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PGW announces positive half-year result

Half Year Results23 February 2026PGWIndustrials

PGG Wrightson Ltd | NZX Announcement
24 FEBRUARY 2026


PGW announces positive half-year result


GROUP PERFORMANCE & INTERIM DIVIDEND

PGG Wrightson Limited

1

(PGW) today announced its results for the half-year. Key items for the

first six months to 31 December 2025 include:

• Operating EBITDA

2

of $45.7 million (up $4.4 million or 11%*).

• Operating Revenue of $619.4 million (up $49.1 million or 9%*).

• Net profit after tax of $17.3 million (up $1.3 million or 8%*).

• Interim dividend declared of 4.5 cents per share.

• Reaffirmed FY26 full year Operating EBITDA guidance of around $64 million.

(* compared to the prior corresponding six months to 31 December 2024)


PGW Chair, John Nichol said “PGW delivered positive and improved performance in the first six

months of the financial year, reflecting both pleasing operating execution and a generally

supportive market environment across the export sector for New Zealand’s primary producers.

The first half was characterised by favourable commodity pricing across a number of key

segments for PGW’s customers. Positive export pricing for kiwifruit and apples resulted in good

demand for PGW’s products and advisory services. By contrast, the viticulture and arable

sectors experienced weaker demand.

Red meat markets were particularly strong, driven by tight global supply and resilient offshore

demand. Improved on-farm profitability translated into demand for PGW’s livestock services,

pasture renewal, agronomy, and animal health. Dairy pricing remained supportive, providing

confidence and cashflow stability for dairy farmers. Wool pricing also improved during the

period.

The buoyant rural real estate market contributed positively, reflecting improved confidence

across the rural property sector generally.

Against this backdrop, PGW delivered improved performance. PGW invested in strategic

initiatives designed to strengthen its market position and enhance customer value.

Investments during the period included the acquisition of animal health manufacturer, Nexan

Group and the launch of PGW’s Blue Ag™ product label.

The Board declared a fully imputed interim dividend of 4.5 cents per share which will be paid on

8 April 2026 to shareholders on PGW’s share register as at 5pm on 26 March 2026.”


Retail & Water Group

PGW CEO, Stephen Guerin commented that “Our Retail & Water business which incorporates

Rural Supplies, Fruitfed Supplies, Water, and Agritrade saw Operating EBITDA of $41.8 million

PGG Wrightson Ltd | NZX Announcement
(up $2.3 million or 6%), and revenue was $528.6 million (up $38.3 million or 8%) on the prior

corresponding period.

PGW acquired the lease of the Geelen Family Trust Research Station in Hastings, strengthening

our long-standing commitment to research and development. The site provides our team with a

dedicated training hub for horticultural and agricultural trials. Our customers directly benefit from

PGW’s strengthened technical capability.

PGW acquired the Nexan Group, owner of the Nexan and Vetmed animal health brands. This

acquisition strengthens our position by bringing within the Group this trusted New Zealand-made

product range which tailors products to meet the needs of our customers’ operations.

Another key growth initiative, Blue Ag

TM

, our private label ag-chem range was launched and has

been through its first trading season, with early adoption being positive. The new portfolio of

registered active ingredients improves supply resilience, provides price point control, and offers

customers greater choice.

Rural Supplies delivered improved sales and earnings compared to the prior period, supported by

demand across agronomy, as well as animal health and nutrition categories.

Fruitfed Supplies delivered steady performance through the half year, with revenue ahead of the

prior comparative period and market share remaining strong. Encouragingly, the kiwifruit and

apple sectors continued to show confidence, with ongoing orchard investment, new plantings, and

varietal development. However, the broader horticultural environment was mixed, with headwinds

in parts of the viticulture and vegetable sectors.


Agency Group

Our Agency group includes Livestock, Wool, and Real Estate. Agency delivered an Operating

EBITDA of $8.7 million for the first six months of the 2026 financial year, an increase of $1.8

million or 27% compared with the same period last year. Revenue was $89.8 million, up $10.7

million or 14% compared to the prior period.

The Livestock business delivered an exceptional first half performance, underpinned by strong

livestock prices and throughput. Cattle continued to be in high demand and sheep prices were

significantly higher than last year. Confidence in the dairy sector improved on the back of strong

milk prices.

Demand for our GO-STOCK products continues to grow, especially from new clients, with a large

number of new contracts being signed.

Momentum grew across the strong wool market, with prices maintaining their upward trajectory

and providing a more positive outlook for growers.

PGW Real Estate delivered a pleasing first half performance, supported by continued confidence

and improving profitability in the rural sector. Rural sales remained the primary driver of growth,

with dairy properties performing particularly well in the Lower South Island and the kiwifruit sector

showing its greatest momentum in years.


Cashflow and Debt

PGW recorded an operating cash outflow of $49.9 million for the first six months of the financial

year. This represented an $18.9 million higher outflow versus the prior comparative period of $31.0

million.

The higher operating cash outflow was a result of the seasonal increase in working capital over the

spring trading period. Stronger trading in the Retail and Water and Livestock businesses together

with higher livestock values resulted in higher net working capital movements (including GO-

PGG Wrightson Ltd | NZX Announcement
STOCK) of $22.3 million versus the prior comparative period. Operating EBITDA and the earnings

from Jointly Controlled Entities was $4.4 million higher than the interim period to 31 December

2024. Tax payments were $1.4 million higher.

Cashflows from investing activities were $20.5 million, an increase of $15.2 million versus the prior

comparative period. This included the $19.7 million acquisition of the Nexan Group along with

fixed asset and intangible purchases of $2.3 million, partially offset by proceeds from fixed asset

disposals totalling $1.5 million.

Lease liability payments increased by $0.6 million. The final FY25 dividend payment of $3.0 million

was made in October 2025. Net interest-bearing debt was up $64.0 million from 31 December 2024

to be $170.7 million.



Outlook

Mr Nichol noted, “Looking ahead for the remainder of the financial year, the operating

environment is expected to continue to be predominantly positive and present both

opportunities and challenges for PGW and the wider sector. Overall conditions across

agriculture remain favourable, with most parts of the sector performing well, supported by firm

global demand and strong commodity pricing.

The red meat market remains a particular source of strength, underpinned by constrained global

supply and elevated pricing. Wool has also shown renewed momentum, with improving demand

supporting greater price stability. These conditions support positive returns and underpin farmer

confidence.

Horticulture continues a moderately steady expansion, led by kiwifruit and apples. Viticulture

and arable cropping remain the key exceptions, with subdued demand continuing to weigh on

grower confidence and investment decisions.

Confidence in the rural real estate market is expected to continue, supported by stabilising dairy

profitability and lower interest rates.

Broader economic indicators are encouraging. A softer New Zealand dollar is benefitting

exporters, although this is partially offset by higher imported input costs.

Together, these trends contribute positively to farm incomes and support an optimistic outlook

for the rural servicing sector. PGW is well placed to support its farmer and grower customers

and to capture opportunities arising from the forecast export demand.

While remaining mindful of ongoing challenges, the Group is optimistic about the remainder of

the financial year and remains on track to deliver its forecast 2026 full‑year Operating EBITDA

guidance of around $64 million.”



For investor relations queries and media enquiries, please contact:

Julian Daly

General Manager Corporate Affairs / Company Secretary

PGG Wrightson Limited

Phone: 0800 10 22 76 / +64 3 477 4520

Email: companysecretary@pggwrightson.co.nz


Registered Office:

PGG Wrightson Limited

1 Robin Mann Place, Christchurch Airport

Christchurch 8053, New Zealand

PGG Wrightson Ltd | NZX Announcement
Phone: 0800 10 22 76 / +64 3 477 4520

Website: pggwrightson.co.nz



1

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

controlled entities.


2

Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation,

impairment and fair value adjustments, and non-operating items. PGW has used non-GAAP profit measures when

discussing financial performance in this document. Please refer to our full accounts for details of how Operating

EBITDA relates to GAAP. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the

policy “Non-GAAP Accounting Information” available on our website (www.pggwrightson.co.nz).

---

For the six months ended 31 December 2025 | Mō ngā marama e ono ki te 31 o Tīhema 2025
Half Year Report

Te Pūrongo mō te Tau Haurua

Operating
Revenue of

Net profit after

tax (‘NPAT’) of

Fully imputed

Interim dividend of

Operating

EBITDA of

Performance Results

Ngā Otinga Whakatutukitanga

$45.7m

$619.4m

$17.3m

4.5¢/share


$1. 3 m or 8%


from the comparative period


$4.4 m or 11%

from the comparative period


$49.1 m or 9%

from the comparative period

Rose Barker, PGW Water Sales & Design Engineer,

discusses the benefits of remotely controlled

irrigation systems with Rick Wobben from

Netherland Holdings near Rangiora, Canterbury.

Helping grow

the country

Our Strategic Initiatives

Front page caption: Craig Bates, PGW Real Estate Sales Manager (centre), discusses how well the property and livestock are looking prior to the offering of Glenside,

which the family has owned since the late 1860s, with owners Garry (left) and Julene (right) McCorkindale, near Lawrence, South Otago.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

2

|

PGG WRIGHTSON LIMITED

Nexan AcquisitionLaunch of Blue Ag™R&D Expansion


PGW acquired Nexan Group,

the manufacturer of animal

health products.


PGW has partnered with

Nexan for over a decade.


Complementary strategic

fit to deliver high-quality

innovative solutions that help

New Zealand farmers thrive.

• Launched Blue Ag™, PGW’s

private label ag-chem range.

• Enhances PGW’s offering

across agronomy and

innovation.

• Provides price-point control.

• Stocked through our

Rural Supplies and Fruitfed

Supplies stores.



Acquired the lease of a

2.8-hectare research station* in

Hastings.



Dedicated hub for horticultural

and agricultural trials which will

enhance our technical capability.



Customers will benefit from

emerging technologies and

innovative product development.

* Geelen Family Trust Research Station

previously operated by Bayer Crop Science.

Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation, impairment and fair value adjustments, and non-operating items. PGW has used non-GAAP profit
measures when discussing financial performance in this presentation. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available

on our website www.pggwrightson.co.nz.

Operating Revenue

640

620

600

580

560

540

520

500

HY22 HY23 HY24 HY25 HY26

60

50

40

30

20

10

0

-10

552

586

561

570

619

$ million

Retail & Water

Agency

Other

Total Operating EBITDA

44

49

40

39

42

77

9

4

-4

-5-5-5-5

HY22 HY23 HY24 HY25 HY26

Net Profit After Tax

25

20

15

10

5

0

17

23

21

13

16

$ million

HY22 HY23 HY24 HY25 HY26

$ million

1

FY22 FY23 FY24 FY25 FY26

Operating Cash Flow

80

60

40

20

0

-20

-40

-60

41

-17

60

-35

65

43

-7

-31

-50

$ million

Operating cash flows in the first half of the financial

year reflect the seasonal build in working capital

which is recovered in the second half of the

financial year.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

3

|

PGG WRIGHTSON LIMITED

First Half Financial Year Summary

Operating EBITDA

12

24

26

58

1st Half 2nd Half Full Year

47

48

37

41

46

Financial Performance | Whakaaturanga Pūtea

Share Price
PGW share price from 13 August 2019 (post share consolidation) to 31 December 2025.

