Good morning, everyone. I'm John Nichol, Chairman, Independent Director, and a member of PGG Wrightson's audit committee. I rejoined the board on 14th of October 2025, and became Chair on October 16. Previously, I was a PGG Wrightson Director and member of the audit committee from 22nd of October 2013, to 30th of April 2019. I'd like to welcome you all to our 2026 annual shareholders' meeting. It happens to be the 175th. Today's meeting is being held both in person and online through Computershare's online meeting platform. Before we get started, there are a few housekeeping matters to cover. In the unlikely event of an emergency during the meeting, a warden will direct us to a safe exit. Hotel staff will assist with evacuation process. In case of a seismic event, please take cover under your chair or something.
Not sure about you, Peter, but. Staff will advise and assist. Toilets are located to the left through the doors you entered this room, then follow the signs. For those of you who have parked in the hotel car park, please ensure you have validated your parking by scanning the QR code at the back of the room. We're recording this meeting, and it will be posted on our website later today. I confirm that we have a quorum, and I declare the 2026 annual shareholders' meeting open. We will refer to PGG Wrightson Limited as PGW throughout our presentation today. As today's online meeting is being held via Computershare's online meeting platform, shareholders, proxies, and guests can attend the meeting virtually. All shareholders attending, whether in person or online, can participate in the meeting, submit questions, and cast votes.
If you are joining us virtually and have a question to submit during the meeting, please select the Q&A tab on the right half of your screen at any time. Seems ironic that I'm offering advice to people on how to use laptops and computers, but type your question into the field and press submit. Should you require any assistance, you can type your query in the chat function and one of the Computershare team will reply to your query. Please note that while you can submit questions from now on, we will not address them until the relevant part of the meeting. Please also note that your questions may be moderated, or if we receive multiple questions on one topic, they may be amalgamated. Finally, due to time constraints, we may run out of time to answer all your questions.
If this happens, we'll endeavor to answer them in due course via email. Voting today will be conducted by way of a poll on all items of business. For those online, if you're eligible to vote at this meeting, you'll be able to cast your vote under the Vote tab. Once voting is open, the resolutions and voting options will allow voting. To vote, simply select your voting direction from the options shown on screen. Your vote has been cast when the tick appears. To change your vote before voting closes, you can select Change Your Vote. You can change your vote up until the time I declare voting closed. For those in the room, if you do not have a voting paper, please talk to one of the Computershare team, who can assist you.
Voting papers will be collected at the end of the resolutions and voting section of the meeting by the Computershare team, who will act as scrutineers. The results will be released through the NZX after the meeting. I will now open the online voting for all resolutions, so please submit your vote at any time. The resolutions will now be available in the Vote tab. The PGW board had three changes to its membership during the 2026 year. At last year's annual shareholders' meeting on the 14th of October 2025, shareholders voted against the re-election of the then-appointed chair, Garry Moore, and independent chair, Sarah Brown. Later that day, I joined the PGW board as independent director and a member of the audit committee. On the 16th of October, I was appointed the chair.
Before we begin the formal business of the meeting, I would like to introduce the board who are attending our meeting today. In the first row, we have Mark Allison. Mark joined the board as a non-independent director on the 1st of July 2026. We also have independent director Wilson Liu, and Director U Kean Seng, and independent director Dr. Charlotte Severne. Members of the executive team are here today. Seated alongside me is PGW CEO Stephen Guerin, along with Chief Financial Officer Peter Scott, and General Manager of Corporate Affairs Julian Daly, although they are around the other way. I would like to acknowledge the other members of the executive team who are in attendance, GM Retail & Water, Nick Berry, People & Safety, Sarah Mears, and GM Wool, Rachel Shearer. Emphasis on the Shearer.
This is Peter Scott's last ASM, as he is leaving PGW at the end of this month, having been with the company for over 11 years. I wish to take this opportunity on behalf of the board to thank Peter for his contribution to PGW. Peter has played a key role on several significant milestones for the business over the years, including the divestment of PGG Wrightson Seeds in 2019, the transformation of PGW's IT platforms, and ensuring the business has retained ongoing financing capacity to support growth initiatives, including GO-STOCK and the acquisition of the Nexan Group. Congratulations to Brian Harrison, who is down there, who joined PGW in 2010 and has been the group financial controller since 2018, on his appointment to the executive team as CFO from November 1.
I also congratulate Angela Huntley, who will join PGW's executive team from November in the newly established role of General Manager of Business Services & Technology. Angela is currently PGW's business support services manager, and she has been with PGW since 2014. I would like to acknowledge that we have representatives from our share register, Computershare, our auditors, Ernst & Young, and representatives from Rabobank and BNZ, with Westpac attending online. We are also joined by the New Zealand Shareholders Association CEO, Oliver Mander. No apologies have been notified prior to the meeting. Are there any apologies from the floor that we should note? The company executive has confirmed that the notice of meeting was sent on 15th September 2026 to all registered shareholders and to other persons entitled to receive that notice.
I confirm the minutes of the company's previous annual shareholders meeting held on 14th of October 2025 were approved as a true and correct record at the board meeting on 24th of November 2025. The minutes of the meeting are posted in the Investor Centre section of our website. The financial statements and the reports of the Directors and auditors for the year ending 30 June 2026 are set out in the company's annual report. On 15th September 2026, the annual report was posted on PGW's website and our NZX page, and a physical copy of the report was sent to shareholders who requested it. We also released our sustainability report and climate statement for the year ending 30 June 2026, 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 our website.
Please note that we will refer to both GAAP and non-GAAP performance measures. We use operating earnings before interest, tax, depreciation, and amortization, or operating EBITDA, as a key measure of performance, and I encourage you to refer to our full accounts for details of how this relates to GAAP measures. I can confirm that 677 shareholders have appointed proxies for the purposes of this meeting in respect of approximately 50 million shares. I'll now move to the order of the business of the meeting. It's quite a long introduction, really. I'll begin by providing a brief overview of the performance results and sustainability highlights, and then I'll hand over to our Chief Executive, Stephen Guerin. Stephen will provide an operational overview for individual business units, and he'll also summarize how our business is trading in the current financial year to date.
