Annual Shareholders Meeting Presentation Results

1
PGG WRIGHTSON LIMITED
ANNUAL SHAREHOLDERS’ MEETING – HYBRID
9:30am, Tuesday, 14 October 2025

Slide 1 – Meeting Opening Slide



Slide 2 – Welcome & Introduction



Slide 3 – How to participate in the Hybrid Meeting - Questions

2

Slide 4 – How to participate in the Hybrid Meeting - Voting


Slide 5 – Board of Directors



Slide 6 – Executive Team

3
Slide 7 – Opening Formalities



Apologies

Notice of Meeting

Minutes

Annual Report & Sustainability Report 2025

GAAP and non-GAAP Performance Measures

Proxies and Postal Votes

Slide 8 – Business of the Meeting – Chair’s Address

4
Slide 9 – Chair’s Address



Slide 10 – FY25 Financial Year Performance Results & Sustainability Highlights



Financial year performance for the financial year ended 30 June 2025:

• Operating EBITDA of $56.1 million was up $12.0 million or 27 per cent on prior financial
year.
• Operating Revenue of $975.3 million was up $59.4 million or 6 per cent on prior financial
year.
• Net profit after tax of $10.7 million was up $7.6 million or 248 per cent on prior financial
year.
• The Board declared a fully imputed final dividend of four cents per share, bringing total
fully imputed dividends for the year to 6.5 cents per share.

Sustainability highlights for the financial year ended 30 June 2025:

• A 22 per cent reduction in greenhouse gas emissions since FY21.
• A 100 per cent of PGW sites are supplied by renewable electricity.
• PGW released its Climate Transition Plan.

5
Slide 11 – Group Operating EBITDA



PGW’s Group Operating EBITDA of $56.1 million was up $12.0 million or 27 per cent on the
prior year’s result.

PGW’s businesses reported much improved results, with the prior financial year appearing
to have marked the bottom of the agri cycle.

However, the operating environment over the year was more challenging in the retail space.

Constrained supply and increased demand for livestock drove elevated red meat and dairy
commodity prices, supporting good farmgate returns. Elevated prices had a positive
influence on the profitability of farming operations, and this has been reflected in a positive
sentiment shift.

Rural real estate saw a lift in enquiries in dairy, beef, sheep, and select horticultural
properties, together with new listings coming to the market. Real estate activity was also
supported by the easing of interest rates.

Slide 12 – Group Operating Revenue

6
Group Operating Revenue of $975.3 million was up $59.4 million or six per cent from the
prior year.

Slide 13 – Group Net Profit After Tax



The Net Profit After Tax of $10.7 million was up $7.6 million from FY24.

Slides 14 – Strategy Update – Purpose & Vision



During the year, PGW launched its refreshed purpose and vision, and reset its Group
Strategy.

Our refreshed purpose ‘Helping farmers and growers succeed with expert knowledge
and confidence’ 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 ‘Empowered farmers and growers for generations to come’ communicates
why we do what we do. It is future focused, bringing farmers and growers, and what they get
from working with us, into the foreground of what we do every day. It also encapsulates that
we contribute and share in our customers’ success.

7

Slides 15 – Strategy Update – Strategic Priorities



Our “Strategy on a Page” layout captures at a high-level, our purpose, vision, values,
Business Units, Functions, and our Group Strategic Priorities in a cohesive framework. Our
Strategic Priorities articulate the unified areas of focus for the business and guide our
collective efforts to strengthen our position as market leader.

Our Strategic Priorities, referenced on this page cover the key priority areas we are
collectively focused upon from a PGW Group perspective. These priorities cascade though
the business as 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.

Slides 16 – Strategic Initiatives

8

Rather than discuss the Strategy at a theoretical level, I thought it might be useful and
informative to discuss a few practical initiatives that have been implemented in recent
months, as examples of activity going on at a strategic level.

I will briefly touch on three initiatives that contribute to enhancing PGW’s technical offering
and our position as the market leader in the rural servicing sector.

These initiatives further develop and leverage our existing strengths and amplify a number
of our Group Strategic Priorities. In particular, our ambition to capitalise on Customer
Focused Innovation and our Differentiated Offering.

Customer Focused Innovation refers to 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 for the business, while leveraging
PGW’s core competency in our technical offering.

