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Our strategy
Backing rural New Zealand today and for the future
At Farmlands, our vision is to be the go-to for everyone connected to our land. We are 100% owned by New Zealand farmers and growers, so everything we do is focused on delivering value to you today while looking to the future - ensuring our business and the business of our shareholders are stronger for tomorrow.
Like rural New Zealand, we operate in an increasingly complex context. The past year showed us just how important it is to prepare for a future shaped by the changing geopolitical environment, evolving technology, product and supply needs of farmers and growers, and shifting weather patterns affecting the farmers and growers who work on the land.
Our long-term strategy is designed to build resilience in our balance sheet and ensure that we are investing in outcomes that deliver value, reliability and returns for our shareholders. Our ambition over time is to reach $6 billion in turnover, generate $100 million in profit, and be recognised as the most trusted brand by New Zealand farmers and growers.
We do this by backing you today, with the people, products, technical expertise and prices you rely on. We protect your tomorrow from sourcing to the farm gate, to keep costs down and ensure continuity of supply against shocks. We build your future, by investing in energy and innovation for rural NZ, giving you options to choose what works best on your farm. And we give back, supporting our communities, lending a hand when needed, and celebrating success when it is earned.
Our strategy is brought to life through four pillars:
Serve today
How your co-operative brings you value every day
Making it easier for farmers and growers to get the products, competitive prices and expert advice they need, in the way that works for them. Bringing together our stores, on-farm specialists, FarmlandsPRO and Farmlands Card to deliver a connected, convenient experience that responds to different shareholder needs.
Protect tomorrow
Securing supply and competitive prices
Building a more efficient and resilient supply chain to protect access to essential rural supplies and manage costs. Through smarter sourcing, stronger supplier relationships, forward planning and investment in our supply chain, we're making our collective buying power work harder for shareholders.
Build the future
Investing in the next generation of rural supplies
Expanding the products, capabilities and commercial opportunities that will keep Farmlands competitive as the sector evolves. From manufacturing, animal nutrition and animal health to building our own brands, partnerships and joint ventures, we're investing in areas that our farmers and growers tell us they need and their markets around the world increasingly demand - creating new sources of value for you and contributing to the long-term performance of our co-operative.
Give back
Supporting our people and rural communities
Staying true to our roots by investing in the people, land and rural communities that underpin our success. Supporting our teams to deliver for shareholders, contributing to the wellbeing of rural New Zealand and remaining true to the co-operative values on which Farmlands was founded.
Together, these four pillars guide the decisions we make, where we invest and how we measure progress.
Every decision for us comes back to the same position – offering value for our shareholders today, while building a stronger co-operative for tomorrow.
Because rural never rests, and neither do we.
Serve today. Protect tomorrow. Build the future. Give back.
One co-operative. Four ways we back rural NZ.
Letter from our Board Chair
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Kia ora koutou,
On behalf of the Farmlands Board, I am proud to present the Farmlands Group Annual Report 2026.
As a Board, our role is to make decisions how well they achieve our purpose and deliver on our strategy. We balance the need to deliver financial sustainability and our core business against investments that ensure Farmlands Group is ready for what's ahead, so the co-operative can continue to serve shareholders for their future needs.
Now three years into our strategy, we are encouraged by the progress being made. The co-operative has maintained its core business and strengthened its financial performance, despite an operating environment marked by global uncertainty, supply chain disruption and ongoing cost pressures.
Our four strategic pillars - Serve Today, Protect Tomorrow, Build the Future and Give Back - provide the framework for delivering our strategy. We believe the direction of our strategy remains the right one and we are proud of how it continues to deliver for our shareholders.
As we move into the next phase of our strategy, our focus as a Board is on ensuring we continue to build momentum and accelerate delivery, challenge the decisions being made and hold the business accountable for achieving results.
Whether strengthening our supply chain, investing in our core product offering or developing new capabilities, we must be confident that each decision supports our purpose and delivers clear benefits for shareholders.
Good governance is fundamental to this. The breadth of experience and perspectives represented around our Board table, together with the important role of our Shareholder Directors, helps ensure decisions are appropriately informed by the needs of the consumers. From the markets our farmers and growers sell their product into and the needs of our farmers and growers who own us as their businesses and business needs morph and change.
Looking ahead, our focus is on ensuring management continues to accelerate progress against our strategy, while maintaining the financial discipline and accountability required to protect the co-operative's long-term interests.
Strong governance is just part of how we as a Board can serve our shareholders. Our Farmlands Shareholder Directors are your voice at the Board table, and one way you can have your say on the direction of the co-operative. Directors are available to speak to shareholders, listen to areas of shareholders' concerns and interests and take feedback to the wider Board and management. Shareholder engagement is a critical way we can continue to build on the value we deliver for you.
Our upcoming Annual General Meeting (AGM) on 24 November in Gore is another way for Shareholders to ensure their voice is heard. We encourage our Shareholders to engage with our AGM process by attending in person or providing a proxy vote to guide our direction. The Notice of Meeting for the AGM will be provided to Shareholders on 2 November 2026.
I would like to take this time to acknowledge our incoming and outgoing directors. I am pleased to welcome Stephan Deschamps as Independent Director and Chair of the Audit and Risk Management Committee, and Frances Beeston as Board Observer. I also bid farewell to Julie Bohnenn and Dr Claire Nicholson after their terms of 9 and 5 years respectively, and Penny Clark-Hall, our outgoing Board Observer who has contributed around the boardroom table for the past 18 months. I wish to thank Julie, Claire and Penny for their meaningful contributions to Farmlands.