6

5

4

3

2

1

0

$

13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 13 FEB 25 13 AUG 25 31 DEC 25

0

1

2

3

4

5

6

13-Aug-19 13-Feb-20 13-Aug-20 13-Feb-21 13-Aug-21 13-Feb-22 13-Aug-22 13-Feb-23 13-Aug-23 13-Feb-24 13-Aug-24 13-Feb-25

13 AUG 19 13 FEB 20 13 AUG 20 13 FEB 21 13 AUG 21 13 FEB 22 13 AUG 22 13 FEB 23 13 AUG 23 13 FEB 24 13 AUG 24 13 FEB 25 13 AUG 25 31 DEC 25

Total Shareholder Return

300

250

200

150

100

50

0

0

50

100

150

200

250

300

13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25

?;7:@

PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 31 December 2025.

PGW TSR (Inc Dividends) NZX50G

PGW TSR +38.7%

NZX50G +24.8%

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

4

|

PGG WRIGHTSON LIMITED

First Half Financial Year Summary

Financial Performance | Whakaaturanga Pūtea

HALF YEAR REPORT
|

FOR THE PERIOD ENDED 31 DECEMBER 2025

5

|

PGG WRIGHTSON LIMITED

First Half Financial Year Summary

Financial Performance | Whakaaturanga Pūtea

Net Interest-Bearing Debt (NIBD) Development

HY26: June 2025 – December 2025

180

160

140

120

100

80

60

40

20

0

180

160

140

120

100

80

60

40

20

0

$ million

June 2025

NIBD

Operating

EBITDA

I

nterest

& FX

Tax

Payments

Working

Capital

Movements

(ex. GO-STOCK)

GO

-STOCK

Movements

Asset

Disposals

A

sset

Purchases

Nexan

Acquisition

Lease

Principal

Repayment

Dividends

Paid

Other December

2025 NIBD

85.6

- 45.7

4.8

1.4

2.3

-1.5

3.0

10 6.5

-17.4

11. 8

19.7

0.2

170.7

Increase Decrease Total

Net Interest-Bearing Debt (NIBD) Development

HY25: June 2024 – December 2024

$ million

June 2024

NIBD

Operating

EBITDA

I

nterest

& FX

Tax

Payments

Working

Capital

Movements

(ex. GO-STOCK)

GO

-STOCK

Movements

Asset

Purchases

A

sset

Disposals

Lease

Principal

Repayment

Dividends

Paid

Other December

2024 NIBD

59.2

- 41.4

5.1

8.2

11. 20.3

72.6

-5.8

-2.7

106.7

Increase Decrease Total

Laura Morgan, Fruitfed Supplies Technical
Advisor, assesses cherries at an orchard in

Hawke’s Bay.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

6

|

PGG WRIGHTSON LIMITED

Positive first half for PGG Wrightson
John Nichol

Chair

Stephen Guerin

Chief Executive Officer

PGG Wrightson Limited (‘PGW’ or ‘the Group’) has delivered positive and improved performance in the first six months of the

financial year, reflecting both pleasing operating execution and a generally supportive market environment across the export

sector for New Zealand’s primary producers.

For the six months ended 31 December 2025, PGW recorded Operating EBITDA of $45.7 million, an increase of $4.4 million or 11%

on the prior corresponding period. Operating Revenue increased by $49.1 million, or 9%, to $619.4 million, while net profit after tax

rose to $17.3 million, up $1.3 million or 8%. These results reflect encouraging earnings growth and demonstrate the Group’s ability

to perform through varying market conditions.

7

|

PGG WRIGHTSON LIMITEDHALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

Chair and Chief Executive Officer’s report

Te Pūrongo a te Heamana me te Tumuaki

Chair and Chief Executive Officer’s report continued
Market environment and commodity pricing

The first half was characterised by favourable commodity pricing across a number

of key segments for PGW’s customers. The Ministry for Primary Industries’ Situation

and Outlook for Primary Industries December 2025 is positive for the sector. New

Zealand’s primary sector export revenue is forecast to reach a new record of $62.0

billion by 30 June 2026. Dairy exports are forecast to be up 1% to $27.4 billion, red

meat and wool up 7% to $13.2 billion, and horticulture up 5% to $9.2 billion.

Dairy pricing has remained supportive, providing confidence and cashflow

stability for dairy farmers. While there has been a degree of volatility within global

dairy markets, milk price expectations through the period supported continued

on

-farm investment in feed, fertiliser, animal health, and productivity-enhancing

inputs. This underpinned solid demand across PGW’s dairy-related service and

supply categories.

Red meat markets were particularly strong, with elevated sheepmeat and

beef prices driven by tight global supply and resilient offshore demand. These

conditions translated into continued improvement in farm-gate returns for

sheep and beef farmers and supported renewed confidence. Improved on-

farm profitability translated into demand for PGW’s livestock services, pasture

renewal, agronomy, and animal health, contributing positively to PGW’s earnings

performance.

Wool pricing also improved during the period. While the strong wool sector

remains structurally challenged, better pricing conditions are providing

incremental support to sheep farmer incomes.

Export pricing for kiwifruit and apples remains positive. Increased demand for

premium New Zealand produce, combined with generally favourable growing

conditions through the spring and early summer sees good crop quality going

into the harvest window. This has resulted in good demand for PGW’s products

and advisory services for these crop segments.

By contrast, the viticulture and arable sectors have experienced weaker demand.

Softer global wine markets and elevated inventory levels constrained grape

pricing and resulted in more cautious spending. While baseline demand for

essential vineyard consumables and services was maintained, discretionary

investment was more subdued.

The buoyant rural real estate market also contributed positively during the period,

reflecting improved confidence across the rural property sector generally.

Weather conditions and production outcomes

Weather conditions during the first half were, on balance, supportive for

agricultural production. Good rainfall across much of New Zealand underpinned

above average pasture growth, benefiting dairy and sheep and beef systems by

supporting livestock condition and reducing reliance on supplementary feed.

There were, however, several damaging regional weather events. Hail damage

across parts of the Canterbury Plains impacted some arable and horticultural

operations, while the cyclonic events early this year caused localised disruption

to farming systems and infrastructure in the north. Outside these regions,

relatively benign conditions allowed farmers and growers to focus on production

optimisation.

Operational performance and strategic progress

Against this backdrop, PGW delivered improved performance across several

key areas of the business. Gains in agronomy and animal health reflected both

favourable market conditions and the Group’s continued investment in capability

and technical expertise. Livestock

-

related services benefitted from strong

demand and farmer confidence, while rural retail activity remained steady and

followed seasonal expectations. At the same time, PGW invested in strategic

initiatives designed to strengthen its market position and enhance customer

value. Investments during the period included the acquisition of animal health

manufacturer, Nexan Group and the launch of PGW’s Blue Ag™ product label.

These initiatives further enhance PGW’s offering across agronomy and innovation,

positioning the Group to support customers through increasingly complex

production, regulatory, and environmental challenges.

Cashflow and debt |

Te Kapewhiti me te Nama

PGW recorded an operating cash outflow of $49.9 million for the first six months

of the financial year. This represented an $18.9 million higher outflow versus the

prior comparative period of $31.0 million.

The higher operating cash outflow was a result of the seasonal increase in

working capital over the spring trading period. Stronger trading in the Retail and

Water and Livestock businesses together with higher livestock values resulted in

higher net working capital movements (including GO-STOCK) of $22.3 million

versus the prior comparative period. Operating EBITDA was $4.4 million

higher than the interim period to 31 December 2024. Tax payments were

$1.4 million higher.

Cashflows from investing activities were $20.5 million, an increase of $15.2 million

versus the prior comparative period. This included $19.7 million in respect of the

Nexan Group acquisition, along with fixed asset and intangible purchases

of $2.3 million, partially offset by proceeds from fixed asset disposals totalling

$1.5 million.

Lease liability payments increased by $0.6 million. The final FY25 dividend

payment of $3.0 million was made in October 2025. Net interest-bearing debt

was up $64.0 million from 31 December 2024 to be $170.7 million.

Distributions |

Ngā Utu Whaipānga

The Board declared a fully imputed interim dividend of 4.5 cents per share which

will be paid on 8 April 2026 to shareholders on PGW’s share register as at 5pm on

26 March 2026.

People and Safety |

Ngā Tāngata me te Haumarutanga

During the first half of the year, the People and Safety team advanced several

initiatives to support leadership development, safety culture, and organisational

effectiveness. The Alumni Programme for PGW’s ‘TO LEAD’ leadership cohort

was launched to provide ongoing development and continuity for emerging

leaders. PGW Safety Connections were embedded as KPIs for senior leaders and

key operational teams, strengthening engagement around safe behaviours and

reinforcing PGW’s health, safety, and wellbeing priorities. In addition, several core

health and safety standards were approved, enhancing frameworks for critical

risk management, contractor oversight, incident reporting, and our Annual

Improvement Plan.

The team provided significant support across the business through change

management activity and onboarding for the Nexan acquisition.

Labour market conditions remained mixed, with shortages persisting for

specialist roles while solid applicant volumes continue for entry-level and team

management positions. This reflects PGW’s favourable employer brand.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

8

|

PGG WRIGHTSON LIMITED

Chair and Chief Executive Officer’s report continued
Max Rewards Loyalty Programme | Whiwhinga Mōrahi pono hōtaka

The Max Rewards loyalty programme continues to strengthen customer

engagement and supports retention across the PGW customer base. Insights

generated through the loyalty platform are valuable, informing more data driven

decision making across the Group.

Governance changes |

Ngā Panonitanga Mana Whakahaere

Wilson Liu was appointed as an Independent Director from 1 July 2025. He

became a member of the Audit Committee on 12 August 2025 and Chair of the

Audit Committee on 14 October 2025.

On 14 October 2025, Independent Chair Garry Moore and Independent Deputy

Chair Sarah Brown were not re-elected at the Annual Shareholders’ Meeting and

ceased to hold office as directors. For a short period immediately following the

meeting, PGW had three directors and only one New Zealand resident director

and therefore did not comply with the minimum number required under the

governance requirements of the NZX Listings Rules and PGW’s Constitution.

Consequently, PGW went into a trading halt for the remainder of that trading

day while these matters were rectified. Later, on the same date, John Nichol

was appointed by the PGW Board and joined as an Independent Director and a

member of the Audit Committee. The appointment of John Nichol rectified the

non-compliance matters with the board composition thereafter complying with

the requirements of having two New Zealand resident directors in compliance

with the NZX Listing Rules and a Board of four directors in accordance with PGW’s

constitution.

