Thank you, Ashley. Mōrena, good morning, and welcome to the PGG Wrightson results presentation for the financial year to 30th of June 2026.

As Ashley has introduced, I am Stephen Guerin, the Chief Executive Officer for PGG Wrightson, and it's my pleasure today to provide a brief overview of our results for the financial year to June 2026. With me on this webcast are Peter Scott, our CFO, and Julian Daly, our General Manager of Corporate Affairs, who is also the company secretary.

During the call today, I will cover the year's financial results, our trading performance, key themes and initiatives, and some thoughts on the year ahead. There will be some time for questions at the end of the call, both on the telephone call and via the new technology we're using today for those who are on the webcast in the Slido, and which you'll see details when you've been registering for the webcast.

Julian Daly will be acting as moderator for those questions on Slido. Before I start today, I'd like to acknowledge PGW's 175th year anniversary.

Since May 1851, when George Gould opened Christchurch's first general store, PGG Wrightson and the businesses that have come before have walked alongside New Zealand farmers and growers, adapting to changing markets, new technologies, and shifting needs of our rural communities. The predecessor companies include Pyne Gould Guinness, Wrightson NMA, Dalgety, and Williams & Kettle, which is my own heritage in the business, and many more.

As we like to say, the PGW of today leverages our 175 years of heritage while embracing innovation to shape the future of agriculture. Turning to our financial results, I will cover briefly on our headline results for the year ended 30th of June 2026: operating revenue of $1.1 billion, up $99 million or 10% on the prior financial year; operating EBITDA of $64.3 million, up $8.2 million or 15% on the prior financial year; net profit after tax of $15.6 million, up $4.9 million or 46% on the prior financial year; earnings per share of 20.6 cents per share, up 6.5 cents per share on the prior financial year; cash flow from operating activities of $52.6 million, up $40.2 million on the prior financial year; fully imputed final dividend of 5.5 cents per share, which is 10 cents per share for the full year, has been declared by the directors.

Our FY 2026 results reflect disciplined progress across three strategic key performance indicators measures that contribute to our long-term success: that's the financial performance, our safety performance, and the experience we deliver to our customers. In terms of each of those measures: our EBIT KPI, which is normalized earnings before interest and tax of greater than 10% normalized growth over three years on a rolling cycle, following the FY 2026 result, we achieved the business measure with a growth of 91% over the three years rolling cycle, reflecting significant increase of earnings; our target of 10% growth in return on capital over a three-year rolling cycle, we missed this measure with an average of 8.1% over the three-year rolling cycle, impacted by the tough market conditions we experienced in FY 2024; our earnings per share target for FY 2026 of 15.7 cents, we exceeded our earnings per share target with our 20.6 cents per share result, benefiting from much-improved operating results across the rural supplies, livestock, and real estate businesses in particular; our safety performance, the continuous annual improvement of PGW's Total Recordable Injury Frequency Rate, and I'm pleased to report that PGW recorded a 3.5% decrease in our TRIFR compared to the prior year, ensuring our people return home safe and well each day is a collective priority and we're committed to building a stronger and safer orientated culture within the business; our customer experience KPI, which is continuous annual improvement of PGW's Net Promoter Score measures, independent market research has confirmed a significant year-on-year increase in PGW's Net Promoter Score in FY 2025 to FY 2025, meeting our KPI, given the importance of customer experience to sustainable business performance, we focus on continuous improvement in this widely used measure of customer satisfaction and loyalty based on customers' willingness to recommend our business to others.

Turning to the group highlights: our strategy continues to guide decision-making across the group, providing a framework for investment, innovation, and growth. By refocusing our prioritize economic drivers, we have strengthened our customer offering, enhanced operational capability, and continued to build on PGW's position as a trusted partner to farmers and growers.