Finally, I'd like to thank our Farmlands team, who represent us on-farm, in-store and in the field each day. We are proud of the work they do for our Shareholders and customers, and I would like to acknowledge our Chief Executive Tanya Houghton for continuing to lead our team courageously and deliver on our strategy for the long-term future of our co-operative.
Ngā mihi,
Rob Hewett
Farmlands Board Chair
Letter from our CEO
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Tēnā koutou,
FY26 has been a year of continued progress for Farmlands, with improved financial performance, ongoing investment in our core business and further delivery against our strategy.
Against a backdrop of global volatility and ongoing cost pressures for farmers and growers, our focus has remained on what matters most: competitive prices, reliable access to products and practical expertise to support your business.
Our financial results reflect that progress. Farmlands Group turnover (Farmlands plus joint venture Fern Energy, which is not consolidated in the financial statements) rose 5.0% to $3.2 billion, gross turnover increased 8.5 percent to $2.8 billion, revenue grew 8.8 percent to $922 million, and operating EBITDA rose 5.8 percent to $35.4 million. Profit before tax more than doubled to $4.5 million, while reported net profit after tax increased to $21.2 million, including a one-off, non-cash deferred tax benefit.
While these results are important, the true measure of our success as a co-operative is the value we deliver to shareholders. That means making our collective buying power drive everyday value and providing access to products, expertise and savings that make a difference to your businesses.
One of our most significant strategic investments this year was the acquisition of Donaghys at the end of March 2026.
The acquisition is an important step in the evolution of Farmlands, further expanding our capabilities beyond sourcing and distribution into additional New Zealand-based manufacturing, animal health research and product development. It gives us greater opportunity to influence the products we bring to market, improve supply resilience and deliver more choice and value to shareholders.
Alongside Donaghys, we've continued our focus on the SealesWinslow acquisition and growing our animal nutrition business, while expanding our own-brand offering. Top Paddock customer numbers increased 171 percent during the year, while AgStar customers grew 62.9 percent.
Our partnerships and joint ventures are also an important part of our strategy to broaden the solutions and benefits available to shareholders. Farmlands FLEX completed its first full year of trading with 110 systems sold, proving the solar tech platform adds meaningful value to farmers and growers.
Protecting continuity of supply has been another key focus over the year. With global conflict disrupting freight, fuel and fertiliser markets, we acted early to secure essential products and limit the impact of increased costs reaching the farm gate.
Our investment in centralised distribution and supplier partnerships has been key to this response. During FY26, suppliers onboarded to our Central Distribution Centre (CDC) network increased from 17 to 51, creating greater efficiencies in purchasing, stock management and distribution.
We're also continuing to give shareholders more choice in how they do business with us. Through FarmlandsPRO, shareholders can access live pricing and stock information, manage orders and plan ahead. Alongside our stores, on-farm specialists and Farmlands Card, which delivers average annual Card Partner savings of more than $1,000 per account, this is about making the benefits of our co-operative more convenient and valuable to shareholders.
Beyond the farm, we partnered with the Rural Support Trust to give farmers, growers and their whānau free access to mental health and wellbeing support through the ignite platform, launched at Fieldays in June 2026.
Looking ahead to FY27, our focus is on continuing this progress, improving our profitability and efficiency, and realising the benefits of the investments we've made.
Our direction is clear - build a resilient, competitive and future-focused co-operative that delivers everyday value and is equipped to support New Zealand farmers and growers for generations to come.
Thank you to our Farmlands team, suppliers and partners for their commitment throughout the year, and to our shareholders for continuing to back your co-operative.
Ngā mihi,
Tanya Houghton
Chief Executive Officer
Farmlands Group
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FY26 Financial Performance
Our financial performance matters because it allows us to continue returning value to the farmers and growers who own us. FY26, which ended 30 June 2026, shows a co-operative that held firm during a period of global volatility and kept investing for the long term. It proves our strategy is working where it counts most.
+8.5% Turnover (gross)
+8.8% Revenue
+9.4% Gross profit
+5.8% Operating EBITDA
+118.9% Profit before income tax
+668.4% Net profit after tax
-37.9% Operating cash flow
+20.3% Total equity
Rural Never Rests: This is who we are
Farmlands' founding spirit has remained largely unchanged since 1962. Born from the desire of everyday farmers and growers to work together to get themselves a better deal, using the power of a co-operative to get better pricing and reliable supply.
64 years on, what Farmlands does has expanded significantly. Still about getting the best deals – now with innovative supply chains, manufacturing, direct sourcing, own brands, and extensive partnerships and joint ventures to further the benefits we provide to our shareholders.
Farming and growing are constantly evolving. That is why farmers and growers need more than a supplier. They need a partner in their corner – one who lives rural values, goes the extra mile, speaks their language, and stands beside them through every season.
In a sector that never stands still. Our opportunity is to prove that we are relentless in fighting for rural success.
In FY26, we began to show up in a way that better reflects our co-operative. You might have seen it around. It’s called Rural Never Rests. Because we know you wouldn’t change a thing about this way of life, and we’re right here with you.
