Annual & Sustainability Reports for Year to 30 June 2026

Pūrongo ā-tau
Annual Report
For the year ended 30 June 2026 Mō te tau i mutu i te 30 Hune 2026

ANNUAL REPORT 2026
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1
Grounded in history.
Focused on the future.
PGG Wrightson celebrates
175 years of walking alongside
farmers and growers.
Cover: Emma Pollitt, PGW Livestock Representative – Genetics, and Jamie Hayward, Regional Livestock Manager,
discuss the Angus bulls’ structure and docility with Dean McHardy, General Manager and Stud Master, in advance
of the Tangihau Angus Annual Bull Sale, inland from Gisborne, Tairāwhiti.
Inside front cover: The Grange in North Canterbury.

ANNUAL REPORT 2026
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32
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PGG WRIGHTSON LIMITED
Since May 1851, when George Gould opened
Christchurch's first general store, PGG Wrightson (PGW)
and the businesses that have come before it have
walked alongside New Zealand farmers and growers,
adapting to changing markets, new technologies, and
the shifting needs of rural communities.
Wright Stephenson & Co Ltd - Dunedin Branch, Otago: 1900 Balfour Agency - grain store and
office, in centre of Waimea plains, Circa 1900. Image credit: Fletcher Trust Archives P4007/4.
Photo Credit: Levin & Co, Wellington building, Circa 1960
Image credit: Fletcher Trust Archives P0252/43
The Dalgety building located to the right of the Cathedral, Christchurch, Circa 1880.
Image credit: Fletcher Trust Archives P5000/67/1.
Dalgety & Co Ltd, Commercial Street, Takaka, Tasman District, Circa 1955.
Image credit: Fletcher Trust Archives P5000/1/1.
Pyne & Co’s building, 172 Cashel Street, c.1914. Image credit: P. G. Stevens.
Pyne Gould Guiness Ltd. The Jubilee History 1919-1969 Pg. 50.
New Zealand Fruitgrowers' Federation building, Bennetts Road, Roxburgh, Circa 1968.
Image credit: PGG Wrightson Heritage Collection.
Donald Reid & Co building, Vogel St, Circa 1882. Image credit: John H. Angus.
Donald Reid Otago Farmers Centennial History 1878-1978.
Pyne, Gould, Guinness Ltd branch, Circa 1950.
Image credit: PGG Wrightson Heritage Collection.
Pyne, Gould, Guinness Ltd, Geraldine after the merger, 1926.
Image credit: P. G Stevens. Pyne, Gould, Guinness Ltd. The Jubilee History 1919-1969. Pg 64.
Williams & Kettle, Gisborne, Circa 1950.
Image credit: Ewan McGregor, Williams & Kettle: The Price of Success.
Guinness & Le Cren, Waimate, Circa 1903. Quinns Arcade built to the
right in 1906. Image credit: RRG Rattray, Waimate Museum & Archives.
Wright, Stephenson & Co Ltd Blenheim branch. Department Store, 1966.
Image credit: Fletcher Trust Archives P4004/13.
As we celebrate our 175
th
anniversary, with a nationwide footprint of retail stores, saleyards,
wool stores, real estate offices, distribution centres, South Island water branches, a specialist research
and development laboratory, and a dedicated research station, that same spirit of progress continues.
Our growing digital capability,
backed by science-led solutions,
ensures we can help farmers and
growers succeed in an increasingly
connected, data-driven, and fast-
moving agricultural and horticultural
landscape.
Although our heritage is a source of
deep pride, our focus remains firmly
on the future. “This anniversary isn’t
about looking back for nostalgia’s
sake,” Stephen Guerin, CEO of
PGW says. “It’s about recognising
long-serving team members
and intergenerational customer
relationships that have shaped our
business. It’s also about celebrating
our shared history, reaffirming
our commitment to invest in the
future, and standing alongside our
customers through change.”
“Our history is carried forward in the
way we operate today,” says Stephen.
“The same spirit that helped rural
New Zealand grow over the past
175 years continues to drive our
focus and investment in innovation,
sustainability, and community
strength. Our longevity is grounded
in personal relationships, resilience,
and the ability to innovate and adapt
to change.”
While we honour the stories of
predecessor companies, including
Pyne Gould Guinness, Wrightson
NMA, Dalgety, Williams & Kettle, and
many others woven into the fabric
of rural New Zealand, we value the
growth of digital platforms and
new technologies that are helping
farmers and growers operate in faster,
smarter, and more connected ways
than our founders could ever have
dreamed possible.

NATIONAL
WOOL
AUCTION CENTRE
4
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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5
Innovations such as bidr®, New
Zealand’s virtual saleyard, have
transformed the way livestock is
bought and sold by enabling farmers,
agents, and buyers to participate in
real-time auctions from anywhere
in the country. By combining online
bidding with traditional saleyards and
on-farm sales, bidr extends market
access while maintaining the trusted
relationships that remain central to
livestock trading.
Alongside bidr, agOnline provides
customers with a livestock
marketplace and market intelligence
hub, giving farmers access to livestock
listings, upcoming sales, saleyard
schedules, results, and pricing
information in one central place.
Together with PGW's online store,
these platforms are creating a more
connected rural experience, enabling
customers to research, buy, sell,
and manage their farming needs
through whichever channel works
best for them.
Please visit Our History | PGG Wrightson to explore these
stories and discover the legacy that continues to influence
our business today.
You may also scan this QR
code to visit our collection of
heritage stories celebrating
175 years of history.
To honour the people,
businesses, and milestones
that helped shape PGW,
we have created a collection
of heritage stories celebrating
175 years of history.
~30% OF ALL SALEYARD BIDS
THROUGH BIDR®
NEW HIGHS ACHIEVED IN
GO-STOCK RECEIVABLES
A PODCAST ABOUT AND FOR
OUR FARMERS AND GROWERS
NATIONAL WOOL AUCTION
CENTRE LAUNCHED
INNOVATIONS
Milton Munro, Technical Team
Manager, discusses the state
of the agricultural economy
with Dan Huggins, BNZ CEO, at
Fieldays, near Hamilton, Waikato.
Our innovation focus is not limited
to digital tools. Across the country,
our research and development (R&D)
programme supports dozens of trials
annually, testing products, technologies,
and solutions in real New Zealand
farming conditions. Recent investment
in our Hastings Research Station further
strengthens this capability, allowing
our teams to continue delivering
evidence-based recommendations that
help customers improve productivity,
performance, and on-farm outcomes.
This science-led approach is supported
by our nationwide network of technical
experts and field representatives,
ensuring innovation is practical, tested,
and relevant to the realities of farming
and horticulture.
GO-STOCK, an innovative alternative
to livestock finance, helps farmers free
up capital which would otherwise be
used to purchase livestock. Instead,
their capital can be used to grow their
business. Customers can now sign
contracts digitally, making the process
faster and more convenient.
Technology is also helping create
smarter, more sustainable systems
across agriculture. AI-enabled
technology such as SkyCount™ can
reduce time-consuming livestock
audit movement by enabling remote
stock counts, supporting improved
animal welfare and operational
efficienc y.
Across the wider business, our
investment in Microsoft 365 systems
and leadership development
through our Academy Development
programme continue to improve
service delivery, strengthen
expertise, and provide more
seamless trading experiences.
As agriculture and horticulture
continue to change, so do we. Our
vision remains clear: to empower
farmers and growers for generations
to come by combining trusted
expertise, local relationships, and
future-focused innovation.

ANNUAL REPORT 2026
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76
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PGG WRIGHTSON LIMITED
Annual Shareholders’
Meeting
13 October 2026
Half-year earnings
announcement
23 February 2027
Year-end earnings
announcement
17 August 2027
Calendar
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MaramatakaSustainability
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Toitūtanga
As part of our commitment to sustainability, this
Annual Report is printed using soy-based inks,
no chemicals have been used in the process of
platemaking and the Annual Report is printed
on environmentally responsible paper, produced
using Elemental Chlorine Free (ECF), third
party certified pulp from responsible sources,
and manufactured under the strict ISO14001
Environmental Management System.
Our year
1
Celebrating our 175
th
anniversary
8
2026 Financial Year Performance Results
10
Financial Performance
15
Chair and Chief Executive Officer’s Report
23
PGW Group Strategy & Performance Measures
Our Company
26
Board of Directors
28
Executive Team
31
The Year in Review
50
Tangihau Station –
Breeding resilience on the East Coast
54
Hastings Research Station –
A platform for innovation
58
FarmRight –
Growing scale, capability, and partnership
Key Financial Disclosures
61
Key Financial Disclosures
62
Directors’ Responsibility Statement
71
Additional Financial Disclosures including
Notes to the Financial Statements
109
Independent Auditor’s Report
Governance
113
Corporate Governance
and Board Charter
125
Statutory Disclosures
127
Remuneration Report
132
General Disclosures
133
Shareholder Information
135
Glossary
136
Corporate Directory
CONTENTS
Ngā Kaupapa
Please help us reduce our environmental
impact by choosing to receive future Annual
Reports and shareholder communications
electronically. Reports are available online
through the PGG Wrightson Investor
Centre, and shareholders can update
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Computershare by visiting
www.investorcentre.com/nz.
Print
|

Mātātuhi
Fire in the sky above the vines, Hawke’s Bay,
photographed by Carl Gundersen for the
2025 PGW LandMarks Photo Collection.

