AGM 2025

Oct 13, 2025

Nau mai, haere mai, tēnā koutou, welcome, mōrena, good morning. I'm Gary Moore, the Chair of the Board, Independent Director, and a member of the Audit Committee, and I became Chairman in February 2024, and it's my pleasure to welcome everyone to our 2025 annual shareholders meeting. Today's meeting is being held in person and online through Computershare’s online meeting platform. Before we get started, just a couple of housekeeping matters. In the event of an emergency, please note that the wardens will direct us to the safe exit, and the hotel staff will assist in the evacuation process. In the event of a seismic event, there are exits at the door you came in and to my right. We are recording this meeting, and it will be posted on our website later today. I confirm that we have a quorum and accordingly declare the 2025 annual shareholders meeting open. We will refer to PGG Wrightson Limited as PGW throughout the presentation today. Today's online meeting is being held via Computershare’s online meeting platform, which allows shareholders, proxies, and guests to attend the meeting virtually, and all shareholders attending, whether in person or online, can participate and submit questions and cast votes. If you are joining us virtually and have a question to submit to the meeting, please select the Q and A tab on the top right-hand half of your screen. At any time, type your question in the field and press send. If you require any assistance there, there's a chat function that will allow one of the Computershare team to reply to your query. Please note that you can submit questions from now on, but we won't address them until the relevant part of the meeting. Please also note that the questions may be moderated. If we receive multiple questions and if we run out of time, don't fear, we will endeavor to answer your question. Online voting today is conducted by an ordinary poll on all agenda items for those online. If you are eligible to vote at this meeting, you will be able to cast your vote under the Vote tab. Once voting has opened, the resolutions and voting options will allow voting. Simply select your voting direction from the options shown on the screen, and your vote will have been cast when the tick appears. To change your vote before voting closes, you can select change your vote, and you can change your vote up until any time before I declare voting closed. For those of you in the room. If you do not have a voting paper, please talk to one of the Computershare team at the back and they will assist you. We will collect the voting papers at the end of the meeting and our Computershare team will act as scrutineers. We will be posting the results on the NZX website after the meeting voting. To provide you with enough time to vote, voting is now open. The resolutions will now be available on the Vote tab and please submit your vote at any time. The PGW Board has had no changes to its membership during the 2025 financial year. On 1 July 2025, Wilson Liu joined the PGW Board as an Independent Director and Meng Phoon announced that he would not seek re-election at this meeting and retires from the Board today having served as a Director since July 2022. Before we begin the formal business of the meeting, I would like to introduce the Board who are attending the meeting today. Good morning. In the front row here we have Deputy Chair and Independent Director and Chair of our Audit Committee, Sarah Brown. Next to Sarah we have Independent Director and Chair of our Health and Safety Committee, Dr. Charlotte Severn. We welcome Ken Singh. Ken Singh has been a long-serving Director and we also provide a warm welcome to our new Independent Director, Mr. Wilson Liu. Wilson's also a member of our Audit Committee. Members of the Executive team are also here today. Seated alongside me, of course, is PGW's Chief Executive Officer, Mr. Stephen Guerin. Good morning, everyone. Alongside him is Peter Scott, Chief Financial Officer. To his left is General Manager Corporate Affairs Julian Daly, who also serves as our Company Secretary. I'd also like to introduce and welcome members of the Executive team who are in attendance. In the front row here, starting on the far right, Nick Berry, who is General Manager of Retail & Water. Next to Nick is Sarah Mears, who is General Manager, People and Safety. Then we have Rachel Shearer, General Manager of Wool. You see they didn't sit in order. Welcome Peter Newbold, who's General Manager of Livestock and Real Estate. I'd also like to acknowledge and welcome representatives from the Share Registry, Computershare. Our auditors Ernst & Young are over here, and representatives from Rabobank. I understand that BNZ and Westpac are attending online. I'm not sure if we have a physical presence from New Zealand Shareholders Association, but I know that they are also attending online. Apologies. We have an apology from Independent Director Meng Phoon, noting that Meng is not standing for re-election. Are there any other apologies we should note? No. Okay. Our Company Secretary has confirmed that the Notice of Meeting was sent on 16 September 2025 to all registered shareholders and other persons entitled to receive that notice. I confirm that the minutes of the previous AGM Annual Shareholders Meeting held on 15 October 2024 were approved as a true and correct record at the Board meeting on 26 November 2024. The minutes of that meeting are posted on the Investor Centre section of our website. The annual financial statements and reports of the directors and auditors for the year ending 30 June 2025 are set out in the company's annual report on 16 September just gone. The annual report was posted on PGW's website and our NZX page, and a copy of that report was sent to any shareholders who requested one. I understand there's some more there if