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Delivering Nutrition to the World Interim Results Presentation For the six months ended 30 June 2026 26 August 2026 Scales Corporation Limited 1H26 Andy Borland Managing Director Ben Washington Chief Financial Officer
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2 Scales Corporation Limited – 1H26 results Agenda 01. 1H26 Overview 02. Group Financial Results 03. Divisional Performance 04. Sustainability Update 05. Strategic Priorities & Outlook 06. Appendices
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01. 1H26 Overview
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4 Scales Corporation Limited – 1H26 results A diversified agribusiness portfolio Focused on long-term macro trends globally Scales Corporation Limited We are invested across 3 divisions. Whilst all divisions have different business models, we are able to leverage our knowledge, partnerships, and Group synergies to create competitive advantages and generate sustainable value for our stakeholders Horticulture Division Vertically integrated apple grower, packer & marketer Fresh produce exporter Juice manufacturer Global Proteins Division Petfood Ingredients procurers, processors & marketers Edible Proteins exporter Logistics Division Air & sea freight services, with a focus on perishable food. Provides freight services to entities across the Group and external parties.
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5 Scales Corporation Limited – 1H26 results Serving a global customer base Delivering nutrition to the world North America $362m Europe $30m Asia $365m New Zealand $123m Other $20m FY25 Revenue KEY: Squares indicate FY25 revenue by customer region. Dots mark key sites. Global Proteins Horticulture Logistics
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6 Scales Corporation Limited – 1H26 results 309.3 309.4 318.1 371.9 762.1 1H22 1H23 1H24 1H25 1H26 Record first half result Underlying NPAT Attributable to Shareholders1 (NZ $m) Underlying EBITDA1 (NZ $m) Revenue (NZ $m) CAGR 25% CAGR: 17% CAGR: 19% 55.4 41.5 60.5 86.7 102.2 1H22 1H23 1H24 1H25 1H26 25.6 14.5 28.5 48.8 52.0 1H22 1H23 1H24 1H25 1H26 $0.18 $0.10 $0.20 $0.34 $0.36 1H22 1H23 1H24 1H25 1H26 Underlying EPS1 (NZ $) CAGR: 19% Growth momentum continues, driven by organic growth and FY25 M&A activity 1 Prepared on an Underlying basis (including the effects of NZ IFRS 16 Leases). The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 4 for a reconciliation of Reported to Underlying results.
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7 Scales Corporation Limited – 1H26 results Revenue $762.1m EBITDA1 $102.2m NPAT1 $62.4m NPATAS1 $52.0m EPS 1 $0.36 Net Debt $106.7m 1H26 Results Summary +104.9% YoY 1H25 $371.9m +17.9% YoY 1H25 $86.7m +10.1% YoY 1H25 $56.7m +6.7% YoY 1H25 $48.8m 1H25 $0.34 Jun 25 $67.5m 1 Prepared on an Underlying basis (including the effects of NZ IFRS 16 Leases). The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 4 for a reconciliation of Reported to Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding.