In July this year, PGW acquired Nexan Group, a local manufacturer of the Vetmed range of
animal health products. This acquisition is an excellent fit for PGW, and the investment
reinforces PGW’s commitment to supporting local manufacturing and delivering high-
quality innovative solutions that help New Zealand farmers thrive.

This acquisition aligns with our Strategy while supporting business growth. The business
provides vertical integration opportunities through the supply chain from product
ownership, manufacturing capacity, wholesale supply and through to retail sales. PGW has
partnered with Nexan for over a decade and its commitment to innovation and rural
communities aligns well with PGW’s purpose and vision. The acquisition ensures these
trusted New Zealand made products remain tailored to meet the needs of our rural
communities.

Nexan has a proven record in the research and development space as an innovator, and we
see this core capability adding to PGW’s strengths. PGW will grow the range and 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.

Another key growth initiative is our ‘BlueAG’ label ag-chem range which will be stocked
through our Retail stores. Building brand equity in our proprietary BlueAG label provides
greater branding recognition, and the opportunity to build trust and credibility in our own
label. BlueAG provides PGW with price-point control, while giving our customers more
product options they can trust.

We also recently announced that PGW has taken the lease of a 2.8-hectare research and
development property, previously operated by Bayer Crop Science, in Hastings. PGW has a
longstanding commitment to R&D, and this site is an extension of that continued
investment.

9
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.

PGW’s trials investigate the efficacy of new plant protection products, evaluate herbicides
as part of registration processes, and look into how particular fertilisers work in New
Zealand’s conditions. This R&D pipeline will allow us to deliver even greater insights and
value on-farm and orchard for years to come.

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. The
knowledge gained during these trials is fed directly to our frontline staff working with farmers
and growers.

Results from the first trials, launched in September, are expected from January 2026.

Finally, I would like to thank our shareholders for your ongoing investment and confidence
in PGW. We remain focused on delivering sustainable growth and long-term value, and we
appreciate your continued support.

I’ll now ask Stephen Guerin, our Chief Executive Officer, to provide an operational overview.

Slide 17 to 18 – Chief Executive Officer’s Review

10
Thank you, Garry, ata mārie, and good morning, everyone. I am pleased to be here with you
today.

PGW recorded cash flows from operating activities of $12.4 million for FY25 and included
significant growth, recorded as cash outflow in GO-STOCK receivables. These increased by
$28.9 million over the 12 months to the 30
th
of June 2025, to $81.4 million.

PGW amended and extended its syndicated bank facilities during the year.

As at 30 June, PGW had 1,554 permanent and temporary employees. During the year PGW
also engaged casual employees, commission agents, and specialist consultants, bringing
the total headcount to 1,882.

We refreshed our People and Safety Strategy to prioritise future workforce needs, aimed at
attracting and retaining talent. We recognise that our people are our greatest asset, and we
are focused on driving a culture of excellence and safety, ensuring employees are supported
and engaged.

In the past year, our commitment to enhancing our safety culture has continued to be a
priority. We partnered with Impac Training to deliver a programme focusing on Health,
Safety, and Wellbeing Fundamentals. We also created Safety Induction training, Mental
Fitness at Work, and online modules to address critical risk controls.

Management of critical safety risks is a priority, and significant progress has been made in
defining safe practice expectations.

PGW successfully implemented its Business Improvement Programme, reaching ‘Go-Live’
with our 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.

Slides 19 – Sustainability Progress

11
Our Sustainability Report and Climate Statement 2025 marks PGW’s second year of
reporting under the New Zealand Climate Standards and demonstrates a maturing
understanding of our climate-related risks and opportunities. As Garry mentioned earlier,
PGW is pleased to report a 22 per cent reduction in greenhouse gas emissions for FY25
against the FY21 baseline. This was primarily driven by an overall reduction in vehicle fuel
consumption, and more hybrid vehicles entering our fleet.

The period also saw 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 change impacts, and alignment with New Zealand's
decarbonisation trajectory.

The Climate Transition Plan establishes measurable objectives and priorities that will
govern our 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.

I will now discuss our Business Unit Financial Results.

Slides 20 – Business Unit Financial Results



PGW has two operating groups, Retail & Water and Agency.

Slides 21 to 222 – Retail & Water

12



The Retail & Water business incorporates Rural Supplies, Fruitfed Supplies, Water, and
Agritrade. PGW’s Retail & Water group recorded an Operating EBITDA of $42.2 million, an
improvement of $1.1 million or 3% from the prior year’s result.