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Our Farmlands Group Strategy is divided into four key pillars
Serve today: How your co-operative brings you value every day
The tools and expertise you need from your local store, FarmlandsPRO on your phone, the Farmlands Card and the technical specialists who know your on-farm needs. In FY26 that meant being able to check live pricing and stock at any hour, lock in what you need before you need it, and manage everything you need on-farm from one login. Farmlands Card further expanded access to exclusive deals, including BYD, unlocking discounted EVs right when diesel costs were peaking.
Shareholders
Card Partner locations
average annual Card Partner savings per account
FarmlandsPRO
Making the power of the co-op easier to access
FarmlandsPRO brings more of Farmlands together in one connected digital experience, helping farmers and growers make the most of their spend, save time, stay in control and make better decisions.
We’ve strengthened FarmlandsPRO to make everyday business with Farmlands easier, with greater visibility of pricing, stock, transactions and accounts, and simpler ways to shop and manage your relationship with Farmlands.
FarmlandsPRO is more than moving services online. It is the digital expression of the Farmlands promise, making the value of Farmlands and the co-op easier to see, access and act on. Designed with farmers, for farmers, it focuses on practical solutions that deliver greater confidence, certainty and control when it matters most.
And we’re not finished. FarmlandsPRO will continue to evolve around the moments that matter most, making value more visible, everyday jobs easier, planning ahead simpler and advice and support easier to access.
FarmlandsPRO is how we bring the power of the co-op into the everyday, making it simpler for farmers and growers to get more from Farmlands.
Manage Cards and Accounts in one place, and view and download statements
Shop online and access Sales Agreements to lock in pricing and stock ahead of need
Manage multiple businesses under a single login
Find Card Partners nationwide
Receive one IRD-approved monthly statement instead of chasing multiple bills
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Serve today
Farmlands Yaldhurst
A flagship store on the way to the farm.
Getting what you need shouldn’t mean a detour. Our new Yaldhurst store, at 15 West Coast Road on State Highway 73, will put a flagship Farmlands where our shareholders already travel, on the main route between Christchurch and the farms and lifestyle blocks to the west.
It will bring our Waterloo Road store and Yaldhurst Feed Barn customers together in one location, just 1.4km from the current Feed Barn. Drawing on lessons learned from recent Farmlands store developments, Yaldhurst will showcase our latest retail format, combining convenience, safety, product range and customer experience.
The site will be designed for easy access. It will feature a large drive-thru and Feed Barn, space for trailers and horse floats and a bigger yard. The larger site will enable improved stockholding and product availability, helping ensure shareholders can access what they need when they need it. It will trade seven days a week, making it easy to call in on the way past, whether you are a dairy farmer, a horticulturist or a lifestyle block owner.
For you. A store that is easy to get to and easy to get in and out of, with more of the range in stock, backed by a sales team based on-site.
Looking ahead. The store is planned to open in late 2027.
Farmlands Card
The Card That Never Rests
Every purchase on the Farmlands Card earns money back and consolidates onto one IRD-approved monthly statement. It is backed by the collective buying power of more than 81,000 shareholders across more than 7,000 Card Partner locations nationwide.
New Card Partners include BYD Auto NZ and Evo Cycles. The BYD partnership, which gives shareholders access to some of the best new-vehicle pricing in the country, is profiled below.
Farmlands Card in Action
BYD and the Card working beyond the farm gate
Vehicle expenses were front of mind for many shareholders this year, with fuel prices under pressure and many weighing up a switch to electric or hybrid vehicles.
BYD Auto NZ joined the Farmlands Card network in FY26. BYD is a global leader in new energy vehicles, and shareholders who use their Farmlands Card get access to some of the best new-vehicle pricing in the country.
Farmlands shareholder Andy Clark bought a new BYD Sealion 5 Premium earlier this year. "Choosing BYD was about the economics of it. I wanted something that would give a really good return, but also deliver great mileage and day-to-day usability," he says. "The moment I said I was a Farmlands shareholder at BYD, they were really supportive."
Two new models were announced for New Zealand. The Shark 6 Performance ute has 350kW of power, 700Nm of torque and a towing capacity of 3,500kg. The Seal 6 Touring Premium plug-in hybrid wagon has a projected driving range of more than 1,000km.
The power of the co-op comes from what we can achieve together. BYD brings that to life: Farmlands uses the collective buying power of more than 81,000 shareholders to create value beyond the shelf.
Every new Card Partner strengthens the proposition, giving shareholders more opportunities to benefit from the scale of the co-operative.
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Protect tomorrow: Our distribution network and wholesale supply chain
Our focus is on getting the right products to you, when you need them, whatever is happening in the world. Our distribution centres, our supplier relationships and our freight all sit behind it. In FY26, with fuel and shipping under pressure, our collective buying power and moving early helped us secure stock, keep you informed and limit how much of the global cost increases reached the farm gate.
suppliers onboarded to the CDC, up from 17 in FY25
From quantity price break savings through the CDC network
inventory (FY25: $121.2m)
purchase commitments for future goods for resale (FY25: $98.6m)
Protect tomorrow
Centralised Distribution
Delivering on key metrics
Our Centralised Distribution Centre (CDC) model made strong progress this year. We now have 51 suppliers onboarded, and a growing share of our product range flows through the CDC.
