Skip to main content
Annolyse
Back to companies

TGG · NZX

T&G Global Limited and subsidiary companies (TGG)

Primary Industries / HorticultureCovered: HY21 - FY2510 published briefings

T&G Global Limited and subsidiary companies is an NZX-listed primary industries / horticulture company. Its latest covered result is FY25, with HY21 - FY25 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY25, released 27 February 2026

← Swipe to view more
TGG latest metrics
MetricValueChange
Revenue$1.6b↑ +14.5%
Operating profit$46.9m↑ +270.4%
NPAT$10.2m↑ +163.8%
Operating cash flow$91.9m↑ +51.6%
OCF / Operating profit %196.0%↓ -283.0pp
Net debt$147.2m↓ -12.5%
Net debt / Operating profit3.14x↓ -76.4%
ROE %2.0%Outside range high roe. 2%; 4-period range -10.1% to 1.5%. ROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.↑ +5.2pp
PBT$21.9m↑ +422.1%
FCF pre-lease$61.8m↑ +312.2%

Source: latest published briefing (FY25, released 27 February 2026). Change compares against the prior equivalent period: FY24, released 3 March 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$269.6m

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

26.43x

i

Recent market cap compared with trailing earnings.

EPS

0.08

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not available for this company right now.

EV/EBITDA

8.89x

i

Enterprise value compared with recent EBITDA.

P/FCF

4.36x

i

Market cap compared with recent free cash flow.

P/B

0.53x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

0.0%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

Loading chart...

P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

Loading chart...

Ask about TGG

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Sign in to chat

Sign in to ask company questions.

What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

Checking account...

Financial history

Performance over time

The latest period is shown first.

