Annual Shareholders Meeting Results & Presentation

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PGG WRIGHTSON LIMITED
ANNUAL SHAREHOLDERS’ MEETING – HYBRID
9:30am, Tuesday, 13 October 2026

Slide 1 – Meeting Opening Slide



Slide 2 – Welcome & Introduction



Slide 3 – How to participate in the Hybrid Meeting - Questions

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Slide 4 – How to participate in the Hybrid Meeting - Voting



Slide 5 – Board of Directors



Slide 6 – Executive Team

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Slide 7 – Opening Formalities



Apologies

Notice of Meeting

Minutes

Annual Report & Sustainability Report 2026

GAAP and non-GAAP Performance Measures

Proxies and Postal Votes

Slide 8 – Business of the Meeting – Chair’s Address

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Slide 9 – Chair’s Address



Slide 10 – 175 Years



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.

Although our heritage is a source of deep pride, our focus remains firmly on the future.

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Slide 11 – FY26 Financial Year Performance Results & Sustainability Highlights



Financial year performance for the year ended 30 June 2026:

All comparisons are with the prior financial year.

• Operating Revenue of $1.1 billion was up $99.0 million or 10%
• Operating EBITDA of $64.3 million was up $8.2 million or 15%
• Net Profit After Tax of $15.6 million was up $4.9 million or 46%
• Cash Flow from Operating Activities of $52.6 million was up $40.2 million
• Earnings per share of 20.6 cents per share was up 6.5 cents per share
• A fully imputed final dividend of 5.5 cents per share was paid on 6 October 2026, bringing total
fully imputed dividends paid for the year to 10 cents per share.

Sustainability highlights for the financial year ended 30 June 2026 include:

• PGW is continuing its voluntary climate reporting beyond the regulatory requirements.
• We achieved a 23% reduction in greenhouse gas emissions since our FY21 baseline; and
• 100% of PGW sites are supplied by renewable electricity.

Slide 12 – Group Operating Revenue

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PGW’s Group Operating Revenue of $1.1 billion was up $99.0 million or 10% on the prior financial
year.

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.

Slide 13 – Group Operating EBITDA



PGW delivered a strong financial performance in FY26, with Group Operating EBITDA increasing to
$64.3 million, up $8.2 million or 15% on the prior financial year.

This result was driven by improved performances from both our Retail & Water and Agency groups.
These businesses were supported by favourable commodity prices across several sectors and a
recovery in farmer confidence, which encouraged greater investment across the rural economy.

Within Retail & Water, we achieved record revenue, with growth across most business units.
Improved conditions in the sheep, beef, dairy, and horticulture sectors supported increased
customer activity throughout the year.

Rural Supplies delivered a strong result, benefitting from favourable market conditions,
reinvestment on farm, and solid execution. Fruitfed Horticulture also performed well, with increased
revenue driven by strong activity in the kiwifruit sector and continued investment by growers, despite
ongoing challenges across parts of arable farming and the viticulture sector.

Agritrade continued its positive momentum, supported by growth in agrichemical sales, the
successful integration of Nexan, and a continued focus on supply chain efficiency and operational
excellence.

Our Agency Group delivered another good result, supported by favourable conditions across the
livestock, wool, and real estate sectors.

Livestock was the standout performer, benefitting from historically elevated sheep, cattle, and dairy
prices, robust international demand for red meat, improved farm profitability, and renewed farmer
confidence.

The wool sector also experienced improving conditions during the year, with strengthening prices
and greater collaboration across the industry contributing to increased optimism.

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Real Estate delivered an improved performance as activity increased across rural, lifestyle, and
residential markets. In particular, demand for dairy and horticultural properties strengthened,
supported by improved farm economics, lower interest rates, and renewed buyer confidence.

Across both operating groups, we remain focused on supporting our customers, strengthening our
market positions, and investing in initiatives that will drive sustainable long-term growth for PGW.

