Slides
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Bringing Nutrition to the World Annual Results Presentation For the Year Ended 31 December 2025 25 February 2026 Scales Corporation Limited
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2 Scales Corporation Limited – 2025 Full Year Results 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
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01. FY25 Results Mr Apple exhibition, Vietnam
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Shelby’s new in-plant collection and cooling system Summary Production at the Esro Petfood plant
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5 Scales Corporation Limited – 2025 Full Year Results FY25 Summary Record Group result: Strong performance across all divisions Includes positive impact from increased shareholdings in joint venture businesses Delivered record results across all earning measures: Underlying1 EBITDA of $137.6m (FY24 (Restated2): $91.7m), up 50% Underlying NPAT of $77.6m (FY24 (Restated): $53.4m), up 45% Underlying NPAT Attributable to Shareholders of $61.8m (FY24 (Restated): $34.1m), up 82% Reported NPAT Attributable to Shareholders of $101.0m (FY24 (Restated): $30.3m), up 233% Outstanding Horticulture result: Increased apple export volumes and average prices Higher proportion of Premium varieties Bostock acquisition fast-tracked long-term strategy of investing in apple varieties targeted to the Asia & Middle East market Strong performance by Global Proteins: Shelby Foods continued its positive performance Strong results for Meateor Australia, Meateor NZ and Fayman International Esro Petfood continued to progress through its start-up phase Another record Logistics result driven by a significant increase in volumes 1. Underlying Results exclude some New Zealand International Financial Report Standards (NZ IFRS) non-cash and other adjustments. The Board and management believe that Underlying Results more accurately demonstrate the operational performance of the Group. Underlying NPAT and Underlying EBITDA are shown before the deduction of share of Non-Controlling Interests. Note that our definition of “Underlying” includes the effects of NZ IFRS 16 Leases in line with current market practice. All Underlying result numbers, including comparatives, are inclusive of NZ IFRS 16 effects. A reconciliation of Underlying to Reported measures is provided in Appendix A 2. FY24 results have been restated for an increase in apple tree valuations
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6 Scales Corporation Limited – 2025 Full Year Results $137.6m Underlying EBITDA (2024 (Restated): $91.7m) 165,760 MT petfood ingredients sold1 (2024: 152,149 MT) By the Numbers 31,468 TEU2 equivalents managed (2024: 30,068) $899.9m revenue (2024: $584.6m) 14.6% ROCE4 (2024 (restated): 14.3%) 15.0 cents dividends per share paid (2024: 8.5 cents) 3,681,000 TCEs of own-grown apples exported3 (2024: 3,033,000) $84.1m net debt (2024: $12.5m net cash) 1. Includes 100% of petfood ingredient volumes from relevant businesses; i.e. total petfood ingredient volumes controlled directly and indirectly by Global Proteins 2. TEU is a Twenty-foot Equivalent Unit, a unit of cargo capacity to describe container volumes 3. TCE is a Tray Carton Equivalent, a measure of apple and pear weight, defined as 18.6kg packed weight which equates to 18.0kg sale weight. Includes own grown and external grower volumes including those volumes exported by Fern Ridge Fresh 4. Return on Capital Employed, calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as non-current assets plus working capital (excluding cash, overdrafts and borrowings, NZ IFRS 16 lease liabilities, dividends declared, derivative assets / liabilities and employee loans)
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Group Performance Inside the Profruit production facility
