Skellerup reports record first-half NPAT

13 February 2025
Skellerup reports record first-half NPAT
Skellerup announced today unaudited net profit after tax of $24.2 million for the six months ended
31 December 2024 – a record result and an increase of 12% on the prior comparative period (pcp).
Key points for the six months ending 31 December 2024
 Revenue of $165.3 million, up 5% on the pcp
 Earnings before interest and tax (EBIT) of $35.0 million, a record result and up 11% on the
pcp
o Industrial Division EBIT of $22.4 million, down 2% on the pcp
o Agri Division EBIT of $15.5 million, up 31% on the pcp
o Corporate costs of $2.9 million, down 7% on the pcp
 Net profit after tax (NPAT) of $24.2 million, a record result and up 12% on the pcp
 Operating cash flow of $32.2 million, down $4.3 million on the pcp
 Net debt of $20.4 million, a $6.0 million reduction on the prior half year
 Interim dividend of 9.0 cents per share (an increase of 0.5 cps), up 6% on the pcp
CEO Graham Leaming commented: “We are pleased with the record first-half result underpinned by
an expected but significant lift from our Agri Division, which reverted to a more normal seasonal
pattern with stronger sales of dairy rubberware consumables in international markets. Our Industrial
Division delivered a solid result, despite some volatility in US demand during Q2 associated with the
US election.”
Industrial Division
Skellerup’s Industrial Division EBIT of $22.4 million was down 2% on the pcp. “Revenue was up 5%
with growth from increased sales into solar roofing applications in Europe and hygiene applications
in the US more than offsetting the continued slowdown in the Australian construction market, the
timing of sales into the mining sector in Australia and lower demand for high-performance marine
foam products in the US. Sales into potable and waste-water applications were flat with growth in
Australia offset by softer demand in the US. The product mix and higher international freight costs
caused a slight reduction in margin, which we expect to reverse in the second half of the year.
Indirect costs were up on the pcp due to increased personnel costs and improved warehouse
facilities to support future growth.”
Agri Division
Skellerup’s Agri Division EBIT of $15.5 million was up 31% on the pcp. Leaming noted, “Revenue was
up 4% due to increased sales of dairy rubberware consumables to international customers. The
increase was largely anticipated due to the prior period being negatively impacted by customer
destocking. The increase in production to meet demand was delivered efficiently, aided by
investment in process improvements and equipment, delivering improved gross margins. Footwear
sales were softer in the first half, particularly in New Zealand where economic conditions impacted

on consumer spend. Indirect costs were up due to investing in development capability to ensure
future growth.
Cash
Group operating cash flow of $32.2 million was down 12% on the pcp. Leaming said, “We are a
global business with ~80% of our revenue generated from sales into international markets and we
manufacture our products across the world. We increased inventory to manage the impact of longer
shipping times caused by disruption to shipping routes in the Middle East and to mitigate against the
risk of port strikes in the US and the impact of the possible increase in tariffs being imposed for
products sold into the US. Consequently, our operating cash flow was slightly below the record
result achieved in the pcp.” Net debt remains low at $20.4 million, 23% lower than the pcp.
Outlook
Skellerup guided for FY25 NPAT to be in the range of $52 to $56 million. Leaming said: “Global
economic conditions are mixed and geo-political uncertainty continues, making forecasting more
difficult than usual. However, our business remains well placed, with growth from existing and new
products expected to more than offset the headwinds that persist in some markets and applications.
We continue to add to our pipeline of products to sustain growth in future years and we remain alert
to acquisition opportunities. We have the expertise and innovation to execute, underscoring our
conviction to deliver ongoing earnings growth for our shareholders.”
Dividend
Chair John Strowger said the strong first-half result, and expectations for the full year, allowed the
Board to declare a 6% increase in the interim dividend to 9.0 cents per share, imputed 50% (the
same level as in the pcp). The dividend will be paid on 20 March 2025 to shareholders of record at
5pm on 07 March 2025.
“As noted at the Annual Shareholders’ Meeting in October 2024, the global economic conditions and
political risks make for a challenging business environment, but we continue to focus on executing
current business well, alongside investing in capability and initiatives to improve returns, capture
opportunities for new business and mitigate market risks.”

