Highlights

  • PGW anticipates FY26 Operating EBITDA above NZD 60 million.
  • Agricultural sector rebounds, supported by favourable export prices and rising farmer confidence.
  • Commodity prices for dairy, red meat, kiwifruit, and apples expected elevated.

PGG Wrightson (NZX:PGW) is a leading New Zealand agricultural services company with nearly 175 years’ experience. It serves the rural sector through Retail & Water and Agency divisions, leveraging community ties and technical expertise.

Market Guidance Update
PGW’s Chair Garry Moore provided a market update for the financial year ending 30 June 2026. Mr Moore noted, “While it is very early in the year with the key spring growing season still ahead of us, PGW is cautiously optimistic about the balance of the year ahead. Based on current market signals and trading patterns, we anticipate delivering a full year forecast above NZD 60 million at an Operating EBITDA level for the financial year ending 30 June 2026 (FY25 Operating EBITDA: NZD 56.1 million). We would expect to be in a better position to reassess this forecast and update the market following the completion of the key spring trading period.”

Sector Performance
The agricultural sector rebounded in 2025, driven by rising consumer demand and export commodity prices. Easing inflation, stabilizing interest rates, and more predictable input costs have contributed to a more positive operating environment for primary industries. These conditions have coincided with a lift in farmer confidence, benefitting PGW’s rural servicing operations.

While some areas of the sector have improved, viticulture, arable farming and wool continue to face challenges, while dairy and red meat remain stable. The outlook reflects a mixed but stabilised position for New Zealand’s primary industries.

Commodity and Market Outlook
Commodity prices across dairy, red meat, and horticulture—particularly kiwifruit and apples—are expected to remain elevated through FY26. The rural real estate market is expected to remain encouraging, with high-quality farm listings drawing consistent attention. Customers are reportedly using increased farmgate returns to reduce debt and resume previously deferred investment decisions, supporting production activities.

While broader economic conditions in New Zealand present a mixed scenario, favourable export prices and payouts are driving recovery in the agricultural sector. PGW’s technical expertise, innovation, and enduring customer relationships continue to support its engagement with farming clients, helping them align operations with forecasted export growth.

Outlook Summary
PGW will reassess its FY26 forecast following the key spring trading period. The company maintains a focus on supporting its customer base amid a varied sector environment while monitoring market conditions and input costs.

Share Performance of PGW

The company is currently trading at NZD 2.50 per share, slightly down by 1.96% from previous close of NZD 2.55