Annual & Sustainability Reports for Year to 30 June 2025

For the year ended 30 June 2025
|
Mō te tau i mutu i te 30 Hune 2025
Pūrongo ā-tau
Annual Report

ANNUAL REPORT 2025
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1
Cover: Peter McCusker, PGW Wool Representative (R), discusses PGW and
Norsewear’s exciting new partnership to build a new value chain for wool
growers with Tim Deane, owner of Norsewear (C), and Andrew Jamison (L),
Manager of Meikleburn Station, near Fairlie, South Canterbury.
Annual Shareholders’ Meeting 14 October 2025
Half-year earnings announcement 24 February 2026
Year-end earnings announcement
11 August 2026
Calendar
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Maramataka
Sustainability
|
Toitūtanga
As part of our commitment to sustainability, this Annual Report
is printed using soy-based inks, no chemicals have been used in
the process of platemaking and the Annual Report is printed on
environmentally responsible paper, produced using Elemental
Chlorine Free (ECF), third party certified pulp from responsible
sources, and manufactured under the strict ISO14001
Environmental Management System.
Contents | Ngā Kaupapa
OUR YEAR
2025 Financial Year Performance Results 3
Financial Performance 4
Chair and Chief Executive Officer’s Report 11
OUR COMPANY
Board of Directors 20
Ex
ecutive Team
22
The Year in Review 25
PGW Gr
oup Strategy
36
T
hree Decades of Dedication:
Celebrating the Rollesby Valley Lamb Sale 45
Strength in Relationships:
Working Together for Greater Success
48
R
esearch Powered by Collaboration:
New data reveals a new tool to
manage drench resistance
53
KEY FINANCIAL DISCLOSURES
Key Financial Disclosures

55
Dir
ectors’ Responsibility Statement
56
A
dditional Financial Disclosures including
Notes to the Financial Statements
65
I
ndependent Auditor’s Report
101
G
OVERNANCE
Corporate Governance and Board Charter
105
S
tatutory Disclosures
117
R
emuneration Report
119
G
eneral Disclosures
124
Shareholder Information
125
Glossar
y 127
Corporate Directory
128
"We are pleased to report
improved results on the prior year,
as the agri-sector continued to
recover. Operating Revenue was
up $59.4 million and Operating
EBITDA up $12.0 million on the
prior year.
We have seen a shift in key markets
and have been able to respond
positively to that turnaround."
Garry Moore, PGW Chair

2
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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3
Operating
Revenue of
Net profit after
tax (‘NPAT’) of
Fully imputed
dividends for the year of
Operating
EBITDA of
2025 FINANCIAL YEAR
Performance Results
Ngā Otinga Whakatutukitanga
$56.1m
$975.3m
$10.7m
6.5¢/share
*

$7.6 m or 248%
from the comparative period

$12.0 m or 27%
from the comparative period

$59.4 m or 6%
from the comparative period
Kiwifruit bins at Glenview Orchard,
Ōhaupō, near Hamilton, Waikato.
* PGW paid a 2.5 cps interim dividend and declared a 4 cps final dividend.
Helping grow
the country

Operating EBITDA: Earnings before net interest and foreign exchange items, income tax, depreciation, amortisation, the results
from discontinued operations, 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).
Other: Other (non-operating segment) relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk
and Assurance, and other support services (including corporate property services and marketing).
Operating Cash Flow
FY21 FY22 FY23 FY24 FY25
80
60
40
20
0
-20
-40
54
4
41
-17
60
-35
65
43
-7
-31
$ 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.
58
24
26
58
12
1st Half 2nd Half Full Year
4
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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5
Financial Performance | Whakaaturanga Pūtea
FY21 FY22 FY23 FY24 FY25
30
25
20
15
10
5
0
23
24
18
3
Profit or Loss
$ million
70
60
50
40
30
20
10
0
-10
FY21 FY22 FY23 FY24 FY25
$ million
FY21 FY22 FY23 FY24 FY25
54
41
1000
800
600
400
200
0
Retail & Water
Agency
38
52
25
22
-7-7
16
12
-9-9
349
401
390
355
405
$ million
First Half Second Half
499
552
586
561
570
Other
Full Year Operating EBITDA
848
953
976
916
975
Operating EBITDA
Operating Revenue
42
11
23
-9
Net Profit After Tax
56
67
61
44
56

6
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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7
Share Price
PGW share price from 13 August 2019 (post share consolidation) to 30 June 2025.
6
5
4
3
2
1
0
$
Total Shareholder Return
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 30 JUN 25
300
250
200
150
100
50
0
PGW TSR vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 30 June 2025.
PGW TSR (Inc Dividends) NZX50G
PGW TSR +33.9%
NZX50G +16.1%
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 30 JUN 25
Total Shareholder Return
Financial Performance | Whakaaturanga Pūtea

8
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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9
Financial Performance | Whakaaturanga Pūtea
Net Interest-Bearing Debt (NIBD) Development
June 2024 – June 2025
Net Interest-Bearing Debt (NIBD) Development
June 2023 – June 2024
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
$ million
June 2023
NIBD
Operating
EBITDA
I
nterest &
FX Items
Tax
Payments
Working
Capital
Movements
(excl.
GO-STOCK)
GO
-STOCK
Movements
Asset
Purchases
A
sset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other June 2024
NIBD
65.3
- 44.2
11.2
22.9
2.1
21.2
- 6.6
7.8
-21.5
- 0.1
59.21.2
Increase Decrease Total
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
$ million
June 2024
NIBD
Operating
EBITDA
I
nterest &
FX Items
Tax
Payments
Working
Capital
Movements
(excl.
GO-STOCK)
GO
-STOCK
Movements
Asset
Purchases
A
sset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other June 2025
NIBD
59.2
- 56.1
10.4
17.4
-
22.6
2.9
1. 9
28.9
-2.8
85.6
1.2
Increase Decrease Total

10
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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Garry Moore
Chair
Stephen Guerin
Chief Executive Officer
PGG Wrightson Limited (‘PGW’, ‘the Group’, or ‘the Company’) delivered
Operating Earnings before Interest, Tax, Depreciation, and Amortisation
(Operating EBITDA) for the year ended 30 June 2025 of $56.1 million, up
$12.0 million or 27% on the prior year’s result. Net profit after tax (NPAT)
was $10.7 million, up $7.6 million or 248%.
Retail & Water Group & Agency Group trading performance | Te Mahi Tauhokohoko
PGW’s businesses reported improved results on the prior year, with FY24 appearing to have marked the
bottom of the agri cycle.
Our Retail & Water group revenue was up $39.4 million on the prior year, while performance at
an Operating EBITDA level saw an increase of $1.1 million year-on-year. Although the operating
environment over the year was more challenging in the retail space, we are encouraged with the
revenue growth in this context and pleased to see the business continue to consolidate and grow
market share.
Our Agency group delivered a strong turnaround led by our Livestock and Real Estate businesses.
Constrained supply for livestock and increased demand drove elevated red meat and dairy commodity
prices, supporting farmgate returns. This had an influence on the profitability of farming operations
and is reflected in a positive sentiment shift. Rural real estate activity increased significantly as a
consequence of improved confidence in the dairy and red meat sectors, supported by the easing of
interest rates. This has seen a lift in real estate enquiries in dairy, beef, sheep, and select horticultural
properties, with new listings coming to the market.
Financial Performance | Whakaaturanga Pūtea
2025 $m2024 $m2023 $m2022 $m2021 $m
Revenue975.3915.9975.7952.7847.8
Gross Profit255.0235.7252.8248.5223.2
Operating EBITDA56.144.261.267.256.0
Net Profit After Tax10.73.117.524.322.7
Net Cash Flow from Operating Activities12.457.725.523.757.7
Chair and Chief Executive
Officer’s Report
Te Pūrongo a te Heamana me te Tumuaki
Reporting on
an improved
performance

Chair and Chief Executive Officer's Report | continued
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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Business Improvement Programme | Hōtaka Whakapiki Pakihi
PGW successfully implemented its Business Improvement Programme with ‘go-live’ of its Microsoft D365 enterprise
reporting platform in April 2025. This milestone marks a significant step forward in modernising our systems and
strengthening our operational capabilities. With the implementation now complete, our focus has shifted to unlocking the
full value of this investment. Key outcomes include improvements that will drive operational efficiencies, enhance data
utilisation, and generate deeper insights to support decision-making.
Market conditions |
Ngā Āhuatanga o te Mākete
The Ministry for Primary Industries reported that New Zealand’s primary sector delivered a record-breaking performance
in the year to June 2025, with export revenue reaching $59.9 billion, up 12% from the previous year. Dairy led the growth,
driven by strong global demand and premium pricing. Meat exports rose, with beef and lamb prices supported by tight
global supply and robust demand. Strong wool prices improved on the back of reduced volumes produced, and export
volumes declined in line with the reducing sheep flock. Horticulture, and kiwifruit in particular, experienced strong earnings
with Zespri delivering its largest export crop, selling 220.9 million trays and topping $5 billion in sales. The arable sector
faced headwinds, including increased input costs and margin pressure.
The July Federated Farmers’ Confidence Survey has confirmed the strong lift in farmer sentiment, at the highest levels in
eight years. This is driven by easing interest rates, more stability in input costs, improved commodity prices, and government
policies viewed as more supportive by the agricultural sector. Farm profitability has rebounded and strengthened
investment spending and production expectations.
Our people |
Ā Mātau Tāngata
At 30 June 2025, PGW had 1,554 permanent and temporary employees. PGW also engaged 164 casual employees, 161
commission agents, and 3 specialist consultants, bringing the total headcount to 1,882.
Highlights of our Learning and Development offering included a relaunch of our groupwide PGW Induction Workshop, with
a renewed emphasis on leveraging PGW’s collective strength. We have increased our focus on attracting young people into
the industry by working with high schools, offering both PGW learning modules and participating in nationally recognised
learning programmes.
Our ambitious People and Safety strategy is designed to deliver meaningful value to both the business and to our team
members. We are also seeing the benefits of our strong employment brand, reflected in exceptionally high volumes of
applications for roles.
Health, safety, and wellbeing |
Te Hauora, te haumarutanga, me te toiora
We continue our focus and journey in enhancing Health, Safety and Wellbeing across PGW. We made strong progress in our
Critical Risk programme with a range of enhanced systems and frameworks implemented during the year.
While we are proud of the various Health, Safety and Wellbeing initiatives achieved, the real measure of success is seeing a
reduction in lost time injuries and serious harm events. Although there are multiple indicators of our maturing safety culture,
this is an area of continuing focus as we strive to improve upon safety outcomes and results.
Sustainability |
Toitūtanga
PGW is an enabler of sustainable transformation for our customers in New Zealand's agricultural and horticultural industries.
Our customers are increasingly requiring PGW to demonstrate sustainability performance as part of their assurance
requirements. PGW is regularly requested to evidence sustainability credentials through customer procurement processes.
Alongside the Annual Report, PGW released its Sustainability Report and Climate Statement 2025. This serves as our second
year of reporting under the New Zealand Climate Standards and demonstrates our maturing treatment of climate-related
risks and opportunities. PGW is pleased to report a 22% reduction in greenhouse gas emissions for FY25 against the FY21
baseline. This was primarily driven by a reduction in vehicle fuel consumption, with less kilometres travelled and more
hybrid vehicles entering our fleet.
The second reporting period also sees the launch of PGW’s comprehensive Climate Transition Plan. The Plan articulates our
systematic approach to climate risk management within changing macroeconomic conditions, land use transformation
impacts, and alignment with New Zealand's decarbonisation trajectory. The Climate Transition Plan establishes measurable
objectives and priorities that will govern our organisational transformation and drive sustainable practices throughout our
value chain. The Plan positions PGW to deliver stakeholder value, while contributing to New Zealand's climate objectives
and resilience for rural New Zealand.
Cashflow and debt |
Te Kapewhiti me te Nama
PGW recorded cash flows from operating activities of $12.4 million for FY25 and included significant growth (cash outflow)
in GO-STOCK receivables, which increased by $28.9 million over the 12 months to 30 June 2025, to be $81.4 million. This
growth compares to a cash inflow for GO-STOCK receivables in FY24 of $21.5 million.
Working capital balances increased by $1.4 million from the prior comparative period.
PGW amended and extended its syndicated bank facilities during the year.
Distributions |
Ngā Utu Whaipānga
The Board has declared a fully imputed final dividend of 4 cents per share. The dividend will be paid on 3 October 2025 to
shareholders on PGW’s share register as at 5pm on 11 September 2025. This will bring the total fully imputed dividends for
the year to 6.5 cents per share.
Max Rewards loyalty programme |
Whiwhinga Mōrahi pono hōtaka
The Max Rewards loyalty programme is delivering positive outcomes, contributing meaningfully to customer engagement
and retention. Insights derived from the loyalty platform have proven to be a valuable source of data, supporting more
informed decision-making across loyalty, customer relationship management, and the PGW Group more broadly.
With increasing customer awareness, our team continues to focus on collaboration with internal stakeholders to create new
initiatives to increase participation in the programme. As awareness and membership in Max Rewards continues to grow,
more customers will be able to access the benefits and further strengthen PGW customer loyalty.

