Ngā Utu Whaipānga
The Board declared a fully imputed interim dividend of 4.5 cents per share which
will be paid on 8 April 2026 to shareholders on PGW’s share register as at 5pm on
26 March 2026.
People and Safety |
Ngā Tāngata me te Haumarutanga
During the first half of the year, the People and Safety team advanced several
initiatives to support leadership development, safety culture, and organisational
effectiveness. The Alumni Programme for PGW’s ‘TO LEAD’ leadership cohort
was launched to provide ongoing development and continuity for emerging
leaders. PGW Safety Connections were embedded as KPIs for senior leaders and
key operational teams, strengthening engagement around safe behaviours and
reinforcing PGW’s health, safety, and wellbeing priorities. In addition, several core
health and safety standards were approved, enhancing frameworks for critical
risk management, contractor oversight, incident reporting, and our Annual
Improvement Plan.
The team provided significant support across the business through change
management activity and onboarding for the Nexan acquisition.
Labour market conditions remained mixed, with shortages persisting for
specialist roles while solid applicant volumes continue for entry-level and team
management positions. This reflects PGW’s favourable employer brand.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
8
|
PGG WRIGHTSON LIMITED
Chair and Chief Executive Officer’s report continued
Max Rewards Loyalty Programme | Whiwhinga Mōrahi pono hōtaka
The Max Rewards loyalty programme continues to strengthen customer
engagement and supports retention across the PGW customer base. Insights
generated through the loyalty platform are valuable, informing more data driven
decision making across the Group.
Governance changes |
Ngā Panonitanga Mana Whakahaere
Wilson Liu was appointed as an Independent Director from 1 July 2025. He
became a member of the Audit Committee on 12 August 2025 and Chair of the
Audit Committee on 14 October 2025.
On 14 October 2025, Independent Chair Garry Moore and Independent Deputy
Chair Sarah Brown were not re-elected at the Annual Shareholders’ Meeting and
ceased to hold office as directors. For a short period immediately following the
meeting, PGW had three directors and only one New Zealand resident director
and therefore did not comply with the minimum number required under the
governance requirements of the NZX Listings Rules and PGW’s Constitution.
Consequently, PGW went into a trading halt for the remainder of that trading
day while these matters were rectified. Later, on the same date, John Nichol
was appointed by the PGW Board and joined as an Independent Director and a
member of the Audit Committee. The appointment of John Nichol rectified the
non-compliance matters with the board composition thereafter complying with
the requirements of having two New Zealand resident directors in compliance
with the NZX Listing Rules and a Board of four directors in accordance with PGW’s
constitution.
On 16 October 2025 it was announced that the PGW Board had resolved to
appoint John Nichol as Independent Chair of PGW.
Outlook |
Matapae
Looking ahead for the remainder of the financial year, the operating environment
is expected to continue to be predominantly positive and present both
opportunities and challenges for PGW and the wider sector. Overall conditions
across agriculture remain favourable, with most parts of the sector performing
well, supported by firm global demand and strong commodity pricing.
The red meat market remains a particular source of strength, underpinned by
constrained global supply and elevated pricing. Global beef herds, especially in
the United States, remain at long
-term lows, supporting record pricing for New
Zealand beef. Sheepmeat is also benefiting from good export demand. Wool has
also shown renewed momentum, with improving demand supporting greater
price stability. These conditions support positive farmgate returns and underpin
farmer confidence.
Horticulture continues a moderately steady expansion, led by kiwifruit and
apples. Rising export volumes and resilient pricing reflect sustained offshore
demand for high
-quality New Zealand produce. Viticulture and arable cropping
remain the key exceptions, with subdued demand continuing to weigh on
grower confidence and investment decisions.
Confidence in the rural real estate market is expected to continue, supported
by stabilising dairy profitability and lower interest rates. These factors have
reactivated buyer interest, particularly for high
-quality, well-developed dairy and
sheep and beef finishing properties.
Broader economic indicators are encouraging. A softer New
Zealand dollar is
benefiting exporters, although this is partially offset by higher imported input
costs.
Together, these trends contribute positively to farm incomes and support an
optimistic outlook for the rural servicing sector. PGW is well placed to support
its farmer and grower customers and to capture opportunities arising from the
forecast export demand.
While remaining mindful of ongoing challenges, the Group is optimistic about
the remainder of the financial year and remains on track to deliver its forecast
2026 full
-
y
ear Operating EBITDA guidance of around $64 million.
Acknowledgements |
Ngā whakamihi
We are grateful for the contribution of our nationwide team of specialists and
their commitment to supporting customers, rural communities, and each other.
We acknowledge the loyalty of our customers and the collaboration of our
suppliers. Thank you to our shareholders for their continued confidence in PGW
as we work to deliver long term value.
John Nichol
Chair
Stephen Guerin
Chief Executive Officer
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
9
|
PGG WRIGHTSON LIMITED
Chris Lambert, Fruitfed Supplies Technical Specialist,
and Laura Morgan, Fruitfed Supplies Technical Advisor,
plant a squash trial at the PGW and Fruitfed Supplies
Research Station in Hawke’s Bay.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
10
|
PGG WRIGHTSON LIMITED
R&D Facility
PGW acquired the lease of the Geelen Family Trust Research Station in Hastings in September
2025, strengthening our long standing commitment to research and development. The 2.8
hectare site provides a dedicated hub for horticultural and agricultural trials. The site provides
our team with a training facility, so our customers are well placed to directly benefit from
PGW’s strengthened position in offering emerging technologies and innovative product
development. This enhances our technical capability and supports our strategic objective to
deliver customer focused innovation and enhance PGW’s differentiated offering.
Nexan Animal Health Acquisition & Blue Ag™ Launch
During the period PGW acquired the Nexan Group, owner of the Nexan and Vetmed animal
health brands. This acquisition strengthens our position by bringing within the Group this
trusted New Zealand made product range which tailors products to meet the needs of our
customers’ operations in the New Zealand environment. This initiative aligns with PGW’s
commitment to innovation, technical expertise, and support of rural communities. Nexan’s
proven R&D capability enhances Agritrade’s offering, supporting our strategy to deliver smart
and sustainable solutions for farmers and growers.
The acquisition and transition of Nexan’s operations into PGW Group has gone smoothly and
has been received positively by the business and the market. The Nexan business is trading
well and operationally we are seeing the benefits of the well-aligned strategic fit. The focus
now is on maintaining the seamless continuity of Nexan’s operations and leveraging off the
growth opportunities this business will provide over time.
Another key growth initiative, Blue Ag
TM
our private label ag-chem range, was launched and
has been through its first trading season. The new portfolio of registered active ingredients
improves supply resilience, provides price point control, and offers customers greater choice.
Early adoption has been positive, with growing sales across Rural Supplies and Fruitfed
Supplies.
Rural Supplies |
Ngā Whakaratonga Taiwhenua
Rural Supplies delivered improved sales and earnings compared to the prior period, supported
by demand across agronomy, as well as animal health and nutrition categories.
The prolonged calf rearing season placed pressure on certain categories including calf
milk replacer. While supply continuity was achieved, elevated demand created operational
challenges for store teams and supply chains during peak periods.
PGW continues to invest in its retail footprint with the opening of two new purpose built sites.
The Invercargill Rural Supplies store and Regional office moved adjacent to the existing PGW
Wool store and the Ohakune Fruitfed store relocated to a new building. These modern facilities
provide an enhanced customer experience, better product flow between retail areas and bulk
warehouses, and strengthened operational and safety outcomes.
Investment in people and capability remained a priority throughout the half year. Continued
focus on technical training and developing specialist expertise to strengthen the consistency
of customer advice has seen improved on-farm engagement and execution across regions.
Fruitfed Supplies |
Ngā Whakaratonga ā-Huawhenua
Fruitfed Supplies delivered steady performance through the half year, with revenue ahead of
the prior comparative period. Market share remained strong, reflecting the trust and loyalty of
our customers and the value they place on Fruitfed’s technical capability, service reliability, and
comprehensive product offering.