you'd like one. We also released our Sustainability Report and Climate Statement for the year ending 30 June 2025, which provides an overview of our sustainability performance and activities over the past financial year, including our climate-related disclosures. This report is also available on the website. Throughout this presentation, we will refer to both GAAP or Generally Accepted Accounting Principles and non-GAAP performance measures. We use Operating Earnings Before Interest, Tax, Depreciation and Amortization, known as EBITDA, as a key measure of our performance, and I encourage you to refer to our full accounts and details of how this relates to GAAP measures. I can confirm that 744 shareholders have appointed proxies for the purposes of the meeting in respect of approximately 41 million shares. I'll now move to the order of business for the meeting and begin by providing you with an overview of performance results and sustainability highlights. Then I'll invite our Chief Executive Officer, Stephen Guerin, and Stephen will provide an operational overview of the individual businesses. He will also summarize how our business is trading in the current financial year to date, and I will conclude the presentation by discussing our forecast guidance for the full year to 30 June 2026. Our time for questions will follow before we move to the formal business of the resolutions and voting as outlined in the Notice of Meeting. The business of the meeting comprises four ordinary resolutions relating to the re-election of Sarah Brown, relating to the re-election of myself both as Independent Directors, the election and ratification of Wilson Liu as an Independent Director, and authorizing the Board to determine our auditor's fees. Before I discuss our financial performance highlights, I would like to highlight that it's PGW's 20th anniversary. Exactly a week ago today, on Tuesday, 7th October, PGW was formed through the merger of Pyne Gould Guinness Limited and Wrightson Limited, and PGW proudly carries a legacy of nearly 175 years of service in rural communities. In fact, we are celebrating our 175th anniversary next year, and like any good birthday, we will celebrate and conclude with a cake at the end of this meeting. The year in review: operating EBITDA was $56.1 million. That was up $12 million or 27% on the previous financial year. Operating revenue was $975.3 million, which was up $59.4 million or 6% on the prior financial year. Net profit after tax was $10.7 million, up $7.6 million or 248% on prior financial year. The Board declared a fully imputed final dividend of $0.04 per share, bringing the total fully imputed dividends for the year to $0.065 per share. Sustainability highlights were a 22% reduction in greenhouse gas emissions since 2021. 100% of PGW sites are now supplied by renewable electricity, and PGW released its Climate Transition Plan. As I just mentioned, the operating EBITDA of $56.1 million was $12 million or 27% ahead of the prior year. The businesses reported much improved results, with the prior financial year appearing to mark the bottom of the agri cycle. However, the operating environment over the year was more challenging in the retail space, constrained supply and demand. Supply and increased demand for livestock drove elevated red meat and dairy commodity prices, supporting very good Farmgate returns. Elevated prices had a positive influence on the profitability of farming operations, and this has been reflected in a positive shift in sentiment. Rural real estate saw a lift in inquiries in dairy, beef, sheep, and selected horticultural properties, together with new listings. Real estate activity was also supported by the easing of interest rates. The Group's operating revenue, $975.3 million, was up $59 million or 6%, and the net profit after tax, as I said, was $10.7 million, up $7.6 million from the prior year. During the year, PGG Wrightson Limited launched its refreshed purpose and vision and reset its group strategy. Our refreshed purpose of helping farmers and growers succeed with expert knowledge and confidence showcases the driving force behind what we do, focusing on supporting farmers and growers to confidently achieve their goals through trusted partnerships, expert service, and knowledgeable advice. Our vision is empowered farmers and growers for generations to come. It communicates what we do. It is future focused, bringing farmers and growers and what they get from working with us into the foreground of what we do every day. It also encapsulates that we contribute and share in our customers' success. Our Strategy on a Page layout captures at a high level our purpose, vision, values, business units, functions, and our group strategic priorities in a cohesive framework. Our strategic priorities articulate the unified areas of focus for the business and guide our collective efforts to strengthen our position as a market leader. Our strategic priorities referenced on this page cover the key priority areas we are collectively focused upon. From a PGG Wrightson Limited group perspective, these priorities cascade through the business as specific actions and initiatives. The strategic priorities have measurable objectives and we track our progress against specific deliverables and targets. Our group strategy remains dynamic and evolving in response to changing market demands, ensuring we remain agile and future focused. Rather than discuss the strategy at a theoretical level, I thought it might be useful and informative to discuss a few practical initiatives that we have implemented in recent months as examples of activity going on at a strategic level, and I'll briefly touch on these initiatives that contribute to enhancing PGG Wrightson Limited's technical offering and our position as a market leader in the rural servicing sector. These