Company revenue rises 14 per cent to NZ$1.6bn, with operating profit up 269 per cent to NZ$46.9mn
Demand for Envy and Jazz apples in North America, the UK and across Asia drove considerable growth for New Zealand apple marketer, T&G in 2025.
The company’s 2025 year end results showed growth in revenue by 14 per cent to NZ$1.6bn, with an operating profit of NZ$46.9mn – an increase of 269 per cent on the prior year.
T&G global chair, Benedikt Mangold, said in all key markets, demand for premium, branded apples continued to grow, with the global category forecast to rise to NZ$52.7bn by 2035 – a compound annual growth rate (CAGR) of 7.6 per cent.
“We are confident our premium branded apple portfolio can exceed this, with a projected CAGR of 8.4 per cent over the same period,” Mangold said. “Urban growth, higher disposable incomes and health-conscious lifestyles are underpinning demand for fruit which is consistent in quality, appearance and flavour.”
Apples revenue rose 22 per cent to NZ$1bn, with the business achieving an operating profit of NZ$74.7mn, compared to NZ$37.8mn in the year prior.
Chief executive, Gareth Edgecombe, said continued investment in T&G’s end-to-end Apples supply chain ensured the business was confident of its ability to increase sales volumes and drive value growth.
Investments included partnering with Roc Partners to develop 40ha of orchards planting Envy and Joli apples, with T&G leasing the orchards.
“Across Aotearoa New Zealand, we have now licensed 273ha of our premium new Joli apple,” Edgecombe said. “The brand taps into a valuable and unmet global consumer opportunity – the family sharing occasion, and through consumer testing, Joli apples have performed exceptionally well with consumers indicating their willingness to pay a premium. By 2035, we expect to have 1,500ha planted globally.
“With increased supply of our premium apple brands, we have allocated capex at our Hawke’s Bay and Nelson post-harvest facilities so we are well placed to manage increased volumes as new plantings come on stream.”
Trading conditions also improved slightly for T&G Fresh, with cost reductions and operational efficiencies helping to offset consumer demand, which was constrained by cost-of-living pressures.
T&G Fresh revenue reached NZ$46mn in 2025 compared with NZ$455.3mn in 2024, with an operating profit of NZ$19.6mn compared to NZ$3.6mn in the prior year.
“The result benefitted from the 2024 acquisition of Hinton’s stone fruit business and the expansion of blueberries in Australia and Aotearoa New Zealand, which align with T&G Fresh’s focus on investing in categories we can lead, innovate and grow,” said Edgecombe.
“At the same time, we’ve achieved sustainable performance gains through an ongoing focus on supply chain efficiencies across T&G Fresh.”
VentureFruit delivered an operating loss of NZ$2.4mn in 2025, compared to last year’s profit of NZ$1.6mn. This business’ revenue reached NZ$9mn, down from NZ$9.8mn in 2024.
Despite economic conditions reducing external growers’ planting activities, the company said VentureFruit made excellent progress scaling its business in apples and berries.
“With strong global demand for berries, VentureFruit has accelerated its growth in this high-value category by introducing its portfolio of superior blueberry and Rubus genetics into North America, supported by an extensive testing network and two new strategic partnerships,” Edgecombe said.
“At the same time, it has introduced berry genetics into South America, Europe and China, and secured exclusive access for T&G Fresh to plant Inspire strawberries in Northland, alongside our exclusive high-yielding jumbo blueberries at T&G Kaikohe Berryfruit Limited Partnership.”
VentureFruit continues to license its portfolio of premium apple varieties and brands, including 300ha of Tutti apples to Joy Wing Mau in China this year.
Mangold said the year’s results were very pleasing, coming from a well-considered and executed strategy that is delivering on expectations as the premium apple sector globally enters a strong growth phase.
“Importantly, our performance lift comes not as a result of one-time events or unusually favourable conditions. Instead, our results are due to strong execution across the Group, consistent attention to costs and efficiencies, and our prior investments in our growth strategy,” said Mangold.
“The momentum achieved this year with our growth strategy will accelerate next year to benefit our business, our growers, suppliers, customers, consumers and shareholders.”