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8 Scales Corporation Limited – 2025 Full Year Results Revenue $m 2025 2024 (Restated) % chg. 1 2025 2024 (Restated) % chg. 1 2025 2024 (Restated) % chg. 1 2025 2024 % chg. 1 Underlying (excluding NZ IFRS 16) 63.5 34.6 84% 79.2 53.9 47% 124.4 79.4 57% 899.9 584.6 54% NZ IFRS 16 Leases (5.0) (0.5) (5.0) (0.5) 8.6 12.3 - - NZ IFRS 16 Leases - normalisations2 3.4 - 3.4 - 4.7 - - - Underlying (including NZ IFRS 16) 61.8 34.1 82% 77.6 53.4 45% 137.6 91.7 50% 899.9 584.6 54% NZ IFRS & other adjustments: Impairment of non-current assets and goodwill 2.6 (1.9) 2.6 (1.9) 3.3 (2.5) - - Other NZ IFRS adjustments3 36.6 (1.8) 37.5 (1.8) 28.9 (1.3) - - Reported4 101.0 30.3 233% 117.7 49.6 137% 169.9 87.9 93% 899.9 584.6 54% Notes: 1. %'s are calculated based on non-rounded figures, figures may not sum due to rounding 2. Relates to the sale and leaseback of the Whakatu Coolstore 3. Includes a change in the gross liability on put options of nil in 2025 (2024: $2.5m) 4. A full reconciliation between Underlying and Reported earnings is provided in Appendix A NPAT Attributable to Shareholders NPAT EBITDA Group Financial Performance Group growth strategies are delivering exceptional results
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9 Scales Corporation Limited – 2025 Full Year Results Trends in Group Financial Performance Underlying NPAT Attributable to Shareholders Underlying EBITDA Revenue
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10 Scales Corporation Limited – 2025 Full Year Results Strong results for Shelby, Meateor Australia, Meateor NZ and Fayman International Esro Petfood continued to progress through its start-up phase Outstanding Horticulture result through increased volumes, prices and improved variety mix Result enhanced by the Bostock orchards acquisition in FY24 Another record Logistics result driven by a significant increase in volumes Divisional Overview Underlying EBITDA growth across all operating divisions
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11 Scales Corporation Limited – 2025 Full Year Results Divisional Performance % chg. $m 1H25 2H25 2025 Margin 1H24 2H24 (Restated) 2024 (Restated) Margin 2025 v 2024 (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 (2.3) (6.7) (9.1) N/A (2.9) (5.3) (8.2) N/A 10% Underlying EBITDA 86.7 50.9 137.6 15.3% 60.5 31.2 91.7 15.1% 50% Underlying NPAT 56.9 20.7 77.6 8.6% 38.4 15.0 53.4 9.2% 45% Underlying NPAT Attributable to Shareholders 48.9 12.9 61.8 6.9% 28.5 5.6 34.1 5.9% 82% Notes: 1. Prepared on an Underlying basis. A reconciliation to Reported earnings is provided in Appendix A 2. %'s are calculated based on non-rounded figures, figures may not sum due to rounding 3. NZ IAS 41 Agriculture requires unsold agricultural produce to be measured at fair value less costs to sell meaning the expected profit on unsold fruit is recognised in the interim result, giving rise to seasonality in profitability as shown above
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12 Scales Corporation Limited – 2025 Full Year Results Trends in Divisional Underlying EBITDA Performance Global Proteins Horticulture Logistics
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13 Scales Corporation Limited – 2025 Full Year Results $m 2025 2024 (Restated) Net working capital 118.2 34.5 Non-current assets 602.0 441.6 Capital employed 720.2 476.1 Non-current & other liabilities (179.7) (102.4) Net (debt) / cash (84.1) 12.5 Total equity 456.5 386.3 Financial Position Overall financial position and net debt reflects investments made during FY25 in Global Proteins’ joint venture businesses Financial position allows for further investment opportunities Net Cash / (Debt) Reconciliation ($m)Summary Financial Position ($m)
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Divisional Performance Inside Logistics’ Auckland warehouse and chiller facility
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15 Scales Corporation Limited – 2025 Full Year Results 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% A total acquisition price of AUD91.05m As a result of these investments, the Global Proteins FY27 Underlying EBITDA target has increased from $70m to $85m FY25 M&A Summary Global Proteins – increasing joint venture ownership Inside the Meateor Australia processing plant