Slide 14 – Group Net Profit After Tax



NPAT of $15.6 million in FY26 was up $4.9 million or 46% on FY25.

NPAT benefitted from the improved operating result and foreign exchange gains. The year includes
a full year of amortisation expense relating to the Microsoft D365 enterprise reporting platform,
which went live in April 2025.

Slide 15 – Strategy Update – Strategic Initiatives



Our strategy continues to guide decision-making and investment across the Group, providing a
framework for growth and innovation. During FY26, we progressed several initiatives designed to
strengthen our customer offering, build technical capability, and reinforce PGW's position as a
trusted partner to New Zealand's farmers and growers.

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One of the most significant developments during the year was the continued integration of the Nexan
business. The integration has progressed well, with the Nexan and PGW teams working closely
together to leverage their complementary strengths. The acquisition has enhanced our animal
health capability, expanded our proprietary product portfolio, and strengthened our ability to deliver
innovative solutions that support customer productivity and performance.

FY26 also marked the first full season of trading for Blue AG™, our proprietary agrichemical range.
Early adoption has been encouraging, with strong support from both our Rural Supplies and Fruitfed
Horticulture, previously known as Fruitfed Supplies, teams. Blue AG enhances supply chain
resilience, provides customers with greater choice, and further differentiates PGW's agronomy
offering in the marketplace.

Another important milestone has been the successful establishment of our Hastings Research
Station. Established to strengthen our technical expertise and innovation pipeline, the facility is
already generating valuable technical and commercial insights that will help inform future product
and service development, ultimately benefitting our farmer and grower customers.

Together, these initiatives demonstrate our commitment to investing in the capabilities, products,
and expertise that will support our customers and position PGW for continued success in the years
ahead.

Slide 16 – Strategy Update – Performance Measures



Our FY26 results reflect solid progress against the three strategic performance measures, or KPIs,
that underpin PGW's long-term success. These measures cover financial performance measures,
safety performance, and customer experience.

These measures help us to check our progress against our strategic objectives and ensure we
remain focused on delivering sustainable value for our shareholders and other stakeholders.

I'll begin with our financial performance measures.

Our first financial KPI is Normalised Earnings Before Interest and Tax, or EBIT, with a target of 10%
growth over a rolling three-year period. Over the three years to FY26, PGW delivered growth of 91.4%,
significantly exceeding our target and reflecting the substantial improvement in earnings across the
Group.

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Our second financial KPI is Return on Capital Employed, or ROCE, with a target of 10% growth over
a rolling three-year period. We missed this target by a small margin by achieving an average of 8.1%
over the three-year cycle. While this was below our target, the result was influenced by the
challenging trading conditions experienced in FY24.

Our third financial KPI is Earnings Per Share, or EPS. For FY26, our target was 15.7 cents per share.
We exceeded this target, delivering EPS of 20.6 cents per share, supported by stronger
performances across our Rural Supplies, Livestock, and Real Estate businesses.

Turning now to safety.

Ensuring our people return home safe and well every day remains a fundamental priority. We
continue to strengthen our safety culture and are encouraged by the positive progress being made
as our Health, Safety, and Wellbeing programme matures, particularly in the area of critical risk
management.

Our safety KPI focuses on continuous annual improvement in our Total Recordable Injury Frequency
Rate, or TRIFR. In FY26, we achieved our target, recording a 3.5% reduction in TRIFR compared with
the previous year.

Our final performance measure is customer experience, recognising the critical role it plays in
sustainable business performance.

We measure this through an externally surveyed Group Net Promoter Score, known as NPS, which
is an internationally recognised indicator of customer satisfaction and loyalty. Independent market
research confirmed a significant 111.1% year-on-year increase in PGW's Group NPS compared to
FY25, resulting in us achieving this KPI.

Overall, these results demonstrate continued progress against our strategic objectives and provide
a strong platform for future growth.

