Welcome everybody. Welcome to this analyst briefing presentation for our financial results ended the 31st of December 2025.

From the outset, let me first express some appreciation. From the directors of the company, from management, and probably from the company itself, just like to take the time to thank everybody who has been involved in our operations last year, in the production of these results.

It's all appreciated. It's been a big effort from our growers, from our suppliers, and our contractors, and our own people.

Let me start by thanking you all. Results are again second year of record results.

We don't take it for granted. It's been a big effort, and so well done.

Pleasure to present, let me tell you. A lot better than having to present more challenging information.

In delivering on our strategy, we have had another year of excellent crop yields and quality. In many respects, the 2024-2025 growing and harvest season was excellent, out the gate, very good.

47 million trays, Class 1 trays, of kiwifruit packed in New Zealand, up 10%. Australian volumes up 25%.

Continuing rebound over there last year really has helped us produce the numbers. In terms of the financials: earnings before interest, tax, depreciation, and amortization, EBITDA, $96 million.

Profit before tax at $47.5 million, is at the upper end of the range. We'd advised the market that we expected the range to be between $44 and $48 million at profit before tax level, $47.5 million at the top end of that.

After tax, $32 million, well up on last year's $8.8 million, understanding that last year's after-tax results were impacted by the deferred tax adjustment required after the government removed the tax deductibility of depreciation on buildings. Earnings per share, 76 cents per share, very good.

We paid 30 cents per share in dividends, of which 5 cents related to the year before. We'd actually paid interim dividends of 25 cents for the 2025 year's earnings.

Of course, later in the pack, we've announced another 25 cents to be paid, full year dividends 50 cents. Operational teams delivered excellent performance.

Our orcharding operations, very good yields. Post-harvest performance, low onshore fruit loss.

Our game is to keep quality problems here onshore and not ship them offshore. We've had excellent offshore quality.

Our premiums earned by delivering better fruit into the market has come back to us, and we've given excellent service to all of our customers: our growers, our consumers, and to Zespri. Yes, we're very satisfied with what we did last year.

We've invested in our growth assets. We've invested in New Zealand and Australian orchard developments.

We've introduced ReMoNe technology, which is packing technology, to three of our sites: one machine focused on citrus and two full kiwifruit solutions. We have leased a coolstore expansion at the Pioneer at Mount Maunganui with Green Sleeves, with Mr.

Bass, which will give us extra coolstore capacity, which is third-party financed through a lease. Our forward focus remains to maintain strategy, keep focus on what we do to make money.

We are focused on driving efficiency gains through automation, and we are driven to deliver excellent operational performance. By way of an introduction to the year that we're heading into, we've got the infrastructure in place.

We're actually delighted with where the capacity is at the moment. The systems and personnel are ready.

We're just on the edge of the red harvest, in fact a little bit, and the Australian harvest underway, understanding that Australia has been very hot: 9 days above 40 degrees, quite challenging. Looking at the financials, here, the group financial performance: $440 million in revenues, up 7% on the $411 million last year.

Our group turnover, which is not reported on this slide, around $500 million, up $50 million, starting to get up there now. $96 million in EBITDA is up 26% on last year's number of $76 million.

$47.5 million profit before tax is up 60% on last year's comparative number, $29.7 million. As I said before, at the top end of the guidance range.

You can see that the $32 million profit after tax is up 265% on the artificially low $8.8 million last year, but up 50% on a normalized profit after tax. If we actually just put normal tax through and removed the deferred tax adjustment, well the number would have been $21.2 million.

Our return on capital employed, a slide coming later in the pack, 14.5%. Net tangible asset backing now $6.31.

Some people like to see these numbers as graphs. Here they are.

You can see the graphs quite nicely going up. We had the blip in FY23 in every year, but outside of that, really, the company remains on a growth trajectory.

In terms of looking at the segments, the business units that we're operating, orcharding EBITDA, $10.3 million is well up on $6.2 million. Better yields, better performance, better margins, and actually great returns from Zespri, the marketer.

So, 19 million trays handled, and so remarkable performance by that part of our company. Post-harvest EBITDA, $105 million, big numbers, up from $90.4 million last year.

This is the hotel for fruit. Great occupancy, well handled, efficient, automation, driving and delivering the returns that you would expect for the kind of investment we've got in that part of the business.

SeekaFresh continues to build. This is our fresh markets, retail services part of our business, including the DNFC, the Delicious Nutritious Food Company, which we name so that you could tie me in these presentations.

But $3.2 million in EBITDA, up from $2.6 million last year, and having some momentum behind it. Teams are doing a great job.

Over into Australia, EBITDA $4.7 million, up from $3.2 million last year, 5.6 5,600 tonnes of produce handled. Excellent performance in Australia, and set to go forward.