initiatives further develop and leverage our existing strengths and amplify a number of our strategic priorities, in particular our ambition to capitalize on customer focused innovation and our differential offering. Customer focused innovation refers to solutions that utilize science and systems to support farmers and growers achieve their production goals. Our differential offering hones in on the unique areas of competitive advantage that set PGG Wrightson Limited apart from others in the market. Ultimately, these initiatives all target growth for the business while leveraging PGW's core competency in our technical offering. In July this year we acquired Nexan Group, a local manufacturer of the Vet Med range of animal health products. This acquisition is an excellent fit for PGW, and the investment reinforces PGW's commitment to supporting local manufacturing and delivering high quality, innovative solutions to help New Zealand farmers thrive. The acquisition aligns with our strategy while supporting business growth. The business provides vertical integration opportunities through the supply chain from product ownership, manufacturing capacity, wholesale supply, and through the retail sales channel. PGW has partnered with Nexan for over a decade, and its commitment to innovation in rural communities aligns well with PGW's purpose and vision. The acquisition ensures these trusted New Zealand made products remain tailored to meet the needs of our rural communities. Nexan has a proven record in the research and development space as an innovator, and we see this core capability adding to PGW's strengths. PGW will grow the range and continue to exclusively distribute Nexan's full product range, which is widely available through veterinary practices and rural merchants across New Zealand, including our own retail network. Another key growth initiative is the Blue Ag Label ag chem range, which will be stocked through our retail stores. Building brand equity in our proprietary Blue Ag Label provides greater branding recognition and the opportunity to build trust and credibility in our own label. Blue Ag provides PGW with price point control while giving our customers more product options that they can trust. We also recently announced that PGW had taken the lease of a 2.8 hectare research and development facility property previously operated by Bayer Crop Science in Hastings. PGW has a longstanding commitment to R&D, and this site is an extension of that continued investment. Each year PGW's dedicated technical team runs some 70 to 80 scientific trials in paddocks and orchards across the country in collaboration with cooperating farmers and growers. By investing in our own dedicated site, it will enable us to expand on those trial programs and implement more controlled and scalable research at a specifically purposed facility. PGW's trials investigate the efficacy of new plant protection products, evaluate herbicides as part of registration processes, and look into how particular fertilizers work in New Zealand conditions. This R&D pipeline will allow us to deliver even greater insights and value on farm and orchards over years to come. Each trial builds a deeper knowledge and understanding of the products to be supplied to our customers. We learn firsthand how these products work in local conditions, and the knowledge gained during these trials is fed directly to our frontline staff working with farmers and growers. Results from the first trials, which were only commenced in September, are expected from January 2026. Finally, I would like to thank our shareholders for your ongoing investment and confidence in PGW. We remain focused on delivering sustainable growth and long-term value, and we appreciate your continued support. I would like to invite Stephen, our Chief Executive Officer, to provide an operational overview. Thanks, Stephen. Thank you, Gary. Good morning, everyone. I'm pleased to be here with you today. As part of this presentation, PGW recorded cash flows from operating activities of $12.4 million for FY25 and included significant growth recorded as cash outflow in our GO-STOCK receivables. These increased by $28.9 million over the 12 months to 30 June 2025 to $81.4 million. PGW amended and extended its syndicated banking facilities during the year. As at 30 June, PGW had 1,554 permanent and temporary employees during the year. PGW engaged casual employees, commission agents, and specialist consultants, bringing the total headcount to 1,882. We refreshed our People and Safety strategy to prioritize future workforce needs aimed at attracting and retaining talent. We recognize that our people are our greatest asset, and we are focused on driving a culture of excellence and safety, ensuring employees are supported and engaged with the business. In the past year, our commitment to enhancing our safety culture has continued to be a priority. We partnered with IMPACT Training to deliver a program focusing on health and safety and wellbeing fundamentals and also created safety induction training, mental fitness at work, and online modules to address critical risk controls. Management of critical safety risk is a priority for the business as significant progress has been made in defining the safety practices and expectations. PGW successfully implemented its Business Information Program, reaching go live with Microsoft D365 reporting platform in April 2025. This milestone marks a significant step forward in modernizing our systems and strengthening our operational capabilities. With the implementation now complete, our focus has shifted to unlocking the full value of this investment. Key outcomes include improvements that will drive operational efficiencies, enhance data utilization, and generate deeper insights to support decision making. Our Sustainability Report and climate