Before I hand over to PGW’s Chief Executive Officer, Stephen Guerin, I would like to thank our
shareholders for your continued support and commitment to PGW. We value the confidence you
place in our Company and remain focused on executing our strategy, strengthening the business,
and creating long-term value for shareholders.

Slide 17 – Shareholders’ Survey

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Several weeks ago, we invited all shareholders to take part in a short survey to help us better
understand what matters most to you as an investor and your perspectives on PGW. We launched
this survey to gain insights so that we can continue to improve our shareholder communications and
engagement.

The survey was open for a month from 9 September to 9 October. We will now analyse the results
and hope to gain insights into:

• What attracts investors to PGW and what drives long-term investment decisions.
• Expectations around growth, dividends, capital allocation and shareholder returns.
• How investors assess the performance, strategy and future opportunities of the business.
• Which financial metrics and outcomes are most important when evaluating PGW as an
investment.
• Views on risks, valuation and the factors that increase investment confidence.

The feedback will help inform how we engage with you as shareholders and communicate our
strategy and performance. We also hope that the feedback will provide insights into the priorities of
our investor base. Thank you to everyone who participated.

I will now invite Stephen to provide an operational overview of the year.

Slides 18 to 19 – Chief Executive Officer’s Review

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Thank you, John, ata mārie, and good morning, everyone. I’m delighted to be here with you today.

Slide 20 – Operating Cash Flow



Operating cash flow represents the cash generated by PGW’s day-to-day trading activities and is a
key measure of the Group’s ability to convert earnings into cash while funding working capital and
supporting future growth.

PGW delivered a significant improvement in cash generation during FY26, with operating cash flow
increasing to $52.6 million, an increase of $40.2 million on the prior year of $12.4 million. This
resulted from the improved financial performance of the business along with favourable working
capital movements compared to the prior year. The Group saw a further $7.0 million growth in GO-
STOCK receivables. Tax payments were $2.2 million higher.

Cash outflow flow 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.

We continued to invest for future growth during the year. This included the acquisition of Nexan,
along with ongoing investment in GO-STOCK and our wider business infrastructure which were
funded by debt.

Net interest-bearing debt, or 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 as noted earlier.

In our FY26 financial statements we fully provisioned our credit exposure in relation to the ongoing
Kiwi Crunch Group insolvency, and I refer you to notes 3 and 11 in the Financial Statements for more
details. While we continue to work on recovery options, we have taken a conservative view from a
financial reporting perspective. We have taken a conservative view from a financial perspective and
provisioned the entire exposure of around $5 million.

We also completed a review of our syndicated banking facilities, extending them through to
September 2029 and increasing available funding capacity. This provides additional financial
flexibility to support future growth opportunities, including the continued expansion of GO-STOCK.

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Our people remain central to our success, and during the year we continued to invest in leadership
development and the systems that support our teams.

At June 2026, PGW had 1,532 permanent and temporary, or fixed-term, employees. PGW also
engaged 146 casual employees, 160 commission agents, and 3 specialist consultants, bringing the
total staff headcount to 1,841.

We introduced new coaching and leadership development programmes, supported several
significant organisational initiatives, and continued to modernise our people systems to improve
employee experience.

Health, safety, and wellbeing remain a core focus for PGW. During FY26, we strengthened our health
and safety framework through the implementation of several key risk management standards and
continued investment in health monitoring and worker wellbeing.

I am also pleased to report that we saw a reduction in lost-time injuries during the year.

The Max Rewards loyalty programme continues to foster customer value by developing and
strengthening key customer relationships.

Slide 21 – Sustainability Report



Sustainability remains an important part of how PGW supports New Zealand's agricultural and
horticultural sectors, while responding to changing customer, regulatory, and stakeholder
expectations.

During FY26, despite changes to New Zealand's climate reporting requirements, our Board
reaffirmed its commitment to transparency and accountability through the continuation of voluntary
reporting aligned with the New Zealand Climate Standards.

