2025 Full Year Results

Annual Report 2025
Strategy.Delivery.

T&G Global Annual Report 20252
Welcome to our Annual Report.
This report covers the activities of T&G Global
Limited and our subsidiaries (together T&G) for
the 2025 financial year, from 1 January 2025 to
31 December 2025.
Our Annual Report provides our investors and
stakeholders with an overview of performance
and progress with our business strategy for
the year. It also presents an overview of our
Kaitiakitanga sustainability framework and is
prepared with reference to the Global Reporting
Initiative (GRI) Standards.
In October 2025, the New Zealand Government
announced changes to Aotearoa New Zealand’s
climate reporting regime. As a result, T&G will no
longer be a Climate Reporting Entity (CRE) once the
Financial Markets Conduct Amendment Bill comes
into effect in 2026. With T&G’s climate reporting
obligations due to change, T&G is adopting the
Financial Markets Authority’s interim relief under its
‘no action’ approach and also the NZX Regulation
Limited’s class waiver under the New Zealand Stock
Exchange Listing Rules. This means T&G is not
publishing a 2025 Climate-related Disclosure report.
T&G remains firmly committed to building a business
that thrives in a changing climate while reducing
emissions across our value chain. Within our
Kaitiakitanga sustainability framework, climate action
is a key focus area and while we will no longer publish
a Climate-related Disclosure report, our climate
commitments, related governance and management,
and our progress, will be shared in the Kaitiakitanga
section of our Annual Report.
For simplicity, throughout our Annual Report we
reference our consumer brands. When we do this,
it is in reference to:
■ “ENVY™” and “ENVY™ apples” mean ENVY™
branded apples and the variety Scilate
■ “JOLI™” and “JOLI™ apples” mean JOLI™ branded
apples and the variety PREMA019
■ “JAZZ™” and “JAZZ™ apples” mean JAZZ™ branded
apples and the variety Scifresh.
More information about T&G and our previous years’
performance can be found at www.tandg.global
01.
Introduction
About this report
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2025 is the year that our strategy produced a strong
performance. Excellent execution, coupled with the benefits of long-term investments
and a consistent drive for efficiency, all contributed to a very good result after several
difficult years.
This momentum will continue to accelerate in the years to come, with our business
built for growth. We are strategically placed to capture growing global market share,
enabled by a resilient balance sheet, critical infrastructure and a high-performing team.
From this, our revenue and profitability will continue to grow.
Executing our strategy.
Delivering results.
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Our strategy
Guided by our purpose, vision and
mindsets, our strategy determines
how we create value today and into
the future by leveraging our expertise,
scale, investments and agility.
It is built around three clear priorities:
grow great brands, win in key global
markets and lead Aotearoa’s fresh
produce future.
Our strategy is delivered through our
people, supported by a high-performance
system that provides the foundation of
our culture.
Our commitment to stewardship
underpins our strategy, with our
Kaitiakitanga sustainability framework
guiding everything we do, for the benefit
of future generations.
■ Best genetics in apples
and berries
■ Unique varieties
and brands loved
by consumers
■ World-class in growing and
post-harvest, with global
partners maximising our
intellectual property
Grow great brands
■ Unlock markets selected
for premium and potential
■ Close to customers with
capability in-market
■ Most efficient end-to-end
supply chain
Win in key global
markets
■ Win in chosen categories
■ Offer the best channels
to market
■ Build long-term
relationships
Lead Aotearoa’s fresh
produce future
Our strategy
futures
healthier
Growing
The world’s leading
fresh produce company
premium
Our purposeOur vision
Be boldDo the mahiOne teamTake good care
Kaitiakitanga guides everything we do
Our mindsets
High-performance culture
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Delivering
Notable achievements this year
Joy Wing Mau appointed
to grow and sell TUTTI™
apples in China
in returns to our Aotearoa
New Zealand apple
growers
Queensland berry
farm produces 500T
of premium blueberries –
on track to double in 2026
Opened a Taiwan office,
our sixth in Asia
New T&G Kaikohe
Berryfruit Limited
Partnership expands
our berry footprint
reduction of our scope
1 and 2 greenhouse gas
(GHG) emissions compared
to 2021 base year
Strong market demand for
ENVY™ and JAZZ™ apples
in North America, United
Kingdom, China, Thailand,
Singapore and Japan
Supreme People’s Court
of the People’s Republic
of China upholds landmark
ruling protecting our
Scilate intellectual
property (IP)
Putting us in the top
quartile for employee
engagement
75%
A people score of
$172m
22%
Delivered
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Contents
02.
01.
Introduction 02
About this report 02
Our strategy 04
Notable
achievements 05
Our year 07
At a glance 07
Chair and
CEO review 08
03.
Our business 11
About T&G 12
04.
Our performance 16
Apples 17
T&G Fresh 26
VentureFruit 31
Other business 36
05.
High-performance 37
Kaitiakitanga 40
I
ntroduction 41
Our people 43
Our planet 46
Our produce 50
0 7.
Governance 52
Board of Directors 52
Executive team 53
Corporate
governance 54
Conduct of the Board 55
Statutory information 57
Independent auditor’s
report 61
08.
Financials 65
Financial statements 66
Notes to the financial
statements 73
Appendices 138Directory 144
Click on any of the text
headings to navigate
through this report.
06.09.10.
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Our year
At a glance
02.
OverallApplesT&G Fresh
$1.6b
Revenue
$46.9m
Operating profit
READ Our Chair
and CEO review
on page
8
SEE how our Apples
business performed
on page
17
$1.0b
Revenue
$74.7m
Operating profit
SEE how our T&G Fresh
business performed
on page
26
$461.0m
Revenue
$19.6m
Operating profit
SEE how our VentureFruit

business performed
on page
31
$9.0m
Revenue
($2.4m)
Operating (loss)/profit
2024: $1.4b2024: $862.4m2024: $455.3m2024: $9.8m
2024: $12.7m2024: $37.8m2024: $3.6m2024: $1.6m
VentureFruit
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Chair and CEO review
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
Tēnā koutou
Last year, we spoke of the momentum being gained in
our business as we put some challenging years behind
us. We expressed confidence in improved returns,
knowing we had put in the work to build resilience
into our balance sheet, invest in critical infrastructure,
lift efficiency and improve performance across our
operations. We also spoke of the integrated end-to-end
Apples business we have built, from orchard to market,
which is driving our T&G Apples strategy and growth.
The improved results we forecast have been delivered.
For the year ending 31 December 2025, the Group
recorded total revenue of $1.6 billion compared to
$1.4 billion in the prior year, with an operating profit
of $46.9 million compared to $12.7 million in 2024.
Apples revenue increased by 22% to $1.0 billion,
with an operating profit of $74.7 million compared
to $37.8 million in 2024. Apples now represents
67% of our total revenues, compared to 63% last
year, and we are confident of continued growth in
its contribution to our overall performance.
$21.9m
Net profit / (loss) before tax
2024: ($6.8m)
$46.9m
Operating profit
2024: $12.7m
$16.0m
Net profit / (loss) after tax
2024: ($9.9m)
$1.6b
Revenue
2024: $1.4b
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Chair and CEO review continued
Apples delivered excellent returns for growers
this season and prospects are positive. The global
premium apple market is large and continuing to grow,
particularly in emerging Asian markets. We’re well set
up for this, with our dedicated teams on the ground
building consumer demand and loyalty. Confidence
among licensed growers is strong, with the premium
apple category and our world-class integrated Apples
system providing an excellent long-term investment for
them given our track record in delivering high orchard
gate returns.
Trading conditions improved slightly for T&G
Fresh, although consumer demand was affected
by cost-of-living pressures. Despite this, the
business delivered strong operational improvements.
The business benefited from recent investments,
including the acquisition of Hinton’s stone fruit
business and the expansion of blueberries in
Australia and Aotearoa New Zealand. T&G Fresh’s
streamlined growing footprint, efficiencies across
our supply chain and investments in new digital
tools all contributed to performance.
Revenue in T&G Fresh was $461.0 million compared
with $455.3 million in 2024, with an operating profit
of $19.6 million compared to $3.6 million in the
prior year.
Due to economic conditions reducing external growers’
planting activities, VentureFruit revenue decreased
8% to $9.0 million, compared to $9.8 million in
2024. It delivered an operating loss of $2.4 million,
compared to a profit of $1.6 million last year.
Strong momentum with our Apples strategy
As you will read in the Apples business commentary,
our strategy is delivering, reflecting comprehensive
and sustained investment to capitalise on the global
growth opportunity for premium, branded fruit.
Between 2024 and 2035, the global premium apple
category is expected to expand from $23.5 billion
to $52.7 billion – a Compound Annual Growth
Rate (CAGR) of 7.6% – with our premium apples
portfolio forecast to grow beyond this, at 8.4%
1
.
This is driven by rising urban growth and
disposable incomes, health-conscious lifestyles,
and demand for consistent quality fruit, with advances
in growing and post-harvest technology supporting
this growth. Our results this year confirm that these
opportunities are real and we have both the strategy
and the structure in place to capitalise on them.
Securing sustainable growth
Across our Apples supply chain, we continue to
strengthen each link so we are well placed to increase
sales and returns.
In July, we partnered with Roc Partners to expand our
Aotearoa New Zealand supply of premium export apples
through the development of two orchards planting
40 hectares of apples including JOLI™ and ENVY™
apples. This is an efficient use of capital, with an entity
managed by Roc Partners owning and funding the
development, while we lease the orchards and carry
out the re-development work.
“Our strategy is
delivering, reflecting
comprehensive and
sustained investment to
capitalise on the global
growth opportunity for
premium, branded fruit.”
We have allocated capex for investment next year
at both our Hawke’s Bay and Nelson post-harvest
facilities. In Hawke’s Bay, we will continue to invest in
our state-of-the-art facility and supply chain as apple
volumes increase. Likewise, with significant new ENVY™
and JOLI™ apple plantings coming on stream in the
Tasman District and Canterbury over the coming years,
we are expanding our Nelson site’s footprint to handle
increased fruit volumes and drive further efficiencies
across our supply chain.
We also restructured shareholding arrangements
in North America, increasing our shareholding in the
critical Asia export-focused business, Delica North
America, and reducing our holding in Oppenheimer,
the diversified North American produce company.
1. T&G analysis informed by OECD-FAO, USDA Foreign Agricultural Service,
Market Research Future, Mordor Intelligence and Produce Marketing
Association outlooks, reports and estimates.
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T&G Global Annual Report 202510
Chair and CEO review continued
With our new JOLI™ apple becoming commercially
available over the next few years, we are focused
on maximising its value. Very favourable consumer
testing confirms the appeal of JOLI™ apples, with
consumers rating them as “near perfect” and
indicating a willingness to pay a premium. With a
clearly differentiated brand positioning to meet the
unmet consumer need of family sharing, JOLI™
apples are well placed to capture consumers’
attention in high-value markets.
Berries opportunity
In berries, we are in an increasingly strong market
position thanks to investments in the development
of premium world-class berry genetics. Berries are
a high-growth category in our key global markets,
and this year saw considerable momentum in
securing our place.
Our investment to double our Queensland blueberry
farm to 40 hectares is delivering results, with
production reaching 500 tonnes this year and forecast
to increase to 1,000 tonnes in 2026. This investment
has positioned us well to supply premium quality
blueberries to consumers in Australia and Asia.
Closer to home, we are expanding production of our high-
yielding jumbo blueberries, alongside a new premium
strawberry variety, through our joint venture with Ngāpuhi
and Far North Holdings-owned Kaikohe Berryfruit
Limited Partnership in Te Tai Tokerau Northland.
We have accelerated our entry into the American
market by establishing two strategic relationships
which will expand access to VentureFruit’s berry
genetics in the Pacific Northwest and South America
from 2026 onwards. We’ve also identified berries for
commercialisation in the United Kingdom and Poland.
More operational efficiencies
The year also saw good progress in operational
efficiencies, enabling more of our financial resources
to be applied to achieving growth.
We looked carefully at our growing and supply chain
assets and considered how much they will contribute
to our future performance. This resulted in the
rationalisation of some T&G Fresh assets, such as the
sale of our Harrisville tomato glasshouse. Additionally,
in 2026 we plan to sell four small orchards in Northland
and our Chilean blueberry farm.
We also reviewed our North Island market and
coolstore locations, consolidating and upgrading
sites in the Waikato, Bay of Plenty, Tairāwhiti Gisborne
and Hawke’s Bay to better support our T&G Fresh
operations and supply chain. This provides us with a
lower cost-to-serve and improved revenues.
Bank support
With strong support from our banks, we have
successfully secured financing arrangements for
T&G’s ongoing business operations through to 2028.
This is a prudent step given the confirmation this year
that our majority shareholder, BayWa Global Produce
GmbH, intends to liquidate its shareholding within the
next two years. The Board and Executive team have
a strong working relationship with BayWa, which will
ensure their divestment process is well managed.
Outlook
We are really pleased with the result of the 2025 year.
It has been achieved through a well-considered and
executed strategy which is delivering resoundingly on
expectations, as the premium apple sector globally
enters a strong growth phase which plays to our
strengths. Importantly, our performance lift comes not
as a result of one-time events or unusually favourable
conditions. Instead, our results are due to strong
execution across the Group, consistent attention to
costs and efficiencies, and prior investments in our
growth strategy.
We expect more of the same in the coming year.
We anticipate that momentum from 2025 will
accelerate in 2026 and the benefits from investments in
our strategic plan will fuel significant growth. This will
benefit our business, growers, suppliers, customers,
consumers and, most importantly, our shareholders.
Ngā mihi
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
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Our business
03.
Drawing on more than a century of
experience in the fresh produce industry,
T&G connects growers and consumers
across global markets.
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®
It’s been more than 125 years since T&G was
established in Aotearoa New Zealand as the all-
important link between the growers of healthy
food and the consumers who see great produce
as important to their health and lives.
Times have changed, but our commitment to supplying
the freshest and highest quality produce has not.
Today, our 1,780 employees are based in 14 markets,
supplying produce to customers and consumers in
more than 55 countries around the world.
About T&G
Our world-class premium ENVY™, JAZZ™ and
JOLI™ apples are grown on our own orchards in
Aotearoa New Zealand, as well as by an extensive
network of independent licensed growers throughout
the world.
Our T&G Fresh business grows tomatoes, berries,
citrus and stone fruit, and connects nearly 600
growers to buyers from supermarkets, fruit shops
and foodservice businesses in Aotearoa New Zealand,
Australia, the Pacific and Asia. It supplements local
supply with imported fresh produce when it
can’t be grown locally or to cover seasonal gaps.
Through VentureFruit, our global plant variety
management and commercialisation business,
we bring new high-value apple, pear and berry
varieties to growers and consumers.
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Global locations
United Kingdom & Europe
Revenue ($'000)$496,638
Employees (permanent)444
Growing regions
Egypt
South
Africa
Eastern Cape
Western Cape
Growing regions
South KoreaBoeun
Hongcheon
Geochang
Yesan
Thailand
China
Revenue ($'000)$510,246
Employees (permanent)59
Africa
Asia
United Kingdom,
Europe, Africa and Asia.
Growing regions
AustriaSteiermark
Tyrol
FranceAlps
Loire Valley
Occitanie
Provence
GermanyBodensee
Rheinland-Pfalz
ItalySouth Tyrol
SpainCastilla y León
SwitzerlandRegion Vaud
Valais
United
Kingdom
Cambridgeshire
Gloucestershire
Hampshire
Herefordshire
Kent
Suffolk
Sussex
Growing and sourcing regionsOffices
KEY
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Australia & Pacific Islands
Aotearoa New Zealand
Growing regions
New South
Wales
Coffs Harbour
Griffith
QueenslandWamuran
South
Australia
Adelaide
Loxton
Renmark
TasmaniaHuon Valley
Ouse
VictoriaKoo Wee Rup
Mildura
Narre Warren
Robinvale
Shepparton
Swan Hill
Warragul
West
Australia
Bullsbrook
Pacific
Islands
New Caledonia
Samoa
Tonga
Revenue ($'000)$116,480
Employees (permanent)203
Growing regions
Ashburton
Central Otago
Hawke's Bay
Kaikohe
Kerikeri
Nelson
Ōhaupō
Reporoa
Taipa
Tairāwhiti Gisborne
Tūākau
Revenue ($'000)$348,920
Employees (permanent)1,032
Americas
Growing regions
Argentina
CanadaBritish Columbia
ChileAngol
Talca
Temuco
Ecuador
Guatemala
Mexico
Panama
PeruIca
Piura
USACalifornia
New York State
Oregon
Washington State
Revenue ($'000)$86,439
Employees (permanent)43
Global locations
Australia, Aotearoa New Zealand,
the Pacific Islands and the
Americas.
