Financial Data and Key Metrics Changes - The company reported a strong first half performance with underlying EBITDA of NZD 86.7 million, up 43% year-over-year [3] - Underlying NPAT increased by 48% to NZD 56.9 million, while NPAT attributable to shareholders rose by 72% to NZD 48.9 million [3][4] - Net debt decreased by NZD 14.4 million to NZD 67.5 million as of June 30, 2025, reflecting income from earnings and proceeds from the sale of orchards [7][8] Performance by Business Lines - The Global Proteins division maintained steady performance with underlying EBITDA of NZD 29.7 million, consistent with the previous year [6] - The Horticulture division achieved exceptional results with underlying EBITDA of NZD 53.2 million, up 77% due to increased apple volumes and favorable pricing [7][11] - Logistics reported underlying EBITDA of NZD 6.1 million, a 60% increase attributed to higher freight volumes [12] Market Data and Key Metrics Changes - The horticulture division's total own growing export volumes are forecasted to be 3.7 million TCEs, a projected increase of around 21% compared to 2024 [11] - The Asia and Middle East markets are expected to account for approximately 85% of total fruit sold, with strong demand anticipated due to supply shortages [11] Company Strategy and Industry Competition - The company is focused on strategic growth initiatives, particularly in horticulture and logistics, leveraging investments in premium apple varieties targeted at key markets [5][16] - The logistics division is actively seeking opportunities to expand its freight forwarding model, enhancing connections with global operations [25] Management's Comments on Operating Environment and Future Outlook - Management expressed caution regarding the global proteins division due to geopolitical uncertainties and tariff impacts, but remains confident in medium-term growth initiatives [15][22] - The company anticipates continued diversification of earnings and growth in global protein and logistics sectors [16] Other Important Information - The company is developing new sustainability targets following the successful delivery of 2024 milestones, focusing on emissions reduction and employee support policies [13][14] Q&A Session Summary Question: Can you discuss the performance of global proteins projects? - Management noted strong performance from the new plant in Melbourne and the second toll processing plant in North America, with ongoing projects expected to contribute positively by the end of the year [20][21] Question: What factors are included in the updated guidance range? - The guidance reflects caution around macroeconomic conditions and tariff uncertainties, with a steady demand for pet food expected to return to historical growth rates [22][23] Question: What does the growth outlook for logistics look like? - The company is optimistic about the logistics sector, actively seeking to ramp up operations and connect with global supply chains [25] Question: Can you provide specifics on horticulture's EBITDA and impact for the year? - The company expects a flat second half for horticulture, with more fixed and variable costs compared to the previous year [30] Question: What are the drivers of global proteins growth in FY 2028 and beyond? - Management indicated that both organic growth and potential acquisitions will drive future growth, with opportunities in fish and poultry markets being explored [46][48]