On 16 October 2025 it was announced that the PGW Board had resolved to

appoint John Nichol as Independent Chair of PGW.

Outlook |

Matapae

Looking ahead for the remainder of the financial year, the operating environment

is expected to continue to be predominantly positive and present both

opportunities and challenges for PGW and the wider sector. Overall conditions

across agriculture remain favourable, with most parts of the sector performing

well, supported by firm global demand and strong commodity pricing.

The red meat market remains a particular source of strength, underpinned by

constrained global supply and elevated pricing. Global beef herds, especially in

the United States, remain at long

-term lows, supporting record pricing for New

Zealand beef. Sheepmeat is also benefiting from good export demand. Wool has

also shown renewed momentum, with improving demand supporting greater

price stability. These conditions support positive farmgate returns and underpin

farmer confidence.

Horticulture continues a moderately steady expansion, led by kiwifruit and

apples. Rising export volumes and resilient pricing reflect sustained offshore

demand for high

-quality New Zealand produce. Viticulture and arable cropping

remain the key exceptions, with subdued demand continuing to weigh on

grower confidence and investment decisions.

Confidence in the rural real estate market is expected to continue, supported

by stabilising dairy profitability and lower interest rates. These factors have

reactivated buyer interest, particularly for high

-quality, well-developed dairy and

sheep and beef finishing properties.

Broader economic indicators are encouraging. A softer New

Zealand dollar is

benefiting exporters, although this is partially offset by higher imported input

costs.

Together, these trends contribute positively to farm incomes and support an

optimistic outlook for the rural servicing sector. PGW is well placed to support

its farmer and grower customers and to capture opportunities arising from the

forecast export demand.

While remaining mindful of ongoing challenges, the Group is optimistic about

the remainder of the financial year and remains on track to deliver its forecast

2026 full

-

y

ear Operating EBITDA guidance of around $64 million.

Acknowledgements |

Ngā whakamihi

We are grateful for the contribution of our nationwide team of specialists and

their commitment to supporting customers, rural communities, and each other.

We acknowledge the loyalty of our customers and the collaboration of our

suppliers. Thank you to our shareholders for their continued confidence in PGW

as we work to deliver long term value.

John Nichol

Chair

Stephen Guerin

Chief Executive Officer

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

9

|

PGG WRIGHTSON LIMITED

Chris Lambert, Fruitfed Supplies Technical Specialist,
and Laura Morgan, Fruitfed Supplies Technical Advisor,

plant a squash trial at the PGW and Fruitfed Supplies

Research Station in Hawke’s Bay.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

10

|

PGG WRIGHTSON LIMITED

R&D Facility
PGW acquired the lease of the Geelen Family Trust Research Station in Hastings in September

2025, strengthening our long standing commitment to research and development. The 2.8

hectare site provides a dedicated hub for horticultural and agricultural trials. The site provides

our team with a training facility, so our customers are well placed to directly benefit from

PGW’s strengthened position in offering emerging technologies and innovative product

development. This enhances our technical capability and supports our strategic objective to

deliver customer focused innovation and enhance PGW’s differentiated offering.

Nexan Animal Health Acquisition & Blue Ag™ Launch

During the period PGW acquired the Nexan Group, owner of the Nexan and Vetmed animal

health brands. This acquisition strengthens our position by bringing within the Group this

trusted New Zealand made product range which tailors products to meet the needs of our

customers’ operations in the New Zealand environment. This initiative aligns with PGW’s

commitment to innovation, technical expertise, and support of rural communities. Nexan’s

proven R&D capability enhances Agritrade’s offering, supporting our strategy to deliver smart

and sustainable solutions for farmers and growers.

The acquisition and transition of Nexan’s operations into PGW Group has gone smoothly and

has been received positively by the business and the market. The Nexan business is trading

well and operationally we are seeing the benefits of the well-aligned strategic fit. The focus

now is on maintaining the seamless continuity of Nexan’s operations and leveraging off the

growth opportunities this business will provide over time.

Another key growth initiative, Blue Ag

TM

our private label ag-chem range, was launched and

has been through its first trading season. The new portfolio of registered active ingredients

improves supply resilience, provides price point control, and offers customers greater choice.

Early adoption has been positive, with growing sales across Rural Supplies and Fruitfed

Supplies.

Rural Supplies |

Ngā Whakaratonga Taiwhenua

Rural Supplies delivered improved sales and earnings compared to the prior period, supported

by demand across agronomy, as well as animal health and nutrition categories.

The prolonged calf rearing season placed pressure on certain categories including calf

milk replacer. While supply continuity was achieved, elevated demand created operational

challenges for store teams and supply chains during peak periods.

PGW continues to invest in its retail footprint with the opening of two new purpose built sites.

The Invercargill Rural Supplies store and Regional office moved adjacent to the existing PGW

Wool store and the Ohakune Fruitfed store relocated to a new building. These modern facilities

provide an enhanced customer experience, better product flow between retail areas and bulk

warehouses, and strengthened operational and safety outcomes.

Investment in people and capability remained a priority throughout the half year. Continued

focus on technical training and developing specialist expertise to strengthen the consistency

of customer advice has seen improved on-farm engagement and execution across regions.

Fruitfed Supplies |

Ngā Whakaratonga ā-Huawhenua

Fruitfed Supplies delivered steady performance through the half year, with revenue ahead of

the prior comparative period. Market share remained strong, reflecting the trust and loyalty of

our customers and the value they place on Fruitfed’s technical capability, service reliability, and

comprehensive product offering.

Encouragingly, the kiwifruit and apple sectors continued to show confidence, with ongoing

orchard investment, new plantings, and varietal development. However, the broader

horticultural environment was mixed, with headwinds in parts of the viticulture and vegetable

sectors. Global oversupply in the wine sector has impacted viticultural returns, constraining

near-term grower confidence and investment decisions. Fruitfed Supplies continues to work

closely with growers, providing technical guidance, targeted product solutions, and reliable

supply chain support to help manage the challenges.

A key initiative this year was the launch of PGW’s internal agronomy qualification, formally

recognising the title of ‘agronomist’ within the horticultural sector. Developed with Primary

ITO, this NZQA approved micro credential fills a long standing gap by providing recognised

and practical training for those supporting critical crop decisions. The programme focuses

on hands on skills, systems based thinking, and ongoing professional development which

strengthens specialist knowledge and supports the delivery of trusted expertise to growers.

The Retail & Water business incorporates Rural Supplies,

Fruitfed Supplies, Water, and Agritrade. Operating EBITDA for

Retail & Water was $41.8 million (up $2.3 million or 6%), and

revenue was $528.6 million (up $38.3 million or 8%) on the

prior corresponding period, supporting the observation that

PGW continues to gain share in some market categories.

Competitive pressure in the rural servicing sector remains

robust, with some tactical sales practices in the market to

acquire business that look unsustainable. Increased quoting

activity and incidences of below cost offers create margin

pressure, though this is not a new phenomenon in the highly

competitive rural servicing market.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

11

|

PGG WRIGHTSON LIMITED

Retail & Water Group

Rōpū Hokohoko me te Wai

Rural SuppliesFruitfed SuppliesWater & Irrigation

Agritrade

Water & Irrigation | Te Wai me te Whakamākūkū
Water achieved growth in the first half of FY26, supported by buoyant project activity and

solid enquiries for irrigation systems. Service performance remains a growing contributor,

with increased repair, maintenance, and upgrade work. The appointment of dedicated Service

Managers at our Rangiora and Ashburton sites improved scheduling, customer communication,

and service coordination across branches.

Service activity increased substantially following significant wind events in Canterbury and Otago,

which caused damage to irrigation infrastructure. The Water team proactively prioritised timely

response and repair solutions to help restore system functionality and assist customers through

the consequential disruption.

Sector wide contractor shortages delayed some installations, requiring careful workflow

management and customer communication. Supply chain delays created short term challenges

during peak periods. Wet weather also impacted installation timing and service scheduling.

Continued investment in technician and electrician training enhanced the business’ ability to

deliver complex repair and upgrade work.

Agritrade |

Tauhokohoko Ahuwhenua

Agritrade, our wholesale business division, delivered a solid first half. A targeted campaign for our

Time Capsule

TM

product generated positive engagement, with veterinary clinics appreciating the

focused approach to protect livestock against facial eczema. These initiatives, along with early

summer on-farm promotions, created valuable customer touchpoints and contributed to sales

gains in our animal health range.

The integration of Nexan progressed well, including manufacturing continuity, staff onboarding,

and systems integration. Market feedback has been favourable, reinforcing the acquisition’s

strategic fit and strengthening PGW’s position in animal health. Agritrade’s focus is now on

leveraging this acquisition for growth while maintaining a seamless service to vet clinics and

retailers.

Agritrade launched the distribution of the Blue Ag

TM

range from its warehouses, reinforcing its role

as a core logistics and distribution partner for PGW’s proprietary and strategic brand portfolio.

Retail & Water Group continued

Peter Wright, Senior Territory Manager – Agritrade,

discusses heifer growth rates with Matt at a dairy

support block in Waikato.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

12

|

PGG WRIGHTSON LIMITED

Lachie Crafar, PGW Trainee Livestock Representative,
assesses and values lambs at the 2025 Mt Arrowsmith

Lamb Sale, Ashburton Gorge, Mid Canterbury.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

13

|

PGG WRIGHTSON LIMITED

2024 May
2024 Jun

2024 Jul

2024 Aug

2024 Sep

2024 Oct

2024 Nov

2024 Dec

2025 Jan

2025 Feb

2025 Mar

2025 Apr

2025 May

2025 Jun

2025 Jul

2025 Aug

2025 Sep

2025 Oct

2025 Nov

2025 Dec

2026 Jan

2026 Feb

Source: Fonterra. Graph shows the forecast 2024/25 milk price up until May 2025, after this date the forecast 2025/26 milk price is shown.

Farmgate Midpoint Milk Prices

12.00

11.00

10.00

9.00

8.00

7.00


$/kgMS

All Grades Lamb - $/head

260

240

220

200

180

160

140

120

100

$/head

Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25

Source: Beef + Lamb New Zealand

Prime Steer & Heifer - 270-295kg - c/kg

1,000

900

800

700

600

500

c/kg

Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25

Source: Beef + Lamb New Zealand

Livestock / Ngā Kararehe

The Livestock business delivered an exceptional first half performance, underpinned by

strong livestock prices and high saleyard throughput.

Cattle continued to be in high demand, with prices significantly ahead of the prior

year, supported by firm beef schedules. This encouraged increased trading activity with

many farmers capitalising on the favourable market. Values also supported increased

calf rearing and sales. However, commission rates came under pressure due to robust

demand.

Sheep prices were significantly higher than last year, with lamb and mutton schedules

at historic levels. Sheep tallies in the North Island remained under pressure due to

weather events impacting lambing survival rates. Conversely volumes were robust in

the South Island. As with cattle, high prices placed downward pressure on commissions,

prompting increased use of flat headage arrangements. More livestock was sold via

auction and private treaty relative to prime channels.

