Thank you. Good morning, everybody. Welcome to the Scales interim results announcement for the six months ending 30 June 2025. I'm calling in from Melbourne, meeting the teams and visiting our plant here today and tomorrow. Back in Christchurch, we've got Steve Kennelly, Scales Chief Financial Officer, and Geoff Smith, Scales Chief Operating Officer. Earlier this morning, we launched our results with NZX, which included a presentation pack, and we'll base our comments on that presentation during this call. Steve, I'll run through the slides and then take questions. An agenda is provided on slide two. Moving through to the overview on slide four, this slide provides an overview of the first half of 2025. I'm pleased to say that Scales produced a very strong first half performance, which is supporting a further lift in the full year FY 2025 earnings guidance. I'll provide more information about that later. Underlying EBITDA was NZD 86.7 million, up 43%. Underlying NPAT was NZD 56.9 million, up 48%. Underlying NPAT attributable to shareholders was NZD 48.9 million, up 72%. These results were a consequence of all our operating divisions successfully executing the respective growth strategies, and in particular, both horticulture and logistics producing outstanding results. As a result, the directors are pleased to advise a further increase in Scales' full year FY 2025 earnings guidance from that advised in June. Underlying NPAT attributable to shareholders is now expected to be between NZD 45 million and NZD 50 million. On slide five, each of our divisions illustrated its respective strengths during the first six months of the year. Global Proteins continues to progress its strategic growth goal. Meateor Australia had a particularly strong first half performance and we're pleased to increase our investment in Shelby. Horticulture is realizing the benefit of the long-term strategic investment into premium apple varieties that are targeted at our key markets of Asia and the Middle East, with this strategy being fast-tracked following the Bostock Group acquisition. Logistics has benefited from a strong horticulture season. I'll now pass to Steve, who will run through the financial results for the first half of the year. Thanks, Andy. Slide seven summarizes the financial performance for the group for the first half of 2025. As Andy previously mentioned, the group generated significant increases in underlying earnings compared to the same period last year. Pleasingly, reported earnings have also shown an increase in all areas. In respect of the performance by division, Global Proteins delivered another steady result with underlying EBITDA of NZD 29.7 million, which was consistent broadly with both the first and second half of 2024. The Horticulture division generated an exceptional result with an underlying EBITDA of NZD 53.2 million, up 77% compared to the first half of last year. This was a result of both increased apple volumes and positive pricing due to variety mix and apple size. Logistics produced an excellent result of NZD 6.1 million, which was an increase of 60% compared to the same period last year, again due to an increase in volumes. The next slide summarizes our financial position. There was a decrease of NZD 14.4 million in net debt to NZD 67.5 million as at 30 June 2025. This largely reflects income from earnings and proceeds from the sale of orchards to Craigmore, offset by the cost of our additional 7.5% investment in Shelby. I’d also like to note that the settlement of the sale of Whakatu coolstore will take place this month. I'll pass you back to Andy. Thanks, Steve. As Steve mentioned, underlying EBITDA for Global Proteins was consistent with both the first and second half of 2024. However, underlying NPAT attributable to shareholders increased 14% due in part to the increased investment in Shelby. There were increases in both pet food ingredients and edible proteins volumes, as previously mentioned. Both Meateor Australia and FAME have produced strong first half performances, with Meateor Australia in particular being ahead of forecast. There was a slight increase in the overall margin per kilogram sold of pet food ingredients in the six months during 2025, whilst revenue per kilogram remains steady. Moving to slide 13, this current slide provides an update to the nine key strategic initiatives within the Global Proteins division. Those on the left-hand side of the slide are either completed and operational or close to completion, such as the Netherlands processing facility that was commissioned in the first quarter of this year. The projects on the right are ongoing and will continue to bring you up to date as these progress. Slide 14, as previously mentioned, the horticulture division delivered a significant increase in earnings with underlying EBITDA up 77% on last year. The division benefited from increased volumes and improved variety mix and apple size. Mr. Apple's total owned grown export volumes are