statement for 2025 marks PGW's second year of reporting under New Zealand Climate Standards and demonstrates a maturing understanding of our climate-related risks and opportunities. As Gary has mentioned earlier, PGW is pleased to report a 22% reduction in greenhouse gas emissions for FY25 against the FY21 baseline. This was primarily driven by an overall reduction in vehicle fuel consumption and more hybrid vehicles entering our fleet. The period also saw the launch of PGW's comprehensive Climate Transition Plan. The plan articulates our systematic approach to climate risk management with changing macroeconomic conditions, land use change impacts in alignment with New Zealand's decarbonisation trajectory. The Climate Transition Plan establishes measurable objectives and priorities that will govern our transformation and drive sustainable practices through our value chain. The plan positions PGW to deliver stakeholder value while contributing to New Zealand's climate objectives and resilience in rural New Zealand. I'm now going to move to discuss the business unit financial results. Firstly, the Retail & Water business. This business incorporates the Rural Supplies, Fruitfed Supplies, Water, and Agritrade businesses. PGW's Retail & Water group recorded an operating EBITDA of $42.2 million, an improvement of $1.1 million or 3% on the prior year result. Our Retail & Water group revenue was up $39.4 million or 5% to the prior year to $773 million. While the operating environment over the year was more challenging in the retail space, we were encouraged with the revenue growth in the context and pleased to see business continue to consolidate and grow market share. Retail & Water refreshed its five-year plan with a focus on a range of growth initiatives. The acquisition of the Nexan Group and the launch of Blue Ag Label, which Gary has touched on earlier, are key examples of such initiatives. Our Rural Supplies business performed solidly and sentiment in the farming sector improved over the year and the strengthening in export commodity prices. This has been pleasing to see in the dairy, sheep, beef, and farmers all benefiting from strong international demand and increased returns, which helped our farming operations return to profitability while sales revenue improved. What a difference there. While sales revenues improved on the prior year, farmers took a generally conservative approach with many using good returns to reduce their balance sheet debt. Fertiliser and stock food were in demand as farmers focused on increased production in response to good commodity prices. However, the arable sector has been more challenging with reduced demand in seed crops. Fruitfed Supplies has also faced a more challenging trading environment. FY2025, despite the headwinds, it maintained its strong market position. Encouragingly, we have seen renewed optimism in both kiwifruit and apple sectors. Orchard investments, new plantings, and a focus on varietal development signal confidence in the future of these crops. Buoyant export demand, improved post-harvest performance, and stable pricing have contributed to a positive outlook for these growers. The viticulture and vegetable sectors have been less buoyant. Viticulture market conditions have subdued due to global oversupply of wine. Market pressures have impacted on grower confidence and investment decisions in some categories. There is limited development work for our water business in the first half of the financial year. However, the team experienced a momentum shift in the second half of the year in response to the positivity in the dairy sector in particular, which lifted investment confidence in irrigation development. Agritrade, our household business division, traded well at the revenue level. The year was marked by some strategic investments and implementation of gross initiatives which Gary has already commented upon, including the acquisition of the Nexan Group, which remains a strategic investment in the animal health category, and the launch of our private Blue Ag Label Ag Chem range. The Agency Businesses Our agency group incorporates the livestock, wool, and real estate businesses, delivered a strong turnaround led by the livestock and real estate businesses. Operating EBITDA was up an impressive $11.1 million or 91% to $23.5 million. Revenue was $201 million, up $20.3 million or 11%. Our livestock business recorded exceptional financial results on the back of the elevated meat pricing and increased volumes of beef and dairy cattle. The July Federated Farmers Confidence Survey confirmed a strong lift in farmer sentiment. This has been driven by an easing of interest rates, more stability in input costs, improved commodity prices, and government policies viewed as more supportive of the sector. Farm profitability rebounded, strengthening investment spending on production expectations. Strong demand for cattle drove livestock prices to record levels. Pricing remained high throughout the year due to processed demand, good feed reserves, and robust beef schedules. Sheep pricing improved significantly year on year, particularly in the second half of the financial year. Elevated schedules allowed farmers to take advantage of prices where declining feed and dry conditions impacted production. The number of sheep transacted reduced as a result of the lower volumes due to land use change. Good pricing for dairy resulted in strong demand and limited supply. Livestock pricing was buoyant for, buoyed by the forecast milk price. There's also been strong contracts for dairy herd sales. Stud stock sales rebounded as clients returned to the market with an increased demand for sows which set record prices during the selling season. Our GO-STOCK, sheep, beef, dairy, and deer products experienced strong demand. Declining interest rates, improved feed