Announcement • Apr 25
Roc Partners Reportedly Walks Away from T&G Global Agriculture-focused private equity firm Roc Partners (ROC Partners Pty Limited) has walked away from the sale process for New Zealand produce grower and exporter T&G Global Limited (NZSE:TGG), citing the complicated break-up structure as a deal-breaker. DataRoom understands that before any sale of the main business proceeds, T&G Global is first selling off its Pacific Island fruit and vegetable distribution operation - a sequencing that has proven too complex for some potential buyers. The development comes as T&G Global is believed to be relaunching sale efforts within the coming weeks, with investment bank Goldman Sachs on board to advise on a transaction. The company, which owns the intellectual property for premium apple brands including Envy and Jazz, has attempted to find buyers several times but has been hampered by complications with its Hong Kong shareholder, Joy Wing Mau Group. German investor BaWa Global owns 73.99% of the business, while Joy Wing Mau holds 19.99%. The conflicting shareholder interests have previously derailed sale processes, sources say. With Roc Partners now out, attention turns to whether other agriculture-focused private equity firms such as Paine Schwartz and Hancock will proceed despite the structural complications. Sources say each part of the business could fetch about NZD 150 million ($123 million) in a deal worth NZD 300 million combined, though the staged sale process may complicate valuations. Announcement • Mar 06
T&G Global Limited, Annual General Meeting, May 20, 2026 T&G Global Limited, Annual General Meeting, May 20, 2026. Location: t&g global hub, level 1, building 1,central park, 660 great south road, ellerslie, auckland New Zealand Reported Earnings • Mar 02
Full year 2025 earnings released: EPS: NZ$0.083 (vs NZ$0.13 loss in FY 2024) Full year 2025 results: EPS: NZ$0.083 (up from NZ$0.13 loss in FY 2024). Revenue: NZ$1.56b (up 14% from FY 2024). Net income: NZ$10.2m (up NZ$26.2m from FY 2024). Profit margin: 0.7% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. New Risk • Feb 24
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 51% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Announcement • Jan 21
T&G Global Limited Provides Earnings Guidance for the Financial Year 2025 T&G Global Limited provided earnings guidance for the financial year 2025. For the year, the company expects Profit Before Income Tax between $16.0 million - $20.0 million, compared with the 2024 Loss Before Income Tax of ($6.83) million. Board Change • Jan 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Chairman of the Board Benedikt Mangold was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 12
First half 2025 earnings released: NZ$0.009 loss per share (vs NZ$0.17 loss in 1H 2024) First half 2025 results: NZ$0.009 loss per share (improved from NZ$0.17 loss in 1H 2024). Revenue: NZ$920.6m (up 12% from 1H 2024). Net loss: NZ$1.10m (loss narrowed 95% from 1H 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Aug 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 51% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Announcement • Jul 13
T&G Global Confirms Expressions of Interest for Potential Sale T&G Global Limited (NZSE:TGG) has confirmed that it has received several expressions of interest about a potential sale. The Australian Financial Review (AFR) speculated that Australia's ROC Partners (ROC Partners Pty Limited) had already expressed an interest in a potential breakup of T&G Global, which is about 74% owned by Germany's BayWa Aktiengesellschaft. The paper said T&G Global would also be a logical bolt-on for Macquarie Asset Management, which has acquired a majority share in one of Australia's largest fresh produce providers, Fresh Produce Group. T&G Global, in a statement to the NZX, said it was aware of speculation in the AFR. "Following BayWa AG's December 2024 announcement that it is reducing its international investments as part of its business-wide transformation programme, T&G Global has received a large number of expressions of interest in its business. "At this time, T&G Global is not aware whether BayWa has made a decision about its shareholding in T&G Global." Meanwhile, T&G Global was going through a process to consider its strategic options, the company said. This included sharing initial business information to determine whether, at some stage in the future, it might be appropriate to explore any form of sales process for any of its divisions. T&G Global had engaged Craigs Investment Partners to advise on its strategic direction. Reported Earnings • Mar 04
Full year 2024 earnings released: NZ$0.13 loss per share (vs NZ$0.42 loss in FY 2023) Full year 2024 results: NZ$0.13 loss per share (improved from NZ$0.42 loss in FY 2023). Revenue: NZ$1.37b (up 3.0% from FY 2023). Net loss: NZ$16.0m (loss narrowed 69% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. New Risk • Feb 25
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Earnings have declined by 73% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Feb 21
T&G Global Limited, Annual General Meeting, May 07, 2025 T&G Global Limited, Annual General Meeting, May 07, 2025. Location: t&g global hub, level 1, building 1, central park ,660 great south road, ellerslie, auckland New Zealand New Risk • Jan 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of New Zealander stocks, typically moving 6.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Earnings have declined by 73% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). New Risk • Nov 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: NZ$170.3m (US$99.3m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.2% operating cash flow to total debt). Earnings have declined by 73% per year over the past 5 years. Minor Risk Market cap is less than US$100m (NZ$170.3m market cap, or US$99.3m). Reported Earnings • Aug 14
