Half Year Results 2026

Interim Report 2026
Building
on our
strengths

Contents
01.
Chair and
CEO review 03
Financials 08
Income statement 08
Statement of
comprehensive income
10
Statement of
changes in equity
11
Balance sheet 13
Statement of cash flows 15
Notes to the financial
statements
18
Click on any of the text
headings to navigate
through this report.
The growth engine. Our end-to-end
apples management platform, from
genetics and growing, to generating
year-round global consumer
demand for our premium ENVY™,
JAZZ™ and JOLI™ apples.
Our strengths are clear. Superior plant varieties, a fully
integrated global value chain and a premium branded
apples portfolio. Our growth plan is clear - commercialise
our intellectual property and capture an increased share
of the rapidly growing global premium apples category.
The momentum is building...
VentureFruit’s portfolio of superior
apple, pear, berry and dragon
fruit varieties is attracting strong
interest, with United States berry
plant orders well ahead of target.
Our coveted ENVY™ apple became
a $1 billion brand this year. It is
the first New Zealand apple to do
this. Sales revenue grew 34% in
Viet Nam, 26% in China and 10%
in Thailand in the first six months
of 2026.
02.
T&G Global Interim Report 20262

BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
$572.3m
Revenue
2025: $557.9m
$11.6m
Operating profit
2025: $8.9m
Kia ora,
For the first six months of the year, to 30 June 2026,
we have seen significant progress towards delivering
the sustained and profitable performance we are
confident will come from our global growth strategy.
This confidence comes from the building of momentum
in the business, as we begin to see the results of the
last eight years of investment.
In the first half of the year our Apples business has
continued its growth trajectory, VentureFruit has
delivered improved results, and T&G Fresh has
continued to build on last years improved performance.
As previously announced, following a strategic
review, T&G has entered into negotiations to sell its
New Zealand fresh produce, Fijian and Pacific Islands
export businesses. Accordingly, these businesses
are reported in the enclosed Financial Statements as
a disposal group held for sale and as a discontinued
operation. An impairment of $34.4 million has been
recorded in the income statement, resulting in an
overall loss for the period of $30.5 million compared
to a profit of $1.7 million for the corresponding
2025 period.
Notwithstanding this reported loss, the Group
has performed strongly at an operational level.
For the first six months of the year, revenue for the
Group is $572.3 million, up 2.6% from the comparable
2025 period. Operating profit increased 30.3%
to $11.6 million, compared to $8.9 million in the
corresponding 2025 period.
Chair and
CEO review
01.
T&G Global Interim Report 2026
Financials
3
Chair and CEO review

Apples
Our Apples business achieved revenue of $550.9 million,
compared to $518.9 million in the comparable half year
in 2025, and operating profit of $54.5 million, up 15.2%
from the corresponding 2025 period.
This momentum is the direct result of the integrated
end-to-end apples management platform we have built,
from genetics and growing, right through to creating
consumer demand in-market. This foundation, together
with this year’s Board-endorsed Apples 2035 growth
and IT strategy, positions T&G strongly to capture
market share in the global premium apples category,
which is projected to grow at a compound annual
growth rate of 8% by 2030.
We had a strong start to the year, with a good quality
North American ENVY™ crop. Consumer demand in
Asia saw 1.1 million tray carton equivalents (TCEs) of
North American-grown ENVY™ apples exported to
Asian markets, a 45% increase on the year prior.
Positive demand across Lunar New Year and Tê ́t
delivered double digit sales growth, exceeding budget
expectations. In Viet Nam, sales revenue increased
34%, while China was 26% ahead and Thailand
delivered 10% more than this time last year.
Domestically in the United States, in what is a
subdued and oversupplied market, ENVY™ continues
to experience sustained growth as consumers
shift towards premium fruit with superior taste and
consistent quality.
Chair and CEO review continued
This is reinforced by the number of households
choosing ENVY™ apples, with household penetration
increasing from 12% in 2025 to 15% in 2026, equivalent
to approximately 19.9 million United States households
purchasing ENVY™ apples at least once per year,
1
an
increase of nearly four million households year-on-year.
The performance of Northern Hemisphere fruit set
our Asian markets up strongly for a smooth transition to
Aotearoa New Zealand-grown fruit. This year’s Aotearoa
New Zealand crop yielded a 24% increase in volume,
in line with forecast and the maturing profile of recent
ENVY™ apple plantings. While climatic conditions
produced great tasting fruit, the individual size profile
was larger than previous years, with a higher proportion
of standard grade.
The strength of our integrated apples management
platform, coupled with the team’s unwavering focus on
the entire value chain, provides the flexibility, discipline
and playbook we need to target the best market for the
fruit, build demand, and maximise the value of the crop.
This held us in good stead as we navigated the
Middle East conflict. While there was some disruption
to apple exports into the region, we established
alternative pathways and successfully diverted fruit
to other markets. However, the conflict’s impact on
oil prices has affected costs which we continue to
mitigate, to some extent, with savings in other areas.
In the United Kingdom and Europe, oversupply over
the last couple of seasons has challenged demand.
However, JAZZ™ apples continue to dominate the
British market, with Worldwide Fruit performing well,
strengthening supply with improved retail contracts.
A highlight in the first half of the year was our ENVY™
apple brand surpassing $1 billion in global retail sales,
becoming the first apple brand from Aotearoa New
Zealand to reach this milestone. This reaffirms our
long-term strategy to build global premium brands
using world-class genetics, outstanding growers and
a globally connected system that consistently delivers
for customers and consumers.
We were honoured that our Apples business and our
ENVY™ apple brand were recognised with the Food,
Beverage and Fibre Product Award at the Primary
Industries New Zealand Awards in June. Judges noted
that ENVY™ had delivered strong returns per hectare
for growers, with leading performers achieving over
$115,000 per hectare, rivalling kiwifruit returns.
The ENVY™ success story is one we aim to emulate with
the launch of JOLI™ apples in Viet Nam later this year –
the first market to receive this exciting new apple brand
from our premium portfolio.
$54.5m
Operating profit
2025: $47.3m
$550.9m
Revenue
2025: $518.9m
1. United States household count based on the 2024 United States Census
(132,737,146 households)
Apples
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Financials
4
Chair and CEO review