Farmlands has had a centralised distribution network for our animal nutrition brands for some time. We manufacture these products and distribute to wholesale customers, Farmlands branches and directly to our shareholders on-farm.
Expanding that network to include other suppliers' products reduces our cost to serve and makes our supply chain more responsive. Historically, thousands of purchase orders went from suppliers to branches and in some cases the product was then handled again and sent to farm. The new network consolidates those orders and deliveries to our branches and direct on farm. That means fewer transport moves and less fuel, and faster response: in peak periods we can deliver to our branches three to four times a week if required. We also deliver direct to farm, bypassing the store altogether and significantly speeding up the order fulfilment time.
Bulk purchasing through the CDC network continues to deliver quantity price break savings, strengthening our position with suppliers. The CDC also gives directly sourced products a central landing point, supporting the growth of our direct sourcing strategy and own-brand range.
The scale of our CDC network enabled us to buy ahead and hold additional product during a period of global supply disruption, protecting availability for our customers and taking advantage of favourable pricing where we could.
As our direct sourcing programme grows, we need to hold stock in market to reduce the risk of longer supply chains. Products are ordered into our centralised warehouses based on our forecasting, so key products are available for our customers. These warehouses also give shareholders a buffer against uncertainty in global supply chains.
We also continued the rollout of EDI (electronic data interchange) for automated purchase orders between our systems and suppliers, and our investment in mills builds manufacturing capability closer to source.
Looking ahead.
The next major step is despatching direct to farm from our CDCs, planned for early 2027. This brings the CDC model closer to our farmers, giving them a faster, simpler way to receive the products they rely on. It is the clearest example of building a supply chain designed to serve the farm, not just the store.
We also plan to onboard another 100 or more suppliers over the next few years, focusing on the suppliers and categories where centralising makes the biggest difference. Together, these steps make Farmlands more resilient and responsive to rural New Zealand.
More suppliers mean a bigger product range, and more delivery options available direct on farm.
Our purpose is to lower the cost of inputs on farm. This supply chain network lets Farmlands reduce its cost to serve.
Protect tomorrow: Nutrition
SealesWinslow
Since SealesWinslow joined Farmlands, our focus has been on more than selling feed. We are working alongside farmers to lift herd performance, with precision nutrition and specialists who know farming.
SealesWinslow has broadened our manufacturing capability and product range. It is backed by our Technical Field Specialists, SealesWinslow Nutrition Specialists and a nationwide feed network, built with strong industry partnerships, so farmers get expertise as well as product on the truck, wherever they buy. In FY26, nutrition growth and efficiencies exceeded the business case, with volumes up 7 percent and labour cost per tonne down 8 percent.
Dairy farmers are making the move to SealesWinslow, drawn by the wider logistics network, expertise and nutrition solutions now on offer. Those moving from blends to pellets tell us they like having every additive in one feed, less dust in the shed and an easier way to manage what their cows are eating.
Nutrition is the single biggest focus of our $15m capital investment in FY27, which goes into our mills and manufacturing capability across all our feed brands. As we build resilience and build to demand, we will keep quality feed within reach of farmers across New Zealand, working alongside the merchant partners who get it to the farm gate.
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Protect tomorrow: Nutrition
Calf feed made simpler
We cut our bagged calf feed range from 18 products to eight, so farmers can choose with confidence.
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The challenge
Bringing SealesWinslow into Farmlands significantly broadened our nutrition range, but it left us offering calf feed under three brands: SealesWinslow, NRM and our own Reliance. Farmers had too many similar products to choose from.
What we did
We streamlined bagged calf feed from 18 products to eight, and from three brands to two, with three clear tiers. SealesWinslow Calf Max is the premium tier, with essential oils and prebiotics to support gut health. Reliance Calf is the standard tier, exclusive to Farmlands. SealesWinslow Value Calf is the lower-priced tier. NRM continues to offer nutrition for sheep, horses, poultry and other lifestyle animals. Every discontinued product has a direct replacement, so farmers always had a clear product to move to.
Supporting farmers through the change
Our store teams, Farmlands Technical Field Specialists and SealesWinslow Nutrition Specialists helped farmers move to the right product, in store, on farm and through FarmlandsPRO.
What farmers are telling us
Feedback has been positive. Farmers tell us the simpler range makes it easier to work out which product they need, and that they would rather not be faced with lots of near-identical choices. Performance has not changed, and the new range gives farmers greater confidence that they are choosing the right product for their calves.
Protect tomorrow
Holding steady through global volatility
In FY26, escalating tensions in the Middle East began disrupting global freight routes and commodity pricing. Shocks in global markets don't stay global. They land on New Zealand farms as delayed orders, gaps on shelves and rising input costs, usually when farmers can least absorb them. We were able to act before the disruption reached the farm gate.
- With suppliers. We moved early to secure additional volumes in animal health, crop protection, nutrition and essential rural supplies, and asked supply partners for early, transparent visibility on inventory, incoming shipments and lead times.
- With farmers. We communicated directly and early with farmers about what was happening and what we were doing, and encouraged farmers to lock in spring requirements through Sales Agreements in FarmlandsPRO.
- On price. We used our collective buying power to limit the pass-through of global cost increases, and were transparent when prices did need to move.