Encouragingly, the kiwifruit and apple sectors continued to show confidence, with ongoing
orchard investment, new plantings, and varietal development. However, the broader
horticultural environment was mixed, with headwinds in parts of the viticulture and vegetable
sectors. Global oversupply in the wine sector has impacted viticultural returns, constraining
near-term grower confidence and investment decisions. Fruitfed Supplies continues to work
closely with growers, providing technical guidance, targeted product solutions, and reliable
supply chain support to help manage the challenges.
A key initiative this year was the launch of PGW’s internal agronomy qualification, formally
recognising the title of ‘agronomist’ within the horticultural sector. Developed with Primary
ITO, this NZQA approved micro credential fills a long standing gap by providing recognised
and practical training for those supporting critical crop decisions. The programme focuses
on hands on skills, systems based thinking, and ongoing professional development which
strengthens specialist knowledge and supports the delivery of trusted expertise to growers.
The Retail & Water business incorporates Rural Supplies,
Fruitfed Supplies, Water, and Agritrade. Operating EBITDA for
Retail & Water was $41.8 million (up $2.3 million or 6%), and
revenue was $528.6 million (up $38.3 million or 8%) on the
prior corresponding period, supporting the observation that
PGW continues to gain share in some market categories.
Competitive pressure in the rural servicing sector remains
robust, with some tactical sales practices in the market to
acquire business that look unsustainable. Increased quoting
activity and incidences of below cost offers create margin
pressure, though this is not a new phenomenon in the highly
competitive rural servicing market.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
11
|
PGG WRIGHTSON LIMITED
Retail & Water Group
Rōpū Hokohoko me te Wai
Rural SuppliesFruitfed SuppliesWater & Irrigation
Agritrade
Water & Irrigation | Te Wai me te Whakamākūkū
Water achieved growth in the first half of FY26, supported by buoyant project activity and
solid enquiries for irrigation systems. Service performance remains a growing contributor,
with increased repair, maintenance, and upgrade work. The appointment of dedicated Service
Managers at our Rangiora and Ashburton sites improved scheduling, customer communication,
and service coordination across branches.
Service activity increased substantially following significant wind events in Canterbury and Otago,
which caused damage to irrigation infrastructure. The Water team proactively prioritised timely
response and repair solutions to help restore system functionality and assist customers through
the consequential disruption.
Sector wide contractor shortages delayed some installations, requiring careful workflow
management and customer communication. Supply chain delays created short term challenges
during peak periods. Wet weather also impacted installation timing and service scheduling.
Continued investment in technician and electrician training enhanced the business’ ability to
deliver complex repair and upgrade work.
Agritrade |
Tauhokohoko Ahuwhenua
Agritrade, our wholesale business division, delivered a solid first half. A targeted campaign for our
Time Capsule
TM
product generated positive engagement, with veterinary clinics appreciating the
focused approach to protect livestock against facial eczema. These initiatives, along with early
summer on-farm promotions, created valuable customer touchpoints and contributed to sales
gains in our animal health range.
The integration of Nexan progressed well, including manufacturing continuity, staff onboarding,
and systems integration. Market feedback has been favourable, reinforcing the acquisition’s
strategic fit and strengthening PGW’s position in animal health. Agritrade’s focus is now on
leveraging this acquisition for growth while maintaining a seamless service to vet clinics and
retailers.
Agritrade launched the distribution of the Blue Ag
TM
range from its warehouses, reinforcing its role
as a core logistics and distribution partner for PGW’s proprietary and strategic brand portfolio.
Retail & Water Group continued
Peter Wright, Senior Territory Manager – Agritrade,
discusses heifer growth rates with Matt at a dairy
support block in Waikato.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
12
|
PGG WRIGHTSON LIMITED
Lachie Crafar, PGW Trainee Livestock Representative,
assesses and values lambs at the 2025 Mt Arrowsmith
Lamb Sale, Ashburton Gorge, Mid Canterbury.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
13
|
PGG WRIGHTSON LIMITED
2024 May
2024 Jun
2024 Jul
2024 Aug
2024 Sep
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
2025 Jul
2025 Aug
2025 Sep
2025 Oct
2025 Nov
2025 Dec
2026 Jan
2026 Feb
Source: Fonterra. Graph shows the forecast 2024/25 milk price up until May 2025, after this date the forecast 2025/26 milk price is shown.
Farmgate Midpoint Milk Prices
12.00
11.00
10.00
9.00
8.00
7.00
$/kgMS
All Grades Lamb - $/head
260
240
220
200
180
160
140
120
100
$/head
Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Source: Beef + Lamb New Zealand
Prime Steer & Heifer - 270-295kg - c/kg
1,000
900
800
700
600
500
c/kg
Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Source: Beef + Lamb New Zealand
Livestock / Ngā Kararehe
The Livestock business delivered an exceptional first half performance, underpinned by
strong livestock prices and high saleyard throughput.
Cattle continued to be in high demand, with prices significantly ahead of the prior
year, supported by firm beef schedules. This encouraged increased trading activity with
many farmers capitalising on the favourable market. Values also supported increased
calf rearing and sales. However, commission rates came under pressure due to robust
demand.
Sheep prices were significantly higher than last year, with lamb and mutton schedules
at historic levels. Sheep tallies in the North Island remained under pressure due to
weather events impacting lambing survival rates. Conversely volumes were robust in
the South Island. As with cattle, high prices placed downward pressure on commissions,
prompting increased use of flat headage arrangements. More livestock was sold via
auction and private treaty relative to prime channels.
Confidence in the dairy sector improved on the back of strong milk prices, although
seasonal dynamics meant fewer dairy transactions in the first half of the period as
many farmers chose to retain stock to maximise the improved payout returns. Forward
contract interest remained high in both volume and pricing.
Our GO-STOCK offering helps sheep, beef, dairy, and deer farmers manage cashflow by freeing up
capital for reinvestment elsewhere in their businesses. Demand for these products continues to
grow, especially from new clients, with a large number of new contracts being signed. We achieved
a new record high for GO-STOCK receivables during the period.
In the deer velvet market, export pricing uncertainty delayed contract signings in November.
This was resolved in late December which led to large volumes of all grades contracted. PGW’s
disciplined approach of holding stock rather than accepting low-priced offers earlier in the season
paid off benefitting growers and PGW alike.
Saleyard throughput continued to be strong across the network, achieving good growth and
higher pricing levels for all stock types. PGW continued to invest in saleyard infrastructure
to enhance staff safety, animal welfare, environmental outcomes, and operating efficiencies.
Significant progress was made with improved saleyard perimeter controls, stock management,
regulatory compliance systems, and new operating technology.
bidr® made gains through the first half of FY26, supported by sustained demand for online bidding
and livestreaming in saleyards and on farm auctions. The successful launch of regular online
integration at Canterbury Park and Temuka expanded bidr’s® national footprint to 16 saleyards.
Growing demand for hybrid on farm and saleyard integration reflects broader market trends.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
14
|
PGG WRIGHTSON LIMITED
Agency Group
Rōpū umanga
Our Agency group includes Livestock, Wool, and Real Estate.
Agency delivered an Operating EBITDA of $8.7 million for the first
six months of the 2026 financial year, an increase of $1.8 million or
27% compared with the same period last year. Revenue was $89.8
million, up $10.7 million or 14% compared to the prior period.
LivestockWoolReal Estate
Range band Midpoint ($) per kgMS
New Zealand Wool Exports - All Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
2023 Jul
2023 Sept
2023 Nov
2024 Jan
2024 Mar
2024 May
2024 Jul
2024 Sep
2024 Nov
2025 Jan
2025 Mar
2025 May
2025 Jul
2025 Sep
2025 Nov
tonnes clean $ per tonnes clean
Agency Group continued
A strategic priority for PGW Livestock is to add value for our customers
through growing supply chain partnerships with processors. Headage
volumes with key partners remained ahead of the prior period as more
livestock was transacted through these relationships. Our supply chain
partnerships continued to strengthen, supported by a new Livestock
Manager role in the South Island, in addition to the North Island role that
was filled in the prior financial year.
