Positive PGW Results in Improving Markets

PGG Wrightson Ltd | NZX Announcement


11 AUGUST 2026

Positive PGW Results in Improving Markets

PGG Wrightson Limited
1
(PGW) today announced its results for the financial year ended 30 June
2026.

Financial performance
Key results for the year to 30 June 2026 include:
• Operating Revenue of $1.1 billion (up $99.0 million or 10% on prior financial year)
• Operating EBITDA
2
of $64.3 million (up $8.2 million or 15% on prior financial year)
• Net Profit After Tax of $15.6 million (up $4.9 million or 46% on prior financial year)
• Cashflow from Operating Activities $52.6 million (up $40.2 million on prior financial year)
• Earnings Per Share of 20.6 cents per share (cps) (up 6.5 cps on prior financial year)
• Fully imputed Final Dividend of 5.5 cps (10 cps for full year)

PGW Chair, John Nichol, said “PGW delivered a stronger financial performance in FY26
compared to the prior financial year, supported by improved conditions across several key
agricultural sectors and the continued execution of its growth strategy.

“Operating Revenue of $1.1 billion was up $99.0 million and Operating EBITDA of $64.3 million
was up $8.2 million on the prior year. Net Profit After Tax (NPAT) of $15.6 million was up $4.9
million or 46%. This financial year marks the first time PGW has exceeded $1 billion in revenue
since the divestment of PGG Wrightson Seeds in 2019, which is a positive indicator of the
continued growth in our business.

“Improved returns across the red meat, dairy, wool, parts of the horticulture sector, and rural
property sector contributed to stronger farmer confidence and increased investment activity.
These favourable market conditions, combined with disciplined operational execution and
continued investment in strategic initiatives, supported improved earnings across the Group.

Dividend declared
“The Board has declared a fully imputed Final Dividend of 5.5 cents per share. The Final Dividend
will be paid on 6 October 2026 to shareholders on PGW’s share register as at 5pm on 11
September 2026. This will bring the total fully imputed dividends for the year to 10 cents per
share.

PGG Wrightson Ltd | NZX Announcement
PGW Group strategy & performance measures
“Our strategy continues to guide investment and decision-making across the Group. During FY26
we made further progress on several initiatives designed to strengthen our customer offering,
build technical capability, and support long-term growth.

“The integration of Nexan has progressed well, Blue AG™ completed its first full season of trading,
and our Hastings R&D Station is already delivering valuable technical and commercial insights.
Together, these initiatives demonstrate our commitment to innovation and our focus on
delivering value.”

“Our FY26 results reflect disciplined progress across the three strategic measures that
contribute to our long-term success: financial performance, safety performance, and the
experience we deliver to our customers.”

Financial Growth Measures


i. EBIT KPI: Normalised Earnings Before Interest and Tax target of 10% normalised
growth over a three-year rolling cycle.
FY26 Result: Growth of 91% over the three-year rolling cycle reflecting the
significant increase in earnings.






ii. ROCE KPI: Target 10% growth in Return on Capital Employed over a three-year
rolling cycle.
FY26 Result: Average of 8.1% over the three-year rolling cycle impacted by the
tough market conditions experienced in FY24.




iii. EPS KPI: Earnings Per Share target for FY26 of 15.7 cps.
FY26 Result: Exceeded the Earning Per Share target with 20.6 cps, benefiting
from a much-improved operating result across our Rural Supplies, Livestock,
and Real Estate businesses.

Safety Performance


i. Safety KPI: Continuous annual improvement in PGW’s Total Recordable Injury
Frequency Rate (TRIFR).
FY26 Result: PGW recorded a 3.5% reduction in our TRIFR compared with the
previous year. Ensuring our people return home safe and well each day is a
collective priority and we are committed to building a stronger safety-orientated
culture.

Customer Experience


i. Customer Experience KPI: Continuous annual improvement in PGW’s Net
Promoter Score (NPS) measures.
FY26 Result: Independent market research has confirmed a significant year-on-
year increase in PGW’s Group NPS compared to FY25. Given the importance of
customer experience to grow business performance, we focus on continuous
improvement in this widely used measure of customer satisfaction and loyalty,
based on a customer’s willingness to recommend a business to others.

PGG Wrightson Ltd | NZX Announcement
Operating Division Performance

Retail & Water Group
PGW CEO, Stephen Guerin, said “The Retail & Water Group delivered a solid FY26 result,
achieving record revenue and growth across most business units. Operating Revenue increased
10% to $851.2 million, while Operating EBITDA increased 6% to $44.5 million.

“Improved confidence across the sheep, beef, dairy, and horticulture sectors, particularly
kiwifruit, supported increased customer spending and investment throughout the year. Rural
Supplies delivered record sales and profit, benefitting from increased on-farm investment in
animal health, water, fencing, pasture renewal, and farm development. Fruitfed Supplies
continued to perform well, maintaining market share and growing revenue despite ongoing
challenges in the viticulture sector, while strong kiwifruit activity and continued investment
across the horticultural sector supported demand.

“Agritrade also performed strongly, benefitting from growth in agri-chemical sales, the
successful integration of Nexan, and continued focus on supply chain efficiency and operational
execution.

Agency Group
“The Agency Group delivered a particularly strong result in FY26, with Operating Revenue
increasing 10% to $221.5 million and Operating EBITDA increasing 23% to $29.0 million. The
performance was underpinned by strong red meat and dairy prices and a buoyant rural Real
Estate market.

“Livestock was the standout performer during the year, benefitting from historically strong
sheep, cattle, and dairy prices, favourable international demand for red meat, improved farm
profitability, and renewed farmer confidence. Strong livestock values supported growth in
commission income, while products such as GO-STOCK and bidr® continued to strengthen
customer engagement and expand the range of services available to farmers.

“PGW Wool’s result was broadly in line with the prior year. Strong wool experienced renewed
optimism across the financial year, with crossbred wool prices reaching their highest levels in
decades. Demand for natural fibres and improving global market conditions contributed to
improved sentiment across the sector. PGW Wool consolidated its auction activities into a
national open-cry wool auction, creating a single marketplace to maximise buyer participation
and competition for growers’ wool from across New Zealand.

“Real Estate delivered an improved result as activity increased across rural, lifestyle, and
residential markets. Demand for dairy and horticultural properties strengthened significantly,
supported by improved farm economics, lower interest rates, and renewed buyer confidence.
Dairy sales volumes increased approximately 30% year-on-year, while horticultural property
sales volumes increased around 60%, reflecting strong demand in buoyant crop sectors.

Cashflow and Debt
Mr Nichol reported “PGW generated strong Operating Cashflows of $52.6 million during FY26, an
increase of $40.2 million on the prior year, reflecting the improved financial performance of the
business along with favourable working capital movements versus the prior year.

“The Group invested $19.7 million in the acquisition of Nexan and continued to invest in growth
initiatives and strategic capability. Net Interest-Bearing Debt at 30 June 2026 was $88.0 million.
Excluding the Nexan acquisition and additional investment in GO-STOCK receivables of $7.0
million, Net Interest-Bearing Debt would have been $61.3 million.

PGG Wrightson Ltd | NZX Announcement
“During the year, PGW reviewed its syndicated banking facilities extending these through to
September 2029, including increased available facility limits from $185 million up to $265
million, providing additional flexibility to support growth.”

Outlook
Mr Nichol concluded, “New Zealand's agricultural sector enters FY27 from a position of relative
strength, supported by healthy international demand and favourable conditions across many key
sectors. Strong returns in red meat, dairy, and horticulture continue to provide positive
momentum for rural New Zealand, supporting farm and orchard profitability, increasing
investment and driving growth.

“While the outlook is positive and we have seen a pleasing start to FY27, some areas of challenge
remain. Geopolitical tensions, supply chain disruption, elevated input costs, and the potential
impact of El Niño conditions present risks. In addition, election-year dynamics may contribute
to a degree of caution in parts of the rural economy, particularly the rural property market.
Viticulture and arable farming are also expected to remain challenging in the near term.

“The recently signed New Zealand-India Free Trade Agreement provides additional optimism for
future growth through improved market access opportunities for a range of primary products.

“Backed by our technical expertise, commitment to innovation, and long-standing customer
relationships, PGW is well positioned to support customers through changing conditions and
benefit from opportunities across New Zealand's agricultural and horticultural sectors.

“Although conditions across much of the agricultural sector remain favourable, the critical
spring trading period remains ahead of us, and it is therefore too soon to provide meaningful
guidance on expected FY27 performance. PGW expects to be in a better position to provide FY27
guidance at its Annual Shareholders' Meeting in October 2026.

“Finally, I would like to acknowledge the dedication of our people across New Zealand and thank
our customers and shareholders for their continued trust and support.”

For investor relations queries and media enquiries, please contact:
Julian Daly
General Manager Corporate Affairs / Company Secretary
PGG Wrightson Limited
Phone: 0800 10 22 76 / +64 3 477 4520
Email: companysecretary@pggwrightson.co.nz

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


1
All references to PGG Wrightson Limited refer to the company and its subsidiaries (together referred to as the
Group).
2
Operating EBITDA: Earnings before net interest and foreign exchange items, income tax, depreciation,
amortisation, the results from discontinued operations, impairment and fair value adjustments and non-
operating items. PGW has used non-GAAP profit measures when discussing financial performance in this
document. Please refer to our full accounts for details of how Operating EBITDA relates to GAAP. For a
comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-GAAP
Accounting Information” available on our website (
www.pggwrightson.co.nz
).

---

Consolidated Financial Statements
for the year ended 30 June 2026
Ngā Tauākī ā-Pūtea Tōpū

mō te tau i mutu i te 30 Hune 2026
Ngā Whakapuakanga Pūtea Hira
Key Financial
Disclosures
Mott’s Premium Produce harvesting parsnips
near Tangiwai, Manawatū-Whanganui.

PGG WRIGHTSON LIMITED
Directors’ Responsibility Statement
For the year ended 30 June 2026
The Directors are responsible for ensuring that the consolidated
financial statements give a true and fair view of the financial
position of PGG Wrightson Limited and its controlled entities
(together the “Group”) as at 30 June 2026 and the financial
performance and cash flows for the year ended on that date.
The Directors consider that the consolidated financial statements
of the Group have been prepared using appropriate accounting
policies, consistently applied and supported by reasonable
judgements and estimates and that all of the relevant financial
reporting and accounting standards have been followed.
The Directors believe that proper accounting records have been
kept which enable, with reasonable accuracy, the determination of
the financial position of the Group and facilitate compliance of the
consolidated financial statements with the Financial Reporting Act
2013 and the Financial Markets Conduct Act 2013.
The Directors are pleased to present the consolidated financial
statements for the Group set out on pages 1 to 46 for the year
ended 30 June 2026.
The consolidated financial statements contained on pages 1 to 46
have been authorised for issue on 10 August 2026.
For and on behalf of the Board.
John Nichol Wilson Liu
Chair Director and Audit
Committee Chair

PGG WRIGHTSON LIMITED
Consolidated Statement of Profit or Loss
For the year ended 30 June 2026
1
|
KEY FINANCIAL DISCLOSURES
2026 2025
NOTE $000 $000
Operating revenue 1 1,074,384 975,344
Cost of sales 2 (787,517) (720,347)
Gross profit 286,867 254,997
Other income 399 952
Employee expenses (161,290) (146,637)
Other operating expenses 3 (61,666) (53,181)
Operating EBITDA 28C 64,310 56,131
Non-operating gains/(losses) 4 221 1,119
Impairment and fair value gains/(losses) 5 - -
Depreciation and amortisation expense (34,791) (31,066)
EBIT 28C 29,740 26,184
Net interest expense 6 (10,780) (11,186)
Foreign exchange gain/(loss) 6 641 821
Fair value gain/(loss) on foreign exchange derivatives 6 1,430 (1,827)
Profit before income tax 21,031 13,992
Income tax expense 7 (5,460) (3,328)
Net profit after tax
15,571 10,664
Basic and diluted earnings per share (EPS)
2026 2025
NOTE $000 $000
Basic and diluted EPS 8 0.206 0.141
The accompanying notes form an integral part of these consolidated financial statements.

2
|
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2026
2026 2025
NOTE $000 $000
Net profit after tax 15,571 10,664
Other comprehensive income/(loss)
Items that will not be reclassified to profit or loss
Remeasurements of defined benefit liability (261) 585
Tax on remeasurements of defined benefit liability 7 (98) (273)
Total other comprehensive income/(loss) for the period (359) 312
Total comprehensive income for the period 15,212 10,976
The accompanying notes form an integral part of these consolidated financial statements.

