T&G Global Limited Analysis

Overview

T&G Global Limited is engaged in distributing, marketing and exporting fresh produce. The business was started as a fruit and flower shop by Edward Turner in 1897. He was later joined by nine sons and the business grew to became E Turner & Sons Ltd. This amalgamated with a grower co-operative in 1921 to form Turners & Growers Ltd.

In December 2002 the group acquired 100% of pipfruit exporter ENZA Ltd, owned by Guinness Peat Group, in return for 44.2m of Turners shares worth $101.9m. This transaction resulted in GPG gaining control of the merged entity.

In 2004 TUR separated the ENZA Foods manufacturing operations into a stand-alone company, owned independently by TUR shareholders. In September 2004 it made a compliance listing on the NZX, with no new shares being issued. Major divisions are: Turners and Growers Fresh Ltd - fruit & produce & flower wholesalers, auctioneers and distributors, importers, exporters, transport operators, prepackers and produce container hirers; Status Produce Ltd - glasshouse tomato production and other covered crops; packhouse operators; ENZA Ltd - world-wide pipfruit exporters and coolstore operators.

In February 2008 the company declared its takeover bid for Kerifresh Ltd unconditional. Kerifresh is a major lemon, mandarin and kiwifruit grower/packer in Kerikeri. TUR said the purchase will strengthen its standing in the citrus fruit category.

In 2012 BayWa, a German investment company purchased 72.5 percent of Turners & Growers.

The company launched its current corporate brand in 2014.

T&G is listed on NZX in May 2015 under the name of Turners & Growers Limited ("TUR"). It changed its current name and code in May 2015.

Performance

The following information was extracted from T&G Global Limited's Full Year Results, released on 27 February 2026

Premium apple demand underpins positive T&G Global result

At a glance:

• Total revenue: $1.6 billion, up from $1.4 billion

• Operating profit: $46.9 million, up from $12.7 million

• Net profit before income tax $21.9 million, up from $6.8 million loss

• Net profit after income tax $16.0 million, up from $9.9 million loss

T&G Global Limited’s strategy to capture the global opportunities in the premium apple market clearly demonstrated its value in the year ended 31 December 2025.

Demand for ENVY™ and JAZZ™ apples in North America, the United Kingdom and across Asia saw the business grow revenue by 14% to $1.6 billion, with an operating profit of $46.9 million, an

increase of 269% on the prior year.

Apples revenue rose 22% to $1.0 billion, with the business achieving an operating profit of $74.7 million, compared to $37.8 million in the year prior