Confidence in the dairy sector improved on the back of strong milk prices, although

seasonal dynamics meant fewer dairy transactions in the first half of the period as

many farmers chose to retain stock to maximise the improved payout returns. Forward

contract interest remained high in both volume and pricing.

Our GO-STOCK offering helps sheep, beef, dairy, and deer farmers manage cashflow by freeing up

capital for reinvestment elsewhere in their businesses. Demand for these products continues to

grow, especially from new clients, with a large number of new contracts being signed. We achieved

a new record high for GO-STOCK receivables during the period.

In the deer velvet market, export pricing uncertainty delayed contract signings in November.

This was resolved in late December which led to large volumes of all grades contracted. PGW’s

disciplined approach of holding stock rather than accepting low-priced offers earlier in the season

paid off benefitting growers and PGW alike.

Saleyard throughput continued to be strong across the network, achieving good growth and

higher pricing levels for all stock types. PGW continued to invest in saleyard infrastructure

to enhance staff safety, animal welfare, environmental outcomes, and operating efficiencies.

Significant progress was made with improved saleyard perimeter controls, stock management,

regulatory compliance systems, and new operating technology.

bidr® made gains through the first half of FY26, supported by sustained demand for online bidding

and livestreaming in saleyards and on farm auctions. The successful launch of regular online

integration at Canterbury Park and Temuka expanded bidr’s® national footprint to 16 saleyards.

Growing demand for hybrid on farm and saleyard integration reflects broader market trends.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

14

|

PGG WRIGHTSON LIMITED

Agency Group

Rōpū umanga

Our Agency group includes Livestock, Wool, and Real Estate.

Agency delivered an Operating EBITDA of $8.7 million for the first

six months of the 2026 financial year, an increase of $1.8 million or

27% compared with the same period last year. Revenue was $89.8

million, up $10.7 million or 14% compared to the prior period.

LivestockWoolReal Estate

Range band Midpoint ($) per kgMS

New Zealand Wool Exports - All Wool
10,000

7,500

5,000

2,500

0

tonnes

$ per tonne

2023 Jul

2023 Sept

2023 Nov

2024 Jan

2024 Mar

2024 May

2024 Jul

2024 Sep

2024 Nov

2025 Jan

2025 Mar

2025 May

2025 Jul

2025 Sep

2025 Nov

tonnes clean $ per tonnes clean

Agency Group continued

A strategic priority for PGW Livestock is to add value for our customers

through growing supply chain partnerships with processors. Headage

volumes with key partners remained ahead of the prior period as more

livestock was transacted through these relationships. Our supply chain

partnerships continued to strengthen, supported by a new Livestock

Manager role in the South Island, in addition to the North Island role that

was filled in the prior financial year.

PGW’s young auctioneers showcased their talent at the 14

th

annual

Heartland Bank Young Auctioneers Competition in November 2025, with

PGW Livestock Representative Lars Hardy securing first place.

Wool |

Wūru

Momentum continued to build across the strong wool market through the

first six months of FY26, with prices maintaining their upward trajectory

and providing a more positive outlook for growers. The average price

across all strong wool types lifted by approximately 25% compared to the

same period last year, reflecting tightening supply and solid international

demand. Revenue increased over the period, supported by the increased

pricing.

Real Estate |

Hokohoko Whenua

PGW Real Estate delivered a pleasing first half performance, supported by

continued confidence and improving profitability in the rural sector. Rural

sales remained the primary driver of growth, with dairy properties performing

particularly well in the Lower South Island. The resurgence of activity in kiwifruit

resulted in the sector showing its greatest momentum in years. However, ongoing

challenges within the viticultural industry have created some hesitancy in this

market.

While the market remains favourable, it is sensitive to uncertainty in the global

political environment, which has the potential to stall momentum in rural

property. Increasing competition on commission rates also remains an industry

phenomenon requiring management by real estate agencies.

Trading conditions appear positive heading into the second half of FY26, supported

by a steady listing pipeline across rural, lifestyle, and residential. Buyer activity

remains predominantly local and regional. Autumn typically brings heightened

activity in sheep and beef farm sales, a category that has been challenging in

recent periods. Early signs suggest the potential for improved momentum in the

second half with some exceptional properties coming to the market. Increased

activity in the provinces is also contributing positively to lifestyle and residential

sales performance.

The PGW Real Estate strategy is being refreshed to ensure the business remains

well positioned for growth. Recent recruitment in the East Coast and Lower North

Island had a positive impact, with the regions showing notable improvement on

prior periods.

Australian sheep numbers remain historically low, prompting exporters to source

greater volumes of New Zealand wool to meet orders. Global fundamentals remain

supportive, with constrained supply and growing interest in wool as a natural,

renewable fibre. Ongoing buying activity from China has played an important role in

underpinning market values.

October marked a significant milestone with the successful trial of the first combined

national wool sale held in Christchurch, bringing brokers together in a single,

transparent marketplace. The well supported collaboration between brokers and

exporters was encouraging and represents a constructive step toward exploring a

more efficient and sustainable auction model.

PGW Wool advanced its partnership with Wools of New Zealand, exploring supply

chain efficiencies, structural cost reductions, and better utilising existing infrastructure.

Both businesses continue to compete independently to ensure growers retain choice.

The collaboration has been positively received by the sector and underscores PGW’s

commitment to practical, sector wide solutions that strengthen long term interests of

New Zealand wool growers.

The recent announcement of tariff reductions into China and India are a welcome

development and are expected to support market access and competitiveness. With

supply remaining tight and demand steady, we anticipate continued stability in market

fundamentals over the second half of the financial year.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

15

|

PGG WRIGHTSON LIMITED

New Zealand Wool Exports - Strong Wool

10,000

7,500

5,000

2,500

0

tonnes

$ per tonne

tonnes clean $ per tonnes clean

2023 Jul

2023 Sept

2023 Nov

2024 Jan

2024 Mar

2024 May

2024 Jul

2024 Sep

2024 Nov

2025 Jan

2025 Mar

2025 May

2025 Jul

2025 Sep

2025 Nov

10,000

7,500

5,000

2,500

0

Source: Beef + Lamb New Zealand Economic Service

10,000

7,500

5,000

2,500

0

PGW continues to strengthen its sustainability performance within
an increasingly dynamic primary sector environment. Sustainability

is embedded within the PGW Group Strategy and further guided

by our Sustainability Strategy and Climate Transition Plan, both

available on our website. As New Zealand’s reporting standards

continue to mature and stakeholders seek greater transparency

around organisational resilience and sustainability practices,

PGW remains committed to delivering consistent, robust, and

high

-quality sustainability disclosures.

Sustainability

Toitūtanga

Greenhouse Gas Emissions

PGW’s vehicle fleet remains the largest source of operational emissions, and we continue to

see a downward trend as newer, lower-emission t

echnologies are introduced. During the

six-month period, PGW introduced its first electric fleet vehicle, welcoming the Nissan Ariya

as part of the fleet line-up. This is in addition to the two electric pool vehicles available at

the Christchurch head office.

The total number of both hybrid and electric vehicles in the fleet is now more than 70,

a 300% increase compared with this time last year – driving down both fuel costs and

emissions for the business. PGW continues its purchase of renewable energy certificates

through Meridian, now entering its third year. These certificates support decarbonisation

efforts in both business and community projects across New Zealand.

Cash for Communities

The Cash for Communities programme has now contributed an incredible $1 million to

rural New Zealand since its launch in 2011. The programme, delivered by PGW, Ballance

Agri-Nutrients and our agchem suppliers is a way for farmers, growers, and contractors to

give back to their local community. Last year’s campaign was supported by our store teams,

field reps, and more than 7,000 participating farmers, growers, and contractors.

The programme continues to support the organisations at the heart of rural New

Zealand,

from schools and emergency services to volunteer-run groups that strengthen community

wellbeing. We have begun contacting donation recipients and we look forward to sharing

their stories as we celebrate this milestone throughout the year.

Supply Chain Due Diligence

PGW continues to strengthen supply chain due diligence as part of our commitment to

responsible and ethical business practice. Maintaining a clear understanding of our supply

partners is essential, and traceability remains increasingly important to our customers. Our

due-diligence approach in working to prioritise high-risk categories and improve our data

collection over time.

We are enhancing the integrity of our quality frameworks by improving internal retail

systems, conducting recall simulations, and maintaining external assurance over these

processes. As New Zealand moves toward modern slavery legislation, ethical sourcing and

transparency across our supply chain are more important than ever.

Reporting Frameworks

In September 2025, PGW released its Sustainability Report and Climate Statement, marking

our second year of reporting under the New Zealand Climate Standards. Although

proposed changes to reporting thresholds mean PGW may no longer be classified as

a climate-reporting entity, we will continue to use the Climate Standards to inform our

report. We see strong value in using a recognised and credible framework that supports

transparency, maintains consistency in our reporting approach and helps meet increasing

stakeholder expectations.

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

16

|

PGG WRIGHTSON LIMITED

PGW’s new electric vehicle,

the Nissan Ariya.

ReportingSupply ChainEmissionsSponsorships

HALF YEAR REPORT
|

FOR THE PERIOD ENDED 31 DECEMBER 2025

17

|

PGG WRIGHTSON LIMITED

Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira

The Interim Consolidated Financial

Statements contained on pages 18–25

have been approved by the Board of

Directors on 23 February 2026.

John Nichol

Chair

Wilson Liu

Director and Audit Committee Chair

Key Financial

Disclosures

Ngā Whakapuakanga Pūtea Hira

For the six months ended 31 December 2025

Mō ngā marama e ono ki te 31 o Tīhema 2025

Paul Thomson, PGW Salesperson, discusses growth rates

with Hannah Jordan, owner of Saddleview Greens, ahead

of the property’s sale in Mosgiel, Otago.

18
|

PGG WRIGHTSON LIMITED HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

PGG WRIGHTSON LIMITED

Interim Consolidated Statement of Profit or Loss

For the six months ended 31 December 2025

Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira

PGG WRIGHTSON LIMITED

Interim Consolidated Statement of Other Comprehensive Income

For the six months ended 31 December 2025

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024

$000 $000 $000

Net profit after tax 17,253 10,664 15,972

Items that will not be reclassified to profit or loss

Remeasurements of defined benefit liability


(216)


585


273

T

ax on remeasurements of defined benefit liability

(111)


(273)


(186)

T

otal other comprehensive income/(loss) for the period

(327)


312


87

T

otal comprehensive income for the period

16,926


10,976


16,059

T

he accompanying notes form an integral part of these consolidated financial statements.