Our Sustainability Report and Climate Statement mark our third year of climate-related disclosures.
I am pleased to report that PGW has reduced greenhouse gas emissions by 23% compared with our
FY21 baseline, driven by ongoing improvements in fleet efficiency and operational emissions
management. We are well on the way towards achievement of our goal of a 30% reduction in
greenhouse gas emissions by 2030.

During the year, we continued to expand our low-emissions vehicle fleet, increasing the number of
hybrid vehicles to 106 and introducing an electric vehicle option.

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We also made further progress in strengthening responsible business practices across our supply
chain through an expanded supplier due diligence programme, helping ensure we are well prepared
for evolving regulatory requirements.

Looking ahead, we remain focused on practical initiatives that deliver environmental and
commercial benefits. This includes the rollout of rooftop solar installations across selected sites,
supporting lower emissions, improved energy resilience, and long-term value creation.

We are encouraged by the progress being made and remain committed to supporting a sustainable
future for both PGW and the rural sectors we serve.

I will now discuss our Business Unit financial results.

Slide 22 – Business Unit Financial Results



PGW has two operating groups, Retail & Water and Agency.

Slides 23 to 27 – Retail & Water



Retail & Water, which includes Rural Supplies, Fruitfed Horticulture, Water, and Agritrade, delivered
another strong result in FY26.

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Operating Revenue of $851.2 million was up $78.3 million, or 10%, on FY25.

This was a record year for the division, with both revenue and gross margin reaching their highest
levels to date. Rural Supplies achieved record sales and earnings, and Fruitfed Horticulture
successfully maintained market share while navigating challenging conditions in the viticulture
sector.



Operating EBITDA of $44.5 million improved $2.3 million, or 6%, from the prior year’s result.

Throughout the year, we remained focused on disciplined margin management, inventory control,
and working capital management, while also investing in initiatives that will support future growth.

As John mentioned earlier, one of the key milestones was the acquisition of the Nexan Group, a well-
established animal health business whose products have been distributed through Agritrade for
more than a decade. This acquisition strengthens our animal health offering and supports our
strategy of increasing value through greater integration of products and services across the supply
chain.

We also launched Blue AG, our new private-label agrichemical range. Customer uptake during its
first full season has been encouraging, improving supply resilience while providing farmers and
growers with additional choice in a competitive market.

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Another important investment was the establishment of our dedicated research station near
Hastings. During the year, our team completed 98 trials across New Zealand, including 42 trials at
the Hastings site. These trials help strengthen our technical expertise and ensure that the advice
and solutions we provide our customers are supported by robust, science-based evidence.

We continued to invest in capability across the business. Fruitfed Horticulture launched its
Agronomy Accreditation Programme, providing a structured pathway to develop and recognise the
technical expertise of our horticultural teams. We also expanded the reach of our Blue Shed Diary
podcast, which has become a valuable platform for sharing practical knowledge and industry insight
with customers, staff, and the wider sector.



Investment in our physical network also continued, including the opening of our new integrated
retail, real estate, and regional office facility in Invercargill, and the redevelopment of an existing
building to house all our business units on our new Fruitfed Horticulture site in Hastings, which
opened recently in September. These investments demonstrate our ongoing commitment to
supporting our customers, strengthening our regional presence, and positioning the business for
long-term growth.

Looking more closely at individual business units, Rural Supplies delivered record sales and profit,
supported by positive farmer confidence and increased investment across many farming sectors.
While trading conditions were generally favourable, market conditions varied by sector. Demand
was particularly strong in categories such as animal health, water infrastructure, fencing, and
pasture renewal.

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Fruitfed Horticulture increased revenue despite mixed conditions across the sector. Kiwifruit
continued to perform strongly, supported by ongoing orchard development and investment, while
the grape and wine sector remained subdued. Throughout the year, Fruitfed maintained a strong
focus on customer relationships, technical capability, and innovation, further strengthening its
position as a trusted partner for growers.