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8 Scales Corporation Limited – 1H26 results Logistics : • Scales Logistics volume and revenue growth achieved in 1H26. • Increased air freight volumes have helped offset margin pressures in sea freight. Horticulture: • Another solid growing season offset by lower pack out rates. • Further shift to higher yielding varieties and continued growth in Asian markets with strong sales run-rates. • Middle East conflict has impacted market access and resulted in higher fuel and freight costs. Global Proteins: • EBITDA margin impacted by increased shareholding in the Edible Proteins trading business which operates on higher revenue and lower margins. • Petfood Ingredients EBITDA margins expanded strongly YoY, driven by growth in Shelby and Meateor. • Esro Petfood 1H26 results have been impacted by the Esro Food Group recall. Divisional performance Revenue growth delivered in all divisions
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02. Group Financial Results
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10 Scales Corporation Limited – 1H26 results Group financial performance Record first half result, driven by organic growth and strategic investment 1 Prepared on an Underlying basis (including the effects of NZ IFRS 16 Leases). The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 4 for a reconciliation of Reported to Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding. 3 Underlying earnings are shown before the deduction of share of NPAT for Non-Controlling Interests of $10.4m (1H25 $7.9m). Strong revenue growth in all three divisions, with a material increase driven by the increased shareholding in Fayman International and ANZ Exports (“Edible Proteins”), and Meateor Australia in Q3 last year. Gross margin mix change with the consolidation of the Edible Proteins businesses from Q3 last year. Underlying operating expenses leveraged YoY. $19.7m impairment provision recognised on the Esro Petfood JV loan in the Reported result has been excluded from the Underlying result. Underlying EBITDA +17.9% YoY to $102.2m. NPATAS +6.7% to $52.0m with strong performances across all divisions and the benefit of the increased shareholding from FY25 M&A. Reported Underlying 1,2 NZ $m 1H26 1H25 1H26 1H25 Var % Revenue 762.1 371.9 762.1 371.9 104.9% Gross Profit 144.2 116.3 144.2 116.3 24.1% Gross margin 18.9% 31.3% 18.9% 31.3% Operating Expenses (63.3) (28.5) (42.0) (29.5) 42.2% % of Sales 8.3% 7.7% 5.5% 7.9% EBITDA 81.0 87.8 102.2 86.7 17.9% EBITDA margin % 10.6% 23.6% 13.4% 23.3% EBIT 65.0 74.9 86.3 73.9 16.8% EBIT margin % 8.5% 20.1% 11.3% 19.9% NPAT 40.4 57.4 62.4 56.7 10.1% NPATAS 30.1 48.4 52.0 48.8 6.7% Basic EPS (NZ$) $0.21 $0.34 $0.36 $0.34
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11 Scales Corporation Limited – 1H26 results Balance sheet Strong balance sheet provides ongoing flexibility Net working capital +$8.7m YoY with receivables the key driver due to faster sales run-rate from Horticulture and the consolidation of the Edible Proteins businesses. Net debt remains modest and below 1.0x rolling 12-month EBITDA. Net debt expected to moderate significantly in 2H26 as working capital unwinds in the Horticulture division. The Group has extended its term debt facilities with Rabobank and Westpac for a further three years, maturing in July 2029. The increased shareholding in Fayman International and ANZ Exports in Q3 last year has increased working capital and net debt YoY. 1 Numbers are calculated on non-rounded figures. Figures may not sum due to rounding. Key Balance Sheet items and ratios NZ $m Jun 26 Jun 25 Dec 25 Inventory and agricultural produce 183.4 114.0 150.2 Trade & other receivables 194.0 137.1 71.6 Trade & other payables (175.6) (106.1) (77.0) Assets held for sale - 19.1 - Purchase price payable (current) (8.4) - (8.1) Other (incl. Lease liabilities) (43.8) (23.2) (18.4) Net working capital 149.6 140.9 118.2 Non-Current Assets 598.3 468.2 602.0 Capital Employed 747.9 609.2 720.2 Non-current and other liabilities (172.1) (106.6) (179.7) Net debt (106.7) (67.5) (84.1) Total Equity 469.0 435.1 456.5 Leverage ratio (rolling 12 months) 0.7x 0.6x 0.6x Net Debt to Equity 18.5% 13.4% 15.6%
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12 Scales Corporation Limited – 1H26 results Strong cash generation from all divisions. Disciplined capex investment into Horticulture assets. Working capital higher due to seasonal nature of the business with Horticulture receivables at the peak of the annual cycle. Working capital is also impacted by higher Global Proteins product input prices due to lower global livestock numbers. Subsequent to Scales’ balance date, the Group dividend reinvestment plan was well supported with $5.0m being reinvested into shares. Net debt Strong cash earnings deployed into seasonal working capital 84.1 (72.9) 6.7 27.7 58.8 106.7 2.4 31-Dec-25 Cash earnings Capex Dividends Working capital Other movements 30-Jun-26 Net Debt Reconciliation (NZ $m)
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03. Divisional Performance