ANNUAL REPORT 2026
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9
2026 FINANCIAL YEAR
Performance
Results
Ngā Otinga Whakatutukitanga
8
|
PGG WRIGHTSON LIMITED
Fully imputed dividends
for the year of
10 cps
*
Cash Flow from
Operating Activities
$52.6 m
$40.2m
on prior financial year
* PGW paid a 4.5 cps interim dividend and declared a 5.5 cps final dividend
Operating
Revenue of
$1.1b
$4.9m or 46%
on prior financial year
Net Profit After
Tax (‘NPAT’) of
$15.6 m
Operating
EBITDA of
$64.3m

$8.2m or
15%
on prior financial year
$99.0m or 10%
on prior financial year
Earnings
Per Share of
cents per
share (cps)
6.5 cps
on prior financial year
20.6
Three Roads Orchard owned by Craigmore
Sustainables Ltd, near Edgecumbe, Bay of Plenty

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 segment) relates to certain Group Corporate activities including Governance, Finance, Treasury, Risk and Assurance,
and other support services (including corporate property services and marketing).
10
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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11
Operating Revenue
FY22 FY23 FY24 FY25 FY26
1000
800
600
400
200
0
455
401
390
355
405
$ million
First Half Second Half
619
552
586
561
570
1,074
953
976
916
975
Net Profit After Tax
FY22 FY23 FY24 FY25 FY26
30
25
20
15
10
5
0
16
24
18
3
Full Year
$ million
11
FY22 FY23 FY24 FY25 FY26
100
80
60
40
20
0
-20
-40
-60
103
-50
41
-17
60
-35
65
43
-7
-31
$ million
53
24
26
58
12
1st Half 2nd Half Full Year
2026 FINANCIAL YEAR
Financial
Performance
Whakaaturanga Pūtea
Operating Cash Flow
Chris Lambert, PGW Technical Specialist -
Technical Team monitors a potato crop for
pests and diseases in Pukekohe, Auckland.
70
60
50
40
30
20
10
0
-10
FY22 FY23 FY24 FY25 FY26
$ million
54
41
Retail & Water
Agency
44
52
2922
-9
-7
16
12
-9-9
Other
Full Year Operating EBITDA
42
23
-9
64
67
61
44
56
Operating EBITDA

Net Interest-Bearing Debt (NIBD) Development
June 2024 – June 2025
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
$ million
June 2024
NIBD
Operating
EBITDA
Interest &
FX Items
Tax
Payments
Working
Capital
Movements
(excl.
GO-STOCK)
GO-STOCK
Movements
Asset
Purchases
Asset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other June 2025
NIBD
59.2
- 56.1
10.4
17.4
–
22.6
2.7
1. 9
29.1
-2.8
85.6
1.2
Increase Decrease Total
Net Interest-Bearing Debt (NIBD) Development
June 2025 – June 2026
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0.0
$ million
85.6
- 64.3
10.1
2.2
5.7
19.7
-8.2
6.5
7.0
-1.5
1.288.0
Increase Decrease Total
24.0
Working
Capital
Movements
(excl.
GO-STOCK)
June 2025
NIBD
Operating
EBITDA
Interest &
FX Items
Tax
Payments
GO-STOCK
Movements
Asset
Purchases
Nexan
Acquisition
Asset
Disposals
Lease
Principal
Repayment
Dividends
Paid
Other June 2026
NIBD
Financial Performance | continued
12
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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13
Total Shareholder Return
6
5
4
3
2
1
0
$
2019 2020 2021 2022 2023 2024 2025 2026
Total Shareholder Return
300
250
200
150
100
50
0
PGW TSR +44.6%
NZX50G +25.5%
2019 2020 2021 2022 2023 2024 2025 2026
PGW TSR vs NZX50G (indexed to 100) from 13 August 2019 (post share consolidation) to 30 June 2026.PGW share price from 13 August 2019 (post share consolidation) to 30 June 2026.
PGW TSR (Inc Dividends) NZX50G
Share Price

ANNUAL REPORT 2026
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1514
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PGG WRIGHTSON LIMITED
Chair and Chief
Executive Officer’s
Report
Te Pūrongo a te Heamana me te Tumuaki
Haymaking in the Waikato on a
summer evening, photographed by
Carolyn Smith for the 2025
PGW LandMarks Photo Collection.

Chair and Chief Executive Officer's Report
ANNUAL REPORT 2026
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1716
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PGG WRIGHTSON LIMITED
Retail & Water Group & Agency Group trading performance | Te Mahi Tauhokohoko
This 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.
PGW's Retail & Water and Agency groups delivered improved results in FY26, underpinned by
favourable commodity prices across several sectors and stronger farmer confidence, which
encouraged increased farm and orchard investment throughout the rural economy.
Our Retail & Water Group achieved a new high in revenue, delivering growth across most
business units. Improved confidence in the sheep, beef, dairy, and horticulture sectors
contributed to increased customer spending throughout the year. Rural Supplies delivered a
strong result, aided by favourable market conditions and sales execution across the business.
Farmer confidence remained positive across most sectors, encouraging increased on-farm
spending and investment. Fruitfed Horticulture (previously Fruitfed Supplies) experienced a
solid year, with increased revenue driven by robust kiwifruit activity and continued investment
across the sector, despite ongoing challenges in viticulture and arable farming.
Agritrade also performed positively, reflecting growth in agri-chemical sales, the successful
integration of Nexan, and continued focus on supply chain efficiency and operational
execution.
Our Agency Group delivered another strong result, supported by favourable red meat and dairy
prices, improving conditions within the wool sector, and a buoyant rural Real Estate market.
Livestock was the standout performer during the year, benefitting from historically high
sheep, cattle, and dairy prices, favourable international demand for red meat, improved farm
profitability, and renewed farmer confidence. The wool sector also experienced renewed
optimism, with strengthening prices and greater industry collaboration contributing to
improved market conditions. Real Estate delivered an improved result as activity increased
across rural, lifestyle, and residential markets. Demand for dairy and horticultural properties
grew significantly, helped by improved farm economics, lower interest rates, and renewed
buyer confidence.
Both operating groups remained focused on helping customers, strengthening market
positions, and investing in initiatives that will create sustainable long-term growth.
PGG Wrightson Limited (PGW, the Group, or the Company) delivered Operating
Revenue for the year ended 30 June 2026 of $1.1 billion, up $99.0 million or 10% on FY25.
Earnings before Interest, Tax, Depreciation, and Amortisation (Operating EBITDA) of
$64.3 million, was up $8.2 million or 15% on the prior year’s result. Net profit after tax
(NPAT) was $15.6 million, up $4.9 million or 46%.
A Favourable
Result in Improving
Markets
Financial Performance | Whakaaturanga Pūtea
2026 $m2025 $m2024 $m2023 $m2022 $m
Operating Revenue1,074.4975.3915.9975.7952.7
Gross Profit286.9255.0235.7252.8248.5
Operating EBITDA64.356.144.261.267.2
Net Profit After Tax15.610.73.117.524.3
Net Cash Flow from Operating Activities52.612.457.725.523.7
2026 cps2025 cps2024 cps2023 cps2022 cps
Earnings per share20.614.14.123.232.2
Improved farm gate
returns
Increased revenue resulting from
improved farmer confidence.
Supporting on-farm investment
and spend.
John Nichol
Chair
Stephen Guerin
Chief Executive Officer

Chair and Chief Executive Officer's Report | continued
18
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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19
Market conditions | Ngā Āhuatanga o te Mākete
The Ministry for Primary Industries forecast New Zealand's food and fibre sector to
deliver record export revenue of $64.3 billion, a 6% increase in the year to 30 June
2026. This increase has been driven by strong global demand for New Zealand’s
agricultural produce, which has been reflected in higher returns.
The red meat sector experienced an exceptional year, with beef and lamb prices
supported by tight global supply and strong international demand. Meat and wool
export revenue was forecast to increase by 14% to $14.1 billion, while sheep and
beef farm profitability rebounded strongly. Dairy remained a standout performer,
underpinned by a strong milk payout and the capital return to Fonterra farmer
shareholders following the sale of Mainland Group.
Horticulture continued its positive momentum, led by kiwifruit and apples. These
crops benefited from favourable growing conditions, high production volumes, and
healthy export demand, with kiwifruit export revenue forecast to increase 16% to
$4.8 billion. Although the performance of the apple industry is generally positive, with
good crop quality and strong demand supporting grower confidence, returns and
prospects vary by variety, with not all cultivars benefiting equally from current market
conditions.
In contrast, arable producers continued to face margin pressure from elevated input
costs and weather-related challenges, whereas the wine industry is adjusting to the
effects of global oversupply leading to elevated inventory levels and subdued market
conditions in response to changing consumption habits.
The wool sector showed signs of recovery, supported by improving demand and
prices for stronger wool and growing interest in natural fibres.
Activity in the rural property market also strengthened, with lower interest rates,
improved farm incomes, and renewed buyer confidence contributing to increased
demand for quality properties.
Farmer confidence remained positive during FY26, buoyed by stronger commodity
prices and improved farm profitability. Many farmers used the enhanced cash flow
environment to reduce debt and strengthen balance sheets, while confidence in
future profitability supported renewed investment decisions. However, global trade
uncertainty, including tariff policies, geopolitical tensions in the Middle East, and
higher fuel, freight, and fertiliser costs weighed on confidence later in the financial
year. While these pressures challenged farmer and grower margins, elevated
commodity returns helped offset much of the impact and supported a generally
positive outlook for the agricultural sector.
Our people | Ā Mātau Tāngata
At 30 June 2026, PGW had 1,532 permanent and temporary (fixed term) employees.
PGW also engaged 146 casual employees, 160 commission agents, and three
specialist consultants, bringing the total staff headcount to 1,841.
We continued to make strong progress against the pillars of our People and Safety
Strategy, with a focus on building leadership capability, supporting organisational
change, and strengthening the systems and processes that underpin employee
experience.
A pleasing development was the introduction of Coaching Workshops to empower
leaders with practical tools and techniques to support the ongoing growth and
development of their teams. We launched our Core Skills training programme,
providing emerging and established leaders with opportunities to build capability in
critical people processes.
The team supported several strategic business reviews and organisational changes,
including substantial transformation within Group Technology. Alongside this, we
successfully navigated legislative changes relating to KiwiSaver and Employment
Relations and completed the migration of our payroll system to a cloud-based
platform. Our online learning platform is nearing completion of a comprehensive
upgrade that will provide greater functionality and expand learning opportunities for
our people.
Meat and wool export
revenue to increase by
14%
to 14.1 billion in the year
to 30 June 2026
PGW recorded a total
staff headcount of
1,841
at 30 June 2026
Ministry for Primary Industries
forecast:
New Zealand's food and fibre
sector to deliver record
export revenue of
$64.3b
a 6% increase in the year
to 30 June 2026
Matariki Hereford's Annual Sale,
near Kaikōura, North Canterbury.

