2024 Annual Report

Financials Appendices

Notable achievements this year include:

Expanding our

Queensland

blueberry farm

A people score

of 73% in our

employee survey

Building strong

consumer demand for our premium ENVY™ and JAZZ™ apple brands

Setting validated

Science-based Targets

for scopes 1, 2 and 3

Welcome to our 2024 Annual Report.

This report covers the financial year of 1 January 2024 to 31 December 2024 and includes T&G Global Limited and our subsidiaries (together T&G).

Our Annual Report is structured to provide our investors and wider stakeholders with an overview of performance and progress with our business strategy for the year.

As part of this, it also presents an overview of our Kaitiakitanga sustainability framework and is prepared with reference to the Global Reporting Initiative (GRI) Standards.

T&G is a Climate Reporting Entity (CRE) under the Financial Markets Conduct Act 2013. This Annual Report should be read in conjunction with our Climate- related Disclosure for the financial year of 1 January to 31 December 2024, which includes T&G and our subsidiaries. It is available at https://tandg.global/investors/reporting. The scope of the reporting entity aligns with that used for T&G's consolidated financial statements. The disclosures in our Climate-related Disclosure comply with the Aotearoa New Zealand Climate Standards (NZ CS 1, NZ CS 2 and NZ CS 3) and T&G has adopted the second-year transitional adoption provisions under the standards.

In our reports we use some words in te reo Māori, including Aotearoa (New Zealand's Māori name);

iwi (tribe, extended kinship group); kaitiaki (a guardian, caregiver, custodian); kaitiakitanga (guardianship, stewardship, trustee); kura (school); mahi (to work, accomplish, make); manaakitanga (showing respect and care for others, kindness, hospitality, generosity); pōwhiri (to welcome); and tamariki (children).

Contents

Click on any of the text headings to navigate through this report.

1. Financial statements 66
2. Notes to the financial
   statements 73

54

Chair and CEO review

Operating profit/(loss)

$12.7m

2023: ($45.6m)

Net loss before tax

($6.8m)

2023: ($64.2m)

Net loss after tax

($9.9m)

2023: ($46.6m)

Revenue

$1.3b

2023: $1.3b

Tēnā koutou

2024 was a year of continued recovery, following the devastating effect of Cyclone Gabrielle. It is pleasing to see the momentum returning in the business, particularly in Apples where strong demand and pricing have made a significant contribution to our performance.

Apples showed both its strength and potential, increasing both its revenue and pre-tax profit, despite some challenges with fruit size in Hawke's Bay due to lingering impacts of the cyclone and wet spring conditions. The team's ability to match available crops to the best returning markets, while improving sales opportunities and achieving cost reductions, made an important contribution to our total revenue of $1.36 billion for the year ending 31 December 2024, and our operating profit of $12.7 million, compared to a loss of $45.6 million in the prior year. The Group recorded a net loss after tax of $9.9 million, compared to a loss of $46.6 million in 2023.

Revenue in our Apples business increased by 5% to $859.1 million, and its operating profit was $43.7 million compared to $10.3 million in 2023.

However, trading conditions were difficult for T&G Fresh, with demand lagging supply and suppressing prices. Its revenue, which included our Australian business, was 6% lower at $455.3 million compared to $484.3 million in the prior year, leading to an operating profit of $3.6 million in 2024. VentureFruit increased its revenue 44% to $13.0 million and reduced its operating loss to $4.3 million, from its 2023 operating loss of $14.7 million.

BENEDIKT MANGOLD CHAIR

GARETH EDGECOMBE

CHIEF EXECUTIVE OFFICER

A full discussion on the financial performance of Apples, T&G Fresh and VentureFruit follows in separate sections, which also discuss their strategic direction and progress.

This enables us, as Chair and Chief Executive Officer, to talk about where the business sits in terms of our investment cycle, our goals for higher value creation and the steps we are taking to build resilience into the balance sheet.

We appreciate that shareholders have been patient and supportive through the disruptions caused by COVID-19 and Cyclone Gabrielle. Over recent years, we have not met our financial targets. This year has seen a definite improvement in performance, but it has not been sufficient to support a dividend. So, understandably, shareholders want to understand future prospects.

We can certainly demonstrate progress. We have been investing in the key pieces that will enable our growth, while also dealing with the considerable impact of the cyclone. We are now through this.