3
|
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Segment Report
For the year ended / as at 30 June 2026
A. Operating segments
The Group has two primary operating segments, Agency and Retail
& Water, which are the Group's strategic divisions. These operating
segments operate within New Zealand.
The two operating segments offer different products and services,
and are managed separately because they require different skills,
technology and marketing strategies. Within each segment, further
business unit analysis may be provided to management where there
are significant differences in the nature of activities. The Chief Executive
Officer and Chairman of the Board review internal management
reports on each strategic business unit on at least a monthly basis.
The Group's segments are described below:
– Agency: This segment derives its revenue primarily from
commissions in respect of rural Livestock, Wool and Real Estate
transactions. This segment also derives revenue from wool and
velvet product sales, and interest revenue from its GO-STOCK
receivables (refer to Note 12 GO-STOCK Receivables for further
explanation regarding this programme).
– Retail & Water: This segment includes the Rural Supplies and
Fruitfed Supplies retail operations, Agritrade, PGG Wrightson Water,
ancillary sales support and supply chain functions. This segment
derives its revenue primarily from the sale of goods as well as the
design, installation and servicing of irrigation solutions.
– Other (non-operating): Other relates to certain Group
Corporate activities including Governance, Finance, Treasury, Risk
and Assurance, and other support services (such as corporate
property services and marketing). The Marketing function derives
sales revenue from the Group's customer loyalty and on-charging
programmes.
Assets and liabilities allocated to each business unit combine to form
total assets and liabilities for the Agency and Retail & Water business
segments. Certain other assets and liabilities are held at a Corporate
level including those for the Corporate functions noted above. From 1
July 2025 the group transferred its intangible ERP asset internally from
the Other (non-operating) segment to the Agency and Retail & Water
operating segments.
The profit or loss for each business unit combines to form total profit or
loss of the Agency and Retail & Water business segments. Certain other
revenues and expenses are recorded at the Corporate level for the
Corporate functions noted above.
Corporate costs allocation
The Group allocates certain Corporate costs to an operating segment
where they can be directly attributed to that segment or using the
following methods:
– IT hardware, support, licence and other costs are allocated on a per
user basis.
– Property costs which are not directly attributable are allocated on
a property space utilisation basis.
– Business operations costs (Accounts Payable, Accounts Receivable,
Call Centre) are allocated based on FTE usage by each operating
segment or transactional volumes. Credit Services costs are
allocated to the operating segment to which the overdue
accounts relate.
From 1 July 2025 the Group began internally allocating interest
expense to the operating segments based on capital employed
(excluding equity) with this allocation recorded within net interest
expense. Comparative amounts have been updated to reflect this
change.
Other costs such as non-operating gains/losses, impairment and fair
value gains/losses, net interest expense, foreign exchange items and
income tax expense are not fully allocated by the Group across the
operating segments. The Group Governance, Finance, Treasury, and
Risk and Assurance functions continue to be reported outside of the
operating segments i.e. within Other (non-operating).
B. Geographical segment
The Group operates within New Zealand only and its revenue is
derived primarily from New Zealand.

4
|
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Segment Report (continued)
For the year ended / as at 30 June 2026
C. Operating segment information
OTHER
AGENCY RETAIL & WATER (NON–OPERATING) TOTAL
2026 2025 2026 2025 2026 2025 2026 2025
$000 $000 $000 $000 $000 $000 $000 $000
Sales revenue 86,383 84,977 830,398 759,215 1,429 1,157 918,210 845,349
Commission revenue 126,165 107,938 87 88 55 30 126,307 108,056
Construction contract revenue – – 18,900 12,368 – – 18,900 12,368
Interest revenue on GO-STOCK receivables 8,011 7,181 – – – – 8,011 7,181
Interest revenue on overdue debtor accounts 314 427 1,424 891 9 37 1,747 1,355
Sublease income 582 434 423 402 204 199 1,209 1,035
Total external operating revenues 221,455 200,957 851,232 772,964 1,697 1,423 1,074,384 975,344
Cost of sales (101,826) (98,086) (684,801) (621,575) (890) (686) (787,517) (720,347)
Gross profit 119,629 102,871 166,431 151,389 807 737 286,867 254,997
Other income 405 952 – – (6) – 399 952
Employee expenses (60,277) (51,367) (73,524) (68,780) (27,489) (26,490) (161,290) (146,637)
Other operating expenses (30,789) (28,994) (48,431) (40,459) 17,554 16,272 (61,666) (53,181)
Operating EBITDA 28,968 23,462 44,476 42,150 (9,134) (9,481) 64,310 56,131
Non-operating gains/(losses) 9 1,166 61 (112) 151 65 221 1,119
Impairment and fair value gains/(losses) – – – – – – – –
Depreciation and amortisation expense (10,641) (9,875) (21,048) (17,329) (3,102) (3,862) (34,791) (31,066)
EBIT 18,336 14,753 23,489 24,709 (12,085) (13,278) 29,740 26,184
Net interest expense (7,766) (8,470) (11,049) (10,938) 8,035 8,222 (10,780) (11,186)
Foreign exchange gain/(loss) 29 863 617 (46) (5) 4 641 821
Fair value gain/(loss) on
foreign exchange derivatives 387 (1,611) 1,042 (216) 1 – 1,430 (1,827)
Profit/(loss) before income tax 10,986 5,535 14,099 13,509 (4,054) (5,052) 21,031 13,992
Income tax benefit/(expense) (3,222) (2,196) (4,018) (5,786) 1,780 4,654 (5,460) (3,328)
Net profit/(loss) after tax 7,764 3,339 10,081 7,723 (2,274) (398) 15,571 10,664
Total segment assets 284,806 234,147 300,415 249,439 15,117 46,094 600,338 529,680
Total segment liabilities (153,092) (104,908) (166,727) (146,372) (97,952) (104,590) (417,771) (355,870)
Capital expenditure
(additions to non-current assets) 6,768 4,724 20,601 5,645 1,925 12,510 29,294 22,879
The accompanying notes form an integral part of these consolidated financial statements.

5
|
KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Consolidated Statement of Cash Flows
For the year ended 30 June 2026
2026 2025
NOTE $000 $000
Cash flows from operating activities
Cash was provided from:
Receipts from customers 1,023,492 916,631
Dividends received 7 6
Interest received 10,260 8,921
Income tax received – 44
1,033,759 925,602
Cash was applied to:
Payments to suppliers and employees (968,797) (903,108)
Lump sum contribution to the PGG Wrightson Employee Benefits Plan (459) (308)
Interest paid 6 (5,229) (5,379)
Interest paid on lease liabilities 6 (4,524) (4,410)
Income tax paid (2,157) –
(981,166) (913,205)
Net cash inflow/(outflow) from operating activities 52,593 12,397
Cash flows from investing activities
Cash was provided from:
Proceeds from sale of property, plant and equipment 1,561 2,808
Dividend received from jointly controlled entity 140 392
1,701 3,200
Cash was applied to:
Purchase of property, plant and equipment (5,654) (6,929)
Purchase of intangibles (931) (10,499)
Acquisition of subsidiary net of cash acquired 15 (19,660) –
Advance to jointly controlled entity – (17)
(26,245) (17,445)
Net cash inflow/(outflow) from investing activities (24,544) (14,245)
Cash flows from financing activities
Cash was provided from:
Increase in external borrowings 9 92,000 25,182
92,000 25,182
Cash was applied to:
Dividends paid to shareholders (6,455) (1,899)
Repayment of external borrowings 9 (88,182) –
Repayment of principal portion of lease liabilities (24,030) (22,608)
(118,667) (24,507)
Net cash inflow/(outflow) from financing activities (26,667) 675
Net increase/(decrease) in cash held 1,382 (1,172)
Opening cash and cash equivalents at the beginning of period 2,613 3,785
Cash and cash equivalents at the end of the period 9 3,995 2,613
The accompanying notes form an integral part of these consolidated financial statements.

6
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KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities
For the year ended 30 June 2026
2026 2025
$000 $000
Net profit after tax 15,571 10,664
Add/(deduct) non-cash/non-operating items:
Depreciation and amortisation 34,791 31,066
Impairment and fair value losses/(gains) – –
Net bad debts written off/(recovered) 146 716
Increase/(decrease) in provision for impaired trade receivables, GO-STOCK receivables and contract assets 4,622 (881)
Loss/(gain) on sale of assets, and lease terminations (141) (1,219)
Foreign exchange loss/(gain) (111) 237
Deferred tax expense/(benefit) (1,216) (886)
Defined benefit expense/(gain) (103) (24)
Pension contributions not expensed through profit or loss (459) (308)
Equity accounted earnings (392) (990)
Other non-cash/non-operating items (144) 21
Add/(deduct) movement in working capital items:
Change in working capital due to purchase of business 2,382 –
Change in inventories (5,243) (4,774)
Change in accounts receivable and prepayments (34,283) (23,097)
Change in GO-STOCK receivables (7,040) (29,139)
Change in trade creditors, provisions and accruals 40,882 25,749
Change in other current assets/liabilities (1,600) 1,004
Add/(deduct) movement in taxation items:
Change in income tax payable/receivable 4,931 4,258
Net cash flow from operating activities 52,593 12,397
Cash Flows Accounting Policies
In the Consolidated Statement of Cash Flows, cash receipts and payments on behalf of customers, which reflect the activities of the
customers rather than those of the Group, are reported on a net basis.
The accompanying notes form an integral part of these consolidated financial statements.

7
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KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Consolidated Statement of Financial Position
As at 30 June 2026
2026 2025
NOTE $000 $000
ASSETS
Current
Cash and cash equivalents 9 3,995 2,613
Short-term derivative assets 10 784 227
Trade and other receivables 11 186,471 156,949
GO-STOCK receivables 12 89,556 81,962
Inventories 13 105,492 100,074
Other current assets 4,341 4,329
Total current assets 390,639 346,154
Non-current
Deferred tax asset 7 6,167 7,115
Long-term derivative assets 10 1 13
Investments in equity accounted investees 1,507 1,256
GO-STOCK receivables 12 1,735 2,300
Other investments 242 242
Intangible assets and goodwill 14 53,340 38,706
Right-of-use assets 16 94,357 81,332
Property, plant and equipment 17 51,849 52,362
Defined benefit plan asset 19 501 200
Total non-current assets 209,699 183,526
Total assets
600,338 529,680
LIABILITIES
Current
Working capital debt 9 - -
Short-term derivative liabilities 10 663 1,425
Accounts payable and accruals 18 215,989 175,205
Short-term lease liabilities 16 23,185 21,359
Income tax payable 5,960 1,029
Total current liabilities 245,797 199,018
Non-current
Long-term debt 9 92,000 88,182
Long-term derivative liabilities 10 28 151
Long-term lease liabilities 16 77,291 65,789
Long-term provisions 18 2,655 2,730
Total non-current liabilities 171,974 156,852
Total liabilities
417,771 355,870
EQUITY
Share capital 29 372,318 372,318
Reserves 29 16,577 16,785
Retained earnings/(deficit) 29 (206,328) (215,293)
Total equity
182,567 173,810
Total liabilities and equity
600,338 529,680
The accompanying notes form an integral part of these consolidated financial statements.

8
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KEY FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2026
REALISED
CAPITAL AND DEFINED RETAINED
SHARE REVALUATION BENEFIT PLAN EARNINGS/ TOTAL
CAPITAL RESERVES RESERVE (DEFICIT) EQUITY
$000 $000 $000 $000 $000
Balance as at 1 July 2024 372,318 24,662 (8,291) (223,956) 164,733
Total comprehensive income for the period
Net profit after tax – – – 10,664 10,664
Other comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax – – 312 – 312
Total other comprehensive income – – 312 – 312
Total comprehensive income for the period – – 312 10,664 10,976
Transactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – (1,899) (1,899)
Total contributions by and distributions to shareholders – – – (1,899) (1,899)
Transfer to retained earnings – – 102 (102) –
Balance as at 30 June 2025 372,318 24,662 (7,877) (215,293) 173,810
Balance as at 1 July 2025 372,318 24,662 (7,877) (215,293) 173,810
Total comprehensive income for the period
Net profit after tax – – – 15,571 15,571
Other comprehensive income
Defined benefit plan actuarial gain/(loss), net of tax – – (359) – (359)
Total other comprehensive income – – (359) – (359)
Total comprehensive income for the period – – (359) 15,571 15,212
Transactions with shareholders recorded directly in equity
Contributions by and distributions to shareholders
Dividends to shareholders – – – (6,455) (6,455)
Total contributions by and distributions to shareholders – – – (6,455) (6,455)
Transfer to retained earnings – – 151 (151) –
Balance as at 30 June 2026 372,318 24,662 (8,085) (206,328) 182,567
The accompanying notes form an integral part of these consolidated financial statements.

Lake Heron Station Winter Muster, photographed by
Anna Munro for the 2025 PGW Landmarks Photo Collection.
Ngā Whakapuakanga Pūtea Tāpiri
Additional
Financial Disclosures
Including Notes to the Consolidated Financial Statements
for the year ended 30 June 2026
Tae atu ki Ngā Pitopito Kōrero ki Ngā Tauākī Pūtea Tōpū

mō te tau i mutu i te 30 Hune 2026

PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements
For the year ended 30 June 2026
10
|

ADDITIONAL FINANCIAL DISCLOSURES
1 Operating Revenue
2026 2025
$000 $000
Revenue from contracts with customers
Sales revenue 918,210 845,349
Commission revenue 126,307 108,056
Construction contract revenue 18,900 12,368
Other operating revenue
Interest revenue on GO-STOCK receivables 8,011 7,181
Interest revenue on overdue debtor accounts 1,747 1,355
Sublease income 1,209 1,035
1,074,384 975,344
Income Recognition Accounting Policies
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably
measured. The following specific recognition criteria must also be met before revenue is recognised.
Sales revenue
Sales revenue comprises the sale value of transactions where the Group acts as a principal; for example, retail store sales, and sales of wool
and velvet products. Revenue is measured at the transaction price when control is transferred to which an entity expects to be entitled in
exchange for transferring goods or services to a customer. For the sale of goods, the transfer of control occurs when the risks and rewards,
physical possession and the legal title of the goods have been transferred and accepted by the customer and the customer has a present
obligation to make payment in respect of the goods.
Customers may be entitled to discounts or rebates for certain items and/or volumes purchased, under varying categories. These discounts
or rebates are defined as variable consideration and are included in the transaction price as a component of operating revenue upon the
completion of the Group's performance obligations. These discounts or rebates are contractual in nature and known as at balance date,
therefore, no assumptions or estimates are required.
The Group offers a range of payment terms, and in some cases these can be up to 12 months. The Group does not recognise a financing
element for sales with terms of 12 months or less.
The Group offers warranties as required by New Zealand law and/or per the terms and conditions of the contracts with customers. The
Group recognises the obligations under these warranties as a provision.
Commission revenue
Commission revenue comprises commission for transactions where the Group acts as an agent. For agency commissions, the Group
does not take inventory risk or title for inventories, or for the Group's Livestock and Real Estate businesses, biological assets and properties
respectively. The Group generates commissions from acting as an agent for organising the sale of livestock or real estate.
Revenue is recognised at a point in time upon completion of the service.
Construction contract revenue
Construction services are provided to customers in the Water business to construct pivots and irrigation systems. Most contracts contain a
single performance obligation. The size and duration of the contracts can vary significantly, and customers are invoiced as work progresses.
Most contracts are completed within 12 months; therefore, the unearned revenue on these contracts is not disclosed.
The Group accounts for revenue over time, which best depicts the pattern of transfer of the construction services to the customer. The
Group uses an input method to recognise revenue based on a percentage of cost completed. This method involves judgements relating to
a contract's expected margin and its stage of completion.
Interest and similar income and expense
The Group recognises the fixed fees charged to customers under its GO-STOCK programme as interest revenue. Refer to Note 12 GO-STOCK
Receivables for further explanation regarding this programme. This interest revenue is recognised over the term of the GO-STOCK contracts
which can be for a term of up to 540 days.
The Group also recognises interest revenue on overdue receivables using the effective interest method. Refer to the accounting policies
under Note 6 Net Interest Expense and Foreign Exchange Items for further explanation on the effective interest method.
Sublease income
The Group recognises lease payments received under subleases as income on a straight-line basis over the lease term. Refer to Note 16
Right-of-Use Assets and Lease Liabilities for further explanation.