PGW’s young auctioneers showcased their talent at the 14
th
annual
Heartland Bank Young Auctioneers Competition in November 2025, with
PGW Livestock Representative Lars Hardy securing first place.
Wool |
Wūru
Momentum continued to build across the strong wool market through the
first six months of FY26, with prices maintaining their upward trajectory
and providing a more positive outlook for growers. The average price
across all strong wool types lifted by approximately 25% compared to the
same period last year, reflecting tightening supply and solid international
demand. Revenue increased over the period, supported by the increased
pricing.
Real Estate |
Hokohoko Whenua
PGW Real Estate delivered a pleasing first half performance, supported by
continued confidence and improving profitability in the rural sector. Rural
sales remained the primary driver of growth, with dairy properties performing
particularly well in the Lower South Island. The resurgence of activity in kiwifruit
resulted in the sector showing its greatest momentum in years. However, ongoing
challenges within the viticultural industry have created some hesitancy in this
market.
While the market remains favourable, it is sensitive to uncertainty in the global
political environment, which has the potential to stall momentum in rural
property. Increasing competition on commission rates also remains an industry
phenomenon requiring management by real estate agencies.
Trading conditions appear positive heading into the second half of FY26, supported
by a steady listing pipeline across rural, lifestyle, and residential. Buyer activity
remains predominantly local and regional. Autumn typically brings heightened
activity in sheep and beef farm sales, a category that has been challenging in
recent periods. Early signs suggest the potential for improved momentum in the
second half with some exceptional properties coming to the market. Increased
activity in the provinces is also contributing positively to lifestyle and residential
sales performance.
The PGW Real Estate strategy is being refreshed to ensure the business remains
well positioned for growth. Recent recruitment in the East Coast and Lower North
Island had a positive impact, with the regions showing notable improvement on
prior periods.
Australian sheep numbers remain historically low, prompting exporters to source
greater volumes of New Zealand wool to meet orders. Global fundamentals remain
supportive, with constrained supply and growing interest in wool as a natural,
renewable fibre. Ongoing buying activity from China has played an important role in
underpinning market values.
October marked a significant milestone with the successful trial of the first combined
national wool sale held in Christchurch, bringing brokers together in a single,
transparent marketplace. The well supported collaboration between brokers and
exporters was encouraging and represents a constructive step toward exploring a
more efficient and sustainable auction model.
PGW Wool advanced its partnership with Wools of New Zealand, exploring supply
chain efficiencies, structural cost reductions, and better utilising existing infrastructure.
Both businesses continue to compete independently to ensure growers retain choice.
The collaboration has been positively received by the sector and underscores PGW’s
commitment to practical, sector wide solutions that strengthen long term interests of
New Zealand wool growers.
The recent announcement of tariff reductions into China and India are a welcome
development and are expected to support market access and competitiveness. With
supply remaining tight and demand steady, we anticipate continued stability in market
fundamentals over the second half of the financial year.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
15
|
PGG WRIGHTSON LIMITED
New Zealand Wool Exports - Strong Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
tonnes clean $ per tonnes clean
2023 Jul
2023 Sept
2023 Nov
2024 Jan
2024 Mar
2024 May
2024 Jul
2024 Sep
2024 Nov
2025 Jan
2025 Mar
2025 May
2025 Jul
2025 Sep
2025 Nov
10,000
7,500
5,000
2,500
0
Source: Beef + Lamb New Zealand Economic Service
10,000
7,500
5,000
2,500
0
PGW continues to strengthen its sustainability performance within
an increasingly dynamic primary sector environment. Sustainability
is embedded within the PGW Group Strategy and further guided
by our Sustainability Strategy and Climate Transition Plan, both
available on our website. As New Zealand’s reporting standards
continue to mature and stakeholders seek greater transparency
around organisational resilience and sustainability practices,
PGW remains committed to delivering consistent, robust, and
high
-quality sustainability disclosures.
Sustainability
Toitūtanga
Greenhouse Gas Emissions
PGW’s vehicle fleet remains the largest source of operational emissions, and we continue to
see a downward trend as newer, lower-emission t
echnologies are introduced. During the
six-month period, PGW introduced its first electric fleet vehicle, welcoming the Nissan Ariya
as part of the fleet line-up. This is in addition to the two electric pool vehicles available at
the Christchurch head office.
The total number of both hybrid and electric vehicles in the fleet is now more than 70,
a 300% increase compared with this time last year – driving down both fuel costs and
emissions for the business. PGW continues its purchase of renewable energy certificates
through Meridian, now entering its third year. These certificates support decarbonisation
efforts in both business and community projects across New Zealand.
Cash for Communities
The Cash for Communities programme has now contributed an incredible $1 million to
rural New Zealand since its launch in 2011. The programme, delivered by PGW, Ballance
Agri-Nutrients and our agchem suppliers is a way for farmers, growers, and contractors to
give back to their local community. Last year’s campaign was supported by our store teams,
field reps, and more than 7,000 participating farmers, growers, and contractors.
The programme continues to support the organisations at the heart of rural New
Zealand,
from schools and emergency services to volunteer-run groups that strengthen community
wellbeing. We have begun contacting donation recipients and we look forward to sharing
their stories as we celebrate this milestone throughout the year.
Supply Chain Due Diligence
PGW continues to strengthen supply chain due diligence as part of our commitment to
responsible and ethical business practice. Maintaining a clear understanding of our supply
partners is essential, and traceability remains increasingly important to our customers. Our
due-diligence approach in working to prioritise high-risk categories and improve our data
collection over time.
We are enhancing the integrity of our quality frameworks by improving internal retail
systems, conducting recall simulations, and maintaining external assurance over these
processes. As New Zealand moves toward modern slavery legislation, ethical sourcing and
transparency across our supply chain are more important than ever.
Reporting Frameworks
In September 2025, PGW released its Sustainability Report and Climate Statement, marking
our second year of reporting under the New Zealand Climate Standards. Although
proposed changes to reporting thresholds mean PGW may no longer be classified as
a climate-reporting entity, we will continue to use the Climate Standards to inform our
report. We see strong value in using a recognised and credible framework that supports
transparency, maintains consistency in our reporting approach and helps meet increasing
stakeholder expectations.
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
16
|
PGG WRIGHTSON LIMITED
PGW’s new electric vehicle,
the Nissan Ariya.
ReportingSupply ChainEmissionsSponsorships
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
17
|
PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
The Interim Consolidated Financial
Statements contained on pages 18–25
have been approved by the Board of
Directors on 23 February 2026.
John Nichol
Chair
Wilson Liu
Director and Audit Committee Chair
Key Financial
Disclosures
Ngā Whakapuakanga Pūtea Hira
For the six months ended 31 December 2025
Mō ngā marama e ono ki te 31 o Tīhema 2025
Paul Thomson, PGW Salesperson, discusses growth rates
with Hannah Jordan, owner of Saddleview Greens, ahead
of the property’s sale in Mosgiel, Otago.
18
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Profit or Loss
For the six months ended 31 December 2025
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Other Comprehensive Income
For the six months ended 31 December 2025
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
$000 $000 $000
Net profit after tax 17,253 10,664 15,972
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit liability
(216)
585
273
T
ax on remeasurements of defined benefit liability
(111)
(273)
(186)
T
otal other comprehensive income/(loss) for the period
(327)
312
87
T
otal comprehensive income for the period
16,926
10,976
16,059
T
he accompanying notes form an integral part of these consolidated financial statements.