Neil Carter, PGW Livestock Representative, discusses
the breeding values of the well-presented yearling
bulls for use over yearling heifers, with Megan Talbot,
dairy farm owner, and her daughter Brooke Talbot,
manager, at the 2024 Bluestone Herefords Yearling
Bull Sale, near Cave, South Canterbury.
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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Wool
24 years sponsoring the
PGG Wrightson / Vetmed
National Shearing Circuit.
NZ's Virtual Saleyard
Over 1,000 auctions streamed
during the year.
Livestreamed sales from 14
saleyards around the country.
Sustainability
22% reduction in
operational GHG
emissions, compared
to the FY21 baseline.
Second year of summer
R&D internship programme
5 interns working on projects, including
fruit size prediction, on-farm sensor and
remote data capture, summer forage
crop, efficacy of adjuvants in thrip
control, evaluation of novel nitrogen
supply product.
Crowd/Staff sourcing
Second year of our Crowd/
Staff sourced R&D ideas.
13 trials delivered tangible
value back to our front-line
teams.
Retail & Water
Technical Team
Approximately 80 trials conducted:
• 80% horticultural
• 20% agricultural
• c.20% of trial treatments
were biological
Delivering Technical Expertise to Benefit our Clients
Te whakarato pūkenga mātanga mō te painga o ā mātou kiritaki
BUY & SELL
PGW Real Estate
Sales Volumes (Unit Sales)
improved by:
▲ 32% across all markets
▲ 81% in dairy sales
▲ 47% across all other
rural cat
egories

People & Safety
PGW offers over 4,000 online
courses via our Learning
Management System.
PGW provided over 12,200
hours and of training to
employees, c.7 hours per
employee.

Chair and Chief Executive Officer's Report | continued
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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PGW celebrates 20 years | Ka whakanuia te 20 tau e PGW
October 2025 marks 20 years since the iconic merger of Pyne Gould Guinness Limited and Wrightson Limited. These
companies can trace their formation back to 1851 and 1868 respectively and have a proud legacy of more than 170 years of
service to New Zealand’s rural communities.
Our company was created from the union of these two agricultural leaders. Over time, individuals and businesses built
lasting relationships with farmers and growers, sharing in both their successes and challenges. The values, character, and
integrity of our founders helped shape the rural services landscape and laid the foundations of the company PGW is today.
To pay tribute to our predecessors and their companies, we reflect on the many stories that built PGW. To celebrate our
20 years and pay tribute to our predecessors, we have created our heritage stories.
Please visit our website
Our History | PGG Wrightson.
Outlook |
Matapae
The agricultural sector has experienced a strong rebound, supported by encouraging economic indicators. Buoyant
export commodity prices and good demand, amid constrained supply, has boosted confidence in production decisions.
Easing inflation and interest rates, together with greater stability in input prices, have created a more positive operating
environment. These factors have contributed to renewed optimism and a noticeable lift in farmer confidence, which is
positive for the sector and our rural servicing operations.
Despite this momentum, forward-looking sentiment is not uniform across the sector with a more challenging operating
environment for arable farming, viticulture, and strong wool. Ongoing geopolitical tensions and uncertainty around
international trade terms, with increased tariffs and trade protectionism policies, are also a source of uncertainty. While dairy
and red meat markets remain resilient, caution continues to influence parts of the sector, reflecting a mixed but stabilised
outlook for New Zealand’s primary sector.
Strong commodity prices are expected to remain throughout FY26 across dairy, red meat, and horticulture crops,
particularly kiwifruit and apples. Overall, the outlook is positive for the sector while the trading environment remains less
robust in viticulture, the arable sector, and strong wool. The viticulture sector experienced muted activity, driven by an
excess supply of wine on the global market. Sheep headcount continued to decline due to land use change and increased
hectarage in forestry and carbon sequestration. Confidence in the rural real estate market is expected to persist through
FY26, with quality listings continuing to attract interest and farm sales.
Indications are that customers are leveraging the elevated farmgate returns to reduce debt, while those who deferred
investment decisions during the previous challenging period are now re-engaging and investing to support their
production decisions.
While it is a mixed picture across the New Zealand economy with some industries facing difficult trading conditions, the
agricultural sector is a bright spot and is leading the recovery again with strong export prices and payouts that are boosting
rural areas. The sector’s strong fundamentals, quality production, and market positioning provide a solid foundation for
continued growth and investment.
Supported by our strengths in technical expertise, innovation, and enduring customer relationships, PGW is well positioned
to support our customers grow their businesses and capitalise on the forecast growth in export revenue.
Garry Moore
Chair
Governance changes | Ngā Panonitanga Mana Whakahaere
On 1 July 2025, Wilson Liu joined the PGW Board as an Independent Director. Meng Foon announced that he will not seek
re-election at the Annual Shareholders’ Meeting in October and will retire from the PGW Board, having served as a Director
since 1 July 2022.
Acknowledgements |
Ngā whakamihi
Our achievements this year are a direct result of the dedication, resilience, and talent of our exceptional team. Across the
country, our people have demonstrated commitment to our customers, communities, and each other.
We extend our sincere thanks to our customers for their loyalty and trust. Their continued support motivates us to deliver
outstanding service and solutions, whether in challenging market conditions or in times of growth.
Finally, we acknowledge our shareholders for their ongoing investment and confidence in PGW. We remain focused on
delivering sustainable growth and long-term value, and we appreciate their continued support.

Stephen Guerin
Chief Executive Officer

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Marcus Fitzsimmons, Fruitfed Supplies
Extension Advisor, and Kirsty Lowther,
Fruitfed Supplies Technical Advisor, discuss
the crop load and harvest timings for the
Golden Queen peach crop at a trial block near
Havelock North, Hawke’s Bay.

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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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Board of Directors | Te Poari Tumuaki
Garry Moore
B.Com, M.B.A, C.A.
Chair and Independent Director
Garry Moore was appointed Chair of the PGG
Wrightson Limited Board on 16 February
2024 and has been an Independent Director
since 1 July 2022. He is a member of the Audit
Committee.
Garry was raised on farms in rural Mid-
Canterbury before attending Canterbury
University, graduating with a B.Com in
Accounting and Economics, and an MBA. He
brings a wealth of finance knowledge with
40 years of extensive investment advisory
experience together with trustee and
corporate governance experience in rural
services, viticulture, pastoral farming, and
education.
Garry is a Charter Member of the New
Zealand Institute of Directors. He is a
former member of the national Forsyth Barr
Investment Committee. Garry is Chair of
DairyCool Limited and South Canterbury
based farm owner Burnett Valley Trust. He is a
past Chair of St Andrew’s College, Greystone
Wines, and the Canterbury Branch of the New
Zealand Institute of Chartered Accountants.
Sarah Brown
BA, LLB, CFInstD
Deputy Chair and Independent Director
Sarah Brown was appointed Deputy Chair of
the PGG Wrightson Limited Board on 4 July
2023, is Chair of the Audit Committee, and has
been an Independent Director since 30 April
2019. Sarah is from a rural background, having
grown up on a Southland sheep farm.
Sarah is a former commercial lawyer who
is now a professional director and has had
extensive governance experience as a
director, chair, and committee chair. She has a
Bachelor of Laws and a Bachelor of Arts.
Sarah is a Chartered Fellow of the Institute
of Directors. She was previously on the
Southern Institute of Technology Council for
11 years, six of them as Chair. She has also
served on the Boards of Electricity Invercargill,
PowerNet, SBS Bank Limited, and Southsure
Assurance Limited. Sarah is currently on the
Board of Blue Sky Meats Limited. She brings a
wealth of cross sector experience at multiple
organisational levels.
Meng Foon
Independent Director
Meng Foon was appointed to the PGG
Wrightson Limited Board on 1 July 2022 as
an Independent Director. He has extensive
business experience in horticulture,
agriculture, private wealth creation, and
property development.
Meng is currently Chair of M Y Trust, a
shareholder and Director of M Y Gold
Investments Limited, and a Trustee of the New
Zealand Philanthropic Foundation. He served
as the Mayor of Gisborne from 2001 to 2019
and has held governance roles for several
New Zealand entities.
Meng is knowledgeable about best practice
organisational structures and operating
systems, and he is experienced in mediation
and facilitation. He believes that data,
science, and technology will help ensure
future sustainability in environment and land
business profitability.
Meng has worked with Māori landowners
and believes that Māori land businesses are
important contributors to the leadership
of Aotearoa. He aha te mea nui o te ao – he
Tangata, inclusive people and relationships
are the success of all things he does.
U Kean Seng
LLB (Hons), B.Ec
Director
U Kean Seng was appointed to the PGG
Wrightson Limited Board on 4 December
2012. U Kean Seng previously practiced as
a partner at Singaporean law firm, Shooklin
& Bok LLP, focused on East Asia, and he led
a corporate finance team in Allen & Overy
Shooklin & Bok, JLV, an international law
venture partnership with London based Allen
& Overy LLP.
U Kean Seng previously sat as an Independent
and non-executive director of several public
listed corporations. He received a Bachelor
of Laws (Honours) degree from Monash
University Australia. He is a Barrister and
Solicitor, Supreme Court of Victoria, Australia,
Advocate and Solicitor, Supreme Court of
Singapore and Solicitor of England and Wales.
In addition to his extensive legal knowledge,
U Kean Seng is also a qualified economist,
having completed his degree majoring in
Economics and Accounting, B.Ec at Monash
University, Australia.
Wilson Liu
B.Com, CA, CPA
Independent Director
Wilson Liu was appointed to the PGG
Wrightson Limited Board on 1 July 2025 as an
Independent Director.
Mr Liu has over 30 years of professional
experience in providing audit and business
advisory services. Mr Liu started his career
with PwC in Hong Kong and Melbourne. He
retired from PwC in July 2020 with 23 years’
experience as audit partner.
He has extensive governance experience
as a member of the Governance Board of
PwC Greater China and Singapore; he was
President of CPA Australia North China and is
currently a Council Member.
Mr Liu is an independent non-executive
Director of Foran Energy Group Co., Limited
(SZSE), Valuetronics Holdings Limited (SGX),
Cloudbreak Pharma Inc. (SEHK), and Guotai
Junan International Holdings Limited (SEHK).
Mr Liu received a Bachelor of Commerce
degree from the University of Western
Australia and is a member of the Chartered
Accountants Australia and New Zealand. He
is also a fellow member of CPA Australia and
the Hong Kong Institute of Certified Public
Accountants. As a resident of Hong Kong, he
currently splits his time between Hong Kong
and Melbourne.
Dr Charlotte Severne
MSc, PhD (Geology), ONZM
Independent Director
Dr Charlotte Severne (Tūwharetoa, Tūhoe)
was appointed to the PGG Wrightson Limited
Board on 18 June 2021 as an Independent
Director. She is also Chair of PGG Wrightson's
Health, Safety and Environment Committee.
Charlotte was a commercial scientist and
executive for 20 years. She was also Deputy
Vice Chancellor at both Lincoln and Massey
Universities.
In 2017 she received an ONZM for her
contribution to Science and Māori. In 2018 she
was appointed the Māori Trustee, with various
governance and agency roles for whenua
Māori across New Zealand.

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Executive Team | Ngā Kaihautū
Stephen Guerin
Chief Executive Officer
Stephen was appointed Chief
Executive Officer (CEO) of PGG
Wrightson Limited in June
2019. Stephen is a director of
several Group subsidiaries and
a Director of the PGG Wrightson
Employee Benefits Plan Trustee
Limited. He holds a Bachelor of
Business Studies (Accounting)
from Massey University and
is a member of the Institute
of Directors and Chartered
Accountants Australia & New
Zealand. Stephen is also a
Director of Safer Farms and a
director on a community charity
board.
Prior to this appointment as CEO,
Stephen was responsible for all
aspects of the Retail & Water
group business which includes
the Rural Supplies, Fruitfed
Supplies, Agritrade, and Water
businesses. He has worked for
PGG Wrightson Limited and its
predecessor companies since
1988.
Nick Berry
General Manager Retail & Water
Nick was appointed General
Manager Retail & Water in August
2019. Nick joined PGG Wrightson
Limited as New Business Growth
Manager for Agritrade in 2014
and through his five-year period
with Agritrade, he grew the
business substantially.
Before joining PGG Wrightson
Limited, Nick was General
Manager at RD1 for eight
years and prior to that he was
National Operations Manager.
Nick has an extensive track
record of experience at general
management level. Nick’s
strengths include leadership,
business management, and a
strong sales and service focus,
backed by a strong affinity for the
retail and agribusiness sectors.