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14 Scales Corporation Limited – 1H26 results A material revenue increase driven by the increased shareholding in Fayman International, ANZ Exports, and Meteor Australia in Q3 last year. Refer to Appendix 2 for like- for-like comparisons over time. Petfood Ingredients: • Strong demand for Petfood Ingredients. Supply remains tight across AU & NZ. • Shelby delivered a very strong result, driven by favourable product mix and a new in-plant collection facility. • Meateor Australia delivered a strong operating contribution, driven by demand. • Esro Petfood disruption: supply and demand challenges have increased losses since April 2026. Edible Proteins: • Fayman delivered a robust performance, with continued strong sales across Asia and US markets. Global Proteins: financial performance Positive performance on a consistent (like-for-like) ownership basis 29.9 30.1 29.6 29.7 44.2 19.7% 19.9% 20.9% 23.5% 9.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 1H22 1H23 1H24 1H25 1H26 EBITDA (NZ $m) EBITDA EBITDA margin 151.7 151.1 141.7 126.4 166.2 492.7 0% 5% 10% 15% 20% 25% 0.0 100.0 200.0 300.0 400.0 500.0 1H22 1H23 1H24 1H25 1H26 REVENUE (NZ $m) Petfood Ingredients Edible Proteins Underlying Like-for-like NZ $m 1H26 1H25 1H25 Var % Revenue 492.7 126.4 395.7 24.5% EBITDA (Underlying1) 44.2 29.7 41.3 7.0% EBITDA margin % 9.0% 23.5% 10.4% NPAT (Underlying1) 31.7 25.8 29.7 6.6% NPATAS (Underlying1) 21.3 17.9 21.8 (2.2%) 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 5 and Appendix 6 for reconciliations of Reported to Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding.
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15 Scales Corporation Limited – 1H26 results Global Proteins: metrics that matter Petfood EBITDA margin growth. Edible Proteins trading business operates at lower margins. • Global Proteins benefits from both local and global sourcing of product to meet North American customer needs. • The Edible Proteins trading businesses are growing sales distribution into North America and Asia. • Petfood Ingredients volumes continue to grow as production investments reach operational levels. • Edible Proteins volumes have been solid, driven by demand from North America and Asia. • Increased EBITDA/kg margins across Meateor Australia, Meateor New Zealand, and Shelby, driven by investment in additional production capacity and efficiency improvement. North America 57% Europe 7% Asia 30% AU & NZ 4% ROW 2% Protein Sales by Region1 (KG’s) 1H26 80.0 73.8 76.1 89.6 99.6 32.2 54.1 54.2 54.3 80.0 106.0 130.2 143.9 153.9 - 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 180.0 1H22 1H23 1H24 1H25 1H26 Petfood Ingredients Edible Proteins $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $- $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2022 2023 2024 2025 1H26 Revenue / kg (lhs) EBITDA / kg (rhs) Petfood Ingredients Business Units 100% of Revenue / KG and Underlying EBITDA / KG3 Volumes Sold2 (MT 000’s) 1 Actual volumes sold into key regions on a 100% ownership basis. 2 Petfood Ingredient volumes from 1H24 onwards include 100% of Petfood Ingredient volumes from relevant businesses (i.e. total Petfood Ingredient volumes controlled directly and indirectly by Global Proteins) but excludes inter-company sales. 3 This graph reflects 100% of each Petfood Ingredients business unit’s revenue and pre-IFRS16 EBITDA. However, for Group financial statement purposes: • No joint venture revenue is recognised in Group revenue • Only Scales’ share of pre or post tax earnings is recognised in Group EBITDA
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16 Scales Corporation Limited – 1H26 results Apples: • Another solid performance from Mr Apple driven by a higher mix of premium apples offsetting lower export volume. • Demand from Asia has been strong, offsetting the disruption in the Middle East. • Mr Apple has delivered sales at a faster run-rate than last year, with 66% of 2026 forecast volume sold at 30 June 2026 (30 June 2025 54%). Higher reported sales to 30 June YoY has resulted in higher debtor balances at the half-year. Juice: • Profruit continues to benefit from strong production throughput. Sales volumes are in line with the same period last year, with continued strong sales into the US market. Horticulture: financial performance Improved variety mix continues. Demand has resulted in a faster sales run-rate in 1H26. 24.5 11.4 30.0 53.2 57.6 20.9% 9.3% 22.3% 27.5% 25.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 1H22 1H23 1H24 1H25 1H26 EBITDA (NZ $m) EBITDA EBITDA margin 117.3 122.6 134.5 193.8 223.9 0.0 50.0 100.0 150.0 200.0 1H22 1H23 1H24 1H25 1H26 REVENUE (NZ $m) NZ $m 1H26 1H25 Var % Revenue 223.9 193.8 15.6% EBITDA (Underlying1) 57.6 53.2 8.3% EBITDA margin % 25.7% 27.5% NPAT (Underlying 1) 31.1 29.0 7.2% NPATAS (Underlying1) 31.1 29.0 7.2% 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 5 and Appendix 6 for reconciliations of Reported to Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding.