For further information, please contact:
Graham Leaming
Chief Executive Officer
021 271 9206

Tim Runnalls
Chief Financial Officer
027 807 5080

---

HALF YEAR
REPORT
FY25

Chair and CEO Review 03
What We Do 06
Income Statement 09
Comprehensive Income 10
Changes in Equity 11
Balance Sheet 12
Cash Flow 13
Notes 14
Di rector y 18
CONTENTS
HIGHLIGHTS FY25
778
(HY24: 799)
People Worldwide
3%
DIVERSE &
EXPERIENCED TEAM
3,900
Customers
(HY24: 4,000)
Over
DELIVERING A DIVERSE
PRODUCT RANGE
FOR CUSTOMERS
STRONG FINANCIAL RETURNS
Earnings
(NPAT )
12%
$
24.2
M
(HY24: $21.6m)
$
165.3
M
( H Y 2 4 : $1 5 7.7m )
Revenue
growth
5%
Earnings
(EBIT)
11%
$
35.0
M
(HY24: $31.6m)
Operating
cash flow
12%
$
32.2
M
(HY24: $36.5m)
Dividend
per share
6%
9.0
cps
(HY24: 8.5 cps)
Earnings
per share (EPS)
12%
12.33
cps
(HY24: 11.02 cps)

3
CHAIR AND CEO’S REVIEW
CHAIR
A N D
CEO REVIEW
Group net profit after tax (NPAT) for the six
months ended 31 December 2024 was $24.2
million, a record result and an increase of 12%
on the prior corresponding period (pcp).
The improvement over the pcp was largely
due to a significant lift in demand for dairy
rubberware consumables, which more than
offset lower sales in the more discretionary
footwear and leisure applications.
During a period where economic
conditions have remained challenging,
the record NPAT again demonstrates the
resilience of our strategy and focus.
We design and manufacture products for
use in applications demanding precision,
high performance and conformance.
We focus on understanding customers’
needs and applying deep technical
knowledge and expertise to meet them,
increasingly integrating discrete parts to
simplify their businesses.
$000
(Unaudited)
Half-year Ended
31 December 2024
Half-year Ended
31 December 2023
Percentage Change

Revenue165,341157,7305%
Earnings before interest and taxation34,98331,64011%
Net profit after taxation24,18421,61412%
Earnings per share (cents)12.3311.0212%
Dividend per share (cents)9.008.506%
Net debt(20,399)(26,381)23%