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16 Scales Corporation Limited – 2025 Full Year Results $m 2025 2024 % change Revenue1 477.6 266.8 79% Underlying EBITDA 73.9 55.4 33% Underlying EBIT 69.1 53.6 29% MT 2025 2024 % change Petfood Ingredients Volume Sold 165,760 152,149 9% Edible Proteins Volume Sold 120,673 109,742 10% 1 Excludes revenue from Meateor NZ and Esro Petfood and revenue from Meateor Australia and Fayman until 30 September 2025 (date of additional investment) 2 2022 edible protein volumes are for a 2 month period 3 2023 petfood ingredient volumes exclude those sold at Meateor Australia and Esro Petfood, both operational by 4Q23, due to low volumes 4 2024 and 2025 petfood ingredient volumes include those sold at all Global Proteins’ businesses but excludes inter-company sales (inter-company sales not excluded in prior years due to immaterial volumes) Underlying EBITDA ($m) Volumes Sold (MT 000s) Financial Performance KPIs Global Proteins – Financial Result Delivering earnings and volume growth
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17 Scales Corporation Limited – 2025 Full Year Results 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, whilst transitioning to a new toll processing facility Meateor Australia and Meateor NZ performed ahead of forecast with margins up on expectations Fayman International had a strong performance, increasing sales to both the South East Asia and US markets Esro Petfood continued to progress through its start-up phase, whilst also transitioning to a new processing facility Global Proteins – Financial Result (cont.) Strong result whilst implementing growth strategies Inside Shelby’s Cherokee plant
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18 Scales Corporation Limited – 2025 Full Year Results Slight decrease in revenue / kg due to change in proportionate business mix Improved margins across Meateor NZ, Meateor Australia and Esro Petfood Global Proteins – Margin Performance Revenue and margins influenced by changes in business mix Petfood Ingredients Revenue and Underlying EBITDA / KG* * Margins calculated above may differ slightly from previously reported numbers due to adjustments made to reflect the true operational performance of the petfood ingredients businesses
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19 Scales Corporation Limited – 2025 Full Year Results Global Proteins – Current Initiatives Update Our growth target is underpinned by 9 key projects across NZ, Australia, the US and Europe Other ongoing projects Partnering in the establishment of a fish and poultry petfood ingredients trading joint venture in the US Feasibility study for a second European site paused Options for additional capacity in New Zealand close to finalisation Completed projects ✓ New toll processing plant in the United States increasing volumes ✓ New processing facility in the Netherlands performing well and producing high quality product ✓ Blending project in the United States continued to operate successfully during FY25 ✓ First new in-plant collection and cooling system in the United States functioning well ✓ Second new in-plant collection and cooling system in the United States commissioned December 2025, ahead of schedule ✓ Meateor Australia traded ahead of forecast and significantly profitable
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20 Scales Corporation Limited – 2025 Full Year Results $m 2025 2024 (Restated) % change Revenue 341.8 248.9 37% Underlying EBITDA 65.2 37.7 73% Underlying EBIT 42.1 17.8 136% Underlying EBITDA ($m)Financial Performance Horticulture – Financial Result Long-term strategy bearing fruit Increased apple export volumes and average prices, enhanced by the FY24 Bostock acquisition Grower returns positively impacted by an increased proportion of Premium variety volumes such as DazzleTM and PosyTM Profruit delivered another excellent performance underpinned by strong sales prices in our export markets