Julian Daly
General Manager Corporate Affairs
Julian is responsible for the
Group Strategy, Marketing, Legal,
Corporate Communications,
Business Services, and Investor
Relations functions for PGG
Wrightson Limited. He is
also Company Secretary and
previously held a number of
responsibilities including, General
Manager of PGG Wrightson
Real Estate Limited and
Internal Audit. Julian has broad
operational involvement across
the business and is Chair of the
Credit Committee and Risk and
Compliance Committee, director
of several Group subsidiaries and
a Director of the PGG Wrightson
Employee Benefits Plan Trustee
Limited.
He is a former General Counsel
of DB Breweries Limited and
has previously worked for law
firms in the Middle East and
New Zealand. Outside of his PGG
Wrightson Limited role, Julian
also has a number of governance
and voluntary positions,
including as a Director of Trade
Aid New Zealand, recently retired
as Chair of Selwyn House School
and as a Citizens Advice Bureau
community lawyer.
Sarah Mears
General Manager People & Safety
Sarah joined PGG Wrightson
Limited in 2011 and was
appointed the role of General
Manager People and Safety in
August 2024. Sarah is responsible
for the design and delivery of our
Group People & Safety strategy,
through Leadership of our Health,
Safety & Wellbeing, Human
Resources Business Partnering
and HR Shared Services teams.
She has provided direct HR
Business Partnering services and
Leadership across all Business
Units before moving into her
current role.
Sarah is a former Area Human
Resources Manager for
Intercontinental Hotel Group
where she spent 15 years in
generalist HR and Learning
Development roles which saw
her work and travel across New
Zealand, Australia and Southeast
Asia.
Peter Newbold
General Manager Livestock
& Real Estate
Peter is General Manager
Livestock & Real Estate. Peter
has led the PGG Wrightson
Limited Real Estate business since
September 2013 and he took
responsibility for PGG Wrightson
Limited Livestock in October
2020. Peter was previously
General Manager of New Zealand
Sotheby’s International Realty.
Peter was employed by
Wrightson Limited from 1995-
2005 during which time he
held a range of roles including
Marketing Manager and Business
Development Manager. Prior to
this, he had an extensive career
in retail ownership management
and franchising.
Peter Scott
Chief Financial Officer
Peter was appointed as PGG
Wrightson Limited’s Chief
Financial Officer in March 2015
and leads the finance and
technology functions. Peter
started his career at Fletcher
Challenge and has broad
multinational experience, having
spent five years in Scandinavia
where he was the Vice President
of Accounting and Tax for Norske
Skog, a large global newsprint
and magazine paper producer.
He relocated to Australia in 2005
and was appointed to the lead
finance role for the Australasian
region for Norske Skog. In 2008
Peter joined Gloucester Coal
Limited, an Australian Securities
Exchange listed mining company
as the Chief Financial Officer.
In 2010 he joined the majority
shareholder Noble Group, a
leader in managing the supply
chain of agriculture, energy,
metals and mining resources,
headquartered in Hong Kong and
listed in Singapore. He was the
Chief Financial Officer for Noble
Group in Australia.
Rachel Shearer
General Manager Wool
Rachel joined PGG Wrightson
Limited in 2016 as the General
Manager People & Safety. She
was appointed the General
Manager Wool in August 2024
to provide leadership in all
aspects of Wool procurement,
logistics, sales, and wool export.
Rachel stepped into this role as
a trusted Executive leader, as she
is a strategic thinker who has
strengths in both operational
and people leadership. She is
passionate about the primary
sector and driving growth and
innovation across PGG Wrightson
Limited’s wool business.
A member of the Institute
of Directors, Rachel is PGG
Wrightson Limited’s Executive
Director of bidr®, New Zealand's
leading online platform for
livestock trading, as well as
a director of other Group
subsidiaries. Prior to joining PGG
Wrightson Limited, Rachel was
the General Manager Human
Resources at Solid Energy New
Zealand Limited, after time spent
locally and internationally as
a human resource consultant
specialising in organisational
design, workforce planning and
business transformation.

Nick Kole, Fruitfed Supplies Area Sales Manager, explores
the newly established Te Whenua Tupu, the Living Lab at the
Marlborough Research Centre with John Patterson, Marlborough
Research Centre CEO, in Blenheim, Marlborough.
The year in review
Te arotake i te tau
PGW has two operating groups: Retail & Water and Agency
E rua ngā rōpū whakahaere o PGW: Hokohoko me te Wai me te Umanga
ANNUAL REPORT 2025
|
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|
PGG WRIGHTSON LIMITED

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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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27
Michael Wardle, PGW Service
Technician - Water, wires up the
pivot corner arm which is GPS guided
using Valley® Irrigation’s latest Gen
2 guidance, with Andrew Stewart,
owner of Cresslands Farms, near
Waikuku, North Canterbury.
The Retail & Water business incorporates Rural Supplies,
Fruitfed Supplies, Water, and Agritrade. Retail &
Water recorded Operating EBITDA of $42.2 million, an
improvement of $1.1 million from the prior year’s result.
Revenue of $773.0 million, was up $39.4 million.
Our Retail & Water business experienced good revenue growth on the prior
year, retaining and consolidating market share. Retail & Water’s five-year plan
was refreshed with a focus on a range of growth initiatives.
A key example of such initiatives was PGW’s acquisition of Nexan Group which
completed in July 2025. Nexan Group develops, manufactures, and markets
a range of animal health brands, including Vetmed (see page 40). Another
recently launched growth orientated initiative is our ‘BlueAG’ agricultural
chemical private label strategy. Our BlueAG brand forms another important
plank in our strategy to expand our product offerings (see page 41).
The Nexan Group acquisition and BlueAG product range launch are good
examples of strategic growth initiatives being implemented, which align with
PGW Group’s strategy of bringing expertise and innovation to market that
benefits New Zealand farmers and growers. We have identified the animal
health category as an important growth opportunity. Customers have also
encouraged PGW to bring reliable generic animal health options to market,
and PGW is responding to these demands.
This was the second year of the PGW intern trials programme, led by our
dedicated Technical Team. There have been promising results, and we continue
to invest in this work to provide knowledge to our team and our customers
(see pages 52-54).
Our Retail & Water marketing efforts focused on showcasing our technical
and industry knowledge as our key point of difference. Highlights included
the launch of our Blue Shed Diary podcast, a new partnership with The Rural
Roundup, and engaging digital coverage via the Retail & Water Facebook
and Instagram pages. We have seen growth across our channels, driven by
engaging content and the use of AI tools to enhance performance. Events like
South Island Field Days, where we took out Best Overall Site, also demonstrates
the positive community connection work going on in the business.
Retail & Water Group
Rōpū Hokohoko me te Wai
Revenue
$
773.0m
▲ $39.4m
Operating
EBITDA
$
42.2m
▲ $1.1m
Rural SuppliesFruitfed SuppliesWater & Irrigation
Agritrade

The year in review | Retail & Water group continued
Aimee Dyke, PGW Technical Field
Representative, discusses the
benefits of implementing Zolvix Plus
to an animal health plan with Curtis
Pannett, owner of Hills Springs,
near Roxburgh, Central Otago.
28
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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29
We continually review our store network and seek
opportunities for improvement to provide operational
efficiencies and better customer experience. During
the year, the Waimate Rural Supplies store and office
area underwent a full refurbishment. In July 2025, our
Invercargill Rural Supplies store, Regional office, and Real
Estate office relocated to a new development adjacent
to the existing PGW Wool store. The following month,
the Ohakune Fruitfed Supplies store moved to a new
purpose-built site.
Rural Supplies |
Ngā Whakaratonga Taiwhenua
Our Rural Supplies business performed solidly, as
sentiment in the farming sector improved over the
course of the year, with the strengthening in export
commodity prices. It has been pleasing to see dairy,
sheep, and beef farmers all benefitting from increased
returns, which helped many farming operations return to
profitability. While sales revenue improved on the prior
year, farmers took a generally conservative approach
with many using good returns to reduce debt.
Fertiliser and stockfood were in demand, as farmers
focused on increasing production to maximise the
higher commodity returns. The animal health category
continues to grow. There was additional spend on
capital items, such as fencing, in the latter half of the
year. However, the arable sector was more challenging
with reduced demand for seed crops and prices coming
under pressure.
We anticipate farming returns will remain positive for
the near to medium term and present opportunities
for growth.
Fruitfed Supplies | Ngā Whakaratonga ā-Huawhenua
Fruitfed Supplies faced a challenging trading environment
in FY25, which saw total revenue slightly back on the prior
year. Despite the headwinds Fruitfed Supplies maintained a
strong market position, reflecting the value our customers
place on our technical knowledge, reliable service, and
comprehensive product range.
Encouragingly, we have seen renewed optimism in both
the kiwifruit and apple sectors. Orchard investment, new
plantings, and a focus on varietal development signal
ongoing confidence in the future of these crops. Buoyant
export demand, improved post-harvest performance, and
stable pricing has contributed to a more positive outlook
for these growers. Fruitfed Supplies is well-positioned
to support growth in these sectors through tailored
programmes, technical expertise, and a commitment to
helping growers maximise returns.
The broader horticultural environment also presented
challenges this year, particularly in the viticulture and
vegetable sectors. Viticulture supplies were subdued, due
to a global oversupply of wine. Growers were impacted
by a combination of global market pressures, rising input
costs, and variable growing conditions across some
regions. These pressures have impacted grower confidence
and investment decisions in some categories. Fruitfed
Supplies has worked closely with our customers to provide
support through technical advice, product solutions,
and supply chain continuity. Our Technical Horticultural
Representatives place particular emphasis on integrated
crop protection strategies, product stewardship, and
precision agriculture. These focus areas are increasingly
important as growers seek to manage cost pressures, while
maintaining high standards of quality.
Internally, we continued to invest in our people and
systems. Training and development initiatives have
upskilled our teams, ensuring we remain at the forefront of
industry knowledge and service delivery. Our supply chain
was resilient, ensuring product availability despite ongoing
global logistics challenges.
Water & Irrigation |
Te Wai me te Whakamākūkū
Unseasonably high rainfall in early FY25 delayed irrigation
maintenance, with some customers not irrigating at all
during January, normally a busy month in the irrigation
season. Continued wet conditions into autumn further
impacted servicing, resulting in fewer completed projects
and service jobs. Arable customers experienced global
and domestic pressures and limited their spend levels in
response to these market conditions. There was limited
development work for our Sales & Project team in the first
half of the financial year, with vigorous competition creating
pricing pressure. However, the team has seen a momentum
shift in the second half in response to a buoyant dairy
sector, which has lifted investment confidence.
Client referrals continue to grow, reflecting our service
team’s expanding technical expertise. PGW Water remains
committed to capability development, with ongoing
investment in specialised training. Several technicians have
completed the Electrical Service Technician certification,
enabling more electrical work capability and enhancing our
in-field service offering.
Agritrade |
Tauhokohoko Ahuwhenua
Agritrade, our wholesale business division, traded well at
a revenue level despite a difficult operating environment.
The business undertook a 'cost to serve' analysis designed
to identify opportunities for operational cost reductions,
uncover process efficiencies, evaluate our operating model,
and improve margins. Revenue was positive comparatively
to the prior year with contributions from our Maxcare
products and growth in the animal health business.
The year was marked by some strategic investments in
growth initiatives looking to the future. Agritrade launched
its Farma range, an exclusive animal health product line
developed by Nexan, to our veterinary customers. PGW’s
acquisition of the Nexan Group, a leading New Zealand
animal health manufacturer, was a key investment for PGW
and Agritrade’s supply chain (see page 40).
Chris Lambert, PGW Technical Specialist (vegetables), assesses the effects
of treatments in a trial focussed on managing soil-borne diseases of
squash on a farm near Gisborne, Tairāwhiti.

30
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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31
Rob Harvey, PGW Livestock Representative,
inspects the bulls ahead of the 2024
Mt Possession Annual Angus Bull Sale,
Ashburton Lakes, Canterbury.
Our Agency group incorporates the Livestock, Wool, and Real Estate
businesses. Operating EBITDA was $23.5 million which was up by
an impressive $11.1 million on the prior year’s result. Revenue was
$201.0 million, up $20.3 million.
Livestock | Ngā Kararehe
Our Livestock business recorded exceptional financial results on the back of elevated meat
pricing and increased volumes in beef and dairy cattle.
Strong demand for cattle, resulting from significant export demand and constrained supply
internationally, drove livestock prices to record levels. Pricing remained high throughout the
year due to processor demand, good feed reserves, and robust beef schedules. Farmers took
the opportunity to sell older cattle ahead of winter to maximise returns and preserve pasture
availability for young stock into spring.
Sheep pricing improved significantly year-on-year, particularly in the second half of the
financial year. Elevated schedules allowed farmers to take advantage of prices where declining
feed and dry conditions impacted production. The number of sheep transacted reduced
slightly, a result of lower numbers throughout the country from continued land use change.
A mild and early winter provided confidence for winter lambs, with many farmers taking
advantage of increased prices rather than finishing stock.
It was a slow start to the dairy selling season, as good pricing for dairy resulted in strong
demand and limited supply. Farmers preferred to hold on to livestock given conditions and
the strong milk payout outlook. Pricing was buoyed by forecast milk prices, and high-end
herd sales in the North Island generating exceptional values. There were also strong forward
contracts for dairy herd sales.
Agency Group
Rōpū umanga
Revenue
$
201.0m
▲ $20.3m
Operating
EBITDA
$
23.5m
▲ $11.1m
LivestockWoolReal Estate
Source: Fonterra
Farmgate Midpoint Milk Prices
11.00
10.50
10.00
9.50
9.00
8.50
8.00
7.50
7.00
$/kgMS
Jun 2024 Aug 2024 Oct 2024 Dec 2024 Feb 2025 Apr 2025 Jun 2025
Range band Midpoint ($) per kgMS

