PGG Wrightson (PGW) H1 2026 earnings summary

Executive summary

• Operating EBITDA for the half year ended 31 December 2025 was $45.7 million, up 11% year-over-year, with operating revenue of $619.4 million, up 9% year-over-year.

• Net profit after tax was $17.3 million, up 8% year-over-year.

• Interim dividend of 4.5 cents per share declared, payable in April 2026.

• Strategic initiatives included the acquisition of Nexan Group and the launch of Blue Ag™ private label ag-chem range.

• Board and governance changes implemented to ensure compliance with NZX rules.

Financial highlights

• Operating EBITDA increased by $4.4 million year-over-year to $45.7 million.

• Operating revenue rose by $49.1 million to $619.4 million, a 9% increase year-over-year.

• Net profit after tax grew by $1.3 million year-over-year to $17.3 million.

• Operating cash outflow was $49.9 million, $18.9 million higher than the prior period due to seasonal working capital needs.

• Net interest-bearing debt increased by $64.0 million to $170.7 million as of 31 December 2025.

Outlook and guidance

• FY26 full-year operating EBITDA guidance reaffirmed at around $64 million.

• Positive operating environment expected to continue, supported by strong commodity pricing and global demand.

• Red meat, wool, and horticulture segments forecast to continue growth, while viticulture and arable cropping face subdued demand.

• Rural real estate market confidence expected to continue, aided by stabilizing dairy profitability and lower interest rates.