I will conclude our presentation by discussing our forecast guidance for the financial year to 30 June 2027. The time for questions will follow before we move to the formal business of resolutions and voting. As outlined in the notice of meeting, the business of the meeting comprises three ordinary resolutions relating to the election of myself as an independent Director, the election of Mark Allison as a Director, and authorizing the board to determine the auditor's remuneration. Before I discuss our financial performance highlights, I'd like to acknowledge the 175th anniversary of George Gould opening Christchurch's first general store in May 1851. Over the years, significant tributaries, including Pyne Gould, Guinness, Wright Stephenson, Dalgety, Williams & Kettle, Donald Reid & Co, and many others have come together to serve rural communities nationwide. Our story is woven into the history of New Zealand agriculture.
From stock and station services to wool, rural and horticultural supplies, research, and real estate, our legacy has continually adapted to meet the needs of farmers and growers. Strong relationships, practical experience, expertise, and a deep understanding of rural life form the backbone of our team's work today. The trust has been earned over generations and remains central to our business. Although our heritage is a source of deep pride, our focus remains firmly on the future. Financial year performance for the year ending 30 June 2026. All comparisons are with the prior financial year.
Operating revenue of NZD 1.1 billion was up NZD 99 million or 10%. Operating EBITDA of NZD 64.3 million was up NZD 8.2 million or 15%, and net profit after tax of NZD 15.6 million was up NZD 4.9 million or 46%. Cash flow from operating activities of NZD 52.6 million was up NZD 40.2 million. Earnings per share was up 6.5 cents per share.
A fully imputed final dividend of NZD 0.055 per share was paid on 6th of October 2026, bringing total full imputed dividends paid for the year to NZD 0.10 per share. Sustainability highlights for the financial year 30 June 2026 include PGW is continuing its voluntary climate reporting beyond the regulatory requirements. We achieved a 23% reduction in greenhouse gas emissions since our FY21 baseline, and 100% of PGW sites are supplied by renewable energy. As I just mentioned, PGW's group operating revenue of NZD 1.1 billion was up NZD 99 million or 10% on the prior financial year. This marks the first time PGW has exceeded a billion in revenue since the divestment of PGG Wrightson Seeds in 2019, which is a positive indicator of the continued growth in our business.
PGW delivered a strong financial performance in financial year 2026, with group operating EBITDA increasing to NZD 64.3 million, up NZD 8.2 million or 15% on the prior year. This result was driven by improved performances from both our Retail & Water and Agency groups. These businesses were supported by favorable commodity prices across several sectors and a recovery in farmer confidence, which encouraged greater investment across the rural economy. Within Retail & Water, we achieved record revenue with growth across most business units, improved conditions in the sheep, beef, dairy, and horticultural sectors supported increased customer activity throughout the year. Rural Supplies delivered a strong result, benefiting from favorable market conditions, reinvestment on farm, and solid execution.
Fruitfed Horticulture also performed well, with increased revenue driven by strong activity in the kiwifruit sector and continued investment by growers, despite ongoing challenges across parts of arable farming and the viticulture sector.
Agritrade continues its positive momentum, supported by growth in agrichemical sales, successful integration of Nexan, and a continued focus on supply chain efficiency and operational excellence. Our Agency group delivered another good result, supported by favorable conditions across the livestock, wool, and real estate sectors. Livestock was the standout performer, benefiting from historically elevated sheep, cattle, and dairy prices, robust international demand for red meat, improved farm profitability, and renewed farmer confidence. The wool sector also experienced improving conditions during the year, with strengthening prices and greater collaboration across the industry contributing to increased optimism. Real Estate delivered an improved performance as activity increased across rural, lifestyle, and residential markets. In particular, demand for dairy and horticultural property strengthened, supported by improved farm economics, lower interest rates, and renewed buyer confidence.
Across both operating groups, we remain focused on supporting our customers, strengthening our market positions, and investing in initiatives that will drive sustainable long-term growth for PGW. Net profit after tax of NZD 15.6 million in financial year 2026 was up 4.946%. NPAT benefited from the improved operating result in foreign exchange gain. The year includes a full year of amortization expense related to the Microsoft D365 Enterprise Reporting Platform, which went live in April 2025. Our strategy continues to guide decision-making and investment across the group, providing a framework for growth and innovation. During financial year 2026, we progressed several initiatives designed to strengthen our customer offering, build technical capability, and reinforce PGW's position as a trusted partner to New Zealand's farmers and growers. One of the most significant developments during the year was the continued integration of the Nexan business.
The integration has progressed well with the Nexan and PGW teams working closely together to leverage their complementary strengths. The acquisition has enhanced our animal health capability, expanded our proprietary product portfolio, and strengthened our ability to deliver innovative solutions that support customer productivity and performance. FY 2026 also marked the first full season of trading the Blue Ag, our proprietary agrichemical range. Early adoption has been encouraging, with strong support from both our Rural Supplies and Fruitfed Horticulture, previously known as Fruitfed Supplies teams. Blue Ag enhances supply chain resilience, provides customers with greater choice, and further differentiates PGW's agronomy offering in the marketplace. Another important milestone has been the successful establishment of our Hastings Research Station.
Established to strengthen our technical expertise and innovation pipeline, the facility is already generating valuable technical and commercial insights that will help inform future product and service development, ultimately benefiting our farmer and grower customers. Together, these initiatives demonstrate our commitment to investing in the capabilities, products, and expertise that will support our customers and position PGW for continued success in the year ahead. Our FY 2026 results reflect solid progress against the three strategic performance measures or KPIs that underpin PGW's long-term success. These measures cover financial performance measures, safety performance, and customer experience. These measures help us to check our progress against our strategic objectives and ensure we remain focused on delivering sustainable value for our shareholders and other stakeholders. I'll begin with our financial performance measures.
Our first financial KPI is normalized earnings before interest and tax, or EBITDA, with a target of 10% growth over a rolling three-year period. Over the three years to FY 2026, PGW delivered growth of 91.4%, significantly exceeding our target and reflecting the substantial improvement in earnings across the group. Our second financial KPI is return on capital employed, or ROCE, with a target of 10% growth over a rolling three-year period. We missed this target by a small margin by achieving an average of 8.1 over the three-year cycle.
While this was below our target, the result was influenced by the challenging trading conditions experienced in FY 2024. Our third financial KPI is earnings per share. For FY 2026, our target was 15.7 cents per share. We exceeded this target, delivering earnings per share of 20.6 cents, supported by stronger performance across our Rural Supplies, Livestock, and Real Estate business.
