Scales Corp. Ltd. · NZX:SCL
Scales — H1 2026 Earnings Presentation
32 slides from Scales's earnings presentation, Aug 26, 2026
Slide 1: Delivering Nutrition to the World – 1H26 Interim Results Presentation
Scales Corporation Limited Delivering Nutrition to the World 1H26 Andy Borland Managing Director Interim Results Presentation For the six months ended 30 June 2026 Ben Washington 26 August 2026 Chief Financial Officer
Slide 2: Agenda
Agenda 01. 1H26 Overview 02. Group Financial Results 03. Divisional Performance 04. Sustainability Update 05. Strategic Priorities & Outlook 06. Appendices 2 Scales Corporation Limited – 1H26 results
Slide 3: 1H26 Overview
01. 1H26 Overview
Slide 4: A diversified agribusiness portfolio
A diversified agribusiness portfolio Focused on long-term macro trends globally Scales Corporation Limited We are invested across 3 divisions. Whilst all divisions have different business models, we are able to leverage our knowledge, partnerships, and Group synergies to create competitive advantage
Slide 5: Serving a global customer base
Serving a global customer base Delivering nutrition to the world FY25 Revenue Global Proteins Europe $30m Asia $365m North America $362m Other $20m Horticulture KEY: Squares indicate FY25 revenue by customer region. Dots mark key sites. Logistics New Zealand $123m 5 Scales Corporation Limited – 1H26
Slide 6: Record first half result
Record first half result Growth momentum continues, driven by organic growth and FY25 M&A activity Underlying NPAT Revenue Underlying EBITDA1 Attributable to Shareholders1 Underlying EPS1 (NZ $m) (NZ $m) (NZ $m) (NZ $) 309.3 309.4 318.1 371.9 762.1 55.4 41.5 60.5 86.7 102.2 25.6 14.5 28.5 48.8 52.0
Slide 7: 1H26 Results Summary
+104.9% YoY Revenue $762.1m 1H25 $371.9m +17.9% YoY EBITDA1 $102.2m 1H25 $86.7m 1H26 NPAT1 $62.4m +10.1% YoY 1H25 $56.7m Results +6.7% YoY NPATAS1 $52.0m Summary 1H25 $48.8m EPS 1 $0.36 1H25 $0.34 Net Debt $106.7m Jun 25 $67.5m 1 Prepared on an Underlying basis (including the effects of NZ IFRS 16 L
Slide 8: Divisional performance
Divisional performance Revenue growth delivered in all divisions Global Proteins: Horticulture: Logistics : • EBITDA margin impacted by increased • Another solid growing season offset by • Scales Logistics volume and revenue shareholding in the Edible Proteins lower pack out rates. growth achieved i
Slide 9: Group Financial Results
02. Group Financial Results
Slide 10: Group financial performance
Group financial performance Record first half result, driven by organic growth and strategic investment 1,2 Reported Underlying Strong revenue growth in all three divisions, with a NZ $m 1H26 1H25 1H26 1H25 Var % material increase driven by the increased shareholding in Fayman International and ANZ
Slide 11: Balance sheet
Balance sheet Strong balance sheet provides ongoing flexibility Key Balance Sheet items and ratios Net working capital +$8.7m YoY with receivables the key NZ $m Jun 26 Jun 25 Dec 25 driver due to faster sales run-rate from Horticulture and the Inventory and agricultural produce 183.4 114.0 150.2 con
Slide 12: Net debt
Net debt Strong cash earnings deployed into seasonal working capital Net Debt Reconciliation (NZ $m) 2.4 Strong cash generation from all divisions. Disciplined capex investment into Horticulture assets. 58.8 Working capital higher due to seasonal nature of the business with Horticulture receivables
Slide 13: Divisional Performance
03. Divisional Performance
Slide 14: Global Proteins: financial performance
Global Proteins: financial performance Positive performance on a consistent (like-for-like) ownership basis U nderlying Like-for-like A material revenue increase driven by the increased NZ $m 1H26 1H25 1H25 Var % shareholding in Fayman International, ANZ Exports, and Revenue 492.7 126.4 395.7 24.5%
Slide 15: Global Proteins: metrics that matter
Global Proteins: metrics that matter Petfood EBITDA margin growth. Edible Proteins trading business operates at lower margins. Protein Sales by Region1 Volumes Sold2 Petfood Ingredients Business Units (KG’s) 1H26 (MT 000’s) 100% of Revenue / KG and 180.0 $3.00 Underlying EBITDA / KG3 $0.50 ROW 153.9
Slide 16: Horticulture: financial performance
Horticulture: financial performance Improved variety mix continues. Demand has resulted in a faster sales run-rate in 1H26. NZ $m 1H26 1H25 Var % Apples: Revenue 223.9 193.8 15.6% • Another solid performance from Mr Apple driven by a higher mix EBITDA (Underlying1) 57.6 53.2 8.3% of premium apples o
Slide 17: Horticulture: metrics that matter