forecast to be 3.7 million TCEs, which is a projected increase of around 21% on 2024. Horticulture continues to experience growth in premium apple volumes, with the proportion of these apples increasing to around 75% this year, up from 72% last year. This included significant increases in our Dazzle and Posey volumes, which are forecast to account for over 25% of premium volumes in 2025. We expect our total premium variety volumes will continue to grow in future harvests as a result of maturing plantings. The Asia and Middle East markets are expected to account for around 85% of total fruits sold, and we are anticipating strong demand in Asia due to a short supply shortage and the upcoming Mid-Autumn Festival. Pro fruits volumes reflect a more normal year compared to the overperformance of 2024, with continued strong sales into the U.S. Moving on to logistics, which produced an exceptional result underpinned by increased freight volumes. Its underlying EBITDA of NZD 6.1 million was up 60% on the first half of 2024. The division experienced high demand for sea freight, particularly from the horticulture sector, and a significant increase in air freight volumes, particularly across dairy. The new Auckland coolstore and warehouse has also helped to facilitate this lift in volumes. Moving to our sustainability update, sustainability continues to be of high importance across the group, and having successfully delivered on our 2024 sustainability milestones, we're now developing new targets for the period ahead. A materiality assessment is underway to help us better understand key topics and issues for all of our stakeholders, and we're refreshing our sustainability strategy to allow us to build a longer-term sustainability roadmap. Specific projects include improving our Scope 3 emissions, implementing an enhanced parental leave policy to support our staff, and reviewing our decarbonization work to help us set our next emissions targets. The FY 2025 and future outlook. Lastly, I'd like to update you on these two matters. As noted earlier, the directors are pleased to advise a further increase in the FY 2025 guidance range of underlying net profit after tax attributable to shareholders to between NZD 45 million- NZD 50 million. In providing this guidance, directors note the following: Mr. Apple has 18% of its export crop to sell, which compares to around 14% this time last year. We remain cautious in Global Proteins due to the current operating and geopolitical environment. However, we are confident with the medium-term and strategic growth initiatives that we have in place. The pathway ahead. On this slide, we've summarized both where we are at currently and what we see as a pathway ahead for Scales. Where are we at? The recovery from Cyclone Gabrielle is complete, with our long-term strategic investments, including the Bostock transaction, delivering results. Our revised guidance will give increased dividends and our divisional strategies are ensuring enhanced diversification of earnings. Going forward, we've identified key drivers in terms of future growth, including the following: continued diversification of earnings, a focus on the expansion of Global Proteins and logistics, leveraging our established global footprint. Our global expansion will be facilitated by the supply chain excellence within the group, and we anticipate ongoing opportunities for growth through increases in our joint venture stakes. We're excited for the future and what it holds. That concludes today's formal presentation. However, please take note of Appendix 1 of the presentation, which provides additional financial information and reconciles underlying earnings to reported earnings for the group and each of our divisions. We're now happy to take questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. That is star one to ask a question. Our first question comes from Guy Hooper with Jarden. Morning, team. Well done on a strong result. I've got to start, there's quite a lot of moving parts, I guess, within the Global Proteins business. Can you sort of talk to how maybe some of the projects have been either completed at the back end of 2024 and into 2025, how well they're performing and I guess what the expectations are as their capacity scales and the earnings contributions over the next, say, 12- 18 months? Thanks, Guy. We obviously noted the very strong performance of the new plant in Melbourne. That project's gone really well and now contributing to earnings. The second toll processing plant in North America is running and operating very well. It's doing as we expected it to do. The plant in the Netherlands is sort of, it's because we moved it from Belgium back to the Netherlands, it's sort of been delayed, but it's commissioned now and going through that phase towards profitability. We're very pleased with all of those major projects, where they're heading, and they're contributing to EBITDA as expected, and will be all, including the Netherlands