Chair and Chief Executive Officer's Report | continued
20
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
|
21
Cash flows from investing activities were $24.5 million, an increase of $10.3 million
versus the prior comparative period. This included $19.7 million in respect of the Nexan
Group acquisition, along with fixed asset and intangible purchases of $6.6 million,
partially offset by proceeds from fixed asset disposals totalling $1.6 million.
Net interest-bearing debt (NIBD) was $2.4 million higher than the prior comparative
period at $88.0 million, reflecting the strong operating cash flows and the deliberate
strategic investments undertaken during the year. The 30 June 2026 NIBD includes the
$19.7 million acquisition of Nexan on 31 July 2025, along with an additional $7.0 million
investment in GO-STOCK receivables, both funded by debt. On a comparable basis,
excluding the Nexan acquisition and the increase in GO-STOCK receivables, NIBD would
have been $61.3 million.
During the year, PGW reviewed and extended its syndicated banking facilities through
to September 2029, increasing available facility limits from $185 million up to $265
million and providing additional flexibility to support growth, particularly for GO-STOCK.
Distributions | Ngā Utu Whaipānga
A FY26 interim dividend of 4.5 cents per share was paid in April 2026.
The Board has declared a fully imputed final dividend of 5.5 cents per share. The
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.
Max Rewards loyalty programme | Whiwhinga Mōrahi pono hōtaka
The Max Rewards loyalty programme continues to foster customer value by developing
and strengthening customer relationships through positive experiences and customer
journeys.
With increased collaboration across the business, the Max Rewards programme saw
continued growth throughout FY26. The team's focus remains on both acquisition
and retention initiatives that support our customers and our internal teams. Through
targeted campaigns and ongoing benefits, we aim to attract new members, increase
active engagement, and encourage long-term membership. These efforts enable
more PGW customers to access the benefits of the Max Rewards programme while
deepening their connection with the PGW brand.
PGW celebrates 175 years | Ka whakanuia te 175 tau e PGW
For 175 years PGW has supported rural communities through changing seasons,
technologies, and innovations. That experience is the foundation of how we serve our
customers today, and how we look ahead to what comes next.
Our story is woven into the history of New Zealand agriculture. From stock and
station services to wool, rural and horticultural supplies, research, and real estate, our
legacy has continually adapted to meet the needs of farmers and growers. Strong
relationships, practical expertise, and a deep understanding of rural life form the
backbone of our team's work today. The trust that has been earned over generations
remains central to our business.
Our proud heritage is something we carry forward, and the same spirit that helped rural
New Zealand grow then is what drives us now. Please visit pages 2 to 5 to find out more
about how we have innovated over the years.
Health, Safety, and Wellbeing | Te Hauora, te haumarutanga, me te toiora
We continued to strengthen our Health, Safety, and Wellbeing framework throughout
the year, with a focus on supporting safer outcomes across the business, and we have
been pleased to see a reduction in lost time injuries.
Several key standards were developed and implemented, including Critical Risk
Management, Contractor Management, and Hazard Identification and Management.
We are expanding our formal Health Monitoring programme to ensure any workplace
exposures are not having long-term impacts on employee health. Management
commissioned an independent assessment, using a nationally recognised framework,
to provide an objective review of health and safety leadership, worker engagement
and risk management practices across PGW. These initiatives support our ongoing
commitment to continuous improvement and strengthening our safety culture.
As our approach to Health, Safety, and Wellbeing reporting continues to mature,
particularly in relation to Critical Risk Management, we are encouraged by the positive
trends emerging across our Health, Safety, and Wellbeing performance data. Most
notably, we have seen a reduction in the severity of reported events, resulting in a 3.5%
reduction in our Total Recordable Injury Frequency Rate (TRIFR) compared with the
previous year.
Sustainability | Toitūtanga
PGW continues to support sustainable transformation across New Zealand's agricultural
and horticultural sectors, while responding proactively to an evolving regulatory
environment. During FY26, PGW worked through the implications of legislative change,
including modifications to the Climate-Related Disclosures reporting thresholds. In
response, the PGW Board reaffirmed its commitment to climate transparency and
accountability through the continuation of voluntary reporting aligned with the New
Zealand Climate Standards.
Alongside the Annual Report, PGW has released its Sustainability Report and Climate
Statement 2026. This reflects our third year of climate-related reporting and an
evolution in our management of climate-related risks and opportunities. PGW is pleased
to report a reduction in greenhouse gas emissions of 23% against the FY21 baseline,
driven primarily by ongoing improvements to fleet efficiency and operational emissions
management. During the year, PGW expanded its low-emissions fleet by increasing the
number of hybrid vehicles to 106 and introducing an electric vehicle (EV ) option. The
initiative has already seen uptake from early adopters, supported with in-home charging
infrastructure.
FY26 also saw further progress in strengthening responsible business practices across
our value chain. PGW expanded its supplier due diligence programme through the
wider rollout to suppliers, positioning the business for anticipated modern slavery
reporting requirements. Looking ahead, PGW will continue to focus on practical
decarbonisation initiatives, including the delivery of a strategic rooftop solar
photovoltaic installation programme across selected sites, supporting emissions
reduction, energy resilience, and long-term value creation.
Cash flow and debt | Te Kapewhiti me te Nama
PGW generated strong operating cash flows of $52.6 million during FY26, an increase
of $40.2 million on the prior year of $12.4 million, reflecting the improved financial
performance of the business along with favourable working capital movements versus
the prior year. The Group saw a further $7.0 million growth in GO-STOCK receivables. Tax
payments were $2.2 million higher.
Max Rewards loyalty
programme now offering over
2,500
catalogue products to members.
PGW celebrates its support of
rural communities, through
changing seasons, technologies,
and innovations for
175
YEARS
For the first time
PGW has exceeded
$1.0b
in revenue since the divestment
of PGG Wrightson Seeds in 2019
Continuing voluntary
climate reporting
beyond regulatory
requirements
Our third year of climate-related
reporting and an evolution in our
management of climate-related risks
and opportunities.
PGW reports a 23%
reduction of greenhouse
gas emissions – since
FY21 baseline
Expanded our low-emissions fleet by
increasing the number of hybrid
vehicles to 106
.
Improvements to fleet efficiency and
operational emissions management.

Chair and Chief Executive Officer's Report | continued
22
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
|
23
John Nichol
Chair
Stephen Guerin
Chief Executive Officer
Outlook | Matapae
New Zealand's agricultural sector enters FY27 from a
position of relative strength, driven 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,
enhancing farm and orchard profitability, increasing
investment and driving growth.
Conditions are expected to remain favourable across many
key sectors. Demand for red meat, dairy, and horticultural
products continues to underpin farm and orchard
profitability and investment, while farmer confidence
remains resilient despite concerns about rising input costs.
Dairy farmers enter FY27 in a favourable position, with
firm milk prices, healthy farm cash flows, and continued
international demand expected to support investment and
productivity across the sector.
The horticulture sector is forecast to see further growth, led
by continued expansion in kiwifruit and pipfruit exports.
Ongoing orchard development, growing export demand,
and attractive grower returns should encourage investment
and support sector growth. Viticulture and arable farming
are likely to remain challenging in the near term. Wine
producers continue to navigate global oversupply, softer
demand, and lower returns, while arable growers face
persistent cost pressures and tight margins.
Election year dynamics may contribute to a degree of
caution in parts of the rural economy, particularly the rural
property market. However, quality listings continue to come
forward and, with momentum across several key sectors,
market activity is expected to remain steady through the
spring and summer selling season.
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.
While the outlook is positive and we have seen a pleasing
start to FY27, some challenges remain in a more complex
operating environment. Looking ahead, geopolitical
tensions, supply chain disruption, and higher input cost
pressures continue to present risks, squeezing margins
across the sector. However, New Zealand producers have
consistently demonstrated an ability to adapt to changing
conditions, and many businesses are expected to focus on
improving efficiency, managing costs, and responding to
evolving market opportunities.
El Niño conditions present additional uncertainty for the
season ahead, with warmer and drier weather forecast
for some regions. This may affect pasture growth,
water availability, and crop production, increasing feed
requirements and operating costs. However, impacts
on competing global production regions could support
demand for New Zealand exports.
Backed by our deep technical capability, a commitment
to innovation, and strong customer partnerships, PGW is
well positioned to support customers through changing
conditions and benefit from opportunities across New
Zealand's agricultural and horticultural sectors.
Governance changes | Ngā Panonitanga Mana Whakahaere
At the Annual Shareholders’ Meeting on 14 October 2025,
shareholders voted against the re-election of Independent
Chair, Garry Moore, and Independent Deputy Chair, Sarah
Brown. Later that day John Nichol joined the PGW Board
as an independent director and a member of the Audit
Committee. On 16 October 2025, he was appointed Chair.
On 1 July 2026, Mark Allison was appointed a non-
independent director. Mr Allison is the Managing Director
and CEO of Elders, a substantial product holder in PGW. Mr
Allison is expected to retire as Managing Director and CEO
of Elders on or around 30 September 2026.
Acknowledgements | Ngā whakamihi
The achievements of the past year reflect the dedication,
expertise, and commitment of our nationwide team. We
thank our people for the support they provide to our
customers, rural communities, and each other every day.
We extend our sincere thanks to our customers and
suppliers for their ongoing loyalty, trust, and partnership.
Finally, we thank our shareholders for their continued
confidence in PGW. We remain focused on delivering
sustainable growth and long-term value while supporting
the success of New Zealand's primary sector.
PGW Group
Strategy & Performance
Measures
Rautaki Rōpū a PGW
Our strategy continues to guide
investment and decision-making
across the Group, providing
a framework for investment,
innovation, and growth. During
FY26 we made further progress
on several initiatives designed
to strengthen our customer
offering, build technical capability,
and support long-term growth,
enhancing PGW’s position as a
trusted partner to New Zealand’s
farmers and growers.
During the year, we made further progress against several strategic
initiatives introduced as part of our growth agenda. The integration
of the Nexan business has progressed well, with our Nexan and PGW
teams working together to leverage their complementary strengths.
The acquisition has bolstered our animal health capability, expanded
our proprietary product portfolio, and reinforced our commitment
to delivering innovative solutions that support productivity and
performance.
Blue AG™, our private label agri-chemical range, completed its first
full season of trading. Early adoption has been encouraging, with
strong engagement from our Rural Supplies and Fruitfed Horticulture
teams. Blue AG enhances supply chain resilience, provides customers
with greater choice, and strengthens PGW’s ability to deliver a
differentiated and competitive agronomy offering.
Another key milestone has been the bedding in of our Hastings
Research Station. Established to strengthen our technical capability
and innovation pipeline, the facility is already delivering valuable
technical and commercial insights.
Together, these initiatives demonstrate how we are bringing our
strategic priorities to life, investing in capabilities that create long-
term value.
RESEARCH STATION
98 TRIALS NATIONWIDE
WITH 42 AT THE STATION
FIRST TRADING
SEASON
ACQUISITION
& INTEGRATION
GROUP HIGHLIGHTS

