T&G Global has posted its first annual profit since 2021 and is now targeting an 80% expansion of its apples business over the next decade, banking on sustained demand for premium branded fruit.
The group reported net profit after tax of $16 million for 2025, with revenue rising to $1.6 billion from $1.4b and operating profit lifting to $46.9m from $12.7m. Management attributes the turnaround to disciplined capital investment rather than market tailwinds.
Chief executive Gareth Edgecombe described the result as “One of those pleased but not satisfied.”
The apples division led the recovery, with revenue climbing to $1b from $862.4m and operating profit increasing to $74.7m from $37.4m. Export volumes from New Zealand rose nearly 30% to 4.5 million tray carton equivalents (82,000 tonnes), complemented by 9.2 million TCEs sourced offshore, 60% from the United States.
“I’d see 2025 as a foundation year where we can build from, rather than a static point in performance,” Edgecombe said.
“We knew that we would be going through a very difficult phase in returns versus growth investment, but then we had that massive cyclone hit in the middle, which wasn’t expected, so we have been coming back from that.”
T&G expects the global premium apple segment to reach $52.7 billion by 2035, growing at 7.6% annually. Its own portfolio, including Envy and Jazz, is forecast to grow at 8.4%, with supply projected to reach 26 million TCEs.
“So, we’ve got a lot of growth coming on. You can imagine the scale and logistics when we essentially double the business from here,” Edgecombe said.
While the core programme is funded, further coolstore capacity may be required later this decade. At the same time, majority shareholder BayWa, which holds 74%, is divesting non-core assets.
“We are not looking at changing anything; we are just looking to try to do the best job we can. And tell the best story for attracting new investors at the appropriate time.”