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17 Scales Corporation Limited – 1H26 results Horticulture: metrics that matter Long-term strategy bearing fruit: Premium apple varieties into Asia and the Middle East • Mr Apple Asia & Middle East sales expected to comprise 91% of total fruit sold (2025: 84%) • Mr Apple premium volumes expected to account for ~79% of 2026 total export sale volumes (2025: 74%). • Premium volume growth driven by DazzleTM and PosyTM varieties as planted hectares approach maturity. UK 4% Europe 1% North America 4% Asia 83% Middle East 8% 3,324 2,733 3,033 3,681 3,529 66% 64% 72% 74% 79% 0% 20% 40% 60% 80% 100% - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2022 2023 2024 2025 2026F Total Volume Traditional Varieties Premium volume as a % of total • Improved market and variety mix have offset lower export volumes YoY. • A faster run-rate of sales in the first half than last year. Mr Apple Own Export Volumes (TCE 000’s) Mr Apple Total Sales by Region1 (TCE’s) FY26F Gross volume (TCE) 2026F 4.7m (2025 4.6m) Packout rate 2026F 75% (2025 80%) Sell-through rate 1H26 66% (1H25 54%) Mr Apple Own KPI’s 1 Actual sales by region will not finally be known until all fruit is sold. Sales to Asia and Middle East are predominantly in USD. North American sales are in CAD and USD. UK and Europe sales are predominantly in their respective currencies..
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18 Scales Corporation Limited – 1H26 results The Logistics division continues to deliver value to its customers amid ongoing global fuel price challenges. Sea Freight • Sea freight volumes increased for the second-year running +2.3% YoY. 18,884 TEU shipped in 1H26 (1H25 18,462 TEU). • Predominantly driven by increased horticulture volumes. Air Freight • Air freight volumes increased significantly +19.3% YoY. 8,510 tonnes delivered in 1H26 (1H25 7,134 tonnes), primarily from the dairy sector. • Increased air freight volumes have helped offset margin pressures in sea freight. Logistics: financial performance Positive volumes and revenue growth. Fuel prices impacting profit margins. 3.6 2.7 3.8 6.1 5.7 5.3% 4.9% 6.8% 8.3% 7.7% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 0.0 2.0 4.0 6.0 8.0 10.0 1H22 1H23 1H24 1H25 1H26 EBITDA (NZ $m) EBITDA EBITDA margin 67.9 54.4 56.3 73.3 74.5 0.0 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 1H22 1H23 1H24 1H25 1H26 REVENUE (NZ $m) NZ $m 1H26 1H25 Var % Revenue 74.5 73.3 1.6% EBITDA (Underlying1) 5.7 6.1 (6.2%) EBITDA margin % 7.7% 8.3% NPAT (Underlying 1) 3.4 3.8 (8.9%) NPATAS (Underlying1) 3.4 3.8 (8.9%) 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 5 and Appendix 6 for reconciliations of Reported to Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding.
