T&G Global H1 profit up 30% on strong apple sales

NEW ZEALAND – T&G Global has recorded a modest revenue increase alongside a significant rise in operating profit in the first half of 2026, largely driven by the success of its apple division, while divestment costs resulted in a net loss.

The company reported revenue of US$572.3 million for the six months ended June 30, 2026, up 2.6% on the comparable 2025 period. Operating profit rose 30.3% to US$11.6 million, compared with US$8.9 million a year earlier.

After an impairment related to the disposal of T&G Fresh, the reported loss for the period was US$30.5 million. Meanwhile, apples generated revenue of US$550.9 million, compared with US$518.9 million in the comparable 2025 period, and operating profit increased by 15.2% to US$54.5 million.

Furthermore, North American-grown ENVY™ apples sold to Asian markets totalled 1.1 million tray carton equivalents, up 45% year on year. Sales revenue in Vietnam increased by 34%, in China by 26%, and in Thailand by 10%.

On the other hand, T&G Global has agreed to sell its T&G Fresh business in three transactions. J & P Turner Limited will acquire T&G’s New Zealand fresh produce business, subject to clearance by the New Zealand Commerce Commission.

The company said its strategic review led to a decision to focus capital and management resources on its Apples and VentureFruit businesses, while exploring alternative ownership for T&G Fresh.

The divestment strategy involves selling various units to different buyers, enabling the firm to reduce debt and focus resources on high-growth sectors. An impairment of US$34.4 million has been recognized in relation to the discontinued operation.

In addition, T&G Global’s new growth strategy focuses on narrowing its corporate structure towards its core global fruit businesses, specifically apples and VentureFruit, while streamlining operations by disposing of non-essential operations.

As a result, the company is concentrating on premium, high-value fruit categories with strong growth potential in international markets.

More importantly, the specific businesses being divested include the New Zealand fresh produce business, the Fijian and Pacific Islands export businesses, and the Unearthed Produce Limited shareholding, enabling T&G to reduce debt and focus on its most profitable segments.

Overall, the company is narrowing its focus on core global fruit businesses while streamlining its corporate structure by disposing of non-essential operations.

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