Growing and sourcing regionsOffices
KEY
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Taipa
Tūākau
Ōhaupō
Reporoa
Tairāwhiti
Gisborne
Hawke’s Bay
Nelson
Auckland*
Kerikeri
Hamilton
New Plymouth
Tauranga
Christchurch
Wellington
Palmerston North
Central Otago
Kaikohe
Ashburton
Sites
(*Global Hub; market/distribution centres)
Post-harvest and packing facilities
T&G facilities
Growing sites/regions
T&G apple, berry, tomato, citrus and
stone fruit regions, and independent
apple growers
Aotearoa New Zealand locations
KEY
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Our performance
04.
We deliver the three pillars of
our strategy through our four
business divisions.
APPLEST&G FRESH
VENTUREFRUITOTHER BUSINESS
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Apples
T&G Apples is a fully integrated global business built
on a world-class end-to-end system. It spans the
entire value chain, from growing and post-harvest,
right through to the global sale and marketing of our
premium branded portfolio.
$74.7m
Operating profit
$1.0b
Revenue
2024: $862.4m
2024: $37.8m
Strategy
Our Apples strategy is focused
on growing great brands and
winning in key global markets.
It is deliberate and balanced:
scale ENVY™ apples, optimise
JAZZ™ apples, and introduce
JOLI™ apples. Our strategy
has been built to generate
growth and long-term value to
shareholders and growers.
Delivery
■ Delivered $172m in returns to Aotearoa
New Zealand growers
■ Opened a new office in Taiwan, our sixth
office in Asia
■ ENVY™ apples outperformed the total fresh
apple category in the United States
■ JAZZ™ sales volumes increased 32% in
Japan; remains no. 1 imported apple brand
■ Launched differentiated brand for JOLI™
apples, with high consumer purchase intent
■ Exported 4.55m tray carton equivalents
(TCEs) of Aotearoa New Zealand-grown
apples
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Apples continued
Uplift in Apples’ performance
This year, Apples contributed 67% of our total revenue,
up from 63% last year. Apples’ revenue increased
by 22% to $1.0 billion, and its operating profit was
$74.7 million compared to $37.8 million in 2024.
This performance confirms the strength of our growth
strategy and the investment made in building an
integrated end-to-end Apples business, from superior
varieties and modern high-performing growing systems,
right through to creating market demand. This world-
class system, combined with our capabilities, culture
and cost-management structures, enables us to adapt
well to challenges and generate long-term value for
shareholders and growers.
Our strategy is built to capture market share in the
fastest-growing part of the global apple category, the
premium segment, with T&G’s growth set to exceed
the market. Between 2024-2035, the global CAGR of
the mainstream apple category is expected to grow
at 4.4%, with the premium segment growing at 7.6%.
In contrast, T&G’s premium apples portfolio is expected
to grow at 8.4%
1
. The category’s growth is being driven
by rising disposable incomes and urbanisation, health-
conscious lifestyles, demand for consistent quality and
branded fruit, and advances in orchard and post-harvest
technologies.
The size of this growth opportunity informs our supply
footprint, ensuring we have the right level of high-quality
premium apples at the right time to meet consumer
demand. In 2025, export volumes from Aotearoa
New Zealand increased 29% to 4.55 million TCEs,
which equates to 82,000 tonnes of apples. This volume
was complemented by 9.2 million TCEs sourced from
our global growing network, with 60% of this grown in
the United States.
Looking out to 2035, global supply of our premium
apple brands will continue to increase to more than
26 million TCEs.
1. T&G analysis informed by OECD-FAO, USDA Foreign Agricultural Service,
Market Research Future, Mordor Intelligence and Produce Marketing
Association outlooks, reports and estimates.
In 2025, export volumes from
Aotearoa New Zealand increased
29% to 4.55 million TCEs.
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Apples continued
1. T&G analysis informed by OECD-FAO, USDA Foreign Agricultural Service,
Market Research Future, Mordor Intelligence and Produce Marketing
Association outlooks, reports and estimates.
Strong grower returns
Our ability to grow markets and consumer demand,
and secure premium pricing while scaling volumes,
is an important strength of our Apples strategy.
This year’s positive performance enabled us to
deliver total returns of $172 million to our Aotearoa
New Zealand growers, an uplift of $34 million, or
25%, on last season. ENVY™ apple returns improved
by $0.70 per average TCE, while JAZZ™ apple returns
rose by $4.24 per average TCE.
For our ENVY™ growers, this translates to an average
Orchard Gate Return (OGR – revenue before growing
costs and after post-harvest costs) of $67,122 per
hectare, compared to $67,529 in 2024. Our top 20
growers averaged an OGR this season of $108,381 per
hectare compared to $117,543 in 2024. OGR in 2025
was impacted by some internal defects experienced
across a portion of our grower base.
By the same measure, JAZZ™ growers in Aotearoa
New Zealand achieved an OGR of $70,856 per hectare
compared to $37,345 per hectare in 2024. And our top
10 growers averaged an OGR of $98,814 per hectare
compared to $56,510 in 2024.
Commercial varieties also delivered strong returns.
Individual variety performance was led by Pacific Rose™,
with returns up 29% and Fuji up 27% on 2024. Within
the commercial varieties portfolio, we delivered an
average 5% lift in grower returns this year.
Across all brands and varieties, the team worked at
pace to move fruit into market, ensuring we maximised
pricing and returns.
Speed of execution also shaped our response when
a portion of the Aotearoa New Zealand crop, including
one of our brands, experienced some internal defects.
We moved quickly to isolate impacted fruit, understand
potential causation factors and ensure we continued to
deliver a great consumer eating experience. This year’s
performance points to the strength of our brands and
our integrated system in effectively managing and
minimising the effects of this issue.
Growing supply as we grow demand
With the global premium apple segment expected
to expand from $23.5 billion to $52.7 billion by 2035
1
,
we are working closely with growers to ensure supply
keeps pace.
One example this year is our collaboration with
Roc Partners. In August, our team began the re-
development of two Hawke’s Bay orchards, which have
since been completed, planting 40 hectares of JOLI™
and ENVY™ apples. Under the arrangement, a vehicle
managed by Roc Partners owns the land and funds
the development, while T&G is carrying out the re-
development and leasing the orchards.
The development covers approximately 10 hectares
of ENVY™ apples and approximately 30 hectares of
JOLI™. The orchards will be automation-ready, with 2D
horizontal trellis growing systems and drip feed sensor
irrigation. This system is designed to conserve natural
resources, support sustainable, high-quality apple
production, and ensure our orchards are resilient for
the future.
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Apples continued
JOLI™ apples – set up for success
Over the next two years, the first of our premium JOLI™
apples will be harvested and sold in Asia. With three
premium brands in our portfolio, we are able to target
and grow distinct consumer segments and generate
strong returns at scale, year-round, with JOLI™ apples
expanding our reach into a new consumption occasion.
As an apple brand, JOLI™ taps into a valuable and
unmet market opportunity – the family sharing
occasion. With superior visual appeal, outstanding
taste, differentiated brand positioning and exclusive
availability, JOLI™ apples are set to transform
sharing into a new driver of category growth.
The brand, its positioning and its ability to command
premium pricing has been extensively tested with
consumers in multiple key markets. Across all critical
brand health metrics, the results were outstanding,
highlighting the brand’s relevance and appeal.
JOLI™ apples provide an exceptional eating experience.
It’s a large, deep red, crisp apple, which has consistently
tested favourably with consumers. Many described
JOLI™ as “very close” to their ideal apple experience.
Our consumer insights, together with JOLI™ apples’
strong orcharding attributes and our proven ability to
create global consumer demand, sets up the brand
well to deliver superior grower returns per hectare.
This is driving strong interest in right-to-grow licenses.
By the end of 2025, 273 hectares has been licensed
in Aotearoa New Zealand and as further root stock
becomes available, we aim to increase this to
approximately 1,500 hectares globally by 2035.
Supermarket benchmarkJOLI™ apples
96%China88%
100%Viet Nam98%
100%Thailand97%
96%North America77%
JOLI™ purchase intent
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T&G Global Annual Report 202521
Apples continued
Winning in key global markets
Winning in key global markets is crucial to achieving
our vision to be the world’s leading premium fresh
produce company. The steps to achievement include
unlocking markets selected for premium and potential,
getting close to customers with capability in-market,
and having the most efficient end-to-end supply chain.
Our Apples strategy is all about doing each one
of these steps exceptionally well. Whether it is
quality control on-orchard or in the packhouse, or
an in-store retail promotion, our team is committed
to achieving excellence.
A brief review of our markets shows this commitment
in action. While it has been a year of uncertainties,
given geopolitical and economic dynamics, we focused
firmly on maximising value and meeting customer and
consumer demand. This saw us respond quickly to
increased tariffs by further tightening internal levers
which are in our control and re-routing some volume
to other markets.
Asia
We achieved positive results in Asia, supported by
good market demand in China, Singapore and Thailand.
While the Thai market has been challenging and
modern retail trade subdued, ENVY™ apples continued
to grow, increasing sales by 39% with one of the largest
Thai retail chains. In Viet Nam, sales volumes were
constrained by a slower economy.
We built on an eight-year relationship with partners and
distributors in Taiwan, opening a dedicated local office
to secure continued growth for our premium ENVY™
apple brand.
Taiwan, with a population of more than 23 million
and ranking as the 22nd largest global economy, is a
high-potential, affluent market with strong demand for
premium products.
Our local office will support further growth opportunities
by enabling us to deepen our strong customer
relationships, increase the availability and ranging of our
premium apple brands, respond to market trends and
insights, and maintain high-quality standards.
Taiwan is our sixth office in Asia, joining existing offices
in China, Singapore, Thailand, Viet Nam and Japan.
In Japan, sales volumes of JAZZ™ apples grew 32%,
with 134,000 TCEs of Aotearoa New Zealand-grown
fruit sold in 2025. Our focus is on expanding the
brand’s reach with key retailers. Stronger partnerships,
supported by effective execution plans, are driving
increased visibility, consumer engagement and
performance in this key market.
In a further Asia development, we established a
Centre of Excellence across markets this year. The
dedicated team works closely with local market teams
to strengthen and rapidly scale sales and marketing
execution. It shares knowledge and a best practice
library of toolkits, templates and guidelines across our
Asia markets to increase opportunities for ENVY™,
JAZZ™, and over time, JOLI™ apples. This supports
our demand creation strategy by increasing ranging
across channels and customers, delivering excellent
in-store execution every day, and connecting with more
consumers. See the case study on page 25.
ENVY™ ranks among the top three apple brands across
five of our core Asian markets, with it being the leading
apple brand in Viet Nam, number two in Thailand and
number three in China. JAZZ™ is among the top three
most recognisable apple brands in key Asian markets,
including Japan, China and Thailand.
Asia also performed well for our commercial
varieties, accounting for 74% of sales, with the balance
of exports going to the United Kingdom and Europe.
Consistent quality across all varieties underpinned
commercial varieties’ sales performance, pricing and
grower returns.
#1
In Viet Nam
#2
In Thailand
ENVY™ ranks among the
top three apple brands
across five of our core
Asian markets:
#3
In China
JAZZ™ is among the top
three most recognisable
apple brands in key
Asian markets, including
Japan, China and
Thailand.
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T&G Global Annual Report 202522
Apples continued
North America
In North America, we have seen strong results, despite
the entire market being flat with high volumes of
commodity apples to sell. The value of our premium
ENVY™ apple brand and its reputation enabled us to
outperform the total fresh apple category in the United
States, in both frequency and buying rates, as illustrated
in the infographic below.
With an ambitious North American growth strategy,
we continue to build the scale and quality of our
programme to create demand ahead of supply.
This sees us deepening our consumer and customer
insights and the quality of our 365-supply and
distribution network.
In 2024, North American volumes were 5.5 million
TCEs, a 20% increase on the prior year’s 4.6 million
TCEs. More recently, the 2025 North American
growing season delivered near-perfect conditions,
with 5.4 million TCEs of exceptional fruit harvested in
October and November. It was the first commercial
harvest of New York State-grown ENVY™, with the
apples expanding the brand’s regional reach with
locally-grown fruit for the East Coast market. Looking
out to 2035, we aim to increase North American-grown
volumes to 9 million TCEs.
19.7
10.4
U.S. Total fresh
apples buyers:
$4.93
$4.50
$86.97
$46.86
$106.56
$96.70
Annual frequencySpend per tripBuying rateBasket size
Household penetration
growth of ENVY
TM
apples
in the United States
12.4%
7. 2%
20232025
U.S. ENVY™
apple buyers:
Source: Numerator shopper metrics for 12 months ending 29 November 2025.
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T&G Global Annual Report 202523
Apples continued
United Kingdom
Our JAZZ™ apple brand continues to dominate the
United Kingdom market, celebrating 20 years of
success in 2025. It is one of only three apple brands
in the United Kingdom that saw volume growth in
October 2025.
As illustrated to the right, British consumers are
purchasing JAZZ™ apples at an increased frequency,
notably higher than last year, with the average price
also increasing.
These results demonstrate both sustained demand and
a willingness among consumers to pay a premium for
the quality and consistency of JAZZ™ apples.
To meet increasing consumer demand in the market,
JAZZ™ apples are sourced from 27 growers across five
counties, with over one million trees planted across the
United Kingdom. It has earned the ‘UK’s Tastiest Apple’
eight times in the last ten years.
JAZZ
TM
apple buyers’ purchasing habits in the United Kingdom
Last 52 weeks
Year-on-year % growth
Frequency
5.73
9.76
%
Average price/kg
£2.58
6.53
%
Source: Numerator Work Panel 52 weeks data to 26 October 2025.
JAZZ
TM
has been named the
‘UK’s Tastiest Apple’ eight
times in the last ten years.
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T&G Global Annual Report 202524
Apples continued
Outlook
We have a significant opportunity ahead to
grow our global position. Although overall apple
consumption is growing modestly, the premium
segment is expanding rapidly, with consumers
willing to pay more for apples that consistently
deliver an exceptional taste and experience.
Our global integrated Apples business has been
built to capitalise on this opportunity, creating
demand at the right time to match supply.
In 2026, and in line with strategy, our Aotearoa
New Zealand crop of premium branded fruit
is forecast to increase by 25%. While spring
conditions were mixed in some areas, overall,
our orchards and those of our suppliers are well
prepared, with great quality fruit developing.
Over the coming years, volumes will continue to
increase, and this past season’s performance has
demonstrated that we are well positioned to drive
value growth through premium margins by moving
at pace to get fruit into markets and sold.
With strong momentum behind us, our Apples
business will continue to see significant
performance upside.
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T&G Global Annual Report 202525
Apples continued
Winning in key global markets is a core pillar of our
strategy. By leveraging the capabilities, insights and
execution playbooks of our Centre of Excellence, this
year our Thailand office delivered solid results, with
ENVY™ apples delivering high-single-digit growth,
materially outperforming a category that declined by
approximately 20%.
This performance was achieved despite significant
macroeconomic pressure and softer consumer
demand across the broader apple category. ENVY™
apples continued to strengthen their position as a
leading premium brand, supported by disciplined
execution and strong retail partnerships.
A key driver of success was the establishment
of a joint business planning partnership with one
of Thailand’s largest national retailers, providing
nationwide coverage across supermarkets and
hypermarkets. Through this collaboration, the teams
aligned on clear “perfect store” standards, expanded
in-store ranging, and executed impactful point-of-
sale activation and targeted sampling programmes
to drive higher consumer engagement.
DELIVERING TO
OUR STRATEGY:
CASE STUDY
ENVY™ apples continued to
strengthen their position as
a leading premium brand in
Thailand.
Thailand
Winning in
“By leveraging... our
Centre of Excellence...
volumes with
Thailand’s largest retail
partner increased by
approximately 30%.”
As a result, volumes with Thailand’s largest
retail partner increased by approximately 30%,
demonstrating the effectiveness of premium brand
execution, disciplined in-market delivery, and the
scalable impact of our Centre of Excellence in driving
sustainable value growth.
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T&G Global Annual Report 202526
T&G Fresh
T&G Fresh is our Australasian business. It is a
vertically integrated and diversified grower, marketer
and distributor of produce. T&G Fresh connects
nearly 600 growers to supermarket, foodservice
and independent store buyers across Aotearoa
New Zealand, Australia, the Pacific and Asia.
Strategy
T&G Fresh is focused
on winning in its chosen
categories, offering the
best channels to market
and building long-term
relationships. By delivering
this growth strategy, T&G
Fresh will help lead the future
of fresh produce in Aotearoa
New Zealand.