plant, hopefully by the end of this year. Obviously, the projects that are ongoing are working through the system, going well, and expecting to contribute in 2026. Great, thanks for some on that. Another upgrade to the guidance range. Can we just sort of talk as to what is stated in there? I know I think you mentioned around some caution around macro and global trade challenges. I mean, have you seen to date, you know, what sort of impact have you seen within that Global Proteins side and, you know, what should we be looking for as the key risk factor here? Look, I think it's broadly in line with what we're doing for the second half of 2024, but I guess it's just a cautionary position around the uncertainty that's created by the tariffs, for example. We're working through that. Clearly, Australia's got a small advantage now on New Zealand with the 10% versus the 15%. There have been disruptions, slight disruptions in markets like Thailand because they haven't settled their tariff agreement yet, or if they have, it's at a higher rate. It hasn't been plain sailing, but the business has gone, we're still very happy with the way the fulfillment, the Global Proteins division is operating, and the contribution it's making financially is as strong. Okay, great. Is that the main risk that's sort of factored into that guidance rate? I think that the demand for pet food is that, you know, it's probably not going at the same strong caveat that it had been going, but we have no evidence to suggest that it's not going to, you know, bounce back, if you like, or improve going forward and hold that steady caveat growth of around 6.5% that looks like it's holding in there. Okay. Just one last one from there. You emphasized the growth over the next couple of years within proteins and logistics. We know the projects there in proteins. Can you talk a little bit about what expansion within logistics looks like? Look, we've just been consistent in saying we really like the industry. We like the, you know, that freight forwarding model that we're really, Scales Logistics is really good at, and we are actively looking for opportunities to ramp that area up, particularly with more exposure to the global operations that are to connect up with how we operate globally with our apples and our pet food. In all of those two areas, we've been able to pick up freight from other horticulture businesses and other pet food businesses. It's a sort of a multiplier effect, if you like, if you can add logistics to your export solutions. Great, thanks. That's all from me, and congratulations again on a strong result. Thanks, Guy. Our next question comes from Matt Montgomerie with Forsyth Barr. Hi guys, good morning. Just maybe one for Steve on guidance. I'd be interested if you could just provide a bit more specifics around where you see hort, EBITDA, and impact for the year. Obviously, there's not much fruit to be sold as you've outlined, so assume there's not too much variance in that. I guess that'd be a useful way of framing the second half and the guidance upgrade of just a bit more specifics on hort earnings for the year. Sure. We probably see reasonably flat second half, if not slightly down. There have just been a couple of changes between last year and this year. We have more fixed costs and probably just some more variable costs coming into the second half this year than last year. We wouldn't see a repeat of last year's second half. That's at an EBITDA level. Okay, that's useful. Just sticking on hort again, if we go back to February, I think we were talking NZD 3.7 million TCEs in FY 2027 and sort of post-ifrost EBITDA of maybe NZD 50- NZD 55 million. I know this year's been, I guess, abnormally strong because of, you know, the growing season. Has another six months or a strong growing season altered your view of sort of the medium term or the next few years in hort? I'll take that one, guys. Look, I think we're pretty, we're very happy, I guess, with the performance of the business and the strategy of growing, you know, A, having access to the varieties that we've invested in and how they performed in the market have really met and exceeded our expectations. If you like, people talk about, oh, we're going to do this strategy or that strategy. We're sort of saying we've done this strategy and it's worked. The premium, selling premium variety apples into Asia and the Middle East is a good model, a successful model, especially spread across a diversified market range. It's not just one market. Yeah, we are lifting our volumes in those premium apples. I think we sort of, yeah, the goal we'd set wasn't sort of super cautious, super, you know, it was achievable and, you know, we're on track to get to it, but we're not lifting it above those ranges that we've set at the moment. That's useful, thanks. Maybe, Andy, sticking with you just on proteins again for the full year, I think we were talking to maybe flat to slight growth in the year overall. Has