Scales (SCL) H2 2025 earnings summary

Executive summary

• Achieved record results across all earnings measures for FY 2025, with strong performances in all divisions and significant growth in revenue, EBITDA, and NPAT, supported by increased shareholdings in joint ventures.

• Underlying EBITDA rose 50% to NZD 137.6 million and underlying NPAT increased 82% to NZD 61.8 million year-over-year.

• Reported NPAT attributable to shareholders surged over 200% to NZD 101 million compared to FY24.

• Horticulture, Global Proteins, and Logistics divisions all delivered outstanding results, with notable volume and margin improvements.

• Increased investments and shareholdings in joint ventures, particularly in Global Proteins, contributed to performance.

Financial highlights

• Revenue grew 54% year-over-year to NZD 900 million.

• Underlying EBITDA reached NZD 137.6 million, up from NZD 91.7 million in FY24.

• Underlying NPAT attributable to shareholders was NZD 61.8 million, up 82% from NZD 34.1 million in FY24.

• Reported NPAT attributable to shareholders was NZD 101 million, up over 200% year-over-year.

• Net debt increased to NZD 84 million, reflecting investments and acquisitions.

Outlook and guidance

• FY 2026 guidance for underlying NPAT attributable to shareholders is NZD 50–55 million; underlying EBITDA expected between NZD 129 million and NZD 136 million.

• Global Proteins expected to continue strong performance, benefiting from recent investments.

• Horticulture division forecasts a crop of 3.5 million TCEs, with positive pricing expected due to favorable FX rates.

• Logistics division anticipated to maintain positive contribution, with strong air freight demand persisting.

• Geopolitical uncertainty expected to persist in 2026.