24
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
|
25
EBIT KPI : Normalised Earnings Before
Interest and Tax target of 10% normalised
growth over a three-year rolling cycle.
Safety KPI :
Continuous annual
improvement in PGW’s Total Recordable
Injury Frequency Rate (TRIFR).
Customer Experience KPI :

Continuous annual improvement
in PGW’s NPS measures.
91.4%
3.5%
111.1%
8.1%
20.6
cps
1. FINANCIAL PERFORMANCE MEASURES
2. SAFETY PERFORMANCE
3. CUSTOMER EXPERIENCE
Strategic
Performance Measures
Our FY26 results reflect disciplined progress across the three
strategic Performance Measures that contribute to our long-term
success: financial performance, safety performance, and the
experience we deliver to our customers.
FY26 Result: Growth of 91.4% over the three-year rolling cycle reflecting the significant increase in earnings.
FY26 Result: PGW recorded a 3.5% reduction in our TRIFR compared with the previous year.
FY26 Result: Independent market research has confirmed a significant 111.1% year-on-year
increase in PGW’s Group NPS compared to FY25.
These performance measures are tracked to assess our progress against our
business objectives and identify opportunities for continuous improvement. By
monitoring and analysing a range of key performance indicators (KPIs), we can
better understand how effectively we are delivering outcomes for our stakeholders.
Ensuring our people return home safe and well each day is a collective priority and
we are committed to building a stronger safety-focused culture. As our approach to
Health, Safety, and Wellbeing reporting continues to mature, particularly in relation
to Critical Risk Management, we are encouraged by the positive trends emerging
across our Health, Safety, and Wellbeing performance data.
Given the importance of customer experience to sustainable business
performance, we focus on continuous improvement in our Group Net Promoter
Score (NPS). NPS is a widely used measure of customer satisfaction and loyalty,
based on a customer’s willingness to recommend a business to others.
ROCE KPI: Target 10% growth in
Return on Capital Employed (ROCE)
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.
EPS KPI: Earnings Per Share (EPS)
target for FY26 of 15.7 cps.
FY26 Result: Exceeded the Earnings Per Share target with 20.6 cps, benefiting from a much-improved
operating result across our Rural Supplies, Livestock, and Real Estate businesses.

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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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27
Wilson LiuU Kean SengDr Charlotte Severne
John NicholMark Allison
2026
Board of Directors
Te Poari Tumuaki
John Nichol
CA
Chair, Independent Director
John Nichol was appointed Chair of the PGG Wrightson Limited
Board on 16 October 2025, after joining the board as an Independent
Director on 14 October 2025. He is also a member of PGG Wrightson
Limited's Audit Committee. John was a PGG Wrightson Limited
director and a member of the Audit Committee from 22 October
2013 to 30 April 2019.
John was a chartered accountant from 2002 to 2013. He has been
Managing Director of Optica Life Accessories Ltd since 2002 and
Chair since 2013. Prior to that he held a number of executive roles
within the banking and finance sector and for 10 years he was
Managing Director of investment company, Broadway Industries Ltd.
He has been director of a number of businesses within the primary
sector including Slink Skins (NZ) Ltd, Fortex Group Ltd, New Zealand
Salmon Company Ltd, Alpine Dairy Products Ltd, NZ Vet Limited,
Woolfill Corporation (NZ) Ltd, New Zealand Dairy Board, New Zealand
Merino Company Ltd, and Craigpine Timber Ltd. He has also been a
director of a number of significant other New Zealand businesses,
including New Zealand Post Ltd and State Insurance Ltd.
Mark Allison
B.Agr.Sc, B.Econ, GDM, FAICD, AMP (HBS), DUniv (hc) (Adel)
Director
Mark Allison was appointed to the PGG Wrightson Limited Board on
1 July 2026.
He joined Elders Limited as a Non-Executive Director in November
2009, served as Chairman and Executive Chairman, before being
appointed Managing Director and Chief Executive Officer in May
2014.
Mark’s more than 40 years agribusiness career spans technical,
manufacturing, supply and distribution roles and businesses. Previous
roles include Managing Director/CEO of GrainGrowers Limited,
Jeminex Limited, Farmoz Pty Ltd, Wesfarmers Landmark Limited,
Wesfarmers CSBP Limited, CropCare Australasia Pty Ltd, and General
Manager of Incitec Fertilisers.
Mark is a member of the Australasian Rabobank Food and Agriculture
Advisory Board. He was the previous Chair of Agribusiness Australia,
the Agrifood and Wine Advisory Board of the University of Adelaide,
AuctionsPlus, CropLife, Agsafe, the APVMA, as well as several other
agricultural, industrial, and safety businesses. On 19 September
2023 he was awarded an Honorary Doctorate from the University of
Adelaide for his experience and lifelong contribution to agriculture
and agribusiness.
Mark is from far North Queensland, and is a passionate advocate of
agriculture, and regional and rural communities.
Wilson Liu
B.Com, CA, CPA
Independent Director
Wilson Liu was appointed to the PGG Wrightson Limited Board on
1 July 2025 as an Independent Director. He is also Chair of the Audit
Committee.
Wilson has over 30 years of professional experience in providing audit
and business advisory services. Wilson started his career with PwC in
Hong Kong and Melbourne. He retired from PwC in July 2020 with 23
years’ experience as audit partner.
He has extensive governance experience as a member of the
Governance Board of PwC Greater China and Singapore; he was
President of CPA Australia North China and is currently a Council
Member. Wilson is an independent non-executive Director of Foran
Energy Group Co., Limited (SZSE), Valuetronics Holdings Limited
(SGX), and Guotai Junan International Holdings Limited (SEHK).
Wilson received a Bachelor of Commerce degree from the University
of Western Australia and is a member of the Chartered Accountants
Australia and New Zealand. He is also a fellow member of CPA
Australia and the Hong Kong Institute of Certified Public Accountants.
As a resident of Hong Kong, he currently splits his time between
Hong Kong and Melbourne.
U Kean Seng
LLB (Hons), B.Ec
Director
U Kean Seng was appointed to the PGG Wrightson Limited Board on
4 December 2012. He is also a member of the Audit Committee.
He is a Barrister and Solicitor, Supreme Court of Victoria, Australia;
Advocate and Solicitor, Supreme Court of Singapore and Solicitor of
England and Wales.
U Kean Seng previously practiced as a partner at Singaporean law
firm, Shooklin & Bok LLP, focused on East Asia, and he led a corporate
finance team in Allen & Overy Shooklin & Bok, JLV, an international
law venture partnership with London based Allen & Overy LLP. He has
been an Independent and non-executive Director of several public
listed corporations.
U Kean Seng received a Bachelor of Laws (Honours) degree from
Monash University Australia, and is also a qualified economist, having
completed his degree majoring in Economics and Accounting, B.Ec at
Monash University, Australia.
Dr Charlotte Severne
MSc, PhD (Geology), ONZM
Independent Director
Dr Charlotte Severne (Tūwharetoa, Tūhoe) was appointed to the
PGG Wrightson Limited Board on 18 June 2021 as an Independent
Director. She is also Chair of PGG Wrightson's Health, Safety and
Environment Committee.
Charlotte was a commercial scientist and executive for 20 years. She
is the Chair of NZ Forest Managers and was Deputy Vice Chancellor at
both Lincoln and Massey Universities.
In 2017 she received an ONZM for her contribution to Science and
Māori. In 2018 she was appointed the Māori Trustee, with various
governance and agency roles for whenua Māori across New Zealand.