Turning now to safety. We continue to strengthen our safety culture and are encouraged by the positive progress being made as our health, safety, and wellbeing program matures, particularly in the area of critical risk management. Our safety KPI focuses on continuous annual improvement in our total recordable injury frequency rate, or TRIFR. In FY 2026, we achieved our target recording of 3.5% reduction in TRIFR compared with the previous year. Our final performance measure is customer experience, recognizing the critical role it plays in sustainable business performance. We measure this through an externally surveyed group Net Promoter Score, known as NPS, which is an internationally recognized indicator of customer satisfaction and loyalty. Independent market research confirmed a significant 111.1% year-on-year increase in PGW's group NPS compared to FY 2025, resulting in us achieving this KPI.
Overall, these results demonstrate continued progress against our strategic objectives and provide a strong platform for future growth. Before I hand over to PGW's Chief Executive Officer, Stephen Guerin, I would like to thank you, our shareholders, for your continued support and commitment to PGW. We value the confidence you place in our company and remain focused on executing our strategy, strengthening the business, and creating long-term value for shareholders. Several weeks ago, we invited all shareholders to take part in a short survey to help us better understand what matters most to you as an investor and your perspectives on PGW. We launched this survey to gain insight so that we can continue to improve our shareholder communications and engagement. The survey was open for a month from 9 September to 9 October.
We will now analyze results and hope to gain insights into what attracts investors to PGW and what drives long-term investment decisions. Expectations around growth, dividends, capital allocation, and shareholder returns. How investors assess the performance, strategy, and future opportunities of the business. Which financial metrics and outcomes are most important when evaluating PGW as an investment. Views on risk valuation and the factors that increase investment confidence. The feedback will help inform how we engage with you as shareholders and communicate our strategy and performance. We also hope that the feedback will provide insights into the priorities of our investor base. Thank you to everyone who participated. I now invite Stephen to provide an operational overview for the year.
Thank you, John. Ata mārie, and good morning to everyone. I am delighted to be here with you today to give this presentation. Operating cash flow represents the cash generated by PGW's day-to-day trading activities and is a key measure of the group's ability to convert earnings into cash and funding working capital and supporting the business' growth. PGW delivered a significant improvement of the cash generation during FY 2026, with operating cash flows increasing to NZD 52.6 million, an increase of NZD 40.2 million on the prior year of NZD 12.4 million. This resulted from the improved financial performance of the business, along with favorable working capital movements compared to the prior year.
The group saw a further NZD 7 million growth in GO-STOCK receivables. Tax payments were NZD 2.2 million higher than the prior year. Cash outflow from investing activities was NZD 24.5 million, an increase of NZD 10.3 million versus the prior comparative period.
This included NZD 19.7 million in respect to the Nexan Group acquisition, along with fixed assets and intangible purchases of NZD 6.6 million, partially offset by proceeds from fixed asset disposals totaling NZD 1.6 million. We continue to invest for future growth during the year. This included the acquisition of the Nexan business, along with ongoing investment in GO-STOCK and our wider business infrastructure, which was funded by debt. Net interest-bearing debt, or NIBD, was NZD 2.4 million higher than the prior comparative period at NZD 88 million, reflecting the strong operating cash flows and the deliberate strategic investments undertaken during the year, as I have noted. In the FY 2026 financial statements, we have fully provisioned our credit exposure in relation to the ongoing Kiwi Crunch insolvency. I refer you to notes 3 and 11 on the financial statements for more details.
While we continue to work on recovery options, we have taken a conservative view from a financial reporting perspective. We have taken a conservative view to provision the entire NZD 5 million. We have also completed a review of our syndicated banking facilities, extending them through to September 2029 and increasing available funding capacity. This provides additional financial flexibility to support future growth opportunities, including the expansion of GO-STOCK. Our people remain central to our success, and during the year, we continued to invest in leadership and development and systems to support our teams. In June 2026, PGW had 1,532 permanent and temporary or fixed-term employees. PGW also engaged 146 casual employees, 160 commission agents, and three specialist consultants, bringing the total staff headcount to 1,841 people. We introduced some initiatives and continued to modernize our people systems to improve our people's experience.
Health and safety and wellbeing remain core focus of PGW. During FY 2026, we strengthened our health and safety framework through the implementation of several key risk management standards and continued to invest in health monitoring and worker wellbeing. I am also pleased to report we saw a reduction in lost time injuries, as John has already spoken about. The Max Rewards loyalty program continues to foster customer value by developing and strengthening our key customer relationships. Sustainability remains an important part as PGW supports New Zealand agriculture and horticultural sectors. We are responding to changing customer, regulatory, and stakeholder expectations. During FY 2026, despite changes to New Zealand's climate reporting requirements, our board reaffirmed the commitment to transparency and accountability through the continuation of voluntary reporting aligned with the New Zealand climate standards. A sustainability report and climate statement mark a third of our climate-related disclosures.
I am pleased to report that PGG Wrightson reduced greenhouse gas emissions by 23% compared to the FY 2021 baseline, driven by ongoing improvements in fleet efficiency and operational emissions management. We are well on the way towards achievement of our goal of a 30% reduction in greenhouse gases by 2030. During the year, we continued to expand our low emissions vehicle fleet, including increasing the number of hybrid vehicles to 106 and introducing electric vehicle options. We also made further progress in strengthening responsible business practices across our supply chain through an expanded supplier due diligence program, helping ensure we are well prepared for the evolving regulatory environment. Looking ahead, we remain focused on the practical initiatives that deliver environmental and commercial benefits. These include the rollout of rooftop solar installations across the selected sites, supporting lower emissions, improved energy resilience, and long-term value creation.
We are encouraged by the progress we made and remain committed to supporting a sustainable future for both PGG Wrightson and the rural sectors we serve. I will now discuss the individual business unit results. The Retail & Water business includes Rural Supplies, Fruitfed Horticulture, Water, and Agritrade, and they all delivered a strong result for the FY 2026 year. Operating revenue was NZD 851.2 million, which was up NZD 78.3 million or 10% on FY 2025. This was a record year for the division, with both revenue and gross margin reaching their highest levels to date. Rural Supplies achieved record sales and earnings, and Fruitfed Horticulture successfully maintained market share while navigating challenging conditions in the viticultural sector. Operating EBITDA for the group was NZD 44.5 million, which improved NZD 2.3 million or 6% from the prior year result.
Throughout the year, we remained focused on disciplined margin management, inventory control, working capital management, while also investing in initiatives which will support future growth. As John has mentioned, one of those key milestones was the acquisition of the Nexan Group, a well-established animal health business whose products have been distributed through Agritrade for more than a decade. This acquisition strengthens our animal health offering and supports our strategy of increasing value through greater integration of products and services across the supply chain. We also launched the Blue Ag, our new private label agrochemical range. Customers' uptake during the first full season has been encouraging, improving supply chain resilience, providing farmers and growers with additional choice in a competitive market. Another important investment was the establishment of a dedicated research station near Hastings. During the year, our team completed 98 trials across New Zealand, including 42 at our Hastings site.