UNAUDITED AUDITED UNAUDITED
6
MONTHS TO
1
2 MONTHS TO
6
MONTHS TO
DEC 2025 JUN 2025 DEC 2024
N
OTE
$000 $000 $000
Operating revenue 619,406 975,344 570,281
Cost of sales
(467,505)
(720,347)
(430,976)
Gross profit 151,901 254,997 139,305
Other income 141 952 213
Employee expenses
(78,619)
(146,637)
(72,568)
O
ther operating expenses
(27,696)
(53,181)
(25,584)
O
perating EBITDA
45,727
56,131
41,366
Non-operating gains
202
1,119
1,255
D
epreciation and amortisation expense
(17,091)
(31,066)
(15,014)
EBIT
28,838
26,184
27,607
Net int
erest expense
1
(5,360)
(11,186)
(5,765)
F
oreign exchange gain
1
598
821
690
F
air value gain/(loss) on foreign exchange derivatives
1
132
(1,827)
(835)
Profit before income tax 24,208 13,992 21,697
Income tax expense
(6,955)
(3,328)
(5,725)
N
et profit after tax
17,253
10,664
15,972
B
asic & diluted earnings per share (EPS)
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
$ $ $
Basic & diluted EPS 2 0.229 0.141 0.212
The accompanying notes form an integral part of these consolidated financial statements.
19
|
PGG WRIGHTSON LIMITED
HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Segment Report
For the six months ended / as at 31 December 2025
A. Operating segments
The Group has two primary operating segments,
Agency and Retail & Water, which are the Group's
strategic divisions. These operating segments
operate within New Zealand.
The two operating segments offer different
products and services, and are managed separately
because they require different skills, technology
and marketing strategies. Within each segment,
further business unit analysis may be provided
to management where there are significant
differences in the nature of activities. The Chief
Executive Officer and Chairman of the Board
reviews internal management reports on each
strategic business unit on at least a monthly basis.
C. Operating segment information
AGENCY RETAIL & WATER OTHER (NON–OPERATING) TOTA L
UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024
$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 31,904 84,977 29,713 517,876 759,215 482,445 823 1,157 754 550,603 845,349 512,912
Commission revenue 53,682 107,938 45,536 40 88 58 18 30 (13) 53,740 108,056 45,581
Construction contract revenue – – – 10,074 12,368 7,221 – – – 10,074 12,368 7,221
I
nterest revenue on GO-STOCK receivables
3,856
7,181
3,397
–
–
–
–
–
–
3,856
7,181
3,397
I
nterest revenue on overdue debtor accounts
155
427
278
396
891
336
10
37
16
561
1,355
630
Sublease income
243
434
217
213
402
202
116
199
121
572
1,035
540
T
otal external operating revenues
89,840
200,957
79,141
528,599
772,964
490,262
967
1,423
878
619,406
975,344
570,281
Cost of sales (39,378) (98,086) (34,783) (427,646) (621,575) (395,756) (481) (686) (437) (467,505) (720,347) (430,976)
G
ross profit
50,462
102,871
44,358
100,953
151,389
94,506
486
737
441
151,901
254,997
139,305
O
ther income
141
952
212
–
–
–
–
–
1
141
952
213
Employee expenses (26,502) (51,367) (23,718) (37,807) (68,780) (35,590) (14,310) (26,490) (13,260) (78,619) (146,637) (72,568)
Other operating expenses
(15,412)
(28,994)
(14,006)
(21,390)
(40,459)
(19,418)
9,106
16,272
7,840
(27,696)
(53,181)
(25,584)
O
perating EBITDA 8,689 23,462 6,846 41,756 42,150 39,498 (4,718) (9,481) (4,978) 45,727 56,131 41,366
Non-
operating gains/(losses)
14
1,166
1,155
(6)
(112)
22
194
65
78
202
1,119
1,255
Depreciation and amortisation expense (5,252) (9,875) (4,907) (10,342) (17,329) (8,586) (1,497) (3,862) (1,521) (17,091) (31,066) (15,014)
EBIT
3,451
14,753
3,094
31,408
24,709
30,934
(6,021)
(13,278)
(6,421)
28,838
26,184
27,607
Net int
erest expense
(3,631)
(8,470)
(4,132)
(5,410)
(10,938)
(5,647)
3,681
8,222
4,014
(5,360)
(11,186)
(5,765)
F
oreign Exchange gain/(loss) 229 863 687 373 (46) – (4) 4 3 598 821 690
Fair value gain/(loss) on foreign exchange derivatives
(251)
(1,611)
(1,520)
383
(216)
685
–
–
–
132
(1,827)
(835)
P
rofit/(loss) before income tax
(202)
5,535
(1,871)
26,754
13,509
25,972
(2,344)
(5,052)
(2,404)
24,208
13,992
21,697
I
ncome tax benefit/(expense)
83
(2,196)
405
(7,549)
(5,786)
(8,446)
511
4,654
2,316
(6,955)
(3,328)
(5,725)
N
et profit/(loss) after tax
(119)
3,339
(1,466)
19,205
7,723
17,526
(1,833)
(398)
(88)
17,253
10,664
15,972
T
otal segment assets
204,395
234,147
177,242
528,330
249,439
439,889
10,918
46,094
42,700
743,643
529,680
659,831
T
otal segment liabilities
(69,401)
(104,908)
(64,328)
(293,347)
(146,372)
(287,096)
(193,197)
(104,590)
(127,615)
(555,945)
(355,870)
(479,039)
T
he accompanying notes form an integral part of these consolidated financial statements.
The Group's segments are described below:
–
A
gency: This segment derives its revenue primarily from commissions in respect
of rural Livestock, Wool and Real Estate transactions. This segment also derives
revenue from wool and velvet product sales, and interest revenue from its GO-STOCK
receivables.
–
Retail &
Water: This segment includes the Rural Supplies and Fruitfed Supplies retail
operations, Agritrade, PGG Wrightson Water, ancillary sales support and supply chain
functions. This segment derives its revenue primarily from the sale of goods as well as
the design, installation and servicing of irrigation solutions.
–
O
ther (non-operating): Other relates to certain Group Corporate activities
including Governance, Finance, Treasury, Risk and Assurance, and other support
services (such as corporate property services and marketing). The Marketing function
derives sales revenue from the Group's rewards and on-charging programmes.
Assets and liabilities allocated to each business unit combine to form total assets and
liabilities for the Agency and Retail & Water business segments. Certain other assets and
liabilities are held at a Corporate level including those for the Corporate functions noted
above. Similarly, the profit or loss for each business unit combines to form total profit or
loss of the Agency and Retail & Water business segments. Certain other revenues and
expenses are recorded at the Corporate level for the Corporate functions noted above.
Corporate costs allocation
The Group allocates certain Corporate costs to an operating segment where they can
be directly attributed to that segment or using the following methods:
–
IT har
dware, support, licence and other costs are allocated on a per user basis.
–
P
roperty costs which are not directly attributable are allocated on a property space
utilisation basis.
–
Business operations costs (
Accounts Payable, Accounts Receivable, Call Centre) are
allocated based on FTE usage by each operating segment or transactional volumes.
Credit Services costs are allocated to the operating segment to which the overdue
accounts relate.
From 1 July 2025 the Group began internally allocating interest expense to the operating
segments based on capital employed (excluding equity) with this allocation recorded within
net interest expense. Comparative amounts have been updated to reflect this change.
Other costs such as non-operating gains/losses, impairment and fair value gains/losses,
foreign exchange items and income tax expense are not fully allocated by the Group
across the operating segments. The Group Governance, Finance, Treasury, and Risk &
Assurance functions continue to be reported outside of the operating segments.
B.
G
eographical segment
The Group operates within New Zealand only and its revenue is derived primarily from
New Zealand.
20
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities
For the six months ended 31 December 2025
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
$000 $000 $000
Net profit after tax 17,253 10,664 15,972
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation
17,091 31,066 15,014
Net bad debts written off/(recovered) 110 716 126
I
ncrease/(decrease) in provision for impaired trade receivables, GO-STOCK receivables
and contract assets
(424) (881) (320)
Loss/(gain) on sale of assets and investments, and lease terminations (150) (1,219) (1,240)
F
oreign exchange loss/(gain)
108
237
212
D
eferred tax expense/(benefit)
4,079
(886)
202
D
efined benefit expense/(gain)
(76)
(24)
(41)
P
ension contributions not expensed through profit or loss (459) (308) (308)
Equity accounted earnings (147) (990) –
O
ther non-cash/non-operating items
(166)
21
(175)
A
dd/(deduct) movement in working capital items:
Change in inventories
(25,622)
(4,774)
(18,112)
Change in accounts r
eceivable, GO-STOCK receivables and prepayments (178,152) (52,236) (171,653)
Change in trade creditors, provisions and accruals 110,794 25,749 121,060
Change in other current assets/liabilities 1,766 1,004 2,754
Change in w
orking capital due to acquisition of subsidiary
2,382
–
–
A
dd/(deduct) movement in taxation items:
Change in income tax payable/receivable 1,750 4,258 5,495
Net cash flow from operating activities
(49,863)
12,397
(31,014)
T
he accompanying notes form an integral part of these consolidated financial statements.