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21 Scales Corporation Limited – 2025 Full Year Results Export Volumes (TCE 000s) 2025 2024 % change Mr Apple own-grown volumes 3,681 3,033 21% External grower volumes* 1,624 1,094 49% Total volumes exported 5,305 4,126 29% Profruit Volume (000 L) Juice Concentrate Sold 6,537 7,785 -16% Volumes Horticulture – Volumes Substantial increase in volumes 21% increase in Mr Apple total own-grown export volumes, aided by: Very good growing conditions during the 2025 season The amalgamation of Bostock orchards, which performed ahead of expectations Premium volumes accounted for 74% of total export sale volumes: Significant increases in DazzleTM and PosyTM Our strategically important Asia & Middle East markets continued to grow with sales comprising 84% of total export fruit sold Profruit continued to generate strong export sales and pricing: The volume of juice concentrate sold reflected a more normal year compared to the record volume in 2024 * External grower volumes comprise external grower volumes handled by Mr Apple and Fern Ridge Fresh Profruit Sales Volumes (L 000s)
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22 Scales Corporation Limited – 2025 Full Year Results Movement in Premium Volumes (TCE 000s) Mr Apple Own Export Volumes (TCE 000s) Horticulture – Volumes (cont.) Record volume of Premium apples sold
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23 Scales Corporation Limited – 2025 Full Year Results 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 apple varieties Mr Apple Own Export Volumes – Actual / Forecast (TCE 000s) Horticulture – Forecast Volumes Continued focus on Premium varieties
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24 Scales Corporation Limited – 2025 Full Year Results Apple Prices by Variety (NZD / TCE, FOB) 2025 2024 % change Premium Varieties 52.7 45.6 16% Traditional Varieties 41.1 37.6 9% Weighted Average all Apples 49.7 43.4 15% FX Rates 2025 2024 % change NZD:USD 0.62 0.63 -2% NZD:EUR 0.54 0.54 0% NZD:GBP 0.48 0.48 -1% NZD:CAD 0.82 0.85 -3% Apple Prices and Exchange Rates Horticulture – Pricing Increases in pricing for both Premium and Traditional varieties Price increases facilitated by strong demand for Mr Apple’s Premium apple varieties: In line with long-term strategy of investing in apple varieties targeted to the Asia & Middle East markets Fast-tracked by Bostock acquisition in 2024 Supported by favourable FX rates Benefited from continued investment in marketing and brand presence for Mr Apple and Premium varieties such as DazzleTM and PosyTM
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25 Scales Corporation Limited – 2025 Full Year Results Horticulture –Marketing DazzleTM sponsorship Guangzhou and Shanghai metro advertising Mini show for Queen launch in Hema stores Expanding our consumer marketing and retail branded presence in key Asia markets Relaunched our Tmall store (B2C online marketplace) Launched Mr Apple channels on RedNote and Douyin (Chinese social media and e-commerce platforms) Continued to provide DazzleTM sponsorship of active-type events Carried out metro advertising in Shanghai, Guangzhou and Taipei Launched a store locator on Mr Apple’s official WeChat page
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26 Scales Corporation Limited – 2025 Full Year Results Underlying EBITDA ($m)Financial Performance and KPIs Logistics – Performance and Update Record Logistics result Significant increase in volumes: Continued growth in the dairy sector Benefited from good growing seasons for both apples and cherries $m 2025 2024 % change Revenue 119.3 98.8 21% Underlying EBITDA 7.6 6.9 10% Underlying EBIT 6.5 5.9 11% Volumes 2025 2024 % change Ocean Freight Volume (TEUs) 31,468 30,068 5% Airfreight Volume (tonnes) 13,769 7,615 81%
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Capital Management Inside the Profruit production facility