11
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
2 Cost of Sales
2026 2025
NOTE $000 $000
Depreciation and amortisation 52 75
Employee benefits (including commissions) 31,832 29,315
Inventories and consumables 13 736,080 670,417
Freight 12,091 13,331
Other 7,462 7,209
787,517 720,347
3 Other Operating Expenses
2026 2025
NOTE $000 $000
Audit of financial statements of the Company by Ernst & Young 450 430
Other assurance services provided by Ernst & Young:
Limited assurance on emissions reporting – 15
Other services provided by Ernst & Young:
Research and development tax incentive advisory 20 16
Directors' fees 612 660
Donations 72 10
Increase/(decrease) in provision for impaired trade receivables, GO-STOCK receivables and contract assets 11, 12 4,622 (881)
Net bad debts written off/(recovered) 146 716
IT and telecommunication costs 16,154 16,443
Marketing costs 4,846 4,515
Motor vehicle costs 8,122 7,397
Travel costs 3,864 3,461
Rental and operating lease costs 604 384
Occupancy costs (excluding rental and operating lease) 7,126 6,240
Other staff costs 7,015 6,198
Other expenses 8,013 7,577
61,666 53,181

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
4 Non-Operating Gains/(Losses)
2026 2025
$000 $000
Gain/(loss) on sale of property, plant and equipment 152 1,217
Other non-operating gains/(losses) 69 (98)
221 1,119
5 Impairment and Fair Value Gains/(Losses)
2026 2025
$000 $000
Net impairment reversal/(impairment) – property, plant and equipment – –
Fair value gains/(losses) – –
– –
Impairment Accounting Policies
The carrying value of the Group's assets are reviewed at each reporting date to determine whether there is any objective evidence of
impairment. An impairment loss is recognised whenever the carrying amount exceeds its recoverable amount. Impairment losses directly
reduce the carrying value of assets and are recognised in profit or loss unless the asset is carried at a revalued amount in accordance with
another standard.
Non-financial assets
The carrying amounts of the Group's non-financial assets (other than inventories and deferred tax assets) are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the recoverable amount of the asset or
the cash-generating unit (CGU) to which the asset relates is estimated. A CGU is the smallest identifiable asset group that generates cash
flows that are largely independent from other assets and groups.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the
estimated future cash flows, discounted to their present value using a discount rate that reflects current market assessments of the time
value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are
recognised in profit or loss. An assessment is made at each reporting date to determine whether there is any indication that a previously
recognised impairment loss no longer exists or has reduced. If such indication exists, the Group estimates the asset’s or CGU’s recoverable
amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the
asset’s recoverable amount since the last impairment loss was recognised.
An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have
been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

13
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
6 Net Interest Expense and Foreign Exchange Items
2026 2025
$000 $000
Interest income 501 385
Interest funding expense:
Bank interest on loans and overdrafts (5,229) (5,379)
Bank facility fees (1,528) (1,782)
(6,757) (7,161)
Net interest income/(expense) excluding interest on lease liabilities (6,256) (6,776)
Interest on lease liabilities (4,524) (4,410)
Net interest expense
(10,780) (11,186)
Foreign exchange gain/(loss)
Net gain/(loss) on foreign denominated items 641 821
641 821
Fair value gain/(loss) on foreign exchange derivatives
Fair value gain/(loss) on foreign exchange derivatives 1,430 (1,827)
1,430 (1,827)
Net Interest Expense and Foreign Exchange Items Accounting Policies
Interest and similar income and expense
For all financial instruments measured at amortised cost, interest income or expense is recorded at the effective interest rate, which is the
rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument or a shorter
period, where appropriate, to the net carrying amount of the financial asset or financial liability. The calculation takes into account all
contractual terms of the financial instrument (for example, prepayment options) and includes any fees or incremental costs that are directly
attributable to the instrument and are an integral part of the effective interest rate, but not future credit losses. Once the recorded value of a
financial asset or a group of similar financial assets has been reduced due to an impairment loss, interest income continues to be recognised
using the original effective interest rate applied to the new carrying amount.
Fair value change on foreign exchange derivatives
The Group undertakes transactions denominated in foreign currencies and exposure to movements in foreign currency arises from these
activities. The Group uses forward foreign exchange contracts to manage these exposures. These derivatives are recorded at their fair
value with mark-to-market fair value movements flowing through fair value gain/(loss) on foreign exchange derivatives in the consolidated
statement of profit or loss. Although the derivatives have not been designated in a hedge relationship, they act as an economic hedge and
will offset the underlying transactions when they occur.

Refer to
Accounting
Policies
– page 16.
14
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
7 Income Taxes
A. Income tax recognised in profit or loss
2026 2025
$000 $000
Current tax benefit/(expense)
Current year (6,697) (4,333)
Adjustments for prior years 21 119
(6,676) (4,214)
Deferred tax benefit/(expense)
Origination and reversal of temporary differences 1,262 1,022
Adjustments for prior years (46) (136)
1,216 886
Income tax benefit/(expense) (5,460) (3,328)
Reconciliation
Profit before income tax 21,031 13,992
Income tax using the Company's tax rate (28%) (5,889) (3,917)
Non-deductible expenditure (250) (397)
Non-assessable income 286 779
Tax credits 181 213
Over/(under) provided in prior years (25) (17)
Other 237 11
Income tax benefit/(expense) (5,460) (3,328)
B. Income tax recognised directly in equity
2026 2025
$000 $000
Deferred tax on movement of actuarial gains/losses on employee benefit plans (98) (273)
Income tax benefit/(expense) recognised directly in equity (98) (273)

Refer to
Accounting
Policies
– page 16.
15
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
7 Income Taxes (continued)
C. Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
ASSETS ASSETS LIABILITIES LIABILITIES NET NET
2026 2025 2026 2025 2026 2025
$000 $000 $000 $000 $000 $000
Property, plant and equipment – – (1,034) (604) (1,034) (604)
Intangible assets – – (6,458) (2,033) (6,458) (2,033)
Right-of-use assets – – (26,426) (22,773) (26,426) (22,773)
Lease liabilities 28,201 24,493 – – 28,201 24,493
Employee benefits 7,714 5,446 – – 7,714 5,446
Provisions 4,170 2,586 – – 4,170 2,586
Deferred tax asset/(liability) 40,085 32,525 (33,918) (25,410) 6,167 7,115
RECOGNISED IN RECOGNISED IN RECOGNISED
RECOGNISED OTHER RECOGNISED OTHER AS PART OF
BALANCE IN PROFIT COMPREHENSIVE BALANCE IN PROFIT COMPREHENSIVE A BUSINESS BALANCE
1 JUL 2024 OR LOSS INCOME 30 JUN 2025 OR LOSS INCOME COMBINATION 30 JUN 2026
$000 $000 $000 $000 $000 $000 $000 $000
Property, plant
and equipment (404) (200) – (604) (430) – – (1,034)
Intangible assets (1,439) (594) – (2,033) (2,353) – (2,072) (6,458)
Right-of-use assets (25,354) 2,581 – (22,773) (3,653) – – (26,426)
Lease liabilities 26,775 (2,282) – 24,493 3,708 – – 28,201
Employee benefits 3,885 1,834 (273) 5,446 2,360 (98) 6 7,714
Provisions 3,038 (453) – 2,586 1,584 – – 4,170
6,501 886 (273) 7,115 1,216 (98) (2,066) 6,167
D. Unrecognised tax losses and temporary differences
At 30 June 2026, the Group has no unrecognised deferred tax assets relating to tax losses and temporary differences (2025: Nil).
E. Imputation credits
The Group has $5.95 million imputation credits as at 30 June 2026 (2025: $6.47 million).

16
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
7 Income Taxes (continued)
Income Tax Accounting Policies
Income tax expense comprises current and deferred taxation and is recognised in profit or loss except to the extent that it relates to items
recognised directly in other comprehensive income or equity, in which case it is recognised directly in other comprehensive income or
equity.
Current tax
Current tax is the expected tax payable on the taxable income for the year, calculated using tax rates enacted or substantively enacted at
the reporting date. Current tax includes any adjustment to tax payable with respect to previous periods. Current tax assets and liabilities are
offset only if certain criteria are met.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to the
temporary differences when they reverse, based on the laws that have been enacted or substantially enacted at the reporting date.
Deferred tax is not recognised for:
– taxable temporary differences arising on the initial recognition of goodwill;
– temporary differences relating to subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the
timing of the reversal of the temporary differences and it is probable they will not reverse in the foreseeable future;
– temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit or loss.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be recognised.
Deferred tax assets and liabilities are offset only if certain criteria are met.

17
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
8 Earnings Per Share and Net Tangible Assets
A. Earnings per share (EPS)
The calculation of EPS is based on the following profit figures and number of authorised shares.
WEIGHTED AVERAGE
ISSUED ORDINARY SHARES NUMBER OF ORDINARY SHARES
2026 2025 2026 2025
000 000 000 000
Issued ordinary shares at 1 July 75,484 75,484 75,484 75,484
Balance at 30 June 75,484 75,484 75,484 75,484
There are no dilutive shares or options (2025: Nil).
2026 2025
$000 $000
Net profit after tax 15,571 10,664
2026 2025
$ $
Basic and diluted EPS 0.206 0.141
B. Net tangible assets (NTA)
The calculation of NTA per share, which is a required NZX disclosure, is based on the following NTA figure and the Company's issued ordinary
shares at the end of the period.
2026 2025
$000 $000
Total assets 600,338 529,680
Total liabilities (417,771) (355,870)
less Intangible assets and goodwill (53,340) (38,706)
less Deferred tax asset (6,167) (7,115)
Net tangible assets 123,060 127,989
2026 2025
$ $
NTA per issued ordinary shares at the end of period 1.630 1.696
Earnings Per Share Accounting Policies
The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to
shareholders by the weighted average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or
loss and the number of shares outstanding to include the effects of all potential dilutive shares.

18
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
9 Cash and Financing Facilities
2026 2025
NOTE $000 $000
Cash and cash equivalents 3,995 2,613
Current financing facilities 9A – –
Term financing facilities 9A (92,000) (88,182)
Net interest-bearing (debt)/cash and cash equivalents (88,005) (85,569)
GO-STOCK receivables (including accrued interest) 12 91,291 84,262
GO-STOCK receivables (accrued interest portion) 12 (2,951) (2,820)
Net interest-bearing (debt)/cash and cash equivalents after adjusting for GO-STOCK receivables 335 (4,127)
A. Financing facilities
The Company entered into a new syndicated facility agreement on 26 June 2026. The new agreement reorganises the Group's funding into three
distinct facilities more aligned with the Group's operations with increased total limits to provide a platform for future strategic growth, in particular
for GO-STOCK receivables which now operates under its own facility. The new facilities provide the following:
– GO-STOCK facilities of up to $115.00 million maturing on 30 September 2029. This facility had $75.00 million drawn at 30 June 2026. This new
facility is available to fund up to 90% of the GO-STOCK receivables balance.
– Core debt facilities of up to $50.00 million maturing on 30 September 2029 (2025: $100.00 million maturing on 30 June 2027). This facility had
$17.00 million drawn at 30 June 2026 (2025: $75.00 million drawn). This facility is to fund the core and general commercial activities of the
group along with the GO-STOCK receivables balance not specifically funded from the GO-STOCK facility.
– Working Capital facilities of up to $100.00 million maturing on 30 September 2029 (2025: $85.00 million maturing on 30 June 2027). This
facility was undrawn at 30 June 2026 (2025: $13.00 million drawn). This facility funds the Group's seasonal working capital requirements across
the financial year. The limits for this facility are sculpted throughout the year to align with the Group's seasonal working capital needs with
minimum and maximum limits of $35.00 million and $100.00 million respectively across the financial year. This facility is subject to an annual
clean down requirement.
Interest on these syndicated facilities is determined based on floating interest rates.
The Company has granted a general security deed and mortgage over all its wholly-owned New Zealand assets to a security trust. Bank of New
Zealand acts as facility agent and security trustee for the banking syndicate, which comprises Bank of New Zealand, Coöperatieve Rabobank U.A.
(New Zealand branch) and Westpac New Zealand Limited. The agreement contains various financial covenants and restrictions relevant to each
separate facility, including maximum permissible ratios for debt leverage and operating leverage, together with a Loan to Value Ratio (LVR) limit of
90% for drawings from the GO-STOCK facility. The agreement also contains annual limits on capital expenditure and asset disposals. Key operating
leverage and debt leverage covenants are reported to the facility agent on a quarterly basis with debt leverage for the Working Capital facilities
and the GO-STOCK LVR reported on a monthly basis.
The syndicated facility agreement allows the Group, subject to certain conditions, to enter into additional facilities outside of the Company's
syndicated facility. The additional facilities are guaranteed by the security trust. These facilities amounted to $4.77 million as at 30 June 2026 (2025:
$4.77 million) and included the following:
– Overdraft facilities of $3.00 million. This facility was undrawn at 30 June 2026 (2025: undrawn).
– Guarantees and letters of credit of $1.77 million.

