Slide 1: Bringing Nutrition to the World
Scales Corporation Limited Bringing Nutrition to the World Annual Results Presentation For the Year Ended 31 December 2025 25 February 2026
Slide 2: Agenda
Agenda 01. FY25 Results Summary Group Performance Divisional Performance Capital Management Sustainability and Governance 02. FY26 Outlook 03. Appendices NZ IFRS Reconciliation Disclaimer DazzleTM apples in Clive orchard 2 Scales Corporation Limited – 2025 Full Year Results
Slide 3: FY25 Results
01. FY25 Mr Apple exhibition, Vietnam Results
Slide 4: Summary
Summary Shelby’s new in-plant collection and cooling system Production at the Esro Petfood plant
Slide 5: FY25 Summary
FY25 Summary Record Group result: Outstanding Horticulture result: Strong performance across all divisions Increased apple export volumes and average prices Includes positive impact from increased shareholdings in joint Higher proportion of Premium varieties venture businesses Bostock acquisition fa
Slide 6: By the Numbers
By the Numbers $899.9m $137.6m $84.1m 15.0 cents revenue Underlying EBITDA net debt dividends per share paid (2024: $584.6m) (2024 (Restated): $91.7m) (2024: $12.5m net cash) (2024: 8.5 cents) 165,760 MT 31,468 3,681,000 14.6% petfood ingredients sold1 TEU2 equivalents managed TCEs of own-grown ROCE
Slide 7: Group Performance
Group Performance Inside the Profruit production facility
Slide 8: Group Financial Performance
Group Financial Performance Group growth strategies are delivering exceptional results NPAT Attributable to Shareholders NPAT EBITDA Revenue 2024 2024 2024 $m 2025 % chg. 1 2025 % chg. 1 2025 % chg. 1 2025 2024 % chg. 1 (Restated) (Restated) (Restated) Underlying (excluding NZ IFRS 16) 63.5 34.6 84%
Slide 9: Trends in Group Financial Performance
Trends in Group Financial Performance Underlying NPAT Underlying EBITDA Revenue Attributable to Shareholders 9 Scales Corporation Limited – 2025 Full Year Results
Slide 10: Divisional Overview
Divisional Overview Underlying EBITDA growth across all operating divisions Strong results for Shelby, Outstanding Horticulture result Another record Logistics Meateor Australia, Meateor through increased volumes, result driven by a significant NZ and Fayman International prices and improved variety
Slide 11: Divisional Performance
Divisional Performance % chg. 2H24 2024 2025 v 2024 $m 1H25 2H25 2025 Margin 1H24 Margin (Restated) (Restated) (Restated) Global Proteins 29.7 44.1 73.9 15.5% 29.6 25.8 55.4 20.7% 33% Horticulture 53.2 12.0 65.2 19.1% 30.0 7.7 37.7 15.1% 73% Logistics 6.1 1.5 7.6 6.4% 3.8 3.1 6.9 7.0% 10% Corporate
Slide 12: Trends in Divisional Underlying EBITDA Performance
Trends in Divisional Underlying EBITDA Performance Global Proteins Horticulture Logistics 12 Scales Corporation Limited – 2025 Full Year Results
Slide 13: Financial Position
Financial Position Overall financial position and net debt reflects investments made during FY25 in Global Proteins’ joint venture businesses Financial position allows for further investment opportunities Summary Financial Position ($m) Net Cash / (Debt) Reconciliation ($m) 2024 $m 2025 (Restated) N
Slide 14: Divisional Performance
Inside Logistics’ Auckland warehouse and chiller facility Divisional Performance
Slide 15: FY25 M&A Summary
FY25 M&A Summary Global Proteins – increasing joint venture ownership April 2025 Increased investment in Shelby from 60% to 67.5% Investment cost of USD24.4m September 2025 Increased investment in: Meateor Australia from 50% to 100% Fayman International from 50% to 100% ANZ Exports from 42.5% to 85%
Slide 16: Global Proteins – Financial Result
Global Proteins – Financial Result Delivering earnings and volume growth Underlying EBITDA ($m) Financial Performance $m 2025 2024 % change Revenue1 477.6 266.8 79% Underlying EBITDA 73.9 55.4 33% Underlying EBIT 69.1 53.6 29% KPIs Volumes Sold (MT 000s) MT 2025 2024 % change Petfood Ingredients Vol
Slide 17: Global Proteins – Financial Result (cont.)