SKELLERUP HALF YEAR REPORT FY24CHAIR AND CEO’S REVIEW4
4
SKELLERUP HALF YEAR REPORT FY25
Industrial Division
Industrial Division earnings before interest
and tax (EBIT) of $22.4 million was down
2% on the pcp. Revenue was up 5% with
growth from increased sales into solar
roofing applications in Europe and hygiene
applications in the US more than offsetting
the continued trough in the Australian
construction market, timing of sales into the
mining sector and lower demand for high-
performance marine foam products. Sales
into potable and waste-water applications
were f lat with growth in Australia offset
by softer demand in the US. Product mix,
higher international freight costs and
increased personnel and facility costs to
meet future growth opportunities pushed
the Industrial Division EBIT slightly below
the record result achieved in the pcp.
We continue to have a strong pipeline
of growth opportunities with global
original equipment manufacturing (OEM)
customers. In the first half of FY25 we spent
and committed capital to increase technical
and manufacturing capability in New
Zealand, Europe and the US, launched new
products for customers across the globe
and upgraded our distribution facility in
Chicago. We also agreed terms for a new
distribution facility opening during Q3 in
the Netherlands.
Agri Division
Agri Division EBIT of $15.5 million was up
31% on the pcp. Revenue was up 4% due
to increased sales of dairy rubberware
consumables to international customers.
This growth was largely anticipated due to
the prior period being negatively impacted
by customer destocking. The challenging
economic environment in New Zealand
caused footwear sales to fall below the
pcp, partially offsetting the growth of
dairy consumables. Investments made in
both the prior and the current period to
improve productivity enabled the increase
in demand for dairy consumables to be
met efficiently, generating the significant
improvement in the Agri Division EBIT.
In recent years we have invested in
deepening our development capability.
This is enabling us to innovate and move
more quickly with product, process and
equipment development and improvement.
We have introduced – and continue to work
on further developing – milking liners that
provide important productivity gains for
farmers around the world. Our recently
launched Thriver
TM
calf-feeding teat has
been well received in New Zealand and
international markets. We see significant
growth potential for this range over the
next three years.
Industrial
$000 (Unaudited)
Half-year Ended
31 December 2024
Half-year Ended
31 December 2023
Percentage
Change
Revenue115,415109,6155%
Earnings before interest and taxation22,35422,876(2%)
Agri
$000 (Unaudited)
Half-year Ended
31 December 2024
Half-year Ended
31 December 2023
Percentage
Change
Revenue50,54348,5374%
Earnings before interest and taxation15,51711,86131%

SKELLERUP HALF YEAR REPORT FY24CHAIR AND CEO’S REVIEW5
5
CHAIR AND CEO’S REVIEW
Graham Leaming
Chief Executive Officer
We have also made very good progress on
developing our manufacturing platform,
enabling f lexibility for future deployment
in-market to meet growth opportunities.
Cash
Group operating cash f low of $32.2 million
was down 12% on the pcp due to a strategic
increase in inventory to mitigate the risks
of interruption to our supply chain from
geopolitical events, uncertainty around
port interruptions in the US and to provide
more time to respond to possible increases
in border tariffs. Despite the impact of
these actions, net debt remains very low, at
$20.4 million, representing just 6% of our
total assets and is 23% below the pcp.
Dividend
Ref lecting the record result and our
expectations for the full year, the Board
declared a 6% increase in the interim
dividend to 9.0 cents per share, imputed
50% (the same level as in the pcp).
The dividend will be paid on 20 March
2025 to shareholders of record at
5pm on 07 March 2025.
Outlook
Global economic conditions are mixed
and geo-political uncertainty continues,
making forecasting more difficult than
usual. However, our business remains
well-placed, with growth from existing
and new products expected to more than
offset the headwinds that persist in some
markets and applications. Based on our
year-to-date results and our expectations
of trading conditions and customer demand
for the remainder of the year, we anticipate
FY25 NPAT to be in the range of $52 to $56
million. In the meantime, we continue to
add to our pipeline of products to sustain
growth in future years, and we remain alert
to acquisition opportunities.
Te am
We are very grateful to our global team
for their ongoing drive to understand,
innovate, develop and manufacture
excellent products that deliver real
value for our customers. We have the
expertise and commitment to execute on
our plans, underscoring our conviction to
deliver ongoing earnings growth for our
shareholders.
John Strowger
Chair

SKELLERUP HALF YEAR REPORT FY25
6
WHAT WE DO
Skellerup designs and manufactures components
and products used in a wide range of everyday
applications that often must meet stringent food,
drinking water, hygiene and safety standards.
Residential
Our products are
critical components
within a wide
range of home
applications such
as taps, showers,
HVAC, roofing, solar,
kitchen appliances,
plumbing, and more
Transport
Our vacuum
systems, seals,
injectors, couplings,
and gaskets are
utilised throughout
the transport
industry
Industrial
& Retail
Our products are
used throughout
potable water
and wastewater
applications, flow
control systems
and construction
Dairy
Our food-grade
rubberware, filters
and animal hygiene
products are critical
to the safe supply
of dairy products
across the world