Chair and CEO review continued
VentureFruit
In the first six months of the year, VentureFruit revenue
from external customers increased to $4.0 million,
compared to $2.9 million in the comparable 2025
period. It reduced its operating loss to $6.8 million,
compared to a loss of $7.2 million in the same
period last year. VentureFruit is tracking to plan,
with its revenue linked to the performance of our
Apples business.
Continuing geopolitical and macroeconomic
uncertainty has contributed to some of VentureFruit’s
customers being conservative in their decisions
around new license and planting investments.
Despite this, VentureFruit, in its fifth year of
operation, made headway in building strong interest
for commercialising its range of apple, pear, berry
and dragon fruit varieties in Aotearoa New Zealand,
Asia, Europe and the Americas. Three new global
head licenses have been acquired, and the team
has progressed its United States berries strategy,
receiving new orders for 160,000 berry plants, well
ahead of target. This rapid growth in the United States
shows the value of the partnership we established
late last year with California Giant Berry Farms.
VentureFruit continues to enforce the Plant Variety
Rights (PVR) for Scilate (branded as ENVY™ apples) in
China, with a prominent propagator required to destroy
infringing plant material and pay compensation to T&G.
This outcome demonstrates the increasing maturity and
effectiveness of China’s legal framework for protecting
PVRs under their Seed Law.
We welcomed the New Zealand Government’s
proposed amendments to the Plant Variety Rights
Act 2022, which will deliver stronger protections to
VentureFruit, T&G, licensed growers, breeders and the
wider horticulture sector. The proposed changes will
reinstate provisional protection and extend the PVR
protection term by five years, for both existing and new
rights. These targeted changes will help stakeholders
recoup their investment in innovation and R&D,
strengthen our ability to compete globally, and help
return increased value to Aotearoa New Zealand.
We will continue to support this legislation as it moves
through the legislative process.
$4.0m
Revenue
2025: $2.9m
($6.8m)
Operating loss
2025: ($7.2m)
VentureFruit
T&G Fresh
The T&G Fresh business made a strong contribution to
T&G’s results in the first half of the year, particularly across
the domestic Aotearoa New Zealand business. Various
transformation initiatives commenced last year continued
to provide increased revenues across most business
units, reducing operating costs and improving efficiencies.
As previously referred to, as at 30 June 2026, T&G was
in advanced discussions to sell its domestic New Zealand
fresh produce, Fijian and Pacific Islands export businesses.
These businesses are reported in the Financial Statements
as a disposal group held for sale and as a discontinued
operation. The T&G Fresh results reported in the segment
note relate to the retained Australian trading business and
berry farm. The Australian berry farm’s performance was
below expectation, due largely to inclement Queensland
weather impacting crop yield, with concomitant effect on
market timing and pricing.
T&G Fresh
$13.0m
Revenue
2025: $22.9m
($7. 4m)
Operating loss
2025: ($5.5m)
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Financials
5
Chair and CEO review

Positive external progress
The first half of the year has also seen positive progress
on the trade front, with the signing of the New Zealand-
India Free Trade Agreement (FTA).
As one of the world’s largest economies, T&G has been
active in India for a number of years, with our apples,
including ENVY™, sold there. However, with tariffs at
50%, this business has been on a comparatively small
scale. The FTA will open up opportunities for both our
Apples and VentureFruit businesses to work with Indian
retailers, channel partners and growers to capitalise
on the growth opportunities in the country’s premium
apples category, which is worth over US$1 billion.
Strategic review and sale of T&G Fresh
During the first half of 2026 we completed a
comprehensive review of the T&G Fresh business,
which was undertaken by the Board and senior
management.
Working with Craigs Investment Partners Limited
we assessed each of our Apples, T&G Fresh and
VentureFruit business units against our growth profile,
capital allocation, reliance on intellectual property,
and contribution to long-term shareholder value.
This led to the decision that our long-term capital
allocation and management focus should prioritise
Apples and VentureFruit and that alternative ownership
options should be explored for T&G Fresh.
As a result, following the close of the first six
months of 2026, we agreed to sell our New Zealand
fresh produce, Fijian and Pacific Islands export
businesses. Each business is being acquired by
investors with strong strategic fit, and we are
confident the transactions will deliver the optimum
value for shareholders.
Bidfood Pacific Islands Limited will acquire our
Fijian and Pacific Islands export businesses. Pukekawa
Holdings Limited and Ashsadeep Company Limited
(or nominee), current minority shareholders in
Unearthed Produce Limited (UPL), the domestic
root crop prepacking operation, will acquire our 51%
shareholding in UPL. And J & P Turner Limited, through
its wholly owned subsidiary Turners & Growers Limited
(the Turner family), will acquire our New Zealand
fresh produce business, pending clearance by the
New Zealand Commerce Commission.
While the Turner family will acquire the rights to the
“Turners & Growers” and “T&G Fresh” names, we are
not selling all of T&G Fresh. The Australian blueberry
farm and associated marketing and trading business
will be strategically retained and reintegrated into
VentureFruit, and certain property assets will be leased
to the Turner family at market rates.
Chair and CEO review continued
As we work through the completion and any conditions,
we continue to work closely with the new owners on
employment matters for our people.
The completed sales will enable us to simplify our
corporate structure and business overall to focus on
the significant growth opportunities we see in apples
and intellectual property. We will reduce debt, including
a $20.8 million loan from BayWa. With a strengthened
balance sheet, we will also be in a strong position to
concentrate our capital and management on highest
return opportunities.
Separately, the T&G Board was advised that BayWa’s
intention to exit its T&G shareholding remains. BayWa
has strong confidence in T&G’s long-term strategy and
the decision to divest its shares is entirely based on
BayWa’s own business transformation to strengthen
the liquidity of its business. The Board has appointed
Goldman Sachs as financial advisor, and they will assess
strategic options for T&G.
“We agreed to sell our
New Zealand fresh produce,
Fijian and Pacific Islands export
businesses. Each business is
being acquired by investors with
strong strategic fit.”
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Financials
6
Chair and CEO review

Chair and CEO review continued
Outlook
Our priority for the balance of the year is to continue
building on the momentum achieved in the first half.
By unlocking opportunities, optimising effort
and managing headwinds as they arise, our Apples
business is focused on delivering significant
improvements in both growth and performance.
At the same time, with a significant likelihood of
El Niño conditions in Aotearoa New Zealand over
the latter half of the year, we continue to build our
resilience and preparedness through precision
irrigation and soil management programmes, to
best protect the forthcoming 2026/27 apples crop.
With the long-term outlook for the premium
apples category strong, driven by rising urbanisation,
a focus on health and wellness, and a willingness
by consumers to pay more for apples that
consistently deliver exceptional taste and experience,
we are well positioned to continue to grow market
share and value.
VentureFruit will continue to focus on accelerating
its growth strategy, and as part of this, it is actively
exploring exploring new opportunities, in particular
in Asia and India, and we look forward to updating
you further in the future.
The divestment of most of T&G Fresh will naturally
see a reduction in revenues from those operations
in the year-end results, although the proceeds
will strengthen our balance sheet as a result of
debt reduction.
BENEDIKT MANGOLD
CHAIR
GARETH EDGECOMBE
CHIEF EXECUTIVE OFFICER
We are confident that the steps taken in the first half
will enable us to focus more resources, attention and
effort into growing Apples’ and VentureFruit’s presence
in the global market, capitalising on our premium
branded portfolio and its reputation with customers
and consumers.
Our thanks are extended to all of our people who
have contributed to our results, including the
teams in T&G Fresh whose professionalism and
commitment contributed considerably to our ability
to attract purchasers.
Ngā mihi,
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Financials
7
Chair and CEO review