19
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
10 Derivative Financial Instruments
The Group uses forward foreign exchange contracts to manage its exposure to foreign currency fluctuations. In accordance with the Group's
treasury policy, the Group does not hold any of these derivative instruments for trading purposes.
2026 2025
$000 $000
Derivative assets held for risk management
Current 784 227
Non-current 1 13
785 240
Derivative liabilities held for risk management
Current (663) (1,425)
Non-current (28) (151)
(691) (1,576)
Net derivative asset/(liability) held for risk management 94 (1,336)
Derivative Financial Instruments Accounting Policies
Derivative financial instruments are recognised initially at fair value and transaction costs are expensed immediately. Subsequent to initial
recognition, derivative financial instruments are stated at fair value, and changes therein are generally recognised in profit or loss. The fair
value of forward exchange contracts is based on broker quotes.
Where the Group enters into derivative transactions, these agreements do not meet the criteria for offsetting in the consolidated statement
of financial position. The fair value amounts recognised in the consolidated statement of financial position are recorded on a gross basis.
The Group does not currently apply hedge accounting.

20
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
11 Trade and Other Receivables
2026 2025
NOTE $000 $000
Accounts receivable due from unrelated parties 163,649 130,454
Accounts receivable due from related parties 25 2 –
Gross accounts receivable 163,651 130,454
less Provision for impaired debtors (6,027) (1,496)
Net accounts receivable 157,624 128,958
Contract assets 1,981 2,650
less Provision for impaired contract assets – –
Other receivables 23,141 20,882
Prepayments 3,725 4,459
Trade and other receivables 186,471 156,949
Analysis of movements in provisions for impaired debtors and contract assets
Balance at the beginning of year (1,496) (2,308)
Movement in provision (4,531) 812
Balance at the end of the year (6,027) (1,496)
The ageing status of the accounts receivable at the reporting date is as follows:
TOTA L TOTA L
ACCOUNTS ACCOUNTS
RECEIVABLE PROVISION RECEIVABLE PROVISION
2026 2026 2025 2025
$000 $000 $000 $000
Not past due 153,134 (613) 121,689 (505)
Past due 1 – 30 days 3,760 (13) 3,710 (71)
Past due 31 – 60 days 403 (382) 3,966 (424)
Past due 61 – 90 days 232 (20) 491 (33)
Past due 90 plus days 6,122 (4,999) 598 (463)
163,651 (6,027) 130,454 (1,496)
During the period the Group recognised a significant provision in respect of one customer which has entered liquidation / administration and this
reflects the increase in the provision held versus the comparative year.

Refer to
Accounting
Policies
– page 22.
21
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
12 GO-STOCK Receivables
The Group holds receivables in respect of its GO-STOCK range of livestock products. The GO-STOCK range allows farmers to defer payment for the
purchase of livestock. The counterparty farmer to the GO-STOCK product is fully exposed to the risks and rewards of ownership of the livestock.
To mitigate credit risk, the Group retains legal title to the livestock until its sale. Fee income received in respect of the GO-STOCK receivables
is recognised by the Group as interest income over the respective contract period and is included within operating revenue (refer to Note 1
Operating Revenue). Accrued interest income in respect of the GO-STOCK receivables is included within the GO-STOCK receivables balance and
amounts to $2.95 million as at 30 June 2026 (2025: $2.82 million).
2026 2025
$000 $000
GO-STOCK receivables – current 89,894 82,209
GO-STOCK receivables – non-current 1,735 2,300
91,629 84,509
less Provision for impairment – GO-STOCK receivables (338) (247)
91,291 84,262
GO-STOCK receivables – accrued interest portion 2,951 2,820
Analysis of movements in provisions for impaired GO-STOCK receivables
Balance at the beginning of the year (247) (316)
Movement in provision (91) 69
Balance at the end of the year (338) (247)
The ageing status of the GO-STOCK receivables at the reporting date is as follows:
GO-STOCK GO-STOCK
RECEIVABLES PROVISION RECEIVABLES PROVISION
2026 2026 2025 2025
$000 $000 $000 $000
Not past due 91,208 (200) 84,509 (247)
Past due 1 – 30 days – – – –
Past due 31 – 60 days – – – –
Past due 61 – 90 days 299 (16) – –
Past due 90 plus days 122 (122) – –
91,629 (338) 84,509 (247)

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
12 GO-STOCK Receivables (continued)
Trade and Other Receivables and GO-STOCK Receivables Accounting Policies
Recognition and measurement
A receivable without a significant financing component is initially measured at the transaction price and classified as financial assets
measured at amortised cost. Accounts receivable includes accrued interest.
Impairment
Specific provisions are maintained to cover identified impaired receivables. Judgement is required in determining the impairment provision.
The Group recognises loss allowances for the expected credit loss (ECL) on Trade and GO-STOCK receivables. The Group measures loss
allowances for Trade and GO-STOCK receivables at an amount equal to lifetime ECL.
When estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost and
effort. This includes both qualitative and quantitative information and analysis, based on the Group's historical experience and informed
credit assessment, that includes forward-looking information. The Group assumes that the credit risk has increased significantly if the
receivable is more than 60 days past due. The Group considers a financial asset to be in default when the debtor is unlikely to pay its credit
obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held).
On a monthly basis, the Group via its Credit Committee, assesses whether Trade and GO-STOCK receivables are credit-impaired. All
individual instruments that are considered significant are subject to this approach. A financial asset is credit-impaired when one or more
events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial
asset is credit-impaired includes observable data such as significant financial difficulty of the debtor.
Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross
carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its
entirety or a portion thereof.
13 Inventory
2026 2025
$000 $000
Merchandise 89,125 87,167
Wool and velvet inventory 19,039 14,577
less Provision for inventory write-down (2,672) (1,670)
105,492 100,074
During the year, inventories of $736.08 million (2025: $670.42 million) are included in cost of sales in the profit or loss (refer to Note 2 Cost of Sales).
Included within this amount is a write-down of inventories of $1.89 million (2025: $1.30 million) to net realisable value and reversals of previously
recognised write-downs of $0.17 million (2025: $0.49 million).
Inventories Accounting Policies
Raw materials and finished goods are stated at the lower of cost or net realisable value. Cost is determined on a weighted average cost
basis. In the case of manufactured goods, cost includes direct materials, labour and production overheads. Judgement is required in
determining the net realisable value for inventories.

Refer to
Accounting
Policies
– page 24.
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
14 Intangible Assets and Goodwill
CAPITAL WORK
SOFTWARE RIGHTS GOODWILL IN PROGRESS TOTAL
NOTE $000 $000 $000 $000
Cost
Balance as at 1 July 2024 30,794 2,497 – 23,128 56,419
Additions 15 15 – 10,550 10,580
Transfers 32,578 – – (32,578) –
Disposals (107) – – (82) (189)
Balance as at 30 June 2025 63,280 2,512 – 1,018 66,810
Balance as at 1 July 2025 63,280 2,512 – 1,018 66,810
Additions 179 34 – 718 931
Added as part of a business combination 15 – 7,443 11,487 – 18,930
Transfers 222 75 – (297) –
Disposals – – – – –
Balance as at 30 June 2026 63,681 10,064 11,487 1,439 86,671
Amortisation
Balance as at 1 July 2024 24,331 2,065 – – 26,396
Amortisation 1,804 11 – – 1,815
Transfers (107) – – – (107)
Balance as at 30 June 2025 26,028 2,076 – – 28,104
Balance as at 1 July 2025 26,028 2,076 – – 28,104
Amortisation 4,224 1,003 – – 5,227
Disposals – – – – –
Balance as at 30 June 2026 30,252 3,079 – – 33,331
Carrying amounts
30 June 2025 37,252 436 – 1,018 38,706
30 June 2026 33,429 6,985 11,487 1,439 53,340

24
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
14 Intangible Assets and Goodwill (continued)
Intangible Assets and Goodwill Accounting Policies
Software
Software is a finite life intangible and is recorded at cost less accumulated amortisation and impairment. Amortisation is charged on a
straight-line basis over an estimated useful life between 1 and 15 years. The estimated useful life and amortisation method is reviewed at
the end of each annual reporting period and adjusted if appropriate.
Rights
Manufacturing and production rights are finite life intangibles and are recorded at cost less accumulated amortisation and impairment.
Amortisation is charged on a straight-line basis over an estimated useful life between 2 and 10 years. The estimated useful life and
amortisation method is reviewed at the end of each annual reporting period and adjusted if appropriate.
Capital Work in Progress
Capital work in progress includes the cost of materials, services, labour and direct production overheads and is stated net of impairments.
Goodwill
Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the cost of an acquisition over the fair value of the
Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognised goodwill is tested
annually for impairment or more frequently if events or changes in circumstances indicate that it might be impaired. It is carried at cost less
accumulated impairment losses (if any). Impairment losses on goodwill are not reversed.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units
or groups of cash generating units that are expected to benefit from the business combination in which the goodwill arose. The units or
groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes.
Impairment
The carrying amounts of the Group's intangible assets are reviewed at each reporting date to determine whether there is any indication
of impairment. Impairment testing uses the higher of value-in-use or fair value less cost of disposal calculations for operational cash
generating units. If any such indication exists, then the recoverable amount of the asset is estimated. For intangible assets that have
indefinite lives, the recoverable amount is estimated at each reporting date. An impairment loss is recognised in the profit or loss if the
carrying amount of the asset exceeds the recoverable amount. Refer to the accounting policy under Note 5 Impairment and Fair Value
Gains/(Losses) for further explanation.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
15 Acquisition of Subsidiary
Background of acquisition
On 7 July 2025 the Group announced the acquisition of Nexan Corporation Limited and its subsidiaries (Nexan), a leading New Zealand animal
health manufacturer that develops and markets a range of products for livestock. Nexan’s offering as an innovator aligns well with PGW’s strategic
objective of being the leader in bringing technical knowhow and expertise to the market to benefit New Zealand farmers and growers.
The transaction completed on 31 July 2025.
The transaction resulted in the Group acquiring all of the shares and voting interests in Nexan for a purchase price of $19.91 million. A provisional
value of identifiable assets and liabilities acquired was reported as a subsequent event in the consolidated financial statements for the year ended
30 June 2025. At that time the Group had yet to perform a review of the fair value of assets and liabilities acquired. In accordance with NZ IFRS 3
Business Combinations these amounts are able to be retrospectively updated for a period of up to 12 months from the date of acquisition, to reflect
new information obtained about facts and circumstances that existed as of the acquisition date.
The Group has now finalised its review of the fair value of the net assets and liabilities acquired. Subsequent to the Group's interim financial
statement disclosure Goodwill has increased by $0.12 million to $11.49 million. This is the result of confirmation of values attributed to intangibles
acquired.
Revenue and earnings information
11 MONTHS TO
JUNE 2026
$000
Revenue 8,095
Net profit after tax 1,039
Revenue recorded by the acquiree following acquisition relates to sales made to PGW Group entities which are eliminated for Group reporting
purposes.
Acquisition costs
Acquisition costs of $0.02 million were incurred in the period to 30 June 2026 (30 June 2025: $0.12 million). These costs have been included within
Non-operating gains/losses in the Consolidated Statement of Profit or Loss.
Consideration transferred
$000
Purchase price 19,914
Settlement of pre – existing relationships (1,963)
Total consideration paid to vendor
17,951