Of course, occasionally you might hit the odd weather-related speed bump, but orchards coming into production in Australia give it a pretty good outlook. Looking at the capital management for the business: $17.7 million increase in capital employed during the year; $24.6 million increase in property, plant, and equipment, which is really around post-harvest technology.

We're investing to mitigate material damage risk. The number includes the accruals that we've got, because we've put in plant and then we've yet to pay for it, because there is some deferred payment until it's all installed.

That $24.6 million includes that. $525.7 million total capital employed now.

Company's continue to focus its investment on risk, plant rooms, switchboards, program maintenance, and automation. You can see the company, $525.7 million now in capital employed.

Press the right button. We have focused on our debt, we have focused on building balance sheet resilience.

$100.3 million in net bank debt at the end of December, down $37 million on the year before, and down $72.1 million on 2 years ago, quite a remarkable reduction, all funded from operations, all funded from normal cash flow. We've continued to enjoy a great relationship with our banking syndicate, led by Westpac New Zealand alongside Westpac Corporation, ASB, BNZ, and Rabo.

We appreciate their support. We've got extensive unutilized debt lines of approximately another $100 million.

We did finally sell that last orchard in Northland, 13.5 hectare orchard was sold in February. I think we've signaled that before.

Importantly, one of the key measures that we're focused on is the leverage ratio, now at 1.3 times to 1. That's the debt to EBITDA.

At the bottom end of the board's range, actually below. I think we're reasonably satisfied with those numbers.

We think it's prudent, and we're not worried about debt now. Earnings per share and dividends: as I earlier reported, EPS 76 cents.

30 cents was paid in dividends last year, of which 5 related to the year before. We paid 15 cents in October and then 10 cents this January.

It was declared last year. We've just declared a new dividend of 25 cents to be paid in April this year, was declared on 26th of February.

Record date will be the 20th of March. It's paid, I think, on the 19th of April.

Nicola? 15th of April, sorry.

The DRP will apply to that dividend. In total of the 76 cents EPS that we've had, we're distributing 50 cents.

Board had a big debate about that, what was the right level of dividend to pay. Debt is well within its range, we're managing our capital well, we've got the ability to borrow more if we need to, and we've delivered record earnings.

If this isn't the right time to pay at the top end or towards the top end of your range, when is? That is the thinking behind the dividend.

Looking at the segments: the orcharding business, it is a business led by Barry Peneha. $10.3 million in EBITDA is up 66% on the previous year.

We have got future investments we've been investing in. We have got 65 hectares developed with landowners and funding agencies, namely Kānoa, that is coming on stream up north in Ruakōkore, up above Te Kaha.

We've got $6.3 million directly invested in long-term leased land more locally, of which 12 hectares is in kiwifruit. Team's done a great job.

19 million trays of kiwifruit, all varieties packed. Yields are actually excellent.

Team's done very well. In terms of our post-harvest business, led by Paul Crone, $105 million in EBITDA is up 16%.

This is the hotel for fruit. Occupancy is up.

We are a toll processor in this part of our business. All of the varieties were up, and we've invested ahead of it.

Team's done a fantastic job in delivering the efficiencies and delivering the margins, but also delivering excellent returns to our growers. Really got the ticks right across the board, no crosses.

At the same time, they've focused on capital maintenance, capital management, and on our automation plan with the three new machine upgrades in place now finalized ready for packing. 49 million trays in total, Class 1 and Class 2; 47.1 million Class 1 trays.

Nearly $400 million investments and assets in this part of our business, segment assets. In terms of retail services business, it's led by both Kate Bryant and Jim Smith, dual led because Kate Bryant looks after our SeekaFresh business and Jim Smith looks after the Delicious Nutritious Food Company, the DNFC.

There's two general managers looking after these business units for us. $3.2 million in EBITDA is up 24%.

Strong growth in the tropical fruits. Our wholesale markets in Auckland's done an excellent job.

It's the importing business: bananas, pineapple, papaya, as well as selling New Zealand-grown produce either domestically or by way of export. Done.

Good performance. Kiwi Crush and Kiwi Crushies, two products that we've got in the DNFC which are performing well.

Of course last year we moved to rationalize what was happening in our avocado oil business, which culminated in us buying the assets of the previous Olivado business, integrating them into our own business, establishing a new brand called Luvo, and getting that underway. It's now in retail, experiencing some strong growth in demand and sales, albeit it's a very small part of our business.

These things are important because it does connect us through to retail. Segment assets quite small.

You can see by way of comparison only $12.6 million invested in this part of our world. Over into Australia, general manager leading this part of our business, this business for us is John van Poppering, wonderfully experienced general manager, only ever worked for this company.

$4.7 million in EBITDA, up 48%. Good pear and nashi yields, great kiwifruit yields as well.

Got good pricing and demand for Australian-grown produce in that market. We only export a very small amount of fruit from that business, and only really to manage capacity.