UNAUDITED AUDITED UNAUDITED

6

MONTHS TO

1

2 MONTHS TO

6

MONTHS TO

DEC 2025 JUN 2025 DEC 2024

N

OTE


$000 $000 $000

Operating revenue 619,406 975,344 570,281

Cost of sales

(467,505)


(720,347)


(430,976)

Gross profit 151,901 254,997 139,305

Other income 141 952 213

Employee expenses

(78,619)


(146,637)


(72,568)

O

ther operating expenses

(27,696)


(53,181)


(25,584)

O

perating EBITDA

45,727


56,131


41,366

Non-operating gains

202


1,119


1,255

D

epreciation and amortisation expense

(17,091)


(31,066)


(15,014)

EBIT


28,838


26,184


27,607

Net int

erest expense

1


(5,360)


(11,186)


(5,765)

F

oreign exchange gain

1


598


821


690

F

air value gain/(loss) on foreign exchange derivatives

1


132


(1,827)


(835)

Profit before income tax 24,208 13,992 21,697

Income tax expense

(6,955)


(3,328)


(5,725)

N

et profit after tax

17,253


10,664


15,972

B

asic & diluted earnings per share (EPS)

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024


$ $ $

Basic & diluted EPS 2 0.229 0.141 0.212

The accompanying notes form an integral part of these consolidated financial statements.

19
|

PGG WRIGHTSON LIMITED

HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira

PGG WRIGHTSON LIMITED

Interim Segment Report

For the six months ended / as at 31 December 2025

A. Operating segments

The Group has two primary operating segments,

Agency and Retail & Water, which are the Group's

strategic divisions. These operating segments

operate within New Zealand.

The two operating segments offer different

products and services, and are managed separately

because they require different skills, technology

and marketing strategies. Within each segment,

further business unit analysis may be provided

to management where there are significant

differences in the nature of activities. The Chief

Executive Officer and Chairman of the Board

reviews internal management reports on each

strategic business unit on at least a monthly basis.

C. Operating segment information

AGENCY RETAIL & WATER OTHER (NON–OPERATING) TOTA L

UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO 6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024 DEC 2025 JUN 2025 DEC 2024

$000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000 $000

Sales revenue 31,904 84,977 29,713 517,876 759,215 482,445 823 1,157 754 550,603 845,349 512,912

Commission revenue 53,682 107,938 45,536 40 88 58 18 30 (13) 53,740 108,056 45,581

Construction contract revenue – – – 10,074 12,368 7,221 – – – 10,074 12,368 7,221

I

nterest revenue on GO-STOCK receivables

3,856


7,181


3,397














3,856


7,181


3,397

I

nterest revenue on overdue debtor accounts

155


427


278


396


891


336


10


37


16


561


1,355


630

Sublease income


243


434


217


213


402


202


116


199


121


572


1,035


540

T

otal external operating revenues

89,840


200,957


79,141


528,599


772,964


490,262


967


1,423


878


619,406


975,344


570,281

Cost of sales (39,378) (98,086) (34,783) (427,646) (621,575) (395,756) (481) (686) (437) (467,505) (720,347) (430,976)

G

ross profit

50,462


102,871


44,358


100,953


151,389


94,506


486


737


441


151,901


254,997


139,305

O

ther income

141


952


212












1


141


952


213


Employee expenses (26,502) (51,367) (23,718) (37,807) (68,780) (35,590) (14,310) (26,490) (13,260) (78,619) (146,637) (72,568)

Other operating expenses

(15,412)


(28,994)


(14,006)


(21,390)


(40,459)


(19,418)


9,106


16,272


7,840


(27,696)


(53,181)


(25,584)

O

perating EBITDA 8,689 23,462 6,846 41,756 42,150 39,498 (4,718) (9,481) (4,978) 45,727 56,131 41,366

Non-

operating gains/(losses)

14


1,166


1,155


(6)


(112)


22


194


65


78


202


1,119


1,255

Depreciation and amortisation expense (5,252) (9,875) (4,907) (10,342) (17,329) (8,586) (1,497) (3,862) (1,521) (17,091) (31,066) (15,014)

EBIT


3,451


14,753


3,094


31,408


24,709


30,934


(6,021)


(13,278)


(6,421)


28,838


26,184


27,607

Net int

erest expense

(3,631)


(8,470)


(4,132)


(5,410)


(10,938)


(5,647)


3,681


8,222


4,014


(5,360)


(11,186)


(5,765)

F

oreign Exchange gain/(loss) 229 863 687 373 (46) – (4) 4 3 598 821 690

Fair value gain/(loss) on foreign exchange derivatives

(251)


(1,611)


(1,520)


383


(216)


685








132


(1,827)


(835)

P

rofit/(loss) before income tax

(202)


5,535


(1,871)


26,754


13,509


25,972


(2,344)


(5,052)


(2,404)


24,208


13,992


21,697

I

ncome tax benefit/(expense)

83


(2,196)


405


(7,549)


(5,786)


(8,446)


511


4,654


2,316


(6,955)


(3,328)


(5,725)

N

et profit/(loss) after tax

(119)


3,339


(1,466)


19,205


7,723


17,526


(1,833)


(398)


(88)


17,253


10,664


15,972

T

otal segment assets

204,395


234,147


177,242


528,330


249,439


439,889


10,918


46,094


42,700


743,643


529,680


659,831

T

otal segment liabilities

(69,401)


(104,908)


(64,328)


(293,347)


(146,372)


(287,096)


(193,197)


(104,590)


(127,615)


(555,945)


(355,870)


(479,039)

T

he accompanying notes form an integral part of these consolidated financial statements.

The Group's segments are described below:


A

gency: This segment derives its revenue primarily from commissions in respect

of rural Livestock, Wool and Real Estate transactions. This segment also derives

revenue from wool and velvet product sales, and interest revenue from its GO-STOCK

receivables.



Retail &

Water: This segment includes the Rural Supplies and Fruitfed Supplies retail

operations, Agritrade, PGG Wrightson Water, ancillary sales support and supply chain

functions. This segment derives its revenue primarily from the sale of goods as well as

the design, installation and servicing of irrigation solutions.



O

ther (non-operating): Other relates to certain Group Corporate activities

including Governance, Finance, Treasury, Risk and Assurance, and other support

services (such as corporate property services and marketing). The Marketing function

derives sales revenue from the Group's rewards and on-charging programmes.

Assets and liabilities allocated to each business unit combine to form total assets and

liabilities for the Agency and Retail & Water business segments. Certain other assets and

liabilities are held at a Corporate level including those for the Corporate functions noted

above. Similarly, the profit or loss for each business unit combines to form total profit or

loss of the Agency and Retail & Water business segments. Certain other revenues and

expenses are recorded at the Corporate level for the Corporate functions noted above.

Corporate costs allocation

The Group allocates certain Corporate costs to an operating segment where they can

be directly attributed to that segment or using the following methods:



IT har

dware, support, licence and other costs are allocated on a per user basis.


P

roperty costs which are not directly attributable are allocated on a property space

utilisation basis.


Business operations costs (

Accounts Payable, Accounts Receivable, Call Centre) are

allocated based on FTE usage by each operating segment or transactional volumes.

Credit Services costs are allocated to the operating segment to which the overdue

accounts relate.

From 1 July 2025 the Group began internally allocating interest expense to the operating

segments based on capital employed (excluding equity) with this allocation recorded within

net interest expense. Comparative amounts have been updated to reflect this change.

Other costs such as non-operating gains/losses, impairment and fair value gains/losses,

foreign exchange items and income tax expense are not fully allocated by the Group

across the operating segments. The Group Governance, Finance, Treasury, and Risk &

Assurance functions continue to be reported outside of the operating segments.

B.


G

eographical segment

The Group operates within New Zealand only and its revenue is derived primarily from

New Zealand.

20
|

PGG WRIGHTSON LIMITED HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira

PGG WRIGHTSON LIMITED

Interim Consolidated Statement of Cash Flows

For the six months ended 31 December 2025

PGG WRIGHTSON LIMITED

Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities

For the six months ended 31 December 2025

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024

$000 $000 $000

Net profit after tax 17,253 10,664 15,972

Add/(deduct) non-cash/non-operating items:

Depreciation and amortisation

17,091 31,066 15,014

Net bad debts written off/(recovered) 110 716 126

I

ncrease/(decrease) in provision for impaired trade receivables, GO-STOCK receivables

and contract assets

(424) (881) (320)

Loss/(gain) on sale of assets and investments, and lease terminations (150) (1,219) (1,240)

F

oreign exchange loss/(gain)

108


237


212

D

eferred tax expense/(benefit)



4,079


(886)


202

D

efined benefit expense/(gain)

(76)


(24)


(41)

P

ension contributions not expensed through profit or loss (459) (308) (308)

Equity accounted earnings (147) (990) –

O

ther non-cash/non-operating items

(166)


21


(175)

A

dd/(deduct) movement in working capital items:

Change in inventories

(25,622)


(4,774)


(18,112)

Change in accounts r

eceivable, GO-STOCK receivables and prepayments (178,152) (52,236) (171,653)

Change in trade creditors, provisions and accruals 110,794 25,749 121,060

Change in other current assets/liabilities 1,766 1,004 2,754

Change in w

orking capital due to acquisition of subsidiary

2,382





A

dd/(deduct) movement in taxation items:

Change in income tax payable/receivable 1,750 4,258 5,495

Net cash flow from operating activities

(49,863)


12,397


(31,014)

T

he accompanying notes form an integral part of these consolidated financial statements.

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024

NOTE $000 $000 $000

Cash flows from operating activities

Cash was provided from:

Receipts from customers

439,095 916,631 397,212

Dividends received 1 6 2

Interest received 4,565 8,921 4,244

Income tax received – 44 –

443,661


925,602


401,458

C

ash was applied to:

Payments to suppliers and employees (486,851) (903,108) (427,171)

L

ump sum contribution to PGG Wrightson Employee Benefits Plan

(459)


(308)


(308)

I

nterest paid (2,658) (5,379) (2,711)

I

nterest paid on lease liabilities

(2,091)


(4,410)


(2,254)

I

ncome tax paid (1,465) – (28)

(493,524)


(913,205)


(432,472)

N

et cash inflow/(outflow) from operating activities

(49,863)


12,397


(31,014)

C

ash flows from investing activities

Cash was provided from:

Proceeds from sale of property, plant and equipment


1,468


2,808


2,749

Dividend r

eceived from jointly controlled entity



392


232

1,468 3,200 2,981

Cash was applied to:

Purchase of property, plant and equipment


(2,261)


(6,929)


(2,663)

P

urchase of intangibles (3) (10,499) (5,584)

A

cquisition of subsidiary

7


(19,660)





A

dvance to jointly controlled entity – (17) (17)

(21,924) (17,445) (8,264)

N

et cash (outflow) from investing activities

(20,456)


(14,245)


(5,283)

C

ash flows from financing activities

Cash was provided from:

Increase in external borrowings and working capital debt

87,880


25,182


46,050

87,880


25,182


46,050

C

ash was applied to:

Dividends paid to shareholders

(3,038) (1,899) –

R

epayment of principal portion of lease liabilities

(11,801)


(22,608)


(11,174)

(14,839) (24,507) (11,174)

N

et cash inflow from financing activities

73,041


675


34,876

Net incr

ease/(decrease) in cash held

2,722


(1,172)


(1,421)

Opening cash and cash equivalents at the beg

inning of period

2,613


3,785


3,785

C

ash and cash equivalents at the end of the period

3


5,335


2,613


2,364

T

he accompanying notes form an integral part of these consolidated financial statements.