← Swipe to view more
TGG metric history
MetricFY2512 MONTHS27 February 2026HY256 MONTHS8 August 2025FY2412 MONTHS3 March 2025HY246 MONTHS9 August 2024FY2312 MONTHS29 February 2024HY236 MONTHS4 August 2023FY2212 MONTHS28 February 2023HY226 MONTHS5 August 2022FY2112 MONTHS28 February 2022HY216 MONTHS5 August 2021Trend
Revenue$1.6b$920.6m$1.4b$820.1m$1.3b$765.3m$1.3b$645.5m$1.4b$652.1m
Chart
Revenue growth %14.5%Unprecedented high revenue growth. 14.5%; 4-period range -4.4% to 2.3%. Revenue growth: 14.5%, unprecedented high; 4-period mean -0.8%, range -4.4%-2.3%.12.3%2.0%7.2%2.3%18.6%Unprecedented high revenue growth. 18.6%; 4-period range -2.9% to 12.3%. Revenue growth: 18.6%, unprecedented high; 4-period mean 3.9%, range -2.9%-12.3%.-4.4%Outside range low revenue growth. -4.4%; 4-period range -3.3% to 14.5%. Revenue growth: -4.4%, below normal range; 4-period mean 3.9%, range -3.3%-14.5%.-1.0%-3.3%-2.9%Outside range low revenue growth. -2.9%; 4-period range -1% to 18.6%. Revenue growth: -2.9%, below normal range; 4-period mean 9.3%, range -1.0%-18.6%.
Chart
  • FY25 Revenue growth %: Unprecedented high revenue growth. 14.5%; 4-period range -4.4% to 2.3%. Revenue growth: 14.5%, unprecedented high; 4-period mean -0.8%, range -4.4%-2.3%.
Operating profit$46.9m$18.1m$12.7m-$2.6m-$45.6m-$11.6m$20.4m$15m$16.9m$10.9m
Chart
Operating profit margin %3.0%2.0%0.9%-0.3%-3.4%-1.5%1.6%2.3%1.2%1.7%
Chart
PBT$21.9m$2.3m-$6.8m-$8.2m-$64.2m-$21.4m-$3.3m$7.8m$9.8m$5.1m
Chart
PBT growth %———————52.9%-55.5%-62.8%
Chart
NPAT$10.2m-$1.1m-$16m-$21.4m-$51.2m-$17.7m-$5.5m$2.9m$8.9m$0.7m
Chart
NPAT growth %———————-14.7%-19.8%-89.4%
Chart
Operating cash flow$91.9m$18.7m$60.7m-$13.1m$25.6m-$8.8m-$0.47m-$31m$55.4m$36.7m
Chart
OCF / Operating profit %196.0%103.4%479.0%498.9%-56.1%75.7%-2.3%-206.5%327.8%336.8%
Chart
FCF pre-lease$61.8m$12m$15m—-$42.9m-$45.5m-$100.4m-$62.3m—$20.9m
Chart
FCF post-lease——————-$100.4m———
—
DPS—————————6.0c
—
ROE %2.0%Outside range high roe. 2%; 4-period range -10.1% to 1.5%. ROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.-0.2%-3.2%-4.3%Unprecedented low roe. -4.3%; 4-period range -3.3% to 0.5%. ROE: -4.3%, unprecedented low; 4-period mean -0.7%, range -3.3%-0.5%.-10.1%Unprecedented low roe. -10.1%; 4-period range -3.2% to 2%. ROE: -10.1%, unprecedented low; 4-period mean -0.2%, range -3.2%-2.0%.-3.3%-0.9%0.5%Outside range high roe. 0.5%; 4-period range -4.3% to 0.3%. ROE: 0.5%, above normal range; 4-period mean -1.9%, range -4.3%-0.3%.1.5%0.3%
Chart
  • FY23 ROE %: Unprecedented low roe. -10.1%; 4-period range -3.2% to 2%. ROE: -10.1%, unprecedented low; 4-period mean -0.2%, range -3.2%-2.0%.
  • HY24 ROE %: Unprecedented low roe. -4.3%; 4-period range -3.3% to 0.5%. ROE: -4.3%, unprecedented low; 4-period mean -0.7%, range -3.3%-0.5%.
  • FY25 ROE %: Outside range high roe. 2%; 4-period range -10.1% to 1.5%. ROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.
Net debt$147.2m$240.1m$168.2m$239.7m$166.9m$189.7m$89m$120.6m-$15.8m$112.3m
Chart
Net debt / Operating profit3.14x13.25x13.28xn/mn/mn/m4.36x8.03xn/m10.3x
Chart
Debtor days495451Outside range high debtor days. 51d; 4-period range 6d to 49d. Debtor days: 51.3 days, above normal range; 4-period mean 34.9 days, range 6.3 days-48.7 days.534653Outside range low debtor days. 53d; 4-period range 53d to 62d. Debtor days: 52.5 days, below normal range; 4-period mean 55.7 days, range 52.6 days-61.9 days.3962Unprecedented high debtor days. 62d; 4-period range 53d to 54d. Debtor days: 61.9 days, unprecedented high; 4-period mean 53.3 days, range 52.5 days-54.3 days.6Unprecedented low debtor days. 6d; 4-period range 39d to 51d. Debtor days: 6.3 days, unprecedented low; 4-period mean 46.1 days, range 38.8 days-51.3 days.54
Chart
  • FY24 Debtor days: Outside range high debtor days. 51d; 4-period range 6d to 49d. Debtor days: 51.3 days, above normal range; 4-period mean 34.9 days, range 6.3 days-48.7 days.
Inventory days12Outside range low inventory days. 12d; 3-period range 15d to 18d. Inventory days: 12.1 days, below normal range; 3-period mean 17.1 days, range 15.1 days-18.5 days.33Outside range low inventory days. 33d; 4-period range 33d to 53d. Inventory days: 32.8 days, below normal range; 4-period mean 43.6 days, range 33.0 days-53.3 days.183618Outside range high inventory days. 19d; 3-period range 12d to 18d. Inventory days: 18.5 days, above normal range; 3-period mean 15.0 days, range 12.1 days-17.8 days.3315521253Outside range high inventory days. 53d; 4-period range 33d to 52d. Inventory days: 53.3 days, above normal range; 4-period mean 38.5 days, range 32.8 days-51.9 days.
Chart
  • FY23 Inventory days: Outside range high inventory days. 19d; 3-period range 12d to 18d. Inventory days: 18.5 days, above normal range; 3-period mean 15.0 days, range 12.1 days-17.8 days.
  • HY25 Inventory days: Outside range low inventory days. 33d; 4-period range 33d to 53d. Inventory days: 32.8 days, below normal range; 4-period mean 43.6 days, range 33.0 days-53.3 days.
  • FY25 Inventory days: Outside range low inventory days. 12d; 3-period range 15d to 18d. Inventory days: 12.1 days, below normal range; 3-period mean 17.1 days, range 15.1 days-18.5 days.
Total assets$1.1b$1.3b$1.1b$1.2b$1.1b$1.2b$1.1b$1.2b$984.3m$1.2b
Chart

Reference: annolyse.ai/companies/tgg

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

Loading chart...

Revenue growth

Like-period revenue growth where comparable.