availability in the South Island, higher stock values, and improved meat schedules result in steady uplift in GO-STOCK contracts. A strategic priority for the livestock business is strengthening and growing our supply chain partnerships with preferred meat processors. These relationships add value to PGG Wrightson Limited and our customers by providing consistent high-quality service, certainty, flexibility, flexible contracts, and finance options. Even though there are year-on-year reductions in the livestock sent to meat processors, it's pleasing that PGG Wrightson Limited has experienced growth in the volumes across most species to our supply chain partners, indicating a growth in market share. Our bidr online training platform is well established in the livestock sector and its database of buyers grows year on year. The growth is driven by continued demand for hybrid integration, online bidding, and live streaming of cattle sales at saleyards and on-farm auctions. bidr hosted over 1,000 auctions during the year and has firmly established itself as New Zealand's leading online auction platform for livestock. It has been a challenging year for the wool production due to difficult growing conditions and a notable decline in shearable sheep, leading to a reduction in bales handled across our stores. The wool season concluded with improved wool prices, though there remains significant room for improvement. To create a profitable future for our wool growers, PGG Wrightson Limited partnered with the iconic Kiwi brand Norseware to extract the value of ethically produced New Zealand wool and to support domestic manufacturing. The partnership connects PGG Wrightson Limited growers directly with trusted manufacturers, delivering better returns for growers through long-term contracts. Wool Integrity, PGG Wrightson Limited's Wool Assurance brand. PGW partnered with iconic Kiwi brand Norsewear to strengthen the value of ethically produced New Zealand wool and to support domestic manufacturing. The partnership connects PGW growers directly with trusted wool manufacturers, delivering better returns for growers through long-term contracts. There's a Country Calendar article on the 2nd of November about that partnership, so keep an eye out for that. Wool Integrity, PGW's Wool Assurance brand, certifies that wool meets wool trading standards in animal welfare and sustainability. Our wool exporting subsidiary, Bloch & Behrens, increased wool export volumes. This was particularly pleasing given wool volumes exported from New Zealand declined during the year. Improved sentiment in the real estate market has continued to contribute to a pleasing profitability for PGW Real Estate, with revenue activity up by 55% on the same period last year. The market has been buoyed by the gradual downward trend in interest rates, stronger dairy payouts, robust red meat pricing, and farm gate prices, breathing confidence into the sector. The volume of property listings and sales activity has reached levels not seen for some time. I'll now talk about the outlook for the first quarter in FY2026. The first quarter for FY2026 has been steady with mixed performance, while a quieter quarter due to the seasonality of the business. Fruitfed Supplies and Agritrade have experienced a slower start to the year due to colder and wetter weather across late winter and early spring, with Rural Supplies seeing good demand as livestock and real estate have continued with their strong performance, reflecting the continuation of strong demand in the red meat and dairy sectors. Otherwise, the business has been gearing up for the anticipated busy spring period. Pleasingly, we have also seen an uplift in the prices of wool in recent weeks. Our achievements this year are a direct result of the dedication, resilience, and talent of our exceptional team across the country. Our people have demonstrated commitment to our customers, communities, and each other. We extend our sincere thanks to our customers for their loyalty and trust. Their continued support motivates us to deliver outstanding service and solutions in challenging market conditions or in times of growth. I now hand back to Gary to give further comments around our outlook. I'll now give you an update on the current outlook. The ag sector experienced a strong rebound supported by buoyant export commodity prices and solid consumer demand, leading to boosted confidence and production decisions by our customers. Economic conditions, including easing inflation and interest rates, together with greater stability in import prices, have created a more positive environment for the primary sector. These factors have contributed to renewed optimism and a noticeable lift in farmer confidence, which is positive for the sector and our rural servicing operations. Despite the momentum, farm forward-looking sentiment is not uniform across the entire agri sector, with more challenging operating environments existing for arable farming, viticulture, and strong wool. While dairy and red meat markets remain resilient, caution continues to influence parts of the sector, reflecting a mixed but stabilized outlook for New Zealand's primary sectors. Strong commodity prices are expected to remain throughout the full year 2026 across dairy, red meat, and horticultural crops, in particular kiwifruit and apples. Overall, the outlook is positive. Confidence in the rural real estate market is expected to continue through full year 2026, with quality listings continuing to attract interest in farm sales. Indications are that customers are using the elevated farm gate returns to reduce debt, while those who have deferred investment decisions are now re-engaging and investing to support their production decisions. It is a bit of a mixed picture across the New Zealand economy, with some industries facing difficult