Global Proteins – Financial Result (cont.) Strong result whilst implementing growth strategies Increases in both petfood ingredients and edible proteins sales volumes of 9% and 10% respectively Realised benefits of increased investments in joint venture businesses: Shelby had a solid performance, wh
Slide 18: Global Proteins – Margin Performance
Global Proteins – Margin Performance Revenue and margins influenced by changes in business mix Petfood Ingredients Revenue and Underlying EBITDA / KG* Slight decrease in revenue / kg due to change in proportionate business mix Improved margins across Meateor NZ, Meateor Australia and Esro Petfood *
Slide 19: Global Proteins – Current Initiatives Update
Global Proteins – Current Initiatives Update Our growth target is underpinned by 9 key projects across NZ, Australia, the US and Europe Completed projects Other ongoing projects ✓ New toll processing plant in the United States increasing volumes Partnering in the establishment of a fish and poultry
Slide 20: Horticulture – Financial Result
Horticulture – Financial Result Long-term strategy bearing fruit Financial Performance Underlying EBITDA ($m) 2024 $m 2025 % change (Restated) Revenue 341.8 248.9 37% Underlying EBITDA 65.2 37.7 73% Underlying EBIT 42.1 17.8 136% Increased apple export volumes and average prices, enhanced by the FY2
Slide 21: Horticulture – Volumes
Horticulture – Volumes Substantial increase in volumes Volumes 21% increase in Mr Apple total own-grown export volumes, aided by: Export Volumes (TCE 000s) 2025 2024 % change Very good growing conditions during the 2025 season Mr Apple own-grown volumes 3,681 3,033 21% External grower volumes* 1,624
Slide 22: Horticulture – Volumes (cont.)
Horticulture – Volumes (cont.) Record volume of Premium apples sold Movement in Premium Volumes (TCE 000s) Mr Apple Own Export Volumes (TCE 000s) 22 Scales Corporation Limited – 2025 Full Year Results
Slide 23: Horticulture – Forecast Volumes
Horticulture – Forecast Volumes Continued focus on Premium varieties It is currently projected that Premium varieties will account for ~80% of export volumes by 2027 as a result of: The integration of the Bostock orchards Mr Apple’s ongoing orchard redevelopment programme Development of new Premium
Slide 24: Horticulture – Pricing
Horticulture – Pricing Increases in pricing for both Premium and Traditional varieties Apple Prices and Exchange Rates Apple Prices by Variety (NZD / TCE, FOB) 2025 2024 % change Price increases facilitated by strong demand for Mr Apple’s Premium Varieties 52.7 45.6 16% Premium apple varieties: Trad
Slide 25: Horticulture – Marketing
Horticulture –Marketing Expanding our consumer marketing and retail branded presence in key Asia markets Relaunched our Tmall store (B2C online marketplace) Continued to provide DazzleTM sponsorship of active-type events Launched Mr Apple channels on RedNote and Douyin (Chinese social Carried out me
Slide 26: Logistics – Performance and Update
Logistics – Performance and Update Record Logistics result Financial Performance and KPIs Underlying EBITDA ($m) $m 2025 2024 % change Revenue 119.3 98.8 21% Underlying EBITDA 7.6 6.9 10% Underlying EBIT 6.5 5.9 11% Volumes 2025 2024 % change Ocean Freight Volume (TEUs) 31,468 30,068 5% Airfreight V
Slide 27: Capital Management
Capital Management Inside the Profruit production facility
Slide 28: ROCE and Capital Expenditure
ROCE and Capital Expenditure Investing in strategic priorities Exceeded target Group ROCE: Capital Expenditure ($m) Movement in Global Proteins’ ROCE due the investment in Meateor Australia, Maintenance 2025 2024 Fayman International and ANZ Exports Global Proteins 6.3 1.6 Continued investment into
Slide 29: Sustainability and Governance
Sustainability and Governance The ex-Bostock Riverslea DazzleTM orchard
Slide 30: Sustainability Update
Sustainability Update Materiality Completed a refreshed double materiality assessment (second since 2020) recognising the evolution of our business and the importance of understanding stakeholder priorities People Delivered a Group engagement survey across all New Zealand operating subsidiaries, est
Slide 31: Governance
Governance Refreshing our Director and Senior Management Team Would like to recognise the significant contribution and support of Alan Isaac who retired in October 2025: Alan served on the Board for over 11 years, appointed just prior to Scales’ listing Chair of the Audit & Risk Management Committee
Slide 32: FY26 Outlook
02. FY26 The Esro Petfood plant Outlook
Slide 33: FY26 Outlook
FY26 Outlook Group Global Proteins Directors confirm the previously advised Guidance range of Underlying The division is expected to perform strongly and continue to realise Net Profit after Tax Attributable to Shareholders of between $50.0 million the benefits of its increased investments and $55.0
Slide 34: Appendices
Inside Logistics’ Auckland warehouse and chiller facility 03. Appendices
Slide 35: Appendix A
Appendix A Sunrise over the ex-Bostock Riverslea DazzleTM orchard
Slide 36: NZ IFRS Reconciliation
NZ IFRS Reconciliation Group Global Proteins Horticulture Logistics Corporate and eliminations 2024 2024 $m 2025 2025 2024 2025 2025 2024 2025 2024 (Restated) (Restated) Underlying / Reported Revenue 899.9 584.6 477.6 266.8 341.8 248.9 119.3 98.8 (38.7) (29.8) EBITDA Reconciliation Underlying EBITDA
Slide 37: NZ IFRS Reconciliation (cont.)
NZ IFRS Reconciliation (cont.) Group Global Proteins Horticulture Logistics Corporate and eliminations 2024 2024 $m 2025 2025 2024 2025 2025 2024 2025 2024 (Restated) (Restated) NPAT Reconciliation Underlying NPAT (excluding NZ IFRS 16) 79.2 53.9 54.6 46.7 27.8 11.0 4.4 3.9 (7.6) (7.7) NZ IFRS 16 Le
Slide 38: Appendix B
Appendix B Production at Meateor Australia
Slide 39: 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