During FY 2026, we made further progress on several initiatives designed to strengthen our customer offering, build our technical capability, support long-term growth. Key initiatives during the year included: the acquisition of Nexan, the manufacturer of the Nexan and Vetmed animal health brands, which has been distributed through the agritrade to our rural supplies and Fruitfed Supplies stores, other rural merchants, and vet practices, Nexan provides a strong strategic fit to reverse integration strategy and builds out our animal health product offering; establishing our private Blue Ag label portfolio of registered agrichemical active ingredients, which improves our supply chain resilience and provides customers with greater choice; we leased our new R&D facilities, which expanded our R&D capability through investment in a dedicated R&D station in Hastings, supporting innovation and accelerating the delivery of evidence-based solutions for farmers and growers; our livestock supply chain partnerships gained momentum during the year, with increasing volumes being directed through preferred processor channels; PGW recorded a 23% reduction in operating greenhouse gas emissions from our FY 2021 baseline, this figure is currently undergoing assurance checks, and so we have some caution to confirm that in due course, this is primarily attributed to the continued rollout of our hybrid fleet vehicles into our fleet; dairy real estate sales volumes increased 30% and horticulture sales volumes increased 60% year-on-year; we expanded our GoStock offering to provide farmers with greater financial flexibility while supporting long-term customer growth and loyalty; PGW Wool business consolidated its auction activities into a national open-cry wool auction, creating a single marketplace to maximize buyer participation, competition for growers' wool across New Zealand; our bidr platform continued to deepen the market penetration for this product, to expand digital livestock trading networks, increasing transaction volumes, and provide customers with greater market access and flexibility, approximately 30% of all our saleyard bids were placed through the bidr platform, reflecting the growing online role of digital participation in livestock trading markets.

The strong seasonal nature of our business means most of our earnings occur in the first half of the financial year. The Retail & Water business contributes more strongly in the first half, reflecting the strong spring trading activity.

Livestock typically generates a large portion of its earnings in the second half of the year, due to the timing of livestock transactions and dairy forward contracts. Revenue of $1.1 billion represents an increase of $99 million or 10% over the prior 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. The Retail & Water business operating revenue of $851.2 million was up $78.3 million or 10%.

Our Agency group operating revenue was $221.5 million, up $20.5 million or 10%. Turning to each of the business units within the group: the Retail & Water group first, this business unit recorded operating EBITDA of $44.5 million, an improvement of $2.3 million or 6% from the prior year's results.

The Rural Supplies business benefited from reinvestment and on-farm activity by our customers. Rural Supplies delivered strong results supported by favorable market conditions and sales execution across the business.

Farmer confidence remained positive across most sectors, supporting increased on-farm spending and investment. The Fruitfed Supplies business experienced a solid year, with increased revenue despite challenging conditions across part of the horticulture sector.

Market conditions varied across sectors during the year: the kiwifruit sector remained a key contributor to performance, supported by ongoing orchard development and continued investment across the industry; the grape and wine sector remained subdued, with reduced harvest and lower wine production impacting demand across several product categories; arable farming also experienced lower returns, continuing to constrain margins. Turning to our Agency business: the Agency business delivered operating EBITDA of $29 million, up a notable $5.5 million or 23% on the prior year's results.

Our Livestock business saw elevated livestock prices across sheep, cattle, and dairy markets, supporting an outstanding financial result for the livestock business. Favorable international demand for red meat, improved farm economics, stronger farmer confidence, and robust buying interest from farmers and finishers.

Our Wool result was broadly in line with prior year, albeit a small reduction in volumes transacted. New Zealand strong wool industry experienced renewed optimism, which saw crossbred wool prices reaching their highest levels in decades, mid-micron wool prices nearly doubled, fine wool experienced significantly improved returns.

Our export business, Bloch & Behrens Wool New Zealand Limited, increased export wool volumes into key international markets, particularly Europe, despite an overall decline in New Zealand wool production. PGG Wrightson Wool consolidated its auction activities into a national open-cry wool auction, creating a single marketplace to maximize buyer participation and competition for growers' wool from across New Zealand.

Our Real Estate FY 2026 results saw a significant upturn in rural real estate activity, resulting in improved performance. Favorable trading conditions, particularly in dairy and horticulture, predominantly kiwifruit, markets underpinned the market.

Market conditions have been largely positive for farmers and growers over the past year, and as I've already noted, and I will call out a few points of noting on the slide, including: the dairy sector benefiting from Fonterra's capital return; positive farmgate returns in key dairy and key markets such as dairy, red meat, and horticulture categories, notably kiwifruit; some continuing challenges in the arable space and in viticulture and the wine sector responding to changing consumption habits around the industry. Turning to net profit after tax: our net profit after tax of $15.6 million is an increase of $4.9 million or 46% on the FY 2025 year results.

This is a result of improved operating EBITDA result versus FY 2025, fair value gains on foreign exchange derivatives. This year includes the full-year amortization expense for the Microsoft D365 enterprise reporting platform that went live in April 2025.

The group reported strong operating cash flows of $52.6 million, an increase of $40.2 million versus FY 2025. This result resulting from improved financial performance of the business, along with favorable working capital movements compared to the prior year.