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
NOTE $000 $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers
439,095 916,631 397,212
Dividends received 1 6 2
Interest received 4,565 8,921 4,244
Income tax received – 44 –
443,661
925,602
401,458
C
ash was applied to:
Payments to suppliers and employees (486,851) (903,108) (427,171)
L
ump sum contribution to PGG Wrightson Employee Benefits Plan
(459)
(308)
(308)
I
nterest paid (2,658) (5,379) (2,711)
I
nterest paid on lease liabilities
(2,091)
(4,410)
(2,254)
I
ncome tax paid (1,465) – (28)
(493,524)
(913,205)
(432,472)
N
et cash inflow/(outflow) from operating activities
(49,863)
12,397
(31,014)
C
ash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment
1,468
2,808
2,749
Dividend r
eceived from jointly controlled entity
–
392
232
1,468 3,200 2,981
Cash was applied to:
Purchase of property, plant and equipment
(2,261)
(6,929)
(2,663)
P
urchase of intangibles (3) (10,499) (5,584)
A
cquisition of subsidiary
7
(19,660)
–
–
A
dvance to jointly controlled entity – (17) (17)
(21,924) (17,445) (8,264)
N
et cash (outflow) from investing activities
(20,456)
(14,245)
(5,283)
C
ash flows from financing activities
Cash was provided from:
Increase in external borrowings and working capital debt
87,880
25,182
46,050
87,880
25,182
46,050
C
ash was applied to:
Dividends paid to shareholders
(3,038) (1,899) –
R
epayment of principal portion of lease liabilities
(11,801)
(22,608)
(11,174)
(14,839) (24,507) (11,174)
N
et cash inflow from financing activities
73,041
675
34,876
Net incr
ease/(decrease) in cash held
2,722
(1,172)
(1,421)
Opening cash and cash equivalents at the beg
inning of period
2,613
3,785
3,785
C
ash and cash equivalents at the end of the period
3
5,335
2,613
2,364
T
he accompanying notes form an integral part of these consolidated financial statements.
21
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Financial Position
For the six months ended 31 December 2025
UNAUDITED AUDITED UNAUDITED
DEC 2025 JUN 2025 DEC 2024
N
OTE
$000 $000
$000
ASSETS
Current
Cash and cash equivalents
3
5,335
2,613
2,364
Short-term derivative assets 133 227 629
Trade and other receivables 355,598 159,769 313,932
GO-STOCK receivables 3 63,536 79,142 46,517
Inventories
125,717
100,074
113,965
Other current assets 2,248 4,329 1,486
Total current assets
552,567
346,154
478,893
Non-current
Long-term derivative assets
3
13
–
D
eferred tax asset
878
7,115
6,114
I
nvestments in equity accounted investees
1,403
1,256
455
A
dvance to equity accounted investees
–
–
17
GO
-STOCK receivables
3
543
2,300
208
O
ther investments
253
242
398
I
ntangible assets
43,782
38,706
35,088
G
oodwill
7
11,362
–
–
R
ight-of-use assets
4
81,151
81,332
87,407
P
roperty, plant and equipment
5
51,182
52,362
51,251
D
efined benefit asset
519
200
–
T
otal non-current assets
191,076
183,526
180,938
T
otal assets
743,643
529,680
659,831
LIABILITIES
C
urrent
Short-term derivative liabilities
1,096
1,425
861
Accounts payable and accruals 285,940 175,205 270,944
Short-term lease liabilities
23,281
21,359
21,914
I
ncome tax payable 2,779 1,029 2,267
T
otal current liabilities
313,096
199,018
295,986
Non-current
Long-term debt
3
176,063
88,182
109,050
L
ong-term derivative liabilities
250
151
112
L
ong-term lease liabilities
63,795
65,789
71,038
L
ong-term provisions
2,741
2,730
2,758
D
efined benefit liability
–
–
95
T
otal non-current liabilities
242,849
156,852
183,053
T
otal liabilities
555,945
355,870
479,039
EQUIT
Y
Share capital
372,318
372,318
372,318
Reserves 16,609 16,785 16,560
R
etained earnings/(deficit)
(201,229)
(215,293)
(208,086)
T
otal equity
187,698
173,810
180,792
T
otal liabilities and equity
743,643
529,680
659,831
T
he accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Interim Consolidated Statement of Changes in Equity
For the six months ended 31 December 2025
REALISED
C
APITAL AND
DEFINED RE
TAINED
SHARE REVALUATION BENEFIT PLAN EARNINGS/ TOTAL
C
APITAL
RESER
VES
RESER
VE
(DEFICIT) EQUIT
Y
$000 $000 $000 $000 $000
Balance as at 1 July 2024 372,318 24,662 (8,291) (223,956) 164,733
Total comprehensive income for the period
Net pr
ofit after tax
–
–
–
15,972
15,972
Other comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–
–
87
–
87
Total other comprehensive income – – 87 – 87
T
otal comprehensive income for the period
–
–
87
15,972
16,059
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
–
–
–
–
–
T
otal contributions by and distributions to shareholders
–
–
–
–
–
T
ransfer to retained earnings
–
–
102
(102)
–
B
alance as at 31 December 2024
372,318
24,662
(8,102)
(208,086)
180,792
Balance as at 1 J
anuary 2025
372,318
24,662
(8,102)
(208,086)
180,792
T
otal comprehensive income for the period
Net profit after tax
–
–
–
(5,308)
(5,308)
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–
–
225
–
225
T
otal other comprehensive income
–
–
225
–
225
T
otal comprehensive income for the period
–
–
225
(5,308)
(5,083)
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
–
–
–
(1,899)
(1,899)
T
otal contributions by and distributions to shareholders
–
–
–
(1,899)
(1,899)
T
ransfer to retained earnings
–
–
–
–
–
B
alance as at 30 June 2025
372,318
24,662
(7,877)
(215,293)
173,810
Balance as at 1 July 2025
372,318
24,662
(7,877)
(215,293)
173,810
T
otal comprehensive income for the period
Net profit after tax
–
–
–
17,253
17,253
O
ther comprehensive income
Changes in fair value of equity instruments, net of tax
–
–
–
–
–
D
efined benefit plan actuarial gain/(loss), net of tax
–
–
(327)
–
(327)
T
otal other comprehensive income
–
–
(327)
–
(327)
T
otal comprehensive income for the period
–
–
(327)
17,253
16,926
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders
–
–
–
(3,038)
(3,038)
T
otal contributions by and distributions to shareholders
–
–
–
(3,038)
(3,038)
T
ransfer to retained earnings
–
–
151
(151)
–
B
alance as at 31 December 2025
372,318
24,662
(8,053)
(201,229)
187,698
T
he accompanying notes form an integral part of these consolidated financial statements.
