Scales (SCL) H1 2025 earnings summary

Executive summary

• Delivered a strong first half for 2025, with financial results ahead of expectations and significant growth in underlying EBITDA and NPAT, driven by all divisions, especially horticulture and logistics.

• Upgraded full-year FY25 earnings guidance, reflecting confidence in ongoing performance and strategic initiatives.

• Net profit for the six months ended 30 June 2025 was $57.6m, up from $38.1m in 2024, with total comprehensive income of $89.5m.

• Recovery from Cyclone Gabrielle is complete, and strategic investments, including the Bostock acquisition, are yielding results.

• Revenue increased to $371.9m, a 17% rise year-over-year, driven by strong performance in Horticulture and Logistics.

Financial highlights

• Underlying EBITDA reached $86.7m, up 43% year-over-year; reported EBITDA was $87.8m.

• Underlying NPAT was $56.9m, up 48%; NPAT attributable to shareholders rose 72% to $48.9m.

• Net profit for the period was $57.6m, with earnings per share at 34.1 cents basic.

• Net debt decreased to $67.5m as of 30 June 2025, down from $81.9m a year earlier.

• Sale of orchards and coolstore contributed to improved financial position.

Outlook and guidance

• FY25 underlying NPAT attributable to shareholders now expected between $45m and $50m; underlying EBITDA guidance is $103m–$110m.

• Guidance reflects cautious optimism amid ongoing macro and geopolitical risks, especially tariffs and global trade challenges.

• Divisional strategies are expected to drive further earnings diversification and increased dividends.

• Growth in 2026 and 2027 anticipated from new plant capacity and ongoing project execution.

• The business remains subject to seasonal fluctuations, particularly in Horticulture and Global Proteins.