there been any change to that thinking? It feels like the underlying business, stripping out Meateor International, is maybe going a little bit better than expected, but yeah, just any further color on proteins earnings for the year? Yeah, look, I think you're on the, yeah, what you're saying is about right. I mean, that's where we're heading is steady in a probably a pretty patchy market. We have had, if you like, the task of offsetting the reduction in Meateor International, but I mean, that's sort of gone through pretty seamlessly. The businesses are all going well. It's just a matter of keeping going on the execution of the various projects, Matt. We'll be broadly in line, the result's going to be broadly in line with the second half of 2024, we feel. Yep. Just I suppose on the path to 70 in FY 2027, would we still be expecting, I guess, higher growth in 2027 over 2026 than 2026 over 2025, i.e., just a little bit more backend loaded? I think we've certainly got plans for solid growth in 2026 because of the second in-plant cooling system kicking in. That's going to be a good lift up for us. I would say that momentum would continue into 2027, but I don't think we have backloaded it totally. I think it's more like a growth in 2026 and growth in 2027. Yep, okay, that's useful. I'll hog the mic and go on one more. Steve, just on net debt for the year, just where you think it will land, I suppose, if we assume the midpoint in your guide? We are looking probably at a slight increase on last year after, obviously, the Shelby acquisition earlier in the year. We're probably around that NZD 20 million mark net cash. Thanks. Once again, if you would like to ask a question, please press star one on your telephone and wait for your name to be announced. We'll go next to Rob Morrison with Craigs. Hey, morning guys. Congratulations on a very good result. I think earlier you spoke to hopes that the growth in the pet food market would get back to say 6-7% that it had been seeing a few years ago. I think more recently it's been say low single digits. What's going to drive that and what's the timing on that? That's sort of like macro trends. We're operating sort of an ad-lo niche within it. I think, I guess we're sort of, we're seeing long-term prospects for pet ownership and pet food consumption holding at the numbers predicted. There's no general downturn in pet food. I think there's probably just a bit of disruption because of what's going on in the United States. Once that settles down again, we would see growth heading back to the norms being predicted. I guess how we operate within the sector is our opportunity to maybe outperform the sector growth, which we had been doing obviously over the last few years. Okay, thanks. Sorry, just to be clear, what's going on in the United States? The reason the growth has fallen from, say, mid-single digits to low single digits at the last data point is largely because of the tariffs. I think that's just caused a lot of uncertainty. I mean, you know, just people being a bit more cautious right through from our customers right through to their customers. Okay, no, that's fair. What do you see as the drivers of Global Proteins growth in FY 2028 and beyond? Because obviously we've got a great line of sight to FY 2027, but from FY 2028+, is it just inorganic opportunities or are there some projects on the horizon that will accelerate organic growth? Yeah, definitely both. We'll be doing both, just growing the existing businesses, but obviously looking for further growth too, because we just feel like there's more opportunity in the sector to provide better and more comprehensive offerings to our major customers. As we're looking at different species, as we're looking at different products within the range, there's a wide field to play in there. Okay. Could you give a little bit more color if possible? Is it this, you know, you obviously mentioned species and customers, but is it as simple as, you know, just opening new factories and new collection systems, or is there something else that needs to happen? No, I think as we've sort of said before, we're fish and poultry, we're early days on. I mean, if we scale up in fish and poultry to what we've got in beef and pork, there's massive growth. We're just looking at various ways of entering those markets in a more, I guess, a more granular, meaningful way. We'll sort of keep your eye on what we are doing for sure in terms of execution on the projects. As you're saying, there's a hell of a lot of opportunity out there to look at different species and/or different, more plants. We've got, you know, having early, early discussions about, you know, perhaps more plants, potentially one, and we've talked about the second one in Europe. It's still to be fully assessed, but there's also more plants opportunities in, I would say, America and possibly Australia. We've mentioned in the past there a bit of internal growth in New Zealand as well. We're hoping to broaden