The year in review | Agency group continued
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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33
Stud stock sales rebounded as clients returned to the
market with an increased demand for sire bulls with
records set during the selling season. The 33-year sale
record for all bull breeds of $155,000 was broken at this
year’s East Coast Angus bull sales, when a bull sold for
$156,000. Remarkably, this record was broken the very
next day, with another bull fetching $161,000.
Our GO-STOCK sheep, beef, dairy, and deer products
experienced strong demand, remaining popular as an
innovative solution for farmers seeking to free up capital.
While earlier in the financial year there was reluctance
for farmers to commit; declining interest rates, improved
feed availability in the South Island, and higher stock
values and meat schedules resulted in a steady uplift in
GO-STOCK contracts.
The deer velvet market was strained at the beginning
of the year due to a temporary import ban in the China
market. The ban was lifted during the year and the
amount of velvet transacted was overall only slightly
down year-on-year, albeit at lower prices. This disruption
caused delays to shipments throughout the year, but
this was caught up from March onwards, with seven
containers shipped in the final days of the financial
year. We introduced Defer-a-Stag, an innovative tailored
deferred payment solution designed to support deer
farming customers manage cash flow, while continuing
to invest in livestock during seasonal peaks.
Safety at our saleyards remained a key priority, with
several sites undergoing significant upgrades to enhance
both safety and operational facilities. The integration of
the Frankton saleyard into the portfolio was completed
smoothly, with the site also benefiting from infrastructure
improvements.
A strategic priority for the Livestock business is the
strengthening and growth of our supply chain partnerships
with preferred meat processors. These relationships add
value to PGW and our customers by providing consistent
high-quality service, certainty, flexible contracts, and finance
options. Even though there has been a year-on-year reduction
in livestock sent to meat processors, it is pleasing that PGW
has experienced growth in volumes across most species to our
supply chain partners, indicating a growing market share.
SkyCount™, PGW’s drone Artificial Intelligence solution
for efficient and accurate in-field livestock count audits, is
receiving enquiries from customers. The benefits of SkyCount™
include precise stock counts with reduced operational farming
impacts, enhanced safety, and reduced stress for both animals
and staff.
bidr®, our online trading platform, is well established in the
livestock sector nationally and its database of buyers grew over
the year. This growth was driven by continued demand for
hybrid integration, online bidding, and livestreaming of cattle
sales at saleyards and on-farm auctions. bidr® hosted over 1,000
auctions, with regular weekly sales at 14 saleyards nationwide.
bidr® has firmly established itself as the New Zealand market
leading online auction platform for livestock.
Real Estate |
Hokohoko Whenua
Improved sentiment in the real estate market has continued,
contributing to pleasing performance for PGW Real Estate,
with revenue activity up by 55% on the same period last year.
The market has been buoyed by a gradual downward trend in
interest rates, stronger dairy payouts, robust red meat pricing,
and farm gate prices breathing confidence into the sector.
After a couple of years of low activity, the volume of property
listings and sales activity reached levels not seen for some time.
bidr® livestreaming at the 2024
Beltex New Zealand Ram sale
at Rangiatea Farm, Mt Somers,
Canterbury.
Jason Rutter, PGW Real Estate Salesperson, discusses the outstanding
finishing property the family has owned since 1966 with Chris and
Garth Shaw, owners of Wharetoa Farm, near Balclutha, South Otago.
Rural sales, particularly in the dairy and horticulture markets,
have markedly improved on the prior year. This has been
particularly notable in the Lower South Island (Otago and
Southland regions) and the Central North Island (Waikato and
Bay of Plenty regions). There were 14 rural sales greater than
$10 million in value during the period, including a property that
sold for greater than $40 million. Provincial towns saw increased
activity as buyers were attracted to a combination of choice,
value, and popular amenities. The lifestyle market has been
slower to respond to improving market conditions, nevertheless
still experienced a year-on-year improvement.
During the year, PGW Real Estate made a number of agent
appointments to strengthen the team in key territories and
to grow into new markets. The Real Estate business launched
an Internal Referral Scheme aimed at leveraging our extensive
connections and networks within PGW Group and provincial
communities.
Source: Beef + Lamb New Zealand Economic Service & Insights
All Grades Lamb – $/head
220
200
180
160
140
120
100
$/head
Jun 2022 Dec 2022 Jun 2023 Dec 2023 Jun 2024 Dec 2024 Jun 2025 Jun 2022 Dec 2022 Jun 2023 Dec 2023 Jun 2024 Dec 2024 Jun 2025
850
800
750
700
650
600
550
500
c/kg
Prime Steer & Heifer – 270-295kg-c/kg

The year in review | Agency group continued
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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35
Wool | Wūru
The wool season concluded with improved wool prices up on the previous
year, though there remains significant room for further improvement to create
a profitable future for wool growers. Strong wool prices improved on the back
of reduced volumes produced, and export volumes declining in line with the
reducing sheep flock. Mid-micron wool rose dramatically towards the back end of
the season, with prices reaching levels not seen for several years. The season was
mixed for fine wool, with ultra-fine wool in high demand.
It was a challenging year for wool production due to difficult growing conditions
and a notable decline in shearable sheep, leading to a reduction in bales
handled across our stores. Despite the reduced bale numbers, we maintained
market share. It is hoped that recent favourable growing conditions will result
in increased fleece weight and higher quality wool, leading to improved grower
returns. While the season closed out with the strong wool price indicator up on
the previous year, there remains significant room for value growth.
Peter McCusker, PGW Wool Representative (C), discusses
the high quality and ideal suitability of Meikleburn’s fine
half-bred wool for Norsewear’s product range, with Tim
Deane, owner of Norsewear (L), and Heidi and Andrew
Jamison (R) with their son, managers of Meikleburn
Station, near Fairlie, South Canterbury.
PGW partnered with iconic Kiwi brand Norsewear to strengthen the value of ethically
produced New Zealand wool and support domestic manufacturing. The partnership
connects PGW growers directly with trusted manufacturers, delivering price certainty
and value for growers through long-term contracts, by ensuring reliable demand
and supply of fully traceable New Zealand wool. Wool Integrity NZ™, PGW Wool’s
assurance brand, certifies that the wool meets world-leading standards in animal
welfare and sustainability. The goal is to build confidence in this value chain and
encourage more brands to follow.
Our wool exporting subsidiary, Bloch & Behrens Wool (NZ) Limited, achieved an
increase in wool export volumes to key markets, predominantly in Europe. This was
particularly pleasing given wool volumes exported from New Zealand declined in
the year.
New Zealand Wool Exports - Strong Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
2023 Jul
2023 Aug
2023 Sept
2023 Oct
2023 Nov
2023 Dec
2024 Jan
2024 Feb
2024 Mar
2024 Apr
2024 May
2024 Jun
2024 Jul
2024 Aug
2024 Sept
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
tonnes clean $ per tonnes clean
Source: Beef + Lamb New Zealand Economic Service & Insights
10,000
7,500
5,000
2,500
0
New Zealand Wool Exports - All Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
2023 Jul
2023 Aug
2023 Sept
2023 Oct
2023 Nov
2023 Dec
2024 Jan
2024 Feb
2024 Mar
2024 Apr
2024 May
2024 Jun
2024 Jul
2024 Aug
2024 Sept
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
tonnes clean $ per tonnes clean
10,000
7,500
5,000
2,500
0

Our refreshed purpose showcases the driving
force behind what we do, focusing on supporting
farmers and growers to confidently achieve their
goals through trusted partnerships, expert service,
and knowledgeable advice.
Our Vision | Tā Mātou
Tūruapō
EMPOWERED FARMERS AND
GROWERS FOR GENERATIONS
TO COME.
Kia ihumanea ngā kaipāmu me
ngā kaitipu mō ngā reanga e ara
mai ana.
Our PGW Group Strategy is built on our heritage and long-standing
commitment to deliver value for New Zealand’s rural sector. It focuses
on strengthening our trusted customer relationships, empowering our
people, and generating efficiencies through technology and innovation.
By leveraging the collective strength of our diverse businesses and
investing in innovation, we are positioning PGW for sustainable,
long-term quality growth.
Our vision communicates why we do what we do.
It is future focused, bringing farmers and growers,
and the experience from working with us into
the foreground of what we do every day. It also
encapsulates that we share in our customers’ success.
Our Purpose | Tā Mātou
Kaupapa
HELPING FARMERS AND
GROWERS SUCCEED WITH EXPERT
KNOWLEDGE AND CONFIDENCE.
He āwhina i ngā kaipāmu me ngā
kaitipu kia angitu mā ngā mōhiotanga
mātanga me te ngākau titikaha.
During the year, PGW launched its refreshed
purpose and vision, and reset its Group Strategy.
PGW Group
Strategy | Rautaki Rōpū a PGW
ANNUAL REPORT 2025
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3736
|
PGG WRIGHTSON LIMITED

PGW Group Strategy | Snapshot
BUSINESS UNITS
• Rural Supplies
• Fruitfed Supplies
• Water
• Agritrade
• Livestock
• Wool
• Real Estate
BUSINESS FUNCTIONS
•
R
egional
•
I
nformation Technology
•
People & Safety
•

M
arketing
•
Procurement & Property
•

F
inance
•
Corporate Affairs
• Māori Agribusiness
Our Purpose | Tā Mātou Kaupapa
HELPING FARMERS AND GROWERS SUCCEED WITH
EXPERT KNOWLEDGE AND CONFIDENCE.
He āwhina i ngā kaipāmu me ngā kaitipu kia angitu mā
ngā mōhiotanga mātanga me te ngākau titikaha.
Our Values | Tā Mātau Uara
Our Vision | Tā Mātou Tūruapō
EMPOWERED FARMERS AND GROWERS FOR
GENERATIONS TO COME.
Kia ihumanea ngā kaipāmu me ngā kaitipu mō ngā
reanga e ara mai ana.
Harness PGW’s
collective reach,
relationships,
and systems to
strategically grow
the business and
market share.
Identify and offer
innovative solutions
that utilise science
and systems,
supporting farmers
and growers to reach
their goals.
Draw on our heritage,
reach, technical
expertise, customer
relationships, and
scale as a source
of competitive
advantage.
Develop the technical
expertise of our
people, anticipate the
requirements of our
future workforce, and
keep our team safe
and well.
Leverage Our
Collective Reach
Customer Focused
Innovation
Differentiated
Offering
Invest in Our
People
SustainabilityPerformance
Measures
Embed environmental,
social and governance
practices across PGW
operations and value
chains for long-term
resilience and social
responsibility.
Monitor financial,
safety, and customer
experience KPIs,
analysing and
interpreting data to
improve business
outcomes.
Accountability
Te Papanga
Leadership
Te Hautūtanga
Integrity
Pono
Smarter
Kia koi ake
Teamwork
Te Mahi Tahi
Our Strategy on a Page layout captures in a high-level snapshot our purpose, vision, values,
Business Units, Functions, and our Group Strategic Priorities into an easily understood
cohesive framework. Our Strategic Priorities articulate the unified areas of focus for the
business, guiding our collective efforts to strengthen our position as a market leader.
The PGW Group Strategy outlines our Strategic Priorities at a high level, these cascade though the Business Units
and Business Functions in specific actions and initiatives. The Strategic Priorities have measurable objectives, and
we track our progress against specific deliverables and targets. Our Group Strategy remains dynamic and evolving in
response to changing market demands, ensuring we remain agile and future focused.
Our Group Strategic Priorities
ANNUAL REPORT 2025
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3938
|
PGG WRIGHTSON LIMITED

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|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2025
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41
The acquisition is a complementary strategic fit, aligning with our
PGW Group Strategy while supporting growth. PGW has partnered
with Nexan for over a decade, and its commitment to innovation
and rural communities aligns well with PGW’s vision and purpose.
The acquisition ensures these trusted New Zealand made products
remain backed by local expertise and tailored to meet the needs of
our rural communities. Nexan has a proven record in the research
and development (R&D) space as an innovator, and we see this core
capability adding to PGW’s strengths.
Through Agritrade, our wholesale division, PGW will continue to
exclusively distribute Nexan’s full product range, which is widely
available through veterinary practices and rural merchants across
New  Zealand, including PGW’s Retail network.
Nexan Group Acqusition
In July 2025, PGW acquired Nexan
Group, the manufacturer of animal
health products. This investment
reinforces PGW’s commitment to
supporting local manufacturing
and delivering high-quality
innovative solutions that help New
Zealand farmers thrive.
These initiatives further develop and leverage our existing strengths and amplify a number of our Group’s
Strategic Priorities; in particular our ambitions to capitalise on Customer Focused Innovation and our
Differentiated Offering. Customer Focused Innovation identifies innovative solutions that utilise science
and systems to support farmers and growers achieve their production goals. Our Differentiated Offering
hones in on the unique areas of competitive advantage that set PGW apart from others in the market.
Ultimately, these initiatives all target growth opportunities for the business, while leveraging PGW’s core
competency around its technical offering.
BlueAG
Another key growth initiative
is our ‘BlueAG’ private label
ag-chem range which will
be stocked through our
Rural Supplies and Fruitfed
Supplies stores later this year.
Building brand equity in our proprietary BlueAG range will
provide greater branding recognition, and the opportunity to
build trust and credibility in our label, which we will continue
to grow and develop with additional ranging over time.
BlueAG provides PGW with price-point control, while giving
our customers more product options they can trust.
Research and Development Site
We also recently announced
that PGW has taken the lease
of the Geelen Family Trust
Research Station, previously
operated by Bayer Crop
Science, in Hastings.
PGW has had a longstanding commitment to R&D, and this site is an extension of that
continued investment.
The site will be a dedicated hub for horticultural and agricultural research. Each year, PGW’s
dedicated Technical Team runs some 70 to 80 scientific trials in paddocks and orchards
across the country, in collaboration with cooperating farmers and growers. By investing
in our own dedicated site, it will enable us to expand on those trial programmes and
implement more controlled and scalable research at this specifically purposed facility. This
R&D pipeline will allow us to deliver even greater insights and value on-farm and orchard
for years to come.
The 2.8-hectare site is currently split into approximately 600 apple trees, 50 peach trees,
1,100 metres of grapevines, and around one hectare of grasses which will likely be
cultivated into fodder and onion crops.
PGW’s trials may investigate the efficacy of new plant protection products, evaluate
herbicides as part of registration processes, or look into how particular fertilisers work in
New Zealand conditions. Each trial builds a deeper knowledge and understanding of the
products to be supplied to our customers.
We learn firsthand how these products work in local conditions, often years before they are
available to our market or before our competitors are even aware of them. The knowledge
gained during these trials is fed directly to our frontline staff working with farmers and
growers. Results from the first trials, launching in September, are expected from January 2026.
We have recently announced three important initiatives
that fit well with our strategy of enhancing PGW’s
position as the market leader in the rural servicing sector
in relation to our technical offering.
PGW Group Strategy | Initiatives
Nexan’s range provides scientifically developed drenching solutions for cattle, sheep, and deer.
Its brands include Vetmed, Active+, Farma, Cervidae, and Centramax.
Ryegrass and clover in a summer
paddock. Proprietary seeds can
provide a long-term advantage.
Photo credit: PGG Wrightson Seeds Limited