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28 Scales Corporation Limited – 2025 Full Year Results 2025 2024 (Restated) Global Proteins 19.8% 45.3% Horticulture 12.3% 5.4% Logistics 62.6% 54.1% Group 14.6% 14.3% Target 12.5% 12.5% Maintenance 2025 2024 Global Proteins 6.3 1.6 Horticulture 8.2 4.4 Logistics 0.2 0.9 Other 0.0 0.0 14.8 7.0 Margin Improvement 2025 2024 Horticulture 6.8 7.0 6.8 7.0 Growth 2025 2024 Global Proteins - 4.1 - 4.1 Cyclone 2025 2024 Horticulture - 1.1 - 1.1 Total Capital Expenditure 21.6 19.0 Capital Expenditure ($m) ROCE and Capital Expenditure Investing in strategic priorities Exceeded target Group ROCE: Movement in Global Proteins’ ROCE due the investment in Meateor Australia, Fayman International and ANZ Exports Continued investment into margin improvement projects at Mr Apple: Ongoing orchard redevelopment into Premium volumes New high-pressure apple washer at Whakatu packhouse commissioned Other material capital expenditure related to: Upgrade to the RSE accommodation at Mr Apple Capital works at Shelby for its second in-plant collection and cooling system ROCE
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Sustainability and Governance The ex-Bostock Riverslea DazzleTM orchard
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30 Scales Corporation Limited – 2025 Full Year Results 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, establishing a baseline to support a planned global rollout in 2027 Continued delivery of Mr Apple’s 5-year people strategy including leadership development, succession planning, HR digitisation and performance & reward improvements Progressed health, safety and wellbeing maturity, completing independent assessments and establishing a multi-year improvement roadmap Environment Voluntarily completed our third Climate Statement, which will be published in April 2026 Obtained limited assurance over Scope 1 and 2 emissions and progressed analysis of Scope 3 raw material emissions to strengthen data quality and decision-making Advanced regenerative planting trials at Mr Apple, now in their third year across two orchards, with early indicators of improved soil health and fruit quality Delivered targeted environmental and energy efficiency improvements across Global Proteins operations in the United States, Europe, Australia and New Zealand Completed water metering rollout across all orchards and expanded telemetry to improve irrigation efficiency and climate resilience
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31 Scales Corporation Limited – 2025 Full Year Results 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 and Chair of the Due Diligence Committee as part of the listing process Brought broad and deep accounting and financial knowledge as well as well-considered counsel on a wide variety of issues Appointed Paul Munro as Independent Non-Executive Director and Chair of Scales’ Audit & Risk Management Committee, effective October 2025: Paul has extensive governance experience from a wide range of public and private entities Appointed new CFO February 2026: Steve Kennelly stepping down as CFO, maintaining Company Secretary role Ben Washington appointed CFO, commencing June 2026 Governance Refreshing our Director and Senior Management Team Alan Isaac Paul Munro
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02. FY26 Outlook The Esro Petfood plant
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33 Scales Corporation Limited – 2025 Full Year Results FY26 Outlook Group Directors confirm the previously advised Guidance range of Underlying Net Profit after Tax Attributable to Shareholders of between $50.0 million and $55.0 million, implying: An Underlying Net Profit after Tax range of between $67.0 million and $73.0 million An Underlying EBITDA range of between $129.0 million and $136.0 million Geopolitical uncertainty is expected to continue through 2026 In providing this Guidance, the Directors note the comments (right) regarding each of the divisions Global Proteins The division is expected to perform strongly and continue to realise the benefits of its increased investments Horticulture A crop of ~3.5 million TCEs is forecast for Mr Apple, with picking and packing commenced for the season Pricing expected to be positive, impacted by a number of factors including favourable foreign exchange rates Profruit continues to experience positive demand Logistics Logistics is expected to contribute positively