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
15 Acquisition of subsidiary (continued)
PROVISIONAL ADJUSTMENTS TO FAIR VALUE
31 JULY 2025 FAIR VALUE 31 JULY 2025
$000 $000 $000
Value of identifiable assets and liabilities acquired
Current assets
Cash and cash equivalents 254 – 254
Prepayments 13 2 15
Inventories 2,184 – 2,184
Non-current assets
Property, plant and equipment 540 (125) 415
Intangibles 165 7,278 7,443
Current liabilities
Trade and other payables (1,245) – (1,245)
Income tax payable (411) – (411)
GST payable (125) – (125)
Non-current liabilities
Deferred tax liability – (2,066) (2,066)
Net Assets Acquired 1,375 5,089 6,464
Goodwill acquired upon acquisition 16,576 (5,089) 11,487
Total net consideration 17,951 – 17,951
Plus Settlement of pre-existing relationships 1,963 – 1,963
Less cash and cash equivalents acquired (254) – (254)
Net cash outflow on acquisition 19,660 – 19,660
Intangibles
Intangibles relate to the fair value attributed to rights acquired for products that are produced by Nexan. Fair value has been determined using a
discounted cashflow approach. Rights are finite life intangible assets with an estimated useful life of 7 years. The Group reviews estimated useful
lives at the end of each annual reporting period and adjusts where appropriate.
Goodwill
Goodwill arises on the acquisition of subsidiaries. Goodwill represents the excess of the cost of the acquisition over the Group’s interest in the net
fair value of the assets and liabilities of the acquiree. The Group sees synergies with the acquired company and the Group's existing operations,
including revenue growth opportunities and operational efficiencies. These synergies do not meet the criteria for separate recognition as
identifiable intangible assets. Goodwill has been attributed to the Nexan business CGU which is included within the Retail & Water Operating
Segment.
Following the Nexan acquisition, the Group has tested the carrying value of Goodwill at the reporting date. This was based on a value-in-use
calculation for the Nexan CGU using discounted future cash flow projections including the board approved 2027 budget. The calculations use past
experience and expectations for the future, and the recoverable amount of the cash generating units exceeds carrying value.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
16 Right-of-Use Assets and Lease Liabilities
Group as a lessee
The Group leases many assets, including:
– leases of land and buildings from which it conducts operations. These leases range in length from one to twenty-one years with various rights
of renewal. Where surplus properties are unable to be exited, the Group subleases these properties where possible and derives sublease
revenue on a short-term temporary basis.
– leases of motor vehicles and forklifts for use by employees, agents and representatives. These leases range for a period of between three and
seven years.
The Group elects not to recognise right-of-use assets and lease liabilities for short-term or low-value property leases. The Group continues to
expense lease payments associated with these leases on a straight-line basis.
A. Right-of-use assets
PROPERTY VEHICLES TOTAL
$000 $000 $000
Balance as at 1 July 2024 75,693 15,877 91,570
Additions 160 5,307 5,467
Depreciation charge (15,951) (7,398) (23,349)
Reassessments, modifications and terminations 6,003 1,641 7,644
Balance as at 30 June 2025 65,905 15,427 81,332
Balance as at 1 July 2025 65,905 15,427 81,332
Additions 7,151 7,775 14,926
Depreciation charge (16,620) (7,839) (24,459)
Reassessments, modifications and terminations 21,728 830 22,558
Balance as at 30 June 2026 78,164 16,193 94,357
B. Lease liabilities
PROPERTY VEHICLES TOTAL
$000 $000 $000
Balance as at 1 July 2024 80,197 16,469 96,666
Additions 140 5,307 5,447
Reassessments, modifications and terminations 6,007 1,636 7,643
Interest on lease liabilities 3,294 1,116 4,410
Lease payments (18,668) (8,350) (27,018)
Balance as at 30 June 2025 70,970 16,178 87,148
Balance as at 1 July 2025 70,970 16,178 87,148
Additions 7,031 7,775 14,806
Reassessments, modifications and terminations 21,732 821 22,553
Interest on lease liabilities 3,508 1,016 4,524
Lease payments (19,731) (8,824) (28,555)
Balance as at 30 June 2026 83,510 16,966 100,476

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
16 Right-of-Use Assets and Lease Liabilities (continued)
B. Lease liabilities (continued)
A maturity analysis of lease liabilities is included in Note 20 Financial Instruments – Fair Values and Risk Management.
Where practicable, the Group seeks to include extension options in new leases to provide operational flexibility. Some of the Group's property
leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. The extension
options are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably
certain to exercise the extension options. A reassessment is made subsequently if there is any significant event or significant changes in
circumstances within the Group's control. The Group estimates that the potential future lease payments, should it exercise all the extension
options, would result in an increase in lease liabilities of $94.47 million (2025: $109.47 million).
C. Other disclosures
2026 2025
NOTE $000 $000
Amounts in the consolidated statement of profit or loss
Depreciation on right-of-use assets (24,459) (23,349)
Interest on lease liabilities 6 (4,524) (4,410)
Short-term or low-value lease expenses (678) (605)
Variable lease payments not included in the measurement of lease liabilities (122) (97)
Income from subleasing right-of-use assets 1,209 1,035
Amounts in the consolidated statement of cash flows
Total cash outflow for leases (28,554) (27,018)

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
16 Right-of-Use Assets and Lease Liabilities (continued)
Lease Accounting Policies
The Group assesses at the inception of a contract as to whether the contract is, or contains, a lease as defined in NZ IFRS 16 Leases.
(i) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The Group elects not to recognise right-
of-use assets and lease liabilities for short-term or low-value leases. The Group continues to expense lease payments associated with these
leases on a straight-line basis.
A number of judgements and estimates are made in calculating the right-of-use asset and lease liability amounts. The judgements and
estimates include the applicable lease terms (including any rights of renewal expected to be exercised) and the Group's incremental
borrowing rate.
Right-of-use assets
Right-of-use assets are initially measured at cost, which comprises the initial amount of lease liability adjusted for any prepaid lease
payments, plus any initial direct costs incurred and any estimated restoration costs, and less any lease incentives received. These assets are
depreciated using the straight-line method from the commencement date to the earlier of the end of the lease term or the asset's useful
life. Right-of-use assets are periodically reduced by impairment losses (if any) and adjusted for certain remeasurements of the lease liabilities.
Lease liabilities
Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date. Lease
payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that are based on an index
or a rate, amounts expected to be payable under a residual value guarantee, and any exercise price the Group is reasonably certain to
exercise. The lease payments are discounted using the Group's incremental borrowing rate, being the rate that the Group would have to
pay to borrow the funds necessary to obtain an asset of similar value in a similar environment under similar terms and conditions.
After the commencement date, lease liabilities are increased to reflect interest on the lease liabilities and reduced to reflect the lease
payments made. Interest on lease liabilities is charged to the profit or loss and is the amount that produces a constant periodic rate of
interest on the remaining balance of the lease liabilities.
Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the
Group's estimate of any amount payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise
a purchase, extension or termination option. When the lease liabilities are remeasured, a corresponding adjustment is made to the carrying
amount of the right-of-use assets, or recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
(ii) As a lessor
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease
classification of a sublease with reference to the right-of-use asset arising from the head lease. The Group recognises lease payments
received under operating leases as income within the profit or loss on a straight-line basis over the lease term.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
17 Property, Plant and Equipment
PLANT AND CAPITAL WORK
LAND BUILDINGS EQUIPMENT IN PROGRESS TOTAL
NOTE $000 $000 $000 $000 $000
Cost
Balance as at 1 July 2024 17,715 15,121 68,186 3,514 104,536
Additions – 759 1,626 4,555 6,940
Transfers – 782 3,345 (4,127) –
Disposals – – (1,086) (3) (1,089)
Balance as at 30 June 2025 17,715 16,662 72,071 3,939 110,387
Balance as at 1 July 2025 17,715 16,662 72,071 3,939 110,387
Additions – 1,657 3,239 1,152 6,048
Added as part of a business combination 15 – – 415 – 415
Transfers – 350 2,624 (2,974) –
Disposals (104) (1,405) (1,171) (196) (2,876)
Balance as at 30 June 2026 17,611 17,264 77,178 1,921 113,974
Depreciation
Balance as at 1 July 2024 – 5,269 47,669 – 52,938
Depreciation for the year – 851 5,050 – 5,901
Depreciation recovered to cost of goods sold – – 75 – 75
Transfers – 245 (245) – –
Disposals – – (889) – (889)
Balance as at 30 June 2025 – 6,365 51,660 – 58,025
Balance as at 1 July 2025 – 6,365 51,660 – 58,025
Depreciation for the year – 617 4,487 – 5,104
Depreciation recovered to cost of goods sold – – 52 – 52
Transfers – – – – –
Disposals – (150) (906) – (1,056)
Balance as at 30 June 2026 – 6,832 55,293 – 62,125
Carrying amounts
30 June 2025 17,715 10,297 20,411 3,939 52,362
30 June 2026 17,611 10,432 21,885 1,921 51,849

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
17 Property, Plant and Equipment (continued)
Property, Plant and Equipment Accounting Policies
Recognition and measurement
Capital work in progress is stated at cost, net of accumulated impairment losses. Items of property, plant and equipment are stated at cost
less accumulated depreciation and impairment. Cost includes expenditure that is directly attributable to the acquisition of the asset. The
cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset
to a working condition for its intended use, and the cost of dismantling and removing the items and restoring the site on which they are
located. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When
parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components)
of property, plant and equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in the profit or loss during the reporting period that
the item is disposed.
Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to
the Group and the cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment is recognised in profit
or loss as incurred.
Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each item of property, buildings, plant
and equipment. Leasehold assets are depreciated over the shorter of the lease term and their useful lives. Land is not depreciated. The
estimated useful lives for the current and comparative periods are between 2 and 40 years for plant and equipment and between 5 and 50
years for buildings. Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted if appropriate.
Assets held for sale
Non-current assets are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through
continuing use. The sale must be highly probable and the asset available for immediate sale in its present condition. Non-current assets held
for sale are measured at the lower of the asset’s carrying amount and its fair value less costs to sell.
Impairment
The carrying amounts of the Group's property, plant and equipment assets are reviewed at each reporting date to determine whether there
is any indication of impairment. If any such indication exists, then the recoverable amount of the asset is estimated. An impairment loss
is recognised in the profit or loss if the carrying amount of an asset exceeds the recoverable amount. Refer to the accounting policy under
Note 5 Impairment and Fair Value Gains/(Losses) for further explanation.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
18 Trade and Other Payables
2026 2025
NOTE $000 $000
Trade creditors 160,899 125,549
Goods received but not invoiced 10,177 6,898
Contract liabilities 1,814 1,662
Employee entitlements 29,343 24,723
Accruals and other liabilities 11,675 14,860
Other provisions (including product warranty, client claim and make good provisions) 18A, 18B 2,888 2,618
Loyalty reward programme 22A 1,848 1,625
218,644 177,935
Payable within 12 months 215,989 175,205
Payable beyond 12 months 2,655 2,730
218,644 177,935
A. Make good provision on leased properties
During the year ended 30 June 2026, the Group recognised additional provisions of $0.12 million (2025: $0.02 million) in respect of new property
leases entered into during the year. These additional provisions have been capitalised to the right-of-use assets and are amortised over the life of
the right-of-use assets. The Group also released $0.18 million (2025: $0.08 million) of provision in respect to leased properties which it exited. At the
reporting date, the balance of the make good provision is $2.56 million (2025: $2.62 million). The Group expects to settle this liability over the next
10-21 years as the leases expire.
B. Client claims provision
The Group receives client claims from time to time as part of the ordinary course of business and these claims are reviewed on a case by case basis
to determine validity. As at balance date, the Group was in the process of reviewing certain claims for the supply of goods which are typically the
responsibility of suppliers under terms of trade. The Group recognises a provision for its best estimate of any obligation.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
19 Defined Benefit Asset/(Liability)
The Group makes contributions to the PGG Wrightson Employee Benefits Plan (the "Plan"). The Plan is governed under one trust deed and the
assets of the Plan are unallocated to any of the Plan members. The Plan provides a range of superannuation and insurance benefits for employees
and former employees. The Plan is registered under the Financial Markets Conduct Act 2013. The Plan is not open to new members. Certain
retired employees of the Plan are entitled to receive an annual pension payment payable for their remaining life, and in some cases, for the
remaining life of a surviving partner.
The Group accounts for its interest in the Plan as a defined benefit plan with defined benefit obligations in accordance with NZ IAS 19 Employee
Benefits because the Group has a legal obligation to pay further contributions, if the Plan does not hold sufficient assets to pay all employee
benefits relating to employee service in the current and prior periods. The Group has an obligation to ensure the Plan has sufficient assets to pay
the benefits of all members of the Plan.
The actuarial calculations for the Plan are undertaken by Michael Chamberlain, a fellow of the New Zealand Society of Actuaries, for MCA NZ
Limited.
2026 2025 2024 2023 2022
$000 $000 $000 $000 $000
Present value of funded obligations
– Defined Benefit component (18,344) (20,147) (21,648) (22,723) (26,272)
– Other Contribution component (24,462) (24,904) (24,995) (23,886) (22,893)
Total Present value of funded obligations (42,806) (45,051) (46,643) (46,609) (49,165)
Fair value of plan assets
– Defined Benefit component 18,845 20,347 20,931 21,647 24,146
– Other Contribution component 24,462 24,904 24,995 23,886 22,893
Total Fair value of plan assets 43,307 45,251 45,926 45,533 47,039
Total defined benefit asset/(liability) 501 200 (717) (1,076) (2,126)

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
19 Defined Benefit Asset/(Liability) (continued)
A. Movement in net defined benefit asset/(liability)
NET DEFINED BENEFIT
DEFINED BENEFIT OBLIGATION FAIR VALUE OF PLAN ASSETS ASSET/(LIABILITY)
2026 2025 2026 2025 2026 2025
$000 $000 $000 $000 $000 $000
Balance as at 1 July (45,051) (46,643) 45,251 45,926 200 (717)
Included in profit or loss:
Current service costs (364) (411) – – (364) (411)
Interest costs (1,982) (2,079) 2,001 2,052 19 (27)
Included in other comprehensive income:
Gains/(losses) from change in demographic assumptions – – – – – –
Gains/(losses) from change in financial assumptions (208) (168) – – (208) (168)
Experience gains/(losses) 712 (963) – – 712 (963)
Expected return on plan assets – – (614) 1,818 (614) 1,818
Other:
Employer contributions – – 756 668 756 668
Member contributions (665) (470) 665 470 – –
Benefits paid by the Plan 4,752 5,683 (4,752) (5,683) – –
Balance as at 30 June (42,806) (45,051) 43,307 45,251 501 200
The Group expects to pay $0.34 million in contributions to the Plan during the 2027 reporting period (2026: expected $0.36 million and paid $0.76
million). Member contributions are expected to be $0.48 million in 2027 (2026: expected $0.51 million and paid $0.67 million).
As at 30 June 2026, the weighted average duration of the defined benefit obligation (DBO) is 10.58 years for the Plan (2025: 10.49 years).
B. Plan assets
2026 2025
% %
Consist of:
Equities 50 51
Fixed interest 34 24
Cash 16 25
100 100
Plan assets do not include any exposure to the Company's ordinary shares (2025: Nil).
C. Actuarial assumptions at the reporting date
2026 2025
% %
Discount rate used – Implied 10.58 year New Zealand Government Bond rate
(2025: Implied 10.49 year New Zealand Government Bond rate) 4.44 4.59
Inflation 2.00 2.00
Future salary increases 2.50 2.50
Future pension increases 1.65 1.65