Delivery
■ Our first stone fruit harvest in Central Otago
of 1.4 million tonnes
■ Increased blueberry volumes to 500 tonnes
from our Queensland farm
■ Established T&G Kaikohe Berryfruit Limited
Partnership, a joint venture with Ngāpuhi
and Far North Holdings
■ Streamlined our growing footprint in key
categories and continued to drive efficiencies
in our supply chain
■ Continued to invest in digital tools, including
upgrading our grower online services platform
and launching our digital sales app
$19.6m
Operating profit
$461.0m
Revenue
2024: $455.3m
2024: $3.6m
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T&G Global Annual Report 202527
T&G Fresh lifts returns
T&G Fresh’s revenue was $461.0 million compared to
$455.3 million in 2024, while its operating profit was
$19.6 million compared to $3.6 million in 2024.
This significantly improved result was achieved despite
difficult trading conditions, with soft consumer demand
in a slow economy. Unfavourable weather also impacted
supply of some produce through our markets, while
the wet and cold spring slowed the start of our stone
fruit season.
In response, the T&G Fresh team intensified their efforts
to drive sales while tightly managing costs through
focusing on controls, measurement and management.
Their focus on working as one team to achieve good
outcomes for our growers as well as our customers
paid off with improved performance. This focus on
managing costs, driving efficiencies across the supply
chain and reviewing how we can achieve the best
returns will continue into the new financial year.
Our result includes domestic and export returns
from our first stone fruit harvest of 1.4 million tonnes,
following the 2024 acquisition of Hinton’s stone fruit
business in Central Otago and the leasing of their 140+
hectare orchards and packhouse. This investment
supports our strategy of building our strengths in key
categories, and we have already invested in an additional
14 hectares of plantings to expand production.
We also saw positive effects from our 2023 decision to
more than double our Queensland blueberry farm to
40 hectares. While the farm’s initial crop last year was
affected by high temperatures, production this year saw
considerable improvements achieved with mitigation
techniques including pruning, sun protection, ventilation
and nutrient management.
To meet increasing domestic and export demand,
production volumes this year grew to 500 tonnes and
we are well on track to double this to 1,000 tonnes
next year.
Exports to Fiji and the Pacific Islands also contributed
to our year-end results, with improving tourism flows
and better economic conditions supporting demand.
T&G Fresh continued
To meet increasing domestic and
export demand, production volumes
at our Queensland blueberry farm
grew to 500 tonnes this year.
Our first stone fruit harvest
in Central Otago yielded
1.4 million tonnes.
Our Australian trading business had a good year as well,
benefiting from good performance in berries and citrus.
While our tomato business did not meet expectations,
the improvement on 2024 was notable. Whitefly control
innovation improved volume performance, however
early year pricing was some of the lowest in recent years
and the division struggled to recover from the impact.
In the imported produce category, good controls around
our range, quality and margins contributed to our result.
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T&G Global Annual Report 202528
Investing for growth
Investments in technology, continued efficiencies in
our supply chain, strategic regional investments and
selective withdrawals from some sites and categories
enabled T&G Fresh to grow its reach and returns.
An efficient, flexible supply chain, which brings growers
and customers closer together, is an important goal
of the T&G Fresh transformation programme. We are
aiming for high efficiency and a lower cost-to-serve, with
investments in technology an important component.
This year, we continued to improve appropriate cost
recoveries, with more robust controls and reporting
systems around revenue, margin and costs.
We also introduced more seamless electronic
transactions to support both growers and customers,
with digital tools simplifying ordering, consignment
and payment. Our online services platform was also
upgraded to give growers the ability to book their
produce in advance and have visibility of transactions
without having to wait for weekly statements.
A new digital sales app is enabling our team to engage
directly with customers in-store and within their trading
environments. The introduction late last year of M2X,
a best-in-class transport management system, is
helping to optimise the movement of produce across
our national network. This has supported better
utilisation of routes, trucks and sub-contractors,
increased load efficiency and cost recovery. We expect
to realise further efficiency gains and savings from the
transformation of our transport business in 2026.
T&G Fresh continued
As we have further strengthened and diversified our
channels strategy, we have also reviewed our market
locations, assessing them and our transport fleet
against current and future demand.
As a result, our Tauranga site is being developed
to support growth in the Bay of Plenty and Waikato
region, while our Hamilton site has been repurposed
as a transport cross dock. Hastings now services the
Hawke’s Bay and Tairāwhiti Gisborne regions, following
the closure of the Tairāwhiti Gisborne site.
Together, these sites form part of the largest market
network in the North Island. Their reorganisation,
combined with new digital tools, has enabled our
sales team to spend more time in the field with growers
and customers.
M2X, a best-in-class
transport management
system, is helping to optimise
the movement of produce
across our national network.
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T&G Global Annual Report 202529
Perfecting our produce portfolio
Our produce portfolio is critical to our strategic goal to
‘lead Aotearoa’s fresh produce future’. It supports our
work to win in chosen produce categories and it also
supports our ability to build long term relationships
with customers and growers.
Investments such as our Queensland blueberry farm
and the Hinton’s business are examples of investing
in categories where we can lead, innovate and grow.
This year, we also continued to invest in growing our
scale and reach in the berries category.
As the exclusive licensee of VentureFruit’s premium
jumbo blueberries in Aotearoa New Zealand, we have
a unique marketing and sales window in Australasia,
with the berries available over the winter months.
We are further leveraging this advantage through a
berries joint venture established in July between T&G
Fresh and the Ngāpuhi and Far North Holdings-owned
Kaikohe Berryfruit Limited Partnership. See separate
case study on page 30.
While investing to grow our produce portfolio, we
have also rationalised some categories and sites.
Our Harrisville tomato glasshouse in Tūakau has been
sold. An agreement to continue to market and sell the
site’s crop enabled the new owner to retain the existing
growing team with their skill and knowledge.
T&G Fresh continued
Outlook
In the year ahead, we expect strong underlying
performance as we realise a full year of benefits
from our transformation programme, with its focus
on efficiency and low cost-to-serve.
This includes ongoing benefits from our transport
business, as well as the related refinements to our
North Island market network.
Our continued growth in berries, supported by
our Queensland investment and our Northland joint
venture, will help drive increased returns in that
category. We also expect improved returns in the
citrus category, following the rationalisation of our
Northland growing operations and our increased
focus on the higher-returning, late-season,
Afourer mandarin.
Sales of imported fruit will continue to benefit from
this year’s work to grow our range, quality and
margins, while we see continued strength in our
export sales, including those to the Pacific Islands.
Investments such as our
Queensland blueberry farm
(pictured) and the Hinton’s
business are examples
of investing in categories
where we can lead,
innovate and grow.
We are no longer growing the common rabbiteye
blueberries in our Northland operations, with our focus
now on our highly profitable jumbo blueberries, where
we hold an exclusive market position and advantage.
Additional jumbo berries have been planted in Kerikeri,
and in 2026 we intend to sell two small orchards that
grow rabbiteye.
Two of our Northland citrus orchards are also scheduled
to be sold, as we’ve consolidated operations to reduce
volatility in commodity categories to deliver stronger
returns. The lemon crop has been reduced and now
services the domestic market, and only the best blocks
of navel oranges have been retained. This has freed
up resources to focus on our Northland production of
premium late-season Afourer mandarins.
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T&G Global Annual Report 202530
T&G Fresh continued
Our blueberries footprint in Aotearoa New
Zealand expanded by 10 hectares in July, with the
establishment of T&G Kaikohe Berryfruit Limited
Partnership, our joint venture with the Ngāpuhi
and Far North Holdings-owned Kaikohe Berryfruit
Limited Partnership, in Te Tai Tokerau Northland.
T&G Kaikohe Berryfruit Limited is leasing Kaikohe
Berryfruit’s 10-hectare site, including its orchards
and packhouse, for nine and a half years. The
majority of plantings (seven hectares) will be our
exclusive jumbo blueberries for the domestic and
export markets. They are in high demand, attracting
premium prices because of their winter availability.
The remaining three hectares will grow INSPIRE
strawberries. T&G Fresh is the exclusive VentureFruit
licensee of this variety in Aotearoa New Zealand,
positioning us well to deliver some of the country’s
earliest strawberries to start the season. The variety
is renowned for its sweetness, ideal shape and size,
shelf life, and lower occurrence of disease compared
to other varieties.
The partnership has not only enabled us to grow our
berry crop, but also our relationship with Ngāpuhi,
as we share our knowledge and expertise to grow the
skills of the local workforce. We see this partnership
benefiting ourselves, the local iwi and hapū, as well as
the Northland economy by contributing to a resilient
horticulture sector.
Ngāpuhi retains the land, while its share in the joint
venture provides a pathway to benefits including
market access, transferable horticulture skills, access
to exclusive berry varieties and career opportunities
DELIVERING TO
OUR STRATEGY:
“This partnership
benefits ourselves,
the local iwi and
hapū, as well as the
Northland economy
by contributing
to a resilient
horticulture sector.”
in horticulture. T&G Fresh sees partnerships like
these as a means to grow our business in our
chosen categories in Aotearoa New Zealand, without
intensive capital expenditure, while also growing
opportunities with local iwi in horticulture.
growth
CASE STUDY
T&G Kaikohe Berryfruit
Limited Partnership grows
premium blueberries and
strawberries for the domestic
and export markets.
Berries partnership
sets stage for
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T&G Global Annual Report 202531
VentureFruit is our global plant variety
commercialisation and management company,
delivering new variety solutions for growers and
marketers, on behalf of breeders.
($2.4m)
Operating (loss) / profit
$9.0m
Revenue
2024: $9.8m
2024: $1.6m
Strategy
VentureFruit is focused on:
developing and delivering
premium apple, pear and berry
varieties into existing and
emerging markets; integrating
sustainability into new varieties;
and exploring precision
breeding technologies to
accelerate innovation.
Delivery
■ Introduced 20 advanced berry varieties
across key global markets, enabling
accelerated delivery to our test partner
network
■ Secured exclusive access for T&G Fresh
to grow INSPIRE strawberries
■ Licensed 300 hectares of TUTTI™ apples
to Joy Wing Mau in China
■ Over 90 hectares of JOLI™ apple trees
planted in-year in Aotearoa New Zealand
■ Secured landmark protection of Scilate
plant variety rights in China
VentureFruit
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T&G Global Annual Report 202532
VentureFruit continued
VentureFruit revenue declined by 8%, to $9.0 million,
compared to $9.8 million in the prior year, due to
economic conditions reducing external growers’
planting activities. Its operating loss was $2.4 million,
compared to a profit of $1.6 million in 2024.
Securing our place in berries
With strong global demand for berries, we are well
positioned to create value through our portfolio of
superior blueberry and Rubus genetics – developed
with the Bioeconomy Science Institute (BSI, formerly
Plant & Food Research) – which perform across cool
to moderate temperature climates.
This year, we invested in accelerating our growth in
this high-value category by introducing 20 advanced
selections into the United States, South America,
Europe and China. We also partnered with 15 leading
commercial testers to ensure scale, speed and success
across key international markets. In the United States,
alignment between our genetics, market needs and
grower demand has already resulted in the licensing
of a berry variety for production on the West Coast
and Pacific Northwest.
With significant consumption growth forecast in the
Americas, we have fast-tracked our market plan by
establishing two strategic relationships which put us
in a strong position to expand access to our varieties
in the Pacific Northwest and South America from 2026
onwards. One of these relationships is with California
Giant Berry Farms, who will receive their first plant
orders from us in 2026.
Beyond the Americas, we have identified berries
from our exclusive BSI portfolio which are suitable
for commercialisation in the United Kingdom,
northern Spain and Poland. Licensing negotiations
are progressing well.
We also secured exclusive access for T&G Fresh to
Plant Science International’s INSPIRE strawberry
variety in Aotearoa New Zealand. Initial plantings are
underway in Northland through T&G Kaikohe Berryfruit
Limited Partnership, alongside expanding production of
the high-yielding, supersized blueberries developed by
IQ Berries.
VentureFruit secured exclusive
access for T&G Fresh to Plant
Science International’s INSPIRE
strawberry variety (pictured) in
Aotearoa New Zealand.
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T&G Global Annual Report 202533
VentureFruit continued
Strong JOLI™ apple growth
Commercialised in 2024, we currently have 273 hectares
of PREMA019 (JOLI™) apples licensed, including
161 hectares planted in Aotearoa New Zealand. Grower
confidence is strong, with test blocks producing high
yields of large, red fruit that delivers consumers an
exceptional eating experience. By 2035, we aim to have
750 hectares planted in Aotearoa New Zealand.
Pilot blocks in Europe have performed well over 2025,
with fruit attributes driving strong grower interest.
Our aim is to have 350 hectares of plantings across
Europe by 2035.
variety was made 20 years ago – well before climate
change risk management became an expectation
– making this a timely and important milestone for
the partnership.
Since its launch in February 2023, TUTTI™ apples
have expanded rapidly, with over 600 hectares licensed
across Spain, Latin America and the United Kingdom.
This year, we appointed Joy Wing Mau as the exclusive
growing and sales partner in China to spearhead the
brand’s growth in that market.
Joy Wing Mau will plant 300 hectares of TUTTI™ apples
and leverage its capabilities to bring the TUTTI™ apple
brand to consumers across China. The license is
another milestone for the partnership and a significant
step towards the goal of expanding our TUTTI™ apple
programme to 1,200 hectares globally by 2030.
The Hot Climate Partnership, meanwhile, is developing
and testing other innovative products for growers
to support higher saleable yields and the ability to
continue to grow apples in an increasingly warmer
environment. Progress is tracking to plan, with 2025
consumer evaluation work underway and strong
customer requests for a late-season variety apple and
a red-skinned pear.
In the United States, growers are responding strongly –
driven by JOLI™ apples’ taste, orchard performance and
the strength of the ENVY™ apples programme. The first
10,000 commercial test trees will be planted in 2026,
with a target of 400 hectares by 2035.
VentureFruit is working collaboratively with our T&G
Apples business to support it with the brand’s market
entry and future growth plans.
TUTTI™ apples a winner
TUTTI™ apples, bred specifically for hot climates,
achieved first place in the Fresh Produce category at
the Innovation Hub Awards at Fruit Attraction 2025 in
Madrid, Spain.
The apples were celebrated as a breakthrough product
that delivers exceptional flavour and ability to thrive
in hot climates, where traditional varieties struggle.
Selected from 50 innovative entries, TUTTI™ apples
stood out for their honey and melon flavour notes and
strong climate smart resilience.
For us, the award celebrates foresight and fruition of
vision, as much as it does innovation. The TUTTI™ apple
is the first release from the Hot Climate Partnership, a
collaboration between VentureFruit, BSI, the Catalonian
Institute of Agrifood Research and Technology (IRTA)
and the Catalonian fruit producer association, Fruit
Futur. The decision to work towards a hot climate
This year, we appointed Joy
Wing Mau as the exclusive
growing and sales partner
of TUTTI™ apples in China.
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T&G Global Annual Report 202534
VentureFruit continued
Disease-resistant apples
Work is also underway in the United Kingdom with
breeder affiliates on another innovative breeding
partnership. Based on their strong eating qualities,
unique characteristics and disease resistance, a number
of new apple varieties have been short listed for global
testing, including in Aotearoa New Zealand and Europe.
Protecting our IP
Last year, we reported on steps being taken to protect
our IP in China. This year, we welcomed a judgement
from the Supreme People’s Court of the People’s
Republic of China upholding an earlier landmark ruling
regarding the protection of our Scilate apple plant
variety rights.
Scilate is the apple plant variety name behind our
global ENVY™ apple brand.
The earlier ruling by the Lanzhou Intermediate Court
of Gansu Province in November 2023, found the
defendant had infringed T&G’s IP rights by unlawfully
cultivating and selling Scilate variety plant material and
apples harvested from the illegally planted materials.
The Court awarded damages to T&G, recognising and
accepting the application to award punitive damages,
and requires the infringer to remove the illegal material.
This is an important decision in the protection of IP
rights in China and will benefit plant breeders, growers,
consumers, customers and the horticultural sector.
It also shows China’s strong commitment under its
newly strengthened Seed Law to safeguard plant
variety rights and put a stop to illegitimate production
and infringement.
Outlook
2026 will see us accelerate our vision to unlock
the full potential of plant variety innovation
through rigorous testing, flexible commercial
models and end-to-end capability.
We will continue to expand our berry presence,
including establishing a testing network in Central
and South America, as well as a breeding footprint
in North America.
Pre-commercial testing in Europe and Aotearoa
New Zealand will continue with United Kingdom-
bred disease-resistant apple varieties.
We expect to commercialise new apple and pear
varieties that meet consumer needs and provide
growers with “lighter touch” climate-resilient
and disease-resistant cultivars.
We look forward to the next steps with
New Zealand’s proposed Gene Technology Bill,
having made a submission to the New Zealand
Government’s Health Select Committee.