OUR PRODUCT DEVELOPMENT PROCESS IN ACTION
7
Sport &
Leisure
Our products are
utilised in a variety
of recreational
settings, including
marine, snow and
field sports
Specialist
Footwear
Protective rubber
footwear used
throughout farms
and speciality
applications, such
as fire, forestry
and electrical
distribution
Medical,
Health

& Hygiene
Our products are
key to the operation
and performance
of medical, health
and hygiene
applications
Skellerup is a diverse
business, both in our
presence geographically and
in the applications in which
our products are used.

8
SKELLERUP HALF YEAR REPORT FY25
CONSOLIDATED
FINANCIAL
STATEMENTS
For the half-year ended
31 December 2024
INCOME STATEMENT

9
CONSOLIDATED FINANCIAL STATEMENTS

Note
Half-year
Ended
31 Dec 2024
$000
(Unaudited)
Half-year
Ended
31 Dec 2023
$000
(Unaudited)
Revenue2165,341 157,730
Cost of sales(93,933)(90,588)
Gross profit71,408 67,142
Other income/(expenses)566 (135)
Selling, general and administration expenses(36,991)(35,367)
Profit for the period before tax and finance costs34,983 31,640
Finance costs(1,859)(2,411)
Profit for the period before tax33,124 29,229
Income tax expense(8,940)(7,615)
Net after-tax profit for the period, attributable to owners of the Parent24,184 21,614
Earnings per share
Basic earnings per share (cents)12.33 11.02
Diluted earnings per share (cents)12.30 10.92
Net tangible assets per share (cents)83.9676.82
The above Income Statement should be read in conjunction with the accompanying notes.
INCOME STATEMENT
for the half-year ended 31 December 2024

10
SKELLERUP HALF YEAR REPORT FY25
Half-year
Ended
31 Dec 2024
$000
(Unaudited)
Half-year
Ended
31 Dec 2023
$000
(Unaudited)
Net profit after tax for the period24,18421,614
Other comprehensive income
Will be reclassified subsequently to profit or loss when specific
conditions are met
Net increase/(decrease) in cash flow hedge reserve(4,707)3,232
Income tax related to increase/(decrease) in cash flow hedge reserve1,318(905)
Not expected to be reclassified subsequently into profit or loss
Foreign exchange movements on translation of overseas subsidiaries7,346(3,454)
Income tax related to gains/(losses) on foreign exchange movements of loans
with overseas subsidiaries
1713
Other comprehensive income net of tax3,974(1,114)
Total comprehensive income for the period attributable to
equity holders of the Parent
28,15820,500
STATEMENT OF COMPREHENSIVE INCOME
for the half-year ended 31 December 2024
STATEMENT OF CHANGES IN EQUITY

11
CONSOLIDATED FINANCIAL STATEMENTS
Fully Paid
Ordinary
Shares
$000
(Unaudited)
Cash Flow
Hedge
Reserve
$000
(Unaudited)
Foreign
Currency
Translation
Reserve
$000
(Unaudited)
Employee
Share Plan
Reserve
$000
(Unaudited)
Retained
Earnings
$000
(Unaudited)
Total
$000
(Unaudited)
Balance 1 July 202472,406710(3,098)611158,864229,493
Profit for the period
----24,18424,184
Other comprehensive income-(3,389)7,363--3,974
Total comprehensive income
for the period
-(3,389)7,363-24,18428,158
Share incentive scheme---(537)672135
Dividends paid----(30,391)(30,391)
Balance 31 December 202472,406(2,679)4,26574153,329227,395
Balance 1 July 202372,406(827)(2,779)549156,087225,436
Profit for the period
----21,61421,614
Other comprehensive income-2,327(3,441)--(1,114)
Total comprehensive income
for the period
-2,327(3,441)-21,61420,500
Share incentive scheme---413-413
Dividends paid----(27,450)(27,450)
Balance 31 December 202372,4061,500(6,220)962150,251218,899
STATEMENT OF COMPREHENSIVE INCOMESTATEMENT OF CHANGES IN EQUITY
for the half-year ended 31 December 2024