For the six months ended 30 June 2026
Income statement
The accompanying notes form an integral part of these interim financial statements.
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Unaudited*
12 months to
31 Dec 2025
$’000
Continuing operations
Revenue from contracts with customers4572,302557,9471,144,643
Other operating income13,7168909,698
Purchases, raw materials and consumables used(423,574)(414,651)(870,510)
Employee benefits expenses(75,431)(67,237)(139,693)
Depreciation and amortisation expenses(23,034)(20,018)(42,003)
Other operating expenses(52,337)(48,038)(73,259)
Operating profit11,6428,89328,876
Financing income5422,3582,121
Financing expenses(12,905)(16,405)(29,485)
Share of profit from joint ventures10– – 72
Other income70205,657
Other expenses– – (730)
(Loss) / profit before income tax from continuing operations(651)(5,134)6,511
Income tax (expense) / benefit5(297)1,638(1,251)
(Loss) / profit after income tax from continuing operations(948)(3,496)5,260
Discontinued operations
(Loss) / profit after income tax for the period from discontinued operations7(29,591)5,19010,787
(Loss) / profit for the period(30,539)1,69416,047
Financials
02.
For the six months ended 30 June 2026
Income statement
T&G Global Interim Report 2026
Chair and CEO review
8
Financials

Unaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Unaudited*
12 months to
31 Dec 2025
$’000
Attributable to:
Equity holders of the Parent(32,989)(1,097)10,213
Non-controlling interests2,4502,7915,834
(Loss) / profit for the period(30,539)1,69416,047
Profit attributable to equity holders of the Parent relates to:
(Loss) / profit from continuing operations(948)(3,496)5,260
(Loss) / profit from discontinued operations(29,591)5,19010,787
(30,539)1,69416,047
Earnings per share (in cents)
Basic and diluted (loss) / earnings from continuing and discontinued operations(26.9)(0.9)8.3
Basic and diluted loss from continuing operations(2.8)(5.1)(0.4)
For the six months ended 30 June 2026
Income statement continued
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
The accompanying notes form an integral part of these interim financial statements.
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Chair and CEO review
9
Financials

The accompanying notes form an integral part of these interim financial statements.
Statement of comprehensive income
For the six months ended 30 June 2026
NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Unaudited*
12 months to
31 Dec 2025
$’000
(Loss) / profit for the period(30,539)1,69416,047
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Gain on revaluation of property, plant and equipment:
Held by subsidiaries of the Group––22,981
Gain on revaluation of investments in unlisted entities––4,319
Deferred tax effect on revaluation of property, plant and equipment––(4,631)
Deferred tax effect on sale of property, plant and equipment––69
––22,738
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translation of foreign operations1,989(6,622)(421)
Transfer to income statement on disposal of discontinued operations7278(262)(55)
Cash flow hedges:
Fair value (loss) / gain(12,247)30,2674,713
Reclassification of net change in fair value to profit or loss(25)(19)(200)
(10,005)23,3644,037
Other comprehensive (loss) / income for the period(10,005)23,36426,775
Total comprehensive (loss) / income for the period(40,544)25,05842,822
Total comprehensive (loss) / income for the period is attributable to:
Equity holders of the Parent (43,289)23,49837,648
Non-controlling interests2,7451,5605 ,174
(40,544)25,05842,822
Total comprehensive (loss) / income for the period attributable to equity holders of the Parent arises from:
Continuing operations(11,231)20,13032,090
Discontinued operations7(29,313)4,92810,732
(40,544)25,05842,822
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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10
Financials

The accompanying notes form an integral part of these interim financial statements.
Statement of changes in equity
For the six months ended 30 June 2026
Unaudited
NOTE
Share
capital
$’000
Revaluation
and other
reserves
$’000
Retained
earnings
$’000
Total
$’000
Non-
controlling
interests
$’000
Total
equity
$’000
2026
Balance at 1 January 2026176,35792,347223,196491,90018,119510,019
(Loss) / profit for the period––(32,989)(32,989)2,450(30,539)
Other comprehensive income / (expense)
Exchange differences on translation of foreign operations–1,972–1,9722952,267
Movement in cash flow hedge reserve–(12,272)–(12,272)–(12,272)
Total other comprehensive (loss) / income–(10,300)–(10,300)295(10,005)
Transactions with owners
Dividends9 ––––(2,136)(2,136)
Total transactions with owners––––(2,136)(2,136)
Transfer from asset revaluation reserve due to asset disposal –(117)117–––
Balance at 30 June 2026176,35781,930190,324448,61118,728467,339
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Financials

The accompanying notes form an integral part of these interim financial statements.
For the six months ended 30 June 2026
Unaudited
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
(Loss) / profit for the period ––(1,097)(1,097)2,7911,694
Other comprehensive expense
Exchange differences on translation of foreign operations–(5,653)–(5,653)(1,231)(6,884)
Movement in cash flow hedge reserve–30,248–30,248–30,248
Total other comprehensive income / (loss)–24,595–24,595(1,231)23,364
Transactions with owners
Dividends9––––(2,430)(2,430)
Investments from non-controlling interest––––526526
Acquisition of non-controlling interest's share in subsidiary––(14,190)(14,190)(3,073)(17,263)
Total transactions with owners––(14,190)(14,190)(4,977)(19,167)
Transfer from asset revaluation reserve due to asset disposal–(11)11–––
Balance at 30 June 2025176,35792,351210,740479,44817,094496,542
Statement of changes in equity continued
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Financials