PGW Group Strategy | Performance Measures
Performance Measures
Customer Experience:
Safety Performance:Financial Performance:
Net Promoter Score (NPS):
Target continual annual improvement.
Normalised EBIT:
Target of 10% growth
in Normalised Earnings
Before Interest and
Tax over a three-year
rolling cycle.
ROCE:
Target 10% Return
on Capital Employed
(ROCE) over a three-
year rolling cycle.
Earnings per Share
(EPS):
Earnings Per Share (EPS):
Target of 11 cents per
share for the financial
year to 30 June 2025.
The Health, Safety, and Wellbeing of our people is of utmost
importance to us and an area where we want to raise PGW’s
game. A key safety performance measure is continuous
improvement in our safety and wellbeing culture. This is
measured through our Total Recordable Injury Frequency
Rate (TRIFR), a common safety metric used by organisations
to measure improvement. We are committed to continuous
annual improvement and demonstrated this against various
Critical Risks. Our overall TRIFR result for FY25 was as follows:
PGW’s purpose is to help our farmer and grower customers
succeed. A key feature of PGW’s success as a business is the
trust that customers place in PGW, our people, and our brand.
We know that PGW is seen as a trusted provider to the rural
servicing sector. We do not take that for granted, we undertake
external research regularly to better understand customer
perceptions of PGW and gather insights as to how we are seen
as a business. This work provides good actionable observations
relating to the deep customer relationships our frontline staff
have and the trust that our customers place in PGW.
Given customer experience is so important to our continued
success as a business our strategy is to target continual
annual improvements in our Group Net Promoter Scores (NPS)
measures. NPS is a commonly used measurement of customer
satisfaction and loyalty, which is based on a customer’s
likelihood to recommend a service or business. PGW’s Group
NPS results for FY25 are as follows:
One of our key objectives is to maintain positive growth across the financial cycles, ensuring long-term value creation for our shareholders.
Our three financial performance measure results for FY25 were as follows:
Significant positive gain
from previous year’s NPS survey
Not achieved Not achieved
cents per share
Although FY25 included a rebound
for the Livestock and Real Estate
businesses, this did not offset the
reduced earnings in the Retail &
Water business compared to the
record FY23 result.
While the result was just short of
the target, it was impacted by the
challenging FY24 result which was
largely a product of the economic
environment that was felt across
the agricultural sector.
PGW’s EPS benefited from the
much-improved operating result,
in particular for the Livestock and
Real Estate businesses.
-24%9%14
FY25:FY25:FY25:
Another Strategic Priority are our PGW Group Performance Measures. These measures identify several key performance
indicators we track on an ongoing basis, to assess how well we are delivering on the business outcomes we aim to achieve, and
how we can analyse and interpret the data to improve these business outcomes. The three performance areas we monitor as
part of this Strategic Priority include measures for Financial Performance, Safety Performance, and Customer Experience.
Total Recordable Injury Frequency Rate
(TRIFR):
Demonstrate continuous annual
improvement in our safety outcomes.
The TRIFR rate increased by 4.6%* compared
to FY24. This is partly as a result of improved
reporting across the business as our safety
culture matures. We continue to monitor our
results, as we strive to continually improve our
safety performance.
PGW’s Group NPS experienced a significant positive gain on
last year. These results align with an improvement in rural
confidence levels as recorded in recent sentiment surveys.
Importantly, it also indicates that PGW’s NPS scores have
improved noticeably relative to our key competitors.
A slight increase
from previous year’s result
FY25:
FY25:
* These calculations are based on contracted hours worked by permanent
and temporary employees, using a base of 1 million hours.
Achieved
Not achieved
Achieved
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The on-farm lamb sale at Airies Station
in Rollesby Valley, west of Fairlie,
South Canterbury.
Three Decades
of Dedication:
Celebrating the
Rollesby Valley
Lamb Sale
The celebration of South Canterbury’s
30th annual Rollesby Valley Lamb
Sale in Burke’s Pass, also marked
the 30th anniversary of dedicated,
continuous support from PGW Livestock
Representative, Bruce Dunbar. Bruce’s
commitment to this event and the local
community is the culmination of his
passion for the sector and representative
of the relationships cultivated with
vendors and buyers over three decades
of service.
Our People | Ā Mātou Tāngata
Livestock
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Our People | Three Decades of Dedication
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The single-farm initiative between Bruce and the Munro
family at Airies Station that began in 1995 was a relatively new
concept at a time when on-farm livestock auctions were rare.
n board from the start, neighbouring
farms joined the progressive sale
event, moving from farm to farm
throughout the day. Over the decades,
the sale has grown into one of the
region’s most anticipated livestock
events. Peak years have included up to
eight farms selling some 22,000 lambs
sold in a single day. This year, six farms
participated to contribute a total of
16,000 lambs to the sale.
Rollesby Valley Lamb Sale’s mid-February
date is ideal timing for store lamb buyers
throughout the South Island. Many
buyers are Mid-Canterbury cropping
farmers looking to restock after their
harvest. The sale’s format, offering store
lambs freshly weaned and sorted by size
and type, ensures buyers receive high-
quality animals at a time when demand
is strong.
Bruce noted that this year’s sale reflected
one of the best growing seasons in
recent memory, “Late spring and summer
brought exceptional pasture growth, and
with export schedules remaining firm,
farmers were well-positioned to benefit.
Most vendors saw price increases of
$35 to $50 per head compared to last
year, which speaks to the strength of the
market and the quality of the lambs on
offer.”
The sale route alternates annually,
either starting at the bottom of the
valley and moving upward or vice versa.
This year, the sale went up the valley,
showcasing the diversity and scale of the
participating properties.
While the roster of farms has shifted
over time, a core group have remained
constant participants. These farms, all
Bruce’s long-time clients, help maintain
the sale’s reputation for reliability and
quality.
Grant Munro of Airies Station Partnership
says, “It's been amazing working with
Bruce. He's been our agent for my father
and myself, so he's been our go to guy
for the past 30 years. He's been incredibly
good at what he does, he’s always
approachable. PGW’s been very lucky to
have him on board for the past 30 odd
years.”
The logistics behind the sale are a
significant undertaking. Each year the
event harnesses the support from the
entire PGW team and involves meticulous
coordination across multiple farms.
PGW Livestock Trainees from Otago and
Canterbury lend a hand, gaining valuable
experience.
Peter Newbold, PGW’s General Manager -
Livestock, comments,
“Bruce has been a cornerstone
of this event for 30 years.
His dedication and strong
relationships with his clients
and the wider farming
community has been key
to the sale’s continued
success. Even in years when
market conditions were
less favourable, the sale
consistently delivered strong
results, thanks in a large part
to Bruce’s strategic approach
and trusted relationships.
The farmers of Rollesby Valley
are longstanding and valued
PGW customers, whose loyalty
to the company we deeply
appreciate and respect.”
As the Rollesby Valley Lamb Sale enters
its fourth decade, it remains a vital
fixture in South Canterbury’s agricultural
landscape and calendar. With strong
vendor participation, loyal buyers, and a
dedicated team behind the scenes, the
event continues to thrive thanks in no
small part to Bruce’s enduring leadership
and the collaborative spirit of the local
farming community.
Above: Bruce Dunbar, PGW Livestock
Representative, discusses the quality of the
lambs on offer and how the previous sales had
gone with Angus Munro (L) and Grant Munro (R)
of Airies Station Partnership in Rollesby Valley,
west of Fairlie, South Canterbury.

Left: Sign acknowledging the 30 years of support
from PGW and Bruce Dunbar from Single Hill
Farm, west of Fairlie, South Canterbury.
O

Strength in
Relationships:
Working
Together for
Greater Success
When Ngāi Tukairangi Trust grew
its horticultural footprint into
Turanganui-a-Kiwa | Poverty Bay in
2022 by acquiring two orchards, it
not only added some 36 hectares of
premium Gold kiwifruit, persimmons,
and mandarins to its operation,
but also expanded its wealth of
local knowledge.
Our Customers | Ā Mātou Kiritaki
Cristiano Padilha, Fruitfed Supplies Technical
Horticultural Representative, checks out this season's
satsuma mandarin harvest with Bruce Van Dorp and John
MacPherson, both Orchard Managers with Ngāi Tukairangi
Trust, near Gisborne, Tairāwhiti.
Fruitfed
Supplies
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Our Customers | Strength in Relationships
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Bruce van Dorp and John MacPherson, two season
orchard managers, brought decades of experience to the
merger and began a valuable and continuing relationship
between Bruce, John, and Cristiano Padiha, Fruited
Supplies Technical Horticultural Representative.

ne of the new orchards, Kahui ā
Nuku located in Makauri, grows
nine hectares of persimmons, six
hectares of Gold kiwifruit, and two and
a half hectares of mandarins. Bruce has
managed these blocks for over 30 years
during which time he has cultivated a
deep-rooted knowledge of Gisborne’s
horticultural landscape. He has shaped
the orchard into a high-performing
operation through his commitment to
innovation. From pioneering the region’s
early transition from Hayward to Gold
kiwifruit in the 1990s to combating
changing climate conditions by elevating
root systems to allow water to run off
into the middle of the rows, the orchard’s
success can be directly linked to Bruce’s
handiwork.
John has managed Kahui ā Rangi for
decades prior to the Ngāi Tukairangi
Trust's purchase. The site currently
spans 11 hectares of persimmons and
eight hectares of Gold kiwifruit. For
years, Bruce and John have worked
together, combining their crews for
harvest and thinning. Finding strength
in collaboration, they maintain close
communication with Ngāi Tukairangi
Trust’s other regional managers to share
insights and best practices. Both orchards
supply domestic and export markets with
export fruit destined for Asia, Australia,
and North America.
After joining Fruitfed Supplies 15
months ago, Cristiano Padilha, Technical
Horticultural Representative, quickly
became a trusted advisor to Bruce
and John, providing timely product
recommendations, technical support,
and logistical assistance.
“Cristiano has slotted in seamlessly,” Bruce
says. “He understands our routines and
the seasonal pressures we face, assisting
us with monitoring pests, planning crop
protection programmes, and ensuring
the orchards have access to the latest
ag-chem solutions. We’ve been working
with Fruitfed Supplies for over 15 years
and our partnership is particularly critical
in managing the unique challenges
of Turanganui-a-Kiwa, such as heavier
soils and increasing autumn rainfall. It’s
always handy when Cristiano can deliver
supplies directly to us, especially when
we’re in the thick of harvest or thinning.”
Cristiano appreciates Bruce’s know-
how, “Working with Bruce is a privilege.
His depth of experience and practical
knowledge make every conversation
valuable. My role is to support his vision
with timely advice and reliable service.
Together, we’ve built a strong relationship
to help the orchard thrive. It’s rewarding
to be part of a team so committed to
excellence and innovation.”
Their collaboration with Cristiano ensures
the operations run smoothly. Christiano’s
technical expertise and quick response to
their needs ensures Bruce and John can
focus on strategic orchard management,
confident that their crop protection plans
and supply needs are in capable hands.
The horticultural landscape in Gisborne
is evolving, Bruce says there is a shift
toward larger corporate ownership and
increasing compliance demands. “It’s a
different environment now, but one that
still depends on good people and strong
local knowledge.”
Fruitfed Supplies is proud to be part of
this environment, supporting growers
like Bruce and John with tailored advice,
reliable service, and collaboration. Their
partnership is a testament to the value of
trust, consistency, commitment, and the
strength of relationships.
Cristiano Padilha (C), Fruitfed Supplies Technical
Horticultural Representative, checks out this season's
satsuma mandarin harvest with Bruce Van Dorp (L)
and John MacPherson (R), both Orchard Managers with
Ngāi Tukairangi Trust, near Gisborne, Tairāwhiti.
O