Operating cash flows represent 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. Cash flow from investing activities: investing cash flows of $24.5 million, an increase of $10.3 million from FY 2025, reflects a combination of inorganic growth through the Nexan acquisition and ongoing investment capability and technology to support the group's long-term strategy.

The acquisition of Nexan represents a strategic capital allocation decision designed to strengthen PGW's market position and expand earnings opportunities. Our working capital saw a $7.3 million increase in working capital, which was largely driven by the growth of our GoStock book, reflecting continued customer demand for livestock financing solutions and higher livestock prices.

The investment in GoStock receivables supports a core strategic initiative and contributes to strengthening customer engagement. Excluding GoStock growth, underlying working capital reduced, reflecting continued focus on inventory and receivables management.

Net interest-bearing debt, or otherwise referred to as NIBD, the group ended the year with NIBD of $2.4 million higher than at $88 million, reflecting the strong operating cash flows and the deliberate strategic investments undertaken during the year. The group has maintained a prudent balance sheet with funding both the Nexan acquisition and the growth of the GoStock portfolio.

On a like-for-like basis, excluding these strategic growth investments, NIBD reduced, highlighting the strength of the underlying cash generation performance within the group. This small increase in debt versus the prior year demonstrates the group's continued focus on cash flow management and capital efficiency.

Investment in both Nexan and GoStock is expected to support future growth and strengthen PGW's long-term competitive position. Since August 2019 share consolidation, PGW has delivered total shareholder return of 44.6%, exceeding the NZX Gross Index of 25.5% by 19.1 percentage points over the same period.

Turning to outlook: New Zealand's agriculture sector enters FY 2027 from a position of relative strength, supported by healthy international demand and favorable conditions across key market sectors. Strong returns in red meat, dairy, and horticulture continue to provide positive momentum for rural New Zealand, supporting farm and orchard profitability and investment.

While the outlook is positive, and we've seen a pleasing start to FY 2027, some areas of challenge remain: geopolitical tensions, supply chain disruptions, elevated input costs, and potential impact of the dry El Niño conditions continue to present risks. Dry conditions in a number of key farming and horticulture regions could impact production, cash flows, and customer confidence.

In addition to this, we have election-year dynamics which may contribute to a degree of caution. Viticulture and arable farming is also expected to remain challenging in the near term.

New Zealand recently signed the New Zealand-India Free Trade Agreement, which provides additional optimism for future growth through improved market access. Although conditions across the agricultural sector remain favorable, the critical spring trading period remains ahead of us, and it's too soon to provide guidance on the expected FY 2027 performance.

PGW expects to be in a better position to provide FY 2027 guidance at our 13 October Annual Shareholders' Meeting. In closing, I'd like to acknowledge the dedication of our people across the country and thank our customers and shareholders for their continued support and trust.

This concludes our 2026 financial presentation. I'd like to open the webcast for questions, firstly on those on telephone, and thank you very much for participation.

Ashley, I will now hand back the slide to you, and I just remind you for those on the webcast the Slido application is the forum to take questions. Thank you very much.

I think we have one question through on Slido here, I'll just read that out: The outlook commentary remains positive, but what is the biggest risk to achieving another strong result in FY 2027?

Thanks for those online who posted that question. That was Julian's voice in the background acting as moderator today.

The risks in terms of the FY 2027 result fall into two areas: the commodity cycle price position that impacts returns for our growers and underpins their confidence levels, and then weather, they're the two factors. Right at the moment, you would say that the commodity price cycle looks positive, whereas there is certainly uncertainty and increased commentary about the impact of El Niño out there.

Time will tell as to how that actually plays out because it is a forecast.

Another question online regarding the Nexan acquisition. The question is: How has Nexan performed relative to the acquisition case for the business, and when would we likely to see the full benefits of this acquisition being realized?

We are very pleased with having the Nexan business as part of our family. We've had a relationship that goes back over 10 years with the business, and we saw it as a really strategic opportunity to invest in the business to grow both the Nexan business and PGW as well.

The business has settled in well. We had good data around how the business performed before the acquisition, and it's traded ahead of expectations in terms of that.

We have a number of initiatives underway in terms of future product portfolio growth, and I have actually traveled with the Nexan team into China just in the last few months to visit some of their suppliers. I'm confident that that's going to be delivered on starting from this year, and we welcome to see that and provide a return to our shareholders and to our growers around future product opportunities.

Animal health is one of those areas where we haven't seen a lot of innovation in the marketplace, for us to make that strategic investment underpins our performance, and we're really confident that it will perform ahead of expectations because they've already seen in the first 11 months of the business within our organization.