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
19 Defined Benefit Asset/(Liability) (continued)
C. Actuarial assumptions at the reporting date (continued)
Assumptions regarding future mortality rates based on published statistics and experience:
2026 2026 2025 2025
MALE FEMALE MALE FEMALE
YEARS YEARS YEARS YEARS
Longevity at age 65 for current pensioners 21 24 21 24
Longevity at age 65 for current members aged 45 23 25 23 25
D. Sensitivity analysis
The sensitivity of the DBO to changes in the weighted principal assumptions is:
2026 2026 2025 2025
DBO (INCREASE) DBO (INCREASE) DBO (INCREASE) DBO (INCREASE)
/ DECREASE WITH / DECREASE WITH / DECREASE WITH / DECREASE WITH
INCREASE IN DECREASE IN INCREASE IN DECREASE IN
ASSUMPTION ASSUMPTION ASSUMPTION ASSUMPTION
$000 $000 $000 $000
Discount rate (0.50% movement) 685 (728) 721 (811)
Salary growth rate (0.50% movement) (22) 21 (45) 45
Pension growth rate (0.25% movement) (300) 342 (360) 360
Life expectancy (1 year movement) (1,327) 1,370 (1,397) 1,442
Employee Benefits Accounting Policies
Defined benefit plans
The Group's net obligation with respect to its defined benefit plan is calculated by estimating the amount of future benefit that employees
have earned in return for their service in the current and prior periods, discounting that amount and deducting the fair value of any plan
assets. The discount rate is the yield at the reporting date on bonds that have maturity dates approximating the terms of the Group's
obligations. The calculation is performed by a qualified actuary using the projected unit credit method. When the calculation results
in a potential asset for the Group, the recognised asset is limited to the lower of the net assets of the Plan or the current value of the
contributions holiday that is expected to be generated.
Remeasurement of the net defined benefit asset or liability, which comprise actuarial gains and losses and the return on plan assets, are
recognised directly in other comprehensive income and the defined benefit plan reserve in equity. Net interest expense and other expenses
related to defined benefit plans are recognised in profit or loss.
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the undiscounted amount of
short-term employee benefits expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee and the obligation can be estimated reliably.
Long-term employee benefits
Provisions made with respect to employee benefits which are not expected to be settled within 12 months are measured as the present
value of the estimated future cash outflows to be made by the Group with respect to services provided by employees up to the reporting
date. Remeasurements are recognised in profit or loss in the period in which they arise.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments – Fair Values and Risk Management
A. Accounting classifications and fair values
The tables below set out the Group's classification of each class of financial assets and liabilities, and their fair values.
FAIR VALUE
THROUGH AT AMORTISED TOTAL CARRYING
PROFIT OR LOSS COST AMOUNT FAIR VALUE
$000 $000 $000 $000
2026
Financial assets
Cash and cash equivalents – 3,995 3,995 3,995
Derivative assets 785 – 785 785
Trade and other receivables and contract assets – 182,746 182,746 182,746
GO-STOCK receivables – 91,291 91,291 91,291
Other investments – 242 242 242
785 278,274 279,059
Financial liabilities
Debt – (92,000) (92,000) (92,000)
Derivative liabilities (691) – (691) (691)
Trade creditors – (160,899) (160,899) (160,899)
Goods received but not invoiced – (10,177) (10,177) (10,177)
Lease liabilities – (100,476) (100,476)
(691) (363,552) (364,243)
2025
Financial assets
Cash and cash equivalents – 2,613 2,613 2,613
Derivative assets 240 – 240 240
Trade and other receivables and contract assets – 152,490 152,490 152,490
GO-STOCK receivables – 84,262 84,262 84,262
Other investments – 242 242 242
240 239,607 239,847
Financial liabilities
Debt – (88,182) (88,182) (88,182)
Derivative liabilities (1,576) – (1,576) (1,576)
Trade creditors – (125,549) (125,549) (125,549)
Goods received but not invoiced – (6,898) (6,898) (6,898)
Lease liabilities – (87,148) (87,148)
(1,576) (307,777) (309,353)
Management assessed that the fair values of cash and cash equivalents, trade receivables, trade creditors and other current liabilities approximate
their carrying amounts largely due to the short-term maturities of these instruments.

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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments – Fair Values and Risk Management (continued)
A. Accounting classifications and fair values (continued)
Fair value hierarchy
The table below analyses financial instruments carried at fair value by valuation method. The different levels have been defined as follows:
– 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 (i.e. as prices) or
indirectly (i.e. derived from prices)
– Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
$000 $000 $000 $000
2026
Derivative assets – 785 – 785
Derivative liabilities – (691) – (691)
2025
Derivative assets – 240 – 240
Derivative liabilities – (1,576) – (1,576)
B. Financial management risk
The Group's primary risks are those of liquidity and funding, credit and market (foreign currency, price and interest rate) risks.
The Group is committed to the management of risk to achieve sustainability of service, employment and profits, and therefore, takes on controlled
amounts of risk when considered appropriate. The Board of Directors is responsible for the review and ratification of the Group's systems of risk
management, internal compliance and control, code of conduct and legal compliance. The Board maintains a formal set of delegated authorities
(including policies for credit and treasury) that clearly define the responsibilities delegated to Management and those retained by the Board. The
Board approves these delegated authorities and reviews them annually.
The following Management committees review and manage key risks:
– The Senior Management Team meets regularly to consider new and emerging risks, review actions required to manage and mitigate key risks,
and to monitor progress.
– The Credit Committee, comprising of Management appointees, meets regularly to review credit risk, account limits and provisioning.
Management formally reports on all aspects of key risks to the Audit Committee at least two times each year.
(i) Liquidity and funding risks
Liquidity risk is the risk that the Group will encounter difficulties in raising funds at short notice to meet commitments associated with financial
instruments. Funding risk is the risk of over-reliance on a funding source to the extent that a change in that funding source could increase overall
funding costs or cause difficulty in raising funds.
The Group manages liquidity risk by forecasting daily cash requirements and future funding requirements, and maintaining an adequate liquidity
headroom. The Group monitors its liquidity daily, weekly and monthly and maintains appropriate liquid assets and committed bank funding
facilities to meet all obligations in a timely and cost efficient manner. The Group has a policy of funding diversification and utilises a banking
syndicate to limit concentration risk in relation to liquidity and funding. The funding policy augments the Group's liquidity policy with its aim to
ensure the Group has a stable diversified funding base without over-reliance on any one market sector.
The objectives of the Group's funding and liquidity policy is to:
– Ensure all financial obligations are met when due;
– Provide adequate protection, even under crisis scenarios; and
– Achieve competitive funding within the limitations of liquidity requirements.

Refer to
Accounting
Policies
– page 41.
38
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(i) Liquidity and funding risks (continued)
Contractual maturity analysis
The following schedule analyses the Group's financial liabilities into relevant maturity groupings based on the remaining period at the balance
date to the contractual maturity date (reported on an undiscounted basis). History demonstrates that such accounts provide a stable source of
long term funding for the Group.
CONTRACTUAL CASH FLOW
AMOUNT IN
STATEMENT OF
WITHIN BEYOND FINANCIAL
12 MONTHS 1 TO 5 YEARS 5 YEARS TOTAL POSITION
$000 $000 $000 $000 $000
2026
Debt 6,743 107,172 – 113,915 92,000
Derivative liabilities 663 28 – 691 691
Trade creditors 160,899 – – 160,899 160,899
Goods received but not invoiced 10,177 – – 10,177 10,177
Lease liabilities 27,597 63,878 32,514 123,989 100,476
206,079 171,078 32,514 409,671 364,243
2025
Debt 7,029 95,079 – 102,108 88,182
Derivative liabilities 1,425 151 – 1,576 1,576
Trade creditors 125,549 – – 125,549 125,549
Goods received but not invoiced 6,898 – – 6,898 6,898
Lease liabilities 24,869 62,971 8,954 96,794 87,148
165,770 158,201 8,954 332,925 309,353
Changes in liabilities arising from financing activities
LEASE
CHANGES IN ADDITIONS AND
1 JUL 2025 CASHFLOW FAIR VALUE MODIFICATIONS 30 JUN 2026
$000 $000 $000 $000 $000
Debt 88,182 3,818 – – 92,000
Lease liabilities 87,148 (24,030) – 37,358 100,476
Total liabilities from financing activities 175,330 (20,212) – 37,358 192,476
LEASE
CHANGES IN ADDITIONS AND
1 JUL 2024 CASHFLOW FAIR VALUE MODIFICATIONS 30 JUN 2025
$000 $000 $000 $000 $000
Debt 63,000 25,182 – – 88,182
Lease liabilities 96,666 (22,608) – 13,090 87,148
Total liabilities from financing activities 159,666 2,574 – 13,090 175,330

Refer to
Accounting
Policies
– page 41.
39
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(ii) Credit risk
Credit risk is the potential for loss that could occur as a result of a counterparty failing to discharge its obligations. This may be due to extreme
weather events or volatility in commodity prices.
Concentrations of credit risk
Financial instruments which potentially subject the Group to concentrations of credit risk principally consist of bank balances, trade receivables,
GO-STOCK receivables, other receivables, other investments and forward foreign exchange contracts. The Group places its cash with three major
trading banks. Concentrations of credit risk with respect to trade and GO-STOCK receivables are limited due to the large number of customers
included in the Group's farming customer base in New Zealand.
(iii) Market risk
Market risk is the potential for change in the value recorded in the Statement of Financial Position caused by a change in the value, volatility or
relationship between market risks and prices. Market risk arises from the mismatch between assets and liabilities, both on and off balance sheet.
Market risk includes price, foreign currency and interest rate risk which are explained as follows:
Concentrations of market risk
The Group has exposure to commodity pricing risk on wool and velvet inventories and forward wool and velvet sales and purchase contracts. This
is mitigated by the Group having policies around unmatched positions. Other inventory is of merchandise nature and the Group has a range of
suppliers or has entered into long-term supply agreements.
Foreign currency risk
The Group undertakes transactions denominated in foreign currencies and exposure to movements in foreign currency arises from these activities.
The Group manages this risk by using forward foreign exchange contracts to hedge foreign currency risks as they arise.
Foreign currency exposure risk
The Group's exposure to foreign currency risk is summarised below. The notional forward exchange cover includes forward foreign exchange
contracts entered into to economically hedge forward sale and purchase commitments.
GBP USD AUD CHF EURO
NZ$000 NZ$000 NZ$000 NZ$000 NZ$000
2026
Cash and cash equivalents – 1 1 – 2
Trade receivables 231 2,262 1 – 5,107
Trade creditors (1,762) (17,264) (322) – (2,718)
Net amount recorded within the Statement of Financial Position
(1,530) (15,000) (320) – 2,392
Forward exchange contracts on the above items
and forward sale and purchase commitments
Notional forward exchange cover 884 11,154 (563) (654) (17,943)
Net unhedged position
(2,414) (26,154) 243 654 20,334
2025
Cash and cash equivalents – – – – 346
Trade receivables 456 1,429 445 – 5,900
Trade creditors (2,035) (11,815) (790) – (3,956)
Net amount recorded within the Statement of Financial Position
(1,579) (10,386) (345) – 2,290
Forward exchange contracts on the above items
and forward sale and purchase commitments
Notional forward exchange cover 426 5,988 355 – (19,101)
Net unhedged position
(2,004) (16,374) (700) – 21,391

Refer to
Accounting
Policies
– page 41.
40
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments – Fair Values and Risk Management (continued)
B. Financial management risk (continued)
(iii) Market risk (continued)
Interest rate risk
Floating rate borrowings are used for general funding activities. Interest rate risk is the risk that the value of financial instruments and the interest
margin will fluctuate as a result of changes in market interest rates. The risk is that financial assets may be repriced at a different time and/or by a
different amount than financial liabilities.
This risk is managed by operating within approved policy limits using an interest rate duration approach. Interest rate swaps, interest rate options
and forward rate agreements may be used to hedge the floating rate exposure as deemed appropriate. The Group had no interest rate derivatives
at 30 June 2026 (2025: Nil).
Interest rate repricing schedule
The following tables include the Group's liabilities at their carrying amounts, categorised by the earlier of contractual repricing or maturity dates:
WITHIN 1 TO 2 OVER NON-INTEREST
12 MONTHS YEARS 2 YEARS BEARING TOTAL
$000 $000 $000 $000 $000
2026
Debt – – 92,000 – 92,000
Derivative liabilities – – – 691 691
Trade creditors – – – 160,899 160,899
Goods received but not invoiced – – – 10,177 10,177
– – 92,000 171,767 263,767
2025
Debt – 88,182 – – 88,182
Derivative liabilities – – – 1,576 1,576
Trade creditors – – – 125,549 125,549
Goods received but not invoiced – – – 6,898 6,898
– 88,182 – 134,023 222,205
Sensitivity analysis
The Group's treasury policy effectively insulates earnings from the effect of short-term fluctuations in either foreign exchange or interest rates. Over
the longer term however, permanent changes in foreign exchange rates and interest rates will have an impact on the profit or loss. A 2% change in
interest rate has been modelled as it is considered a reasonably possible change (2025: 2%). The sensitivity of net profit after tax for the year ended
30 June 2026 and 30 June 2025, and shareholders equity as at those dates, to reasonably possible changes in conditions is shown below.
INTEREST RATES INTEREST RATES INTEREST RATES INTEREST RATES
INCREASE BY 2% INCREASE BY 2% DECREASE BY 2% DECREASE BY 2%
2026 2025 2026 2025
$000 $000 $000 $000
Increase/(decrease) in net profit after tax and shareholders' equity (1,887) (1,475) 1,927 1,458
Other market risks such as pricing and foreign exchange are not considered likely to lead to material change over the next reporting period. The
Group's financial assets and liabilities are predominantly held in New Zealand Dollars (NZD). For this reason, a sensitivity analysis of these market
risks is not included.
C. Capital management
The capital of the Group consists of share capital, reserves, and retained earnings. The policy of the Group is to maintain a strong capital base so
as to maintain investor, creditor and market confidence while providing the ability to develop future business initiatives. This policy has not been
changed during the period.