T&G is on the edge of realising the performance uplift from the investment made as part of its Apples strategy. Our long-term growth strategy is funded, with all the components in place, and while we will keep refining them, we are confident in our ability to deliver profitable growth. This will see volumes, revenue and profitability grow and that will, in time, be reflected in T&G's share price and distributions to shareholders.

Shareholders can also be reassured that we have built resilience into the balance sheet. We are ensuring financial rigour by being cautious with new capital expenditure, reducing operating expenses and working hard to deliver our plan and targets, to continually improve profitability and reduce debt.

We are confident in our growth strategy. This year we have demonstrated excellent progress in our end-to- end Apples business, with strong demand and pricing from our key global brands. A highlight has been the continued build-out of our premium brands in key markets which has helped drive the recovery of strong returns to growers. This takes teamwork at every step of our value chain - from growing right through to sales and marketing.

Our premium ENVY™ branded apple programme is based around high-quality fruit, 365-days a year, great growers and a world-class integrated system. And with the global premium apple market continuing to grow, particularly in emerging Asian markets, we know the levers to unlock that growth. It is about the right markets, expanding our presence across channels and customers, excellent in-store performance

and connecting with more consumers. Our team understands this and is focused on consistently executing it.

To maintain the resilience of our balance sheet and the confidence of investors, we require a diversified income stream. While Apples is undoubtedly the growth engine, it is complemented by T&G Fresh and VentureFruit.

This year, T&G Fresh achieved operational efficiencies, expanded its Queensland blueberry operations, delivered strong Australian citrus exports and acquired the Hinton's summerfruit business in Central Otago. Each of these achievements sets the business up for the growth that has been difficult to achieve this year, primarily because of poor consumer confidence. In 2024, ideal growing conditions meant excellent supply, but the rising cost of living and economic uncertainty meant consumer demand was low, forcing prices down.

"T&G is on the edge

of realising the

performance uplift from

the investment made as part of its Apples strategy...This will see volumes, revenue and profitability grow and

that will, in time, be

reflected in T&G's share price and distributions to shareholders."

The Aotearoa New Zealand economy appears to be recovering, with lower interest rates likely to improve consumer sentiment for the year ahead. With a difficult operating environment still likely, the T&G Fresh business has focused on driving further cost efficiencies across the business and identified new sources of revenue to protect and improve profitability.

Chair and CEO review continued

VentueFruit is benefitting from the positive market demand for our premium apples, which are delivering both royalty income from established orchards and demand for new right-to-grow licenses. It has made strong headway with licenses for our premium JOLI™ apple brand, which was released to the market last year, with good grower interest in the United States, pilot plantings in Europe, and sizeable commercial scale plantings in Aotearoa New Zealand scheduled for 2025 and 2026.

Outlook

Shareholders can look to us to deliver a strong financial performance consistent with our recent investments in growing and supply chain efficiency. This will enable us to materially reduce debt and establish a resilient platform for future growth.

Our 2025 Aotearoa New Zealand apple harvest is expected to return to a more normalised pattern, and our focus is on excellent execution at every step of the value chain.

In T&G Fresh, execution with excellence is again a priority to ensure unnecessary handling is eliminated and costs are controlled or recovered to strengthen margins. This is important to maintain future grower confidence and supply.

VentureFruit will continue to acquire and commercialise premium new varieties, develop new market growth opportunities, and continue to protect and defend our intellectual property.

Another priority is market development and supporting efforts to increase market access in important economies, such as India and the Republic of Korea. We are also contributing our knowledge of plant genetics and consumer and grower needs to discussions on advanced breeding technologies, and we are exploring the role T&G will play.

As always, we thank our shareholders for their continued loyalty. We also thank our people across the business for their contribution to our results this year.

Ngā mihi

GARETH EDGECOMBE

CHIEF EXECUTIVE OFFICER

BENEDIKIT MANGOLD

CHAIR

Greenhouse gas emissions

27,221.83 tC02e1

2023: 27,905.25 tCO2e

Injuries Team

Total recordable injuries Employees (permanent)

143 1,8193

2023:1392

Engagement

A people score of

73%

2023:72%

1. Total scope 1 (non-FLAG) and scope 2 (market-based) emissions
2. The 2023 total recordable injury figure was for Aotearoa New Zealand only, whereas 2024 is for T&G's global business
3. In 2024, T&G began reporting its workforce metrics as 'permanent employees' instead of 'full-time equivalents'. As a result, there is no comparable figure for 2023.