trading conditions. The agricultural sector is a bright spot and is leading the recovery again with strong export prices and payouts. The sector's strong fundamentals and market positioning provide a solid foundation. Supported by our strengths in technical expertise, innovation, and enduring customer relationships, PGG Wrightson Limited is well positioned to support our customers, grow their businesses, and capitalize on the forecast growth in export revenues. It is very early in the year and the key spring growing season is still ahead of us. PGG Wrightson Limited is cautiously optimistic about the balance of the year ahead, and based on current market signals and trading patterns, we anticipate delivering a full year forecast above $60 million EBITDA for the financial year ending 30 June 2026. We would expect to be in a better position to reassess this forecast and update the market following completion of the key spring trading period. On that note, I'll now move to questions in relation to our presentation. Any questions from shareholders or their proxies from the room and then online? If you are present, please wait until the microphone is provided to you and please state your name. Do we have a first question? David? Yes, can you hear me? Is that right? Yeah, David. I was interested to hear about your Nexan Group acquisition during the year. It certainly looks like a good one, but one thing I noticed was that you didn't mention anything about how that acquisition would affect your EBITDA going forward or net profit going forward. There's a lot of information about the actual business, but very little information about how it would improve PGW's profitability. I'm wondering if you could, given you must have gone over the business thoroughly and discussed it at board level and business level, I'm sure you have some numbers in the back of your mind as to what's going to contribute. I wonder if you'd be willing to share a bit of that information with the shareholders meeting, please. We'll share what we can. I'll probably hand it up to Stephen, but you're correct insofar as, yes, we did look at it very carefully. The due diligence was over a long period of time. We also knew this business for a decade or thereabouts. Multiples are quite a commercially sensitive topic, and in this space there's a lot of competition in chemicals and Vet Med applications. We'd be a bit reluctant to go too fully into the detail of the acquisition other than to say it fitted neatly with our strategy. Having operated the business for some months, there's been no surprises and we're pleased with where it sits. I'm conscious I haven't given you any numbers. Stephen, anything to add there? If I push this? Can you hear me okay? Yep, exactly right, Gary. The market is very competitive in this space. We're also very conscious that we sell the product brand out through our competitors as well. That creates some additional sensitivity. Hence, we haven't disclosed. I understand the interest in this topic, but I reinforce the point that Gary made that the business is trading well over the first couple of months, and that's actually a credit to both the implementation team, the Agritrade team, and the brand presence within the marketplace. We are pleased with how the results are tracking in those first two months of trading. That doesn't answer your question, David, but I hope that gives you some confidence that we are seeing the things that we hope to see translate through to the bottom line for shareholders, because the board is very conscious that any investment we make has to create value for shareholders. That's one of the criteria that we have as far as any investment strategy. In your report you actually mentioned about creating value for shareholders, and did I read it right? You were looking at, is it 10% return on your investment? This is kind of a base goal. Working with that, if you spend around $20 million on the company, we're looking at a $2 million increment, just following your figures. Is that a fair conclusion? That's a reasonable mathematical assumption. Of course, this business is a manufacturing business, so we're not only capturing the frontline margin that we captured previously, we have additional wholesale manufacturing margins. Yes, it does come with some of the support costs around marketing, et cetera, but it's a good mathematical assumption on your part, David. I might leave it at that, but just while I've got the microphone, before I forget, your annual report. Something. I've almost taken for granted, but I just thought I'd better mention I'm very impressed at the presentation, the photography, and just looking through it, it's a fantastic advertisement for New Zealand agriculture. Looking back over the years, you've kept it a very high standard. I just wanted to congratulate the people who put it together because I think it's a real credit to not only yourselves, but just advertising how New Zealand agriculture is pictured in the world. I just wanted to add that comment. Yeah, some of the people that you were talking about there, David, are actually in the room here, so we will just acknowledge them. It is a testament to the support from our customers and our farmers up and down New Zealand. A lot of those photos come from our farmer base, our team as well, out on the road. That testaments some of the engagement we are. We are very, very proud of that. You'll see some of the photos further online now. We put those up online and our calendar, which comes out shortly too. It is one of the pleasures of being in agriculture. You do get some great photos, but you need people to take them. Thank you. You must have more curly ones in there, David, come on. No, thank you. Thank you. We have one question online. We have an online question in relation to our assurance for greenhouse