Zespri exceeds $5 billion in global sales in 2024/25 Financial Results

Zespri’s 2024/25 Financial Results summary: 
 

• Global operating revenue: NZ$5.14 billion
• Global fruit sales revenue: NZ$5.03 billion
• Total 2024 Season New Zealand-grown fruit and service payments: $3.10 billion
• Trays sold: 220.9 million trays
• Net profit after tax: NZ$155.2 million (includes licence revenue)
• Expected Total Dividends: NZ$0.77 per share 

Strong demand and market return from Zespri’s largest-ever crop has seen the kiwifruit marketer top $5 billion in global sales in the 2024/25 season, exceeding the goal set in 2015 of $4.5 billion by 2025.

Zespri sold a record 220.9 million trays of kiwifruit in 2024/25, an increase from 164.2 million trays in 2023/24. 

Direct returns to the New Zealand industry reached more than $3 billion for the first time in 2024/25, with Total Fruit and Service Payments spread across New Zealand’s growing regions, including the Bay of Plenty, Northland, the East Coast, Nelson and the Waikato.

Zespri’s net profit after tax was $155.2 million, down from $173.3 million in 2023/24, mainly driven by reduced licence revenue from a reduction in available hectares. Excluding licence, the company’s net corporate profit is a record $79.8 million, up from $20.4 million in 2023/24. The expected total net dividend is $0.77 cents per share.  

Zespri CEO Jason Te Brake says it’s pleasing to deliver such a strong result for growers and shareholders which reflects an industry wide effort to deliver a record crop and strong sales in key markets. 

“We’ve increased both volume and value in our key markets despite downward pressure in the category and surpassed a significant milestone in reaching $5 billion in global fruit sales, exceeding our longstanding sales goal set a decade ago.

“That’s a mark of pride for our industry, and reflects the strong demand we continue to see for our fruit and the efforts the whole industry has put in to focus on providing another high-quality fruit crop.

“We’re returning really strong value to our growers, with our highest ever recorded direct returns to the New Zealand industry, breaking the $3 billion threshold in 2024/25. 

“At a per hectare level, returns are up and at record levels for Green, Organic Green and Sweet Green off the back of the season’s improved yields following a challenging few years for growers and we’ve been able to return strong value at a per tray level for all categories in a record crop year, with final average per tray returns above our February forecast. 

“Our corporate results are also positive, with our net profit after tax excluding licence revenue reaching a record $79.8 million, and our New Zealand Supply segment delivering a profit of $56.4 million in 2024/25, up from the $10.2 million loss in 2023/24 on the back of the larger crop, strong value in market and a focus on greater overhead efficiencies.

Zespri’s Non-New Zealand Supply sales have also performed well, with sales of $652.4 million, with 26.5 million trays sold.

Mr Te Brake says, “ZGS plays a critical role in supporting the launch of our New Zealand sales season and we’ll see offshore volumes increase in the coming years following last year’s successful Producer Vote to expand production, helping to deliver stronger returns to growers in New Zealand and around the world. 

“2024/25 was a really positive year for the industry and we’re excited to build on this momentum as we progress further into our 2025/26 season. Our focus remains on delivering another strong season and maximising the value we return to growers with even more fruit to sell. Our sales have started well, particularly in Europe and the US, and we’ve made a strong start in Asia despite generally softer market conditions. 

“At the same time, we’re looking ahead to the next 10 years, and how we can continue to deliver value for growers together, built around creating brand-led demand, transforming our global supply chain and our innovation programme to create the leading product portfolio.”