A follow-up question on Nexan: Have other stock and station or vet companies like Farmlands stopped selling Nexan and Vetmed products since the acquisition?

No, they've continued to support the product brands, which is very pleasing to see. We were very transparent.

We have a team that's engaged with those customers. As we see them, we do treat them as customers, and they've continued to support the brand.

Another question: Has AI disrupted the work of our technical advisers somewhat?

It's a really good question. Right at the moment, the short answer is no.

There are certainly a number of AI tools out in the marketplace. Our customers are experimenting with those.

We ourselves are experimenting with those. We have the research facility I spoke about earlier on in the Hawke's Bay.

We're in the process of setting up a digital twin for that research facility, we get to see how that we can model scenarios in that environment. It's an area of investment for us.

We have both in terms of the technology and staff we've got in our teams to support the innovation that we're seeing. We continue to monitor what's going on in the world as well.

Our teams travel internationally to see what's going on, and our observation at this point in time is New Zealand is well placed around innovation and we at PGW are well placed. The challenge for it is not going too bleeding edge on this stuff as well.

Another question in relation to the Nexan acquisition: Can we disclose the Nexan revenue, EBITDA, and EBIT?

Peter, I'm just going to turn to you, because we do have some information in our financial reports on that.

We do. That's Peter Scott here, actually.

We do actually disclose in our financial accounts that Nexan had revenues of $8.1 million, generated a net profit after tax of $1 million. We don't really go into EBITDA because that's commercially sensitive, but as Stephen mentioned before, the 11 months have been very positive from an acquisition point of view, and we're very pleased with the performance of Nexan.

That note's fully disclosed in the financials,

correct? Yes.

A question: Operating cash flow increased significantly during FY 2026. How much of this improvement is sustainable versus being driven by timing impacts of working capital movements?

It's sustainable to the extent that we rely on the strong performance and commercial returns that our customers are receiving. We as a business are equally focused around our working capital, and we've got a number of initiatives underway in terms of planning of our inventory.

As we go further up the supply chain as a business, we need to take greater control and deliver on better planning for our working capital. As I said, we've got a number of initiatives underway in that space, and I'm really pleased to see that the retail team in particular, which where most of our working capital from an inventory perspective is is concentrated, have that as a as a major project within their business.

The cash flow cycle, we we we monitor what's going on within our own business, we we scan across the sector as well, and compare information with our banking syndicates. In the near term, we are confident around the cash flows of our position of our business.

You'll see in our notes that we have renewed our banking facilities in the notes to the financial statements, and we've modeled out our cash flows as part of that process out over the next few years. That's gives gives us confidence based on the underlying results we we are predicting within the business.

A

question now in relation to net debt: Do we intend to reduce net debt over FY 2027?

As Stephen just mentioned, cash flows were strong in FY 2026 at operating cash flow being $52 million. It depends on the year ahead from an EBITDA performance of course and whether we constraint our networking capital.

However, if there are growth opportunities, such as investment in our GoStock product, then that might lead to an increase in net debt. We've seen this year that Go has gone up $7 million, and that we would want that to continue to grow, actually.

It's one of our strategies. If you look in the notes to the financial statements too, you'll see that we've expanded our facilities with banks to an upper limit of $265 million from $185 million, and a lot of that is to account for continued growth in the Go product.

Depending on what happens over the year, we could see an increase from a Go perspective.

Thank you, Peter. I'd acknowledge the support of our directors around the continued investment in the business, the likes of the Nexan acquisition, the ability to grow the Go product.

We talked at last year's result that part of our strategic initiatives was looking at acquisitions that will grow the business. Some of those are through the investment in products and services.

Some of those are the likes of new initiatives, such as the Nexan acquisition, and then the growth of the Go product. Those things are ordering within our business.

Two related questions to that topic: What is the target size of the GoStock book, and how do we balance growth against credit risk and funding requirements?

We haven't given anywhere in our market commentary, because we consider that market-sensitive, around our appetite for growing the Go product, but it is there. We haven't given a specific target around that.

In terms of credit risk, we have a team that operate across the country, and we have a senior leader in that who's well-experienced within our business. We measure both concentration risk from species type, areas across the country, and we're monitoring the price of the underlying markets in terms of the sector, and we monitor those on a monthly basis.

We're part of our management reporting systems and are through up to the board as well. The other point about this is that we have long and deep relationships with our customers in this space.

We're doing their other trading activity, it's not as if we're solely have a relationship around the Go product. We have their other farm inputs and other activities.