We believe there is significant opportunity with
modern genetic technologies such as gene editing
to not only speed up, but increase our ability to
meet consumer needs with varieties that perform
well for growers and consumers, while managing
our changing climate.
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T&G Global Annual Report 202535
VentureFruit continued
As fresh fruit markets go, North America is mature;
however, VentureFruit has identified clear and
achievable goals to leverage our IP, expertise and
track record to create new and profitable income
streams in apples, pears and berries. This focus
reflects North America’s position as the largest
consumer of premium goods in the region.
Our IP and strong testing network are the backbone
of this growth strategy, enabling us to prove the
performance of our genetics and demonstrate to
growers that we offer a portfolio of varieties that align
with their strategies and growing conditions, while
delivering premium quality fruit to consumers.
This year, we established a robust North American
testing network: six sites evaluating 34 apple
varieties, three sites testing five pear varieties, and
14 sites trialling three blueberry varieties. Spread
across diverse climates, these sites help pinpoint
the optimal growing environments for each variety.
In the United States, the apple industry is under
considerable strain, with many growers currently
operating at a loss. Demand for traditional varieties,
such as Gala and Red Delicious, is declining, and the
number of sales channels to market is diluting growers’
ability to improve returns. In contrast, our United States
ENVY™ apple growers consistently achieve strong
returns, enabled by the brand’s end-to-end system
connecting supply and demand. The premium brand’s
success helps illustrate future opportunities for our
apple varieties.
While the market will recover over time, pricing
and demand imbalances will take time to correct.
VentureFruit is uniquely positioned to lead this
next phase of industry transformation. Our model,
varieties and track record align directly with the
sector’s emerging needs, offering growers sustainable,
scalable and profitable alternatives.
Our pear varieties deliver superior eating quality,
higher yields, and tree architecture that enables more
efficient orchard management. Many older North
American orchards struggle with low yielding, slow
ripening, quick to spoil varieties, with a gritty texture.
Our test sites are designed to provide growers with
confidence to transition to our premium genetics.
DELIVERING TO
OUR STRATEGY:
We are already well ahead in our berries
strategy, with our exclusive blueberry and Rubus
varieties. Our portfolio provides testing partners
with an extensive range of superior mid-to-high
chill varieties, and together with our flexible
commercialisation strategies, we are well positioned to
meet growers’ and market needs in North America.
CASE STUDY
Photo credit: The Bioeconomy
Science Institute.
North America
Gaining ground in
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T&G Global Annual Report 202536
Other
business
The Other business segment contains
some of the trading elements from our former
international trading segment.
($45.0m)
Operating (loss)
$39.3m
Revenue
2024: $33.5m
2024: ($30.3m)
This includes contributions from our South
American trading business and our Thailand
kiwifruit business. Their inclusion in this
reporting segment reflects the shift in our
strategy which emphasises the significant
potential of the Apples category, followed by
berries, compared with other internationally
traded produce.
In addition, within this segment is our Cyclone
Gabrielle insurance claim. Three years on
from the Cyclone, we continue to work through
the settlement of our insurance claim and we
expect to have it finalised in early 2026.
Other business revenue was $39.3 million
compared to $33.5 million in 2024. Operating
loss was $45.0 million compared to an
operating loss of $30.3 million in 2024.
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T&G Global Annual Report 202537
In every corner of our business, from our
orchards and packhouses to our global
markets, it is the talent, enthusiasm and
commitment of our people that enables our
strategy to become a reality.
High-performance
Our people at their best
05.
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T&G Global Annual Report 202538
We want to be the world’s leading premium fresh
produce company, and we believe a high-performance
culture will enable this. It’s about encouraging and
equipping our people to be their best and to take
accountability for their results. In turn, we take
accountability for providing them with a safe working
environment, a strong sense of purpose, ample
opportunities to grow professionally, and remuneration
which values their work.
Employee survey
To keep our high-performance culture healthy, we
survey our people each year to check how they feel
about the business and how well we are ensuring
everyone has the right tools, knowledge and support
to perform at their best.
We survey each business unit, recognising that
roles, working environments and results are different
according to where you work and who leads you. The
results show us where we are doing well and, more
importantly, what we need to focus on to support the
high performance we seek.
This year’s final survey in October 2025 achieved a
very pleasing 87% participation rate, a 19% increase
on the year prior.
Our people score (similar to an engagement score)
rose by 2%, to 75%, putting us in the top quartile of
survey benchmarks.
Overall, results indicate we’re on the right track. Key
highlights include:
■Leadership: 75% of our team believe senior leaders
will implement our strategy effectively (+1%) and 76%
say leaders’ actions align with our mindsets (+1%).
■Development: 76% said they have the information
needed to do their job effectively (+2%), 73% said we
recognise the work of individuals (+4%), and 71% said
we provide effective training (+3%).
■Communication: 82% feel comfortable asking for
help (+2%), 73% receive practical updates to better
understand strategy and performance (+3%), and
71% feel motivated by communications from our
leadership teams (+1%).
■Culture: 81% feel their personal values and beliefs
are respected (+1%) and 81% feel comfortable being
themselves at work. The latter is down 1% but it is still
a strong result.
Asia Development Centre
We introduced an Asia Development Centre in
Singapore this year, designed around our sales and
leadership capabilities. The Centre builds on the
sales capability training programme developed and
delivered in 2024 for our global Apples sales team.
This programme supports our capability build by
helping embed our in-market strategy and establish
deeper strategic partnerships with key customers to
drive increased consumer demand for our brands in
global markets, particularly Asia.
The Centre is focused on assessing and developing
the sales and leadership skills needed to achieve our
Apples growth strategy. Strong, mutually beneficial
customer partnerships, are critical to grow the premium
apple segment, with a strategic approach taken to
building consumer demand. This requires excellent
execution every day of the year across in-store ranging,
prominent on-shelf positioning, distinctive branding,
and in-store sampling and merchandising. This
specialist Centre was designed and delivered in-house.
Emerging Leaders Programme returns
Our award-winning frontline leadership initiative, the
Emerging Leaders Programme (ELP), returned this
year after a brief pause in 2024.
Since its launch in 2019, the 12-week programme
has developed over 200 team members. Built in-
house by our people and culture team, ELP equips
frontline future and current leaders with skills such as
communication, continuous improvement, developing
people, and leading safety and wellbeing.
Past graduates presented to the 2025 cohort, sharing
the key role ELP has played in their career journey
to date. We had 24 participants from our Apples
business – 12 from growing and 12 from post-harvest.
Managers nominated both current leaders and those
with leadership potential, and with such high demand,
we now have a waitlist for future intakes.
High-performance continued
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T&G Global Annual Report 202539
We know from past results that participants grow in
confidence and capability and go on to support their
peers to grow and learn. ELP helps us continue to build
an extraordinary culture and operate with enterprise
excellence – two essential ingredients for our long-
term success. This initiative is part of our broader
commitment to developing our people and ensuring
they have the tools and opportunities to grow within
the organisation.
Award-winning performances
Our finance team was awarded Best Finance Team of
the Year at the 2025 New Zealand CFO Awards. The
award specifically acknowledged the Apples finance
team’s work in the wake of Cyclone Gabrielle and
supporting our Apples strategy, performance and
growth trajectory. It also celebrated the collaboration
across our broader T&G finance function and the
support it provides to the Group.
Sam Carter won the 2025 Hawke’s Bay Young
Fruitgrower of the Year. Sam, an Assistant Manager
at our Pakowhai apples orchard, competed against
seven other contestants over two days, demonstrating
his horticultural skills and knowledge. This included
modules in health and safety, irrigation, machinery
management, soil fertility and working with chemicals.
Grace Fulford, Manager Independent Supply
New Zealand, in our Apples business, won the
$12,000 emerging achiever award from the Hawke’s Bay
Fruitgrowers’ Association, adding to her 2024 Young
Grower of the Year title. Grace was also a finalist in the
2025 Young Horticulturist of the Year.
Both Sam and Grace are outstanding role models
for careers in horticulture, which forms a significant
part of Aotearoa New Zealand’s primary sector
export economy.
High-performance continued
Our finance team was
awarded Best Finance
Team of the Year at
the 2025 New Zealand
CFO Awards.
Sam Carter, Assistant
Manager at our Pakowhai
apples orchard, won the
2025 Hawke’s Bay Young
Fruitgrower of the Year.
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T&G Global Annual Report 202540
The Māori principle of Kaitiakitanga captures
what sustainability means to T&G. We treat
our natural environment, people, produce,
resources and community with the greatest
of respect and care, for the benefit of future
generations.
Kaitiakitanga
06.
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T&G Global Annual Report 202541
Our commitment to sustainability is embedded
in our governance, strategy and policies, with our
Kaitiakitanga framework (see Figure 1) informing our
sustainability priorities and actions each year.
Our Kaitiakitanga sustainability framework
Kaitiakitanga continued
T&G supports the 17 United Nations Sustainability
Development Goals (SDGs), which cover environmental,
social and economic development issues. Our Kaitiakitanga
sustainability framework contributes to seven of them.
FOCUS AREAGOALS
Our people
Protect and grow ■Our leaders visibly show their commitment to health and safety through
their actions and are continually looking for opportunities to improve
■Workers and their representatives are involved in decisions impacting
on their health and safety
■We have effective processes to protect our workers from short-term
and long-term harm
Inclusion and diversity ■Accept, respect and celebrate our similarities and differences
Our planet
Climate action ■Thrive in a changing climate while reducing emissions across our
value chain
Low impact operations ■Protect and enhance our natural resources
■Reduce waste
Our produce
Responsible partnerships ■Ethical and mutually beneficial partnerships through our global
value chain
Healthy communities ■Help reduce food insecurity
Figure 1: T&G’s Kaitiakitanga sustainability framework
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T&G Global Annual Report 202542
Governance and management
T&G’s Board has overarching responsibility for
sustainability. It is assisted by three Board Committees:
■ The Sustainability Committee (SC) oversees our
Kaitiakitanga sustainability framework, including
strategy, targets, initiatives and policies, climate-
related risks and opportunities, and monitors
performance.
■ The Human Resources Committee (HRC) oversees
and monitors the people and culture framework,
including health, safety and wellbeing, and inclusion
and diversity.
■ The Finance, Risk and Investment Committee (FRIC)
oversees and approves annual corporate disclosures.
The Executive team is responsible for developing
and implementing our Kaitiakitanga sustainability
framework and management of material issues.
An executive steering committee comprising the
Chief Executive Officer, Chief Financial Officer,
Chief Operating Officer Apples, Managing Director
T&G Fresh, Head of Corporate Affairs and General
Manager VentureFruit, governs the development,
implementation and progress of the ‘our planet’
pillar of the Kaitiakitanga sustainability framework.
This committee is responsible for overseeing our
climate action and low impact operations strategies,
targets and initiatives, and monitoring performance.
It also discusses risk parameters in related areas,
identifies areas of alignment and opportunity across
the business, and makes recommendations to the SC.
Kaitiakitanga continued
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T&G Global Annual Report 202543
Protect and grow
Strengthening our health and safety culture
Last year, we ceased using Total Recordable Injury
Frequency Rate (TRIFR) as a measure of safety
performance because it is a lag indicator, and there is
an industry trend to move to lead indicators. This view
is supported by the Institute of Directors’ Health and
Safety Good Governance Guide, endorsed by WorkSafe
New Zealand.
Our focus remains on fostering a safety culture where
everyone knows how to look after themselves, looks out
for colleagues, and feels confident raising concerns that
will be taken seriously. This includes ensuring we have
robust controls in place for our critical risks.
Our critical risk areas are:
■ operating or working around motor vehicles
■ operating or working around mobile plant
■ working at heights
■ working in confined spaces
■ working with fixed machinery (such as packing
shed equipment)
■ working with or around hazardous substances
■ working with or around excavation/trenches
■ performing hot work, and
■ working near objects that may fall.
In 2025, we introduced a three-level assurance process
for critical risks:
■Level 1: Site-based critical risk control reviews
led by operational managers and health and safety
representatives
■Level 2: Internal assurance assessment led by the
Health and Safety team, and
■Level 3: Governance-level deep dives led by the
General Manager Health and Safety, Risk and
Compliance.
This year, our Aotearoa New Zealand business
underwent an external assessment against the
SafePlus performance criteria. SafePlus is a health
and safety improvement toolkit for businesses,
developed by WorkSafe New Zealand, ACC and the
Ministry of Business, Innovation and Employment.
Assessors visited multiple T&G sites and engaged
with our Board, leadership team, managers,
supervisors, health and safety representatives, workers
and contractors. The assessment included deep dives
into risks related to hazardous substances, manual
handling and mobile plant.
We achieved an excellent result, moving from
a 2019 rating of Developing to a 2025 rating of
Performing. Independent assessors commented that
“T&G workers report significant progress on health
and safety matters over the last 3 to 5 years. They
acknowledge the positive communication and the
Company’s commitment to ensuring ‘Everyone Home
Safe, Every Day’.”
Our people
Kaitiakitanga continued
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T&G Global Annual Report 202544
For employers, the anonymised symptom data is an
invaluable resource for informing future preventative
health and wellbeing planning and activities. It has
enabled us to expand the level of pastoral care we
offer, while achieving substantial time and resource
efficiencies. From a community perspective, it also
helps ease the demand on medical and urgent care
services in the region.
To the best of our knowledge, our health clinic and its
service is unique in Aotearoa New Zealand and it will
continue in the 2026 season.
We see the clinic as an important part of the pastoral
care we offer our valued RSE workers. It is an extension
of the manaakitanga we offer them each season,
which begins with an annual pōwhiri at a local marae.
Inclusion and diversity
Creating an inclusive and diverse workplace
While Aotearoa New Zealand is a small country, we
are big when it comes to diversity, with census data
showing some 200 ethnicities making a home here.
This diversity is reflected in our workplace. To ensure
our people feel safe, welcome and respected, we
have an Inclusion and Diversity (I&D) Policy, overseen
by the Board, and an employee representative
committee, which encourages and celebrates
inclusiveness and diversity.
This Policy applies to all employees, including our
RSE team. This year, we conducted an independent,
anonymous survey to gauge our RSE team’s views on
how well we are performing. We aimed to have our
entire RSE workforce of 800 participating and 71.9%,
or 575 people, completed it this year.
Our survey included questions specific to their role
as seasonal workers and their lifestyle during their
time with us. It covered pre-employment orientation
briefings, training on the job, expectations compared
with the reality of RSE work, access to a community
network through church, sports or the gym, their ability
to raise concerns, whether concerns were actioned,
and conditions such as accommodation, access to
healthcare, safety at work, and the ability to maintain
contact with family at home.
We are proud of the many positive results, with average
scores of 98% for health and safety, 97% for pay and for
treatment at work, 92% for the ability to raise concerns,
87% for the overall worker experience, 85% for holidays
and rest, and 76% for communication. Participants
reported they were treated with respect and their
cultural values were also respected, and 91% reported
they were generally happy with their accommodation.
The results confirmed we are on the right track in
our care of our RSE team members. This is positive
reinforcement of our I&D Policy and practices, and our
care and treatment of this valuable workforce.
Recordable injuries
Across our global business, Total Recordable Injuries
for 2025 were 134. This compares to 149 in 2024, a
reduction of 10%. 143 injuries were reported in our 2024
Annual Report, however, there were six late or upgraded
injuries after publication.
Health clinic returns for RSE workers
Overwhelmingly positive feedback on our pilot health
clinic for our Recognised Seasonal Employer (RSE)
workers in Hawke’s Bay saw its return for the 2025
season and recognition through the Manaaki Award at
the 2025 Horticulture New Zealand Industry Awards.
Manaaki means care, support and respect, and the
clinic at our Whakatu apples packhouse certainly meets
the definition. Open to all Hawke’s Bay RSE employers
and their RSE workers, it operates five days a week over
the season, with people usually seen within 10 minutes,
or waiting no longer than 30 minutes at peak times.
In 2025, it cared for 1,900 patients over a five-month
period, a significant increase on the 660 people treated
in last year’s pilot.
The clinic is an investment that creates value for RSE
workers, their employers and the wider community.
For workers, barriers to accessing healthcare are
removed. The clinic is in a familiar packhouse setting,
staffed by medical practitioners who understand the
demands of harvesting apples. Easy access means
continuity of care is established, with the workers
encouraged to be more proactive about their health.
Kaitiakitanga continued
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T&G Global Annual Report 202545
Inclusion and diversity initiatives
Throughout 2025, our Aotearoa New Zealand I&D
Committee organised a number of activities to
celebrate our diverse workforce. They included:
■ Matariki celebrations across many sites, with the
largest in Hawke’s Bay. Our traditional wearable
arts show expanded into a festival for more than
300 Hawke’s Bay orchard and post-harvest team
members who enjoyed a hāngī lunch and cultural
performances at our Whakatu site.
