Scales Corp. Ltd. · NZX:SCL
Scales — H1 2025 Earnings Presentation
27 slides from Scales's earnings presentation, Aug 25, 2025
Slide 1: Delivering Nutrition to the World
Scales Corporation Limited Delivering Nutrition to the World Interim Results Presentation For the 6 Months Ended 30 June 2025 25 August 2025
Slide 2: Agenda
Agenda 01. 1H25 Group Overview 02. Group Results 03. Divisional Performance and Update 04. Sustainability Update 05. FY25 and Future Outlook Appendices I. NZ IFRS Reconciliation II. Disclaimer Mr Apple exhibition, Vietnam 2 Scales Corporation Limited – 2025 Interim Results
Slide 3: 1H25 Overview
01. 1H25 Overview
Slide 4: 1H25 Group Overview
1H25 Group Overview Very strong first half Group performance underpinning lift in FY25 guidance 1H25 financial result ahead of expectations: Underlying* EBITDA of $86.7m (1H24: $60.5m), up 43% Underlying NPAT of $56.9m (1H24: $38.4m), up 48% Underlying NPATAS of $48.9m (1H24: $28.5m), up 72% All div
Slide 5: Divisional Overview
Divisional Overview Strength across all divisions Global Proteins continuing to progress its Horticulture performance realising the Logistics benefitting from: strategic growth goal: benefit of long-term strategic investment in apple varieties targeted to the Asia & Strong horticulture production Pa
Slide 6: Group Results
02. Group DazzleTM in the ex-Bostock Riverslea orchard Results
Slide 7: Group Financial Performance
Group Financial Performance Notable increase in Group earnings NPAT Attributable to Shareholders NPAT EBITDA $m 1H25 1H24 % chg. 1H25 1H24 % chg. 1H25 1H24 % chg. Underlying (excluding NZ IFRS 16) 49.5 28.6 73% 57.4 38.5 49% 80.2 54.4 47% NZ IFRS 16 Leases (0.5) (0.1) (0.5) (0.1) 6.5 6.0 Underlying
Slide 8: Divisional Performance
Divisional Performance Excellent growth in Horticulture and Logistics earnings % chg. $m 1H25 1H24 2H24 FY24 1H25 v 1H24 Global Proteins 29.7 29.6 25.8 55.4 0.5% Horticulture 53.2 30.0 7.7 37.7 77.4% Logistics 6.1 3.8 3.1 6.9 59.9% Corporate (2.3) (2.9) (5.3) (8.2) -20.6% Underlying EBITDA 86.7 60.5
Slide 9: Balance Sheet
Balance Sheet Healthy financial position Net Debt of $67.5m as at 30 June 2025 vs $81.9m as at 30 June 2024: Reflects additional 7.5% investment in Shelby for USD24.4m The sale of the Whakatu Coolstore, for $24.0m, will settle in late August 2025 Net Debt Reconciliation ($m) As at 30 June 2025, 55%
Slide 10: Divisional Performance and Update
03. Divisional Performance Logistics’ Auckland warehouse and chiller facility and Update
Slide 11: Global Proteins – Financial Result
Global Proteins – Financial Result Consistent overall divisional performance Underlying NPATAS of $17.9m (1H24: $15.7m) Underlying EBITDA of $29.7m (1H24: $29.6m): Increases in both petfood ingredients and edible proteins sales volumes Particularly strong 1H25 performance by Meateor Australia, deliv
Slide 12: Global Proteins – Margin Performance
Global Proteins – Margin Performance Slight increase in overall margin per kg, revenue per kg steady Petfood Ingredients Business Units 100% of Revenue / KG and Underlying EBITDA / KG * Increased EBITDA/kg margins across Meateor Australia, Meateor New Zealand and Esro Petfood, resulting in overall g
Slide 13: Global Proteins – Update on Current Initiatives
Global Proteins – Update on Current Initiatives 9 key projects across New Zealand, Australia, United States and Europe underpin our growth target Projects completed or nearing completion Other ongoing projects ✓ New toll processing plant in the United States commissioned Q4 2024 Second in-plant coll
Slide 14: Horticulture – Financial Result
Horticulture – Financial Result Significant growth in earnings from increased volumes and prices Underlying EBITDA $53.2m (1H24: $30.0m), up 77% Mr Apple’s total own-grown export volumes forecast to be 3.7m TCEs (2024: 3.0m TCEs), an increase of ~21%: Positive impact on grower returns from increases
Slide 15: Horticulture – Premium Volumes and Markets
Horticulture – Premium Volumes and Markets Long-term strategy bearing fruit Movement in Premium Volumes (TCE 000s) Premium volumes accounted for ~75% of total export sale volumes (2024: 72%): Benefitted from integration of Bostock orchards, which performed ahead of expectations Significant increases
Slide 16: Logistics – Financial Result and Update
Logistics – Financial Result and Update Exceptional result underpinned by increased freight volumes Underlying 1H25 EBITDA of $6.1m (1H24: $3.8m), up 60%: Underlying EBITDA ($m) Strong demand for sea freight with increased volumes compared to 1H24, particularly from the horticulture sector Significa
Slide 17: Sustainability Update
04. Sustainability Riverslea DazzleTM orchard Update
Slide 18: Sustainability Update
Sustainability Update Building momentum on our 2025 climate commitments Successfully delivered on our 2024 sustainability milestones, with new targets in development Materiality assessment underway to better understand the key topics and issues for both our internal and external stakeholders Refresh
Slide 19: FY25 and Future Outlook
05. FY25 and Future Outlook
Slide 20: FY25 Outlook
FY25 Outlook Scales lifts FY25 Guidance as a result of strong 1H25 earnings Directors advise a further increase in the FY25 Guidance range of Underlying Net Profit after Tax Attributable to Shareholders to between $45.0m to $50.0m, implying: An Underlying Net Profit after Tax range of between $59.5m
Slide 21: The Path Ahead
The Path Ahead Where we are now: Key drivers of future growth: Cyclone Gabrielle recovery is Enhanced diversification of earnings behind us A focus on the expansion of Global Long-term strategic investment Proteins and Logistics, leveraging and Bostock transaction delivering our established global f
Slide 22: Appendices
Logistics’ Auckland warehouse and chiller facility Appendices
Slide 23: Appendix I
Appendix I Metro train advertising, Taipei
Slide 24: NZ IFRS Reconciliation
NZ IFRS Reconciliation Group Global Proteins Horticulture Logistics Corporate & Eliminations $m 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 Underlying / Reported Revenue 371.9 318.1 126.4 141.7 193.8 134.5 73.3 56.3 (21.6) (14.4) EBITDA Reconciliation Underlying EBITDA (excluding NZ IFRS 16) 8
Slide 25: NZ IFRS Reconciliation (cont.)
NZ IFRS Reconciliation (cont.) Group Global Proteins Horticulture Logistics Corporate & Eliminations $m 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 NPAT Reconciliation Underlying NPAT (excluding NZ IFRS 16) 57.4 38.5 25.8 25.6 29.6 13.6 3.8 2.2 (1.9) (3.0) NZ IFRS 16 Leases (0.5) (0.1) (0.0) 0
Slide 26: Appendix II
Appendix II Inside Shelby’s new toll processing facility
Slide 27: 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