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03. Appendices Inside Logistics’ Auckland warehouse and chiller facility
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Appendix A Sunrise over the ex-Bostock Riverslea DazzleTM orchard
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36 Scales Corporation Limited – 2025 Full Year Results Group Global Proteins Horticulture Logistics Corporate and eliminations $m 2025 2024 (Restated) 2025 2024 2025 2024 (Restated) 2025 2024 2025 2024 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 (excluding NZ IFRS 16) 124.4 79.4 73.5 55.2 53.7 26.8 6.4 5.7 (9.2) (8.4) NZ IFRS 16 Leases 8.6 12.3 0.3 0.1 6.9 10.9 1.2 1.2 0.2 0.2 NZ IFRS 16 Leases - normalisation 4.7 - - - 4.7 - - - - - Underlying EBITDA (including NZ IFRS 16) 137.6 91.7 73.9 55.4 65.2 37.7 7.6 6.9 (9.1) (8.2) Other adjustments: (Impairment) of non-current assets 3.3 (2.7) - - 3.3 (2.7) - - - - Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - - Gain on sale of Blyth & Te Papa orchards (0.1) 4.9 - - (0.1) 4.9 - - - - Equity settled employee benefits (1.2) (0.7) - - - - - - (1.2) (0.7) FX loss 3.3 - - - 3.3 - - - - - Fayman acquisition and equity accounting 22.0 (1.6) 22.0 (1.6) - - - - - - Profruit acquisition and equity accounting (0.5) (0.8) - - (0.5) (0.8) - - - - Equity accounting losses not recognised 2.9 1.8 2.9 1.8 - - - - - - Change in fair value gain on apple inventory 4.6 (1.1) - - 4.6 (1.1) - - - - Change in gross liability for non-controlling interests interests and joint venture options - (2.5) - (2.5) - - - - - - Transaction costs (2.1) (1.2) - - (0.5) (0.5) - - (1.6) (0.8) Reported EBITDA 169.9 87.9 98.8 53.0 75.3 37.7 7.6 6.9 (11.8) (9.7) EBIT Reconciliation Underlying EBIT (excluding NZ IFRS 16) 106.0 65.9 69.0 53.6 40.2 15.3 6.1 5.4 (9.3) (8.4) NZ IFRS 16 Leases (2.2) 3.1 0.1 0.0 (2.8) 2.5 0.4 0.4 0.0 0.0 NZ IFRS 16 Leases - renewal reassessment 4.7 - - - 4.7 - - - - - Underlying EBIT (including NZ IFRS 16) 108.4 68.9 69.1 53.6 42.1 17.8 6.5 5.9 (9.2) (8.4) Other adjustments: (Impairment) of non-current assets 3.3 (2.7) - - 3.3 (2.7) - - - - Impairment of goodwill - - - - - - - - - - Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - - Gain on sale of Blyth & Te Papa orchards (0.1) 4.9 - - (0.1) 4.9 - - - - Equity settled employee benefits (1.2) (0.7) - - - - - - (1.2) (0.7) FX loss 3.3 - - - 3.3 - - - - - Fayman acquisition and equity accounting 23.7 (1.6) 23.7 (1.6) - - - - - - Profruit acquisition and equity accounting (0.5) (0.4) - - (0.5) (0.4) - - - - Equity accounting losses not recognised 2.9 1.8 2.9 1.8 - - - - - - Change in fair value gain on apple inventory 4.6 (1.1) - - 4.6 (1.1) - - - - Change in gross liability for non-controlling interests interests and joint venture options - (2.5) - (2.5) - - - - - - Transaction costs (2.1) (1.2) - - (0.5) (0.5) - - (1.6) (0.8) Reported EBIT 142.4 65.5 95.7 51.3 52.2 18.3 6.5 5.9 (12.0) (9.9) NZ IFRS Reconciliation
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37 Scales Corporation Limited – 2025 Full Year Results Group Global Proteins Horticulture Logistics Corporate and eliminations $m 2025 2024 (Restated) 2025 2024 2025 2024 (Restated) 2025 2024 2025 2024 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 Leases , net of tax (5.0) (0.5) (0.1) 0.0 (4.8) (0.4) (0.1) (0.2) (0.0) (0.0) NZ IFRS 16 Leases - renewal reassessment, net of tax 3.4 - - - 3.4 - - - - - Underlying NPAT (including NZ IFRS 16) 77.6 53.4 54.6 46.7 26.4 10.7 4.3 3.7 (7.6) (7.7) Other adjustments: (Impairment) of non-current assets 3.3 (2.7) - - 3.3 (2.7) - - - - Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - - Gain on sale of Blyth & Te Papa orchards (0.1) 4.9 - - (0.1) 4.9 - - - - Equity settled employee benefits (1.1) (0.7) - - - - - - (1.1) (0.7) FX loss 3.3 - - - 3.3 - - - - - Fayman