22
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements
For the six months ended 31 December 2025
1 Net Interest Expense and Foreign Exchange Items
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
DEC 2025 JUN 2025 DEC 2024
$000 $000 $000
Interest income 147 385 217
Interest funding expense:
Bank interest on loans and overdrafts
(2,658) (5,379) (2,710)
Bank facility fees
(758)
(1,782)
(1,018)
(3,416) (7,161) (3,728)
Net interest income/(expense) excluding interest on lease liabilities
(3,269)
(6,776)
(3,511)
I
nterest on lease liabilities
(2,091)
(4,410)
(2,254)
N
et Interest expense (5,360) (11,186) (5,765)
Foreign exchange gain 598 821 690
Net gain on f
oreign denominated items
598
821
690
F
air value gain/(loss) on foreign exchange derivatives
132
(1,827)
(835)
F
air value gain/(loss) on foreign exchange derivatives
132
(1,827)
(835)
Including Notes to the Consolidated Financial Statements for the six months ended 31 December 2025
Tae atu ki ngā tuhipoka ki Ngā Tōpūtanga Tauākī Ahumoni Taupua mō te ono marama ki te 31 o Tīhema 2025
Additional Financial Disclosures
Ngā Whakapuakanga Pūtea Tāpiri
Robert Wards, Fruitfed Supplies Technical
Horticultural Representative, checks the early-
season blossom with Andrew Malcolm and
Adrienne Malcolm, owners of PJ & AJ Malcolm
Orchards, in Belfast, Canterbury.
23
|
PGG WRIGHTSON LIMITED
Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
HALF
YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
3 Cash and Financing Facilities
UNAUDITED AUDITED UNAUDITED
D
EC 2025
J
UN 2025
D
EC 2024
$000 $000 $000
Cash and cash equivalents 5,335 2,613 2,364
Current financing facilities – – –
T
erm financing facilities (176,063) (88,182) (109,050)
N
et interest-bearing (debt)/cash and cash equivalents (170,728) (85,569) (106,686)
GO-STOCK receivables
64,079
81,442
46,725
N
et interest-bearing (debt)/cash and cash equivalents
after adjusting for GO-STOCK receivables
(106,649)
(4,127)
(59,961)
F
inancing facilities
The Company has a syndicated facility agreement which provides the following:
–
C
ore debt facilities of up to $100.00 million maturing on 30 June 2027. This facility had $100.00 million drawn at 31 December 2025
(30 June 2025: $75.00 million drawn, 31 December 2024 $75.05 million drawn).
–
W
orking capital facilities of up to $85.00 million maturing on 30 June 2027. This facility had $76.00 million drawn at 31 December 2025
(30 June 2025: $13.00 million drawn, 31 December 2024: $34.00 million drawn).
The syndicated facilities fund the general commercial activities of the Group, the seasonal fluctuations in working capital and the GO-STOCK
receivables. Interest on these syndicated facilities is determined based on floating rates (i.e. OCR or BKBM plus a margin).
The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New
Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Coöperatieve Rabobank
U.A. (New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions, including
maximum permissible ratios for debt leverage and operating leverage, together with limits for GO-STOCK receivables, capital expenditure and asset
disposals. Covenants are reported to the facility agent on a quarterly basis.
The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $21.77 million at 31 December 2025
(30 June 2025: $4.77 million, 31 December 2024: $4.77 million) and included the following:
–
O
verdraft facilities of $20.00 million (30 June 2025: $3.00 million, 31 December 2024: $3.00 million). This facility was undrawn at 31 December
2025 (30 June 2025: undrawn, 31 December 2024: undrawn).
–
Guarant
ees and letters of credit of $1.77 million (30 June 2025: $1.77 million, 31 December 2024: $1.77 million).
4 Right-of-Use Assets
Additions, modifications & reassessments
During the period to 31 December 2025, the Group had lease additions of $9.06 million (30 June 2025: $5.47 million, 31 December 2024: $3.24
million). Lease modifications and reassessments resulted in an increase in right-of-use assets of $2.71 million (30 June 2025 Increase: $7.65 million,
31 December 2024 Increase: $5.21 million).
Terminations
During the period to 31 December 2025, the Group had lease terminations which resulted in a reduction in right-of-use assets of $0.04 million
(30 June 2025: $0.23 million, 31 December 2024: $0.00 million).
2 Earnings Per Share (EPS) and Net Tangible Assets (NTA)
UNAUDITED AUDITED UNAUDITED
D
EC 2025
J
UN 2025
D
EC 2024
000 000 000
Issued ordinary shares at the end of reporting period 75,484 75,484 75,484
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
$000 $000 $000
Net profit after tax 17,253 10,664 15,972
UNAUDITED AUDITED UNAUDITED
DEC 2025 JUN 2025 DEC 2024
$000 $000 $000
Total assets 743,643 529,680 659,831
Total liabilities
(555,945)
(355,870)
(479,039)
less
intangible assets including goodwill (55,144) (38,706) (35,088)
less deferred tax asset
(878)
(7,115)
(6,114)
N
et tangible assets
131,676
127,989
139,590
UNAUDITED AUDITED UNAUDITED
6 MONTHS TO 12 MONTHS TO 6 MONTHS TO
D
EC 2025
J
UN 2025
D
EC 2024
$ $ $
Basic EPS 0.229 0.141 0.212
UNAUDITED AUDITED UNAUDITED
DEC 2025 JUN 2025 DEC 2024
$ $ $
NTA per issued ordinary shares at the end of period 1.744 1.696 1.849
24
|
PGG WRIGHTSON LIMITED
Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
HALF
YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
5 MONTHS TO
DEC 2025
$000
Revenue and earnings information
Revenue
4,739
Net Profit after tax 1,172
A
cquisition costs of $0.02 million were incurred in the period to 31 December 2025 (30 June 2025: $0.12 million, 31 December 2024: $0.03 million).
These costs have been included within Non-operating gains in the Consolidated Statement of Profit or Loss
Revenue recorded by the acquiree following acquisition relates to sales made to PGW Group entities which are eliminated for Group reporting
purposes.
$000
Purchase price 19,914
Settlement of pre-existing relationships
(1,963)
T
otal Consideration paid to vendor 17,951
PROVISIONAL ADJUSTMENTS FAIR VALUE
31 JULY 2025 TO FAIR VALUE 31 JULY 2025
$000 $000 $000
Value of identifiable assets and liabilities acquired
Current assets
Cash and Cash Equivalents
254 – 254
Prepayments
13
–
13
I
nventories 2,184 – 2,184
Non–current assets
Property, Plant and Equipment
540 – 540
I
ntangibles
165
7,260
7,425
C
urrent liabilities
Trade and Other payables
(1,245)
–
(1,245)
I
ncome Tax Payable (411) – (411)
GST Payable (125) – (125)
N
on-current liabilities
Deferred Tax Liability
–
(2,046)
(2,046)
N
et assets acquired
1,375
5,214
6,589
G
oodwill acquired upon acquisition 16,576 (5,214) 11,362
T
otal net consideration
17,951
–
17,951
P
lus Settlement of pre-existing relationships
1,963
–
1,963
L
ess Cash and Cash Equivalents acquired (254) – (254)
N
et cash outflow on acquisition
19,660
19,660
5 Property Plant and Equipment
Additions
During the period to 31 December 2025, the Group acquired assets with a cost of $2.80 million (30 June 2025: $6.94 million, 31 December 2024:
$2.66 million). Included within the additions are $0.54 million resulting from the acquisition of Nexan Corporation Limited and its associated
entities.
Disposals
The Group disposed of assets with a net book value of $1.32 million during the period to 31 December 2025 (30 June 2025: $1.09 million,
31 December 2024: $1.45 million), resulting in a gain on disposal of $0.15 million (30 June 2025 Gain: $1.27 million, 31 December 2024 Gain: $1.30
million).
6 Contingent Liabilities
PGG Wrightson Max Rewards Loyalty Programme
The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Max Rewards Loyalty Programme. As at 31
December 2025, the balance of live points which does not form part of the recognised provision total $0.11 million (30 June 2025: $0.10 million;
31 December 2024: $0.09 million). Losses are not expected to arise from this contingent liability.
Contingent liabilities
The Group may receive client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery
of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any obligation in respect of these claims or potential
claims cannot be estimated with sufficient reliability.
7 Acquisition of subsidiary
Background of acquisition
On 7 July 2025 the Group announced the acquisition of Nexan Corporation Limited and its associated entities (Nexan), a leading New Zealand
animal health manufacturer that develops and markets a range of products for livestock. Nexan’s offering as an innovator aligns well with PGW’s
strategic objective of being the leader in bringing technical knowhow and expertise to the market to benefit New Zealand farmers and growers.