gas emissions. Michael is going to come and join us and speak to that one. He's got the question and we'll be able to articulate a response to that to you. My computer or your. You're going to introduce Michael. Introduce Michael, yes. Michael Anderson is our Sustainability Manager here in PGG Wrightson and is one of the driving forces behind our sustainability report. We're most pleased to have Michael as part of our team. He gets speaking rights today, Michael, which is great. We do see you regularly at the board table and the executive table. Now you've made the shareholder meeting. I'd just like to endorse what Stephen said. Michael's knowledge around this sustainability and climate change has been a breath of fresh air to have someone of his calibre on our team producing what is in effect a new report, part of the Statute of Requirements for public companies. He does a splendid job in an area that is very, very complex. Come up here. Excellent. All right, thank you for that introduction. Just repeating the question for everyone in the room. We have a question that we've got limited assurance over our Scope 1 and 2 greenhouse gas emissions for which we engaged Oxygen Consulting this year. However, Scope 3 emissions have not yet been disclosed and were explicitly excluded from the assurance scope under the adoption provisions. Other sustainability disclosures in the report remain unaudited and the New Zealand Shareholders Association encourages PGW to progressively broaden the scope of our limited assurance to cover a wider set of our climate-related disclosures in future years and have asked for our comment. In line with the legislation, PGW has chosen to use the adoption provisions to defer the disclosure of our Scope 3 emissions. For everyone's understanding, our Scope 3 emissions are the emissions that are associated with our value chain. That's emissions that are directly outside of the control of PGW, from the likes of our suppliers through to the business, right through to our customers and all of the intermediaries along that journey. We chose not to disclose them at this stage to give us more time to improve the methodologies of the calculation and the estimation techniques that we'll use to calculate these emissions. Data collation for Scope 3 emissions has remained challenging, particularly as a number of businesses within our value chain are not actually included under the New Zealand Climate Related Disclosures framework. They have little incentive to be providing greater insight to their business when they are not legally obligated to. We have also chosen to voluntarily report under the Global Reporting Initiative Standards, the GRI standards. We do this because that adds additional credibility to our sustainability reporting through assurance to external standards. At this stage, we have chosen not to seek assurance over these voluntary disclosures as we are at this stage. We see it's unlikely to add significant additional value to us in seeking assurance over this component. We'll continue to assess this approach annually to ensure it's meeting the expectations of our broader stakeholders. Thank you. Well done, Michael. I couldn't have said that any better. Do we have any further questions? All right, we'll keep on moving. We now come to the formal business of the meeting, being the ordinary resolutions in relation to the re-election, election of directors, and authorizing the Board of Directors to fix the remuneration of the auditors. The resolutions and accompanying explanatory notes are set out in the notice of meeting. The proposed resolutions will be determined by a poll that will be undertaken by our share registrar, Computershare scrutineers. The first resolution relates to the re-election of Sarah Brown as an Independent Director, and Sarah's biographical notes are set out in the notice of meeting. Sarah joined the board on 30 April 2019 and, being eligible, offers herself for re-election. The company's directors wish to note the specific expertise and experience that Sarah brings to the board, as noted in her biographical notes, and recommend shareholders vote in favor of Sarah's re-election. Would you like to say anything, Sarah? Right, okay, so that's the first resolution. The second resolution relates to the re-election of myself, Gary Moore, as an Independent Director, and my biographical notes are set out in the notice of meeting. I'm currently an Independent Director and joined the board on 1 July 2022 and, being eligible, offer myself for re-election. The company's directors have informed me that I have the specific expertise and experience, as noted in the biographical notes, and recommend that shareholders vote in favor of my re-election. The third re-election relates to our most recent appointment, the election of Wilson Liu as an Independent Director, and his notes are set out in the meeting. He joined the board on 1 July 2025 and, being eligible, offers himself now for election. The directors note his specific expertise and experience and recommend shareholders vote in favor of Wilson Liu's election. I'd just like to go a little bit further than that. Wilson brings something to the board that has been desirable for a period of time, which is knowledge of some Asian markets, a wealth of experience as a Senior Partner in PwC. Sorry, Wilson. He is currently director of three public companies in different jurisdictions: China, Singapore, Hong Kong. He spends his time roughly 50% between Hong Kong and Melbourne. We have given him a reasonably good induction. We've shown him around some of our sites, taken him to the sale yards, got his boots dirty. While his background is not necessarily agriculture, he brings that knowledge, particularly of some of these Chinese markets, which are very, very important to us. Things like velvet, wool product