41
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
20 Financial Instruments - Fair Values and Risk Management (continued)
Non-Derivative Financial Instruments Accounting Policies
(i) Non-derivative financial assets
Non-derivative financial assets comprise cash and cash equivalents, trade and other receivables, GO-STOCK receivables and investments in
equity and debt securities.
The Group initially recognises financial assets on the date at which the Group becomes a party to the contractual provisions of the
instrument, although trade receivables are initially recognised when they are originated.
Financial assets are initially measured at fair value. If the financial asset is not subsequently measured at fair value through profit or loss, the
initial investment includes transaction costs that are directly attributable to the asset's acquisition or origination. The Group subsequently
measures financial assets at either fair value or amortised cost.
Financial assets measured at amortised cost
A financial asset is subsequently measured at amortised cost using the effective interest method and net of any impairment loss, if:
– the asset is held within a business model with an objective to hold assets in order to collect contractual cash flows; and
– the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest.
Financial assets measured at fair value
Financial assets other than those classified as financial assets measured at amortised cost are subsequently measured at fair value with all
changes recognised in the profit or loss. However, for investments in equity instruments that are not held for trading, the Group may elect at
initial recognition to present gains and losses through other comprehensive income. For instruments measured at fair value through other
comprehensive income gains and losses are never reclassified to profit or loss and no impairments are recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents include cash on hand and deposits held on call with banks. Bank overdrafts that are repayable on demand and
form an integral part of the Group's cash management are included as a component of cash and cash equivalents.
Trade and other receivables and GO-STOCK receivables
Trade and other receivables and GO-STOCK receivables are stated at their amortised cost less impairment losses.
(ii) Non-derivative financial liabilities
Interest-bearing borrowings
Interest-bearing borrowings are classified as other financial liabilities and are initially recognised at fair value plus any directly attributable
transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective interest method.
Trade and other payables
Trade and other payables are recognised at cost and are subsequently measured at amortised cost using the effective interest method after
initial recognition.
(iii) Determination of fair values for non-derivative financial instruments
Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows,
discounted at the market rate of interest at the reporting date.

42
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
21 Commitments
A. Capital expenditure not provided for
The Group has capital commitments of $0.53 million as at 30 June 2026 (2025: $0.48 million).
B. Forward purchase commitments
The Group as part of its ordinary course of business enters into forward purchase agreements with wool and velvet growers. These commitments
extend for periods of up to 2 years and are at varying stages of execution. There remains uncertainty associated with yield, quality and market
price. Therefore, the Group is unable to sufficiently quantify the value of these commitments.
C. Forward sales commitments
The Group as part of its ordinary course of business enters into forward sales agreements with wool and velvet customers. These commitments
extend for periods of up to 2 years and are at varying stages of execution. There remains uncertainty associated with yield, quality and market
price. Therefore, the Group is unable to sufficiently quantify the value of these commitments.
22 Contingent Liabilities
A. PGG Wrightson Loyalty Reward Programme
The Group recognises a provision for the expected level of points redemption from the PGG Wrightson Max Rewards loyalty reward programme. At
the reporting date, the balance of live points which does not form part of the recognised provision total $0.12 million (2025: $0.10 million). Losses
are not expected to arise from this contingent liability. Revenue in respect of the loyalty reward programme is deferred until such time as the
reward is claimed by the customer.
B. Claims
The Group receives client claims as part of the ordinary course of business in the supply of goods and services. The Group will pursue recovery
of claims with suppliers where appropriate under terms of trade. Accordingly, the amount of any potential obligation in respect of these claims
cannot be estimated with sufficient reliability.
23 Seasonality of Operations
The Group is subject to significant seasonal fluctuations. The Group's earnings are weighted towards the first half of the financial year and are
primarily related to the Retail business, as demand for New Zealand farming inputs are generally weighted towards the spring season. The second
half earnings predominantly relate to Livestock trading as farmers seek to maximise their income following New Zealand's spring calving and
lambing season. Other business units have similar but less material seasonal fluctuations. The Group recognises that this seasonality is the nature
of the industry and plans and manages its business accordingly.
24 Subsequent Events
Dividend
On 10 August 2026, the Directors of PGG Wrightson Limited resolved to pay a final dividend of 5.5 cents per share on 6 October 2026 to
shareholders on the Company's share register as at 5.00pm on 11 September 2026. This dividend will be fully imputed.

43
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
25 Related Parties
A. Key management personnel compensation
2026 2025
$000 $000
Short-term employee benefits 4,980 4,779
Post-employment benefits 203 114
5,183 4,893
B. Other transactions with key management personnel
Certain key management personnel (including one director) or their related parties have transacted with the Group during the reporting period.
The aggregate value of these transactions and outstanding balances (on a GST inclusive basis) were as follows:
TRANSACTION BALANCE TRANSACTION BALANCE
VALUE OUTSTANDING VALUE OUTSTANDING
KEY MANAGEMENT 2026 2026 2025 2025
PERSONNEL TRANSACTION $000 $000 $000 $000
Nick Berry Purchase of retail goods 2 – 2 –
Julian Daly Purchase of retail goods – – 1 –
Stephen Guerin Purchase of retail goods, power on-charge
transactions and livestock transactions 63 – 13 –
Peter Newbold Purchase of retail goods and fuel
on-charge transactions 3 – 31 –
Peter Scott Fuel on-charge transactions 2 – 4 –
John Nichol Purchase of retail goods

(appointed 14 October 2025)
130 2 – –
26 Reporting Entity
PGG Wrightson Limited (the "Company") is a company domiciled in New Zealand and registered under the Companies Act 1993 in New Zealand.
The Company's registered office is at 1 Robin Mann Place, Christchurch. The Company is listed on the New Zealand Stock Exchange and is an FMC
Reporting Entity for the purposes of the Financial Markets Conduct Act 2013.
The consolidated financial statements of PGG Wrightson for the year ended 30 June 2026 comprise the Company and its subsidiaries (together
referred to as the "Group"). The Group is primarily involved in the provision of goods and services within the agricultural and horticultural sectors.
OWNERSHIP INTEREST
COUNTRY OF 2026 2025
SIGNIFICANT SUBSIDIARIES INCORPORATION DIRECT PARENT % %
Bidr Limited New Zealand PGG Wrightson Limited 100 100
Bloch & Behrens Wool (NZ) Limited New Zealand PGG Wrightson Limited 100 100
NZ Agritrade Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Employee Benefits Plan Trustee Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Investments Limited New Zealand PGG Wrightson Limited 100 100
PGG Wrightson Real Estate Limited New Zealand PGG Wrightson Limited 100 100
Nexan Corporation Limited New Zealand PGG Wrightson Limited 100 –
Nexan Limited New Zealand PGG Wrightson Limited 100 –

44
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
27 Basis of Preparation
A. Statement of compliance
These consolidated financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice ("NZ
GAAP"). They comply with International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board, the New
Zealand equivalents to International Financial Reporting Standards ("NZ IFRS") and other applicable Financial Reporting Standards, as appropriate
for a Tier 1 for-profit entity. These consolidated financial statements have also been prepared in accordance with the requirements of the Financial
Markets Conduct Act 2013 and the Financial Reporting Act 2013.
B. Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the following:
– Derivative financial instruments are measured at fair value.
C. Functional and presentation currency
These consolidated financial statements are presented in New Zealand dollars ($), which is the functional currency of each of the Group entities. All
amounts have been rounded to the nearest thousand, unless otherwise indicated.
D. Use of estimates and judgements
In preparing these consolidated financial statements, Management has made judgements, estimates and assumptions that affect the application
of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these
estimates and assumptions.
Estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised prospectively.
Information about critical judgements made in applying accounting policies, assumptions and estimation uncertainties that have the most
significant effect on the amounts recognised in the financial statements is included in the following notes:
Note
11 Carrying value of trade and other receivables
12 Carrying value of GO-STOCK receivables
13 Carrying value of inventories
15 Acquisition of subsidiary
19 Measurement of defined benefit asset/(liability) – key actuarial assumptions
E. Comparative information
Certain comparative amounts have been reclassified to conform with the current reporting period’s presentation.

45
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
28 Other Material Accounting Policies
The accounting policies set out in these consolidated financial statements have been applied consistently to all reporting periods presented in
these consolidated financial statements, and have been applied consistently by Group entities.
A. Basis of consolidation
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are
included in the consolidated financial statements from the date on which control commences until the date on which control ceases.
Transactions eliminated on consolidation
Intra-group balances, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated
financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the
extent of the Group's interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there
is no evidence of impairment.
B. Foreign currency
Transactions in foreign currencies are translated to the respective functional currencies of the group entities at the exchange rates at the dates of
the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the exchange rate at the reporting
date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated to the functional currency at the
exchange rate at the date that fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency
are translated to the functional currency at the exchange rate at the date of the transaction. Foreign currency differences arising are recognised in
profit or loss.
C. Disclosure of non-GAAP financial information
Non-GAAP reporting measures have been presented in the consolidated statement of profit or loss or referenced to in the notes to the
consolidated financial statements. The following non-GAAP measures are relevant to the understanding of the Group's financial performance:
– Operating EBITDA represents earnings before net interest expense, foreign exchange items, income tax, depreciation, amortisation, the results
from discontinued operations, impairments and fair value adjustments and non-operating items.
– EBIT represents earnings before net interest expense, foreign exchange items, income tax expense and the results from discontinued
operations.
The Directors and Management believe the Operating EBITDA and EBIT measures provide useful information as they provide valuable insight
on the underlying performance of the business. They are used internally to evaluate the underlying performance of the business and to analyse
trends.
These measures are not uniformly defined or utilised by all companies. Accordingly, these measures may not be comparable with similarly titled
measures used by other companies. Non-GAAP financial measures should not be viewed in isolation nor considered as a substitute for measures
reported in accordance with NZ IFRS.
D. Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but have not yet commenced to apply, up to the date of issuance of the
Group’s financial statements are disclosed below. The Group intends to adopt these standards, if applicable, when they become effective.
NZ IFRS 9 and NZ IFRS 7 – Amendments to the Classification and Measurement of Financial Instruments
Amendments have been issued which clarify requirements relating to the classification and measurement of financial instruments and introduce
additional disclosure requirements. These amendments are effective for reporting periods beginning on or after 1 January 2026, with earlier
application permitted. The Group does not expect these amendments will have a material impact on the Group's financial statements and/or
notes to the financial statements.

46
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ADDITIONAL FINANCIAL DISCLOSURES
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
28 Other Material Accounting Policies (continued)
D. Standards issued but not yet effective (continued)
IFRS 18 Presentation and Disclosure in Financial Statements
In May 2024, the XRB issued NZ IFRS 18 – Presentation and Disclosure in Financial Statements to improve reporting of financial performance. NZ
IFRS 18 replaces NZ IAS 1 – Presentation of Financial Statements. It carries forward many requirements from NZ IAS 1 unchanged and introduces
increased disclosure of management defined performance measures as well as new principles for aggregation and disaggregation of information
included in the consolidated statement of profit or loss. NZ IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, but
earlier application is permitted for accounting periods that end after 20 June 2024 and must be disclosed. NZ IFRS 18 will apply retrospectively.
The Group continues to work to identify all impacts the amendments will have on the primary financial statements and notes to the financial
statements.
There were no new standards, amendments or interpretations adopted during the year that had a material impact on the Group's financial
statements.
29 Capital and Reserves
Share capital
All shares are ordinary fully paid shares with no par value, carry equal voting rights and share equally in any profit on the winding up of the Group.
Realised capital and revaluation reserve
The realised capital reserve comprises the cumulative net capital gains that have been realised. The revaluation reserve relates to historic
revaluations of property, plant and equipment.
Defined benefit plan reserve
The defined benefit plan reserve contains actuarial gains and losses on plan assets and defined benefit obligations. During the year ended 30 June
2026, an amount of $0.15 million, which represents the Employee Superannuation Contribution Tax (ESCT ) on the lump sum cash contribution,
was transferred from the defined benefit reserve to retained earnings (30 June 2025: $0.10 million).
Retained earnings/deficit
The retained earnings or deficit equals accumulated undistributed profits or losses.
Dividends
The following dividends were declared and paid by the Company.
PAYMENT DATE $ PER SHARE
2026 interim dividend – fully imputed 08-Apr-26 0.045
2025 final dividend – fully imputed 03-Oct-25 0.040
Share Capital Accounting Policies
Ordinary shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction
from equity.
Repurchase of ordinary shares
When shares recognised as equity are repurchased, the amount of the consideration paid, including directly attributable costs, is recognised
as a deduction from equity. Repurchased shares are cancelled. However, treasury stock for which unrestricted ownership has not yet been
transferred are not cancelled.

A member firm of Ernst & Young Global Limited


Independent auditor’s report to the shareholders of PGG Wrightson Limited
Opinion
We have audited the financial statements of PGG Wrightson Limited (the “Company”) and its
subsidiaries (together the “Group”) on pages 1 to 46, which comprise the consolidated statement of
financial position of the Group as at 30 June 2026, and the consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows for the
year then ended of the Group, and the notes to the consolidated financial statements including
material accounting policy information.
In our opinion, the consolidated financial statements on pages 1 to 46 present fairly, in all material
respects, the consolidated financial position of the Group as at 30 June 2026 and its consolidated
financial performance and cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards and International Financial Reporting
Standards.
This 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 and the Company’s shareholders,
as a body, for our audit work, for this report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the
audit of the financial statements section of our report. 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) issued by the New Zealand Auditing
and Assurance Standards Board as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standard 1.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Ernst & Young provides research and development taxation incentive services to the Group. Partners
and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no other relationship with, or interest in, the
Group.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the consolidated financial statements of the current year. These matters were addressed
in the context of our audit of the consolidated financial statements as a whole, and in forming our
opinion thereon, but we do not provide a separate opinion on these matters. For each matter below,
our description of how our audit addressed the matter is provided in that context.