Our Retail & Water group’s revenue was up $39.4 million or 5% on the prior year, to $773.0
million. While the operating environment over the year was more challenging in the retail
space, we were encouraged with the revenue growth in this context and pleased to see the
business continue to consolidate and grow market share.

Retail & Water refreshed its five-year plan with a focus on a range of growth initiatives. The
acquisition of Nexan Group and launch of BlueAG, which Garry touched on earlier, are key
examples of such initiatives.

Our Rural Supplies business performed solidly, as sentiment in the farming sector improved
over the year with the strengthening in export commodity prices. It has been pleasing to see
dairy, sheep, and beef farmers all benefiting from strong international demand and
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 in
response to good commodity returns. However, the arable sector was more challenging
with reduced demand for seed crops.

Fruitfed Supplies also faced a more challenging trading environment in FY25. Despite the
headwinds, it maintained its strong market position.

Encouragingly, we have seen renewed optimism in both the kiwifruit and apple sectors.
Orchard investment, new plantings, and a focus on varietal development signal confidence
in the future of these crops. Buoyant export demand improved post-harvest performance,
and stable pricing have contributed to a positive outlook for these growers.

The viticulture and vegetable sectors have been less buoyant. Viticulture market conditions
were subdued, due to a global oversupply. Market pressures have impacted grower
confidence and investment decisions in some categories.

13
There was limited development work for our Water business in the first half of the financial
year. However, the team experienced a momentum shift in the second half in response to
the positivity in the dairy sector, which lifted investment confidence for irrigation
development.

Agritrade, our wholesale business division, traded well at a revenue level. The year was
marked by some strategic investments and implementation of growth initiatives which
Garry has already commented upon, including the acquisition of the Nexan Group which
represents a strategic investment in the animal health category, and the launch or our
private label BlueAG ag-chem range.

Slides 23 to 24 – Agency





Our Agency group which incorporates the Livestock, Wool, and Real Estate businesses,
delivered a strong turnaround led by Livestock and Real Estate. Operating EBITDA was up
an impressive $11.1 million or 91 per cent to $23.5 million. Revenue was $201.0 million, up
$20.3 million or 11 per cent.

Our Livestock business recorded exceptional financial results, on the back of elevated meat
pricing and increased volumes in beef and dairy cattle.

14
The July Federated Farmers’ Confidence Survey confirmed a strong lift in farmer sentiment.
This was driven by easing interest rates, more stability in input costs, improved commodity
prices, and government policies viewed as more supportive. Farm profitability rebounded,
strengthening investment spending and production expectations.

Strong demand for cattle drove livestock prices to record levels. Pricing remained high
throughout the year due to processor demand, good feed reserves, and robust beef
schedules.

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 as a result of lower volumes due to continued land use change.

Good pricing for dairy resulted in strong demand and limited supply. Livestock pricing was
buoyed by the forecast milk price. There were also strong forward contracts for dairy herd
sales.

Stud stock sales rebounded as clients returned to the market with an increased demand for
sire bulls which set records during the selling season.

Our GO-STOCK sheep, beef, dairy, and deer products experienced strong demand.
Declining interest rates, improved feed availability in the South Island, higher stock values,
and improved meat schedules resulted in a steady uplift in GO-STOCK contracts.

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.

Our bidr online trading platform is well established in the livestock sector 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 during the year and it has firmly established itself
as New Zealand’s leading online auction platform for livestock.

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. The wool season concluded with improved wool prices, though there remains
significant room for improvement to create a profitable future for wool growers.

PGW partnered with iconic Kiwi brand Norsewear to strengthen the value of ethically
produced New Zealand wool and to support domestic manufacturing. The partnership
connects PGW growers directly with trusted manufacturers, delivering better returns for
growers through long-term contracts. Wool Integrity, PGW Wool’s assurance brand,
certifies that the wool meets world-leading standards in animal welfare and sustainability.

15

Our wool exporting subsidiary, Bloch & Behrens, increased wool export volumes. This was
particularly pleasing given wool volumes exported from New Zealand declined in the year.