Balance sheet
As at 30 June 2026
NOTEUnaudited
30 Jun 2026
$’000
Unaudited
30 Jun 2025
$’000
Audited
31 Dec 2025
$’000
Current assets
Cash and cash equivalents70,13374,48947,618
Term deposits2,5241,5001,510
Trade and other receivables250,853272,180235,157
Inventories159,352165,88751,653
Taxation receivable21910,953219
Derivative financial instruments6066,2871,711
Biological assets11,19216,17946,710
Non-current assets classified as held for sale6152,1848,2808,280
Total current assets647,063555,755392,858
Non-current assets
Trade and other receivables15,70217,56220,050
Derivative financial instruments54511,1671,235
Deferred tax assets537,54929,41325,697
Investments in unlisted entities16,32712,08016,398
Property, plant and equipment8392,165403,624423,693
Right-of-use assets137,640164,201179,629
Intangible assets42,12277,40677,309
Investments in joint ventures102,5502,7452,551
Total non-current assets644,600718,198746,562
Total assets1,291,6631,273,9531,139,420
Current liabilities
Trade and other payables248,558248,850200,764
Loans and borrowings156,705295,09237,068
Lease liabilities22,06827,55929,056
Taxation payable6,01011,3434,318
Derivative financial instruments9,7651,3235,611
Liabilities associated with disposal group classified as held for sale667,846––
Total current liabilities510,952584,167276,817
The accompanying notes form an integral part of these interim financial statements.
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Financials

NOTEUnaudited
30 Jun 2026
$’000
Unaudited
30 Jun 2025
$’000
Audited
31 Dec 2025
$’000
Non-current liabilities
Trade and other payables–44871
Loans and borrowings151,21019,536157,772
Lease liabilities143,572166,716181,628
Derivative financial instruments12,9522,2626,675
Deferred tax liabilities55,6384,6865,638
Total non-current liabilities313,372193,244352,584
Total liabilities824,324777,411629,401
Equity
Share capital176,357176,357176,357
Revaluation and other reserves81,93092,35192,347
Retained earnings190,324210,740223,196
Total equity attributable to equity holders of the Parent448,611479,448491,900
Non-controlling interests18,72817,09418,119
Total equity467,339496,542510,019
Total liabilities and equity1,291,6631,273,9531,139,420
Approved for and on behalf of the Board
C.A. CAMPBELL
DIRECTOR (CHAIR OF FINANCE,
RISK AND INVESTMENT COMMITTEE)
07 AUGUST 2026
B.J. MANGOLD
DIRECTOR (CHAIR)
07 AUGUST 2026
The accompanying notes form an integral part of these interim financial statements.
As at 30 June 2026
Balance sheet continued
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Financials

Statement of cash flows
For the six months ended 30 June 2026
NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Audited
12 months to
31 Dec 2025
$’000
Cash flows from operating activities
Cash was provided from:
Cash receipts from customers705,317736,1221,569,998
Cash receipts from insurance proceeds1,8063,0583,058
Other1,0985,4968,098
Cash was disbursed to:
Payments to suppliers and employees(698,877)(717,718)(1,474,428)
Interest paid(6,381)(6,967)(13,220)
Income taxes paid(4,910)(1,255)(1,558)
Net cash (outflow) / inflow from operating activities(1,947)18,73691,948
Cash flows from investing activities
Cash was provided from:
Cash receipts from insurance proceeds2,2073,7383,738
External loan repayments from suppliers, customers and joint ventures580609886
Investments from non-controlling interest–526814
Sale of other property, plant and equipment3,078836,427
Sale of Harrisville packhouse––6,251
Sale of Kerikeri orchards2,629––
The accompanying notes form an integral part of these interim financial statements.
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Financials

NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Audited
12 months to
31 Dec 2025
$’000
Cash was disbursed to:
Purchase of property, plant and equipment8(7,382)(6,729)(30,140)
Purchase of intangible assets(4,831)(444)(2,482)
Loans to suppliers, customers and joint ventures(300)––
Current term deposits(1,014)(1,500)(1,510)
Net cash outflow from investing activities(5,033)(3,717)(16,016)
Cash flows from financing activities
Cash was provided from:
Net proceeds from short-term borrowings10,0007,500500
Proceeds from long-term borrowings –3,8683,749
Proceeds from seasonal funding109,00094,000–
Cash was disbursed to:
Dividends paid to non-controlling interests9(2,136)(2,430)(7,135)
Repayment of long-term borrowings(6,519)(6,500)(26,000)
Repayment of lease liabilities(22,069)(27,052)(41,912)
Seasonal advances to growers(55,663)(48,876) –
Bank facility fees and transaction fees(1,668)(2,031)(4,744)
Net cash inflow / (outflow) from financing activities30,94518,479(75,542)
Net increase in cash and cash equivalents23,96533,498390
Foreign currency translation adjustment3,796(5,810)427
Cash and cash equivalents at the beginning of the year47,61846,80146,801
Cash and cash equivalents at the end of the period75,37974,48947,618
For the six months ended 30 June 2026
The accompanying notes form an integral part of these interim financial statements.
Statement of cash flows continued
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Financials

NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited*
6 months to
30 Jun 2025
$’000
Unaudited*
12 months to
31 Dec 2025
$’000
(Loss) / profit for the period from:
Continuing operations(948)(3,496)5,260
Discontinued operations7(29,591)5,19010,787
(Loss) / profit for the period including discontinued operations(30,539)1,69416,047
Adjusted for non-cash items:
Amortisation expense1,9372,0634,044
Depreciation expense31,69028,35859,185
Movement in deferred tax(9,128)(9,301)(9,074)
Movement in expected credit loss allowance(162)96452
Revenue from sale of licences1,181(107)1,390
Share of profit of joint ventures10– – (72)
Other movements23,214(1,109)(13,716)
Loss on remeasurement of the disposal group to fair value less costs to sell34,382 – –
83,11420,00042,209
Adjusted for investing and financing activities:
Bank facility and line fees1,6682,0314,744
Gain on disposal of Harrisville packhouse– – (1,370)
Loss on disposal of Kerikeri orchards591– –
Gain on disposal of other property, plant and equipment(424)(143) –
Loss on disposal of other property, plant and equipment– – 247
Net loss from reversal of previous property, plant and equipment revaluation changes through profit and loss– – 464
Insurance proceeds– – (3,011)
1,8351,8881,074
Impact of changes in working capital items net of effects of non-cash items, and investing and financing activities:
(Increase) / decrease in debtors and repayments (76,550)(31,276)6,885
Decrease / (increase) in biological assets23,36620,081(10,450)
Increase in creditors and provisions 110,964105,32215,293
(Increase) / decrease in inventories(115,977)(99,364)14,870
Decrease in net taxation receivable 1,8403916,020
Total(56,357)(4,846)32,618
Net cash (outflow) / inflow from operating activities(1,947)18,73691,948
Statement of cash flows continued
Reconciliation of (loss) / profit after income tax to net cash flow from operating activities
The accompanying notes form an integral part of these interim financial statements.
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Notes to the financial statements
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. Following the significant
transaction described in the next section, the Group’s key categories include apples
and berries.
These unaudited condensed interim financial statements presented are for the
Group which comprises the Parent and its subsidiaries, and joint ventures, as at
30 June 2026.
The Parent is registered in 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 unaudited condensed interim financial statements have been prepared in
accordance with New Zealand Generally Accepted Accounting Practice (NZ GAAP),
NZ IAS 34
Interim Financial Reporting and IAS 34 Interim Financial Reporting. The
unaudited condensed interim financial statements should be read in conjunction
with the annual report for the year ended 31 December 2025 (2025 Annual Report),
which has been prepared in accordance 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). The accounting policy information used in the
preparation of these unaudited condensed interim financial statements are consistent
with those used in the 2025 Annual Report.
These unaudited condensed interim 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.
Significant transactions during the period
On 30 April 2026, the Group announced it was in advanced discussions to sell its
New Zealand fresh produce, Fijian and Pacific Islands export businesses, with any
transaction subject to finalisation of the sale and purchase agreements and meeting
certain conditions.
As at 30 June 2026, these businesses met the criteria to be classified as a disposal
group held for sale and as a discontinued operation in accordance with NZ IFRS 5
Non-current Assets Held for Sale and Discontinued Operations (NZ IFRS 5).
As a result:
■the results of the discontinued operation have been presented as a single amount
in the income statement, with comparative periods re-presented accordingly
(refer Note 7);
■the assets and liabilities of the disposal group have been presented separately
as “non-current assets classified as held for sale” and “liabilities associated with
assets classified as held for sale” in the balance sheet. Comparative balances have
not been re-presented (refer Note 6);
■the cash flows attributable to the discontinued operation continue to be included
within operating, investing and financing activities in the statement of cash flows
for all periods presented (refer Note 7); and
■segment and revenue disclosures have been re-presented to exclude the
discontinued operation from continuing operations for both the current and
comparative periods (refer Notes 3 and 4).
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Financials