The Water business delivered pleasing sales results, with increased activity across irrigation,
pumping, stock water systems, and service projects. The team continued to build on its reputation
for high-quality project delivery and customer support, while maintaining a strong focus on safety
and operational performance.

Despite a competitive market and ongoing supply chain challenges, the Water business achieved
solid growth through disciplined management of inventory, working capital, and project delivery.

Agritrade performed well during the year, achieving strong growth in agrichemicals and
strengthening its position in animal health through the acquisition of Nexan. The business continued
to work closely with Rural Supplies and Fruitfed Horticulture to deliver an efficient and resilient
supply chain, while managing freight cost pressures and ongoing global supply disruption.
Continued investment in distribution capability and warehouse optimisation further improved
service levels for customers across our network.

Slides 28 to 30 – Agency



Turning now to our Agency Group, which comprises Livestock, Wool, and Real Estate.

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The Agency Group delivered an outstanding result in FY26, with Operating Revenue of $221.5 million,
up $20.5 million or 10%.



Operating EBITDA of $29.0 million, was an increase of $5.5 million, or 23%, on the prior year.

Strong market conditions across much of the agricultural sector, together with improved farmer
confidence and increased transactional activity, supported performance across all three
businesses.

Livestock delivered an exceptional result, benefitting from elevated prices across the sheep, beef
and dairy markets, underpinned by favourable international demand, improved farm economics and
robust farmer confidence.

Our GO-STOCK product continued to gain momentum, providing farmers with greater financial
flexibility while strengthening long-term customer relationships and making an increasingly
important contribution to earnings.

We also continued to invest in both our physical and digital livestock trading platforms. Increased
saleyard activity reinforced the importance of our nationwide network, while bidr®, our online trading
platform, continued to expand its reach and influence, with approximately 30% of all saleyard bids
placed through the platform during the year.

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Supply chain partnerships also gained momentum during the year, with increasing volumes being
directed through our preferred processor channels.

The Wool businesses result was broadly in line with the prior year, albeit with a small reduction in
volumes transacted reflecting the country’s declining sheep flock. There were encouraging signs
with strong wool prices reaching their highest levels in decades and increasing optimism emerging
across the industry. Growing demand for natural fibres, combined with lower wool production
internationally, helped support improved market conditions.

We maintained the focus on strengthening the long-term sustainability of the wool sector through
greater industry collaboration, including the creation of a single national open-cry wool auction. We
also continued development of Wool Integrity NZ™, which provides traceability and assurance
increasingly sought by customers and supply chains.

Our export business, Bloch & Behrens Wool, performed well, increasing export volumes into key
international markets despite declining wool production nationally.

Real Estate delivered an improved result, supported by increased activity across rural, lifestyle, and
residential markets. Demand strengthened across dairy, sheep and beef, and horticultural
properties as lower interest rates, improved farm economics, and renewed buyer confidence
encouraged greater market activity.

During the year, we launched the PGW Real Estate Accelerator Programme, designed to develop and
support the next generation of agents, helping to strengthen capability and support future growth
across the business.

In closing, I would like to offer my personal thanks to Peter Scott our CFO, who leaves us on 30
October, for his support to myself and the business in my time as CEO. I wish you all the very best,
Peter.

I will now hand you back to John to discuss the first quarter for FY27 and the outlook.

Slides 31 to 32 – First Quarter FY27 & Outlook

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Thank you, Stephen, for providing an overview of the 2026 financial year.

I will now provide an update on our current outlook.

While much of PGW’s key trading period remains ahead, first-quarter performance has been
encouraging, particularly in Retail and Water. Earnings from Livestock, PGW’s second-largest
business unit, are weighted toward the second half of the financial year. This positive start, together
with generally favourable conditions and continued confidence across much of the primary sector,
supports a cautiously optimistic outlook for FY27. Based on current trading and market conditions,
PGW expects Operating EBITDA for the financial year ending 30 June 2027 to be approximately $70
million.