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04. Sustainability Update
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20 Scales Corporation Limited – 1H26 results People: Established a Group Compliance & Sustainability Management Committee to strengthen capability and consistency across the Group. Implemented Scales’ first formal three- year Group-wide People Strategy, incorporating Mr Apple’s established approach and extending a common framework across the Group. Completed a Gender Pay Gap Assessment across New Zealand business units, establishing a baseline for future monitoring and strengthening workforce data and reporting. Sustainability update Materiality & Governance: Developed a Group Sustainability Framework focused on ‘People, Planet and Value Chain’ priorities. Continued embedding findings from the 2025 double materiality assessment into the sustainability strategy refresh. Environment: Refreshing our Group-wide climate scenario analysis to strengthen understanding of physical and transition risks and support longer term resilience and investment decisions. Evaluating process and technology options to improve energy efficiency and strengthen resilience to longer-term energy availability and cost pressures. Developing practical Group-wide measures across energy, water, waste and resource efficiency to support future target setting and performance monitoring.
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05. Strategic Priorities & Outlook
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22 Scales Corporation Limited – 1H26 results Logistics: • Deliver best-in-class service within an increasingly volatile global freight market. • Strengthen long-term relationships while actively pursuing new customers. • Assess strategic M&A opportunities to scale the division. Horticulture: • Continue redevelopment programme towards Premium varieties targeting Asia, India, and the Middle East to further improve margins. • Continue to assess efficiency options and automation within our post-harvest processing operation. • Assess complementary assets with disciplined capital allocation across the division. Global Proteins: • Stabilise European operations while assessing long-term strategic plan within the region. • Broaden Australasian supply base to diversify risk in a tight supply market. • Assess further upgrade, integration and M&A opportunities across the division. Strategic priorities Key focus areas for each division over the next 12 months
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23 Scales Corporation Limited – 1H26 results Directors advise an increase in the FY26 Guidance range of Underlying Net Profit after Tax Attributable to Shareholders, to between $55m and $60m, implying: An Underlying Net Profit after Tax range of between $72m and $78m. An Underlying EBITDA range of between $135m and $142m. In providing this Guidance, Directors note the following: Mr Apple has delivered sales at a faster run-rate than last year in the first half. Mr Apple has ~7% of the export crop to be sold (August 2025: ~18%) Ongoing geopolitical tension in the Middle East and final pricing remain areas of risk. We remain cautious in Global Proteins due to the current geopolitical environment and tight supply in certain markets. However, we are confident with the medium-term outlook and strategic growth initiatives that we have in place. Our Logistics business has successfully managed the impact of geopolitical tension, increased fuel costs, and ongoing freight disruption in the first half. We remain watchful of the ongoing impact of this disruption in the second half of the year. FY26 outlook Strong 1H26 earnings provide confidence in FY26 outlook
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06. Appendices Logistics’ Auckland warehouse and chiller facility