21
|

PGG WRIGHTSON LIMITED HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira

PGG WRIGHTSON LIMITED

Interim Consolidated Statement of Financial Position

For the six months ended 31 December 2025


UNAUDITED AUDITED UNAUDITED

DEC 2025 JUN 2025 DEC 2024

N

OTE


$000 $000

$000

ASSETS

Current

Cash and cash equivalents

3


5,335


2,613


2,364

Short-term derivative assets 133 227 629

Trade and other receivables 355,598 159,769 313,932

GO-STOCK receivables 3 63,536 79,142 46,517

Inventories

125,717


100,074


113,965

Other current assets 2,248 4,329 1,486

Total current assets



552,567


346,154


478,893


Non-current

Long-term derivative assets


3


13



D

eferred tax asset

878


7,115


6,114

I

nvestments in equity accounted investees

1,403


1,256


455

A

dvance to equity accounted investees





17

GO

-STOCK receivables

3


543


2,300


208

O

ther investments

253


242


398

I

ntangible assets

43,782


38,706


35,088

G

oodwill

7


11,362





R

ight-of-use assets

4


81,151


81,332


87,407

P

roperty, plant and equipment

5


51,182


52,362


51,251

D

efined benefit asset

519


200



T

otal non-current assets

191,076


183,526


180,938

T

otal assets

743,643


529,680


659,831

LIABILITIES

C

urrent

Short-term derivative liabilities

1,096


1,425


861

Accounts payable and accruals 285,940 175,205 270,944

Short-term lease liabilities

23,281


21,359


21,914

I

ncome tax payable 2,779 1,029 2,267

T

otal current liabilities

313,096


199,018


295,986


Non-current

Long-term debt


3


176,063


88,182


109,050

L

ong-term derivative liabilities

250


151


112

L

ong-term lease liabilities

63,795


65,789


71,038

L

ong-term provisions

2,741


2,730


2,758

D

efined benefit liability





95

T

otal non-current liabilities

242,849


156,852


183,053

T

otal liabilities

555,945


355,870


479,039

EQUIT

Y

Share capital


372,318


372,318


372,318

Reserves 16,609 16,785 16,560

R

etained earnings/(deficit)

(201,229)


(215,293)


(208,086)

T

otal equity

187,698


173,810


180,792

T

otal liabilities and equity

743,643


529,680


659,831

T

he accompanying notes form an integral part of these consolidated financial statements.

PGG WRIGHTSON LIMITED

Interim Consolidated Statement of Changes in Equity

For the six months ended 31 December 2025

REALISED


C

APITAL AND

DEFINED RE

TAINED


SHARE REVALUATION BENEFIT PLAN EARNINGS/ TOTAL

C

APITAL

RESER

VES

RESER

VE

(DEFICIT) EQUIT

Y

$000 $000 $000 $000 $000

Balance as at 1 July 2024 372,318 24,662 (8,291) (223,956) 164,733

Total comprehensive income for the period

Net pr

ofit after tax







15,972


15,972

Other comprehensive income

Defined benefit plan actuarial gain/(loss), net of tax





87




87

Total other comprehensive income – – 87 – 87

T

otal comprehensive income for the period





87


15,972


16,059

T

ransactions with shareholders recorded directly in equity

Contributions by and distributions to shareholders

Dividends to shareholders










T

otal contributions by and distributions to shareholders










T

ransfer to retained earnings





102


(102)



B

alance as at 31 December 2024

372,318


24,662


(8,102)


(208,086)


180,792

Balance as at 1 J

anuary 2025

372,318


24,662


(8,102)


(208,086)


180,792

T

otal comprehensive income for the period

Net profit after tax








(5,308)


(5,308)

O

ther comprehensive income

Defined benefit plan actuarial gain/(loss), net of tax






225




225

T

otal other comprehensive income





225




225

T

otal comprehensive income for the period





225


(5,308)


(5,083)

T

ransactions with shareholders recorded directly in equity

Contributions by and distributions to shareholders

Dividends to shareholders







(1,899)


(1,899)

T

otal contributions by and distributions to shareholders







(1,899)


(1,899)

T

ransfer to retained earnings










B

alance as at 30 June 2025

372,318


24,662


(7,877)


(215,293)


173,810

Balance as at 1 July 2025

372,318


24,662


(7,877)


(215,293)


173,810

T

otal comprehensive income for the period

Net profit after tax








17,253


17,253

O

ther comprehensive income

Changes in fair value of equity instruments, net of tax











D

efined benefit plan actuarial gain/(loss), net of tax





(327)




(327)

T

otal other comprehensive income





(327)




(327)

T

otal comprehensive income for the period





(327)


17,253


16,926

T

ransactions with shareholders recorded directly in equity

Contributions by and distributions to shareholders

Dividends to shareholders







(3,038)


(3,038)

T

otal contributions by and distributions to shareholders







(3,038)


(3,038)

T

ransfer to retained earnings





151


(151)



B

alance as at 31 December 2025

372,318


24,662


(8,053)


(201,229)


187,698

T

he accompanying notes form an integral part of these consolidated financial statements.

22
|

PGG WRIGHTSON LIMITED HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements

For the six months ended 31 December 2025

1 Net Interest Expense and Foreign Exchange Items

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

DEC 2025 JUN 2025 DEC 2024

$000 $000 $000

Interest income 147 385 217

Interest funding expense:

Bank interest on loans and overdrafts

(2,658) (5,379) (2,710)

Bank facility fees

(758)


(1,782)


(1,018)

(3,416) (7,161) (3,728)

Net interest income/(expense) excluding interest on lease liabilities

(3,269)


(6,776)


(3,511)

I

nterest on lease liabilities

(2,091)


(4,410)


(2,254)

N

et Interest expense (5,360) (11,186) (5,765)

Foreign exchange gain 598 821 690

Net gain on f

oreign denominated items

598


821


690

F

air value gain/(loss) on foreign exchange derivatives

132


(1,827)


(835)

F

air value gain/(loss) on foreign exchange derivatives

132


(1,827)


(835)

Including Notes to the Consolidated Financial Statements for the six months ended 31 December 2025

Tae atu ki ngā tuhipoka ki Ngā Tōpūtanga Tauākī Ahumoni Taupua mō te ono marama ki te 31 o Tīhema 2025

Additional Financial Disclosures

Ngā Whakapuakanga Pūtea Tāpiri

Robert Wards, Fruitfed Supplies Technical

Horticultural Representative, checks the early-

season blossom with Andrew Malcolm and

Adrienne Malcolm, owners of PJ & AJ Malcolm

Orchards, in Belfast, Canterbury.

23
|

PGG WRIGHTSON LIMITED


Additional Financial Disclosures

| Ngā Whakapuakanga Pūtea Tāpiri

HALF

YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

3 Cash and Financing Facilities

UNAUDITED AUDITED UNAUDITED

D

EC 2025

J

UN 2025

D

EC 2024


$000 $000 $000

Cash and cash equivalents 5,335 2,613 2,364

Current financing facilities – – –

T

erm financing facilities (176,063) (88,182) (109,050)

N

et interest-bearing (debt)/cash and cash equivalents (170,728) (85,569) (106,686)

GO-STOCK receivables

64,079


81,442


46,725

N

et interest-bearing (debt)/cash and cash equivalents

after adjusting for GO-STOCK receivables

(106,649)


(4,127)


(59,961)

F

inancing facilities

The Company has a syndicated facility agreement which provides the following:



C

ore debt facilities of up to $100.00 million maturing on 30 June 2027. This facility had $100.00 million drawn at 31 December 2025

(30 June 2025: $75.00 million drawn, 31 December 2024 $75.05 million drawn).



W

orking capital facilities of up to $85.00 million maturing on 30 June 2027. This facility had $76.00 million drawn at 31 December 2025

(30 June 2025: $13.00 million drawn, 31 December 2024: $34.00 million drawn).

The syndicated facilities fund the general commercial activities of the Group, the seasonal fluctuations in working capital and the GO-STOCK

receivables. Interest on these syndicated facilities is determined based on floating rates (i.e. OCR or BKBM plus a margin).

The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New

Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Coöperatieve Rabobank

U.A. (New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions, including

maximum permissible ratios for debt leverage and operating leverage, together with limits for GO-STOCK receivables, capital expenditure and asset

disposals. Covenants are reported to the facility agent on a quarterly basis.

The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's

syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $21.77 million at 31 December 2025

(30 June 2025: $4.77 million, 31 December 2024: $4.77 million) and included the following:


O

verdraft facilities of $20.00 million (30 June 2025: $3.00 million, 31 December 2024: $3.00 million). This facility was undrawn at 31 December

2025 (30 June 2025: undrawn, 31 December 2024: undrawn).


Guarant

ees and letters of credit of $1.77 million (30 June 2025: $1.77 million, 31 December 2024: $1.77 million).

4 Right-of-Use Assets

Additions, modifications & reassessments

During the period to 31 December 2025, the Group had lease additions of $9.06 million (30 June 2025: $5.47 million, 31 December 2024: $3.24

million). Lease modifications and reassessments resulted in an increase in right-of-use assets of $2.71 million (30 June 2025 Increase: $7.65 million,

31 December 2024 Increase: $5.21 million).

Terminations

During the period to 31 December 2025, the Group had lease terminations which resulted in a reduction in right-of-use assets of $0.04 million

(30 June 2025: $0.23 million, 31 December 2024: $0.00 million).

2 Earnings Per Share (EPS) and Net Tangible Assets (NTA)

UNAUDITED AUDITED UNAUDITED

D

EC 2025

J

UN 2025

D

EC 2024

000 000 000

Issued ordinary shares at the end of reporting period 75,484 75,484 75,484

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024

$000 $000 $000

Net profit after tax 17,253 10,664 15,972

UNAUDITED AUDITED UNAUDITED

DEC 2025 JUN 2025 DEC 2024

$000 $000 $000

Total assets 743,643 529,680 659,831

Total liabilities

(555,945)


(355,870)


(479,039)

less

intangible assets including goodwill (55,144) (38,706) (35,088)

less deferred tax asset

(878)


(7,115)


(6,114)

N

et tangible assets

131,676


127,989


139,590

UNAUDITED AUDITED UNAUDITED

6 MONTHS TO 12 MONTHS TO 6 MONTHS TO

D

EC 2025

J

UN 2025

D

EC 2024

$ $ $

Basic EPS 0.229 0.141 0.212

UNAUDITED AUDITED UNAUDITED

DEC 2025 JUN 2025 DEC 2024


$ $ $

NTA per issued ordinary shares at the end of period 1.744 1.696 1.849

24
|

PGG WRIGHTSON LIMITED


Additional Financial Disclosures

| Ngā Whakapuakanga Pūtea Tāpiri

HALF

YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

5 MONTHS TO

DEC 2025

$000

Revenue and earnings information

Revenue

4,739

Net Profit after tax 1,172

A

cquisition costs of $0.02 million were incurred in the period to 31 December 2025 (30 June 2025: $0.12 million, 31 December 2024: $0.03 million).