Critical accounting estimates and judgments
The Group makes estimates and judgments concerning the future. The resulting
accounting estimates may, by definition, not equal the related actual results.
The estimates and judgments used in the preparation of these unaudited
condensed interim financial statements are consistent with those used in the
2025 Annual Report.
2. New accounting standards, amendments and interpretations
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.
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, 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.
Notes to the financial statements continued
1. Basis of preparation continued
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Financials

Notes to the financial statements continued
3. Segment information continued
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 FreshFollowing the classification of the New Zealand fresh produce, Fijian and Pacific Islands export businesses as a disposal group held for
sale and a discontinued operation (refer Notes 6 and 7), the segment comprises the remaining Australian growing and trading activities,
including berry growing operations and international trading activities.
VentureFruitVariety management including identification, acquisition, development and protection of new varieties of fruit. Revenue from the sale of
right-to-grow licences 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.
Segment information provided to the chief operating decision-makers for the reportable segments is shown in the following tables:
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2026
Total segment revenue683,07313,03228,7824,371 729,258
Inter-segment revenue(132,157) – (24,799)– (156,956)
Revenue from external customers550,91613,0323,9834,371572,302
Purchases, raw materials and consumables used(398,126)(13,450)(7,424)(4,574)(423,574)
Depreciation and amortisation expenses(19,298)(2,323)(108)(1,305)(23,034)
Net other operating expenses(79,011)(4,680)(3,249)(27,112)(114,052)
Segment operating profit / (loss)54,481(7,421)(6,798)(28,620)11,642
Financing income542
Financing expenses(12,905)
Net other income and expenses70
Loss before income tax from continuing operations(651)
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Financials

Notes to the financial statements continued
3. Segment information continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2025*
Total segment revenue620,087 22,875 26,730 13,229 682,921
Inter-segment revenue(101,138) – (23,836)– (124,974)
Revenue from external customers518,949 22,875 2,894 13,229 557,947
Purchases, raw materials and consumables used(375,899)(16,988)(5,950)(15,814)(414,651)
Depreciation and amortisation expenses(16,710)(2,022)(107)(1,178)(20,017)
Net other operating expenses(79,043)(9,360)(4,028)(21,955)(114,386)
Segment operating profit / (loss)47,297 (5,495)(7,191)(25,718)8,893
Financing income2,358
Financing expenses(16,405)
Net other income and expenses20
Loss before income tax from continuing operations(5,134)
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Financials

Notes to the financial statements continued
3. Segment information continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited year ended 31 December 2025*
Total segment revenue1,221,44746,92740,95439,2941,348,622
Inter-segment revenue(172,021) – (31,958)– (203,979)
Revenue from external customers1,049,42646,9278,99639,2941,144,643
Purchases, raw materials and consumables used(800,423)(29,472)(3,255)(37,360)(870,510)
Depreciation and amortisation expenses(35,176)(4,241)(216)(2,370)(42,003)
Net other operating expenses(139,159)(11,604)(7,882)(44,609)(203,254)
Segment operating profit / (loss)74,6681,610(2,357)(45,045)28,876
Financing income2,121
Financing expense(29,485)
Share of profit from joint ventures72
Net other income and expenses4,927
Profit before income tax from continuing operations6,511
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Notes to the financial statements continued
4. Revenue from contracts with customers
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2026
Nature of revenue
Sale of produce 486,763 8,759 60 3,999 499,581
Sale of licences 2,425 – – 51 2,476
Commissions 23,429 4,038 1,631 240 29,338
Services 32,511 235 221 81 33,048
Royalties 5,788 – 2,071 – 7,859
Revenue from external customers 550,916 13,032 3,983 4,371 572,302
Timing of revenue recognition
At a point in time
Sale of produce 486,763 8,759 60 3,999 499,581
Sale of licences 2,425 – – 51 2,476
Commissions 23,429 4,038 1,631 240 29,338
Services 28,118 235 221 81 28,655
Royalties 5,788 – 2,071 – 7,859
546,523 13,032 3,983 4,371 567,909
Over time
Services 4,393 – – – 4,393
4,393 – – – 4,393
Revenue from external customers 550,916 13,032 3,983 4,371 572,302
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Financials

Notes to the financial statements continued
4. Revenue from contracts with customers continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited six months ended 30 June 2025*
Nature of revenue
Sale of produce 459,850 20,068 312 13,079 493,309
Sale of licences 1,464 – – 34 1,498
Commissions 21,619 2,430 922 – 24,971
Services 29,659 377 178 116 30,330
Royalties 6,357 – 1,482 – 7,839
Revenue from external customers 518,949 22,875 2,894 13,229 557,947
Timing of revenue recognition
At a point in time
Sale of produce 459,850 20,068 312 13,079 493,309
Sale of licences 1,464 – – 34 1,498
Commissions 21,619 2,430 922 – 24,971
Services 26,381 377 178 116 27,052
Royalties 6,357 – 1,482 – 7,839
515,671 22,875 2,894 13,229 554,669
Over time
Services 3,278 – –– 3,278
3,278 – –– 3,278
Revenue from external customers 518,949 22,875 2,894 13,229 557,947
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Financials