acquisition and equity accounting 31.5 (1.1) 31.5 (1.1) - - - - - - Profruit acquisition and equity accounting (0.4) (0.2) - - (0.4) (0.2) - - - - Equity accounting losses not recognised 2.9 1.8 2.9 1.8 - - - - - - Change in fair value gain on apple inventory 4.6 (1.1) - - 4.6 (1.1) - - - - Change in gross liability for non-controlling interests interests and joint venture options - (2.5) - (2.5) - - - - - - Transaction costs (2.1) (1.2) - - (0.5) (0.5) - - (1.6) (0.8) Tax deduction change for buildings - (2.1) - - - (2.1) - - - - Tax effect of other NZ IFRS adjustments (1.9) 1.1 (1.0) (0.5) (0.9) 1.6 - - - - Reported NPAT 117.7 49.6 88.1 44.3 35.7 10.9 4.3 3.7 (10.3) (9.2) NPAT Attributable to Shareholders Reconciliation Underlying NPATAS (excluding NZ IFRS 16) 63.5 34.6 38.9 27.4 27.8 11.0 4.4 3.9 (7.6) (7.7) NZ IFRS 16 Leases , net of tax (5.0) (0.5) (0.1) 0.0 (4.8) (0.4) (0.1) (0.2) (0.0) (0.0) NZ IFRS 16 Leases - renewal reassessment, net of tax 3.4 - - - 3.4 - - - - - Underlying NPATAS (including NZ IFRS 16) 61.8 34.1 38.8 27.4 26.4 10.7 4.3 3.7 (7.6) (7.7) Other adjustments: (Impairment) of non-current assets 3.3 (2.7) - - 3.3 (2.7) - - - - Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - - Gain on sale of Blyth & Te Papa orchards (0.1) 4.9 - - (0.1) 4.9 - - - - Equity settled employee benefits (1.1) (0.7) - - - - - - (1.1) (0.7) FX loss 3.3 - - - 3.3 - - - - - Fayman acquisition and equity accounting 30.6 (1.1) 30.6 (1.1) - - - - - - Profruit acquisition and equity accounting (0.4) (0.2) - - (0.4) (0.2) - - - - Equity accounting losses not recognised 2.9 1.8 2.9 1.8 - - - - - - Change in fair value gain on apple inventory 4.6 (1.1) - - 4.6 (1.1) - - - - Change in gross liability for non-controlling interests interests and joint venture options - (2.5) - (2.5) - - - - - - Transaction costs (2.1) (1.2) - - (0.5) (0.5) - - (1.6) (0.8) Tax deduction change for buildings (2.1) - - - (2.1) - - - - Tax effect of other NZ IFRS adjustments (1.9) 1.1 (1.0) (0.5) (0.9) 1.6 - - - - Reported NPAT Attributable to Shareholders 101.0 30.3 71.4 25.0 35.7 10.9 4.3 3.7 (10.3) (9.2) NZ IFRS Reconciliation (cont.)
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Appendix B Production at Meateor Australia
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39 Scales Corporation Limited – 2025 Full Year Results 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 loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation supplements our full year results announcement. It should be read subject to and in conjunction with the additional information in that release, and other material which we have released to the NZX. This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates and assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward-looking statements in this presentation will be realised. Actual results may differ materially from those projected in this presentation. No person is under any obligation to update this presentation at any time after its release to you or to provide you with further information about Scales Corporation Limited. Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial measures used in this presentation include: • EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations • EBIT. We calculate EBIT by adding back (or deducting) finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations • Underlying EBITDA and EBIT are calculated by adding back (or deducting) certain non-cash NZ IFRS and other adjustments • Underlying Net Profit is calculated by adding back (or deducting) the after-tax effect of certain non-cash NZ IFRS and other adjustments A full reconciliation of Underlying to reported measures is provided in our Annual Report. We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position or returns, but that they should not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled amounts reported by other companies. Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances. The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes legal, financial, tax or other advice.