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25 Scales Corporation Limited – 1H26 results Global Proteins: entity ownership and contribution to Group P&L Group P&L Revenue Cost of Sales Gross Profit Operating Expenses Share of Profit in JVs EBITDA Depreciation and Amortisation Net Finance Costs Net Profit Before Tax Tax Net Profit After Tax Non Controlling Interest (NCI) Net Profit After Tax Attributable to Shareholders Joint Ventures: • Meateor New Zealand (50%) • Esro Petfood (50%) • Shelby SPS (33.3%) 100% owned Subsidiaries: • Meateor Australia • Meateor International • Meateor US • Fayman International 85% owned Subsidiaries: • ANZ Exports Non Controlling Interest: NCI represents the 32.5% of Shelby NPBT and 15% of ANZ Exports NPAT that is earned by the minority shareholder. 50% / 33% 50% / 33% Shelby 32.5% ANZ Exports 15% Key: 100% in Scales P&L Share of line item based on shareholding Earnings not attributable to Scales shareholders Appendix 1: Global Proteins wiring diagram 100% Shelby Foods (67.5%): • 100% of performance to NPBT • Scales owns 67.5% which means a portion is earned by other shareholders 100% 67.5% 67.5%
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26 Scales Corporation Limited – 1H26 results Strong growth in sales and EBITDA compared to last year pro-forma. PETFOOD INGREDIENTS: • Strong demand for Petfood Ingredients. Supply remains tight across AU & NZ. • Shelby delivered a very strong result, driven by favourable product mix and a new in-plant collection facility. • Meateor Australia delivered a strong operating contribution driven by demand. • Esro disruption: supply and demand challenges have increased losses since April 2026. EDIBLE PROTEINS: • Fayman delivered a robust performance, with continued strong sales across Asia and US markets. Comparing year-on-year results on a consistent ownership basis 33.6 36.5 41.3 44.2 10.4% 10.7% 10.4% 9.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 0.0 10.0 20.0 30.0 40.0 50.0 60.0 1H23 1H24 1H25 1H26 EBITDA (NZ $m) EBITDA EBITDA margin 324.9 341.4 395.7 492.7 46% 54% 60% 66% 0% 20% 40% 60% 80% 100% 0.0 100.0 200.0 300.0 400.0 500.0 1H23 1H24 1H25 1H26 REVENUE (NZ $m) Petfood Ingredients Edible Proteins Edible Proteins % Appendix 2: Global Proteins 1H like-for-like 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. Refer to Appendix 5 and Appendix 6 for reconciliations of Reported to Underlying results. 2 The historical comparatives have been compiled based on unaudited management reports. 3 %’s are calculated on non-rounded figures. Figures may not sum due to rounding. NZ $m 1H26 1H25 2 Var % Revenue 492.7 395.7 24.5% EBITDA (Underlying1) 44.2 41.3 7.0% EBITDA margin % 9.0% 10.4% NPAT (Underlying 1) 31.7 29.7 6.6% NPATAS (Underlying1) 21.3 21.8 (2.2%)
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27 Scales Corporation Limited – 1H26 results Mr Apple seasonality and IFRS accounting treatment • Over half of Mr Apple’s sales are made between February and June each year. • Accounting standard NZ IAS 41 Agriculture requires unsold agricultural produce to be measured at fair value less costs to sell. This means that the expected profit on our unsold fruit is recognised in our 1H result. • Our second half performance includes overheads and variances between assumed and final sale prices for the unsold crop (if any), and non-orchard related revenue. Appendix 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mr Apple: revenue seasonality Indicative monthly sales for visual demonstration purposes. Actual revenue phasing varies from season to season. Accounting principles effectively bring the profit from sales made between July and November into our first half results.