Loading chart...
  • HY21 TGG HY: Outside range low revenue growth. -2.9%; 4-period range -1% to 18.6%. Revenue growth: -2.9%, below normal range; 4-period mean 9.3%, range -1.0%-18.6%.
  • HY23 TGG HY: Unprecedented high revenue growth. 18.6%; 4-period range -2.9% to 12.3%. Revenue growth: 18.6%, unprecedented high; 4-period mean 3.9%, range -2.9%-12.3%.
  • FY22 TGG FY: Outside range low revenue growth. -4.4%; 4-period range -3.3% to 14.5%. Revenue growth: -4.4%, below normal range; 4-period mean 3.9%, range -3.3%-14.5%.
  • FY25 TGG FY: Unprecedented high revenue growth. 14.5%; 4-period range -4.4% to 2.3%. Revenue growth: 14.5%, unprecedented high; 4-period mean -0.8%, range -4.4%-2.3%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

Loading chart...

EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

Loading chart...

NPAT

Statutory profit after tax.

Loading chart...

Operating cash flow

Cash generated from operations.

Loading chart...

More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

FCF pre-lease

Operating cash flow less capex before leases.

Loading chart...

FCF post-lease

Free cash flow after lease payments where available.

Loading chart...

ROE

Return on equity.

Loading chart...
  • HY22 TGG HY: Outside range high roe. 0.5%; 4-period range -4.3% to 0.3%. ROE: 0.5%, above normal range; 4-period mean -1.9%, range -4.3%-0.3%.
  • HY24 TGG HY: Unprecedented low roe. -4.3%; 4-period range -3.3% to 0.5%. ROE: -4.3%, unprecedented low; 4-period mean -0.7%, range -3.3%-0.5%.
  • FY23 TGG FY: Unprecedented low roe. -10.1%; 4-period range -3.2% to 2%. ROE: -10.1%, unprecedented low; 4-period mean -0.2%, range -3.2%-2.0%.
  • FY25 TGG FY: Outside range high roe. 2%; 4-period range -10.1% to 1.5%. ROE: 2.0%, above normal range; 4-period mean -3.2%, range -10.1%-1.5%.

Net debt

Borrowings less cash; negative values indicate net cash.

Loading chart...

DPS

Dividend per share declared for the period.

Loading chart...

Debtor days

Receivables days where the working-capital inputs are source-backed.

Loading chart...
  • HY22 TGG HY: Unprecedented high debtor days. 62d; 4-period range 53d to 54d. Debtor days: 61.9 days, unprecedented high; 4-period mean 53.3 days, range 52.5 days-54.3 days.
  • HY23 TGG HY: Outside range low debtor days. 53d; 4-period range 53d to 62d. Debtor days: 52.5 days, below normal range; 4-period mean 55.7 days, range 52.6 days-61.9 days.
  • FY21 TGG FY: Unprecedented low debtor days. 6d; 4-period range 39d to 51d. Debtor days: 6.3 days, unprecedented low; 4-period mean 46.1 days, range 38.8 days-51.3 days.
  • FY24 TGG FY: Outside range high debtor days. 51d; 4-period range 6d to 49d. Debtor days: 51.3 days, above normal range; 4-period mean 34.9 days, range 6.3 days-48.7 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

Loading chart...
  • HY21 TGG HY: Outside range high inventory days. 53d; 4-period range 33d to 52d. Inventory days: 53.3 days, above normal range; 4-period mean 38.5 days, range 32.8 days-51.9 days.
  • HY25 TGG HY: Outside range low inventory days. 33d; 4-period range 33d to 53d. Inventory days: 32.8 days, below normal range; 4-period mean 43.6 days, range 33.0 days-53.3 days.
  • FY23 TGG FY: Outside range high inventory days. 19d; 3-period range 12d to 18d. Inventory days: 18.5 days, above normal range; 3-period mean 15.0 days, range 12.1 days-17.8 days.
  • FY25 TGG FY: Outside range low inventory days. 12d; 3-period range 15d to 18d. Inventory days: 12.1 days, below normal range; 3-period mean 17.1 days, range 15.1 days-18.5 days.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

Loading chart...
  • HY23 TGG: Outside range low operating working-capital movement. $-44.6m; 3-period range $-14.5m to $42.9m. Operating working-capital movement: NZ$-44.6m, below normal range; 2/3 prior periods had builds averaging NZ$30.5m, and 1 had releases averaging NZ$-14.5m.
  • HY24 TGG: Outside range high operating working-capital movement. $42.9m; 3-period range $-44.6m to $18.1m. Operating working-capital movement: NZ$42.9m, above normal range; 1/3 prior periods had builds averaging NZ$18.1m, and 2 had releases averaging NZ$-29.5m.