These costs have been included within Non-operating gains in the Consolidated Statement of Profit or Loss

Revenue recorded by the acquiree following acquisition relates to sales made to PGW Group entities which are eliminated for Group reporting

purposes.

$000

Purchase price 19,914

Settlement of pre-existing relationships



(1,963)

T

otal Consideration paid to vendor 17,951

PROVISIONAL ADJUSTMENTS FAIR VALUE

31 JULY 2025 TO FAIR VALUE 31 JULY 2025

$000 $000 $000

Value of identifiable assets and liabilities acquired

Current assets

Cash and Cash Equivalents

254 – 254

Prepayments

13




13

I

nventories 2,184 – 2,184

Non–current assets

Property, Plant and Equipment

540 – 540

I

ntangibles

165


7,260


7,425

C

urrent liabilities

Trade and Other payables


(1,245)




(1,245)

I

ncome Tax Payable (411) – (411)

GST Payable (125) – (125)

N

on-current liabilities

Deferred Tax Liability



(2,046)


(2,046)

N

et assets acquired

1,375


5,214


6,589

G

oodwill acquired upon acquisition 16,576 (5,214) 11,362

T

otal net consideration

17,951




17,951

P

lus Settlement of pre-existing relationships

1,963




1,963

L

ess Cash and Cash Equivalents acquired (254) – (254)

N

et cash outflow on acquisition

19,660


19,660

5 Property Plant and Equipment

Additions

During the period to 31 December 2025, the Group acquired assets with a cost of $2.80 million (30 June 2025: $6.94 million, 31 December 2024:

$2.66 million). Included within the additions are $0.54 million resulting from the acquisition of Nexan Corporation Limited and its associated

entities.

Disposals

The Group disposed of assets with a net book value of $1.32 million during the period to 31 December 2025 (30 June 2025: $1.09 million,

31 December 2024: $1.45 million), resulting in a gain on disposal of $0.15 million (30 June 2025 Gain: $1.27 million, 31 December 2024 Gain: $1.30

million).

6 Contingent Liabilities

PGG Wrightson Max Rewards Loyalty Programme

The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Max Rewards Loyalty Programme. As at 31

December 2025, the balance of live points which does not form part of the recognised provision total $0.11 million (30 June 2025: $0.10 million;

31 December 2024: $0.09 million). Losses are not expected to arise from this contingent liability.

Contingent liabilities

The Group may receive client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery

of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any obligation in respect of these claims or potential

claims cannot be estimated with sufficient reliability.

7 Acquisition of subsidiary

Background of acquisition

On 7 July 2025 the Group announced the acquisition of Nexan Corporation Limited and its associated entities (Nexan), a leading New Zealand

animal health manufacturer that develops and markets a range of products for livestock. Nexan’s offering as an innovator aligns well with PGW’s

strategic objective of being the leader in bringing technical knowhow and expertise to the market to benefit New Zealand farmers and growers.

The transaction completed on 31 July 2025.

The transaction resulted in the Group acquiring all of the shares and voting interests in Nexan for a purchase price of $19.91 million.

A provisional value of identifiable assets and liabilities acquired was reported as a subsequent event in the consolidated financial statements for

the year ended 30 June 2025. At that time the group had yet to perform a review of the fair value of assets and liabilities acquired. In accordance

with NZ IFRS 3 Business Combinations these amounts are able to be retrospectively updated for a period of up to 12 months from the date of

acquisition, to reflect new information obtained about facts and circumstances that existed as of the acquisition date.

The group has now finalised its review of the fair value of the net assets and liabilities acquired.

25
|

PGG WRIGHTSON LIMITED


Additional Financial Disclosures

| Ngā Whakapuakanga Pūtea Tāpiri

HALF

YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

PGG WRIGHTSON LIMITED

Notes to the Interim Consolidated Financial Statements (continued)

For the six months ended 31 December 2025

10 Reporting Entity

PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.

The Company's registered office is at 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC

Entity for the purposes of the Financial Markets Conduct Act 2013.

The interim consolidated financial statements of PGG Wrightson Limited for the six months ended 31 December 2025 comprise the Company and

its subsidiaries (together referred to as the "Group").

The Group is primarily involved in the provision of goods and services within the agricultural and horticultural sectors.

11 Basis of Preparation

Statement of compliance

These interim consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice

("NZ GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board,

the New Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards as

appropriate for a Tier 1 for-profit entity, and in particular NZ IAS 34 Interim Financial Reporting.

These interim consolidated financial statements do not include all of the information required for full annual consolidated financial statements.

Unless otherwise specified, the same accounting policies and methods of computation are followed in the interim consolidated financial

statements as applied in the Group's latest annual audited consolidated financial statements.

Certain comparative amounts have been reclassified to conform with the current reporting period's presentation.

These interim consolidated financial statements were approved by the Board of Directors on 23 February 2026.

Standards issued but not yet effective

The new and amended standards and interpretations that are issued, but have not yet commenced to apply, up to the date of issuance of the

Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.

In May 2024, the XRB issued NZ IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. NZ IFRS

18 replaces NZ IAS 1 Presentation of Financial Statements. It carries forward many requirements from NZ IAS 1 unchanged and introduces increased

disclosure of management defined performance measures as well as new principles for aggregation and disaggregation of information included in

the consolidated statement of profit or loss. NZ IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, but earlier application

is permitted for accounting periods that end after 20 June 2024 and must be disclosed. NZ IFRS 18 will apply retrospectively. The Group's work on

the assessment of the impact is ongoing.

7 Acquisition of subsidiary (continued)

Intangibles

Intangibles relate to the fair value attributed to rights acquired for products that are produced by Nexan. Fair value has been determined using a

discounted cash flow approach. These rights are finite life intangible assets with an estimated useful life of 7 years. The group reviews estimated

useful lives at the end of each annual reporting period and adjusts where appropriate.

Goodwill

Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the cost of the acquisition over the Group’s interest in the

net fair value of the assets and liabilities of the acquiree. Goodwill is tested annually for impairment or more frequently if events or changes in

circumstances indicate that it might be impaired. Goodwill is carried at cost less accumulated impairment losses. Impairment losses on goodwill

are not reversed. The Goodwill acquired upon the Nexan acquisition resides within the Retail & Water Segment.

Impairment testing

Goodwill has been tested for impairment based on value-in-use calculations using discounted cash flows projections. The calculations use past

experience and expectations for the future, and the recoverable amount of the business.

8 Seasonality of Operations

The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are

primarily related to the Retail business, as demand for New Zealand farming inputs is generally weighted towards the spring season. The second

half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and

lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature

of the industry and plans and manages its business accordingly.

9 Subsequent Events

Dividend

On 23 February 2026, the Directors of PGG Wrightson Limited resolved to pay an interim dividend of 4.5 cents per share on 8 April 2026 to the

shareholders on the Company's share register as at 5.00pm on 26 March 2026. This dividend will be fully imputed.

26
|

PGG WRIGHTSON LIMITED HALF YEAR REPORT

|

FOR THE PERIOD ENDED 31 DECEMBER 2025

Corporate Directory | Whaiaronga Rangatōpū

Company number 142962 NZBN 9429040323497

Board of Directors

as at 31 December 2025

John Nichol

Chair, Independent Director,

and Audit Committee member

(appointed Independent Director

and Audit Committee member from

14 October 2025 and Board Chair

from 16 October 2025)

Wilson Liu

Independent Director and Chair of

Audit Committee (appointed

Independent Director from 1 July

2025 and member of the Audit

Committee from 12 August 2025

and Audit Committee Chair from

14 October 2025)

U Kean Seng

Director and Audit Committee

member (Audit Committee member

until 12 August 2025 and from 16

October 2025)

Dr Charlotte Severne

Independent Director and Chair of

Health, Safety and Environment

Committee

Executive Team

as at 31 December 2025

Stephen Guerin

Chief Executive Officer

Nick Berry

General Manager Retail & Water

Julian Daly

General Manager Corporate Affairs/

Company Secretary

Sarah Mears

General Manager People and Safety

Peter Newbold

General Manager Livestock &

Real Estate

Peter Scott

Chief Financial Officer

Rachel Shearer

General Manager Wool

ACRONYM / TERMDEFINITION

$New Zealand dollar

$/headNew Zealand dollar per head

$/kgMSNew Zealand dollar kilogram of mild solids

BoardBoard of Directors for PGG Wrightson Limited

c/kgCents per kilogram

c/shareCents per share

CEOChief Executive Officer

COMPANYPGG Wrightson Limited

DirectorA director of PGG Wrightson Limited

EBIT

Earnings before net interest, foreign exchange

items, and income tax

Operating EBITDA

Earnings before net interest, foreign exchange

items, income tax, depreciation, amortisation,

impairment and fair value adjustments, and

non-operating items

EPSEarnings Per Share

FY

Financial Year ended or ending 30 June of the

relevant year

FXForeign Exchange

HY

Financial Half Year ended or ending 31

December of the relevant year

GROUP

PGG Wrightson Limited and its subsidiaries and

interests in associates and jointly controlled

entities

ACRONYM / TERMDEFINITION

IFRSInternational Financial Reporting Standards

ISOInternational Organisation for Standardisation

ITInformation Technology

ITOIndustry Training Organisation

KPIKey Performance Indicator

kgKilogram

kgMSKilogram of milk solids

NIBDNet Interest-Bearing Debt

N PATNet Profit After Tax

N TANet Tangible Assets

NZDNew Zealand dollar

NZ GAAP

New Zealand Generally Accepted

Accounting Practice

NZ IFRS

New Zealand equivalents to International

Financial Reporting Standards

NZQANew Zealand Qualifications Authority

NZXNew Zealand Stock Exchange

NZX50GNew Zealand Stock Exchange Gross 50 Index

PGWPGG Wrightson Limited

R&DResearch & Development

TSRTotal Shareholder Return

Glossary | Rārangi Kupu

Registered Office

PGG Wrightson Limited

1 Robin Mann Place

Christchurch Airport

Christchurch 8053

PO Box 292

Christchurch 8140

Telephone:

0800 10 22 76 (NZ only)

+64 3 372 0800 (International)

Email: enquiries@pggwrightson.co.nz

Auditors

Ernst & Young

Level 4

93 Cambridge Terrace

Christchurch 8140

PO Box 2091

Christchurch 8140

Telephone: +64 3 379 1870

Managing your
shareholding online

Te whakahaere tuihono i tō pānga hea

T

o change your address, update your

payment instructions and to view

your investment portfolio, including

transactions, please visit:

www.investorcentre.com/nz

General enquiries can be directed to:

Computershare Investor Services Limited

Level 2, 159 Hurstmere Road

Takapuna, Auckland 0622

enquiry@computershare.co.nz

Private Bag 92119, Auckland 1142,

New Zealand

Telephone +64 9 488 8777

Please assist our registrar by quoting

your CSN or shareholder number.