These trials help strengthen our technical expertise and ensure that the advice and solutions we provide our customers are supported by robust science-based evidence. We continue to invest capability across the business. Fruitfed Horticulture launched its Agronomy Accreditation Program, providing a structured pathway to develop and recognize the technical expertise in our horticultural teams. We also expanded the reach of our Blue Shed Diary podcast, which has become a valuable platform for sharing practical knowledge and industry insight with customers, staff, and the wider sector. The investment in our physical network has continued, including the opening of our new integrated retail real estate regional office facility in Invercargill, and the redevelopment of an existing building to house all of the business units in our new Fruitfed Horticultural site in Hastings, which opened just recently in September.
These investments demonstrate our ongoing commitment to supporting our customers, strengthening our regional presence, and positioning the business for future growth. Looking more closely at the individual business unit, Rural Supplies delivered record sales and profit, supported by positive farmer confidence, increased investment across many farming sectors. While trading conditions were generally favorable, market conditions varied by sector. Demand was particularly strong in categories such as animal health, water, infrastructure, fencing, and pasture renewal. Fruitfed Horticulture increased revenue despite mixed conditions across the sector. The fruit sector continued to perform strongly, supported by ongoing orchard development and investment, while the grape and wine sector remained subdued. Throughout the year, Fruitfed maintained a strong focus on customer relationships, technical capability, innovation, further strengthening its position as a trusted partner for growers.
The Water business delivered pleasing sales results with increased activity across irrigation, pumping, stock water systems, and on its reputation of a high-quality project delivery and customer support, while maintaining a strong focus on safety and operational performance. Despite a competitive market and ongoing supply chain challenges, the Water business achieved solid growth through disciplined management of inventory, working capital, and project delivery. Agritrade performed well during the year, achieving strong growth in agrochemicals and strengthening its position in animal health through the acquisition of Nexan. The business continues to supply both Rural Supplies and Fruitfed Horticulture, delivering an efficient and resilient supply chain while managing freight costs pressures, ongoing global supply disruption, continued investment in distribution capability, and warehouse optimization further improved service levels for customers across the network. Turning to the Agency businesses, which comprises the livestock, wool, and real estate businesses.
The Agency group delivered an outstanding result for FY 2026, with operating revenue of NZD 221.5 million, up NZD 20.5 million or 10%. Operating EBITDA of NZD 29 million was an increase of NZD 5.5 million or 23% on the prior year. Strong market conditions across the agriculture sector, together with improved farmer confidence and increased transactional activity, supported performance across all three businesses. Livestock delivered an exceptional result, benefiting from elevated prices across the sheep, beef, and dairy markets, underpinned by favorable international demand, improved farm economics, and robust farmer confidence. Our GO-STOCK product continued to gain momentum, providing farmers with greater financial flexibility while strengthening long-term customer relationships and making increased improvement in contribution to earnings. We also continued to invest in both our physical and digital livestock trading platforms.
Increased saleyard activity reinforced the importance of our nationwide network, bidr, our online trading system, continued to expand its reach and influence with approximately 30% of all saleyard bids placed through the platform during the year. Supply chain partnerships also gained momentum during the year, with increased volumes being directed through our preferred processor channels. The wool business result was broadly in line with the prior year, albeit with a small reduction in volumes transacted reflecting the country's declining sheep flock. There were encouraging signs with strong wool prices reaching their highest levels in decades and increasing optimism emerging across the industry. Growing demand for natural fibers, combined with lower wool production internationally, helped support improved market conditions. We maintained the focus on strengthening the long-term sustainability of the wool sector through greater industry collaboration, including the creation of a single national open-cry wool auction.
We also continued to develop the Wool Integrity NZ trademark, which provides traceability assurance, and is increasingly sought by customers in supply chains. Our export business Bloch & Behrens Wool performed well, increasing export volumes into key international markets despite declining wool production nationally. Our real estate business delivered an improved result, supported by increased activity across rural, lifestyle, and the rural residential markets. Demand strengthens across dairy, sheep and beef, and horticultural properties as lower interest rates improved farm economics and renewed buyer confidence encouraged greater market activity. During the year, we launched the PGW Real Estate Accelerator program, designed to develop and support the next generation of real estate agents, helping to strengthen capability and support future growth of the business.
In closing, I'd like to offer my personal thanks to Peter Scott, our CFO, who leaves us on the 30th of October, for his support to myself and the business in my time as CEO. I wish you all the very best, Peter. I'll now hand back to John to discuss the first quarter of FY 2027 and the outlook.
Thanks, Stephen. Now for the current outlook. While much of PGW's key trading period remains ahead, first quarter performance has been encouraging, particularly in Retail & Water. Earnings from Livestock, PGW's second largest business unit, are weighted towards the second half of the financial year. This positive start, together with generally favorable conditions and continued confidence across much of the primary sector, supports a cautiously optimistic outlook for FY 2027. Based on current trading and market conditions, PGW expects operating EBITDA for the financial year ending 30 June 2027 to be approximately NZD 70 million. We will assess this forecast after the key second quarter trading months and will update the market as appropriate. The outlook for New Zealand agriculture remains generally positive. Rabobank's recent Rural Confidence Survey recorded the ninth consecutive quarter for net positive farmer confidence, supported by strong commodity prices and improved farming profitability.
Farmers remain confident about their business prospects, while investment intentions remain comparatively robust, notwithstanding higher input costs. Elevated fuel, fertilizer, financing, and other farm input costs continue to affect farm profitability. A weaker New Zealand dollar compounds some imported costs while also supporting export returns. Despite these pressures, overall sector conditions remain favorable. Confidence is also evident in the rural property market. Although activity continues to vary by region and property type, conditions remain supportive, particularly for dairy and kiwifruit properties. This activity is expected to benefit PGW's real estate business. In dairy, favorable milk price forecast and resilient meat pricing also remains favorable, underpinned by constrained global supply and continued demand across key export markets, including the United States lamb market.