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28 Scales Corporation Limited – 1H26 results Appendix 4 Group P&L: Reported to Underlying reconciliation 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding. SCALES 1H26 1H25 NZ $m Reported Fayman ac quis it ion s e t t le me nt Equit y ac c ount ing los s e s not re c ognis e d Fair value on Apple inve nt ory Impairme nt of non- c urre nt as s e t s T rans ac t ion c os t s Re alis e d He dging G ains Ot he r Underlying Reported Fayman ac quis it ion s e t t le me nt Prof ruit ac quis it ion S he lby ac quis it ion Equit y ac c ount ing los s e s not re c ognis e d Fair value on Apple inve nt ory T rans ac t ion c os t s Ot he r Underlying Revenue 762.1 - - - - - - - 762.1 371.9 - - - - - - - 371.9 Gross Profit 144.2 - - - - - - - 144.2 116.3 - - - - - - - 116.3 Gross margin 18.9% 18.9% 31.3% 31.3% Operating Expenses (63.3) (0.2) (2.9) 2.7 19.7 0.1 1.5 0.3 (42.0) (28.5) 0.3 0.5 - (0.9) (1.9) 0.5 0.5 (29.5) % of Sales 8.3% 5.5% 7.7% 7.9% EBITDA (Underlying1) 81.0 (0.2) (2.9) 2.7 19.7 0.1 1.5 0.3 102.2 87.8 0.3 0.5 - (0.9) (1.9) 0.5 0.5 86.7 EBITDA margin % 10.6% 13.4% 23.6% 23.3% EBIT (Underlying 1) 65.0 (0.2) (2.9) 2.7 19.7 0.1 1.5 0.3 86.3 74.9 0.3 0.5 - (0.9) (1.9) 0.5 0.5 73.9 EBIT margin % 8.5% 11.3% 20.1% 19.9% NPAT (Underlying 1) 40.4 0.7 (2.9) 1.9 19.7 0.1 1.5 0.9 62.4 57.4 0.0 0.3 - (0.9) (1.4) 0.5 0.8 56.7 NPATAS (Underlying1) 30.1 0.7 (2.9) 1.9 19.7 0.1 1.5 0.9 52.0 48.4 0.0 0.3 1.0 (0.9) (1.4) 0.5 0.8 48.8
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29 Scales Corporation Limited – 1H26 results Appendix 5 Divisional Revenue and EBITDA: Reported to Underlying reconciliation 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding. SCALES 1H26 1H25 Revenue (NZ $m) Global Proteins Horticulture Logistics Eliminations Total Global Proteins Horticulture Logistics Eliminations Total Revenue (Reported) 492.7 223.9 74.5 (28.9) 762.1 126.4 193.8 73.3 (21.6) 371.9 Fayman acquisition settlement - - - - - - - - - - Profruit acquisition - - - - - - - - - - Shelby acquisition - - - - - - - - - - Equity accounting losses not recognised - - - - - - - - - - Fair value on Apple inventory - - - - - - - - - - Impairment of non-current assets - - - - - - - - - - Transaction costs - - - - - - - - - - Realised Hedging Gains - - - - - - - - - - Other - - - - - - - - - - Revenue (Underlying including NZ IFRS 16) 492.7 223.9 74.5 (28.9) 762.1 126.4 193.8 73.3 (21.6) 371.9 EBITDA (NZ $m) Global Proteins Horticulture Logistics Corporate Total Global Proteins Horticulture Logistics Corporate Total EBITDA (Reported) 47.3 53.4 5.7 (25.5) 81.0 30.3 54.3 6.1 (2.9) 87.8 Fayman acquisition settlement (0.2) - - - (0.2) 0.3 - - - 0.3 Profruit acquisition - - - - - - 0.5 - - 0.5 Shelby acquisition - - - - - - - - - - Equity accounting losses not recognised (2.9) - - - (2.9) (0.9) - - - (0.9) Fair value on Apple inventory - 2.7 - - 2.7 - (1.9) - - (1.9) Impairment of non-current assets - - - 19.7 19.7 - - - - - Transaction costs - 0.1 - 0.1 0.1 - 0.4 - 0.1 0.5 Realised Hedging Gains - 1.5 - - 1.5 - - - - - Other - - - 0.3 0.3 - - - 0.5 0.5 EBITDA (Underlying including NZ IFRS 16) 44.2 57.6 5.7 (5.3) 102.2 29.7 53.2 6.1 (2.3) 86.7 NZ IFRS 16 Leases (0.8) (6.6) (0.7) (0.2) (8.2) (0.0) (5.8) (0.6) (0.1) (6.5) EBITDA (Underlying excluding NZ IFRS 16) 43.4 51.0 5.0 (5.5) 94.0 29.7 47.4 5.5 (2.4) 80.2
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30 Scales Corporation Limited – 1H26 results Appendix 6 Divisional NPAT and NPATAS: Reported to Underlying reconciliation 1 Underlying results include the effects of NZ IFRS 16 Leases. The impacts of acquisition accounting, one-off and other non-cash items are excluded from Underlying results. 