Notes to the financial statements continued
4. Revenue from contracts with customers continued
Apples
$’000
T&G Fresh
$’000
VentureFruit
$’000
Other
$’000
Total
$’000
Unaudited year ended 31 December 2025*
Nature of revenue
Sale of produce 953,508 34,312 988 39,104 1,027,912
Sale of licenses– – 4,053 58 4,111
Commissions 33,683 10,737 2,530 – 46,950
Services 48,437 1,878 1,421 132 51,868
Royalties 13,798 – 4 – 13,802
Revenue from external customers 1,049,426 46,927 8,996 39,294 1,144,643
Timing of revenue recognition
At a point in time
Sale of produce 953,508 34,312 988 39,104 1,027,912
Sale of licenses– – 4,053 58 4,111
Commissions 33,683 10,737 2,530 – 46,950
Services 41,593 1,878 1,421 132 45,024
Royalties 13,798 – 4 – 13,802
1,042,582 46,927 8,996 39,294 1,137,799
Over time
Services 6,844 – – – 6,844
6,844 – – – 6,844
Revenue from external customers 1,049,426 46,927 8,996 39,294 1,144,643
* The prior year comparative numbers have been re-presented to ensure comparability with current year classifications. The re-presented comparatives are unaudited.
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Financials

Notes to the financial statements continued
5. Taxation6. Assets and liabilities classified as held for sale
Current tax
Current tax expense for the interim periods presented is the expected tax payable
on the taxable income for the period, calculated as the estimated average annual
effective income tax rate applied to the pre-tax income of the interim period and
adjusted for any permanent and timing differences.
Deferred tax
The amount of deferred tax provided is based on the expected manner of realisation
or settlement of the carrying amounts of the assets and liabilities, using the estimated
average annual effective income tax rate for the interim periods presented.
Income tax expense
Income tax expense at 30 June 2026 comprises of:
NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited
12 months to
31 Dec 2025
$’000
Current tax expense(11,440)(9,879)(14,925)
Deferred tax credit9,1289,3019,074
Income tax expense(2,312)(578)(5,851)
Income tax is attributable to:
Profit from continuing operations(297)1,638(1,251)
Profit from discontinued
operations7(2,015)(2,216)(4,600)
Income tax expense(2,312)(578)(5,851)
Unaudited
6 months to
30 Jun 2026
$’000
Unaudited
6 months to
30 Jun 2025
$’000
Audited
12 months to
31 Dec 2025
$’000
Commercial land and buildings 8,280 8,280 8,280
Disposal group assets held for sale143,904 ––
Total non-current assets
classified as held for sale152,184 8,280 8,280
Liabilities associated with disposal
group classifed as held for sale 67,846 – –
Net assets classified as held
for sale 84,338 8,280 8,280
Disposal group classified as held for sale
On 30 April 2026, the Group announced it was in advanced discussions to sell its
New Zealand fresh produce, Fijian and Pacific Islands export businesses. Together,
these comprise the disposal group.
As at 30 June 2026, the disposal group met the criteria to be classified as held
for sale under NZ IFRS 5. The sale is considered highly probable, as the Group is
committed to a plan to sell the businesses, negotiations are at an advanced stage,
and completion is expected within 12 months subject to certain conditions being
satisfied. Accordingly, the assets and liabilities of the disposal group have been
presented separately in the balance sheet.
On classification as held for sale, the disposal group was remeasured to the lower
of its carrying amount and fair value less costs to sell, by reference to the expected
proceeds. As a result, an estimated impairment loss of $34.4 million was recognised.
As the transaction remains subject to completion adjustments and the satisfaction
of certain conditions, the final loss recognised on completion may differ from this
amount. The impairment loss is included within the result of the discontinued
operation (refer Note 7).
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Financials

Unaudited
30 Jun 2026
$’000
Current assets
Cash and cash equivalents5,246
Trade and other receivables54,178
Inventories12,375
Derivative financial instruments5
Biological assets12,152
Total current assets83,956
Non-current assets
Trade and other receivables541
Deferred tax assets174
Investments in unlisted entities72
Property, plant and equipment19,101
Right-of-use assets37,991
Intangible assets2,069
Total non-current assets59,948
Total assets143,904
Current liabilities
Trade and other payables22,144
Lease liabilities9,047
Taxation payable148
Derivative financial instruments103
Total current liabilities31,442
Unaudited
30 Jun 2026
$’000
Non-current liabilities
Lease liabilities33,477
Deferred tax liabilities2,927
Total non-current liabilities36,404
Total liabilities67,846
5125 Roxburgh, Ettrick Road, Ettrick, Central Otago District
In February 2024, the Group’s management committed to sell the commercial land and
building at 5125 Roxburgh, Ettrick Road, Ettrick, Central Otago. On reclassification of
the property as a non-current asset held for sale, the net book value of the property was
reduced to market value less costs to sell with $1.47 million through asset revaluation
reserves.
The property remains unsold as at 30 June 2026, though the Group’s management is still
committed to sell and has approved the Group in continuing to market the property for sale
at the same terms as previously agreed. Management has assessed that the property still
meets the requirements of being classified as held for sale at the same price, and therefore
continues to classify the property as a non-current asset held for sale as at 30 June 2026.
Notes to the financial statements continued
6. Assets and liabilities classified as held for sale continued
The major classes of assets and liabilities included in the disposal group are set out below.
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Financials