Research Powered
by collaboration:
New data reveals
a new tool to
manage drench
resistance
Drench resistance and worm challenge
are a growing issue for New Zealand’s
sheep and cattle industry. As there are
no new drench actives on the horizon,
PGW and PGG Wrightson Seeds
Limited (under separate ownership)
collaborated in a multi-year research
trial to reduce worm burdens on-farm,
and reduce drenching, resulting in
slowing of drench resistance.
Our People | Ā Mātou Tāngata
Lambs grazing on a
summer forage crop.
Animal
Health
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Our People | Research Powered by Collaboration
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PGG WRIGHTSON LIMITED
The results show summer forage crops can reduce
parasite burdens in livestock, reducing a reliance
on chemical drenches and slowing resistance
development.
upported by last year’s inaugural PGW
Research & Development Internship
Programme, a summer intern researched
sustainable parasite management
practices in livestock. Until this trial, the
concept of using forage crops as a viable
parasite management tool was assumed
by industry, but there was limited modern
New Zealand data to support this
approach. The trial confirmed the benefits
of summer forage crops. These highly
nutritious, high protein, high energy
crops grow taller and more openly than
traditional pasture. The upright nature of
these crops means more sunlight during
the establishment phase to create an
environment inhospitable to parasites,
resulting in fewer parasite larvae for the
young stock to ingest.
The trial, conducted across multiple
sites including PGG Wrightson Seeds’
Kimihia Research Centre, satellite farms,
and commercial properties throughout
the North and South Islands, focused on
the traditional 28-day drenching cycle.
Using faecal egg counts to monitor worm
reinfection over a 70-day grazing period,
the team found animals grazing on
summer forage crops experienced lower
parasite loads compared to those on
pasture. Many reached processing weight
before needing another treatment, saving
farmers two to three drenches per animal,
reducing input costs and unnecessary
yarding.
Jason Leslie (BVSc) PGW Technical Expert
– Animal Health and veterinarian explains,
“New Zealand’s temperate climate and
moisture levels create ideal conditions
for worm larvae to thrive in pasture. This
is especially problematic for young stock
with underdeveloped immune systems.”
Charlotte Westwood (BVSc, MANCVS,
MVM, PhD) Veterinary Nutritionist at PGG
Wrightson Seeds adds, “The controlled
conditions at Kimihia allowed for
precise monitoring, while the results on
commercial farms confirmed the practical
benefits of the approach. This trial
highlights the importance of agronomic
planning. It’s not just about planting a
crop, it’s about managing it properly to
keep grass and weeds out, which can
harbour larvae. This is a full farm systems
approach, and it’s great to see both
PGW and PGG Wrightson Seeds involved
in developing and supporting these
technologies.”
Jason and Charlotte recommend getting
your agronomist to check for weeds in
the paddock so they can be cleaned
out before planting. Establishment of
the summer forage crop takes from six
weeks to three months, depending on
the particular crop. The absence of stock
over this period means any larvae already
present are reducing with no introduction
of new parasites. Any contamination of
the crop with weeds, in particular grass
weeds, reduces the protection against
worm reinfection.
The trial’s success gained attention
during its launch at Controlling Parasites
of Livestock, an industry and veterinary
workshop hosted by Elanco New
Zealand. It was then subsequently
presented at the New Zealand Veterinary
Association Conference to equal acclaim.
Wormwise, New Zealand’s national worm
management strategy group, has also
recognised the benefits of this trial and
has reiterated the benefits of grazing
animals on summer forage crops.
This initiative aligns with PGW’s broader
mission to support farmers with
sustainable, evidence-based solutions.
By promoting the use of summer forage
crops, PGW is helping farmers improve
productivity, reduce input costs, and
protect the long-term viability of parasite
control methods.
This trial underscores PGW’s role in solving
industry challenges through practical,
science-backed innovation. With strong
data and farmer-focused implementation,
summer forage crops are proving to be
a fantastic tool in New Zealand’s parasite
management strategy.
Scan the QR code for more
information on using
forage crops to lower worm
challenge in lambs.
Jason Leslie, PGW Technical Expert – Animal Health (R), Charlotte Westwood Veterinary
Nutritionist at PGG Wrightson Seeds (L), and Alice Hutchinson, Nutrition Technician
at PGG Wrightson Seeds (C), collect faecal egg count samples from lambs at Kimihia,
PGG Wrightson Seeds, near Lincoln, Canterbury.
Key Financial Disclosures
Ngā Whakapuakanga Pūtea Hira
Consolidated Financial Statements for the year ended 30 June 2025
Ngā Tauākī ā-Pūtea Tōpū mō te tau i mutu i te 30 Hune 2025
Scott Tapp, PGW Real Estate Salesperson, discusses
the suitability of the property for upscaling their beef
finishing operation with Vanessa and Shaun Russell,
owners of Russell Farms, near Silverdale, Auckland.
S
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57
The Directors are responsible for ensuring that the consolidated financial statements give a true and fair view of the financial
position of the PGG Wrightson Limited and its controlled entities (together the “Group”) as at 30 June 2025 and the financial
performance and cash flows for the year ended on that date.
The Directors consider that the consolidated financial statements of the Group have been prepared using appropriate
accounting policies, consistently applied and supported by reasonable judgements and estimates and that all of the relevant
financial reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the
determination of the financial position of the Group and facilitate compliance of the consolidated financial statements with
the Financial Reporting Act 2013 and the Financial Markets Conduct Act 2013.
The Directors are pleased to present the consolidated financial statements for the Group set out on pages 57 to 100 for the
year ended 30 June 2025.
The consolidated financial statements contained on pages 57 to 100 have been authorised for issue on 11 August 2025.
For and on behalf of the Board.
Garry Moore Sarah Brown
Chair Director and Audit
Committee Chair
PGG WRIGHTSON LIMITED
Directors’ Responsibility Statement
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Consolidated Statement of Profit or Loss
For the year ended 30 June 2025
2025 2024
NOTE $000 $000
Operating revenue 1 975,344 915,946
Cost of sales 2 (720,347) (680,245)
Gross profit 254,997 235,701
Other income 952 252
Employee expenses (146,637) (138,867)
Other operating expenses 3 (53,181) (52,916)
Operating EBITDA 27C 56,131 44,170
Non-operating gains/(losses) 4 1,119 (67)
Impairment and fair value gains/(losses) 5 – –
Depreciation and amortisation expense (31,066) (28,748)
EBIT
27C 26,184 15,355
Net interest expense 6 (11,186) (10,760)
Foreign exchange gain/(loss) 6 821 (390)
Fair value gain/(loss) on foreign exchange derivatives 6 (1,827) 1,124
Profit before income tax 13,992 5,329
Income tax expense 7 (3,328) (2,265)
Net profit after tax 10,664 3,064
Basic and diluted earnings per share (EPS)
2025 2024
NOTE $ $
Basic and diluted EPS 8 0.141 0.041
The accompanying notes form an integral part of these consolidated financial statements.

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Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2025
2025 2024

N
OTE

$000 $000
Net profit after tax 10,664 3,064
Other comprehensive income/(loss)
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit liability 18 585 184
T
ax on remeasurements of defined benefit liability
7

(273)

(13)
T
otal other comprehensive income/(loss) for the period 312 171
Total comprehensive income for the period 10,976 3,235
The accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Segment Report
For the year ended / as at 30 June 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.
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 (refer to Note 12 GO-STOCK receivables for further
explanation regarding this programme).
–
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.
– Other (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.
Other costs such as non-operating gains/losses, impairment and fair
value gains/losses, net interest expense, 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 and 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.

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Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Segment Report (continued)
For the year ended / as at 30 June 2025
C. Operating segment information
OTHER
AGENCY RETAIL & WATER (NON-OPERATING) TOTAL
2025 2024 2025 2024 2025 2024 2025 2024
$000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 84,977 89,021 759,215 719,961 1,157 1,364 845,349 810,346
Commission revenue 107,938 83,347 88 102 30 95 108,056 83,544
C
onstruction contract revenue – – 12,368 12,107 – – 12,368 12,107
Interest revenue on GO-STOCK receivables 7,181 7,294 – – – – 7,181 7,294
Interest revenue on overdue debtor accounts 427 552 891 1,003 37 54 1,355 1,609
Sublease income 434 485 402 403 199 158 1,035 1,046
T
otal external operating revenues 200,957 180,699 772,964 733,576 1,423 1,671 975,344 915,946
Cost of sales
(98,086) (94,425) (621,575) (585,024) (686) (796) (720,347) (680,245)
Gross profit 102,871 86,274 151,389 148,552 737 875 254,997 235,701
Other income 952 306 – – – (54) 952 252
Emplo
yee expenses
(51,367)

(46,168)

(68,780)

(67,675)

(26,490)

(25,024)

(146,637)

(138,867)
O
ther operating expenses (28,994) (28,098) (40,459) (39,835) 16,272 15,017 (53,181) (52,916)
Operating EBITDA 23,462 12,314 42,150 41,042 (9,481) (9,186) 56,131 44,170
Non-operating gains/(losses) 1,166 (61) (112) (38) 65 32 1,119 (67)
I
mpairment and fair value gains/(losses) – – – – – – – –
D
epreciation and amortisation expense
(9,875)

(8,552)

(17,329)

(17,019)

(3,862)

(3,177)

(31,066)

(28,748)
EBIT
14,753 3,701 24,709 23,985 (13,278) (12,331) 26,184 15,355
Net interest expense (4,737) (4,793) (2,798) (2,965) (3,651) (3,002) (11,186) (10,760)
F
oreign exchange gain/(loss)
863

(388)

(46)

(1)

4

(1)

821

(390)
Fair value gain/(loss) on
foreign exchange derivatives
(1,611) 1,557 (216) (433) – – (1,827) 1,124
Profit/(loss) before income tax
9,268

77

21,649

20,586

(16,925)

(15,334)


13,992
5,329
Income tax benefit/(expense) (2,196) (94) (5,786) (5,604) 4,654 3,433 (3,328) (2,265)
Net profit/(loss) after tax
7,072

(17)

15,863

14,982

(12,271)

(11,901)


10,664
3,064
S
egment assets 234,147 191,647 249,439 243,537 46,094 41,049 529,680 476,233
Assets held for sale – 1,402 – – – – – 1,402
Total segment assets 234,147 193,049 249,439 243,537 46,094 41,049 529,680 477,635
Total segment liabilities (104,908) (91,394) (146,372) (142,298) (104,590) (79,210) (355,870) (312,902)
C
apital expenditure
(additions to non–current assets)
4,724 13,230 5,645 10,484 12,510 12,542 22,879 36,256
T
he accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
2025 2024

N
OTE

$000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers

916,631

936,313
Dividends r
eceived
6

5
I
nterest received 8,921 9,601
Income tax received 44 –
925,602

945,919
C
ash was applied to:
Payments to suppliers and employees (903,108) (875,584)
Lump sum contribution to PGG Wrightson Employee Benefits Plan (308) (128)
I
nterest paid
(5,379)

(6,096)
I
nterest paid on lease liabilities (4,410) (4,276)
I
ncome tax paid – (2,102)
(913,205) (888,186)
Net cash inflow/(outflow) from operating activities 12,397 57,733
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment

2,808

66
Dividend r
eceived from jointly controlled entity 392 134
3,200

200
C
ash was applied to:
Purchase of property, plant and equipment

(6,929)

(11,417)
P
urchase of intangibles
(10,499)

(11,428)
A
dvance to jointly controlled entity
(17)

(20)
(17,445) (22,865)
Net cash inflow/(outflow) from investing activities (14,245) (22,665)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings and working capital debt
9 25,182 –
25,182 –
Cash was applied to:
Dividends paid to shareholders
(1,899)

(7,763)
R
epayment of external borrowings and bank overdraft
–

(6,960)
R
epayment of principal portion of lease liabilities
(22,608)

(21,203)
(24,507)

(35,926)
Net cash inflow/(outflow) from financing activities 675 (35,926)
Net increase/(decrease) in cash held (1,172) (858)
Opening cash and cash equivalents at the beginning of period 3,785 4,643
Cash and cash equivalents at the end of the period 9 2,613 3,785
The accompanying notes form an integral part of these consolidated financial statements.

ANNUAL REPORT 2025
|
6362
|
PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities
For the year ended 30 June 2025
2025 2024
$000 $000
Net profit after tax 10,664 3,064
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation
31,066 28,748
Impairment and fair value losses/(gains) – –
Net bad debts written off / (recovered) 716 173
Increase/(decrease) in provision for impaired trade receivables, GO-STOCK receivables and contract assets (881) 218
L
oss/(gain) on sale of assets and investments, and lease terminations (1,219) 144
Foreign exchange loss/(gain) 237 (211)
Deferred tax expense/(benefit) (886) 2,205
Defined benefit expense/(gain) (24) (47)
P
ension contributions not expensed through profit or loss (308) (128)
E
quity accounted earnings (990) (129)
O
ther non-cash/non-operating items 21 60
Add/(deduct) movement in working capital items:
Change in inventories

(4,774)

12,341
Change in accounts receivable, GO-STOCK receivables and prepayments (52,236) 29,479
Change in trade cr
editors, provisions and accruals 25,749 (14,580)
Change in other cur
rent assets/liabilities
1,004

(1,561)
A
dd/(deduct) movement in taxation items:
Change in income tax payable/receivable 4,258 (2,043)
Net cash flow from operating activities 12,397 57,733
Cash Flows Accounting Policies
In the statement of cash flows, cash receipts and payments on behalf of customers, which reflect the activities of the customers rather than
those of the Group, are reported on a net basis.
The accompanying notes form an integral part of these consolidated financial statements.
PGG WRIGHTSON LIMITED
Consolidated Statement of Financial Position
As at 30 June 2025
2025 2024

N
OTE

$000 $000
ASSETS
Current
Cash and cash equivalents 9 2,613 3,785
Short-term derivative assets
10

227

584
T
rade and other receivables 11 159,769 136,259
GO-STOCK receivables
12

79,142

50,215
I
ncome tax receivable – 3,229
I
nventories
13

100,074

95,192
A
ssets classified as held for sale
16

–

1,402
O
ther current assets
4,329

3,936
T
otal current assets 346,154 294,602
N
on-current
Deferred tax asset

7

7,115

6,501
L
ong-term derivative assets
10

13

99
I
nvestments in equity accounted investees
1,256

484
GO
-STOCK receivables
12

2,300

2,336
O
ther investments
242

422
I
ntangible assets 14 38,706 30,023
Right-of-use assets
15A

81,332

91,570
P
roperty, plant and equipment 16 52,362 51,598
D
efined benefit asset
18

200

–
T
otal non-current assets
183,526

183,033
T
otal assets
529,680 477,635
LIABILITIES
Current
Working capital debt 9 – –
Short-term derivative liabilities
10

1,425

192
A
ccounts payable and accruals
17

175,205

149,540
Shor
t-term lease liabilities
15B

21,359

20,609
I
ncome tax payable 1,029 –
Total current liabilities
199,018

170,341
N
on-current
Long-term debt
9

88,182

63,000
L
ong-term derivative liabilities
10

151

–
L
ong-term lease liabilities 15B 65,789 76,057
L
ong-term provisions
17

2,730

2,787
D
efined benefit liability
18

–

717
T
otal non-current liabilities
156,852

142,561
T
otal liabilities
355,870 312,902
EQUITY
Share capital
28

372,318

372,318
R
eserves
28

16,785

16,371
R
etained earnings/(deficit)
28

(215,293)

(223,956)
T
otal equity
173,810 164,733
Total liabilities and equity 529,680 477,635
The accompanying notes form an integral part of these consolidated financial statements.