Improved sentiment in the real estate market has continued, contributing to a pleasing
performance by PGW Real Estate, with revenue activity up by 55 per cent on the same period
last year. The market has been buoyed by the gradual downward trend in interest rates,
stronger dairy payouts, robust red meat pricing, and farm gate prices breathing confidence
into the sector. The volume of property listings and sales activity has reached levels not seen
for some time.

I will now talk about the outlook for the first quarter of FY26.

Slides 25 to 26 – First Quarter FY2025





The first quarter of FY26 has been steady with a mixed performance.

While it is a quieter quarter due to the seasonality of our business, Fruitfed Supplies and
Agritrade have experienced a slower start to the year due to colder and wetter weather in
late winter and early spring, while Rural Supplies has seen good demand.

16
Livestock and Real Estate have continued their strong performance, reflecting the
continuation of the strong demand for red meat and dairy. Otherwise, the business has been
gearing up for the anticipated busy spring period.

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.

I will now hand you back to Garry to discuss the outlook.

Slides 27 to 28 – Outlook





Thank you, Stephen, for providing an overview of the 2025 financial year.

I will now provide an update on our current outlook.

The agricultural sector experienced a strong rebound, supported by buoyant export
commodity prices and solid consumer demand leading to boosted confidence in
production decisions for our customers. Economic conditions including easing inflation
and interest rates, together with greater stability in input prices, have created a more

17
positive operating environment for the primary sector. 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.
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.

Confidence in the rural real estate market is expected to continue through FY26, with quality
listings continuing to attract interest and farm sales.

Indications are that customers are using the elevated farmgate returns to reduce debt, while
those who have deferred investment decisions 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. The sector’s strong fundamentals and market
positioning provide a solid foundation.

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.

While it is very early in the year with the key spring growing season still ahead of us, PGW is
cautiously optimistic about the balance of the year ahead. Based on current market signals
and trading patterns, we anticipate delivering a full year forecast above $60 million at an
Operating EBITDA level for the financial year ending 30 June 2026. We would expect to be in
a better position to reassess this forecast and update the market following the completion
of the key spring trading period.

Slides 29 to 30 – Questions and Discussion

18



Slide 31 – Business of the Meeting – Resolutions



Slide 32 – Ordinary Resolution One: Re-election of Sarah Brown



Slide 33 – Ordinary Resolution Two: Re-election of Garry Moore

19

Slides 34 – Ordinary Resolution Three: Election of Wilson Liu



Slide 35 – Ordinary Resolution Four: Auditor’s Remuneration



Slide 36 – Move Resolutions



Slide 37 – General Business

20

Slide 38 – Disclaimer & Closing



Closing

Slide 39 – Thank You

---

PGG Wrightson Ltd | NZX Announcement
14 OCTOBER 2025
Annual Shareholders’ Meeting Results
At PGG Wrightson Limited’s
1
2025 Annual Shareholders’ Meeting, held in Christchurch and
virtually today, shareholders were asked to vote on four resolutions, which were supported by the
Board of Directors.

As required by NZX Listing Rule 6.1, voting was conducted by a poll.

Ordinary resolutions 1 and 2 were not passed by shareholders and Garry Moore and Sarah Brown
were not re-elected as directors. Resolutions 2 and 3 passed with a majority. Details of the total
number of votes cast were as follows:

Resolution For Against Abstained
1. To consider, and if thought fit, to re-elect
Sarah Brown as a director.
7,279,726
(14.49%)
42,960,316
(85.51%)
10,368
2. To consider, and if thought fit, to re-elect
Garry Moore as a director.
7,304,139
(14.54%)
42,936,955
(85.46%)
9,316
3. To consider, and if thought fit, to elect
Wilson Liu as a director.
50,068,397
(99.72%)
139,807
(0.28%)
40,315
4. To note the reappointment of Ernst & Young
as the Company’s auditors and authorise
the Directors to fix the auditor’s
remuneration.
50,023,271
(99.58%)
210,376
(0.42%)
14,872

Authority for this announcement:
Julian Daly
General Manager Corporate Affairs / Company Secretary
PGG Wrightson Limited
Phone: 0800 10 22 76 / +64 3 477 4520
Email: companysecretary@pggwrightson.co.nz

Registered Office:
PGG Wrightson Limited
1 Robin Mann Place, Christchurch Airport
Christchurch 8053, New Zealand
Phone: 0800 10 22 76 / +64 3 477 4520
Website: pggwrightson.co.nz

1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in associates and jointly
controlled entities.