Horticulture continues to perform well, with kiwifruit and apples benefiting from solid export demand, while improved strong wool prices are providing some support to grower returns despite a reduction in the New Zealand wool clip. Conditions remain more challenging in parts of the arable and viticultural sectors, where lower commodity prices, market oversupply in some categories, and ongoing cost pressures have created a more cautious operating environment. Weather conditions remain an important influence on sector performance. NIWA's October outlook indicates that El Niño conditions may be a dominant influence on climatic conditions. This brings an increased risk of dry conditions, particularly in eastern regions. Farmers and PGW will continue to monitor production conditions as the season progresses. Against this backdrop, PGW expects customer activity supported by generally favorable farm gate returns, continued investment in farm productivity, animal performance, and on-farm infrastructure, and ongoing activity in rural property markets.
New Zealand's general election in November may influence domestic agri-sector policy, while global economic, geopolitical, and climatic risks remain. Despite these uncertainties, New Zealand agriculture enters financial year 2027 in a stronger position than it has been for several years. With its nationwide footprint, technical expertise, innovation, and enduring customer relationships, PGW remains well-positioned to support customers and capitalize on opportunities across New Zealand's primary sector. We will now take questions in relation to our presentations 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 state your name. Have we got any questions?
Microphone on the way.
Yes, thank you, John. Is that right? Can you hear me?
Yes.
My name's David Tennyson. I'm a longtime shareholder. I've got a slightly obscure point to ask a question on, and interestingly, I was actually talking briefly to our departing CFO briefly about it just before the meeting. You've managed to increase the expiry date of your financial arrangements with the banks, which I think sounds very good, because you've gone out to 2029. That saves you scrambling around trying to change these things year by year. But I did notice one point in the, if I refer to the annual report, it's on the section 9 on cash and financing facilities, and there was a small change. In the past, you've had a facility for working capital and a facility for what you call core debt, which kind of makes sense. But this year, I noticed you've actually got effectively three facilities.
You've got your core debt, you've got your working capital, and you've got a special facility for GO-STOCK. Although it's a small change, it struck me as that could be a change in thinking as to how you organize the business going forward, and I'm just wondering what was it that, perhaps you could fill in a bit more detail as to why you went from the two categories of debt to three.
Well, that's an interesting question that we're all very interested in. Peter, would you like to give a brief response to that?
Yeah, sure. Hopefully you can all hear me. Thanks David for that question. What actually happened was that since the divestment of PGW Seeds in 2019, we actually hadn't gone and really taken a global look or a more detailed look at our overall structure. What we really were doing all that time with GO was we actually had an individual GO balance sheet. We were funding GO through either the core or the working capital facility. When we met with the banks over the last couple of years probably, they were really quite distinct parts of our borrowing, if you like. That's where we said we need to restructure our borrowing to a more appropriate way of actually looking at it.
Because as some people will realize, if you look at our net debt, which includes GO, it's probably appropriate to take GO out because we've got security over all the animals. You could run down GO at some stage if you really wanted to. It's a different kind of facility. It's really low. It's a different kind of facility, and that's why we really took the opportunity just to restructure properly and get the three facilities more aligned to what it is. Working capital, for example, we've got a NZD 100 million working capital facility, and that really shows the cycle of our debt as well. Our core facility is reduced from 100 down to NZD 50 million, which is more likely what it really is. That's the reason that we took the opportunity to actually restructure our facilities along the lines that how they're really operating.
Hope that makes sense.
Okay. That's a great answer. Thanks, Peter, and I think it sort of illustrates, amongst other things, how successful the GO-STOCK program has been, because I really think that's been a bit of a game changer for the company, and I commend you for getting into it and expanding it. Before I finish this, I've got a kind of a follow-up question to this, and that is, GO-STOCK has been pretty successful, and it sounds as if the Nexan acquisition was well thought out and a good thing. But if we go back to your presentation, one of the key points you missed on was the I'll put it down. The KPI of 8.1% on all investment over three years versus your goal of 10%, which is, okay, it's a small miss, but nevertheless, it's a difficult business. We understand this, so I'm not entirely surprised.
But extending from that, my thoughts are that it's actually very difficult for a company like PGW to earn its cost of capital. And that's not meant to be a slur on the business because if you compare it to the people across the street, which is the Farmlands collective, I think you've more or less trounced them in your performance, so congratulations for that. But my thoughts are that maybe you should actually look to have a lower debt structure overall because one thing that stood out, and again, talking to Peter before the meeting, we've had a really roller coaster 11-year ride. And we went to the highs of getting a dividend of NZD 0.30 per share over the year, which was fantastic, and then of course, everything collapsed a couple of years later, and we got nothing.
So what I'm wondering is there a kind of a middle path you can steer that we can avoid these highs and lows and provide sort of a steadier outlook for shareholders than has been in the past?
Yeah, no, interesting observation. We're keen to have ongoing growth reflected both in an increasing dividend over time and hopefully we'll see the performance of the company reflected in the share price. I'll leave everybody to make their own judgment as to the share price, the dividend we're doing our bit. In terms of the risk relative to our funding, as Peter said, the GO-STOCK is a fairly liquid product. So if we came under some strife, we'd be in a fairly good position to liquidate that fairly promptly and repay the debt. So, we'd consider the debt position to be relatively conservative.
Okay. Thank you very much. I'll-
Thank you.
Hand the microphone over.
Any other questions?
Yeah. Good day, I'm Mike. Just we'll touch on that Nexan a little bit there. So it's the NZD 1 million that's contributed there. How much of that were we already capturing before you acquired the business? As a distributor, just retailing the products, how much incremental profit has come from actual ownership of Nexan?
Sorry, how much of the profit is relative to Nexan? Is it-
You had a long relationship with Nexan. You've been selling their products for a long time. My real question is, how much incremental profit has come from the actual ownership of Nexan versus just retailing their products?
Oh, okay.
I'll take that question.
A couple of things in that space. The results for the year and our 11 months of trading, just to point that one out. We do know what the performance of the Nexan business was prior to acquisition because that was part of our due diligence process. I just want to comment on, it's not to your specific question, but I'll come back to that. The product is not sold solely through the PGW network. It is sold to our other It comes into the PGW network, and we sell it out to our competitive businesses, the Farmlands business, the Farm Source businesses, and an independent veterinary channel. By acquiring the business in terms of the business, we've been able to go up the market and capture the wholesale margin. In terms of your particular question, it is somewhat commercially sensitive, in terms of the actual number.
But in terms of year-on-year growth, in terms of that based on that historical DD, that we've seen as far as the business has confirmed. I would add that in terms of acquiring that Nexan business, part of our strategy is not only to expand our offering from an animal health perspective, but also to tap into their future pipeline. We see a real opportunity in terms of that future pipeline and product as well. The business at the size that it was in terms of its private ownership, didn't have that capacity capability to invest in that, and also confidence around the distribution through the network. With us taking ownership of that, we've been able to see that come through in the next two to three years. That's the part of our strategy.