First half 2024 earnings released: NZ$0.17 loss per share (vs NZ$0.14 loss in 1H 2023) First half 2024 results: NZ$0.17 loss per share (further deteriorated from NZ$0.14 loss in 1H 2023). Revenue: NZ$820.1m (up 7.2% from 1H 2023). Net loss: NZ$21.4m (loss widened 21% from 1H 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Announcement • Apr 12
T&G Global Limited, Annual General Meeting, Jun 26, 2024 T&G Global Limited, Annual General Meeting, Jun 26, 2024. Reported Earnings • Mar 01
Full year 2023 earnings released: NZ$0.42 loss per share (vs NZ$0.045 loss in FY 2022) Full year 2023 results: NZ$0.42 loss per share (further deteriorated from NZ$0.045 loss in FY 2022). Revenue: NZ$1.35b (up 3.3% from FY 2022). Net loss: NZ$51.2m (loss widened NZ$45.7m from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. New Risk • Feb 20
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 48% per year over the past 5 years. Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Board Change • Nov 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Chairman of the Board Benedikt Mangold was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 28
Full year 2022 earnings released: NZ$0.044 loss per share (vs NZ$0.072 profit in FY 2021) Full year 2022 results: NZ$0.044 loss per share (down from NZ$0.072 profit in FY 2021). Revenue: NZ$1.32b (down 3.5% from FY 2021). Net loss: NZ$5.47m (down 162% from profit in FY 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Chairman of the Board Benedikt Mangold was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Chairman of the Board Benedikt Mangold was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Chairman of the Board Benedikt Mangold was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 06
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (down NZ$716.0k from profit in 1H 2021). Profit margin: (down from 0.1% in 1H 2021). The decrease in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 06
T&G Global Limited, Annual General Meeting, Jun 22, 2022 T&G Global Limited, Annual General Meeting, Jun 22, 2022. Reported Earnings • Mar 01
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Net income: NZ$8.88m (down 20% from FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Aug 06
First half 2021 earnings released: EPS NZ$0.006 (vs NZ$0.054 in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and profit margins. First half 2021 results: Revenue: NZ$652.1m (down 2.9% from 1H 2020). Net income: NZ$716.0k (down 89% from 1H 2020). Profit margin: 0.1% (down from 1.0% in 1H 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jun 23
Inaugural dividend of NZ$0.06 per share Eligible shareholders must have bought the stock before 30 June 2021. Payment date: 08 July 2021. The company last paid an ordinary dividend in March 2019. The average dividend yield among industry peers is 3.7%. Reported Earnings • Mar 02
Full year 2020 earnings released: EPS NZ$0.09 (vs NZ$0.007 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: NZ$1.42b (up 17% from FY 2019). Net income: NZ$11.1m (up NZ$10.2m from FY 2019). Profit margin: 0.8% (up from 0.1% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 69% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 15
New 90-day high: NZ$3.00 The company is up 12% from its price of NZ$2.69 on 16 October 2020. The New Zealander market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 14% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: NZ$2.90 The company is up 9.0% from its price of NZ$2.67 on 23 September 2020. The New Zealander market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 20% over the same period. Is New 90 Day High Low • Nov 27
New 90-day high: NZ$2.80 The company is up 3.0% from its price of NZ$2.72 on 28 August 2020. The New Zealander market is up 5.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Food industry, which is down 12% over the same period. Announcement • Jul 31
T&G Global Limited (NZSE:TGG) completed the acquisition of New Zealand domestic produce trading and services business from Freshmax NZ Limited. T&G Global Limited (NZSE:TGG) has entered into an agreement to acquire New Zealand domestic produce trading and services business from Freshmax NZ Limited for NZD 30 million on December 17, 2019. The transaction includes three market sites (Auckland, Wellington, Christchurch) and distribution services throughout New Zealand. Both Freshmax NZ and T&G Global’s NZ Produce business will continue business as usual until the necessary conditions are satisfied and the transaction closes. The deal has been signed and is subject to a number of conditions, including review by the Commerce Commission. As of April 2, 2020, transaction has been approved by New Zealand Commerce Commission. As on April 9, 2020, T&G Global advises that all conditions of the acquisition of the domestic business of Freshmax New Zealand have now been satisfied. Transaction is expected to complete by end of April 2020. The transaction is due to complete on April 30, 2020.
T&G Global Limited (NZSE:TGG) completed the acquisition of New Zealand domestic produce trading and services business from Freshmax NZ Limited on April 30, 2020. Initially, T&G domestic business and Freshmax NZ business runs separately and 240 people team of Freshmax NZ joins in T&G. 