28
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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29
Stephen GuerinNick BerryJulian Daly
Sarah MearsPeter NewboldPeter Scott Rachel Shearer
2026
Executive Team
Ngā Kaihautū
Stephen Guerin
Chief Executive Officer
Stephen was appointed Chief
Executive Officer (CEO) of PGG
Wrightson Limited in June
2019. Stephen is a director
of several Group subsidiaries
and a Director of the PGG
Wrightson Employee Benefits
Plan Trustee Limited. He holds
a Bachelor of Business Studies
(Accounting) from Massey
University and is a Chartered
Member of the Institute of
Directors and Chartered
Accountants Australia & New
Zealand. Stephen also holds
external governance roles as
a Director of Safer Farms, a
Director of the Primary ITO,
and a director and Chair on a
community charity board.
Prior to this appointment as
CEO, Stephen was responsible
for all aspects of the Retail &
Water business which includes
the Rural Supplies, Fruitfed
Horticulture, Water, and
Agritrade businesses. He has
worked for PGG Wrightson
Limited and its predecessor
companies since 1988.
Nick Berry
General Manager Retail & Water
Nick was appointed General
Manager Retail & Water in
August 2019. Nick joined PGG
Wrightson Limited as New
Business Growth Manager for
Agritrade in 2014 and through
his five-year period with
Agritrade he grew the business
substantially. Before joining
PGG Wrightson Limited, Nick
was General Manager for RD1
for eight years and prior to that,
National Operations Manager.
Nick has an extensive track
record of experience at general
management level. Nick’s
strengths include leadership,
business management, and a
strong sales and service focus,
backed by an affinity for retail
and the agribusiness sector.
Julian Daly
General Manager Corporate Affairs
Julian is responsible
for the Group Strategy,
Marketing, Legal, Corporate
Communications, Business
Services, and Investor Relations
functions for PGG Wrightson
Limited. He is also Company
Secretary and previously held
a number of responsibilities
including, General Manager
of PGG Wrightson Real Estate
Limited and Internal Audit.
Julian has broad operational
involvement across the
business and is Chair of the
Credit Committee and Risk
and Compliance Committee,
director of several Group
subsidiaries and a Director of
the PGG Wrightson Employee
Benefits Plan Trustee Limited.
He is a former General Counsel
of DB Breweries Limited and
has previously worked for law
firms in the Middle East and
New Zealand. Outside of his
PGG Wrightson role, Julian
also has held a number of
governance and voluntary
positions, including as a
Director of Trade Aid New
Zealand, Chair of Selwyn House
School and as a Citizens Advice
Bureau community lawyer.
Sarah Mears
General Manager People & Safety
Sarah joined PGG Wrightson
Limited in 2011 and was
appointed General Manager
People & Safety in August
2024. Sarah is responsible for
the design and delivery of
our Group People & Safety
strategy through leadership of
our Health, Safety & Wellbeing,
Human Resources Business
Partnering, and Human
Resources Shared Services
teams. She provided direct
Human Resources Business
Partnering services and
leadership across all Business
Units before moving into her
current role.
Sarah is a former Area Human
Resources Manager for
Intercontinental Hotel Group,
where she spent 15 years in
generalist Human Resources
and Learning Development
roles which saw her work and
travel across New Zealand,
Australia, and Southeast Asia.
Peter Newbold
General Manager Livestock
& Real Estate
Peter is General Manager
Livestock & Real Estate. Peter
has led the PGG Wrightson
Limited Real Estate business
since September 2013 and
he took responsibility for PGG
Wrightson Limited Livestock
in October 2020. Peter was
previously General Manager
of New Zealand Sotheby’s
International Realty.
Peter was employed by
Wrightson Limited from
1995 to 2005 during which
time he held a range of roles
including Marketing Manager
and Business Development
Manager. Prior to this, he had
an extensive career in retail
ownership management and
franchising.
Peter Scott
Chief Financial Officer
Peter was appointed as PGG
Wrightson Limited’s Chief
Financial Officer in March 2015
and leads the finance and
technology functions. Peter
started his career at Fletcher
Challenge and has broad
multinational experience,
having spent five years in
Scandinavia where he was the
Vice President of Accounting
and Tax for Norske Skog, a large
global newsprint and magazine
paper producer.
He relocated to Australia in
2005 and was appointed to
the lead finance role for the
Australasian region for Norske
Skog. In 2008 Peter joined
Gloucester Coal Limited, an
Australian Securities Exchange
listed mining company as
the Chief Financial Officer. In
2010 he joined the majority
shareholder Noble Group, a
leader in managing the supply
chain of agriculture, energy,
metals and mining resources,
headquartered in Hong Kong
and listed in Singapore. He was
the Chief Financial Officer for
Noble Group in Australia.
Rachel Shearer
General Manager Wool
Rachel was appointed General
Manager Wool in August 2024,
having joined PGG Wrightson
Limited as General Manager
People & Safety in 2016. She
leads a team focused on
delivering a more sustainable
and future-focused wool value
chain for New Zealand sheep
farmers and is responsible
for driving change across
procurement, logistics, sales,
and export. Rachel has a clear
focus on strengthening sector
resilience, improving outcomes
for growers, and positioning
New Zealand wool for long-
term relevance in global
markets.
A strategic and people-
centred leader, Rachel has
a background spanning
organisational transformation
and workforce strategy. She
brings deep experience in
leading change in complex
industries and has worked
in multiple international
economies. She is a member
of the Institute of Directors
and serves on a number of
subsidiary boards within the
PGG Wrightson Group.

ANNUAL REPORT 2026
|
3130
|
PGG WRIGHTSON LIMITED
Mott’s Premium Produce harvesting parsnips
near Tangiwai, Manawatū-Whanganui.
The year in review
Te arotake i te tau
PGW has two operating groups: Retail & Water and Agency
E rua ngā rōpū whakahaere o PGW: Hokohoko me te Wai me te Umanga

32
|
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33
Retail & Water Group
Rōpū Hokohoko me te Wai
Revenue
$
851. 2m
▲ $78.3m or ▲ 10%
Operating
EBITDA
$
44.5m
▲ $2.3m or ▲ 6%
The Retail & Water business
incorporates Rural Supplies,
Fruitfed Horticulture, Water,
and Agritrade. Retail & Water
recorded Operating Revenue of
$851.2 million, up $78.3 million
or 10% on FY25. Operating EBITDA
of $44.5 million improved $2.3
million, or 6% from the prior
year’s result.
Rose Barker, PGW Water Sales & Design Engineer, discusses the benefits of remotely
controlled irrigation systems on farm such as the Valley Agsense365 software via
Valley the ICON5 smart panel with Rick Wobben from Netherland Holdings near
Rangiora, Canterbury. Since this photo shoot, Rose has changed roles and
she is now a Technical Horticultural Representative located in Canterbury.
Rural SuppliesFruitfed HorticultureWater & Irrigation
Agritrade

The year in review | Retail & Water group continued
ANNUAL REPORT 2026
|
3534
|
PGG WRIGHTSON LIMITED
During the year, we remained focused on margin
management, inventory and working capital discipline.
The business strengthened capability through
initiatives such as the introduction of our new Blue AG
private label, the acquisition of Nexan, and the lease of
the research station in Hastings.
PGW acquired the Nexan Group, manufacturer of the
Nexan and Vetmed animal health brands, which have
been distributed through Agritrade to Rural Supplies
stores, rural merchants, and veterinary practices for
more than a decade. Nexan provides a strong strategic
fit to our reverse integration strategy and builds out
our animal health product offering. The acquisition
brings together a comprehensive animal health
portfolio, including Vetmed, Active+, Cervidae, Time
Capsule, and Apply Applicators, under one dedicated
team. This creates a stronger market presence and a
more cohesive range of animal health solutions for
farmers.
Blue AG represents a significant new initiative for
the business, with the first full season of trading now
underway following its launch earlier this year. The
initiative has established a portfolio of registered
agri-chemical active ingredients, supported by
complementary Rainbow products, improving supply
resilience and providing customers with greater choice
in a highly competitive market. Early adoption by
customers has been encouraging, with growing sales
momentum and strong engagement from frontline
teams. As the first season progresses, Blue AG is
laying a solid foundation for scalable growth, greater
procurement resilience, and long-term value creation.
Our R&D capability expanded through investment
in a dedicated research station in Hastings. This R&D
programme continued to demonstrate its value to the
business, with 98 trials successfully completed across
the country, including 42 trials at the Hastings site.
Our R&D work continues to strengthen our technical
knowledge, support innovation and commercial
decision-making, accelerate the delivery of evidence-
based solutions for farmers and growers, and reinforce
PGW's reputation as a leader in data-driven advice.
We launched the Fruitfed Agronomy Accreditation
programme, providing a structured pathway to
develop and recognise the technical capability of our
horticultural teams and further lifting the standard of
advice we provide to customers.
Our Blue Shed Diary podcast has become an effective
platform for sharing technical knowledge, industry
insights, and practical advice for our people, our
customers, and the sector.
Further investment in our network included the
opening of a new integrated retail, Real Estate, and
Regional office facility in Invercargill, located adjacent
to our Wool store. Progress is well underway at the
new Fruitfed Horticulture Hastings site which is due to
open in September 2026. These developments allow
us to better serve our customers and reinforce our
commitment to rural communities.
FY26 was a strong growth year for Retail & Water, with revenue and gross
margin both ahead of prior year results and the highest levels that have been
recorded for Retail & Water. Performance varied across the business units,
with Rural Supplies delivering record sales and earnings, whilst Fruitfed
Horticulture navigated a difficult viticulture market while protecting market
share, and Water delivering strong growth in a competitive market.
The year in review | Retail & Water Group continued
Conor Robertson, PGW Technical Field Rep, discusses parsnip quality and harvest
timing with Jeremy Mott, owner of Mott’s Premium Produce brand, near Tangiwai,
Manawatū-Whanganui. Since this photoshoot, Conor has relocated to Canterbury.
Jim Fuller, PGW Technical
Field Representative, and
Chris Roper, PGW Store
Manager, discuss the
benefits of using Nexan’s
Triplemax Oral low dose
triple combination drench
for sheep and cattle in the
Darfield Rural Supplies
store, Canterbury.
Highest levels of revenue
and gross margin recorded
Rural Supplies delivered record sales
and earnings.
Water delivered strong growth in a
competitive market
.

