Your Co-operative Update
21 August 2026
Dear Valued Shareholder,
We hope this update finds you all well and ready for a productive spring season.
In this edition of Your Co-operative Update, you’ll find:
- Our 2025-26 results overview
- The 2025-26 Annual Report and Greenhouse Gas Inventory Report
- Reminders on director elections and the upcoming AGM
We’ve included a video where we share an overview of our results, along with highlights on the year that’s been and the year ahead. You can view it below.
Annual results
- Revenue increased 17.7 per cent to $1.14 billion before rebate.
- Nutrient volumes increased by five per cent.
- Underlying net operating profit before rebate, tax and extraordinary costs increased 126 per cent to $86.7 million, supported by stronger nutrient demand, cost control and improved trading performance.
- Net profit before rebate and tax of $52.8 million incorporated $33.9 million in one-off asset impairment and site closure expenses.
- Total shareholder return (TSR) of 14.3 per cent, enabled a shareholder rebate to be reinstated.
- A total of $18.2 million to be paid out in shareholder rebate, representing a 6.5 per cent cash return and averaging $17.55 per eligible tonne.
- Nominal share value remains $9 per share.
We’re pleased to share Ballance’s annual results for the financial year ended 31 May 2026, following what has been a positive year for New Zealand agriculture and an important year for the co-operative.
The FY26 result reflects stronger nutrient demand and improved trading performance.
Most importantly, this performance has enabled the Board to reinstate a shareholder rebate, while continuing to strengthen the co-operative for the future.
The total shareholder return (TSR) delivered was 14.3 per cent, exceeding our target of 10 per cent. This demonstrates the total value generated for shareholders through the year, including rebate, retained earnings and balance sheet strength.
A shareholder rebate of $18.2 million has been declared, representing a 6.5 per cent cash return and averaging $17.55 per eligible tonne. This is a tangible return to shareholders after a stronger trading year.
Fully paid shareholders will receive their rebate as a cash payment at the end of September, while partly paid shareholders will receive shares to meet their quota requirements.
This result reflects the combined benefit of stronger market demand, disciplined management and the resilience of the co-operative model.
During the year, we maintained flexibility in sourcing through global volatility, secured gas for Kapuni through to 31 December 2026, and continued to position inventory so nutrients are available when you need them.
Loans and borrowings increased by $39m largely reflecting higher year-end inventory values as the co-operative ensured nutrient availability for spring supply but remain $108 million below their 2023 peak.
At the same time, we kept investing in the areas that will strengthen Ballance over the long-term, including digital capability, service, operational efficiency and innovation.
For full financial results, read the 2025-26 Annual Report below.
Annual Report
GHG Report
Director elections
Voting is currently open for one director position in the North Ward. A change to Ballance’s constitution in 2020 means that all shareholders are eligible to vote, regardless of which ward they reside in, and are encouraged to do so.
Voting documents have been posted and emailed with instructions on how to vote, but you can contact the Shares team with any queries by emailing shares@ballance.co.nz.
Annual meeting
The 2026 Annual Meeting will be held online at 2pm on Wednesday 30 September. A notice of meeting will be posted to you soon and will include more detail and instructions on how to join online, so keep an eye on the letterbox.
If we don’t see you online, we wish you all the best for spring and the coming season.
Thank you for your continued support and trust in Ballance. We remain focused on delivering reliable supply, competitive value and practical support for New Zealand farmers and growers, while ensuring the co-operative is well positioned for the years ahead.
Please don’t hesitate to reach out with any questions or feedback to Duncan.Coull@xtra.co.nz and Kelvin.Wickham@ballance.co.nz.
Warm regards,
Duncan Coull
Chair
027 472 7110
Kelvin Wickham
Chief Executive
021 513 028