■ A team participating in Sweat for Pride in June, raising
$4,433 for rainbow communities through a collective
7,682 minutes of exercise.
■ Celebrations of culture and diversity through
New Zealand Sign Language Week, World Autism
Awareness Month, Pink Shirt Day, Diwali, Te Wiki o te
Reo Māori and Vanuatu Bislama Language Week.
Welcoming our RSE team with a pōwhiri
This year was our third annual pōwhiri in Hawke’s
Bay, a tradition that has become a meaningful part of
how we welcome our RSE team for the apple season.
Hosted by Ngāti Kahungunu at Kohupātiki marae, the
pōwhiri enabled T&G to welcome RSE team members
from Papua New Guinea, Samoa, the Solomon Islands
and Vanuatu. The ceremony also strengthened our
ties with mana whenua and marked the arrival of new
and returning RSE team members to our business,
to Hawke’s Bay, and to Aotearoa New Zealand.
This cultural exchange continues to be a special way
to begin the busy harvest season each year.
Kaitiakitanga continued
Cultural performance
at our Whakatu site
during this year’s
Matariki celebrations.
We welcomed RSE teams from
Papua New Guinea, Samoa, the
Solomon Islands and Vanuatu with
a pōwhiri at Kohupātiki marae.
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T&G Global Annual Report 202546
Our planet
The development this year of our Environmental Policy
underscores the importance of a strong and healthy
environment to our business, stakeholders and future
generations.
The policy forms the foundation of the Company’s
related governance system. It details our environmental
commitments and how we will work in partnership with
our people and stakeholders to consider environmental
impacts, address related issues, and continually
improve performance.
It is supported by our Code of Ethics, which sets out
our behavioural expectations for employees. In relation
to T&G’s wider value chain, the principles of our
Environmental Policy are embedded in our Supplier
Code of Conduct, which sets out the expectations for all
suppliers.
Climate action
Climate targets
Since 2017, we have had a target for reducing our scope
1 and 2 greenhouse gas (GHG) emissions. To ensure
we are taking meaningful climate action, we have set
near-term Science-based Targets (SBTs) for scopes
1, 2 and 3, which were validated by the Science-based
Target initiative (SBTi) in 2024 (see Figure 2). Using
a base year of 2021, these targets align with the Paris
Agreement goal of limiting global warming to 1.5°C.
These targets are ambitious. With T&G’s scope 1
and 2 emissions containing some hard-to-abate
areas, including heavy fleet vehicles and natural gas
consumption, the commercial availability of cost-
efficient and operationally compatible technology will be
important in helping to achieve our targets. For T&G’s
most material scope 3 categories, we acknowledge
that achieving our SBTs will be challenging, but we are
working to a best endeavours approach.
Restating our emissions
The sale of T&G Fresh’s Harrisville glasshouse
materially changed our operational boundary. In line
with the Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard (revised Edition,
2015) (the ‘GHG Protocol’), SBTi methodology and our
base year restatement approach, we have recalculated
and restated our 2021 base year and all subsequent
years’ emissions. There is no change to our validated
SBTs. All of the GHG emissions and tracking against
our SBTs discussed here reflect these changes.
SBT progress
In 2025, our scope 1 (not related to Forest, Land and
Agriculture – FLAG) and scope 2 (market-based)
emissions decreased 5%, from 24,025 tCO
2
e in 2024 to
22,844 tCO
2
e in 2025. This is a 22% reduction against
our SBT to reduce related emissions by 42% by 2030,
from our 2021 base year.
Scope 3 emissions are complex, as they encompass a
wide range of activities across our global value chain.
This year, we made considerable progress in capturing
and measuring our scope 3 emissions across the
material areas of the GHG Protocol’s 15 categories. With
the forthcoming changes to Aotearoa New Zealand’s
climate reporting regime (see page 2), in 2026 we will
continue to collate our scope 3 emissions.
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T&G Global Annual Report 202547
T&G’s performance against its SBTs
The following table and graphs track progress to date against our SBTs.
TARGETBASE YEARMETRICTIMEFRAME2025 PERFORMANCEPROGRESS TOWARDS OUR TARGET
1
By 2030, reduce absolute scope
1 and 2 GHG emissions by 42%
from a 2021 base year
2021tCO
2
eBy 203022% cumulative
reduction against base
year (see figure 3)
■At our Reporoa glasshouse, natural gas is being replaced by renewable heat
and biomethane
■Ongoing light fleet optimisation and efficiency improvements
■Transport management system is helping optimise our heavy fleet, driving
efficiencies and better route and truck utilisation
■Preventative maintenance, sensors and machine learning deployed at key
sites to detect and avoid refrigerant leaks
2
Continue annually sourcing
100% renewable electricity
through to 2030
2021MWh of RECs
purchased
By 2030Ongoing delivery ■Since 2020, T&G annually purchases 100% renewable electricity via
Renewable Energy Certificates (RECs)
3
By 2027, 90% of suppliers by
emissions covering category 3.1
purchased goods and services
and 3.4 upstream transport and
distribution will have SBTs
2021# suppliersBy 2027Initial screening of
2025 category 3.1
and 3.4 suppliers by
emissions identified
~13% with SBTs
■Significant progress has been made in categorising suppliers and beginning
to calculate scope 3 emissions
■Engagement has commenced with T&G’s largest suppliers by spend
4
By 2030, reduce absolute scope
1 and 3 FLAG emissions by 30%
from a 2021 base year
2021tCO
2
eBy 2030Scope 1 FLAG:
Ongoing work to
measure fertiliser
emissions and
calculate on-farm
carbon removals
Scope 3 FLAG: Work
is ongoing
Scope 1 FLAG
■We have begun to review our land-related emissions. This work will
continue following the launch of the new GHG Protocol Land Sector and
Removals Standard
■Fertiliser is a key source of T&G’s land-related emissions. Operational
practices have been reviewed and align with best practice. We will continue
to monitor the future availability of low-carbon fertiliser options
■Using AI and satellite imagery, in 2025, carbon removals were measured
for 25 of our own apple orchards for the first time. From this, we identified
65.92 tCO
2
e of removals from non-productive trees and vegetation.
Ultimately, our carbon removals will be subtracted from our combined land
use change emissions and land management emissions (of which fertiliser
is part of) to determine T&G’s overall scope 1 FLAG emissions
Scope 3 FLAG
■A grower emissions measurement tool has been developed
■Engagement commenced with a pilot group of growers
5
Commit to maintain no
deforestation across its primary
deforestation-linked commodities
2021CommitmentBy 2030Commitment
maintained
■Zero deforestation guideline developed and rolled out within the business
■Annual review against the guideline conducted in key areas of the business
Figure 2: T&G’s performance against its SBTs
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T&G Global Annual Report 202548
0
5,000
10,000
15,000
20,000
25,000
30,000
20252024202320222021
Refrigerant leakage
Propane
Petrol
Natural gas
Targets 1 and 2
LPG
Heating oil
Diesel
Biomethane
tCO
2
e
On-farm carbon removals
Fertiliser
tCO
2
e
-100
0
100
200
300
400
500
20252024202320222021
Figure 3: Annual progress against T&G’s scope 1 and 2 SBTs (targeting a 42% reduction by 2030),
which relate to scope 1 (non-FLAG) and 2 (market-based) GHG emissions by source
Note: The purple dashed line above indicates the SBT trajectory and denotes recent T&G emissions
reduction performance against this trajectory. In this graph, scope 2 electricity emissions are
represented as zero under the market-based approach due to the use of RECs.
Figure 4: Progress against the scope 1 FLAG component of T&G’s fourth SBT (targeting a 30% reduction
by 2030)
Note: Fertiliser applications may naturally fluctuate over time due to plant lifecycle and needs. T&G follows a
precision approach to fertiliser application, based on soil testing and what is required for plant growth. In 2026,
T&G will review the newly-released GHG Protocol Land Sector and Removals Standard to confirm its approach
to determine its complete scope 1 FLAG emissions.
Kaitiakitanga continued
Progress against T&G’s first and second SBTsProgress against T&G’s fourth SBT
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T&G Global Annual Report 202549
Energy strategy
It is critical that we have affordable, reliable and
sustainable energy that supports our commercial goals
and operational needs. We are developing a long-term
energy strategy, which focuses on how we can reduce
costs, minimise volatility, adopt renewable energy,
and enhance energy efficiency and system resilience.
Within it, we are also exploring energy transition options
for T&G Fresh’s glasshouses. The strategy will be
completed in 2026.
Climate-related risks and opportunities
We continue to deepen our understanding of T&G’s
climate-related risks and opportunities, ensuring they
are embedded in our strategy. Transitioning to a low-
emissions, climate-resilient future remains a core focus
of our long-term direction.
T&G’s Risk Management Policy, together with the Risk
Management Guideline and the Risk and Compliance
Framework, provides the overarching framework for
assessing, monitoring and managing all risks, including
climate-related risks.
The Risk and Compliance Framework supports the
identification and management of strategic, project,
climate-related and operational risks, and enables the
delivery of T&G’s objectives within the defined Risk
Appetite. Climate-related risks are integrated into T&G’s
risk management processes through the Three Lines
of Defence model, the Risk Appetite Statement and the
T&G Risk Matrix.
This year, we commenced the transition of our climate-
related risk assessment approach from the traditional
likelihood and consequence model to the widely
recognised best practice framework of exposure,
vulnerability and impact. While these elements were
previously considered, our updated approach makes
them more explicit within the assessment process.
In 2026, we will further refine this methodology and
continue to strengthen our programme of work relating
to climate-related risks and opportunities.
Low impact operations
Water security
With an ambitious growth strategy, it is essential that
our operations have long-term water security. In 2025,
we began developing an Apples water strategy, initially
focusing on T&G’s Hawke’s Bay operations. Key areas
of focus include continued efficiency improvements and
sustainable water management, and on-orchard R&D.
For our Aotearoa New Zealand sites, a water
consumption baseline has been established and
improvements made to some water meters.
Protecting and enhancing our natural resources
In 2025, Worldwide Fruit, our United Kingdom
subsidiary, increased its focus on regenerative
practices across its global supply base, with particular
emphasis on soil health, water efficiency, ecosystem
resilience and investing in regenerative farming proof-
of-concept model farms. This area of focus supports
Worldwide Fruit in continually reducing its impact on
the environment and being customers’ first choice. A
key example is the model farm Chandler & Dunn, one
of Worldwide Fruit’s long-standing grower partners
in Kent, in the United Kingdom, established this year.
The farm is focused on forming the operational and
measurement foundations needed for a transition to
regenerative growing.
Shaped through expert collaboration, the farm features
a selection of perennial grass and flower seed mixes,
complemented by good orchard management practices
and investment in regenerative equipment, such as a
direct drill and a side-discharge spreader for non-living
mulches. Fortnightly performance tracking and weekly
biodiversity observations have been introduced to link
farm inputs with outcomes across Chandler & Dunn’s
trial and control orchards. Baseline soil data from
assessments inform future compost, mulching and
biochar strategies, providing valuable, auditable and
transferable insights, which will support Worldwide Fruit
in future supplier engagement.
Understanding our packaging
As noted in the 2024 Annual Report, packaging was
a key area of focus this year. A packaging audit was
conducted across 20 Apples markets and our T&G Fresh
business, with a focus on retail materials. In Apples,
the audit is largely complete and captures material
types, variations and packaging suppliers. The next step
involves building robust global market requirements
and identifying opportunities to optimise and simplify
packaging while reducing costs. In T&G Fresh, following
the audit we have begun to simplify packaging, starting
with Beekist tomatoes and the move to a single label on
punnets. This will reduce materials and costs, and create
efficiencies in the packhouse.
Kaitiakitanga continued
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T&G Global Annual Report 202550
Responsible partnerships
Human rights and modern slavery
Ethical and mutually beneficial partnerships across
our global value chain are one of the goals of T&G’s
Kaitiakitanga sustainability framework.
In October, we finalised and published our Human
Rights Policy, reinforcing our commitment to respecting
and upholding the rights of all people across our
operations and value chain. The policy embeds human
rights considerations into how we work, striving to
create a safe, fair and inclusive environment, build
trust with our stakeholders, and contribute positively
to the communities where we operate. The policy also
sets clear expectations for employees, contractors,
suppliers and partners to uphold these principles in
our workplaces and throughout our supply chain.
We have developed a comprehensive human rights
and modern slavery e-learning module, to be rolled out
in 2026, to support employee understanding of human
rights and modern slavery risks in supply chains, and
T&G’s commitments and responsibilities. The training
will be mandatory for identified employees based on
the relevance of their role.
Our commitment to human rights extends across
our global operations, including our United Kingdom
subsidiary, Worldwide Fruit. In 2025, Worldwide Fruit
made progress in enhancing its human rights due
diligence processes to better address risks in their supply
chain. This included extended site visits informed by
climate and human rights risk assessments, and direct
engagement with workers and stakeholders. A specialised
training course was also developed, with delivery
scheduled for next year. It will equip team members to
conduct deeper, more effective risk evaluations.
Looking ahead to 2026, across the Group we will
integrate human rights considerations into T&G’s
broader risk management processes, enabling more
consistent identification, assessment and prioritisation
of human rights and modern slavery risks alongside
other material business risks.
Supporting fair labour standards
Consistent with T&G’s operations, Worldwide Fruit
is also committed to supporting growers in upholding
fair labour standards and ensuring safe, appropriate
conditions for all workers. At Worldwide Fruit, this
includes conducting farm visits, inspections, and
capacity-building initiatives through the seasonal
workers task force and other industry resources.
By taking a proactive approach, Worldwide Fruit
aims to ensure that all workers, regardless of
their employment route, are treated fairly, housed
appropriately and supported throughout their time
on United Kingdom farms.
Healthy communities
New Zealand Food Network
This year, we donated almost 430,000 kilograms of
fruit and vegetables to the New Zealand Food Network
(NZFN). T&G Fresh is proud to be a founding donor of
NZFN, Aotearoa New Zealand’s national food rescue
and the country’s largest food support charity. NZFN –
who celebrated their 5th birthday in 2025 – connects
food donors with food hubs and charities, ensuring
that donated and surplus food goes to people in need
through their network of more than 60 food hubs across
the country.
Our produce
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T&G Global Annual Report 202551
Healthy Family Project
In the United States, we continued our partnership
with the Healthy Family Project through our premium
ENVY™ and JAZZ™ apple brands. In 2025, we
contributed USD$27,370 to support their mission of
increasing produce consumption and helping families
access healthier food options, including a donation to
non-profit organisations providing nutritious food to
families in need.
Fruit & Vegetables in Schools
We continued to support the Fruit & Vegetables in
Schools programme in 2025. The programme, which is
funded by Health New Zealand – Te Whatu Ora, provides
daily fresh produce to children in low socio-economic
schools across Aotearoa New Zealand. It covers 21
regions, supplying 565 schools – approximately 25% of
all primary schools in the country. Through T&G Fresh,
we supplied more than 100,000 parcels of fresh fruit
to 307 schools, with apples, bananas and mandarins
making up a significant proportion.
JAZZ™ Foundation
Established in 2014 by Worldwide Fruit, the JAZZ™
Foundation supports young people in local communities
by providing financial assistance to sports teams,
aspiring athletes, mental health charities and youth
groups. Throughout 2025, the Foundation received
257 applications and granted 29 awards. Since its
establishment, the JAZZ™ Foundation has donated
more than £50,000 to community initiatives, helping
to fund school sports kits, equipment, and entry and
travel costs.
Garden to Table
As a long-standing partner of Garden to Table, we’re
proud to support their work empowering children
across Aotearoa New Zealand to grow, harvest, prepare
and share great food. In 2025, the programme reached
318 schools and more than 33,000 children, resulting in
more than 1.3 million meals grown, cooked and eaten.
This year, we welcomed a Garden to Table class from
Haumoana School to one of our Hawke’s Bay orchards,
helping bring the curriculum to life through practical
pruning sessions and learning about pests, diseases
and day-to-day orchard operations. We also sponsored
Garden to Table’s annual seedling sale, with 146 schools
taking part – their biggest sale to date. Recent feedback
from principals in the Garden to Table programme
reinforces the value of the programme, with 100%
saying it strengthens their school’s culture and identity,
and 90% noting it supports mental health and wellbeing
through outdoor learning and social connection.
Kaitiakitanga continued
Garden to Table has been
empowering children across
Aotearoa New Zealand to grow,
harvest, prepare and share
great food for over 15 years.
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T&G Global Annual Report 202552
Board of Directors
BENEDIKT MANGOLD
CHAIR AND NON-INDEPENDENT DIRECTOR
Benedikt Mangold joined the BayWa
Group in 2011 and is CEO of BayWa Global
Produce GmbH – Munich, which is the
majority shareholder of T&G Global Ltd.