Notes to the financial statements continued
7. Discontinued operations
The discontinued operation relates to the New Zealand fresh produce, Fijian and Pacific Islands export businesses classified as a disposal
group held for sale, as described in Note 6. The results of the discontinued operation for the period are set out below.
Unaudited
6 months to
30 Jun 2026
$’000
Unaudited
6 months to
30 Jun 2025
$’000
Unaudited*
12 months to
31 Dec 2025
$’000
Profit for the period from discontinued operations
Revenue188,879206,338414,080
Other gains7429418,586
Total revenue 189,621 207,279 422,666
Expenses(180,276)(198,049)(404,636)
Operating profit 9,345 9,230 18,030
Financing income79294394
Financing expenses(2,382)(2,242)(4,673)
Other income– 1241,636
Other expenses(236)––
Profit before income tax for the period from discontinued operations6,8067,40615,387
Income tax expense(2,015)(2,216)(4,600)
Profit after income tax for the period from discontinued operations4,7915,19010,787
Loss on remeasurement of the disposal group to fair value less costs to sell(34,382)– –
(Loss) / profit for the period from discontinued operations(29,591)5,19010,787
Exchange differences on translation of discontinued operations278(262)(55)
Other comprehensive income / (loss) from discontinued operations278(262)(55)
Total comprehensive (loss) / income for the period from discontinued operations(29,313)4,92810,732
Cash flows from discontinued operations
Net cash inflow from operating activities13,01319,24825,916
Net cash inflow / (outflow) from investing activities794(6,664)9,418
Net cash outflow from financing activities(9,290)(11,982)(19,560)
Net increase in cash generated by the discontinued operations4,51760215,7 74
* The prior year comparative discontinued operation numbers have been prepared from audited financial information.
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Financials

8. Property, plant and equipment
NOTEUnaudited
6 months to
30 Jun 2026
$’000
Unaudited
6 months to
30 Jun 2025
$’000
Audited
12 months to
31 Dec 2025
$’000
Asset acquisitions and disposals
Cost of assets acquired7,3826,72930,140
Net book value of assets disposed3,558328,683
Net book value of assets reclassified as held for sale619,101 – –
Net gain / (loss) on assets disposed424143(247)
9. Dividends
Unaudited
6 months to
30 Jun 2026
$’000
Unaudited
6 months to
30 Jun 2025
$’000
Audited
12 months to
31 Dec 2025
$’000
Unaudited
6 months to
30 Jun 2026
Cents per share
Unaudited
6 months to
30 Jun 2025
Cents per share
Audited
12 months to
31 Dec 2025
Cents per share
Ordinary shares
Dividends to non-controlling interests in Group subsidiaries2,1362,4307,135–––
Total2,1362,4307,135 – ––
10. Investments in joint ventures
Set out below are the joint ventures of the Group as at 30 June 2026. The joint ventures have share capital consisting solely of ordinary shares, which are held directly by the Group.
The Group’s investments in joint ventures in 2026 and 2025 are:
Name of entity
Place of business and
country of incorporation
Ownership interest (%)
30 Jun 202630 Jun 202531 Dec 2025
Growers Direct LimitedUnited Kingdom505050
Wawata General Partner LimitedNew Zealand505050
Contributions from joint ventures
During the period ended 30 June 2026, there were no contributions from joint ventures (30 June 2025: nil; 31 December 2025: $0.1 million).
Notes to the financial statements continued
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Notes to the financial statements continued
11. Financial instruments
Financial instruments by category
Financial assets
Measured
at amortised
cost
$’000
Fair value through
profit or loss
(mandatory)
$’000
Derivatives
for hedging
$’000
Equity instrument
designated at fair
value through OCI
$’000
Total
$’000
As at 30 June 2026 (unaudited)
Cash and cash equivalents70,133– – – 70,133
Term deposits2,524– – – 2,524
Trade and other receivables (excluding prepayments and taxes)245,616 – – – 245,616
Investment in unlisted entities– – – 16,32716,327
Derivative financial instruments– 331,118– 1,151
Total318,273331,11816,327335,751
As at 30 June 2025 (unaudited)
Cash and cash equivalents74,489– – – 74,489
Term deposits1,500–– – 1,500
Trade and other receivables (excluding prepayments and taxes)270,571–– – 270,571
Investment in unlisted entities– – – 12,08012,080
Derivative financial instruments– – 17,454– 17,454
Total346,560– 17,45412,080376,094
As at 31 December 2025 (audited)
Cash and cash equivalents47,618– –– 47,618
Term deposits1,510– – – 1,510
Trade and other receivables (excluding prepayments and taxes)236,125– – – 236,125
Investment in unlisted entities– ––16,39816,398
Derivative financial instruments–512,895– 2,946
Total285,253512,89516,398304,597
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Notes to the financial statements continued
11. Financial instruments continued
Financial liabilities
Measured
at amortised
cost
$’000
Fair value through
profit or loss (held
for trading)
$’000
Derivatives
for hedging
$’000
Total
$’000
As at 30 June 2026 (unaudited)
Borrowings307,915– – 307,915
Trade and other payables (excluding employee entitlements)234,792–– 234,792
Lease liabilities165,640– – 165,640
Derivative financial instruments– – 22,71722,717
Total708,347– 22,717731,064
As at 30 June 2025 (unaudited)
Borrowings314,628– – 314,628
Trade and other payables (excluding employee entitlements)235,305– – 235,305
Lease liabilities194,275–– 194,275
Derivative financial instruments– 693,5163,585
Total744,208693,516747,793
As at 31 December 2025 (audited)
Borrowings194,840– – 194,840
Trade and other payables (excluding employee entitlements)186,156 – –186,156
Lease liabilities210,684––210,684
Derivative financial instruments– 1512,27112,286
Total591,6801512,271603,966
Fair value hierarchy
All financial assets and liabilities that use methods and assumptions to estimate fair value at 30 June 2026 are considered to be level 2 in the fair value hierarchy (30 June 2025:
level 2; 31 December 2025: level 2).
Valuation techniques used to value financial instruments are consistent with those used in the 2025 Annual Report.
For the six months ended 30 June 2026 and the financial year ended 31 December 2025, the estimated fair values of all the Group’s other financial assets and liabilities
approximate their carrying values.
T&G Global Interim Report 2026
Chair and CEO review
31
Financials

Notes to the financial statements continued
12. Contingencies
There were no changes in contingent liabilities during the period.
13. Capital commitments
As at 30 June 2026, the Group is committed to the following capital expenditure:
Unaudited
30 Jun 2026
$’000
Unaudited
30 Jun 2025
$’000
Audited
31 Dec 2025
$’000
Property, plant and equipment1,2591382,625
Intangible assets6535427
Total1,3244922,652
14. Seasonality of business
The Group’s operating segments are subject to seasonal fluctuations. The Apples
operating segment generates most of its revenue during the middle of the year and
completes its seasonal programmes before the final quarter of the year. The Group’s
other operating segments are also impacted by the availability of fresh produce which
varies during the year.
15. Events occurring after the reporting period
On 31 July 2026, the Group entered into sale and purchase agreements for the
sale of its New Zealand fresh produce, Fijian and Pacific Islands export businesses,
subject to Commerce Commission clearance. Certain assets will be retained by the
Group, including the Australian blueberry farm and associated marketing and trading
business, and selected property assets.
Apart from the matter described above, there have been no other material events that
occurred after the reporting date that would require adjustment to or disclosure in
these unaudited condensed interim financial statements.
T&G Global Interim Report 2026
Chair and CEO review
32
Financials

PO Box 56
Shortland Street
Auckland, 1140
Aotearoa New Zealand
+64 9 573 8700
info@tandg.global
tandg.global
Chair and CEO reviewFinancials

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MARKET UPDATE
7 August 2026

T&G Global maintains performance momentum in positive first half
T&G Global today released its interim results for the six months ending 30 June 2026, noting
significant progress towards delivering the sustained and profitable performance expected from the
Group’s global growth strategy.