We will reassess this forecast after the key second-quarter trading months and will update the
market as appropriate.

The outlook for New Zealand agriculture remains generally positive. Rabobank’s recent Rural
Confidence Survey recorded a ninth consecutive quarter of net-positive farmer confidence,
supported by strong commodity prices and improving farm profitability. Farmers remain confident
about their business prospects, while investment intentions remain comparatively robust
notwithstanding higher input costs.

Elevated fuel, fertiliser, financing and other farm-input costs continue to affect farm profitability. A
weaker New Zealand dollar compounds some imported costs, while also supporting export returns.
Despite these pressures, overall sector conditions remain favourable.

Confidence is also evident in the rural property market. Although activity continues to vary by region
and property type, conditions remain supportive, particularly for dairy and kiwifruit properties. This
activity is expected to benefit PGW’s Real Estate business.

In dairy, favourable milk-price forecasts, resilient global demand and positive farmgate returns have
supported on-farm investment. Red meat pricing also remains favourable, underpinned by
constrained global supply and continued demand across key export markets, including the United
States lamb market. Horticulture continues to perform well, with kiwifruit and apples benefiting
from solid export demand, while improved strong-wool prices are providing some support to grower
returns despite a reduction in the New Zealand wool clip.

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Conditions remain more challenging in parts of the arable and viticulture sectors, where lower
commodity prices, market oversupply in some categories and ongoing cost pressures have created
a more cautious operating environment.

Weather conditions remain an important influence on sector performance. NIWA’s October outlook
indicates that El Niño conditions may be a dominant influence on climatic conditions. This brings
an increased risk of dry conditions, particularly in eastern regions. Farmers and PGW will continue
to monitor production conditions as the season progresses.

Against this backdrop, PGW expects customer activity to be supported by generally favourable
farmgate returns, continued investment in farm productivity, animal performance and on-farm
infrastructure, and ongoing activity in rural property markets. New Zealand’s general election in
November may influence domestic agri-sector policy, while global economic, geopolitical and
climatic risks remain. Despite these uncertainties, New Zealand agriculture enters FY27 in a
stronger position than it has been for several years. With its nationwide footprint, technical
expertise, innovation and enduring customer relationships, PGW remains well positioned to support
customers and capitalise on opportunities across New Zealand’s primary sector.

Slides 33 to 34 – Questions and Discussion

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Slide 35 – Business of the Meeting – Resolutions



Slide 36 – Ordinary Resolution One: Election of John Nichol



Slide 37 – Ordinary Resolution Two: Election of Mark Allison

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Slides 38 – Ordinary Resolution Three: Auditor’s Remuneration



Slide 39 – Move Resolution



Slide 40 – General Business

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Slide 41 – Disclaimer and Closing



Closing

Slide 42 – Thank You

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The Chair,
PGG Wrightson Limited - Annual Shareholders' Meeting
Dear Chair,
As scrutineer appointed for the purpose of the poll taken at the Annual Meeting of the Members of the Company held on 13 Oct 2026, I HEREBY CERTIFY
that the result of the Poll is correctly set out as follows:-
1.
To elect John Nichol as a director of
the Company
49,997,60299.91%44,8450.09%50,042,44766.30%92,009
2.
To elect Mark Allison as a director
of the Company
49,985,99999.78%111,8250.22%50,097,82466.37%36,632
3.Fix the auditor's remuneration49,917,39999.63%184,4800.37%50,101,87966.37%32,577
Yours faithfully,
Mark Tappenden
Relationship Manager
Total Number of Shareholders8,567
Issued Share Capital (ISC))75,484,083
Percentage of Holders Voted8.18%
Percentage of ISC Voted66.37%
No.TitleVotes For%Votes Against%Votes Total% of Issued CapitalVotes Abstain