What will be your biggest business challenges in 2026?
In the immediate term, it’s navigating a pretty complex trade and market environment. About 95% of our products are exported, so dealing with trade barriers is key for us. Coupled with this, the surge in milk supply out of the US and EU in particular has pushed dairy prices down.
There can be a lot volatility in this market – that’s why we’ve spent years investing in systems and tools to help manage milk price risk, and we offer services like Fixed Milk Price as an option for farmers to gain more certainty around their income. But we still know it’s tough on farm when markets fall quickly.
What opportunities do you see in 2026?
It’s really about executing strategy. That means delivering our investments in functional ingredients, working more closely with our customers, growing Foodservice in China and beyond into Southeast Asia. There are great growth opportunities in these areas so we’re feeling pretty positive on the opportunities ahead.
How are you using AI to change your business?
It depends on the function. Our office-based staff use different tools every day, anything from reviewing and writing documents to finding an answer to a question in 30 seconds, not half an hour.
Our research and development teams are using AI to speed up everything from understanding scientific literature through to improving trial timelines.
Our operations teams use it for automating factories, or being able to predict what maintenance might be required or deferred. Lots of good work but still lots to do.
What will the key election issue be in 2026 and why?
In reality it won’t be a single issue. We see that in the spread of support across parties with very different positions and priorities. The economy and cost of living are still hugely important for everyone. For some people the focus will be issues around health or education, for others it might be around culture or identity.
How do think the New Zealand economy will perform in 2026?
I went to an event recently and the host banned speakers from using the term “green shoots”. We’ve probably heard that term too often. That said, when I talk to business leaders many are genuinely starting to feel more positive about the future, and it’s a bit of a confidence game. When people feel more confident they’re willing to invest, to hire, to take a risk, and those decisions generate more positive sentiment and the cycle moves on.
What’s the worst mistake you have made in business and what did you learn from it?
When I’ve hired someone who wasn’t the right fit with the job. It’s hard for the business, hard for the team, and it’s hard for the person. In terms of what I’ve learned from that, it’s always to put real thought and rigour into hiring decisions to make sure it’s right for the business and for the person.
What would you rate as your greatest success?
Having a family full of people I love and respect, but also love to have a laugh with.
Where and how are you holidaying this summer?
Mostly time with the family around different parts of the North Island. I travel a fair bit for work so it’ll be nice waking up in my own bed and spending more time with the kids. Will get in a few bush walks, do a few jobs at home, and try to beat the kids at table tennis.
What would you recommend as a good book/podcast to read/listen to over summer?
I’ve listened to The Rest is History podcast over the last couple of years. Excellent if you’re into history.
In terms of books, I enjoyed the collection of essays by the late Michael King called The Silence Beyond. They were gathered and published after his death.
I also picked up the Penguin Anthology of New Zealand short stories a few months ago. Short stories are perfect for summer, and taken together they’re an interesting snapshot of the country over the last 50 years.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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