The setup & the reality

HY25 → FY25 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY25 said to watch

Previous analysisHY25Result releasedAnnolyse analysis published

From PBT swung to $2.3m profit on Apples-led 12.3% revenue growth

No forward-work disclosure or stated target was supplied. Seasonality context shows HY24 produced 60.3% of FY24 revenue and 133.6% of FY24 NPAT, meaning the second half historically takes profit lower, not higher — Apples is an H1-weighted business. On that pattern, the strong HY25 first-half result does not annualise cleanly.

The release does not provide guidance on H2 margin shape, refinancing intentions, or capex run-rate. The next material disclosures will need to address the current-borrowings position and whether the loss-making segments stabilise.

Open questions

Open questions from HY25

  • Why has gross borrowings of $314.6m been reclassified so that $295.1m is now current versus $19.5m non-current, and what is the refinancing plan?
  • Can the Apples segment's improved 7% derived margin hold into H2 given the H1-weighted seasonality of the crop?
  • Why did VentureFruit and Other segment losses deepen to a combined $32.9m, and what is the path to break-even?
  • What level of capex is planned for H2, given the 40.7% step-down in H1 to only 0.7% of revenue?
  • What drove the $2.8m gap between group profit after tax of $1.7m and the -$1.1m attributable to parent equity holders?

This briefing cannot assess refinancing terms, banking covenants, dividend policy, or segment-level outlook because none were disclosed in the supplied materials.

Latest result sources

Primary issuer documents used for the FY25 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

TGG Annual Report FY2025

FY25 / financial report

TGG Full Year 2025 Media Release

FY25 / media release

TGG NZX Results Announcement 2025

FY25 / results announcement

Prior comparable period

NZX - TGG Annual Report 2024

FY24 / financial report

NZX - TGG Media Announcement 2024 Full Year Results

FY24 / results release

NZX - TGG Results Announcement 2024

FY24 / results announcement

Interim context

T&G Global Interim Report 2025

HY25 / financial report

T&G NZX Financial Results Announcement

HY25 / results announcement

T&G NZX Statement and Media Release

HY25 / media release

Release context

FY 2025 Earnings Guidance Increase

FY25 / commentary

Peer context

Horticulture comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

SEK · HY26

Seeka

6 published result briefings

Compare TGG, SEK →Primary Industries result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY25 · Released 27 February 2026

Apple-led 14.5% revenue lift drives T&G to $61.8m free cash flow

PBT swung 420.6% to $21.9m on premium apple pricing, with a one-third capex cut and a 26.7% tax rate flattering the read.

Read briefing

HY25 · Released 8 August 2025

PBT swung to $2.3m profit on Apples-led 12.3% revenue growth

Operating cash flow turned positive and the apple segment doubled its result, but gross borrowings reclassified almost entirely to current.

Read briefing

FY24 · Released 3 March 2025

Apples-led recovery cut T&G's PBT loss 89%, but debtors ran 51.3 days

Headline earnings improved sharply, but receivables at 51.3 days versus a 28.8-day historical mean signal collection pressure absorbing the cash gain.

Read briefing

HY24 · Released 9 August 2024

PBT improved 61.6% but NPAT fell 20.9% on a -126.7% tax rate

Apples drove the operating recovery, but tax distortion, a NZ$50.0m rise in net debt and weaker operating cash cloud the read.

Read briefing

FY23 · Released 29 February 2024

Operating profit swung to a $45.6m loss; PBT margin hit unprecedented -4.8%

Weather-driven volume damage pushed PBT to -$64.2m as gross borrowings rose 33.9% and equity fell 10.0%.

Read briefing

HY23 · Released 4 August 2023

Apples result swung NZ$28.6m to a loss, dragging group to a PBT loss

Revenue rose 18.6% to NZ$765.3m but PBT fell to negative NZ$21.4m as a cyclone-hit apples crop and net debt up 57% strained the balance sheet.

Read briefing
Open all 10 result briefings

Related insights

Compare this company

The latest TGG metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 256.9pp, with a distortion flag in the result.

Open insight

Insight

Revenue growth context

Revenue growth was 14.5% for this reporting period.

Open insight

Insight

ROE and capital efficiency

ROE was 2.0%, +5.3pp versus the prior comparable period.

Open insight

Insight

Working-capital pressure

Inventory days were 12 days, -6 days versus the prior comparable period.

Open insight

Get notified when TGG publishes

Get the next T&G Global Limited and subsidiary companies result briefing and five-year history updates by email.