We are seeing what's going on the whole farm system rather than just the lending facility on Go product. I'd

just add to that, Stephen, that although we don't have a target, you will see in the notes to the account on Note 9 in the accounts that we have facilities up to $115 million for Go, and that's available to fund 90% of the GoStock. That's one thing we do disclose in the accounts.

A further question in relation to Nexan: Does the successful integration of Nexan increase the likelihood of further acquisitions?

The short answer to that is yes, it does. This was a privately-owned business, a small business, tightly held, and coming into a business the shape and size of PGW is difficult.

That's the reality of things. To be able to do that successfully demonstrates to both management, to those staff that have come in as part of the acquisition, and to our board and into our shareholders that we can actually manage acquisitions successfully as part of the business is concerned.

I'm sure that based on the feedback we've had with our board, if we have a good business case for good strategic alignment that aligns with our broader strategy as a business in the key market segments, that they would support us, obviously, subject to the working capital constraints of the business as well.

Slightly longer question here now: Retail & Water revenue was up approximately $71 million, and EBITDA was up just $2.3 million. What is PGW doing to demonstrate operating leverage, and very little increase revenue making EBITDA, is the increase in revenue mostly from price inflation or actual revenue growth?

Thanks for the question. As you've acknowledged, Julian, it's a longer question.

The revenue was up, as noted. Those facts as outlined are correct.

We did see, as I've talked about in my commentary, we did see some variation in terms of the underlying market sectors from a horticultural perspective and the Fruitfed Supplies business. The grape market is close on 40,000 hectares of grapes, and that particular sector has seen a downturn in confidence in the sector.

We've seen some areas actually been pulled out from a grape's perspective. I think globally wine consumption has fallen 4% annually year-on-year, and that's certainly impacting our business.

From an apple market perspective, we've seen some variability in that area. Some customers have performed strongly, some not so strongly.

That's impacted the business. Conversely the Zespri performance has supported our kiwifruit growers.

If we look at our underlying results from a customer engagement survey perspective, the business continues to perform strongly and grow its market share.

Just adding to that point that Stephen's mentioned, whilst revenue has grown really pleasingly, you would see from our notes to the accounts that we have taken an impairment charge over one large receivable, and that's influenced our EBITDA for the Retail & Water segment. That's the main reason, actually, that whilst revenue's grown, EBITDA has not grown in the same percentage-wise.

We have a question here on Blue Ag, white-label product: The Blue Ag has completed its first full trading season. What are the early indicators that we're seeing around customer adoption, margins, and market share opportunities?

There has been strong adoption from our clients. This was a key strategic initiative.

We've seen the rise of generic chemistry within the marketplace, and PGW has positioned itself well. We've had relationships with a number of suppliers in this space for a period of time, and then we've therefore expanded the range within our network.

In terms of that process, we made sure that our staff were well briefed, including a number of staff traveling to our suppliers to understand their manufacturing process, insurance around quality, etc. That's flowed through to the market adoption by our clients.

The fact that PGW is prepared to put its brand name on the particular products, back them, and has the support networks across the country in terms of our technical teams to support those products being launched to the marketplace. As you go up the supply chain, the reality is that you are able to get greater margins, and that's what we've been able to achieve.

We've got further expansion plans for this season that's ahead of us, both in terms of sales volumes and in terms of the number of products that we have within our marketplace.

We have a question here: Which business units contributed most to FY 2026 earnings growth, and where do we see the biggest opportunities for further improvement?

It's Peter here. The biggest, I guess, was from the Livestock business.

You would have seen red meat prices were very strong throughout the whole year and continued to strengthen over the year, so that's been one of the major contributors. The Real Estate business was also very positive during the year.

With commodity prices being so strong, that's given confidence for the rural real estate side of the business. The Rural Supplies business was a strong contributor, too.

Also the inclusion of Nexan helped us a lot, too. Rural Supplies, our agritrade business, and our Agency businesses of Livestock and Real Estate contributed mostly.

The Rural Supplies business has a concentration of customer base around the dairy and the red meat customer. Those underlying commodity price returns drive the performance of that particular business unit.

Having said that, we've also seen some market share growth in that particular business as well.

That's all the questions through on Slido.

Thank you, Ashley. I'm turning the call back to you.

Is there any last questions we may have had on the phone line?

Thank you, and I wish you all a good day ahead, and thank you for your time and listening to this presentation today. We wish all our customers a good spring, because that is key to the success of the PGW business.

Thanks very much.