The transaction completed on 31 July 2025.
The transaction resulted in the Group acquiring all of the shares and voting interests in Nexan for a purchase price of $19.91 million.
A provisional value of identifiable assets and liabilities acquired was reported as a subsequent event in the consolidated financial statements for
the year ended 30 June 2025. At that time the group had yet to perform a review of the fair value of assets and liabilities acquired. In accordance
with NZ IFRS 3 Business Combinations these amounts are able to be retrospectively updated for a period of up to 12 months from the date of
acquisition, to reflect new information obtained about facts and circumstances that existed as of the acquisition date.
The group has now finalised its review of the fair value of the net assets and liabilities acquired.
25
|
PGG WRIGHTSON LIMITED
Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
HALF
YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
PGG WRIGHTSON LIMITED
Notes to the Interim Consolidated Financial Statements (continued)
For the six months ended 31 December 2025
10 Reporting Entity
PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.
The Company's registered office is at 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC
Entity for the purposes of the Financial Markets Conduct Act 2013.
The interim consolidated financial statements of PGG Wrightson Limited for the six months ended 31 December 2025 comprise the Company and
its subsidiaries (together referred to as the "Group").
The Group is primarily involved in the provision of goods and services within the agricultural and horticultural sectors.
11 Basis of Preparation
Statement of compliance
These interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
("NZ GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board,
the New Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards as
appropriate for a Tier 1 for-profit entity, and in particular NZ IAS 34 Interim Financial Reporting.
These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements.
Unless otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial
statements as applied in the Group's latest annual audited consolidated financial statements.
Certain comparative amounts have been reclassified to conform with the current reporting period's presentation.
These interim consolidated financial statements were approved by the Board of Directors on 23 February 2026.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but have not yet commenced to apply, up to the date of issuance of the
Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
In May 2024, the XRB issued NZ IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. NZ IFRS
18 replaces NZ IAS 1 Presentation of Financial Statements. It carries forward many requirements from NZ IAS 1 unchanged and introduces increased
disclosure of management defined performance measures as well as new principles for aggregation and disaggregation of information included in
the consolidated statement of profit or loss. NZ IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, but earlier application
is permitted for accounting periods that end after 20 June 2024 and must be disclosed. NZ IFRS 18 will apply retrospectively. The Group's work on
the assessment of the impact is ongoing.
7 Acquisition of subsidiary (continued)
Intangibles
Intangibles relate to the fair value attributed to rights acquired for products that are produced by Nexan. Fair value has been determined using a
discounted cash flow approach. These rights are finite life intangible assets with an estimated useful life of 7 years. The group reviews estimated
useful lives at the end of each annual reporting period and adjusts where appropriate.
Goodwill
Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the cost of the acquisition over the Group’s interest in the
net fair value of the assets and liabilities of the acquiree. Goodwill is tested annually for impairment or more frequently if events or changes in
circumstances indicate that it might be impaired. Goodwill is carried at cost less accumulated impairment losses. Impairment losses on goodwill
are not reversed. The Goodwill acquired upon the Nexan acquisition resides within the Retail & Water Segment.
Impairment testing
Goodwill has been tested for impairment based on value-in-use calculations using discounted cash flows projections. The calculations use past
experience and expectations for the future, and the recoverable amount of the business.
8 Seasonality of Operations
The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are
primarily related to the Retail business, as demand for New Zealand farming inputs is generally weighted towards the spring season. The second
half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and
lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature
of the industry and plans and manages its business accordingly.
9 Subsequent Events
Dividend
On 23 February 2026, the Directors of PGG Wrightson Limited resolved to pay an interim dividend of 4.5 cents per share on 8 April 2026 to the
shareholders on the Company's share register as at 5.00pm on 26 March 2026. This dividend will be fully imputed.
26
|
PGG WRIGHTSON LIMITED HALF YEAR REPORT
|
FOR THE PERIOD ENDED 31 DECEMBER 2025
Corporate Directory | Whaiaronga Rangatōpū
Company number 142962 NZBN 9429040323497
Board of Directors
as at 31 December 2025
John Nichol
Chair, Independent Director,
and Audit Committee member
(appointed Independent Director
and Audit Committee member from
14 October 2025 and Board Chair
from 16 October 2025)
Wilson Liu
Independent Director and Chair of
Audit Committee (appointed
Independent Director from 1 July
2025 and member of the Audit
Committee from 12 August 2025
and Audit Committee Chair from
14 October 2025)
U Kean Seng
Director and Audit Committee
member (Audit Committee member
until 12 August 2025 and from 16
October 2025)
Dr Charlotte Severne
Independent Director and Chair of
Health, Safety and Environment
Committee
Executive Team
as at 31 December 2025
Stephen Guerin
Chief Executive Officer
Nick Berry
General Manager Retail & Water
Julian Daly
General Manager Corporate Affairs/
Company Secretary
Sarah Mears
General Manager People and Safety
Peter Newbold
General Manager Livestock &
Real Estate
Peter Scott
Chief Financial Officer
Rachel Shearer
General Manager Wool
ACRONYM / TERMDEFINITION
$New Zealand dollar
$/headNew Zealand dollar per head
$/kgMSNew Zealand dollar kilogram of mild solids
BoardBoard of Directors for PGG Wrightson Limited
c/kgCents per kilogram
c/shareCents per share
CEOChief Executive Officer
COMPANYPGG Wrightson Limited
DirectorA director of PGG Wrightson Limited
EBIT
Earnings before net interest, foreign exchange
items, and income tax
Operating EBITDA
Earnings before net interest, foreign exchange
items, income tax, depreciation, amortisation,
impairment and fair value adjustments, and
non-operating items
EPSEarnings Per Share
FY
Financial Year ended or ending 30 June of the
relevant year
FXForeign Exchange
HY
Financial Half Year ended or ending 31
December of the relevant year
GROUP
PGG Wrightson Limited and its subsidiaries and
interests in associates and jointly controlled
entities
ACRONYM / TERMDEFINITION
IFRSInternational Financial Reporting Standards
ISOInternational Organisation for Standardisation
ITInformation Technology
ITOIndustry Training Organisation
KPIKey Performance Indicator
kgKilogram
kgMSKilogram of milk solids
NIBDNet Interest-Bearing Debt
N PATNet Profit After Tax
N TANet Tangible Assets
NZDNew Zealand dollar
NZ GAAP
New Zealand Generally Accepted
Accounting Practice
NZ IFRS
New Zealand equivalents to International
Financial Reporting Standards
NZQANew Zealand Qualifications Authority
NZXNew Zealand Stock Exchange
NZX50GNew Zealand Stock Exchange Gross 50 Index
PGWPGG Wrightson Limited
R&DResearch & Development
TSRTotal Shareholder Return
Glossary | Rārangi Kupu
Registered Office
PGG Wrightson Limited
1 Robin Mann Place
Christchurch Airport
Christchurch 8053
PO Box 292
Christchurch 8140
Telephone:
0800 10 22 76 (NZ only)
+64 3 372 0800 (International)
Email: enquiries@pggwrightson.co.nz
Auditors
Ernst & Young
Level 4
93 Cambridge Terrace
Christchurch 8140
PO Box 2091
Christchurch 8140
Telephone: +64 3 379 1870
Managing your
shareholding online
Te whakahaere tuihono i tō pānga hea
T
o change your address, update your
payment instructions and to view
your investment portfolio, including
transactions, please visit:
www.investorcentre.com/nz
General enquiries can be directed to:
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna, Auckland 0622
enquiry@computershare.co.nz
Private Bag 92119, Auckland 1142,
New Zealand
Telephone +64 9 488 8777
Please assist our registrar by quoting
your CSN or shareholder number.
Sam Harmer and Peter McCusker, PGW Wool
Representatives, discuss the merits of the merino fleece
in the fine wool section of the Royal Canterbury A & P
show, with Peter judging and Sam assisting.