The disruption was felt most directly in fuel. When the situation escalated into military conflict in February 2026 and the Strait of Hormuz closed (the strait normally carries around 30 percent of the world’s crude oil), New Zealand saw panic buying at service stations and supply allocations from fuel importers, at one of the busiest times of year for rural customers. Fern Energy, our 50 percent-owned bulk fuel joint venture, relied on supply agreements with four importers, ran daily crisis meetings and moved more than three million litres of fuel between ports to keep customers supplied. Supply has since stabilised although price volatility has continued.
Inventory grew to $140.6 million (FY25: $121.2 million). Of the $19.4 million increase, $10.5 million was due to Donaghys, and the remaining $8.9 million reflects a deliberate build of stock ahead of expected price rises. Purchase commitments for future goods for resale rose to $115.1 million (FY25: $98.6 million).
Looking ahead. We are constantly monitoring key farmer and grower inputs with our global supply chain partners and supplier network, and adjusting inventory to ensure security of supply for our shareholders.
Protect tomorrow
Techion FECPAK
Independent testing in store. Alongside the acquisition of Donaghys, Farmlands signed an exclusive partnership with New Zealand agritech company Techion for the rural merchant channel, bringing the FECPAK range of independent animal health tests directly to shareholders. Independent testing helps farmers manage parasite resistance.
FECPAK Multi Test Kits let farmers choose several tests from one sample: faecal egg count, facial eczema, liver fluke and lungworm, plus the new Worm ID.
Worm ID names the parasite species present within hours of processing the sample. Techion says the older method, larval culture, can take up to two weeks.
Kits are available in stores nationwide and on FarmlandsPRO, and the cost of testing can be added to your shareholder Farmlands Account.
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Protect tomorrow
Donaghys: owning more of the chain
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On 31 March 2026, the Group acquired Donaghys Limited. The rope and cordage business was excluded and continues to operate separately.
Why we did it. Farmers face more complex challenges, from animal health and parasite resistance through to productivity and environmental performance. Donaghys Chief Executive Jed Marfell says many multinational competitors are mainly interested in companion animals and are not spending on research for dairy cows, beef cattle and sheep. Donaghys is different. Around 94 percent of what it sells is made in its own New Zealand factory, and it develops products with farmers, for New Zealand conditions.
Why now. Farmlands and Donaghys have worked together for years, and some Donaghys products have historically been exclusive. Jed says the partnership started to make sense five years ago, serious talks started about a year before the announcement. As some Donaghys shareholders had come to the end of their investment it was time for the next phase.
How it fits our plan. Animal Health is one of the six categories where our long-term plan sets out to be a market leader. Donaghys, the Techion FECPAK partnership and our Bainbridge range are three ways we are building that position, from research and manufacturing through to testing and supply.
- Built on an existing relationship. Farmlands was already an important customer and partner of Donaghys, and some Donaghys products were exclusive to Farmlands.
- Continuity. It is business as usual for staff, customers and suppliers. Donaghys will continue to supply the wider market through all its retail partners and channels.
- Investing for more. The intent is more investment in research, development and new products with Farmlands' scale lifting Donaghys' profile and reach, starting with an upgrade of the laboratory at the Dunedin manufacturing site.
- New Zealand made. Its track record includes UdderMAX teat spray, which uses half the iodine of traditional products, N-Boost, which doubles the pasture response to 40kg/ha of urea and can deliver a 15 percent reduction in nitrogen leaching on a typical 160ha Canterbury dairy farm, and a sheep spot-on product Donaghys says is the only one of its kind in the world.
- In co-operative hands. The acquisition puts Donaghys' expertise, product development and manufacturing capability in co-operative hands, supporting solutions designed for New Zealand farming systems.
- Research that starts with farmers. Becoming part of Farmlands will let Donaghys invest even further in research and development. Much of it starts with a conversation with a farmer. Its sheep spot-on product began with a chat on the sideline at a Christchurch netball court.
- Secure supply. In an increasingly uncertain global environment, secure access to products and local technical expertise matters more than ever.
The animal health products you rely on are still made in New Zealand, developed with farmers for our conditions, and now owned by the co-operative you own. That keeps research and product development in hands that answer to farmers.
Build the future: Our sourcing and partnerships
Sourcing is what our co-operative was founded on and how we keep delivering the future products you need, with greater access and choice. We buy together, so you get a better deal, and we choose products and partners that suit New Zealand farming and growing. In FY26 we focused on building our own brands, partnerships with Bainbridge and Techion, and now Donaghys, which keeps animal health research and manufacturing in New Zealand hands. We invest in partnerships like Fern and Farmlands FLEX to ensure we offer solutions beyond on-farm products.
Top Paddock customers trading
AgStar customers trading
Back Road & Back Road Value customers
Fern Energy, Group share of profit
Farmlands FLEX systems sold
Build the future
Own-brands
Growth season by season
FY26 was a breakout year for our own-brand range, and the electric fencing season tells the sharpest version of the story. Top Paddock worked alongside our supplier partners Gallagher and Strainrite within Farmlands' product offer, giving farmers full price-point coverage as global pricing pressure pushed input costs up. Farmlands held its pricing through that season, and it became Top Paddock's biggest season yet.
From March 2026, Top Paddock added fencing accessories including insulators, gate anchors, cutout switches and tread-in multiwire posts, just in time for break feeding. Pigtails and wire strainers have been some of our biggest sellers since they arrived. Top Paddock has since added more than 20 automotive products, all made in New Zealand.