Long term, what sort of growth are you expecting out of Nexan?
I am going to treat that one as a commercially sensitive question if you do not mind.
All right. We will change tacks a little bit there. In the provisions for receivables there is a pretty big increase noted for that one particular customer that is in receivership. Obviously, it has happened. My sort of thinking question around that is, how did something so large fall through the gaps on one particular account? Was that account within the credit limits? Was it within policy? Were there exceptions made? There had to be some red flags before this account defaulted. What has happened there?
Should I take that question?
Yeah, okay.
Or do you want to?
Obviously, we do not like taking those sorts of hits, and we are planning on not taking many more. However, when you have been around for 175 years and you are a key player in most sectors within the primary sector, if you are going to do that business, you are going to have exposures. The challenge that we as a board have been putting to management is, they are well aware that we do not appreciate such things, and the challenge is to learn from the experience that we have just been through. Having said that, we have a very robust process for managing our accounts receivable.
Yeah. This account obviously did not default overnight. What has happened beforehand?
We had a prior trading history with the account, and they'd been cleared on time. We got to the peak of the season, it's called the February window, and we were receiving payments on the accounts. Then the IRD took action, which came as a surprise to a number in the sector, including PGW. As John's represented, we've had a credit process that flows through. That came out of the blue for everyone. If you look across the agri sector, a number of people were surprised by what happened there with an unpaid tax bill, essentially. What will be reported from the liquidator's perspective in due course as to the underlying cause for that, we haven't seen that detail. But yeah, it did come out of the blue as far as the business is concerned. Sorry, the sector is concerned, including PGW.
If it's the business we're probably all thinking of that's been reported in the media a wee bit there. There is some inference that they were trading insolvent for some time.
Yeah.
Yeah.
It is that, I did reference it in my presentation, it is the Kiwi Crunch businesses, which is the one that we're reading the media like you, and also the liquidators report. So, yeah.
Going forward, how can we improve this? What can we do to limit our risk and our exposure?
Yeah. As I was saying, if we're going to be a dominant player, we're going to have exposure. We could pack up our tent and go away altogether. We don't plan on doing that. We've just got to get smarter on how we do it and manage those exposures, hopefully without getting caught.
We have looked back. There's been a moment of self-reflection for the business, as it should be. We have looked back and seen how we've performed over the last few years as far as the business is concerned and as far as the new operating structure post the seeds business. That includes things like the COVID years, the downturn in agriculture, which we saw in 2024 year, which obviously puts pressure on farm debt and so forth. Whilst I acknowledge the number this year is not what we would like to see at all, the number is at the low end of what you would expect for a business of our size. So, quite considerably. I'm using the NZX reported data here, and they say that this ranges between 2% and 5% over that same period. Ours is 0.28% over those five years on an average basis.
I don't want to underplay the impact of this last year's result, and the reflection that that's been for the business, but just also some context around the long-term view of how we see the sector and our relationship there.
Fair enough. Can we reconcile the increase in revenue there for a little bit? Mostly interested, is it just price inflation? Is it actual volume increasing around livestock, real estate transactions? Obviously, commodity prices are up, so I expect to see a much stronger commission there. Is it actual volume growth or is it just purely price inflation?
It's a combination of everything, but bear in mind that in terms of how we report the livestock, it's only the commission on the livestock transaction, not the livestock itself.
Mm-hmm. Yeah. As John says, it's a combination of both. Certainly, from a retail perspective, there's been price inflation in the marketplace, with particularly the likes of tanks and troughs right at the moment. You can't get tanks and troughs with the price movement in fuel. But we have seen more on-farm activity with improved confidence. Fencing, fertilizer, more business, for example, water irrigation, pivot investment stock water systems. So it is a combination of both.
Yeah. I'd expect a pretty good pipeline of capital work coming through. Yeah, particularly given the mainland distribution there. I guess thinking back to 2022, you had a similar EBITDA result on much lower revenue. We're at a different place today, but we've still fallen short of that. How are we going to get back to those levels?
Hmm. That's not an unreasonable challenge. That's the challenge we face all the time. Obviously, the business is going to fluctuate from one year to the next. We are just giving an indication that we are expecting things to improve. We would like to think that that trend will continue. We are forever looking at ways of getting a bit more of the pie and making that bit of pie a bit bigger. I cannot tell you specifically how we are going to do that, but I can assure you there is an enormous amount of energy going into doing it.
Do you think GO-STOCK is a good way to Are you tracking any sort of referrals or cross-selling any extra business you are capturing by offering that product?
The answer- I think GO-STOCK is an outstanding product.
Yes. Are we capturing any more activity because of that?
The answer is yes. I was just talking to some teams just last week about that particular topic. GO-STOCK is one we've talked about, the opportunity alongside our livestock teams and our wool teams, for example, some opportunities in that space. The work that the Retail team are doing in terms of our Blue Ag initiatives to grow profitability and margin from that, going up the supply chain a bit further there. We've introduced a couple of new products within the GO-STOCK range as well. Just expanding it all under the same auspices, but some different places in the marketplace as well.
I take your point there that, yep, the GO-STOCK facility is backed by the receivables for GO-STOCK, but that doesn't eliminate the obligation for the debt. I guess my question is, what sort of risk-adjusted return are we targeting with GO-STOCK?
Yeah. Obviously that's commercially sensitive, but as we've talked about before, our return on capital employed is targeted at 10%. So at a minimum, we're talking about 10% returns on our capital employed. GO-STOCK is part of our capital employed. You'll see that we had NZD 90 million, for example, in there at June. So you can take it from there. Our weighted average cost of capital will be in that region.
Have we got any more questions from the floor here?
I'll squeeze one more in before I give it up.
Thanks, Mike.
Just going back to, obviously you've implemented D365. There's been a big capital expenditure there. Is it meeting expectations? What actual cost savings benefits are we achieving from that compared to the original sort of case put forward? How's it actually going? We get a lot of good language about the optimism of these programs, but we get very few actual metrics, or are we achieving these targets or any benefits from it.
Yeah.
I'm keen really to understand how it's performing.
Yes. Yeah. Can I take the question? Yeah, sure. We have a post-implementation review process. We're circa 12 months down the line from implementation. We do an immediate one, and then we do one post-implementation, and we actually presented that to directors just yesterday. Like all these things for PGW, it was a major piece of work. We were transitioning out of a legacy system. We didn't have a lot of choice because we had end of life on the existing system, and we had to choose a new platform no matter what. In terms of the system, on day one that we went live, we were able to pay our customers because we have transactions where we're paying customers for livestock transactions. We were able to receive money from clients, and do all the things, and transact business within our store network.