Sam Harmer and Peter McCusker, PGW Wool

Representatives, discuss the merits of the merino fleece

in the fine wool section of the Royal Canterbury A & P

show, with Peter judging and Sam assisting.

---

2026 HALF YEAR RESULTS
PRESENTATION


For the six months ended 31 December 2025

24 February 2026

Text

Description automatically generated

TRADING PERFORMANCE

Half year operating earnings

before interest, tax,

depreciation, and amortisation

(“Operating EBITDA”) was up

$4.4 million or 11% from the

comparative period.

Operating Revenue was up

$49.1 million or 9% from the

comparative period.

Net Profit After Tax was up

$1.3 million or 8% from the

comparative period.

OPERATING REVENUE

$619.4 million

NET PROFIT AFTER TAX

$17.3 million

OPERATING EBITDA

$45.7 million

STRATEGIC INITIATIVES

•PGW acquired Nexan Group,

the manufacturer of animal

health products.

•PGW has partnered with Nexan

for over a decade.

•Complementary strategic fit to

deliver high-quality innovative

solutions that help New

Zealand farmers thrive.

•Launched Blue Ag, PGW’s private

label ag-chem range.

•Enhances PGW’s offering across

agronomy and innovation.

•Provides price-point control.

•Stocked through our Rural Supplies

and Fruitfed Supplies stores.

•Acquired the lease of a 2.8-

hectare research station* in

Hastings.

•Dedicated hub for horticultural

and agricultural trials which will

enhance our technical capability.

•Customers will benefit from

emerging technologies and

innovative product development.

Launch of Blue AgR&D Station Lease Acquired

Nexan Acquisition

* Geelen Family Trust Research Station previously operated by Bayer Crop Science.

DIVIDENDS
Post Share Consolidation


* No dividends paid in FY24 due to difficult trading conditions impacting the agricultural sector and wider economy.

14

12

2.5

4.5

16

10

4

30

22

0

0

5

10

15

20

25

30

35

FY22FY23FY24*FY25FY26

cents per share

InterimFinalTotal Full Year Dividend

•A fully imputed interim

dividend for HY26 of

4.5 cents per share has

been declared.

•To be paid on 8 April

2026 to shareholders

on PGW’s share

register as at 5pm on

26 March 2026.

6.5

OPERATING EBITDA
First Half Financial Year Summary


Operating EBITDA: Earnings before net interest, foreign exchange items, income tax, depreciation, amortisation, impairment and fair value adjustments, and non-

operating items. PGW has used non-GAAP profit measures when discussing financial performance in this presentation. For a comprehensive discussion on the use of

non-GAAP profit measures, please refer to the policy “Non-GAAP Accounting Information” available on our website www.pggwrightson.co.nz.

47

48

37

41

46

-10

0

10

20

30

40

50

60

HY22HY23HY24HY25HY26

AgencyRetail & WaterOtherTotal Operating EBITDA

7

44

-4

9

-5

42

-5

4

49

39

$ million

40

1

-5

7

-5

OPERATING REVENUE
First Half Financial Year Summary


552

586

561

570

619

500

520

540

560

580

600

620

640

HY22HY23HY24HY25HY26

$

million

Operating Revenue

NET PROFIT AFTER TAX
First Half Financial Year Summary


23

21

13

16

17

0

5

10

15

20

25

HY22HY23HY24HY25HY26

$

million

Net Profit After Tax

OPERATING CASH FLOW
Financial Year Summary


-17

-35

-7

-31

-50

41

60

65

43

24

26

58

12

-60

-40

-20

-

20

40

60

80

FY22FY23FY24FY25FY26

$

million

1st Half2nd HalfFull Year

Operating cash flows in the first half of the financial year reflect the seasonal build in working capital which

is recovered in the second half of the financial year.

SHARE PRICE

PGW share price from 13 August 2019 (post share consolidation) to 31 December 2025.

31-Dec-25

0

1

2

3

4

5

6

13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25

$

Price

Years

TOTAL SHAREHOLDER RETURN (TSR)

PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 31 December 2025.

31-Dec-25

0

50

100

150

200

250

300

13-Aug-1913-Feb-2013-Aug-2013-Feb-2113-Aug-2113-Feb-2213-Aug-2213-Feb-2313-Aug-2313-Feb-2413-Aug-2413-Feb-2513-Aug-25

PGW TSR (Inc Dividends)NZX50G

PGW TSR +38.7%

NZX50G +24.8%

Total Shareholder


Return

Years

NET INTEREST-BEARING DEBT (NIBD)
HY25 NIBD Development - June 2024 to December 2024


59.2

-41.4

5.1

72.6

-5.8

-2.7

8.2

11.2

0.3

106.7

June 2024

NIBD

Operating

EBITDA

Interest &

FX

Tax Payments

Working

Capital

Movements

(excl GO-STOCK)

GO-STOCK

Movements

Asset Disposals

Asset

Purchases

Lease

Principal

Repayment

Dividends

Paid

Other

December 2024

NIBD

$ million

0

20

40

60

80

100

120

140

160

180

IncreaseDecreaseTotal

NET INTEREST-BEARING DEBT (NIBD)
HY26 NIBD Development - June 2025 to December 2025


85.6

-45.7

4.8

1.4

106.5

-17.4

19.7

2.3

-1.5

11.8

3.0

0.2170.7

June 2025

NIBD

Operating

EBITDA

Interest &

FX

Tax

Payments

Working

Capital

Movements

(ex. GO-STOCK)

GO-STOCK

Movements

Nexan

Acquisition

Asset

Purchases

Asset

Disposals

Lease

Principal

Repayment

Dividends

Paid

Other

December 2025

NIBD

$ million

0

20

40

60

80

100

120

140

160

180

IncreaseDecreaseTotal

OUTLOOK FOR FY2026 &
GUIDANCE UPDATE


•Looking ahead for the remainder of the financial year, the operating environment is expected to

continue to be predominantly positive and present both opportunities and challenges for PGW

and the wider sector. Overall conditions across agriculture remain favourable, with most parts

of the sector performing well, supported by firm global demand and strong commodity pricing.

•PGW is well placed to support its farmer and grower customers and to capture opportunities

arising from the forecast export demand.

•We remain optimistic about the remainder of the financial year and note that PGW remains

on track to deliver its forecast 2026 full-year Operating EBITDA guidance of around $64

million.

IMPORTANT NOTICE & DISCLAIMER

This presentation has been prepared by PGG Wrightson Limited (‘PGW’) with due care and attention for the

purpose of general information.

The 2026 Half Year Results are for the six months to 31 December 2025.

Forward looking statements regarding the potential future performance of PGW have been expressed by

management using information currently available. These are based on current expectations, estimates and

assumptions and do not guarantee or predict future performance.

Actual results may differ from those predicted as there are a number of uncertainties and risks beyond PGW’s

control that may affect the results.

Figures are in New Zealand dollars, unless otherwise stated. Values on the graphs are rounded. Total may not

add due to rounding.

Please read this presentation in conjunction with 2026 Half Year Results Announcement and Report.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)





Results for announcement to the market

Name of issuer PGG Wrightson Limited

Reporting Period 6 months to 31 December 2025

Previous Reporting Period 6 months to 31 December 2024

Currency NZD

Amount (000s) Percentage change

Revenue from continuing

operations

$619,406 +8.6%

Total Revenue $619,547 +8.6%

Net profit/(loss) from

continuing operations

$17,253 +8.0%

Total net profit/(loss) $17,253 +8.0%

Interim Dividend

Amount per Quoted Equity

Security

$0.04500000

Imputed amount per Quoted

Equity Security

$0.01750000

Record Date 26 March 2026

Dividend Payment Date 8 April 2026

Current period Prior comparable period

Net tangible assets per

Quoted Equity Security

$1.74 $1.85

A brief explanation of any of

the figures above necessary

to enable the figures to be

understood

Please refer to the accompanying commentary and unaudited

interim consolidated financial statements.


Total Revenue includes Operating Revenue and Other Income.

Authority for this announcement

Name of person


authorised

to make this announcement

Julian Daly

Contact person for this

announcement

Julian Daly

Contact phone number 027 553 3373

Contact email address jdaly@pggwrighston.co.nz

Date of release through MAP


24/02/2026


Unaudited financial statements accompany this announcement.

---

Distribution Notice







Section 1: Issuer information

Name of issuer PGG Wrightson Limited

Financial product name/description Ordinary Shares

NZX ticker code PGW

ISIN (If unknown, check on NZX

website)

NZREIE0001S4

Type of distribution

(Please mark with an X in the

relevant box/es)

Full Year Quarterly

Half Year X Special

DRP applies

Record date 26/03/2026

Ex-Date (one business day before the

Record Date)

25/03/2026

Payment date (and allotment date for

DRP)

08/04/2026

Total monies associated with the

distribution

1


$3,396,783.73500000

Source of distribution (for example,

retained earnings)

Retained Earnings

Currency NZD

Section 2: Distribution amounts per financial product

Gross distribution2

$0.06250000

Gross taxable amount

3

$0.06250000

Total cash distribution

4

$0.04500000

Excluded amount (applicable to listed

PIEs)

N/A

Supplementary distribution amount $0.00794118

Section 3: Imputation credits and Resident Withholding Tax

5


Is the distribution imputed


Fully imputed

Partial imputation


1

Continuous issuers should indicate that this is based on the number of units on issue at the date of the form

2

“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of

Resident Withholding Tax (RWT).

3

“Gross taxable amount” is the gross distribution minus any excluded income.

4

“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.

This should include any excluded amounts, where applicable to listed PIEs.

5

The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is

fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute

advice as to whether or not RWT needs to be withheld.





No imputation

If fully or partially imputed, please

state imputation rate as % applied

6


28%

Imputation tax credits per financial

product

$0.01750000

Resident Withholding Tax per

financial product

$0.00312500

Section 4: Distribution re-investment plan (if applicable)

DRP % discount (if any)

N/A

Start date and end date for

determining market price for DRP

N/A N/A

Date strike price to be announced (if

not available at this time)

N/A

Specify source of financial products to

be issued under DRP programme

(new issue or to be bought on market)

N/A

DRP strike price per financial product

N/A

Last date to submit a participation

notice for this distribution in

accordance with DRP participation

terms

N/A

Section 5: Authority for this announcement

Name of person


authorised to make

this announcement

Julian Daly

Contact person for this

announcement

Julian Daly

Contact phone number 027 5533373

Contact email address jdaly@pggwrightson.co.nz

Date of release through MAP


24/02/2026







6

Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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