Prior to this position, Benedikt spent three
years in Aotearoa New Zealand working
for T&G as an export trader before moving
into the role of Head of Strategic Planning
and Transformation in T&G’s International
Business Unit.
In June 2021, the T&G Board of Directors
appointed Benedikt as Chair. He is also
Director and Chair of BayWa Obst GmbH
& Co. KG – Germany and a Director of
Enzafruit New Zealand (Continent) N.V –
Belgium, Worldwide Fruit Ltd – UK, and
Profruit Investments (Pty) Ltd – South
Africa.
Board committee: Chair of the
Sustainability Committee.
MICHAEL BAUR
NON-INDEPENDENT DIRECTOR
Michael Baur joined the Board of
Management of BayWa AG as Chief
Restructuring Officer in October 2024.
He is a Global Vice Chair at global
consulting firm, AlixPartners, where he
has previously held several leadership
positions, including German Country
Leader and global Co-Leader of its
Turnaround & Restructuring Services
practice. Michael has significant experience
as a senior advisor and manager, including
in the roles of Chief Executive Officer and
Chief Financial Officer. His broad industry
expertise covers the automotive, industrial
goods, energy, retail, consumer goods,
telecom and media sectors. He is also
a Director and Chair of BayWa r.e. AG,
Germany and Cefetra Group B.V. in the
Netherlands.
CAROL CAMPBELL
INDEPENDENT DIRECTOR
Carol Campbell is a full-time professional
Director with extensive finance experience
and a sound understanding of effective
board governance. She was a partner
at EY for over 25 years and has been a
professional Director for over 15 years.
Carol is Director and Chair of the
Audit & Risk Committees of NZME Ltd,
Asset Plus Ltd and Chubb Insurance Ltd,
and was previously a Director of NZ Post
Ltd for 12 years. She is also a Director of
several private companies and trustee of
private family trusts.
Carol has a BCom, is a Fellow of CA ANZ,
a Chartered Fellow of the NZ Institute of
Directors and a member of the Disciplinary
Tribunal of NZ Institute of Chartered
Accountants.
Board committees: Chair of the Finance,
Risk and Investment Committee, Member
of the Human Resources Committee and
the Sustainability Committee.
ROB HEWETT
INDEPENDENT DIRECTOR
Rob Hewett is Director and Chair of
Bremworth Ltd, Farmlands Co-operative
Trading Society Ltd, Fern Energy Ltd,
Hilton Haulage GP Ltd, Pioneer Energy Ltd,
Woolscour Holdings Ltd, Climate Change
for Action NZ (Agrizero) and Hewett Farm
Ltd. Rob is also Chair of Rewiring Aotearoa
NZ Charitable Trust and a Director of
Woolcorp NZ Ltd.
Rob holds a master’s degree in Commerce
and Marketing (Hons), a BCom (Ag) in
Economics and is a Chartered Fellow of
the NZ Institute of Directors. Rob won the
2019 Outstanding Contribution to New
Zealand Cooperatives award and the 2023
Chairperson of the Year at the Deloitte Top
200 awards.
Board committees: Chair of the Human
Resources Committee, Member of the
Finance, Risk and Investment Committee.
Governance
0 7.
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T&G Global Annual Report 202553
RALF TOBIAS PRISKE
NON-INDEPENDENT DIRECTOR
Tobias Priske started working for BayWa
as a lawyer in 1998, nationally and
internationally, and had a leading role in
the acquisition of the majority of the shares
of T&G by BayWa in 2012. Between 2015
and 2023, Tobias served as BayWa AG’s
Company Secretary before becoming
Head of Asset Management International
for BayWa AG and Head of Legal and
Compliance of BayWa Global Produce
GmbH in Munich.
Tobias is a Director and Company Secretary
of several companies in Austria, Canada,
Germany and South Africa.
Board committees: Member of the
Human Resources Committee and the
Sustainability Committee.
PHILIPP TRACHTENBERG
NON-INDEPENDENT DIRECTOR
Philipp joined BayWa AG in 2010 and
has over 15 years of corporate finance
experience in Germany and the United
States.
In addition to his executive roles, he
serves as a Board Member at BHBW
Holdings (Pty) Ltd in South Africa.
Following an initial role at Dresdner
Kleinwort in New York, Philipp joined
BayWa and since 2024 he has been
Head of Portfolio Management and
M&A. In 2025, Philipp was appointed
Chief Financial Officer of BayWa Global
Produce GmbH in Munich, the majority
shareholder of T&G.
Philipp studied in Germany and the
United States and holds a degree in
economics.
Board committee: Member of the
Finance, Risk and Investment Committee.
Executive team
GARETH EDGECOMBE
CHIEF EXECUTIVE
OFFICER
SHANE KINGSTON
CHIEF OPERATING
OFFICER APPLES
DOUG BYGRAVE
CHIEF FINANCIAL
OFFICER
ANDREW RAMSAY
CHIEF INFORMATION
OFFICER
ADRIENNE SHARP
HEAD OF CORPORATE
AFFAIRS
HEATHER KEAN
DIRECTOR PEOPLE
& CULTURE
Scan QR code to
see full bios
Governance continued
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T&G Global Annual Report 202554
Corporate governance
The Board is the governing body of T&G Global Limited
(the Company) and its subsidiary companies.
Role of the Board
The Board is responsible to shareholders for T&G’s
performance. This encompasses setting objectives,
formulating strategies to achieve these objectives,
identifying significant business risks, and implementing
policies to manage these risks. Additionally, the Board
oversees establishment of the overall policy framework
and monitors T&G’s ongoing performance and its
management. The Board also ensures that effective
internal financial control procedures are in place.
The day-to-day management of T&G is delegated by
the Board to the Chief Executive Officer (CEO). The
Board is dedicated to acting with integrity and expects
high standards of conduct and accountability from
all personnel.
Board membership
There are no Executive Directors across the Board,
but a broad mix of skills and industry experience
relevant to the guidance of T&G’s businesses.
The Board has a process to regularly assess the Board’s
composition to ensure it has the relevant skills and
business experience necessary for the Board to fulfil its
governance responsibilities and effectively contribute to
the strategic direction of the Company.
The Board believes that it is important to have a Board
consisting of members with diverse backgrounds,
experience and skills.
Carol Campbell and Rob Hewett are Independent
Directors for the purposes of the NZX Listing Rules.
Each year, the Board considers the independent status
of the Independent Directors and has determined
that Carol Campbell and Rob Hewett continue to be
independent.
The Board has considered Carol’s tenure and
determined that this does not affect her independent
judgement on any issues before the Board or in her
ability to act in the best interests of the Company and
represent the best interests of all shareholders.
The table below summarises the current key skills and
experience of the Board.
BOARD SKILLS
AND EXPERIENCE
BENEDIKT
MANGOLD
MICHAEL
BAUR
CAROL
CAMPBELL
ROB
HEWETT
TOBIAS
PRISKE
PHILIPP
TRACHTENBERG
Strategy and
leadership
Accounting and audit
Market and industry
Governance and
risk management
Health and safety
Climate change
and sustainability
Stakeholder relations
High capability Medium capability
Governance continued
KEY
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T&G Global Annual Report 202555
Conduct of the Board
The Board has adopted a formal Code of Ethics which
sets out the expected standards of professional conduct
of its members.
The Board meets at regular intervals and conducts
its affairs to ensure matters can be discussed openly,
candidly and confidentially. Any potential conflicts
of interest relating to Directors are identified and
disclosed. Affected Directors are usually not permitted
to vote on any related matter where a conflict exists.
The Company operates a Share Trade Policy that
prohibits Directors and other affected parties to trade
T&G shares at any time when they are in possession
of material information and during periods which are
deemed by the Board to be ‘closed’ periods. These
closed periods customarily include the end of the six
and 12-month reporting cycles, and until such time as
profit announcements have been publicly disclosed.
Closed periods include any additional period when the
Board is engaged in matters that are likely to have an
impact on the market value of T&G’s shares.
Board access to advice
The Board has established a procedure whereby
Directors and Board Committees have the right,
in connection with their duties and responsibilities, to
seek independent professional advice at the Company’s
expense, with the prior approval of the Chair.
Independent professional advice includes professional
legal and financial advice, but excludes any advice on
the personal interests of a Director.
The Board regularly invites key managers and
Executives to attend and present at Board meetings,
and interaction with Directors is routinely encouraged.
Board Committees
The Board has three constituted Committees; the
Finance, Risk and Investment Committee (FRIC),
the Human Resources Committee (HRC) and the
Sustainability Committee (SC), with each Committee
operating under Board approved charters.
The FRIC meets four times a year and is responsible
for all matters related to the oversight of financial
accounting and reporting of the Company, external and
internal audits, risk management, and the monitoring
and appraisal of investment activities. The FRIC ensures
that management has established procedures and
processes to identify, escalate, manage and monitor
principal business risks and opportunities in accordance
with the Company’s Risk Management policies.
It ensures that effective systems of accounting
and internal control are established and maintained,
overseeing internal and external audit programmes,
and liaising with T&G’s independent auditors.
The FRIC is chaired by Carol Campbell and comprises
Rob Hewett and Philipp Trachtenberg. The FRIC
members also meet separately with auditors as
required.
The HRC is responsible for reviewing, approving and
monitoring T&G’s health, safety and wellbeing policies,
including T&G’s I&D Policy, which addresses the
promotion of diversity and inclusiveness throughout
the business.
The HRC regularly visits T&G facilities to review
health and safety practices and procedures, ensuring
a safe environment is maintained for all those who
work at T&G. The HRC is tasked with ensuring T&G’s
remuneration strategy, policies and practices are fair
and reasonable, and demonstrate clear alignment to
T&G’s strategic objectives as well as corporate and
individual performance. Other duties involve assisting
the Board with succession planning for the CEO and
senior management through a programme aimed
at identifying and developing potential candidates.
The HRC meets four times a year and is comprised of
Rob Hewett (Chair), Carol Campbell and Tobias Priske.
The SC is responsible for overseeing T&G’s
Kaitiakitanga sustainability framework, including
its climate action strategy, targets and initiatives,
climate-related risks and opportunities, and T&G’s
Environmental Policy. The SC monitors performance
in these areas through standing agenda items, and
oversees sustainability disclosures. The SC meets four
times a year and comprises Benedikt Mangold (Chair),
Carol Campbell and Tobias Priske.
Governance continued
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T&G Global Annual Report 202556
The Board continues to expand its climate-related
capabilities through knowledge-sharing, engagement
with internal and external subject matter experts and
participation in events. Three Directors have previously
completed Cambridge Institute for Sustainability
Leadership programmes and two Directors are
members of Chapter Zero, a global network of directors
committed to taking action on climate change.
The Board has not, at this stage, established a
Nominations Committee, owing to a belief that Director
appointments are of such significance that they should
be a direct responsibility of the full Board. This matter
is kept under review.
Interests register
The Company and each of its subsidiaries are required
to maintain an interests register in which particulars
of certain transactions and matters involving the
Directors must be recorded. The interests registers
for the Company and its subsidiaries are available for
inspection at its registered office. Details of all matters
that have been entered in the interests register of
the Company by individual Directors during the year
are outlined in the statutory information section of
this report and should be read in conjunction with the
individual Directors’ profiles.
T&G management structure
T&G’s organisational structure is focused on its
four business divisions, being Apples, T&G Fresh,
VentureFruit and Other Business. These operations
are managed separately with direct reporting to the
CEO and to the Board, which exercises overall control.
Risk identification and management
T&G has adopted a system of internal control, based
on written procedures, policies and guidelines,
which is supported by the internal audit function that
reports to the FRIC. The Board acknowledges that it is
responsible for the overall internal control framework.
In discharging this responsibility, the Board has in
place a number of strategies designed to safeguard
T&G’s assets and interests and to ensure the integrity
of reporting.
Procedures are in place to identify areas of significant
business risk and to remediate and effectively manage
those risks. As required, the Board obtains advice from
external advisors.
While the Board acknowledges that it is responsible for
the overall control framework of T&G, it recognises that
no cost-effective internal control system will preclude
all errors and irregularities.
Directors’ and officers’ insurance
T&G has in place directors’ and officers’ liability
insurance covering Directors acting on behalf of T&G.
Cover is for damages, judgements, fines, penalties,
legal costs awarded, and defence costs arising from
wrongful acts committed while acting for T&G.
The types of acts that are not covered are dishonest,
fraudulent and malicious acts or omissions; wilful
breach of statute, regulations or duty to the Company;
improper use of information to the detriment of T&G;
and breach of professional duty.
Tax strategy and governance
T&G’s tax strategy has been developed in line with
its commitment to operate in a manner that is fair,
honest, ethical and legal, and the acknowledgment that
collecting and paying tax is an important contribution
to society. T&G implements this strategy through
T&G’s Tax Risk Management Policy and Operating
Model Guideline, which have been designed to provide
a framework for tax risk management and control
processes. T&G’s tax strategy encompasses the
following principles:
■ Effectively managing tax risks and opportunities by
operating within a framework of prudent and proactive
tax risk management and high-quality tax governance
procedures, giving consideration to T&G’s reputation.
■ Ensuring tax positions are at least more likely than
not to be correct and are supported by well-reasoned
and documented conclusions. External advice and/
or certainty on tax positions is sought from tax
authorities where appropriate.
■ Developing a positive working relationship with tax
authorities by having an open, honest and proactive
approach and making voluntary disclosures where
incorrect tax positions are unintentionally taken.
■ Participating in the development of tax policy where
appropriate.
■ Meeting all relevant statutory tax obligations,
ensuring integrity in the reported tax disclosures, and
making tax payments accurately and on time, in each
jurisdiction in which T&G operates.
Governance continued
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T&G Global Annual Report 202557
Corporate governance statement
The Board believes that strong principles of corporate
governance protect and enhance the assets of the
Company for the benefit of all shareholders. As such,
the Board is committed to ensuring that the Company
adopts best practice governance principles including
those set by the NZX. T&G’s Corporate Governance
Statement offers an overview of the Company’s
practices, procedures and policies as they relate to
the NZX Corporate Governance Code. The Statement,
together with T&G’s key corporate governance
documents, can be found on the investor section of
T&G’s website.
Governance continued
Statutory information
Auditors
Deloitte Limited has continued to act as the
principal auditor of T&G and has undertaken the
audit of the financial statements for the year ended
31 December 2025.
Directors’ loans
No Director is in receipt of any loans from T&G.
Directors’ remuneration
The following persons held office as Director during
the year and received fees as indicated in the table
to the right. In addition, Directors receive an annual
travel allowance of $1,000. Directors are not entitled
to receive payment in the form of share options.
T&G GLOBAL
DIRECTORS
DIRECTOR
FEES
$’000
COMMITTEE
FEES
$’000
Benedikt Mangold49.020.0
Michael Baur
1
––
Carol Campbell100.040.0
Rob Hewett100.030.0
Tobias Priske39.020.0
Philipp Trachtenberg
2
31.78 .1
Andreas Helber
3
9.62.4
1. Michael Baur did not receive Director remuneration in 2025.
2. Philipp Trachtenberg was appointed to the Board on 10 March 2025.
3. Andreas Helber resigned from the Board on 31 March 2025.
There have been no changes to the Director fee pool of
$500,000 set in July 2004.
Directors’ and officers’ composition
At 31 December 2025, the gender composition of T&G’s
Directors and officers was as follows:
GENDERMALEFEMALE
Directors 51
Officers3927
Director remuneration
12 months to 31 December 2025
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T&G Global Annual Report 202558
Employee remuneration
T&G paid remuneration including benefits in excess of $100,000 to employees (other than Directors) during the 12 months ending 31 December 2025.
Governance continued
$’000 NZD EQUIVALENT20252024
100-1105747
110-1204144
120-1304638
130-1403327
140-1503624
150-1602922
160-1701918
170-1801211
180-19088
190-2001019
200-210811
210-2201010
220-23045
230-24064
240-25063
250-26033
260-27012
270-28032
280-29044
$’000 NZD EQUIVALENT20252024
290-30022
300-31033
310-32011
320-33010
330-34021
340-35042
350-36022
370-38001
380-39001
400-41012
410-42001
450-46012
460-47001
470-48011
480-49010
490-50001
510-52010
530-54011
540-55010
$’000 NZD EQUIVALENT20252024
550-56010
570-58010
580-59010
630-64001
790-80001
850-86010
880-89020
900-91010
1,320-1,33010
1,450-1,46001
Total366327
The current year total remuneration spread takes into
account the impact of exchange rate movements on
employees paid in foreign currencies.
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T&G Global Annual Report 202559
CEO remuneration
The CEO’s remuneration reflects the scope, complexity
and risk profile of this role and is set by the Board based
on comparison to market data of CEO roles of other
similar sized companies.