64
|
PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
Including Notes to the Consolidated Financial Statements for the year ended 30 June 2025
Tae atu ki Ngā Pitopito Kōrero ki Ngā Tauākī Pūtea Tōpū mō te tau i mutu i te 30 Hune 2025
Ngā Whakapuakanga Pūtea Tāpiri
Additional Financial Disclosures
PGG WRIGHTSON LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
REALISED
CAPITAL AND DEFINED RETAINED
SHARE RE
VALUATION
BENEFIT
PLAN
EARNINGS
/
T
OTAL
CAPITAL RESERVES RESERVE (DEFICIT) EQUITY

$000
$000

$000

$000

$000
Balance as at 1 July 2023 372,318 24,662 (8,504) (219,215) 169,261
Total comprehensive income for the period
Net profit after tax
–

–

–

3,064

3,064
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–

–

171

–

171
T
otal other comprehensive income
–

–

171

–

171
T
otal comprehensive income for the period
–

–

171

3,064

3,235
T
ransactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – (7,763) (7,763)
T
otal contributions by and distributions to shareholders
–

–

–

(7,763)

(7,763)
T
ransfer to retained earnings
–

–

42

(42)

–
B
alance as at 30 June 2024
372,318

24,662

(8,291)

(223,956)

164,733
Balance as at 1 July 2024

372,318

24,662

(8,291)

(223,956)

164,733
T
otal comprehensive income for the period
Net profit after tax

–

–

–

10,664

10,664
O
ther comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax
–

–

312

–

312
T
otal other comprehensive income
–

–

312

–

312
T
otal comprehensive income for the period
–

–

312

10,664

10,976
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)
Transfer to retained earnings
–

–

102

(102)

–
B
alance as at 30 June 2025
372,318

24,662

(7,877)

(215,293)

173,810
T
he accompanying notes form an integral part of these consolidated financial statements.
Simon Eddington, Livestock Representative – Genetics,
discusses the reasonable sale and good clearance under the
2024 challenging circumstances, with James Murray, owner of
Matariki Hereford stud, near Kaikoura, Marlborough.
ANNUAL REPORT 2025
|
65

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
6766
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
1 Operating Revenue
2025 2024
$000 $000
Revenue from contracts with customers
Sales revenue
845,349

810,346
Commission revenue 108,056 83,544
Construction contract revenue 12,368 12,107
Other operating revenue
Interest revenue on GO-STOCK receivables
7,181

7,294
Interest revenue on overdue debtor accounts 1,355 1,609
Sublease income 1,035 1,046
975,344 915,946
Income Recognition Accounting Policies
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. The following specific recognition criteria must also be met before revenue is recognised.
Sales revenue
Sales revenue comprises the sale value of transactions where the Group acts as a principal; for example, retail store sales, and sales of wool
and velvet products. Revenue is measured at the transaction price when control is transferred to which an entity expects to be entitled in
exchange for transferring goods or services to a customer. For the sale of goods, the transfer of control occurs when the risks and rewards,
physical possession and the legal title of the goods have been transferred and accepted by the customer and the customer has a present
obligation to make payment in respect of the goods.
Customers may be entitled to discounts or rebates for certain items and/or volumes purchased, under varying categories. These discounts
or rebates are defined as variable consideration and are included in the transaction price as a component of operating revenue upon the
completion of the Group's performance obligations. These discounts or rebates are contractual in nature and known as at balance date,
therefore, no assumptions or estimates are required.
The Group offers a range of payment terms, and in some cases these can be up to 12 months. The Group does not recognise a financing
element for sales with terms of 12 months or less.
The Group offers warranties as required by New Zealand law and/or per the terms and conditions of the contracts with customers. The
Group recognises the obligations under these warranties as a provision.
Commission revenue
Commission revenue comprises commission for transactions where the Group acts as an agent. For agency commissions, the Group
does not take inventory risk or title for inventories, or for the Group's Livestock and Real Estate businesses, biological assets and properties
respectively. The Group generates commissions from acting as an agent for organising the sale of livestock or real estate.
Revenue is recognised at a point in time upon completion of the service.
Construction contract revenue
Construction services are provided to customers in the Water business to construct pivots and irrigation systems. Most contracts contain a
single performance obligation. The size and duration of the contracts can vary significantly, and customers are invoiced as work progresses.
Most contracts are completed within 12 months; therefore, the unearned revenue on these contracts are not disclosed.
The Group accounts for revenue over time, which best depicts the pattern of transfer of the construction services to the customer. The
Group uses an input method to recognise revenue based on a percentage of cost completed. This method involves judgements relating to
a contract's expected margin and its stage of completion.
Interest and similar income and expense
The Group recognises the fixed fees charged to customers under its GO-STOCK programme as interest revenue. Refer to Note 12 GO-STOCK
Receivables for further explanation regarding this programme. This interest revenue is recognised over the term of the GO-STOCK contracts
which can be for a term of up to 540 days.
The Group also recognises interest revenue on overdue receivables using the effective interest method. Refer to the accounting policies
under Note 6 Net Interest Expense and Foreign Exchange Items for further explanation on the effective interest method.
Sublease income
The Group recognises lease payments received under subleases as income on a straight-line basis over the lease term. Refer to Note 15
Right-of-Use Assets and Lease Liabilities for further explanation.
2 Cost of Sales
2025 2024
NOTE $000 $000
Depreciation and amortisation 75 89
Employee benefits (including commissions)
29,315

21,140
Inventories and consumables 13 670,417 634,062
Freight 13,331 12,985
Other 7,209 11,969
720,347 680,245
3 Other Operating Expenses
2025 2024
$000 $000
Audit of financial statements of the Company by Ernst & Young 430 420
Other assurance services provided by Ernst & Young:
Limited assurance on emissions reporting
15 53
Other services provided by Ernst & Young:
Gap analysis on climate reporting disclosures
– 30
R
esearch and development tax incentive advisory
16

21
Dir
ectors' fees 660 689
Donations 10 6
I
ncrease/(decrease) in provision for impaired trade receivables, GO-STOCK receivables and contract assets (881) 218
Net bad debts wr
itten off / (recovered)
716

173
IT and t
elecommunication costs 16,443 14,870
Marketing costs 4,515 4,800
M
otor vehicle costs 7,397 8,071
T
ravel costs
3,461

3,363
R
ental and operating lease costs 384 326
Occupancy costs (excluding rental and operating lease) 6,240 6,150
O
ther staff costs 6,198 7,137
O
ther expenses
7,577

6,589
53,181 52,916

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
6968
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
4 Non-Operating Gains/(Losses)
2025 2024
$000 $000
Gain/(loss) on sale of property, plant and equipment 1,217 (37)
Other non-operating gains/(losses)
(98)

(30)
1,119 (67)
5 Impairment and Fair Value Gains/(Losses)
2025 2024
$000 $000
Net impairment reversal/(impairment) – Property, plant and equipment – –
Fair value gains/(losses)
–

–
– –
Impairment Accounting Policies
The carrying value of the Group's assets are reviewed at each reporting date to determine whether there is any objective evidence of
impairment. An impairment loss is recognised whenever the carrying amount exceeds its recoverable amount. Impairment losses directly
reduce the carrying value of assets and are recognised in profit or loss unless the asset is carried at a revalued amount in accordance with
another standard.
Non-financial assets
The carrying amounts of the Group's non-financial assets (other than inventories and deferred tax assets) are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the recoverable amount of the asset or
the cash-generating unit (CGU) to which the asset relates is estimated. A CGU is the smallest identifiable asset group that generates cash
flows that are largely independent from other assets and groups.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the
estimated future cash flows, discounted to their present value using a discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are
recognised in profit or loss.
An assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no
longer exist or have reduced. If such indication exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised
impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the
last impairment loss was recognised.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
6 Net Interest Expense and Foreign Exchange Items
2025 2024
$000 $000
Interest income 385 698
Interest funding expense:
Bank interest on loans and overdrafts (5,379) (6,096)
Bank facility fees (1,782) (1,086)
(7,161) (7,182)
Net interest income/(expense) excluding interest on lease liabilities
(6,776)

(6,484)
I
nterest on lease liabilities
(4,410)

(4,276)
Net interest expense (11,186) (10,760)
Foreign exchange gain/(loss)
Net gain/(loss) on foreign denominated items 821 (390)
821 (390)
Fair value gain/(loss) on foreign exchange derivatives
Fair value gain/(loss) on foreign exchange derivatives
(1,827) 1,124
(1,827) 1,124
Net Interest Expense and Foreign Exchange Items Accounting Policies
Interest and similar income and expense
For all financial instruments measured at amortised cost, interest income or expense is recorded at the effective interest rate, which is the
rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all
contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly
attributable to the instrument and are an integral part of the effective interest rate, but not future credit losses. Once the recorded value of a
financial asset or a group of similar financial assets has been reduced due to an impairment loss, interest income continues to be recognised
using the original effective interest rate applied to the new carrying amount.
Fair value change on foreign exchange derivatives
The Group undertakes transactions denominated in foreign currencies and exposure to movements in foreign currency arises from these
activities. The Group uses forward foreign exchange contracts to manage these exposures. These derivatives are recorded at their fair
value with mark-to-market fair value movements flowing through fair value gain/(loss) on foreign exchange derivatives in the consolidated
statement of profit or loss. Although the derivatives have not been designated in a hedge relationship, they act as an economic hedge and
will offset the underlying transactions when they occur.

Refer to
Accounting
Policies
– page 72.
Refer to
Accounting
Policies
– page 72.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
7170
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
7 Income Taxes
A. Income tax recognised in profit or loss
2025 2024
$000 $000
Current tax benefit/(expense)
Current year (4,333) (92)
A
djustments for prior years
119

33
(4,214)

(59)
Def
erred tax benefit/(expense)
Origination and reversal of temporary differences 1,022 (2,316)
A
djustments for prior years
(136)

110
886 (2,206)
Income tax benefit/(expense) (3,328) (2,265)
Reconciliation
Profit before income tax
13,992

5,329
Income tax using the Company's tax rate (28%) (3,917) (1,492)
Non-deductible expenditure
(397)

(259)
Non-assessable income 779 111
Tax credits
213

215
Over/(under) provided in prior years (17) 143
D
eferred tax impact of legislation change – tax depreciation on buildings – (915)
Other 11 (68)
Income tax benefit/(expense) (3,328) (2,265)
B. Income tax recognised directly in equity
2025 2024
$000 $000
Deferred tax on movement of actuarial gains/losses on employee benefit plans (273) (13)
Income tax benefit/(expense) recognised directly in equity (273) (13)
7 Income Taxes (continued)
C. Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
ASSETS ASSETS LIABILITIES LIABILITIES NET NET
2025 2024 2025 2024 2025 2024
$000 $000 $000 $000 $000 $000
Property, plant and equipment – – (604) (404) (604) (404)
Intangible assets – – (2,033) (1,439) (2,033) (1,439)
R
ight-of-use assets – – (22,773) (25,354) (22,773) (25,354)
Lease liabilities 24,493 26,775 – – 24,493 26,775
Employee benefits 5,446 3,885 – – 5,446 3,885
Provisions 2,586 3,038 – – 2,586 3,038
Deferred tax asset/(liability) 32,525 33,698 (25,410) (27,197) 7,115 6,501
RECOGNISED IN RECOGNISED IN

REC
OGNISED
O
THER
REC
OGNISED
O
THER

BALANCE IN
PROFIT
C
OMPREHENSIVE
BALANCE IN
PROFIT
C
OMPREHENSIVE
BALANCE
1 JUL 2023 OR LOSS INCOME 30 JUN 2024 OR LOSS INCOME 30 JUN 2025
$000 $000 $000 $000 $000 $000 $000
Property, plant
and equipment 512 (916) – (404) (200) – (604)
Intangible assets (1,600) 161 – (1,439) (594) – (2,033)
R
ight-of-use assets (23,539) (1,815) – (25,354) 2,581 – (22,773)
Lease liabilities 24,739 2,036 – 26,775 (2,282) – 24,493
Emplo
yee benefits 5,548 (1,650) (13) 3,885 1,834 (273) 5,446
Provisions 3,061 (22) – 3,038 (453) – 2,586
8,721 (2,206) (13) 6,501 886 (273) 7,115
D
.
Unr
ecognised tax losses and temporary differences
At 30 June 2025, the Group has no unrecognised deferred tax assets relating to tax losses and temporary differences (2024: Nil).
E.
I
mputation credits
The Group has $6.47 million imputation credits as at 30 June 2025 (2024: $5.87 million).