On day one, it went well. 12 months down the track, we are now 14 odd months. One example in terms of the efficiency piece, in our prior systems, we had our Agritrade business, and we had our water business on a completely different system. We were actually raising purchase orders when we moved inventory between the businesses. We had raising purchase orders. We were processing those invoices, and we were actually paying money. That created inefficiency in terms of the process. It also created inefficiency around our use of data. We have seen efficiencies in terms of those sorts of things from an administrative perspective. We are on the cusp around using the data now because we have had 12 months of transactions. Utilizing that data more fully right through our network is an advantage.
That work is just coming to life now because we have had the 12 months of history. There are a few things that we would call a bit more inefficient. There are a few more in some parts of our processes. We have got a program of work to try and work through those, and we have got money aside for those. If you look across the network, across the IT landscape right at the moment, I think September, Microsoft released something like 900 security patches, and that reflects the moving world around security and AI and the tools there. Being on a major platform like D365, has benefit from that perspective. In our security statistics from an organizational perspective, the board are very conscious around that. We report at all board meetings on security.
Our metrics are improving, so we are protecting the data that we have got within the network, which is really important for them from an integrity perspective from our customers. Some positives. Some negatives. Would we do D365 again? The answer is, for a business of our size and type, the answer would be probably, because that tends to be the sweet spot for organizations. We are not a manufacturing business, so the big end of town is not where we need to be. Hope that answers some way.
A little bit, but it would be good to have more quantified results around that. I will just pop back to one more thing as I think of it. Can we reconcile the increase in the net profit after tax, with the swing in the foreign exchange derivatives there? You have gone from a loss to a gain. If I am right in my thinking there, a big chunk of that increase actually is coming just from the foreign exchange gains. Is that correct?
Yeah, there is actually NZD 2 million worth of foreign exchange gains. That is the gross amount, so after tax that would be NZD 1.4 million. You will find that in years changing the dollar, like this year there was a gain. Over time that will smooth out. You are right, 2026, there was just over NZD 2 million worth of foreign exchange benefit in the P&L. After tax, of course, NZD 1.4 million.
Thank you. Any other questions from the floor? Do we have any questions online?
We do have some questions online, Chair.
We do.
The first question, probably for you, Stephen, comes from Paul Hedley-Grant, and his question is, "Do we see Nexan products being sold overseas?
Right at the moment, they are not, but we see an opportunity in some products into the Australian market, so we are exploring plans right at the moment.
The second question, and this one is for you, Mark Allison. I am not sure if you can answer it, but it also comes from Paul Hedley-Grant, and his question is, "Do Elders intend to increase their shareholding in PGG Wrightson?
Do you want me to answer that on your behalf, Mark? Mark retired as Managing Director and CEO of Elders as of 30th of September . He is on gardening leave. That is why he is looking so fresh and healthy. He has no authority to speak on behalf of Elders at the moment, so he is unable to answer that question.
I have another question here from Samuel Xing Yu, and his question references some public relation challenges that one of our competitors is currently having, and says, "Given the recent news regarding competitor who's taken a stake in AgriZeroNZ, making an investment in AgriZeroNZ, are there any things that PGG Wrightson are doing to deepen its relationships with farmers and the rural community and not suffer the same sort of misconnection with its customer base?
Yes. Well, it would seem perhaps he's at the wrong meeting, but you can answer that, Stephen.
Thank you very much. We are part of the sector, so we did understand what the AgriZeroNZ network were trying to achieve. We did investigate that investment pipeline. But we look at a number of things across the sector at any one point in time, just the nature and size of our business. People contact us about a range of things. In terms of our own platforms, I spoke about our R&D team. We've got 26 in our R&D team, roughly split between true science and what we call extension, which is supporting our customers, supporting our teams in terms of what they do every day. We've got 90-odd product trials in and around through the business, of which 42, I think if I remember my presentation correctly, were conducted at our Hastings sites. Those are future-focused.
They are around how we can meet the challenge of products coming to end of life, in terms of the product's life cycle, and also where we see opportunities for new innovation. That's our pathway. And we are well-regarded by a number of universities researching around the world. So, if you look at the moment, the rise is largely, we're seeing a lot of work around the biological products. And we also send our teams offshore to see what's happening globally, because New Zealand exports its food globally, and we need to be conscious of what the markets around the world are looking for, and hence we are trying to understand that as well. So our pathway has been what we've been doing for the last 40+ years that I've been in the business, and it's around that traditional agricultural, chemical, and fertilizer pathway is where we see our future.
Some innovation in the animal health space, but that's alongside what we consider traditional animal health pathways.
Thanks, Stephen. Any more, Julian?
Yes, we have another question from Samuel Xing Yu. This is a two-part question. The first part of it is, what business resilience measures has PGW implemented to mitigate the global impact on our business model and the citing increase in diesel and petrol prices?
A good question. One that we worry about as far as the business is concerned. In the September quarter last year to the September quarter this year, our fuel prices have increased 56%. Since the 1st of July, we've increased 26%, sorry. I've just got the number quite. It's in that range. We are very conscious of it. Our fuel usage impacts us in a couple of ways. Firstly, our fleet, we've got circa 700 vehicles out in the fleet. We're having conversations, we're monitoring our performance. We've got Craig down the back here who's, alongside Nick, is leading some work in this area, monitoring both the price and our fuel usage. We've got some initiatives in and around how we actually move people around the organization as well. I spoke about, I think it was 106 hybrid vehicles in the fleet.
We're looking at our fleet usage, and we're going through that process at the moment, continuing to create efficiencies as far as our fleet is concerned. It's how we move product on and off farm and around the network as well. Craig and the team are working on more efficiencies in that space. We are trying to work with our shipping companies as well in terms of the systems that they use and their process. PGW is a fairly small cog in what is a global political issue. We're trying to do our piece, but reality is this challenge is going to remain.
Thanks, Stephen.
Same shareholder with a question. Has there been any uptake of AI in our business and our business model at PGG Wrightson?
Thank you. Really good question. We do use AI tools within our business in a number of ways. We've got some AI agents that are working internally on varying data points and efficiencies of the organization. We use our SkyCount technology, uses AI technology within the back end of it. We have just employed a couple of people to help us along this journey. The answer is yes. We are also cautiously, if I look at recommendations around the likes of the IoD, for example, cautious around security of data as well. It's not just the AI story, it's making sure you know what data you have, where it is, what's sensitive, what you're using your AI tools for. We're very conscious about that stuff as well.