- Top Paddock. Customers up 171 percent and transactions up 240 percent. Category share grew across the board, including buckets and jugs at 40.8 percent, equine equipment at 10.4 percent and exterior storage, a new category, at 37.4 percent.
- AgStar. Customers up 62.9 percent and transactions up 90.9 percent. AgStar holds a majority position of liquid pasture products and is gaining in herbicide, including horticulture herbicides. After a strong first year, we have added horticulture and home and garden products, including SWAP fungicide, Venturi insecticide, MossAway and Thump.
- Back Road. Growth in our established own-brand came through the value option. Back Road and Back Road Value customers combined were up 3.4 percent.
We have also started testing a 'when it’s gone, it’s gone' approach with products like tool boxes and gun cases that have sold well at very competitive prices.
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Build the future
Joint Ventures
- Fern Energy contributed $4.1 million to Group profit (FY25: $3.3 million), with $3.5 million of dividends received (FY25: $2.9 million).
- Farmlands FLEX's contribution to Group profit is not yet material, consistent with a business still ramping up.
Build the future
Joint Ventures: FLEX
Energy resilience on farm
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Launched at Fieldays 2025, Farmlands FLEX gives shareholders solar and battery storage solutions designed for their farm. More than 1,000 farmers and growers have asked about it, wanting to reduce costs, generate their own electricity and make money. They found us at Open Farm events, at Fieldays, online and in Farmlands stores.
Customers can now see their own energy data, so they can make better decisions on farm.
- Leeston. Dairy farmers Pauline and Chris Prattley, among the first Farmlands FLEX customers, have 216 panels (108kW) supplying the shed, irrigation pivots and effluent system. Chris says adding a battery from the start lifted their solar use from around 45 percent to about 70 percent. Pauline reports a big drop in their power bills, and they are now looking at a second battery.
- Te Awamutu. Waikato dairy farmer Dave Swney faced a power bill of $30,000 or more a year. His system was modelled to generate around 30 percent of the farm’s consumption and, after eight months, sits just below 50 percent self-consumption. He has brought afternoon milking forward to match the solar peak and added 50kW of battery storage.
Farmlands FLEX co-founder Andrew “Pegs” Pegler says the conversation with farmers is now “battery-led and solar-enabled”, as farms look for resilience against more frequent severe weather.
Farmlands FLEX is a finalist in the 2026 Sustainable Business Awards in the Market Mover category, which recognises organisations that help create the conditions for others to make positive change. It also entered the Designers Institute of New Zealand Best Design Awards, showing solar can be beautiful.
Solar and battery storage designed for your farm, with your own energy data to help you decide how to use it.
Enquiries from farmers and growers
FY26 FLEX sales
Systems sold
Sites fully operational
Battery storage
Solar generated in 12 months
Emissions avoided (MfE grif factor, 85 g CO2e/kWh)
Diesel equivalent (the fuel a diesel generator would burn to produce the same energy)
Build the future
Joint Ventures: Fern
Fuel for rural New Zealand, in a volatile market
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Fern Energy contributed $4.1 million to Group profit (FY25: $3.3 million), with $3.5 million of dividends received (FY25: $2.9 million).
When supply pressure eased, the question for Fern’s customers shifted from whether they could get fuel to what it would cost. Prices have since moved with every development in the conflict, from ceasefire announcements to renewed hostilities. Fern CEO Chris Gourley says global crude supply is still constrained and demand for diesel is strong, so he does not expect prices to settle back to pre-crisis levels soon.
Fern’s model is simple. It sources fuel from the closest port and delivers it efficiently to local customers. Fern buys fuel daily at each port and adds only the cost of getting it safely and reliably to customers' businesses. The global industry has also adapted quickly, with one supplier now sourcing crude from more than 20 countries to fill the gap.
Fuel is one of the largest operating costs for many rural businesses, which makes budgeting harder when prices swing. The biggest lesson from the past year is that volatility is likely to remain part of the landscape for some time yet. It is a reminder to think about energy resilience across the whole operation, not just electricity. Many farms already have backup generators to keep vital operations running during power outages.
Build the future
The supplier portal
Data as capability
Product data is invisible until it is wrong: a missing image, an incomplete spec, a blank field when a new product enters the range. Across thousands of products and hundreds of supply partners, the cost shows up downstream in FarmlandsPRO, on shelf and in every supplier relationship.
In FY26 we launched a new supplier portal, rebuilding how product data enters the business at the source. When a category agrees to take on a new product, the supply partner enters the data directly in the portal (30 fields plus images). An AI agent checks the entry and helps the supplier get it right, the Product and Pricing team reviews and approves it, and the product data flows through to our systems.
Alongside the portal, a product data blitz checked 32,000 products, gathered 22,620 images and corrected 17,570 products, lifting image coverage from 24 percent in February 2026 to 60 percent by June 2026. Clean, complete product data is what lets FarmlandsPRO give farmers a trustworthy view of stock and pricing.
Give back: Our people, our community, our land
This is how we show up - supporting our community, growing our people, standing up for the sector. Lending a hand when needed and celebrating success when it is earned. Building tools that make life easier and keeping our rural communities and land thriving. Most importantly, growing our Farmlands team. Their work in stores, on-farm and behind the scenes is what makes this co-operative what it is: owned by farmers and growers, and here for them every day.