sourcing, relationships with suppliers. I'd like to invite Wilson to say a few words because he's a fresh face. As I said before, the directors recommend unanimously that you vote in favor of Wilson. Wilson. Thanks, Gary. Thanks for your good words introduction. First of all, I'm very pleased to be able to attend in person my first shareholders meeting. In fact, I'm honored. Thanks, Sharon. I'm honored to be able to serve on the board of PGG Wrightson Limited together with my fellow directors. As you know, Gary, I should say that both New Zealand and agricultural industries are new to me. Having said that, this is again a good challenge for me as well and good stimulation, and with confidence, I'm sure with my other prior experience, for example, as audit partner of PwC for 23 years, really covering the Asia Pacific area in different industries and also currently sitting on the board of four listed companies. Actually, I just resigned from one, so three, which is absolutely correct, covering three different stock exchanges and jurisdictions. I'm sure I would be able to give some good ideas and best practice to the PGG Wrightson Limited board and add value to the board and PGG Wrightson Limited. Last but not the least, of course, add to shareholders value and looking forward to many, many good years and I'm really, really excited of that. Maybe I'll stop at that. Thanks, Gary. Thank you, Wilson. The fourth and final resolution is to authorize the Board of Directors to fix the auditor's remuneration for the financial year. For the purposes of section 207S of the Companies Act 1993, and as is usual with audit fees, it is impractical to fix the remuneration at the beginning of the year. Accordingly, the Board seeks authority from the shareholders of the company to fix the audit fees at the appropriate time. Are there any questions in relation to any of the four resolutions? Okay, no questions. Thank you. I'll now move to the resolutions 1, 2, 3, and 4 as set out in the notice of meeting to be put to a vote by way of four separate motions. As ordinary resolutions, a poll will be conducted in respect of the resolutions. For those who have not cast votes already, please do so now by clicking on the vote tab on the right-hand side of your screen. For those present who have not yet voted, please complete your voting paper, and when completed, please hand it in at the back. Is there any—there's a couple there. That's right. Did you get that one? Hitting out the door. Right, I'm on that one. While we're waiting, I can address further questions, if there are any. The voting online will now close, and the votes will be counted by the scrutineers. The results of the voting on the resolutions will be released to the NZX later today. The meeting is now open to general business or a time for any more questions from shareholders or proxies in the room or online, or if there's any other matter that you would like to discuss in this forum. Everyone's obviously keen to get into that cake. Oh, is it? Sorry, David, another one? Yeah. Sorry, I don't want to monopolize the questions. No, bring them on. Last year, Gary, you had a clear message that the dividend level would be moderated because you thought it was important to reinvest in the company in certain areas. Certainly with the Nexan Group acquisition, you've certainly done that. What I'm wondering is, is there a policy going forward in terms of the % of earnings we might expect as a dividend going forward, or is it very much on a hit and miss basis, or what's the policy now? No, it's not hit and miss. Thank you for the question. Not sure I gave a clear message last year, but nevertheless some people picked up on it. The policy is articulated online. We consider about seven or eight different metrics before determining or landing on a dividend. Foremost in there will always be cash flow, balance sheet, and some of the potential acquisitions that may or may not be in the pipeline. You've seen two or three of those this year just gone by. Nexan Group wasn't the only one. The development of the Research Centre and, you know, our Blue Ag Label strategy. Dividends reinvesting back into the business is what good companies do. Good companies also grow their dividends over time. That's not to be taken as a hint. That's the strategy. We do not have a %, we do not fix a % of net profit after tax. We look at all things in the mix and foremost is what's in the best interest of the company. That's about all I'd like to say on dividends at this stage. Would it be fair to say you wouldn't expect the dividend to reduce in the coming year? Would that be a fair enough comment considering you. That would be a fairish sort of a comment. I think we've made it pretty clear that we're determined to sustain dividends, and sustainability normally means to at least hold. Okay, thank you. I won't be drawn on what we think dividend might be at this stage of the year. You know, we're only a few weeks into our most important trading period. Almost half of our revenue comes in the four months up till Christmas, and almost three quarters of our EBITDA in that same period. You can tell by the weather today it's not very warm out there. The season is sort of a week or two behind normal, and a lot can happen. I don't want to be drawn on a future that I can't or no one else can predict. Thank you very much. I'm going to close the meeting. That completes the business, and the documents from today's presentation are on our website. We will post a recording of the meeting later today. On behalf of the Board of Directors and our management team present, I thank you for your attendance and ongoing support and welcome you to stay on and join with the team for some light refreshments and a slice of this cake celebrating PGW's 20th anniversary of the PGG Wrightson merger. Thank you for coming.