2 %’s are calculated on non-rounded figures. Figures may not sum due to rounding. SCALES 1H26 1H25 NPAT (NZ $m) Global Proteins Horticulture Logistics Corporate Total Global Proteins Horticulture Logistics Corporate Total NPAT (Reported) 33.3 27.6 3.4 (23.9) 40.4 26.4 29.7 3.8 (2.5) 57.4 Fayman acquisition settlement 0.7 - - - 0.7 0.0 - - - 0.0 Profruit acquisition - - - - - - 0.3 - - 0.3 Shelby acquisition - - - - - - - - - - Equity accounting losses not recognised (2.9) - - - (2.9) (0.9) - - - (0.9) Fair value on Apple inventory - 1.9 - - 1.9 - (1.4) - - (1.4) Impairment of non-current assets - - - 19.7 19.7 - - - - - Transaction costs - 0.1 - 0.1 0.1 - 0.4 - 0.1 0.5 Realised Hedging Gains - 1.5 - - 1.5 - - - - - Other 0.6 - - 0.3 0.9 0.2 - - 0.5 0.8 NPAT (Underlying including NZ IFRS 16) 31.7 31.1 3.4 (3.8) 62.4 25.8 29.0 3.8 (1.9) 56.7 NZ IFRS 16 Leases 0.1 0.8 0.1 0.0 0.9 0.0 0.5 0.1 0.0 0.5 NPAT (Underlying excluding NZ IFRS 16) 31.7 31.9 3.5 (3.8) 63.3 25.8 29.5 3.8 (1.9) 57.2 NPATAS (NZ $m) Global Proteins Horticulture Logistics Corporate Total Global Proteins Horticulture Logistics Corporate Total NPATAS (Reported) 22.9 27.6 3.4 (23.9) 30.1 17.5 29.7 3.8 (2.5) 48.4 Fayman acquisition settlement 0.7 - - - 0.7 0.0 - - - 0.0 Profruit acquisition - - - - - - 0.3 - - 0.3 Shelby acquisition - - - - - 1.0 - - - 1.0 Equity accounting losses not recognised (2.9) - - - (2.9) (0.9) - - - (0.9) Fair value on Apple inventory - 1.9 - - 1.9 - (1.4) - - (1.4) Impairment of non-current assets - - - 19.7 19.7 - - - - - Transaction costs - 0.1 - 0.1 0.1 - 0.4 - 0.1 0.5 Realised Hedging Gains - 1.5 - - 1.5 - - - - - Other 0.6 - - 0.3 0.9 0.2 - - 0.5 0.8 NPATAS (Underlying including NZ IFRS 16) 21.3 31.1 3.4 (3.8) 52.0 17.9 29.0 3.8 (1.9) 48.8 NZ IFRS 16 Leases 0.1 0.8 0.1 0.0 0.9 0.0 0.5 0.1 0.0 0.5 NPATAS (Underlying excluding NZ IFRS 16) 21.4 31.9 3.5 (3.8) 52.9 17.9 29.5 3.8 (1.9) 49.3
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31 Scales Corporation Limited – 1H26 results Term Definition CAGR Compound Annual Growth Rate. Cash earnings Underlying Net Profit After Tax plus Depreciation and Amortisation. Both of these items exclude NZ IFRS 16 Leases. EBIT Earnings Before Interest and Tax. EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation. EPS Earnings Per Share. NPATAS divided by the weighted average number of shares on issue during the period in accordance with IAS 33 ‘Earnings per share’. Gross volume (TCE) The total Mr Apple volume of apples picked from trees in a season. Leverage ratio Net debt / Underlying EBITDA, measured on a rolling 12-month basis. Net Debt Includes term debt and seasonal working capital drawdowns, net of cash balances. Net Debt to Equity Net debt / (Net Debt + Equity), where Equity is equal to Total Equity from the consolidated statement of financial position at each balance date. NPAT Net Profit After Tax. NPATAS Net Profit After Tax Attributable to Shareholders. NZ IFRS New Zealand equivalents to International Financial Reporting Standards. Packout rate The proportion of the Gross volume sold to customers as fresh apples, allowing for a portion of the Gross volume not deemed export grade. TCE Tray Carton Equivalents: a measure of apple and pear weight, equal to 18.6kg packed weight which equates to 18.0kg sale weight. TEU Twenty-foot Equivalent Unit: one TEU represents the volume of a standard metal shipping container that is 20 feet (6.1 metres) long. Tonne or MT Metric Tonnes: equivalent to 1,000 kilograms (“KG”). YoY Year-on-year. Glossary of terms and measures Except where noted, common terms and measures used in this document are based upon the following definitions:
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32 Scales Corporation Limited – 1H26 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 half 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 (or deducting) the after-tax effect of certain non cash NZ IFRS and other adjustments 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. Information in this presentation is rounded to the nearest hundred thousand dollars, whereas the financial statements of Scales Corporation Limited are rounded to the nearest thousand dollars. Rounding differences may arise in totals, both dollars and percentages. 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.