We've got new orchard developments underway. We've got 18 hectares of kiwifruit entering production in 2026.

We've got another 36 hectares of kiwifruit that will come into production by 2028. Our new RubyRed red nashi scheduled to start producing in 2027 is going well.

We've got new jujube orchards producing in 2027 as well. That product has also got good demand and good pricing.

The outlook is positive in Australia, although it has been very hot, and so there will be some impact because of that heat. You've got to imagine 9 days over 40 degrees consecutively is challenging for anything.

I would wilt in it. Segment assets $78 million, and team's doing a good job of building that business towards a return on capital employed that we need really.

If I look forward, the three ReMoNe installations are commissioned and ready to go. Just final tweaking on those machines now, just dialing them in, getting the cameras calibrated, getting the last bits of automation to arrive.

With that automation drive, we've continued delivering an array of highly flexible packhouses throughout the regions and here centrally in Te Puke. Labor availability in the current year is excellent.

Most sites are reporting that they are full with waiting lists. Of course, a number of people sign up at different companies so the same name will appear on three or four companies, getting away early is important.

We're focused on doing that, but even then we've got waiting lists. I can't remember a year where it's been like this in terms of labor.

All sites are ready for harvest. They're ready to go.

Some fruit has been packed, first Zespri Red has been packed. We expect to get going with SunGold sometime later this week.

Some issues for us, it's a different growing year. The yields look pretty good, we're not worried about it, certainly not a down year.

Matters like the Wairoa Gorge, for example, is some things we're having to deal with in terms of how we organize the harvest. That's just the normal harvest where you get an issue or two along the way.

It is too early to provide you with a reliable volume forecast, but I guess you might be able to read into the conversation, the commentary, that we're not concerned about it. We don't think it's a down year, which is not quite sure how good it's going to be.

We'll see, and we'll be able to update you and give you some progress report should you attend the annual shareholder meeting, which is on the 15th of April 2026 at 2:30. That being the case, do I have any questions from anywhere?

Yes, we have a question from Trevor. If the net leverage ratio is better than the board figure, why is the company continuing with a dividend reinvestment plan?

That's a remarkable question, Trevor. We think it's prudent that we do continue to keep debt down.

We think it's sensible that debt is held low. The discount with the DRP is 2%, it's not a significant discount, and it continues to keep some cash in the company.

The thinking around the dividend at 50 cents was about rewarding shareholders who have stuck with us and been resilient, and we've had record earnings. The DRP gives everybody, all shareholders the opportunity to participate at a small discount and continue to be shareholders.

It's a very good point, which we'll raise with the board when we talk to them at the next dividend. A

question from Tony: Is this year peak earnings, or do you see scope for further growth?

Is this year peak earnings? I think capacity is a hard thing to understand and hard thing to calculate, but we're not completely full.

We are able to take more fruit, so that's important. We're probably not at the peak just yet.

If we had the fruit, we could make more money. There are some inflationary pressures ahead of us.

We do know that things like packaging and electricity in particular and the delivery of electricity are both inflationary pressures which we face, but the market will price for those. I expect that the margins that we've made on the volume that we've handled will be maintained.

If we have more volume, we can handle it. We can sensibly invest to handle more volume, I don't think we're at the peak yet.

We are a seasonal business. Volumes will go up and down.

It's not like an engine that just produces cash. We are talking about a plant that may produce different yields in a different season with different weather events, with different growing challenges.

This is not the peak, but that's not to say we'll get to the peak this year or next.

A question from Jason Familton: Can you please give some guidance around capital investment in the coming 12 months, and potentially beyond?

The guidance? We are continuing to reflect about and consider our strategy around capacity going forward.

You will have heard more recently in the press that Zespri's thinking about doubling exports in the next 10 years. We're quite rightly thinking about do we want to maintain market share, or do we want to run our capital, sweat our capital and keep ourselves as full as we can?

In terms of an ongoing sense, our intention on a business as usual basis is to invest capital around depreciation, around that number. We've done a reasonably good job of that in the last 2 years in terms of limiting our spend to that which is necessary: program maintenance, some automation, and capacity expansion.

At some point, if we want to participate in the doubling of the industry, we're going to have to invest a bit more. At the moment, we haven't made that decision.

That's something that the board will contemplate in the next quarter, I imagine.

No further questions.

Right. We're happy to take any questions offline, understanding that we can only provide you with information that's been publicly made available.

We thank you for attending the briefing. We thank you for your support and interest in the company.

We hope that we've given you enough confidence to maintain it or increase it. We're here and we're only as good as our last season, and our mission right at the moment is to do it all again and deliver great numbers this year to the maximum that we can do.

Thanks very much for hopping on the call, and we will see you on the 15th of April, if we're lucky. Thanks very much.