The year in review | Retail & Water Group continued
36
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
|
37
Zespri Orchard Gate Returns ($/tray)
14
12
10
8
6
4
2
0
Average orchard gate returns ($/tray)
Source: Zespri
2015-162016-172017-182018-192019-202020-212021-222022-232023-242024-252025-26
Green ($/tray) SunGold ($/tray)
Grape and Wine Production (tonnes and litres)
550
500
450
400
350
300
250
200
550
500
450
400
350
300
250
200
Thousand tonnes
Source: MPI, New Zealand Winegrowers, and Stats NZ.
Million litres
2015201620172018201920202021202220232024202520262027202820292030
Grape production (thousand tonnes) Wine production (million litres)
ActualForecast
Year to 30 June
Rural Supplies | Ngā Whakaratonga Taiwhenua
Rural Supplies delivered record sales and profit,
supported by favourable market conditions and sales
execution across the business. Farmer confidence
remained positive across most sectors, encouraging
increased on-farm spending and investment. There
was greater willingness to reinvest in infrastructure,
maintenance, productivity improvements, and farm
development, driving demand across categories
including animal health, water, fencing, and pasture
renewal. Elevated demand created supply pressure
in some categories, requiring close management
of inventory and supplier relationships to maintain
customer service levels.
While trading conditions were generally favourable,
market conditions varied by sector. Sheep and beef
continued to perform well, while dairy farmers remained
measured in their investment decisions, and the arable
sector continued to face profitability pressures, creating
both challenges and future opportunities as land-use
patterns evolve.
Fruitfed Horticulture | Ngā Whakaratonga ā-Huawhenua
Fruitfed Horticulture experienced a solid year, with
increased revenue despite challenging conditions
across parts of the horticultural sector. Continued focus
on customer relationships and corporate accounts
drove growth and helped maintain market share in a
competitive environment.
Market conditions varied across sectors during the
year. The kiwifruit sector remained a key contributor
to performance, underpinned by ongoing orchard
development and continued investment across the
industry. The grape and wine sector remains subdued,
with a reduced harvest and lower wine production
impacting demand across several product categories.
Arable farming has also experienced lower returns,
continuing to constrain margins.
Fruitfed Horticulture continued to invest in technical
capability, research and development, and industry
engagement, reinforcing its position as a trusted partner
to growers. We advanced our nutrition and biologicals
strategy through increased focus on technical capability
and customer-led solutions, supporting growers'
productivity and sustainability objectives.

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.
Strong kiwifruit
and pipfruit returns
Steve Wood, Fruitfed Horticulture Representative, assessing canopy growth and
vine training with Ashdon Reid, owner of Good Crops, at Three Roads Orchard
owned by Craigmore Sustainables Kiwifruit Ltd, near Edgecumbe, Bay of Plenty.

38
|
PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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39
PGW Water Branch in Rangiora,
North Canterbury.
Lamb drenching at Marble Point Station, Canterbury,
with Matt Black using VETMED Triplemax iTape Oral.
Water & Irrigation | Te Wai me te Whakamākūkū
The Water business delivered a pleasing sales result,
driven by increased irrigation, pumping, and service
activity, reinforcing the team’s reputation for project
delivery and customer support.
The team successfully delivered a range of projects
while maintaining its focus on safety, operational
performance, and customer service. Trading conditions
remained competitive and continued to be influenced
by confidence and investment levels within the dairy
sector.
A continued focus on inventory, debtors, and
working capital management supported cash flow
performance. Supply chain constraints, including
increased disruption from the Middle East conflict, and
project scheduling pressures created challenges across
parts of the business.
Agritrade | Tauhokohoko Ahuwhenua
Agritrade delivered strong growth in agri-chemicals
during FY26 and benefited from the integration of
Nexan, strengthening our position in the animal
health market. Working alongside Rural Supplies and
Fruitfed Horticulture, the business remained focused on
supply chain efficiency, pricing discipline, and margin
management while navigating freight cost inflation,
product mix, and seasonal demand variability.
Geopolitical instability contributed to higher
international freight costs and ongoing supply chain
disruption, creating pressure on margins and the
cost of imported products. Despite these challenges,
Agritrade maintained a resilient supply chain through
proactive inventory management, strong supplier
relationships, and disciplined operational execution.
Continued investment in warehouse optimisation,
freight-partner management, and distribution
capability improved efficiency and service levels across
our network.
The year in review | Retail & Water Group continued
Jon Petherick, Technical Manager – Agritrade, develops
new animal health products for New Zealand farmers in
the R&D Laboratory at Nexan, Auckland.

Revenue
$
221.5m
▲ $20.5m or ▲ 10%
Operating
EBITDA
$
29.0 m
▲ $5.5m or ▲ 23%
Our Agency Group incorporates
the Livestock, Wool, and Real
Estate businesses. Operating
Revenue was $221.5 million, up
$20.5 million or 10% on the prior
year’s result. Operating EBITDA
of $29.0 million, was up by a
notable $5.5 million or 23%.
40
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PGG WRIGHTSON LIMITEDANNUAL REPORT 2026
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41
Agency Group
Rōpū umanga
Keegan Gray, PGW Livestock Representative, discusses that the quality
of the lambs will be ideal for finishing with Gerard Scott at Meikleburn
Station’s on-farm cattle and lamb sale, near Fairlie, South Canterbury.
LivestockWoolReal Estate

The year in review | Agency Group continued
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43
Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26
1000
950
900
850
800
750
700
650
600
550
500
c/kg
Prime Steer & Heifer – 270-295kg-c/kg
Source: Beef + Lamb New Zealand Economic Service & Insights
All Grades Lamb – $/head
260
240
220
200
180
160
140
120
100
$/head
Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26
Source: Beef + Lamb New Zealand Economic Service & Insights
Livestock | Ngā Kararehe
Elevated livestock prices across sheep, cattle, and dairy markets
drove an outstanding financial result for the Livestock business.
Favourable international demand for red meat, improved farm
economics, stronger farmer confidence, and robust buying
interest from farmers and finishers underpinned performance.
Stud stock sales reached new heights, with an East Coast
Angus bull selling for $220,000. The dairy herd autumn sales
season featured buoyant stud and clearing auction results.
GO-STOCK continued to attract new customers, increasing the
number and value of livestock contracts written. By enabling
farmers to free up capital, the product provides greater
financial flexibility while strengthening long-term customer
growth and loyalty and making an important contribution to
earnings.
Ongoing investment in saleyard infrastructure and operational
efficiency improved customer experience and enhanced safer
livestock handling. Increased throughput across a number of
key saleyards highlighted the ongoing importance of PGW's
physical market network.
Supply chain partnerships also gained momentum during
the year, with increasing volumes being directed through
preferred processor partners.
While the deer industry remained stable, PGW maintained or
increased market share across most sales channels. This was
supported by firmer venison prices and growing volumes
through supply chain partners. Customer solutions such as
Defer-A-Stag and GO-STOCK continued to support farmers.
The deer velvet business strengthened its market position
through improved sales and grading processes, improving
transparency for buyers and sellers.
bidr continued to transform livestock trading during FY26,
expanding its online buying presence at weekly sales to more
than 20 saleyards nationwide and hosting more than 1,400
auctions. By continuing to deepen market penetration, bidr
expanded its digital livestock trading network, increased
transaction volumes, and provided customers with greater
market access and flexibility. Approximately 30% of all saleyard
bids were placed through the platform, reflecting the growing
role of digital participation in livestock markets.
Elevated livestock prices
*
Sheep 38.5%
Cattle 29.9%
Dairy 34.1%
* FY26 average price compared to FY25
Lisa Nolan, PGW Livestock Representative – Genetics, located in Otago, assesses
bulls at the Turihaua Angus Annual Bull Sale, near Gisborne, Tairāwhiti.
bidr broadcasting from the Te Mania
Angus’ 2 Year Old Bull Sale, Conway Flat,
North Canterbury.

The year in review | Agency Group continued
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Technical enhancements included integrating saleyard
weigh scales with rostrum screens, improving data flow
and operational efficiency. A new Helmsman auction
product was launched, providing valuable customer
feedback to support future platform development. This
auction style allows for multiple lots to be offered for sale
simultaneously, so buyers can compare multiple lots in
making bid decisions.
Real Estate | Hokohoko Whenua
Real Estate delivered an improved result as activity
increased across rural, lifestyle, and residential markets.
During the final quarter of the financial year, sheep and
beef properties experienced a resurgence. Demand
for dairy and horticultural, predominantly kiwifruit,
properties strengthened significantly, supported
by improved farm economics, lower interest rates,
and renewed buyer confidence. Dairy sales volumes
increased by approximately 30% compared with
the prior year, while horticultural property sales
volumes increased 60%. The dairy sector expanded in
Canterbury, buoyed by corporates, large entities, and
private buyers.
Residential and lifestyle activity also improved on
the prior year. However, geopolitical uncertainty and
expectations of higher interest rates contributed to
softer market conditions during autumn, slowing
growth in these categories.
The year saw the launch of our PGW Real Estate
Accelerator Programme, designed to upskill newer
agents through collaboration with and mentoring
from high-performing colleagues as we continue to
expand our reach.
Andrew Fowler, Real Estate Salesperson, discusses the
benefits the gentle north-facing aspect and highly
fertile property with Lorraine and Chris Jordan, owners
of Busby Park, near Katikati, Bay of Plenty.
Tim Gallagher, Real Estate Salesperson – Orchard Specialist,
discusses the G3 orchard with Kala Singh, who purchased the
Te Puke orchard, Bay of Plenty.
The principal challenge during FY26 was livestock
availability, particularly sheep, in parts of the North
Island. Weather conditions, lower lamb survival rates
in some regions, and structural flock reductions
continued to place pressure on sheep tallies. Despite
these headwinds, strong pricing largely offset the
impact of lower volumes.
Real Estate sale volumes
*
Dairy sales 30%
Horticulture sales 60%
* compared to FY25
2024 May
2024 Jun
2024 Jul
2024 Aug
2024 Sep
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
2025 Jul
2025 Aug
2025 Sep
2025 Oct
2025 Nov
2025 Dec
2026 Jan
2026 Feb
2026 Mar
2026 Apr
2026 May
2026 Jun
Source: Fonterra. Graph shows the forecast 2024/25 milk price up until May 2025, after this date the forecast 2025/26 milk price is shown.
Farmgate Midpoint Milk Prices
12.00
11.00
10.00
9.00
8.00
7.00
$/kgMS
Range band Midpoint ($) per kgMS