Horticulture: metrics that matter Long-term strategy bearing fruit: Premium apple varieties into Asia and the Middle East Mr Apple Total Sales by Region1 Mr Apple Own Export Volumes Mr Apple Own KPI’s (TCE’s) FY26F (TCE 000’s) 3,681 3,529 100% Gross volume (TCE) Middle 4,000 UK Europe 3,324 East 4%
Slide 18: Logistics: financial performance
Logistics: financial performance Positive volumes and revenue growth. Fuel prices impacting profit margins. NZ $m 1H26 1H25 Var % The Logistics division continues to deliver value to its customers amid Revenue 74.5 73.3 1.6% ongoing global fuel price challenges. EBITDA (Underlying1) 5.7 6.1 (6.2%) S
Slide 19: Sustainability Update
04. Sustainability Update
Slide 20: Sustainability update
Sustainability update Environment: People: Materiality & Governance: Refreshing our Group-wide climate Established a Group Compliance & Developed a Group Sustainability scenario analysis to strengthen Sustainability Management Committee Framework focused on ‘People, Planet understanding of physical
Slide 21: Strategic Priorities & Outlook
05. Strategic Priorities & Outlook
Slide 22: Strategic priorities
Strategic priorities Key focus areas for each division over the next 12 months Global Proteins: Horticulture: Logistics: • Stabilise European operations while • Continue redevelopment programme • Deliver best-in-class service within an assessing long-term strategic plan towards Premium varieties tar
Slide 23: FY26 outlook
FY26 outlook Strong 1H26 earnings provide confidence in FY26 outlook Directors advise an increase in the FY26 Guidance range of Underlying Net Profit after Tax Attributable to Shareholders, to between $55m and $60m, implying: An Underlying Net Profit after Tax range of between $72m and $78m. An Unde
Slide 24: Appendices
06. Logistics’ Auckland warehouse and chiller facility Appendices
Slide 25: Appendix 1: Global Proteins wiring diagram
Appendix 1: Global Proteins wiring diagram Global Proteins: entity ownership and contribution to Group P&L 100% Key: 100% owned Subsidiaries: Group P&L 100% in Scales P&L • Meateor Australia Revenue Share of line item based on shareholding • Meateor International • Meateor US Cost of Sales Earnings
Slide 26: Appendix 2: Global Proteins 1H like-for-like
Appendix 2: Global Proteins 1H like-for-like Comparing year-on-year results on a consistent ownership basis 2 NZ $m 1H26 1H25 Var % Strong growth in sales and EBITDA compared to last year pro-forma. Revenue 492.7 395.7 24.5% PETFOOD INGREDIENTS: 1 EBITDA (Underlying ) 44.2 41.3 7.0% • Strong demand
Slide 27: Appendix 3: Mr Apple seasonality and IFRS accounting treatment
Appendix 3 Mr Apple seasonality and IFRS accounting treatment Mr Apple: revenue seasonality Accounting principles • Over half of Mr Apple’s sales are made between February and effectively bring the profit June each year. from sales made between July and November into • Accounting standard NZ IAS 41
Slide 28: Appendix 4: Group P&L Reported to Underlying reconciliation
Appendix 4 Group P&L: Reported to Underlying reconciliation SCALES 1H26 1H25 Equit y Im pair m e nt Equit y Faym an Fair value Re alis e d Faym an Fair value ac c ount ing of non- T r ans ac t ion P r of r uit S he lby ac c ount ing T r ans ac t ion NZ $m Reported ac quis it ion los s e s not on App
Slide 29: Appendix 5: Divisional Revenue and EBITDA reconciliation
Appendix 5 Divisional Revenue and EBITDA: Reported to Underlying reconciliation SCALES 1H26 1H25 Global Global Revenue (NZ $m ) Horticulture Logistics Eliminations Total Horticulture Logistics Eliminations Total Proteins Proteins Revenue (Reported) 492.7 223.9 74.5 (28.9) 762.1 126.4 193.8 73.3 (21.
Slide 30: Appendix 6: Divisional NPAT and NPATAS reconciliation
Appendix 6 Divisional NPAT and NPATAS: Reported to Underlying reconciliation SCALES 1H26 1H25 Global Global NPAT (NZ $m ) Horticulture Logistics Corporate Total Horticulture Logistics Corporate Total Proteins Proteins NPAT (Reported) 33.3 27.6 3.4 (23.9) 40.4 26.4 29.7 3.8 (2.5) 57.4 Fayman acquisit
Slide 31: Glossary of terms and measures
Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions: Term Definition CAGR Compound Annual Growth Rate. Cash earnings Underlying Net Profit After Tax plus Depreciation and Amortisation. Both of these items exclude
Slide 32: Disclaimer
Disclaimer The information in this presentation has been prepared by Scales Corporation Limited with due care and attention. However, neither Scales Corporation Limited nor any of its directors, employees, shareholders nor any other person shall have any liability whatsoever to any person for any lo