Give Back
Rural Support Trust ignite platform
Free wellbeing support
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Rural never rests, and for many of our shareholders that is the hardest part. Long days, tight margins and unpredictable seasons take a toll, and the nearest support is often a long way down the road.
Why this matters
The toll is real, and the numbers are hard to read. Research prepared for the Accident Compensation Corporation (ACC) estimates that around 20 farmers, men and women, take their own lives each year. Between 2012 and 2018, 107 rural lives were lost to suicide. The rural suicide rate is estimated to be around 30 percent higher than among urban populations.
Behind each of those numbers is a family, a farm and a community. Too often the cost, the distance or the stigma stands between a person and the help they need.
What we did about it
This year, in partnership with the Rural Support Trust and ignite, we launched a free nationwide wellbeing service offering counselling, psychology and budgeting support. People can get help in their own way and in their own time, without leaving the farm.
The early results are encouraging. Of the clients surveyed, 77 percent reported their wellbeing improved after a session, and ignite earned a Net Promoter Score of +77. Even more telling, 62 percent said they would not have sought help without free access. For those people, removing the cost was what made the difference.
Demand is strong and we are working with partners to secure additional funding so ignite can keep meeting it. In FY27 we will continue the nationwide rollout, measure the reach of our community support, and define our role when rural communities face adverse events such as drought, flood or biosecurity threats.
Supporting the people behind the farms is part of being a farmer-owned co-operative. It is the difference we make beyond what we provide on the shelves.
If you or someone you know needs support, free call or text 1737 at any time, or call the Rural Support Trust on 0800 RURAL HELP (0800 787 254).
Net Promoter Score among ignite clients surveyed
Reported their wellbeing improved after a session
Would not have sought help without free access
Bookings across 38 unique users in the first reporting period
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Employee engagement
Our people are at the heart of this co-operative. We’re delighted that our people are engaged at more than twice the rate of the typical Australia and New Zealand team. Engaged employees reflect the involvement and enthusiasm of employees in their work and workplace. Employees can become engaged when their basic needs are met, and they have a chance to contribute, a sense of belonging, and opportunities to learn and grow.
Give back
Our Farmlands Team
Backing our frontline when it mattered
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When pressure hit
When global supply and fuel pressures hit, the team members in our stores, manufacturing sites and distribution centres felt it first. We introduced the Farmlands Relief Allowance, a payment of $100 each fortnight for full-time frontline retail, manufacturing and distribution team members.
Regional managers also pulled back on non-essential travel to spend more leadership time in region. Technical field sales staff initially spent two days a week visiting farmers and growers, and three days supporting their customers remotely.
Investing in our people
We raised the base rate for frontline and operational/admin roles to $29 per hour. We invested in the remuneration and reward of the team who support and serve our customers, so the team members who most feel cost-of-living pressures have greater support.
Roles filled by internal transfers and promotions
e-learning courses undertaken
Leaders are female
employee turnover has fallen every year since FY23
Give back
Future Rural Directors
Growing tomorrow's governance leaders
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The Advanced Director Programme is a new Farmlands initiative that helps shareholders build the knowledge and confidence to contribute at board level, whether at Farmlands or elsewhere in the sector. The pilot concluded earlier this year with seven shareholders from dairy, sheep and beef, horticulture and arable farming. Topics included governance fundamentals, financial literacy and risk. Participants also gained an inside view of how a large co-op runs, with direct access to our Executive team and Directors, and took part in a practical mock board session to put their learning into practice.
Strong governance is one of the sector’s most important assets, and it depends on capable, well-prepared people. By investing in that capability, we’re helping grow a deeper pool of governance-ready leaders across farmer-owned organisations, boards, trusts and industry bodies. That strengthens the sector, and the co-op that depends on it. The pilot showed us what works and what to refine, and the programme will return for future cohorts.
Give back
Specialist knowledge
Deepening technical expertise on the ground
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Our Technical Field Sales team continued to build specialist knowledge through Massey University short courses in herbicides and nutrient management. They sat exams to test their paddock experience against the technical standard. In partnership with Hill Laboratories, we also developed soil sampling training, with competency confirmed through a practical assessment. So far, 81% of the team has completed it, helping ensure soil management recommendations start with reliable results.
In our retail stores, 184 team members completed Champion courses in fencing, water and nutrition, bringing the total to 346 Champions across our stores and deeper product knowledge to the counter.
To strengthen nutrition knowledge across the business, 690 team members tuned in to The POD, our podcast series on technical nutrition knowledge.
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Give back
Setting people up from day one
Our vision is to be the go-to for everyone connected to our land. Grassroots, our new two-day induction for support office team members, puts that into practice. Alongside our values, strategy and ways of working, new starters visited Lincoln University’s research farms and our store seeing first-hand the seasonal rhythms and pressures our farmers work to, and how our teams serve them every day.
Give back
Safe at work
Keeping our people safe and well
Looking after each other is central to how we work at Farmlands, and the health, safety and wellbeing of our team members, customers and suppliers remains our top priority.
Our safety culture continues to strengthen, supported by regular safety governance, site safety meetings and more than 100 HSW Champions representing our sites and operational teams. In FY26, hazard reporting increased by 64%, incidents fell by 11% and our total recordable injury frequency rate (TRIFR) fell by approximately 15% to 11. These results reflect positive progress in safety engagement, reporting and performance across the co-op.