The year in review | Agency Group continued
ANNUAL REPORT 2026
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PGG WRIGHTSON LIMITED
Wool | Wūru
The wool result was broadly in-line with the
prior year, albeit with a small reduction in
volumes transacted, reflecting the country’s
declining sheep flock. New Zealand’s strong
wool industry experienced renewed optimism
across the financial year, with crossbred wool
prices reaching their highest levels in decades.
Mid-micron wool prices nearly doubled during
the year, while fine wool also experienced
significantly improved returns.
Despite ongoing challenges, including
declining sheep numbers and land-use
change, the sector is increasingly focused
on value rather than volume through
innovation, collaboration, and sustainability.
Growing global demand for natural fibres, in
combination with the global decline in wool
production, contributed to a strengthening
market and improved pricing.
During the year, 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. The
initiative demonstrated the benefits of greater
industry alignment, delivering increased scale
and consistency for buyers, more regular
cash flow for growers, and a more efficient
operating model.
PGW Wool worked alongside others in the
industry to improve supply chain efficiencies,
focusing on reducing duplication and
optimising infrastructure utilisation. These
initiatives contribute to the long-term
competitiveness of New Zealand’s wool sector
while maintaining high levels of service for
growers and customers.
Demand for transparency and assurance
continued to grow. Through Wool Integrity
NZ™, PGW Wool strengthened its ability to
connect growers with supply chains seeking
independently verified animal welfare,
sustainability, and provenance credentials.
Our export business, Bloch & Behrens Wool
(NZ) Limited, increased export volumes into
key international markets, particularly Europe,
despite an overall decline in New Zealand wool
production. This result reflects the strength of
our customer relationships, market expertise,
and ability to connect New Zealand growers
with demand in premium global markets.
Peter McCusker, PGW Wool Representative,
assesses the Blairich Merino two-tooth ewe
flock alongside Kelly Allan and James Calder
during the 2026 Marlborough Merino Association
Two-Tooth Ewe Flock Competition and Stud Tour,
Awatere Valley, Marlborough.
New Zealand Wool Exports - All Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
2024 Jul
2024 Aug
2024 Sept
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
2025 Jul
2025 Aug
2025 Sept
2025 Oct
2025 Nov
2025 Dec
2026 Jan
2026 Feb
2026 Mar
2026 Apr
2026 May
2026 Jun
tonnes clean $ per tonnes clean
Source: Beef + Lamb New Zealand Economic Service & Insights
10,000
7,500
5,000
2,500
0
New Zealand Wool Exports - Strong Wool
10,000
7,500
5,000
2,500
0
tonnes
$ per tonne
2024 Jul
2024 Aug
2024 Sept
2024 Oct
2024 Nov
2024 Dec
2025 Jan
2025 Feb
2025 Mar
2025 Apr
2025 May
2025 Jun
2025 Jul
2025 Aug
2025 Sept
2025 Oct
2025 Nov
2025 Dec
2026 Jan
2026 Feb
2026 Mar
2026 Apr
2026 May
2026 Jun
tonnes clean $ per tonnes clean
10,000
7,500
5,000
2,500
0
Source: Beef + Lamb New Zealand Economic Service & Insights

ANNUAL REPORT 2026
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PGG WRIGHTSON LIMITED
Jo Balfour, PGW Technical Field
Representative, inspects a maize crop
with Jason Scott, co-owner of Scott's
Ag Contracting, at Longbush, near
Carterton, Wairarapa.

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Tangihau Station –
Breeding
resilience on
the East Coast
Our People
Ā Mātou Tāngata
Set in steep hill country inland from Gisborne, Tangihau Station is defined by
scale, terrain, and climatic extremes. The property spans more than 6,600 hectares
of medium to steep East Coast hill country, with only 70 hectares of flat land.
Tangihau runs approximately 1,300 commercial breeding cows, calving 270
stud cows, including yearling heifers, and 18,000 ewes breeding 30,000 lambs,
including hoggets.
6,600
HECTARES OF MEDIUM TO
STEEP EAST COAST
HILL COUNTRY
1,300
COMMERCIAL BREEDING
COWS,CALVING
270 STUD COWS
18,000
EWES BREEDING
30,000 LAMBS,
INCLUDING HOGGETS
Tangihau Station began with members of the de
Lautour and Bayly families and remains in the
hands of their descendants.
Established in 1949, Tangihau Angus has grown
into one of the country’s most respected studs. At
the centre of the operation is General Manager and
Stud Master Dean McHardy, who has led the station
since 1990. Dean continues the legacy of the stud’s
original objective of breeding structurally sound
bulls and cattle capable of performing on steep
hill country.
The challenging environment demands resilience
to ensure productivity, a principle that underpins
the station’s long-standing success. “We breed our
bulls to do a job here first,” Dean says. “If they can
perform in this environment, they will perform
anywhere. Bulls are bred to run on the hills and
are selected for structural soundness, a calm
temperament, good feet and legs, and balanced
estimated breeding values, ensuring they can thrive
under pressure in difficult conditions.”
Upper image : Angus bulls at
Tangihau Station, inland from
Gisborne, Tairāwhiti.
Lower image: Jamie Hayward,
Regional Livestock Manager and
Emma Pollitt, PGW Livestock
Representative – Genetics, discuss
the Angus bulls’ performance
data and gene patterns with Dean
McHardy, General Manager and
Stud Master, ahead of the Tangihau
Angus Annual Bull Sale, inland
from Gisborne, Tairāwhiti.
LIVESTOCK

Our People | Breeding resilience on the East Coast
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With a strong foundation
in place and a clear focus
on performance, Tangihau
continues to demonstrate
how genetics and trusted
partnerships combine to
drive success in New Zealand’s
livestock sector.
A key contributor to this success is the close working
relationship with PGW’s specialised Genetics Team.
The team works alongside farmers to source and
develop high-quality genetics from New Zealand
and international bloodlines, combining technical
expertise with practical, on-farm knowledge to lift
herd performance and deliver long-term gains.
At Tangihau, PGW Livestock Representatives –
Genetics Emma Pollitt and Tom Suttor are closely
involved in the stud programme. “They are brilliant,
I couldn’t do without them,” Dean says. “Their
knowledge and support are a big part of what we do.”
Emma adds, “It’s a thrill to service this standout stud
operation and to promote bulls of such quality. I
see it as our job to facilitate the movement of the
Tangihau genetics into stud and commercial herds
around the country, driving cow calf performance
and productivity. The consistency of the stock and
the focus on breeding cattle that genuinely perform
in tough conditions are what sets it apart. Dean
has done a wonderful job in bringing tradition and
technology together in the herd.”
PGW’s relationship with Tangihau extends beyond
genetics. East Coast Regional Livestock Manager
Jamie Hayward oversees the wider stock programme
throughout the year, while Technical Field
Representative George Thompson and the wider team
provide ongoing support across the business. “PGW
does everything for us,” Dean says. “It’s a complete
service, and we’ve got a great team around us.”
Jamie reflects on the partnership, “Tangihau is a
business built on quality and long-term thinking. It’s a
privilege to work alongside Dean and the team and be
part of delivering those results.”
After decades participating in the combined
Gisborne Angus Bull sale in Matawhero, the stud
moved to an on-farm sale format in 2020, supported
by bidr. Dean says “We started using bidr right
from the first on-farm sale and have found it very
effective. Online bidding has expanded the sale’s
reach, attracting a wider international audience
through live streaming. It provides an excellent
platform for overseas studs to view the bulls and
identify purchasers, allowing them to connect later to
purchase straws.”
The sale is conducted by PGW Livestock Genetics
Auctioneer Neville Clark, whose expertise adds
further strength to the offering. Last year’s sale
achieved a then record-breaking result, reflecting
both the quality of the stock and buyer confidence in
the Tangihau programme.
Angus bulls at Tangihau Station,
inland from Gisborne, Tairāwhiti.

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2.8
HECTARE
FACILITY
600
APPLE TREES
1,100
METRES OF
GRAPEVINES
50
PEACH TREES
0.5ha
DEDICATED TO
CROPPING
Hastings Research Station –
A platform
for innovation
Our People
Ā Mātou Tāngata
PGW's commitment to helping New Zealand farmers and growers succeed took
a significant step forward during FY26 with the establishment of the dedicated
Hastings Research Station, Hawke’s Bay.
On 1 September 2025, PGW assumed the lease of the
Geelen Family Trust Research Station, a 2.8-hectare facility
previously operated by Bayer Crop Science.
The investment provides PGW with a purpose-built hub
for horticultural and agricultural research and strengthens
the company’s long-standing commitment to innovation,
technical expertise, and customer-focused solutions.
The site is uniquely positioned to support a broad range
of research activities, with approximately 600 apple
trees, 50 peach trees, 1,100 metres of grapevines, and 0.5
hectares dedicated to agricultural cropping. The facility
enables multiple trials to be conducted simultaneously
across horticultural, viticultural, and agricultural systems.
For decades, PGW’s Technical Team has worked
alongside farmers and growers to conduct research
trials in commercial paddocks and orchards. While this
collaborative model remains important, it relies on
customers taking productive land out of use. Having a
dedicated research station reduces that burden while
creating a more controlled and scalable environment
for innovation. PGW’s R&D Team undertook 98
scientific trials nationwide this year, investigating
a variety of innovations from new crop protection
products and biological solutions through to fertilisers
and technologies designed specifically for New
Zealand conditions.
Upper image: Chris Lambert, Fruitfed Horticulture Technical Specialist, and
Laura Morgan, Fruitfed Horticulture Technical Advisor, plant a squash trial at the
Hastings Research Station.
Lower image: The 2.8-hectare facility includes a broad range of research plantings.
TECHNICAL