---
2026 HALF YEAR RESULTS
PRESENTATION
—
For the six months ended 31 December 2025
24 February 2026
Text
Description automatically generated
TRADING PERFORMANCE
—
Half year operating earnings
before interest, tax,
depreciation, and amortisation
(“Operating EBITDA”) was up
$4.4 million or 11% from the
comparative period.
Operating Revenue was up
$49.1 million or 9% from the
comparative period.
Net Profit After Tax was up
$1.3 million or 8% from the
comparative period.
OPERATING REVENUE
$619.4 million
NET PROFIT AFTER TAX
$17.3 million
OPERATING EBITDA
$45.7 million
STRATEGIC INITIATIVES
—
•PGW acquired Nexan Group,
the manufacturer of animal
health products.
•PGW has partnered with Nexan
for over a decade.
•Complementary strategic fit to
deliver high-quality innovative
solutions that help New
Zealand farmers thrive.
•Launched Blue Ag, PGW’s private
label ag-chem range.
•Enhances PGW’s offering across
agronomy and innovation.
•Provides price-point control.
•Stocked through our Rural Supplies
and Fruitfed Supplies stores.
•Acquired the lease of a 2.8-
hectare research station* in
Hastings.
•Dedicated hub for horticultural
and agricultural trials which will
enhance our technical capability.
•Customers will benefit from
emerging technologies and
innovative product development.
Launch of Blue AgR&D Station Lease Acquired
Nexan Acquisition
* Geelen Family Trust Research Station previously operated by Bayer Crop Science.
DIVIDENDS
Post Share Consolidation
—
* No dividends paid in FY24 due to difficult trading conditions impacting the agricultural sector and wider economy.
14
12
2.5
4.5
16
10
4
30
22
0
0
5
10
15
20
25
30
35
FY22FY23FY24*FY25FY26
cents per share
InterimFinalTotal Full Year Dividend
•A fully imputed interim
dividend for HY26 of
4.5 cents per share has
been declared.
•To be paid on 8 April
2026 to shareholders
on PGW’s share
register as at 5pm on
26 March 2026.
6.5
OPERATING EBITDA
First Half Financial Year Summary
—
Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation, impairment and fair value adjustments, and non-
operating items. PGW has used non-GAAP profit measures when discussing financial performance in this presentation. For a comprehensive discussion on the use of
non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available on our website www.pggwrightson.co.nz.
47
48
37
41
46
-10
0
10
20
30
40
50
60
HY22HY23HY24HY25HY26
AgencyRetail & WaterOtherTotal Operating EBITDA
7
44
-4
9
-5
42
-5
4
49
39
$ million
40
1
-5
7
-5
OPERATING REVENUE
First Half Financial Year Summary
—
552
586
561
570
619
500
520
540
560
580
600
620
640
HY22HY23HY24HY25HY26
$
million
Operating Revenue
NET PROFIT AFTER TAX
First Half Financial Year Summary
—
23
21
13
16
17
0
5
10
15
20
25
HY22HY23HY24HY25HY26
$
million
Net Profit After Tax
OPERATING CASH FLOW
Financial Year Summary
—
-17
-35
-7
-31
-50
41
60
65
43
24
26
58
12
-60
-40
-20
-
20
40
60
80
FY22FY23FY24FY25FY26
$
million
1st Half2nd HalfFull Year
Operating cash flows in the first half of the financial year reflect the seasonal build in working capital which
is recovered in the second half of the financial year.
SHARE PRICE
—
PGW share price from 13 August 2019 (post share consolidation) to 31 December 2025.
31-Dec-25
0
1
2
3
4
5
6
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25
$
Price
Years
TOTAL SHAREHOLDER RETURN (TSR)
—
PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 31 December 2025.
31-Dec-25
0
50
100
150
200
250
300
13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25
PGW TSR (Inc Dividends)NZX50G
PGW TSR +38.7%
NZX50G +24.8%
Total Shareholder
Return
Years
NET INTEREST-BEARING DEBT (NIBD)
HY25 NIBD Development - June 2024 to December 2024
—
59.2
-41.4
5.1
72.6
-5.8
-2.7
8.2
11.2
0.3
106.7
June 2024
NIBD
Operating
EBITDA
Interest &
FX
Tax Payments
Working
Capital
Movements
(excl GO-STOCK)
GO-STOCK
Movements
Asset Disposals
Asset
Purchases
Lease
Principal
Repayment
Dividends
Paid
Other
December 2024
NIBD
$ million
0
20
40
60
80
100
120
140
160
180
IncreaseDecreaseTotal
NET INTEREST-BEARING DEBT (NIBD)
HY26 NIBD Development - June 2025 to December 2025
—
85.6
-45.7
4.8
1.4
106.5
-17.4
19.7
2.3
-1.5
11.8
3.0
0.2170.7
June 2025
NIBD
Operating
EBITDA
Interest &
FX
Tax
Payments
Working
Capital
Movements
(ex. GO-STOCK)
GO-STOCK
Movements
Nexan
Acquisition
Asset
Purchases
Asset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other
December 2025
NIBD
$ million
0
20
40
60
80
100
120
140
160
180
IncreaseDecreaseTotal
OUTLOOK FOR FY2026 &
GUIDANCE UPDATE
—
•Looking ahead for the remainder of the financial year, the operating environment is expected to
continue to be predominantly positive and present both opportunities and challenges for PGW
and the wider sector. Overall conditions across agriculture remain favourable, with most parts
of the sector performing well, supported by firm global demand and strong commodity pricing.
•PGW is well placed to support its farmer and grower customers and to capture opportunities
arising from the forecast export demand.
•We remain optimistic about the remainder of the financial year and note that PGW remains
on track to deliver its forecast 2026 full-year Operating EBITDA guidance of around $64
million.
IMPORTANT NOTICE & DISCLAIMER
—
This presentation has been prepared by PGG Wrightson Limited (‘PGW’) with due care and attention for the
purpose of general information.
The 2026 Half Year Results are for the six months to 31 December 2025.
Forward looking statements regarding the potential future performance of PGW have been expressed by
management using information currently available. These are based on current expectations, estimates and
assumptions and do not guarantee or predict future performance.
Actual results may differ from those predicted as there are a number of uncertainties and risks beyond PGW’s
control that may affect the results.
Figures are in New Zealand dollars, unless otherwise stated. Values on the graphs are rounded. Total may not
add due to rounding.
Please read this presentation in conjunction with 2026 Half Year Results Announcement and Report.
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer PGG Wrightson Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$619,406 +8.6%
Total Revenue $619,547 +8.6%
Net profit/(loss) from
continuing operations
$17,253 +8.0%
Total net profit/(loss) $17,253 +8.0%
Interim Dividend
Amount per Quoted Equity
Security
$0.04500000
Imputed amount per Quoted
Equity Security
$0.01750000
Record Date 26 March 2026
Dividend Payment Date 8 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.74 $1.85
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the accompanying commentary and unaudited
interim consolidated financial statements.
Total Revenue includes Operating Revenue and Other Income.
Authority for this announcement
Name of person
authorised
to make this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 553 3373
Contact email address jdaly@pggwrighston.co.nz
Date of release through MAP
24/02/2026
Unaudited financial statements accompany this announcement.
---
Distribution Notice
Section 1: Issuer information
Name of issuer PGG Wrightson Limited
Financial product name/description Ordinary Shares
NZX ticker code PGW
ISIN (If unknown, check on NZX
website)
NZREIE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 26/03/2026
Ex-Date (one business day before the
Record Date)
25/03/2026
Payment date (and allotment date for
DRP)
08/04/2026
Total monies associated with the
distribution
1
$3,396,783.73500000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution2
$0.06250000
Gross taxable amount
3
$0.06250000
Total cash distribution
4
$0.04500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00794118
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputed
Fully imputed
Partial imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.
No imputation
If fully or partially imputed, please
state imputation rate as % applied
6
28%
Imputation tax credits per financial
product
$0.01750000
Resident Withholding Tax per
financial product
$0.00312500
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person
authorised to make
this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 5533373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP
24/02/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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