You may have already covered this, Stephen, but a second part to that is, forward-looking, do we see that as a positive or a negative thing for PGW and its ability to serve customers in the use of AI?
I would say positive. I should add, we've got a business innovation team, which is business team members, who are bringing ideas through to us around how we can use the tools as far as the organization's concerned. We're an organization that it's deep and wide in agriculture. We've got a lot of data. Arguably, we've got more data in agriculture than any other agriculture business in New Zealand. No disrespect to Fonterra. They are very deep and far deeper than us in dairy, but they don't know anything about chemical free for obvious reasons. For us, the greatest strength I see is in the data information, how we get that, and how we can support our team members make decisions in the day.
Right at the moment, we're in our busiest time of this year, and the more we can do to create efficiencies for our supply chains, both internal and external, and our team members out in the field in terms of that, it'll be a better day for the business and a better day for our customers.
That's all the questions we've got online, Chair. Thank you.
Thank you. Thank you, Julian. As there are no further questions, we will conclude this part of the meeting, which now gets us to the formal business of the meeting, which comprises three ordinary resolutions in relation to the election of two Directors and authorizing the Board of Directors to fix the remuneration of our auditors. The resolutions and accompanying explanatory notes are set out in the notice of meeting. The proposed resolutions will be determined via poll that will be undertaken by our. Resolution relates to the election of myself as an Independent Director. My biographical notes are set out in the notice of meeting. I am currently an Independent Director and Chair and joined the PGW Board on 14 October 2025. I was previously a PGW Director from 22nd of October 2013 to 30 April 2019. I am eligible and offer myself for re-election.
The company's Directors wish to note very kindly the specific expertise and experience that I bring to the Board, as noted in my biographical notes in the notice of meeting, and recommend shareholders vote in favor of my election. The second resolution relates to the election of Mark Allison as a Director. Mark's biographical notes are set out in the notice of meeting. Mark is one of Australasia's most experienced and highly regarded agribusiness leaders with nearly 45 years' experience across agricultural businesses, governance, and industry bodies. He will provide valuable insight into the opportunities and challenges facing rural businesses in the broader agricultural sector. Mark is a Director and joined the PGW Board on 1st July 2026. Mark Allison, being eligible, offers himself for re-election.
The company's Directors wish to note the specific expertise and experience that Mark brings to the Board, as noted in his biographical notes in the notice of meeting, and recommend shareholders vote in favor of Mark Allison's election. The Board has determined that Mark is not an Independent Director due to his current association with substantial security holders. The third resolution is to authorize the Board of Directors of PGW to fix the auditor's remuneration for the financial year for the purposes of Section 207S of the Companies Act 1993. As is usual with audit remuneration, it is impacted and practical to fix the remuneration at the beginning of the year. Accordingly, the Board of Directors is seeking authority from the shareholders of the company to fix the audit remuneration at the appropriate time.
Are there any questions in relation to any of the resolutions that any of the shareholders wish to ask? Nothing online?
No.
Thank you. I will now move that the resolutions one, two, and three, as set out in the notice of meeting, be put to the vote by way of three separate motions as ordinary resolutions. The poll will be conducted in respect to the resolutions. For those who have not cast votes already, please do so by clicking on the Vote tab on the right side of your screen. For those present that have not voted, please complete your voting papers. That concludes our discussion on the resolutions presented. I will close the online voting very shortly, so please ensure that you have cast your vote on the resolutions. Computershare, could you please now collect the voting papers from shareholders in the room?
While we are waiting, we can address any further questions, if any, in relation to the resolutions. Thank you. The voting online and in the room is now closed. The votes will be counted under the scrutiny of Computershare. The results of the voting on the resolutions will be released on NZX later today. The meeting is now open for general business, and we will take questions from shareholders and proxies in the room and online. Are there any further matters for discussion or questions?
Got that. Microphone is coming, David. On your right.
Thank you, John.
David.
I was rather remiss with my first question. What I should have preceded it with was congratulations on your reappointment to the board and as Chairman. It's good to have an experienced man like you at the top. Thank you.
Oh, thank you.
My question is, technically, it may be a question that's outside of the scope of the meeting to answer, but it's the same question that was put to your predecessor two years ago, and he was not able to answer it adequately, and as a result, he's no longer here on the board. I'm going to pose the same question to you, and that is, we have a very important shareholder on the register, goes by the name of Mr. Lai. He is a businessman based in Hong Kong, Singapore, with many business interests, but his interest in PGW via his Agria subsidiary is a very important part of his investment portfolio. The question is, I'm not asking you to speak for someone who's not here, but what I'm asking is, what is your impression of Mr. Lai's intention for his shareholding?
Is he a long-term shareholder? Is he looking to exit his position? It's a fairly general question, but because he's such an important shareholder, I think it's something the board should. He should be someone who's kept in touch with and communicated with. Are you able to enlighten the shareholders as to what the relationship of the board is with Mr. Lai currently and what his intention for his shareholding is? Thank you.
I would regard, I would say, a respectful and healthy relationship with Mr. Lai, Agria. Some of the specific parts of your question are questions for him, and he's not here. If he was here, I don't think he'd be answering them because he doesn't need to. I'm probably not going to be very helpful in that regard, but I am answering it. I can't speak, and it's not my position to ask if he's selling his shares or buying more or whatever he's doing. He's been a shareholder for some time, since 2009, I think.
Thank you for that. I do happen to know that perhaps some of the other Directors have a sort of closer and longer relationship with Mr. Lai. Again, I'm just wondering if any of the other Directors on the Board on the table in the front row here could be able to share their impressions of what his outlook is for the company. What's his shared vision?
I'm not even going to ask them to do that because they won't be able to do that. They won't know what that is.
Fair enough. Well, thank you for the opportunity to ask the question, and I hope you're still here in two years' time.
Well, I'm delighted for the encouragement. Thank you.
Thank you.
I'm more focused on the next 10 minutes, actually. Well, that completes the business of the meeting. I therefore call the 2026 Annual Shareholders Meeting closed. The documents from today's presentation are on PGW's website, and we'll post the recording of the meeting there later today. On behalf of the board, thank you for your attendance and ongoing support. And those in attendance are welcome to stay and join the PGW team for a cup of tea, a cup of coffee, and maybe a sausage roll. Thank you.