Our People | Hastings Research Station – A platform for innovation
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The investment also allows PGW to accelerate research
programmes that deliver practical benefits for customers,
as Milton Munro, Technical Team Manager, explains. “This is
an incredible investment in the future of growing in New
Zealand. The site gives us the ability to expand and accelerate
our research programme in ways that weren’t possible before.
We can run more trials, gather more data, and bring new
innovations to market faster, ultimately benefiting our grower
and farmer customers.”
The value of the facility extends beyond the trials themselves.
Knowledge generated through research is shared directly
with PGW’s Technical Field Representatives and Technical
Horticultural Representatives, helping them provide evidence-
based advice and recommendations to customers. This
helps give growers and farmers more confidence in product
performance and stronger technical support when making
critical production decisions.
The research station also provides opportunities for staff
training, customer field days, and industry engagement. PGW
intends to use the facility to showcase emerging technologies,
demonstrate trial results, and provide a practical environment
where staff, suppliers, and customers can see innovation in
action.
According to Milton, one of the station’s greatest strengths
is that it was operational from day one. “This site is a bit of a
rarity. Replicating a facility like this elsewhere would take years
of investment and development before meaningful trial work
could begin. Instead, we were able to start trials immediately
and begin generating insights that will support our customers
and our business. Having our own site allows us to conduct
trials that wouldn’t have been possible on a grower’s property.
By June 2026, we had completed 42 trials.”
The Hastings facility also supports several of PGW’s Group
Strategic Priorities, including Customer Focused Innovation,
Differentiated Offering, and Sustainability. The site enables
PGW’s Technical Team to work closely with global suppliers to
evaluate new products and technologies, including biological
and sustainability-focused solutions that can improve
outcomes for farmers, growers, and the wider primary sector.
Importantly, the investment reflects PGW’s confidence in
the future of New Zealand’s primary sector. With dedicated
infrastructure, experienced technical specialists, and a pipeline
of new trials already underway, the research station positions
PGW to continue delivering innovation that helps customers
improve performance, productivity, and profitability.
As the first trial results emerge,
the Hastings Research Station is
already proving to be more than
just a research facility. It is a centre
of excellence that will help shape
the future of farming and growing
in New Zealand, while reinforcing
PGW’s role as a trusted partner to
the rural sector.
The Hastings Research Station.

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FarmRight –
Growing scale,
capability, and
partnership
FarmRight was established in 2000 to fill a service gap in the dairy sector and expanded into
viticulture and horticulture in 2017. Today, FarmRight’s pipfruit portfolio spans multiple
regions, with nearly 530 hectares of orchards either in production or development.
FARMRIGHT'S PIPFRUIT PORTFOLIO
SPANS MULTIPLE REGIONS, WITH NEARLY
530
HECTARES OF ORCHARDS
AT FULL DEVELOPMENT TOREA ORCHARD,
WILL COMPRISE APPROXIMATELY
900,000
TREES GROWN ON V-TRELLIS SYSTEMS
A key part of this growth is Rosewood Orchards in
Hawke’s Bay, where 80 hectares of apples are spread
across four blocks. These orchards diversify climatic
and geographic risk while enabling FarmRight to grow
premium varieties suited to the region, including Envy.
For Pipfruit Operations Manager, Grant Stevenson,
achieving consistently high fruit quality is critical. The
team has trialled a range of planting systems, from
traditional spindle structures to high-density 2D and
Vtrellis systems. The team refines crop monitoring
processes, using drone technology to assess crop load,
fruit size, and tree health.
Supporting this highly technical operation is a close
working relationship with Fruitfed Horticulture. Technical
Horticulture Representative Luke Bottriell and Fruitfed
Horticulture specialists work alongside the Rosewood
team, providing practical advice as the orchard evolves.
Grant values the openness of the relationship. “I appreciate
Luke's practical approach and honesty. We can have
robust discussions about different options, which
helps us make better decisions,” says Grant. “If there’s
something Luke doesn’t know, he'll go away and find the
answer. That level of commitment builds trust and makes
him a valuable sounding board.”
Our Customers
Ā Mātou Kiritaki
Upper image: Matt Bentley, Manager, and Damian Febery, Development Manager, assess the
growth of the apple trees at Tōrea Orchard, near Ashburton, Mid Canterbury.
Lower image: Rosewood Orchard, owned by FarmRight Ltd, near Havelock North, Hawke’s Bay.
Fruitfed
Horticulture

Our Customers | FarmRight – Growing scale, capability, and partnership
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61
The relationship with Fruitfed Horticulture is built on more than product
supply. It is grounded in trusted technical expertise, open communication, and
a shared focus on achieving sustainable outcomes across complex large-scale
horticultural operations.
That relationship extends beyond a single point of contact.
Grant also works closely with Extension Advisor – Pipfruit Marcus
Fitzsimmons and is exploring collaborative trial opportunities at
the Hastings Research Station (see pages 54 to 57). Together, the
Fruitfed Horticulture team is helping ensure decisions are well
informed, technically sound, and aligned with long-term orchard
performance.
While Hawke’s Bay anchors FarmRight’s North Island presence,
the business is also investing significantly in new developments
in the South Island, including a large-scale orchard east of
Ashburton and two orchards located in Tasman.
Tōrea Orchard is being established on a 460-hectare dairy farm.
The development will ultimately see 250 hectares planted in
apples, with the balance remaining in dairy. During 2025, 150
hectares were planted in Rockit and Joli varieties, with a further
100 hectares planned for winter 2026. At full development, the
orchard will comprise approximately 900,000 trees grown on
V-trellis systems designed to maximise productivity.
Getting the fundamentals right has been a central focus
for Development Manager Damian Febery, with early work
centred on site preparation, irrigation infrastructure, nutrition
programmes, and establishing strong tree structure. As the
orchard transitions from establishment into its next phase,
Fruitfed Horticulture continues to play a key role. Technical
Horticultural Representative Rob Wards has been closely
involved, supporting pest and disease monitoring, spray
programmes, and tree nutrition from the outset.
Damian says Rob’s input has been instrumental to the
development. “From planning through to implementation, Rob’s
experience and knowledge have been invaluable,” he says.
“His level of technical expertise gives us confidence in our
decisions and helps set the orchard up for long-term success.”
Rob says being involved in the development of Tōrea Orchard
has been rewarding. “Projects of this scale are a unique
opportunity to get the fundamentals right from the outset. By
working closely with the FarmRight team, we can add value by
supporting strong long-term performance and confidence in
key decisions.”
The two Tasman orchards, located in Riwaka and Appleby,
span 200 hectares and grow Envy, Ambrosia, Evercrisp, and
Joli varieties. The orchards include both producing and
redevelopment blocks, with significant investment made to
align plantings with FarmRight’s long-term varietal strategy and
future market demand.
Working closely with the orchard team, Technical Horticultural
Representative Hayden French provides technical advice and
practical solutions tailored to the region's growing conditions.
Hayden enjoys being involved in the orchards’ ongoing
development. “FarmRight has made a significant commitment
to the Tasman region and it’s exciting to support a business that
is continually looking for ways to improve,” he says. “There’s a
strong focus on getting the best out of every hectare through
redevelopment, new varieties, and technology.”
For FarmRight, growth has never been about hectares alone.
The focus is on developing orchards that perform over the long
term, supported by good people, sound horticultural practices,
and a willingness to keep improving. As new developments
come online, that approach continues to guide investment and
operational decisions across the portfolio.
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.
Ambrosia apples growing on
a 2D system, at FarmRight’s
Appleby Orchard, near
Richmond, Tasman.

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|
63
PGG WRIGHTSON LIMITED
Consolidated Statement of Profit or Loss
For the year ended 30 June 2026
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.
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 63 to 108 for the year
ended 30 June 2026.
The consolidated financial statements contained on pages 63 to
108 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

ANNUAL REPORT 2026
|
6564
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PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Consolidated Statement of Other Comprehensive Income
For the year ended 30 June 2026
PGG WRIGHTSON LIMITED
Segment Report
For the year ended / as at 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.
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 Horticulture 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.

ANNUAL REPORT 2026
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PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Segment Report (continued)
For the year ended / as at 30 June 2026
PGG WRIGHTSON LIMITED
Consolidated Statement of Cash Flows
For the year ended 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.
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.

ANNUAL REPORT 2026
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PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
PGG WRIGHTSON LIMITED
Reconciliation of Net Profit After Tax with Net Cash Flow from Operating Activities
For the year ended 30 June 2026
PGG WRIGHTSON LIMITED
Consolidated Statement of Financial Position
As at 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.
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.

70
|
PGG WRIGHTSON LIMITED
Key Financial Disclosures | Ngā Whakapuakanga Pūtea Hira
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
ANNUAL REPORT 2026
|
71

ANNUAL REPORT 2026
|
73

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
72
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements
For the year ended 30 June 2026
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.
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

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
7574
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PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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 78.
Refer to
Accounting
Policies
– page 78.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
7776
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PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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)
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).

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
7978
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
8180
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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.

Refer to
Accounting
Policies
– page 84.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
8382
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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)

Refer to
Accounting
Policies
– page 86.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
8584
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
8786
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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 know-how 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 at 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

Refer to
Accounting
Policies
– page 91.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
8988
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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 seven 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.
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

Refer to
Accounting
Policies
– page 91.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
9190
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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)
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.

Refer to
Accounting
Policies
– page 93.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
9392
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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
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.

Refer to
Accounting
Policies
– page 97.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
9594
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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)

Refer to
Accounting
Policies
– page 97.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
9796
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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
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.

Refer to
Accounting
Policies
– page 103.
Refer to
Accounting
Policies
– page 103.

Additional Financial Disclosures
| Ngā Whakapuakanga Pūtea Tāpiri
ANNUAL REPORT 2026
|
9998
|
PGG WRIGHTSON LIMITED
PGG WRIGHTSON LIMITED
Notes to the Consolidated Financial Statements (continued)
For the year ended 30 June 2026
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.
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.