our integration, I suppose, into pet food products in New Zealand as well. Obviously of a smaller base given the size of the New Zealand business. Okay. That sounds good. Could you, do you know what the growth in pricing for apples was, both for traditional and kind of next-gen varieties? Steve or Geoff, have you got that in front of you? We were, yeah, we're certainly up on last year, both in premium and traditional. I'll just, you know, I suppose remind everyone that the apples this year were larger. There's a, you know, you've sort of got to be a bit careful in comparing like to like. No, we were certainly up on both premium and traditional in-market pricing. I think we're also obviously benefiting from a pretty good currency position and possibly improving freight rates. Is that right, Steve? Yeah, no, definitely on a currency basis. That's going to continue on. We've pretty highly covered going out forward at favorable rates, so we get incremental benefit there. I think shipping rates are probably what we expected, but we're seeing towards the end of the season a slight improvement in those as well. Certainly, at a grower return basis, an improvement on last year as well. Okay, great. That year-on-year improvement in pricing, because I guess the bigger apple size was something of a one-off. You know, how much of that year improvement was one-off from bigger apples? That's a good question, Rob. I don't have an answer to that. I think fundamentally there's some underlying element of increase in pricing like for like, but certainly the larger apple sizes do help as well. I don't have a split for that. No, that's fair enough. That was pretty specific. Final question. I think there's been another increase to tariffs since your last update. Could you just give us an overview of where the impact is and what the gross and net result is going to be going forward? Look, I don't think we're really not going to get impacted for the rest of 2025 because we've got to, this is really just pet food. I mean, directly, apples are a bit indirect, but from a pet food point of view, the increase from 10% to 15% is largely going to be, not shown up in 2025 because if the product we're selling up there is already up there, it's had its 10% and they don't, it's the tariff increase at 15% would be stuff leaving now, which wouldn't be per, maybe per sale until next year. For next year, we're in that pricing discovery stage now of finding out what the market will take and then talking to the meat packers about what they'll sell for. We're hoping to just see that net itself out, if you like. With apples, it's really about disruption of other markets. You probably, with American fruit not ending up in China, for example, that creates a bit more demand. It's choppy, but I don't think it's going to be a dramatic impact on the Scales Corporation result, both for this year or going forward. Nice one. Hey, thank you so much. You have a good day. Thanks, Rob. Our next question comes from David Oxley with ACC. Morning. Can I just ask quickly about Shelby? If I've got the maths right, and I might not have done given it's a bit more complex this year due to the increase in stake partway through the half, it looks to me like Shelby in its entirety was slightly down versus prior year. Is that broadly correct? If so, anything to add as to why that might be? Dave, do you want to take that one? That's correct, David. I might pass back to Andy to comment on the performance though. Oh, look, I think it's been steady, let's say, but slightly down. I think that's a function of just the more, perhaps a slowing in the U.S. market of consumer demand. I mean, they've got a lot of things going on in the U.S. around immigration labor in meat plants. The shortage of beef is a problem for the industry. We've sort of got to go with the flow. With those disruptions, holding where we have been, it's been a pretty good performance from the team at Shelby. Yeah, very good performance. I just think we have got those macro, those specific U.S.A. issues to deal with. I think they're not catastrophic or a massive problem. They're just working through slightly tighter beef supply, the labor issues, and perhaps a softening of consumer demand. We don't see that as a long-term position. Right, I understand. We're in the pack when you talk to increases of pet food ingredients and sales volumes. That's collectively for the overall division. It's sort of flattish in Shelby and strong growth out of Melbourne and Netherlands. Is that the way to read it? Yeah, yeah. I understand. Thank you very much. There are no further questions at this time. I'll now hand it back over to Mr. Borland for closing remarks. Yeah, thanks very much for participating on today's call. We look forward to providing you with further updates later in the year. Appreciate your support and interest. Thanks very much. That does conclude our conference for today. Thank you for participating. You may now disconnect.