Gareth received gross remuneration of $1,328,465
in the 2025 financial year. This amount was paid in
cash and included base salary, employer KiwiSaver
contributions, a discretionary bonus and a vehicle
allowance. His base salary from 1 March 2025 was
$1,111,219.
Short term incentive (STI) scheme
Subject to the achievement of profitability targets
set by the Board at the start of each year, Gareth will
be entitled to an annual cash reward of 40% of base
salary for 100% achievement of target and capped
at a maximum payment of 150% for overachievement.
No payment was made in 2025 through the STI scheme,
as the performance threshold for the 2024 scheme
was not met.
Long term incentive (LTI)
Gareth is entitled to participate in an LTI scheme set by
the Board which uses a three-year accumulated target,
based on an earnings before interest and tax growth
plan. The LTI component includes entitlement of a cash
reward from 50% of entitlement for 50% achievement
of target and capped at a maximum payment of 150%
for overachievement. The LTI payment partially vests
in year three (50%) and closes out in year five (50%).
Gareth did not receive a payment in 2025 relating to any
LTI scheme.
Directors shareholdings
As at 31 December 2025, no current Directors or parties
associated with current Directors held ordinary shares
(2024: nil). There were no share transactions during
the year ended 31 December 2025 in which Directors
held ‘relevant interests’. There is no requirement for
Directors to hold shares in the Company.
Indemnification and insurance of Directors
and Officers
The Company indemnifies all Directors named in this
report, and current and former executive officers of
T&G against all liabilities (other than to the Company or
members of T&G) which arise out of the performance
of their normal duties as Director or executive officer,
unless the liability relates to conduct involving lack
of good faith. To manage this risk, T&G has indemnity
insurance.
Information used by Directors
No member of the Board of the Company, or any
subsidiary, issued a notice requesting to use information
received in their capacity as Director which would not
otherwise have been available to them.
Interested transactions
No Directors disclosed the existence of any transactions
with T&G during the 12 months in which they held an
interest.
Substantial shareholders
The following information is given pursuant to Section
280 of the Financial Markets Conduct Act 2013. The
following parties are recorded by the Company as at
31 December 2025 as substantial security holders in
the Company, and have declared the following relevant
interest in voting securities under the Financial Markets
Conduct Act 2013:
BayWa Aktiengesellschaft 90,671,206
Wo Yang Limited24,496,386
The total number of voting securities issued by the Company
as at 31 December 2025 was 122,543,204.
Governance continued
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T&G Global Annual Report 202560
20 largest shareholders
Spread of security holders
Domicile of shareholders
as at 31 December 2025
as at 31 December 2025
as at 31 December 2025
NAME
UNITS% OF ISSUED
CAPITAL
BayWa Global Produce GmbH90,671,20673.99%
Wo Yang Limited24,496,38619.99%
Bartel Holdings Limited1,319,1541.08%
New Zealand Depository Nominee Limited796,3940.65%
Queen Street Nominees Limited No. 6481,4320.39%
HSBC Nominees (New Zealand) Limited344,9200.28%
Tribal Nominees Limited339,9500.28%
Queen Street Nominees Limited No. 4244,2220.20%
R.J. Turner, C.E. Turner, Redoubt Trustees Limited,
Evans Pennell Trustees Limited
202,6890.17 %
G.J. Edgecombe119,0000.10%
H.H. Lim115,0000.09%
L.R. Hotham101,4820.08%
C. & S. Turner Legacy Limited100,0000.08%
NZX WT Nominees Limited99,4310.08%
P.J.S. Rowland93,5070.08%
D. Grindell93,4000.08%
M.C. Goodson, D.D. Perron, Goodson & Perron
Independent Trustee Limited
79,3390.06%
Tribal New Zealand Traders Limited78,3740.06%
R.M. Scott & C.H. Scott63,4940.05%
Accident Compensation Corporation58,9330.05%
Total119,898,31397.84%
RANGE
TOTAL
HOLDERS
% OF TOTAL
HOLDERS
UNITS
% OF ISSUED
CAPITAL
1 - 4998014.60%17,4560.01%
500 - 9998515.51%61,9490.05%
1,000 - 1,99911520.99%154,1450.13%
2,000 - 4,99910819.71%328,9870.27%
5,000 - 9,9996211.31%417,1680.34%
10,000 - 49,9997613.87%1,554,7931.27%
50,000 - 99,99991.64%676,8710.55%
100,000 - 499,99991.64%2,048,6951.67%
500,000 - 999,99910.18%796,3940.65%
1,000,000 and above30.55%116,486,74695.06%
Total548100%122,543,204100%
LOCATION
TOTAL
HOLDERS
% OF TOTAL
HOLDERS
UNITS
New Zealand52094.88%7,222,504
Australia173.09%67,975
Canada10.18%1,000
Germany20.36%90,698,154
Hong Kong20.36%24,497,644
Italy10.18%2,846
Malaysia10.18%11,716
Singapore20.36%40,432
United States of America20.36%933
Total548100%122,543,204
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T&G Global Annual Report 202561
Independent Auditor’s Report
To the Shareholders of T&G Global Limited
OpinionWe have audited the consolidated financial statements of T&G Global Limited and its subsidiaries (the ‘Group’),
which comprise the balance sheet as at 31 December 2025, and the income statement, statement of comprehensive
income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including material accounting policy information.
In our opinion, the accompanying consolidated financial statements, on pages 66 to 136, present fairly, in all material
respects, the financial position of the Group as at 31 December 2025, and its financial performance and cash flows for
the year then ended in accordance with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued
by the External Reporting Board and IFRS Accounting Standards (‘IFRS’) as issued by the International Accounting
Standards Board.
Basis for opinionWe conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and International Standards
on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand)
(‘PES 1’) issued by the
New Zealand Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (‘IESBA
Code’) as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical
responsibilities in accordance with PES 1 and the IESBA Code.
Other than in our capacity as auditor and other assurance services provided relating to the solvency return for
the captive insurer, limited assurance engagement over the Group’s GHG Inventory Report, limited assurance
procedures on the interim group reporting pack to the Parent and the provision of non-assurance services to the
Corporate Taxpayers Group of which the Group is a member, we have no relationship with or interests in the Company
or any of its subsidiaries. These services have not impaired our independence as auditor of the Company and Group.
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T&G Global Annual Report 202562
Audit materialityWe consider materiality primarily in terms of the magnitude of misstatement in the financial statements of the Group
that in our judgement would make it probable that the economic decisions of a reasonably knowledgeable person
would be changed or influenced (the ‘quantitative’ materiality). In addition, we also assess whether other matters that
come to our attention during the audit would in our judgement change or influence the decisions of such a person
(the ‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in evaluating the
results of our work.
We determined materiality for the Group financial statements as a whole to be $15 million.
Key audit mattersKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current period. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
KEY AUDIT MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Biological Assets (Note 8)
The Group’s Biological Assets of $46.7 million (2024: $36.3 million)
predominantly represent produce such as apples, tomatoes, citrus
fruits, blueberries and stone fruit, growing on bearer plants (e.g. trees
and vines) at balance date.
Biological assets are measured at fair value less estimated point-of-
sale costs. This has been calculated by the Group using discounted
cash flow models.
The discount rate used in the fair value models takes into account the
risk of unknown adverse events including natural events, the possible
impact of diseases and other adverse factors that may impact on the
quality, yield or price.
The valuation of biological assets is a key audit matter due to the
subjective judgements and assumptions in the valuation models,
many of which are specific to the location of the asset and therefore
unobservable in the market. These unobservable inputs and
assumptions include the forecast production per hectare per annum
by weight, prices expected to be received, costs expected to be
incurred and a discount rate reflecting the risks inherent in the crops.
Our audit procedures were focused on the higher value biological
assets, or where, in our professional judgement, there is a greater level
of uncertainty associated with the cash flow forecasts.
We held discussions with management to understand if there were
changes in market or environmental conditions, or other risks inherent
in the current crop valuations.
We engaged our internal valuation specialist to consider whether the
valuation methods applied were reasonable.
We compared the forecast production per hectare, forecast prices, and
forecast costs to the approved budgets for the relevant fruit growing
activities, and assessed the historical accuracy of the Group’s forecasts.
With input from our internal valuation specialist, assessed the discount
rates assumed in the model and evaluated changes from the prior year.
We performed a sensitivity analysis to assess the impact that a change
in the discount rate would have on the valuation of the biological assets.
We checked the mechanical accuracy of the discounted cash flow
models.
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T&G Global Annual Report 202563
KEY AUDIT MATTERHOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER
Property, Plant & Equipment Valuations (Note 10)
The Group’s commercial and orchard land and improvements, and
buildings (collectively ‘land and buildings’) total $232 million as at
31 December 2025 (2024: $204 million). A valuation gain on the
Group’s land and buildings for the year ended 31 December 2025
totalled $11 million.
The Group’s land and buildings are measured at fair value less
accumulated depreciation and impairment losses at balance date.
Revaluations have been performed by independent registered valuers
on a systematic basis and with sufficient regularity to ensure that the
carrying values do not differ materially from their fair value.
The Group has obtained independent valuations of its land and
buildings in the current year. Land and buildings are valued using
a combination of market comparison, income capitalisation, and
depreciated replacement cost methodologies.
The valuation of land and buildings is a key audit matter because
changes to key assumptions used in the valuation methods could have
a material impact on the carrying amount of land and buildings, with
changes recognised in either other comprehensive income or profit
or loss, as appropriate.
We obtained an understanding of the Group’s process for valuing the
land and buildings.
We evaluated the objectivity, independence, and expertise of the external
valuers engaged to perform valuations.
On a sample basis:
■ We considered whether the underlying assumptions used by the
external valuers are consistent with our knowledge of the properties in
their specific locations;
■ We assessed comparable sales data used in the valuation reports to
independent sources; and
■ We compared capitalisation rates used, as applicable, to market
reports to check that those rates reflected market trends.
We performed sensitivity analysis to assess the robustness of the
methods used by the Group’s external valuers on the valuation of land
and building.
Other informationThe directors are responsible on behalf of the Group for the other information. The other information comprises the
information in the Annual Report that accompanies the consolidated financial statements and the audit report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any
form of assurance conclusion thereon.
Our responsibility is to read the other information and consider whether it is materially inconsistent with the
consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If so, we are required to report that fact. We have nothing to report in this regard.
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T&G Global Annual Report 202564
Directors’
responsibilities for the
consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the directors determine is
necessary to enable the preparation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s
responsibilities for the
audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs and ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on the
External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/
This description forms part of our auditor’s report.
Restriction on useThis report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company’s shareholders as a body, for our audit work, for this report, or for the opinions we have formed.
Ben Wood, Partner
for Deloitte Limited
Auckland, New Zealand
27 February 2026
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T&G Global Annual Report 202565
Financials
08.
Contents
Income statement66
Statement of comprehensive income67
Statement of changes in equity68
Balance sheet70
Statement of cash flows71
Notes to the financial statements73
General information73
Basis of preparation73
New accounting standards, amendments
and interpretations75
Financial performance76
Segment information76
Revenue from contracts with customers79
Other income83
Other expenses84
Taxation86
Operating assets88
Biological assets88
Non-current assets classified as held for sale93
Property, plant and equipment94
Intangible assets99
Funding104
Leases104
Loans and borrowings108
Net financing expenses109
Capital and reserves109
Earnings per share110
Dividends110
Reconciliation of liabilities arising
from financing activities111
Working capital113
Trade and other receivables113
Inventories116
Trade and other payables116
Group structure117
Investments in subsidiaries117
Investments in joint ventures120
Investments in unlisted entities121
Other disclosures122
Related party transactions122
Financial risk management123
Derivative financial instruments133
Contingencies135
Commitments135
Events occurring after the balance date136
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T&G Global Annual Report 202566
For the year ended 31 December 2025
Income statement
NOTE2025
$’000
2024
$’000
Revenue from contracts with customers41,558,7231,360,891
Other operating income518,28513,043
Purchases, raw materials and consumables used(1,154,733)(1,009,985)
Employee benefits expenses6(213,526)(192,016)
Depreciation and amortisation expenses6(63,229)(58,397)
Other operating expenses6(98,614)(100,872)
Operating profit46,90612,664
Financing income142,5155,406
Financing expenses14(34,158)(34,236)
Share of income / (loss) from joint ventures2372(26)
Share of profit from associates– 2,441
Other income57,0277,767
Other expenses6(464)(847)
Profit/ (loss) before income tax21,898(6,831)
Income tax expense7(5,851)(3,057)
Profit / (loss) after income tax 16,047(9,888)
Attributable to:
Equity holders of the Parent10,213(16,034)
Non-controlling interests5,8346,146
Profit / (loss) for the year16,047(9,888)
Earnings per share (in cents)
Basic and diluted profit / (loss)168.3(13.0)
The accompanying notes form an integral part of these financial statements.
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T&G Global Annual Report 202567
For the year ended 31 December 2025
Statement of comprehensive income
The accompanying notes form an integral part of these financial statements.
NOTE2025
$’000
2024
$’000
Profit / (loss) for the year16,047(9,888)
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Movements in asset revaluation reserve15–(4,165)
Gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group1522,981–
Gain on revaluation of investments in unlisted entities154,319–
Deferred tax effect on revaluation of property, plant and equipment15(4,631)–
Deferred tax effect of movements in asset revaluation reserve15–2,236
Deferred tax effect on sale of property, plant and equipment1569540
22,738(1,389)
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations(476)10,371
Cash flow hedges:
Fair value gain / (loss)4,713(24,746)
Reclassification of net change in fair value to profit or loss(200)(938)
4,037(15,313)
Other comprehensive income / (loss) for the year26,775(16,702)
Total comprehensive income / (loss) for the year 42,822(26,590)
Total comprehensive income / (loss) for the year is attributable to:
Equity holders of the Parent 37,648(34,277)
Non-controlling interests5,1747,687
42,822(26,590)
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T&G Global Annual Report 202568
For the year ended 31 December 2025
Statement of changes in equity
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2025
Balance at 1 January 2025176,35767,767226,016470,14020,511490,651
Profit for the year–– 10,21310,2135,83416,047
Other comprehensive income / (expense)
Revaluation of property, plant and equipment15–22,981–22,981–22,981
Revaluation of investments in unlisted entities15–4,319–4,319–4,319
Deferred tax effect on movements in asset revaluation reserve15–(4,631)–(4,631)–(4,631)
Deferred tax effect on sale of property, plant and equipment15–69–69–69
Exchange differences on translation of foreign operations15–184–184(660)(476)
Movements in cash flow hedge reserve15–4,513–4,513–4,513
Total other comprehensive income / (loss)–27,435–27,435(660)26,775
Transactions with owners
Dividends17––––(7,135)(7,135)
Investments from non-controlling interest––––728728
Acquisition of non-controlling interest’s share in subsidiaries––(15,888)(15,888)(1,159)(17,047)
Total transactions with owners––(15,888)(15,888)(7,566)(23,454)
Transfer from asset revaluation reserve due to asset disposal15–(2,855)2,855–––
Balance at 31 December 2025176,35792,347223,196491,90018,119510,019
The accompanying notes form an integral part of these financial statements.
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T&G Global Annual Report 202569
For the year ended 31 December 2025
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2024
Balance at 1 January 2024176,357100,296227,764504,41717,4 7 1521,888
(Loss) / profit for the year––(16,034)(16,034)6,146(9,888)
Other comprehensive income / (expense)
Movements in asset revaluation reserve15–(4,165)–(4,165)–(4,165)
Deferred tax effect of movements in asset revaluation reserve15–2,236–2,236–2,236
Deferred tax effect on sale of property, plant and equipment15–540–540–540
Exchange differences on translation of foreign operations15–8,830–8,8301,54110,371
Movements in cash flow hedge reserve15–(25,684)–(25,684)–(25,684)
Total other comprehensive (loss) / income–(18,243)–(18,243)1,541(16,702)
Transactions with owners
Dividends17––––(5,379)(5,379)
Investment from non-controlling interest––––732732
Total transactions with owners––––(4,647)(4,647)
Transfer from asset revaluation reserve due to asset disposal15–(14,286)14,286–––
Balance at 31 December 2024176,35767,767226,016470,14020,511490,651
The accompanying notes form an integral part of these financial statements.