T&G Global Chair, Benedikt Mangold, said the results build on the momentum achieved in T&G’s
premium intellectual property-led Apples and VentureFruit businesses.

“Our Apples business continued its growth trajectory, VentureFruit delivered improved results, and
T&G Fresh continued to build on last years improved performance,” said Mr Mangold.

The Group performed strongly at an operational level across its continuing operations, with
revenue of $572.3 million, up 2.6% from the comparable 2025 period. Operating profit increased
30.3% to $11.6 million, compared to $8.9 million in the corresponding 2025 period. After adjusting
for impairment in relation to the previously announced disposal of the T&G Fresh business, the
reported loss for the period is $30.5 million.

“During the first half of the year, we completed a comprehensive strategic review, evaluating T&G’s
strategy and assessing our Apples, VentureFruit and T&G Fresh business units against our growth
profile, capital allocation, reliance on intellectual property, and contribution to long-term
shareholder value. It determined that our long-term capital allocation and management focus
should prioritise Apples and VentureFruit, in support of global growth opportunities, and that
alternative ownership options should be explored for T&G Fresh,” said Mr Mangold.

Apples continues momentum
Apples achieved revenue of $550.9 million, compared to $518.9 million in the comparable half year
in 2025, and operating profit of $54.5 million, up 15.2% from the corresponding 2025 period.

Chief Executive Officer, Gareth Edgecombe, said this momentum was the direct result of the
integrated end-to-end apples management platform the Company has built, from superior genetics
and high-performance growing, right through to creating consumer demand in-market.

“It is this foundation, together with this year’s Board-endorsed Apples 2035 growth and IT strategy,
which positions T&G strongly to take advantage of the significant market share in the global
premium apples category, which is projected to grow at a compound annual growth rate of 8% by
2030,” said Mr Edgecombe.

“Apples had a strong start to the year, selling 1.1 million tray carton equivalents (TCEs) of North
American-grown ENVY™ apples to Asian markets, a 45% increase on the year prior.

“Double digit sales growth was achieved during Lunar New Year and Tết, exceeding budget
expectations. In Viet Nam, sales revenue increased 34%, while China was 26% ahead and
Thailand delivered 10% more than this time last year.”

T&G’s Northern Hemisphere crop set Asian markets up strongly for the transition to its New
Zealand-grown premium branded apples in May. This year’s New Zealand crop yielded a 24%
increase in volume, in line with forecast and the maturing profile of recent ENVY™ plantings.

VentureFruit
VentureFruit revenue from external customers increased to $4.0 million, compared to $2.9 million
in the comparable 2025 period. It reduced its operating loss to $6.8 million, compared to a loss of
$7.2 million in the same period last year.

“VentureFruit made headway in building strong interest in commercialising its range of apple, pear,
berry and dragon fruit varieties in New Zealand, Asia, Europe and the Americas,” said Mr
Edgecombe.

“The team has progressed its United States berries strategy, receiving new orders for 160,000
berry plants, well ahead of target. This rapid growth in the United States shows the value of the
partnership we established late last year with California Giant Berry Farms.”

T&G Fresh
The T&G Fresh business made a strong contribution to T&G’s results in the first half of the year,
particularly across the domestic New Zealand business. Various transformation initiatives
commenced last year continued to provide increased revenues across most business units,
reducing operating costs, and improving efficiencies.

Following the close of the first six months of the year, T&G agreed to sell its New Zealand fresh
produce, Fijian and Pacific Islands export businesses. As a result, these businesses are reported in
the Financial Statements as a disposal group held for sale and as a discontinued operation. An
impairment of $34.4 million has been recorded in the income statement relating to this
discontinued operation.

The reported results for T&G Fresh relate solely to the retained Australian blueberry farm and
associated marketing and trading business, which have been adversely impacted by heavy
Queensland rainfall during the first half of the year.

Outlook
Mr Mangold said the Group was confident of continuing its performance momentum in the second
half.

While the divestment of most of T&G Fresh would result in reduced revenues from those
operations, the proceeds would be used to reduce debt, strengthening the balance sheet.

“We are confident that the steps taken in the first half will enable us to focus more resources into
growing Apples’ and VentureFruit’s presence in the global market, capitalising on our intellectual
property, premium branded portfolio and reputation with customers and consumers.”

ENDS


For further information, please contact:
Adrienne Sharp
Head of Corporate Affairs
T&G Global Limited
+64 (0)27 801 5534
adrienne.sharp@tandg.global


About T&G Global
T&G Global’s story began more than 125 years ago as Turners and Growers, and today the business helps
grow healthier futures for people around the world. As a part of the BayWa Global Produce family, T&G is
located in 13 countries and its team of 1,780 people both grow and partner with over 700 growers to market,
sell and distribute nutritious fresh produce to customers and consumers in over 55 countries. It does this
guided by kaitiakitanga - treating the land, people, produce, resources, and community with the greatest of
respect and care, as guardians of their future. www.tandg.global

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Template
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content
should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular
element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by
NZX as required under NZX Listing Rule 3.26.1.

Results for announcement to the market
Name of issuer T&G Global Limited and subsidiary companies
Reporting Period 6 months to 30 June 2026
Previous Reporting Period 6 months to 30 June 2025
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$572,302 3%
Total Revenue $761,181 2%
Net profit/(loss) from continuing
operations
($948) (73%)
Total net profit/(loss) ($32,989) (2907%)
Interim/Final Dividend
Amount per Quoted Equity
Security
No dividend proposed
Imputed amount per Quoted
Equity Security
Not applicable
Record Date Not applicable
Dividend Payment Date Not applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$3.47 $3.42
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
Please refer to the financial commentary and unaudited condensed
interim financial statements attached as part of this announcement.

Authority for this announcement
Name of person

authorised to
make this announcement
Doug Bygrave

Contact person for this
announcement
Doug Bygrave

Contact phone number
+64 9 573 8899

Contact email address
Doug.Bygrave@tandg.global

Date of release through MAP

07 August 2026

Unaudited financial statements accompany this announcement.