Managing critical risks and the controls that protect our people from serious harm remains a key focus. In FY26, we provided upgraded communication devices with dual-SIM and satellite capability to 100 field-based team members. This supports greater connectivity for Farmlanders working alone or remotely, particularly in rural areas where mobile coverage can be limited. The initiative marked the first phase of a wider programme, with further improvements to connectivity and coverage planned for the coming years.
The mental and physical wellbeing of our people remains a priority, with a continued focus on providing resources and support across the co-op. Through our partnership with I Am Here, a mental health and wellbeing programme, we now have 355 active participants across Farmlands. This year, we saw a 40% increase in team members voluntarily completing further training to take a more active role in supporting colleagues and their wider communities. Our Employee Assistance Programme provides free, confidential counselling and broader wellbeing support. We are also seeing tangible benefits from our established injury prevention and recovery programme, helping team members remain well at work through preventative physiotherapy for work-related pain or discomfort and tailored support for recovery and a safe, sustainable return to work.
These initiatives continue to support our team members to look after themselves, each other and our wider communities.
Farmlands is an Industrial and Provident Society, incorporated under the Industrial and Provident Societies Act 1908. Our Rules, approved by shareholders, set out how we are governed. Shareholders last approved updated Rules at the Annual General Meeting in November 2025.
A Board of up to nine directors guides our strategy and is accountable for delivery of the strategic plan set out in the Rules. Six are Shareholder Directors and up to three can be independent. Rob Hewett chairs the Board.
Shareholder Directors are elected or appointed by the Board. Appointments made after 1 January 2026, and any appointment to a vacancy, must be ratified by shareholders at the next Annual General Meeting.
How shareholders take part
Shareholders can:
- Vote to elect or ratify Shareholder Directors, and on resolutions at the Annual General Meeting
- Make a proposal at an Annual General Meeting, or call a Special Meeting with a request signed by at least 100 eligible shareholders
- Receive the financial statements and any approved distribution or rebates (paid at the Board’s discretion)
- Contact any Shareholder Director, or email the Board at board@farmlands.co.nz, or email the Society Secretary at legal@farmlands.co.nz.
- Some rights depend on being a Transacting Shareholder. The Your co-operative’ page on our website explains who qualifies, and sets out every right in full.
Te Whenua Tāroa: The Enduring Land
Our sustainability strategy addresses stewardship of our environment, support of our people and rural communities, and excellence in corporate citizenship. KPIs against five focus areas are reported to the Board quarterly:
Emissions Reduction
Reduce Scope 1 and 2 emissions intensity 25 percent by FY30, off a FY25 baseline.
Circular Economy & Waste
Reduce waste and lift internal and external recycling.
Supply Chain Efficiency
Optimise freight and logistics (Scope 3).
Rural Wellbeing
Back rural communities via the Rural Support Trust and ignite.
Sustainable Products
Grow the sustainable product range
The Strategy
Supported by the Toitū carbon reduce framework and partnerships with AgriZero, Agrecovery and the Rural Support Trust.
Scope 1 and 2 reduction on the 2025 baseline, Toitū certified
Scope 1 and 2 emissions (market based)
Scope 3, purchased goods
of Tracked Scope 3 that is freight
agricultural plastic recycled through Agrecovery in 12 months
Farmlands FLEX on-farm solarnstalls in 12 months
paid parental leave
free ignite sessions available
Our operational emissions are well managed, with eight years of Toitū certification, Solar is now operational across the Hastings multisite, EV charging infrastructure has been installed at Head office and 63T Increase in organics recycling from our mill diverting from landfill up 94% vs last year. The bulk of our footprint sits in purchased goods and freight, so leadership here means changing what we source and sell, not just how we operate.
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Recycling
- Partnering with Agrecovery since 2019, with many stores acting as container drop-off points.
- Voluntarily supporting the small bags recycling scheme across NRM, McMillan, Reliance Feeds and SealesWinslow.
- Investing in in-store bins, cages and team training to help customers recycle more.
- Leading packaging recycling at the Rolleston Feed Mill, with more to come.
- Welcoming the Government's new nationwide rural recycling scheme as a natural fit with work already under way.
United Nations Sustainable Development Goals
2. Zero Hunger
Animal nutrition products, including Rumenix, that lift productivity while lowering emissions intensity.
3. Good Health and Wellbeing
Rural Support Trust partnership and ignite
5. Gender Equality
Workforce composition, gender pay and parental leave reported annually
7. Affordable and Clean Energy
Solar at Hastings, LED rollout, boiler electrification assessments
8. Decent Work and Economic Growth
Co-operative employer across rural New Zealand, with health, safety and wellbeing reported to the Board
9. Industry, Innovation and Infrastructure
CDC direct-to-farm delivery, route optimisation and own-fleet utilisation
12. Responsible Consumption and Production
Agrecovery expansion, mill recycling and an increasing range of sustainable product choices
13. Climate Action
Eight years of Toitū certification, 25 percent intensity target to 2030, emissions metric in the sustainability-linked loan
15. Life on Land
Low-emission fertiliser options, AgriZero investment
17. Partnerships for the Goals
AgriZero, Agrecovery, Toitū, Rural Support Trust and Card Partners