Statement of changes in equity continued
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T&G Global Annual Report 202570
As at 31 December 2025
Balance sheet
NOTE2025
$’000
2024
$’000
Current assets
Cash and cash equivalents47,61846,801
Term deposits1,510–
Trade and other receivables19235,157225,372
Inventories2051,65366,523
Taxation receivable2195,483
Derivative financial instruments271,711989
Biological assets846,71036,260
Non-current assets classified as held for sale98,28026,497
Total current assets392,858407,925
Non-current assets
Trade and other receivables1920,05031,592
Derivative financial instruments271,235259
Deferred tax assets725,69719,639
Investments in unlisted entities2416,39879
Property, plant and equipment10423,693406,934
Right-of-use assets12179,629169,123
Intangible assets1177,30979,248
Investments in joint ventures232,5512,740
Investment in associate–12,000
Total non-current assets746,562721,614
Total assets1,139,4201,129,539
Current liabilities
Trade and other payables21200,764199,914
Loans and borrowings13 37,068 196,177
Lease liabilities12 29,056 24,531
Taxation payable4,3183,562
Derivative financial instruments27 5,611 6,993
Total current liabilities276,817431,177
NOTE2025
$’000
2024
$’000
Non-current liabilities
Trade and other payables21 871 45
Loans and borrowings13 157,772 18,843
Lease liabilities12 181,628 173,953
Derivative financial instruments27 6,675 10,790
Deferred tax liabilities75,638 4,080
Total non-current liabilities352,584207,711
Total liabilities629,401638,888
Equity
Share capital15 176,357 176,357
Revaluation and other reserves1592,34767,767
Retained earnings223,196226,016
Total equity attributable to equity holders of the
Parent491,900470,140
Non-controlling interests18,11920,511
Total equity510,019490,651
Total liabilities and equity1,139,4201,129,539
Approved for and on behalf of the Board
BENEDIKT MANGOLD
DIRECTOR (CHAIR)
27 FEBRUARY 2026
CAROL CAMPBELL
DIRECTOR (CHAIR OF THE FINANCE, RISK
AND INVESTMENT COMMITTEE)
27 FEBRUARY 2026
The accompanying notes form an integral part of these financial statements.
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T&G Global Annual Report 202571
For the year ended 31 December 2025
Statement of cash flows
The accompanying notes form an integral part of these financial statements.
NOTE2025
$’000
2024
(1)
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers1,569,9981,354,338
Cash receipts from insurance proceeds3,0583,880
Other8,09812,320
Cash was disbursed to:
Payments to suppliers and employees(1,474,428)(1,297,455)
Interest paid(13,220)(10,252)
Income taxes paid(1,558)(440)
Net cash inflow from operating activities91,94862,391
Cash flows from investing activities
Cash was provided from:
Cash receipts from insurance proceeds3,7386,897
Dividends received from joint ventures and
associate–1,243
External loan repayments from suppliers,
customers and joint ventures886871
Investments from non-controlling interest814732
Sale of other property, plant and equipment6,427314
Sale of Harrisville packhouse6,251
Sale of Pukekohe property –10,799
Sale of Belgian property–2,148
Current term deposits –2,277
NOTE2025
$’000
2024
(1)
$’000
Cash was disbursed to:
Purchase of property, plant and equipment10(30,140)(45,673)
Purchase of intangible assets11(2,482)(4,107)
Loans to suppliers, customers and joint ventures –(200)
Current term deposits(1,510)–
Net cash outflow from investing activities(16,016)(24,699)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings500–
Proceeds from long-term borrowings3,74930,000
Proceeds from Ultimate Parent borrowings18–6,000
Cash was disbursed to:
Dividends paid to non-controlling interests17(7,135)(5,379)
Repayment of long-term borrowings(26,000)(1,096)
Net repayment of short-term borrowings–(17,500)
Repayment of lease liabilities12(41,912)(37,544)
Bank facility fees and transaction fees(4,744)(4,235)
Net cash outflow from financing activities18(75,542)(29,754)
Net increase in cash and cash equivalents3907,938
Foreign currency translation adjustment4278,355
Cash and cash equivalents at the beginning of the year46,80130,508
Cash and cash equivalents at the end of the year47,61846,801
(1)
Prior period comparatives have been re-presented to ensure comparability of the cash flows.
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T&G Global Annual Report 202572
Reconciliation of profit / (loss) after income tax to net cash flow from operating activities
Statement of cash flows continued
NOTE2025
$’000
2024
(1)
$’000
Profit / (loss) for the year16,047(9,888)
Adjusted for non-cash items:
Amortisation expense64,0444,320
Depreciation expense659,18554,077
Movement in deferred tax7(9,074)(17,461)
Movement in expected credit loss allowance19452(7,627)
Revenue from sale of licences1,390(3,502)
Share of (profit) / loss of joint ventures23(72)26
Share of profit of associate– (2,441)
Other movements(13,716)(10,230)
Net loss on loan written off– 1,376
42,20918,538
Adjusted for investing and financing activities:
Bank facility and line fees4,7444,235
Gain on disposal of Harrisville packhouse5(1,370)–
Loss on disposal of other property, plant and
equipment247684
Loss on assets damaged from Cyclone Gabrielle6– 491
Net loss from reversal of previous property, plant
and equipment revaluation changes through profit
and loss6464–
Insurance proceeds5(3,011)(7,767)
1,074(2,357)
NOTE2025
$’000
2024
(1)
$’000
Impact of changes in working capital items net
of effects of non-cash items, and investing and
financing activities:
Decrease in debtors and prepayments6,8858 ,17 5
Increase in biological assets(10,450)(8,011)
Increase in creditors and provisions15,29350,162
Decrease in inventories14,8701,117
Decrease in net taxation receivable6,0204,655
Total32,61856,098
Net cash inflow from operating activities91,94862,391
(1)
Prior period comparatives have been re-presented to ensure comparability of the cash flows.
The accompanying notes form an integral part of these financial statements.
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T&G Global Annual Report 202573
Notes to the financial statements
General information
This section describes the principles and general accounting policies used in the
preparation of the financial statements. Accounting policies that relate to specific
line items on the income statement and balance sheet are described in their
respective notes.
1. Basis of preparation
Reporting entity and statutory base
T&G Global Limited (the Parent) and its subsidiary companies (the Group), are
recognised as one of Aotearoa New Zealand’s leading growers, distributors,
marketers and exporters of premium fresh produce. Key categories for the Group
include apples, berries, citrus (lemons, mandarins and navel oranges), tomatoes and
stone fruit.
These consolidated financial statements presented are for the Group which
comprises the Parent, its subsidiaries and joint ventures as at 31 December 2025.
The Parent is registered in Aotearoa New Zealand under the Companies Act 1993
and is a FMC Reporting Entity under the Financial Market Conducts Act 2013 and the
Financial Reporting Act 2013.
The Parent is a limited liability company incorporated and domiciled in Aotearoa
New Zealand and is listed on the New Zealand Stock Exchange. The address of its
registered office is Building 1, Level 1, Central Park, 660 Great South Road, Ellerslie,
Auckland 1051.
BayWa Global Produce GmbH (the Immediate Parent) and BayWa Aktiengesellschaft
(the Ultimate Parent) are the parents of the Group and are based in Munich, Germany.
Statement of compliance
These consolidated financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (NZ GAAP). They comply with
New Zealand equivalents to International Financial Reporting Standards (NZ IFRS)
and other applicable New Zealand Financial Reporting Standards as appropriate for
profit-oriented entities, and International Financial Reporting Standards (IFRS). These
consolidated financial statements are prepared in accordance with the requirements
of the Financial Markets Conduct Act 2013.
These consolidated financial statements are expressed in New Zealand dollars which
is the presentation currency of the Group. All financial information has been rounded
to the nearest thousand ($’000) unless otherwise stated.
Measurement basis
The measurement basis adopted in the preparation of these consolidated financial
statements is historical cost except for certain assets and liabilities, identified in
specific accounting policies, which are stated at fair value.
Basis of consolidation
In preparing these consolidated financial statements, subsidiaries are fully
consolidated from the date on which the Group gains control until the date on which
control ceases. All intercompany transactions, balances, income and expenses
between the Group’s companies are eliminated.
Accounting policies of subsidiaries and joint ventures have been aligned where
necessary to ensure consistency with policies adopted by the Group.
The Group applies the acquisition method to account for business combinations.
The consideration transferred for the acquisition of a subsidiary is the fair value of the
assets transferred, the liabilities incurred to the former owners of the acquiree and the
equity interests issued by the Group. The consideration transferred includes the fair
value of any asset or liability resulting from a contingent consideration arrangement.
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1. Basis of preparation continued
Identifiable assets acquired, and liabilities and contingent liabilities assumed
in a business combination, are measured initially at fair value at the acquisition
date. The Group recognises any non-controlling interest in the acquiree on an
acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s
proportionate share of the recognised amounts of the acquiree’s identifiable assets.
Acquisition related costs are expensed as incurred. If the business combination is
achieved in stages, the acquisition date fair value of the Group’s previously held equity
interest in the acquiree is initially remeasured at fair value at the acquisition date
through profit or loss.
Goodwill is initially measured as the excess of the aggregate of the consideration
transferred and the amount of any non-controlling interest and fair value of the
Group’s previously held interest (if any) over the net identifiable assets acquired and
liabilities assumed. If this consideration is lower than the fair value of the net assets
of the subsidiary acquired, the difference is recognised in profit or loss.
Basis of accounting
Material accounting policy information is set out within the notes to which those
policies are applicable and are designated with a
symbol. All other material
accounting policy information is set out on the following page. There have been no
significant changes made to accounting policy information during the year. Refer to
Note 2 for discussion on interpretations approved and effective in the current year,
and other standards approved but not yet effective for the Group in the current year.
Foreign currency translation
The assets and liabilities of the Group’s subsidiaries that do not have New Zealand
dollars as their functional currency are translated to New Zealand dollars at foreign
exchange rates ruling at balance sheet date. The revenues and expenses of these
foreign operations are translated to New Zealand dollars at rates approximating the
foreign exchange rates ruling at the dates of the transactions.
Exchange differences arising from the translation of foreign operations are
recognised in other comprehensive income and accumulated in the foreign currency
translation reserve.
Non-monetary assets and liabilities that are measured at historical cost in a foreign
currency are translated using the exchange rate on the date of the transaction. Non-
monetary assets and liabilities denominated in foreign currencies that are stated at
fair value are translated to New Zealand dollars at the foreign exchange rate on the
dates that the fair value was determined.
Fair value estimation
Where fair value measurement has been applied, a symbol designates the
paragraph describing the valuation method used.
The Group uses various valuation methods to determine the fair value of certain
assets and liabilities. The inputs to the valuation methods used to measure fair value
are categorised into three levels:
■Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
■Level 2: Inputs other than quoted prices included within level 1 that are observable
for the asset or liability, either directly (that is, as prices) or indirectly (that is,
derived from prices).
■Level 3: Inputs for the asset or liability that are not based on observable market
data (that is, unobservable inputs).
Goods and services tax (GST)
The income statement, statement of comprehensive income and statement of
cash flows have been presented with all items exclusive of GST. All items in the
balance sheet are stated net of GST, except for receivables and payables, which
include GST invoiced.
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1. Basis of preparation continued
Critical accounting estimates and judgements
The Group makes estimates and judgements concerning the future. The resulting
accounting estimates may, by definition, not equal the related actual results. The
estimates and judgements that have a potential risk of causing a material adjustment
to the carrying amounts of assets and liabilities within the next financial year are
discussed within the notes to which those judgements are applicable and are
designated with a
symbol.
Area of estimate and judgementNOTE
Sale of licences4Revenue from contracts with
customers
Insurance proceeds5Other income
Fair value of biological assets8Biological assets
Valuation of property, plant and
equipment
10Property, plant and equipment
Carrying value of intangible assets11Intangible assets
Calculation of lease liabilities12Leases
Fair value of investments in
unlisted entities
24Investments in unlisted entities
2. New accounting standards, amendments and interpretations
New standards, amendments and interpretations adopted in the current year
Amendments to NZ IAS 21 The Effects of Changes in Foreign Exchange Rates
(NZ IAS 21) - Lack of Exchangeability
The Group has adopted the amendments to NZ IAS 21 for the first time in the current
year. The amendments clarify how an entity should assess whether a currency is
exchangeable and how it should determine a spot exchange rate when exchangeability
is lacking. When the Group reports foreign currency transactions in its functional
currency, and at the date of initial application, concludes that its functional currency
is not exchangeable, the amendment requires disclosure of the following: the nature
and financial impacts of the currency not being exchangeable; the spot exchange rate
used; the estimation process; and risks to the Group because the currency is not
exchangeable. The Group has assessed the exchangeability of currencies in which it
operates and concluded that all currencies were exchangeable at the reporting date.
Accordingly, the amendments had no impact on the Group’s financial statements.
Amendments to NZ IAS 12
Income Taxes (NZ IAS 12) – International Tax Reform –
Pillar Two Model Rules
New Zealand enacted the Taxation (Annual Rates for 2023-24, Multinational Tax,
and Remedial Matters) Act on 28 March 2024, which included changes to adopt the
OECD’s Global Anti-Base Erosion Pillar Two Rules as part of a global initiative to
subject multinational groups to at least a 15% tax rate. The New Zealand Pillar Two
rules apply to the Group from the financial year 2025. In addition, Group subsidiaries
operate in jurisdictions that have also enacted Pillar Two. These laws create
potential Pillar Two tax liabilities for the Group in New Zealand and in other relevant
jurisdictions where the Group operates.
The Pillar Two legislation includes simplified rules in the form of temporary safe
harbour regulations for each jurisdiction, which means that no tax increase is payable
if certain conditions are met. The safe harbour calculations demonstrated this
requirement was satisfied in the vast majority of jurisdictions of the Group, meaning
that no additional taxes arise. For any jurisdictions where the temporary safe harbour
requirements were not met, the Group has performed a preliminary assessment of
the potential exposure, taking into account the jurisdictional Pillar 2 tax profile. Based
on this assessment, the Group does not expect any resulting Pillar Two top-up tax to
be material for the financial year 2025. As such, the Group has not recognised a Pillar
Two provision for the financial year 2025.
No Pillar Two provision was recognised in the financial year 2024 on the basis of the
safe harbour calculations. While the New Zealand legislation did not yet apply to the
Group in the financial year 2024, the Ultimate Parent and Group subsidiaries operated
in jurisdictions that had already enacted Pillar Two with effect from 1 January 2024.
The Group is making use of the temporary exemption resulting from the
implementation of the Pillar Two regulations, which was included in the amendment
of NZ IAS 12 published in May 2023, under which it does not have to recognise
deferred taxes in relation to Pillar Two.
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Standards, amendments and interpretations on issue not yet effective
Implementations of NZ IFRS 18 Presentation and Disclosures in Financial
Statements
(NZ IFRS 18)
NZ IFRS 18
Presentation and Disclosure in Financial Statements was issued in
May 2024 by the International Accounting Standards Board (IASB) to replace IAS
1
Presentation of Financial Statements (IAS 1). It is effective for annual reporting
periods beginning on or after 1 January 2027, with early adoption permitted.
The standard sets out new requirements for the presentation and disclosure of
information in general purpose financial statements to help ensure they provide
relevant information that faithfully represents an entity’s assets, liabilities, equity,
income and expenses. The Group intends to apply the standard when it becomes
mandatory from 1 January 2027. The Group has performed an initial assessment and
identified potential changes in the presentation and disclosures, mainly affecting the
primary financial statements.
There are other standards, amendments and interpretations which have been
approved but are not yet effective. The Group expects to adopt other standards when
they become mandatory. None are expected to materially impact the Group’s financial
statements other than those referred to above.
Financial performance
This section explains the performance of the Group and details the contributions
made by the Group’s operating segments. It also describes how the Group earns
its revenue and addresses other areas that impact on profitability such as other
income, other expenses, and taxation.
3. Segment information
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-makers. The chief operating decision-makers
have been identified as the Chief Executive Officer, the Chief Financial Officer and the
Executive team of the Group.
The chief operating decision-makers assess the performance of the operating
segments based on operating profit, which reflects earnings before financing income
and expenses, share of profit from joint ventures and associate, other income, other
expenses and income tax expense. Inter-segment pricing is determined on an arm’s
length basis and segment results include items directly attributable to a segment.
No single external customer’s revenue accounts for 10% or more of the Group’s
revenue.
Operating segments
The Group comprises the following main operating segments:
Operating segmentSignificant operations
ApplesGrowing, packing, cool storing, sales and marketing of
apples worldwide.
T&G FreshGrowing, trading and transport activities within New
Zealand and Australia, and exports to the Pacific Islands,
Australia and Asia. This incorporates the New Zealand
wholesale markets and the tomato, citrus, berry and stone
fruit growing operations. This includes international trading
activities in Australia.
VentureFruitVariety management including identification, acquisition,
development and protection of new varieties of fruit.
Revenue from the sale of right-to-grow licenses is included
in this business division.
OtherIncludes some trading elements of the former
international trading operating segment that have not been
reallocated to the other remaining operating segments in
the current year.
2. New accounting standards, amendments and interpretations continued
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