A member firm of Ernst & Young Global Limited


We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the
financial statements section of the audit report, including in relation to these matters. Accordingly,
our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying consolidated financial statements.
Provisions for impairment of trade and GO-STOCK receivables
Why significant How our audit addressed the key audit matter
At 30 June 2026, the consolidated statement of
financial position includes trade and GO-STOCK
receivables of $277.8 million, representing 46%
of the Group’s total assets. The receivables
balance is reported net of impairment
provisions for trade and GO-STOCK receivables
of $6.4 million.

This is a key audit matter because of the
judgement involved in assessing the adequacy of
the impairment provisions. Management’s
assessment of recoverability requires
consideration of historical loss experience,
customer-specific circumstances, and forward-
looking economic information, all of which
involve estimation uncertainty.

Disclosures in relation to trade and GO-STOCK
receivables and the related impairment
provisions are included in notes 11 and 12 of
the Group financial statements.
Our audit procedures included the following:
• obtained an understanding of
management’s receivables provisioning
process;
• assessed management’s provisioning
methods and whether they comply with
NZ IFRS 9 Financial Instruments;
• considered the inputs, assumptions and
estimates used or made by
management;
• tested the ageing of receivables by
agreeing the recorded ageing of a
sample of trade receivables to sales
documentation;
• considered sector-based performance
indicators, including commodity price
movements for beef and sheep and sector
outlooks, to:
o assess the appropriateness of
management’s considerations and
judgements in receivables
provisioning, and
o consider indications of any
material change in credit risk on
trade and GO-STOCK receivables;
• considered the appropriateness and
sufficiency of the disclosures related to
trade and GO-STOCK receivables
provisioning.

A member firm of Ernst & Young Global Limited


Inventory valuation
Why significant How our audit addressed the key audit matter
At 30 June 2026, the consolidated statement of
financial position includes inventory totalling
$105.5 million, net of a provision for inventory
write-down of $2.7 million.

Inventories are valued at the lower of cost and
the net realisable value (‘NRV’). The NRV of
inventories is the estimated selling price in the
ordinary course of business less estimated cost
to sell. In assessing this provision, consideration
of the realisable value of slow moving or
obsolete inventories is required.

This is a key audit matter because of the
significance of inventory to the Group’s financial
position and because the cost of inventory
includes adjustments to reflect variable pricing
arrangements with suppliers, which require
estimation.

Disclosures in relation to inventory and the
inventory provision are included in note 13 to
the Group financial statements.
Our audit procedures included the following:
• tested a sample of recorded inventory
cost to supplier invoices;
• assessed the inputs into, and calculation
of, adjustments to inventory value to
take account of variable pricing
arrangements with suppliers;
• confirmed with a sample of suppliers the
amount of purchases from them subject
to variable pricing arrangements for the
year, and the amounts receivable from
them at year end;
• tested a sample of inventory items to
subsequent sales and evaluated the
appropriateness of management’s
provision for inventory write-down,
which takes account of slow-moving and
obsolete inventory;
• considered the appropriateness and
sufficiency of the disclosures related to
the valuation of inventory.


Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the other information. The other information
comprises the annual report, but does not include the financial statements and our auditor’s report
thereon. The other information is expected to be made available to us after the date of this auditor’s
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.
In connection with our audit of the consolidated financial statements, our responsibility is to read the
other information and, in doing so, consider whether the other information is materially inconsistent
with the consolidated financial statements or our knowledge obtained during the audit, or otherwise
appears to be materially misstated.
When we read the annual report, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to those charged with governance and, if uncorrected, to take
appropriate action to bring the matter to the attention of users for whom our auditor’s report was
prepared.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the
consolidated financial statements in accordance with New Zealand Equivalents to International
Financial Reporting Standards and International Financial Reporting Standards, and for such internal

A member firm of Ernst & Young Global Limited


control as the directors determine is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for assessing on
behalf of the entity 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 cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the 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 International Standards on Auditing
(New Zealand) 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 the auditor’s responsibilities for the audit of the financial statements is
located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards/assurance-
standards/auditors-responsibilities/audit-report-1-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Brendan
Summerfield.




Chartered Accountants
Christchurch
10 August 2026

---

2026 FULL YEAR RESULTS
PRESENTATION
—
FOR THE 12 MONTHS ENDED 30 JUNE 2026
11 AUGUST 2026
Text
Description automatically generated

175-YEAR ANNIVERSARY
—

2026 FINANCIAL YEAR
—
$64.3m
 $8.2m or 15%
$1.1b
 $99m or 10%
$15.6m
 $4.9m or 46%
* PGW paid 4.5 cps interim dividend and declared a 5.5 cps final dividend.
10 cps*
Operating
EBITDA
Operating
Revenue
Net profit after
tax (NPAT)
Fully imputed
dividends for the year
$52.6m
 $40.2m
Operating
Cashflow

 3.5%
20.6 cps
Normalised EBIT
target of >10% over
3-year rolling cycle
Average Return on
Capital Employed over a
three year rolling cycle
Total Recordable
Injury Frequency
Rate
Earnings Per Share
(EPS) in FY26
Significant
positive gain
Net Promoter
Score
GROUP STRATEGY KPIs
—
8.1% 91%
Financial
Health & Safety
Customer

GROUP HIGHLIGHTS
—
Increasing volumes
to preferred
processors
~30% of all saleyard
bids through bidr®
PGW Real Estate
Dairy sales  30%
Horticulture sales  60%
New highs achieved in
GO-STOCK
receivables
National wool auction
centre launched
Acquisition
& integration
First trading
season
R&D Station
98 trials nationwide
with 42 at the station
GHG emissions  23%
Since FY21 (unaudited)

GROUP OPERATING REVENUE
June year end
•Revenue of $1.1b, an increase of
$99.0m or 10% on the prior year’s
result.
o10% increase in Retail & Water.
o10% increase in Agency.
Five-year summary.
552
586
561
570
619
401
390
355
405
455
953
976
916
975
1,074
0
200
400
600
800
1,000
1,200
FY22FY23FY24FY25FY26
$ million
First HalfSecond Half
Financial Year

GROUP OPERATING EBITDA
June year end
Five-year summary.
Operating EBITDA: Earnings before net interest and foreign exchange items, income tax, depreciation, amortisation, the results from discontinued operations, impairment
and fair value adjustments and non-operating items. PGW has used non-GAAP profit measures when discussing financial performance in this document. Please refer to our
full accounts for details of how Operating EBITDA relates to GAAP. For a comprehensive discussion on the use of non-GAAP profit measures, please refer to the policy “Non-
GAAP Accounting Information” available on our website (www.pggwrightson.co.nz).
Other: Other non-operating amounts relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk and Assurance, and other support services
(such as corporate property services and marketing).
$ million
-7
38
53
25
-7
-7
22
•Group Operating EBITDA of $64.3
million, up $8.2m or 15% on FY25.
•Retail & Water
oEBITDA $44.5m  $2.3m or 6%
oRural Supplies benefited from
reinvestment on-farm.
oFruitfed Supplies had a solid year,
despite challenging conditions across
parts of the horticulture sector.
•Agency
oEBITDA $29.0m  $5.5m or 23%
oHistorically elevated Livestock prices
across sheep, cattle, and dairy
markets.
oWool result broadly in-line with prior
year, albeit with reduced volumes.
oSignificant uplift in rural real estate
activity.
Financial Year
54
16
-9
22
16
12
23
29
52
54
41
42
44
-7
-9-9-9-9
67
61
44
56
64
-10
-
10
20
30
40
50
60
70
80
FY22FY23FY24FY25FY26
AgencyRetail & WaterOtherFull Year Operating EBITDA

$↑
MARKET CONDITIONS
—
•Favourable international demand for
red meat amid constrained supply.
•Robust buying interest from farmers
and finishers.
•Dairy benefited from the increased
milk payout and Fonterra capital
return.
•Strengthening international market
demand for kiwifruit and apples.
•Wine exports revenue stable with
growth in export volume offsetting
lower prices.
•Arable impacted by tight margins and
high costs.
•Increased revenue resulting improved
farmer confidence.
•Supporting on-farm investment and
spend.
Strong kiwifruit and pipfruit
returns
Improved farm gate returns
Elevated livestock prices

GROUP NET PROFIT AFTER TAX
June year end
•Net profit after tax of $15.6m, an increase
of $4.9m or 46% on FY25.
•Benefits from:
oImproved Operating EBITDA result vs
FY25.
oFair value gains on foreign exchange
derivatives.
•Includes:
oA full year amortisation expense of the
Microsoft D365 enterprise reporting
platform which went live in April 2025.
24
18
3
11
16
-
10
20
30
FY22FY23FY24FY25FY26
$ million
Financial Year
Five-year summary.

OPERATING CASH FLOW
June year end
-17
-35
-7
-31
-50
41
60
65
43
103
24
26
58
12
53
-60
-40
-20
-
20
40
60
80
100
120
FY22FY23FY24FY25FY26
$ million
1st Half2nd HalfFull Year
Operating cash flows in the first half of the financial year reflect the seasonal build in working capital which
is recovered in the second half of the financial year.
•Strong Operating Cash Flows of
$52.6m, an increase of $40.2million
vs FY25 .
•Resulting from the improved financial
performance of the business and
favourable working capital
movements compared to the prior
year.

CASHFLOW AND DEBT
—
•Working Capital balances
increased by $7.3m (excluding
Nexan acquisition).
oAdditional $7.0m investment in
GO-STOCK receivables.
oSmall increase in other Net
Working Capital items of $0.3m.
•NIBD of $88.0m, an increase of
$2.4m from FY25.
oFY26 included $19.7m
acquisition of Nexan.
oFY26 included additional $7.0m
investment in GO-STOCK.
•Comparable basis (ex Nexan
acquisition and increase in GO-
STOCK receivables) NIBD would
have been $61.3m.
Working Capital inc. GO-
STOCK
Net Interest-Bearing Debt
Investing Cash Flows
•$24.5m, an increase of $10.3m
from FY25.
•Includes:
o$19.7m Nexan acquisition
o $6.6m purchase of property,
plant, equipment, and
intangibles.

TOTAL SHAREHOLDER RETURN (TSR)
—
PGW total shareholder return vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 30 June 2026.
0
50
100
150
200
250
300
20192020202120222023202420252026
PGW TSR (Inc Dividends)NZX50G
PGW TSR +44.6%
NZX50G +25.5%
Total Shareholder

Return

OUTLOOK FOR FY2027
—
•New Zealand's agricultural sector enters FY27 from a position of relative strength, with conditions expected to remain
favourable across many key sectors.
•Demand for red meat, dairy, and horticultural products continues to underpin farm profitability and investment.
•The potential emergence of a significant El Niño event during FY27 represents an important risk factor. Drier
conditions in a number of key farming and horticultural regions could impact production, cashflow, and customer
confidence.
•Farmer confidence remains resilient despite concerns about rising input costs.
•With strong market positions and customer relationships, PGW is well placed to support farmer and grower success
while capturing opportunities from forecast export growth.
•We are optimistic about the remainder of the financial year.

QUESTIONS AND ANSWERS
—

IMPORTANT NOTICE & DISCLAIMER
—
•This presentation has been prepared by PGG Wrightson Limited (PGW) with due care and attention for the purpose
of general information.
•The 2026 Full Year Results are for the 12 months to 30 June 2026.
•Forward looking statements regarding the potential future performance of PGW have been expressed by
management using information currently available. These are based on current expectations, estimates and
assumptions and do not guarantee or predict future performance.
•Actual results may differ from those predicted as there are a number of uncertainties and risks beyond PGW’s
control that may affect the results.
•Figures are in New Zealand dollars, unless otherwise stated. Values on the graphs are rounded. Total may not add
due to rounding.
•‘m’ denotes million and ‘cps’ denotes cents per share.
•FY25 denotes financial year 2025.
•Please read this presentation in conjunction with the 2026 Full Year Results NZX Announcement and the Annual
Report, which is due towards the end of September 2026.

Text
Description automatically generated
THANK YOU
—

---

Distribution Notice







Section 1: Issuer information
Name of issuer PGG Wrightson Limited
Financial product name/description Ordinary Shares
NZX ticker code PGW
ISIN (If unknown, check on NZX
website)
NZREIE0001S4
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 11/09/2026
Ex-Date (one business day before the
Record Date)
10/09/2026
Payment date (and allotment date for
DRP)
06/10/2026
Total monies associated with the
distribution
1

$ 4,151,624.56500000
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2

$0.07638889
Gross taxable amount
3

$0.07638889
Total cash distribution
4
$0.05500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00970588
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.02138889
Resident Withholding Tax per
financial product
$0.00381944
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 5533373
Contact email address jdaly@pggwrightson.co.nz
Date of release through MAP

11/08/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

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




Results for announcement to the market
Name of issuer PGG Wrightson Limited
Reporting Period 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$ 1,074,384 +10.2%
Total Revenue $ 1,074,783 +10.1%
Net profit/(loss) from
continuing operations
$15,571 +46.0%
Total net profit/(loss) $15,571 +46.0%
Interim Dividend
Amount per Quoted Equity
Security
$0.05500000
Imputed amount per Quoted
Equity Security
$0.02138889
Record Date 11 September 2026
Dividend Payment Date 6 October 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.630 $1.696
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the accompanying commentary and audited
consolidated financial statements.

Total Revenue includes Operating Revenue and Other Income.
Authority for this announcement
Name of person

authorised
to make this announcement
Julian Daly
Contact person for this
announcement
Julian Daly
Contact phone number 027 553 3373
Contact email address jdaly@pggwrighston.co.nz
Date of release through MAP

11/08/2026

Audited financial statements accompany this announcement.