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
7372
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
7 Income Taxes (continued)
Income Tax Accounting Policies
Income tax expense comprises current and deferred taxation and is recognised in profit or loss except to the extent that it relates to items
recognised directly in other comprehensive income or equity, in which case it is recognised directly in other comprehensive income or
equity.
Current tax
Current tax is the expected tax payable on the taxable income for the year, calculated using tax rates enacted or substantively enacted at
the reporting date. Current tax includes any adjustment to tax payable with respect to previous periods. Current tax assets and liabilities are
offset only if certain criteria are met.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised for:
–

taxable t
emporary differences arising on the initial recognition of goodwill;
–
t
emporary differences relating to subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the
timing of the reversal of the temporary differences and it is probable they will not reverse in the foreseeable future;
–
t
emporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be recognised.
Deferred tax assets and liabilities are offset only if certain criteria are met.
8 Earnings Per Share and Net Tangible Assets
A. Earnings per share (EPS)
The calculation of EPS is based on the following profit figures and number of authorised shares.
WEIGHTED AVERAGE
ISSUED ORDINAR
Y SHARES
NUMBER OF ORDINAR
Y SHARES
2025 2024 2025 2024

000 000 000 000
Issued ordinary shares at 1 July 75,484 75,484 75,484 75,484
Balance at 30 June 75,484 75,484 75,484 75,484
There are no dilutive shares or options (2024: Nil).
2025 2024
$000 $000
Net profit after tax 10,664 3,064
2025 2024
$ $
Basic and diluted EPS 0.141 0.041
B.
N
et tangible assets (NTA)
The calculation of NTA per share, which is a required NZX disclosure, is based on the following NTA figure and the Company's issued ordinary
shares at the end of the period.
2025 2024
$000 $000
Total assets 529,680 477,635
Total liabilities
(355,870)

(312,902)
less Intangible assets (38,706) (30,023)
less Deferred tax asset
(7,115)

(6,501)
Net tangible assets 127,989 128,209
2025 2024
$ $
NTA per issued ordinary shares at the end of period 1.696 1.698
Earnings Per Share Accounting Policies
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to
shareholders by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or
loss and the number of shares outstanding to include the effects of all potential dilutive shares.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
7574
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
9 Cash and Financing Facilities
2025 2024
NOTE $000 $000
Cash and cash equivalents 2,613 3,785
Current financing facilities
9
A
–

–
Term financing facilities 9 A (88,182) (63,000)
Net interest-bearing (debt)/cash and cash equivalents (85,569) (59,215)
GO-STOCK receivables 12 81,442 52,551
Net interest-bearing (debt)/cash and cash equivalents after adjusting for GO-STOCK receivables (4,127) (6,664)
A. Financing facilities
T
he Company has a syndicated facility agreement which was amended and restated on 30 June 2025. The amended and restated facility provides
the following:
–
C
ore debt facilities of up to $100.00 million maturing on 30 June 2027 (2024: $100.00 million maturing on 27 February 2026). This facility had
$75.00 million drawn at 30 June 2025 (2024: $50.00 million drawn).
–
W
orking capital facilities of up to $85.00 million maturing on 30 June 2027 (2024: $85.00 million maturing on 27 February 2026). This facility
had $13.00 million drawn at 30 June 2025 (2024: $13.00 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 $4.77 million as at 30 June 2025 (2024:
$4.77 million) and included the following:
–

O
verdraft facilities of $3.00 million. This facility was undrawn at 30 June 2025 (2024: undrawn).
–
Guarant
ees and letters of credit of $1.77 million.
10 Derivative Financial Instruments
The Group uses forward foreign exchange contracts to manage its exposure to foreign currency fluctuations. In accordance with the Group's
treasury policy, the Group does not hold any of these derivative instruments for trading purposes.
2025 2024
$000 $000
Derivative assets held for risk management
Current
227

584
Non-current 13 99
240 683
Derivative liabilities held for risk management
Current
(1,425)

(192)
Non-current (151) –
(1,576) (192)
N
et derivative asset/(liability) held for risk management
(1,336) 491
Derivative Financial Instruments Accounting Policies
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed immediately. Subsequent to initial
recognition, derivative financial instruments are stated at fair value, and changes therein are generally recognised in profit or loss. The fair
value of forward exchange contracts is based on broker quotes.
Where the Group enters into derivative transactions, these agreements do not meet the criteria for offsetting in the consolidated statement
of financial position. The fair value amounts recognised in the consolidated statement of financial position are recorded on a gross basis.
The Group does not currently apply hedge accounting.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
7776
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
11 Trade and Other Receivables
2025 2024
NOTE $000 $000
Accounts receivable due from unrelated parties 130,454 111,848
Accounts receivable due from related parties
24

–

1
Gross accounts receivable 130,454 111,849
less Provision for impaired debtors (1,496) (2,308)
Net accounts receivable 128,958 109,541
Contract assets
2,650

3,117
less Provision for impaired contract assets – –
Other receivables 23,702 20,036
Prepayments 4,459 3,565
Trade and other receivables 159,769 136,259
Analysis of movements in provisions for impaired debtors and contract assets
Balance at the beginning of year
(2,308)

(2,030)
Movement in provision 812 (278)
Balance at the end of the year
(1,496) (2,308)
The ageing status of the accounts receivable at the reporting date is as follows:
TOTA L TOTA L
ACCOUNTS ACCOUNTS
RECEIVABLE PROVISION RECEIVABLE PROVISION

2025 2025 2024 2024
$000 $000 $000 $000
Not past due 121,689 (505) 98,624 (561)
Past due 1 – 30 days 3,710 (71) 6,908 (12)
P
ast due 31 – 60 days 3,966 (424) 3,515 (12)
Past due 61 – 90 days 491 (33) 544 (60)
P
ast due 90 plus days 598 (463) 2,258 (1,663)
130,454 (1,496) 111,849 (2,308)
12 GO-STOCK Receivables
The Group holds receivables in respect of its GO-STOCK range of livestock products. The GO-STOCK range allows farmers to defer payment for the
purchase of livestock. The counterparty farmer to the GO-STOCK product is fully exposed to the risks and rewards of ownership of the livestock.
To mitigate credit risk, the Group retains legal title to the livestock until its sale. Fee income received in respect of the GO-STOCK receivables
is recognised by the Group as interest income over the respective contract period and is included within operating revenue (refer to Note 1
Operating Revenue). Accrued interest income in respect of the GO-STOCK receivables is included within Other Receivables (refer to Note 11 Trade
and Other Receivables) and amounts to $2.82 million as at 30 June 2025 (2024: $2.35 million).
2025 2024
$000 $000
GO-STOCK receivables – Current 79,389 50,531
GO-STOCK receivables – Non-current 2,300 2,336
81,689

52,867
less
Provision for impairment – GO-STOCK receivables
(247)

(316)
81,442 52,551
Analysis of movements in provisions for impaired GO-STOCK receivables
Balance at the beginning of the year
(316)

(376)
Movement in provision 69 60
Balance at the end of the year
(247) (316)
The ageing status of the GO-STOCK receivables at the reporting date is as follows:
GO-STOCK GO-STOCK
RECEIVABLES PROVISION RECEIVABLES PROVISION
2025 2025 2024 2024
$000 $000 $000 $000
Not past due 81,689 (247) 52,709 (158)
Past due 1 – 30 days
–

–

4

(4)
Past due 31 – 60 days – – 2 (2)
Past due 61 – 90 days
–

–

2

(2)
Past due 90 plus days – – 150 (150)
81,689 (247) 52,867 (316)
Trade and Other Receivables and GO-STOCK Receivables Accounting Policies
Recognition and measurement
A receivable without a significant financing component is initially measured at the transaction price and classified as financial assets
measured at amortised cost. Accounts receivable includes accrued interest.
Impairment
Specific provisions are maintained to cover identified impaired receivables. Judgement is required in determining the impairment provision.
The Group recognises loss allowances for the expected credit loss (ECL) on Trade and GO-STOCK receivables. The Group measures loss
allowances for Trade and GO-STOCK receivables at an amount equal to lifetime ECL.
When estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost and
effort. This includes both qualitative and quantitative information and analysis, based on the Group's historical experience and informed
credit assessment, that includes forward-looking information. The Group assumes that the credit risk has increased significantly if the
receivable is more than 60 days past due. The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held).
On a monthly basis, the Group via its Credit Committee, assesses whether Trade and GO-STOCK receivables are credit-impaired. All
individual instruments that are considered significant are subject to this approach. A financial asset is credit-impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial
asset is credit-impaired includes observable data such as significant financial difficulty of the debtor.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross
carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its
entirety or a portion thereof.

Refer to
Accounting
Policies
– page 80.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
7978
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
13 Inventory
2025 2024
$000 $000
Merchandise 87,167 83,587
Wool and velvet inventory
14,577

13,292
less Provision for inventory write-down (1,670) (1,687)
100,074 95,192
During the year, inventories of $670.42 million (2024: $634.06 million) are included in cost of sales in the profit or loss (refer to Note 2 Cost of Sales).
Included within this amount is a write-down of inventories of $1.30 million (2024: $1.12 million) to net realisable value and reversals of previously
recognised write-downs of $0.49 million (2024: $0.30 million).
Inventories Accounting Policies
Raw materials and finished goods are stated at the lower of cost or net realisable value. Cost is determined on a weighted average cost
basis. In the case of manufactured goods, cost includes direct materials, labour and production overheads. Judgement is required in
determining the net realisable value for inventories.
14 Intangible Assets
RIGHTS & CAPITAL WORK
SOFTWARE TRADEMARKS IN PROGRESS TOTAL

$000 $000 $000 $000
Cost
Balance as at 1 July 2023
30,200

2,497

11,995

44,692
Additions 27 – 11,700 11,727
Transfers 567 – (567) –
Disposals – – – –
Balance as at 30 June 2024 30,794 2,497 23,128 56,419
Balance as at 1 July 2024 30,794 2,497 23,128 56,419
Additions 15 15 10,550 10,580
T
ransfers
32,578

–

(32,578)

–
Disposals

(107)

–

(82)

(189)
Balance as at 30 June 2025 63,280 2,512 1,018 66,810
Amortisation
Balance as at 1 July 2023 22,689 1,789 – 24,478
Amor
tisation 1,642 276 – 1,918
Transfers – – – –
Balance as at 30 June 2024 24,331 2,065 – 26,396
Balance as at 1 July 2024 24,331 2,065 – 26,396
Amortisation 1,804 11 – 1,815
Disposals
(107) – – (107)
Balance as at 30 June 2025 26,028 2,076 – 28,104
Carrying amounts
30 June 2024
6,463

432

23,128

30,023
30 June 2025 37,252 436 1,018 38,706
A. Capital work in progress
Capital work in progress includes the transfer of the Group’s significant IT Business Improvement Programme to Software with this Programme
complete and available for use from April 2025. Operating expenditure components of the Programme have been recognised as an operating
expense.

Refer to
Accounting
Policies
– page 83.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2025
|
8180
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2025
14 Intangible Assets (continued)
Intangible Assets Accounting Policies
Software
Software is a finite life intangible and is recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a
straight-line basis over an estimated useful life between 1 and 15 years. The estimated useful life and amortisation method is reviewed at
the end of each annual reporting period and adjusted if appropriate.
Rights
Manufacturing and production rights are finite life intangibles and are recorded at cost less accumulated amortisation and impairment.
Amortisation is charged on a straight-line basis over an estimated useful life between 2 and 10 years. The estimated useful life and
amortisation method is reviewed at the end of each annual reporting period and adjusted if appropriate.
Capital Work in Progress
Capital work in progress includes the cost of materials, services, labour and direct production overheads and is stated net of impairments.
Impairment
The carrying amounts of the Group's intangible assets are reviewed at each reporting date to determine whether there is any indication of
impairment. If any such indication exists, then the recoverable amount of the asset is estimated. For intangible assets that have indefinite
lives, the recoverable amount is estimated at each reporting date. An impairment loss is recognised in the profit or loss if the carrying
amount of an asset exceeds the recoverable amount. Refer to the accounting policy under Note 5 Impairment and Fair Value Gains/(Losses)
for further explanation.
15 Right-of-Use Assets and Lease Liabilities
Group as a lessee
The Group leases many assets, including:
–

leases of land and buildings fr
om which it conducts operations. These leases range in length from one to ten years with various rights of
renewal. Where surplus properties are unable to be exited, the Group subleases these properties where possible and derives sublease revenue
on a short-term temporary basis.
–
leases of mot
or vehicles and forklifts for use by employees, agents and representatives. These leases range for a period of between three and
seven years.
The Group elects not to recognise right-of-use assets and lease liabilities for short-term or low-value property leases. The Group continues to
expense lease payments associated with these leases on a straight-line basis.
A.
R
ight-of-use assets
PROPERTY VEHICLES TOTAL


$000
$000 $000
Balance as at 1 July 2023 70,712 13,356 84,068
Additions
4,561

8,850

13,411
Depreciation charge (15,147) (6,869) (22,016)
Reassessments, modifications and terminations
15,567

540

16,107
Balance as at 30 June 2024 75,693 15,877 91,570
Balance as at 1 July 2024
75,693

15,877

91,570
A
dditions
160

5,307

5,467
D
epreciation charge
(15,951)

(7,398)

(23,349)
R
eassessments, modifications and terminations
6,004

1,641

7,645
B
alance as at 30 June 2025
65,905

15,427

81,332
B
.
L
ease liabilities
PROPERTY VEHICLES TOTAL
$000 $000 $000
Balance as at 1 July 2023 74,598 13,757 88,355
Additions
4,431

8,850

13,281
Reassessments, modifications and terminations 15,700 533 16,233
Interest on lease liabilities
3,273

1,003

4,276
Lease payments (17,805) (7,674) (25,479)
Balance as at 30 June 2024 80,197 16,469 96,666
Balance as at 1 July 2024
80,197

16,469

96,666
A
dditions
140

5,307

5,447
R
eassessments, modifications and terminations
6,007

1,636

7,643
I
nterest on lease liabilities
3,294

1,116

4,410
L
ease payments
(18,668)

(8,350)

(27,018)
B
alance as at 30 June 2025
70,970

16,178

87,148