12
SKELLERUP HALF YEAR REPORT FY25
As at
31 Dec 2024
$000
(Unaudited)
As at
30 Jun 2024
$000
(Audited)
As at
31 Dec 2023
$000
(Unaudited)
Current assets
Cash and cash equivalents18,60116,62919,983
Trade and other receivables50,52058,71844,650
Inventories85,74671,56372,885
Income tax receivable4172181,737
Derivative financial assets487568747
Total current assets155,771147,696 140,002
Non-current assets
Property, plant and equipment90,83790,06890,313
Right of use assets27,07926,81028,949
Deferred tax asset5,1143,7723,581
Goodwill64,66163,51763,041
Intangible assets2,5702,5852,771
Derivative financial assets266791,897
Total non-current assets190,287187,431 190,552
Total assets346,058335,127 330,554
Current liabilities
Bank overdraft--289
Trade and other payables30,49027,60722,713
Provisions5,5765,4805,157
Income tax payable2,4523,918803
Lease liabilities – short term6,7126,6236,435
Derivative financial liabilities2,226337444
Total current liabilities47,45643,965 35,841
Non-current liabilities
Provisions1,5211,3411,813
Interest-bearing loans and borrowings39,00032,00046,075
Deferred tax liabilities5,7925,8673,307
Lease liabilities – long term22,83322,42624,610
Derivative financial liabilities2,061359
Total non-current liabilities71,20761,669 75,814
Total liabilities118,663105,634 111,655
Net assets227,395229,493 218,899
Equity
Share capital72,40672,40672,406
Reserves1,660(1,777)(3,758)
Retained earnings153,329158,864150,251
Total equity227,395229,493218,899
BALANCE SHEET
as at 31 December 2024
CASH FLOW STATEMENT

13
CONSOLIDATED FINANCIAL STATEMENTS
Half-year
Ended
31 Dec 2024

(Unaudited)
Half-year
Ended
31 Dec 2023

(Unaudited)
Cash flows from operating activities
Receipts from customers176,145168,693
Interest received5352
Dividends received23
Payments to suppliers and employees(131,281)(120,490)
Income tax paid(10,819)(9,372)
Interest and bank fees paid(1,183)(1,671)
Interest on right-of-use asset leases(676)(740)
Net cash flows from/(used in) operating activities32,24136,475
Cash flows from investing activities
Proceeds from sale of property, plant and equipment340354
Payments for property, plant and equipment(4,354)(4,871)
Payments for intangible assets (358)(364)
Net cash flows from/(used in) investing activities(4,372)(4,881)
Cash flows from financing activities
Proceeds from/(repayments for) loans and advances7,0003,777
Repayments of lease liabilities(3,385)(3,091)
Dividends paid to equity holders of Parent(30,391)(27,450)
Net cash flows from/(used in) financing activities(26,776)(26,764)
Net increase/(decrease) in cash and cash equivalents1,0934,830
Cash and cash equivalents at the beginning of the period16,62915,470
Effect of exchange rate fluctuations879(606)
Cash and cash equivalents at the end of the period18,60119,694
BALANCE SHEETCASH FLOW STATEMENT
for the half-year ended 31 December 2024

14
SKELLERUP HALF YEAR REPORT FY25
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December 2024, were
authorised for issue in accordance with a resolution of the Directors dated 12 February 2025.
Skellerup Holdings Limited (‘the Company’) is a limited liability company incorporated and domiciled in
New Zealand. It is registered under the Companies Act 1993 with its registered office at Level 3, 205 Great
South Road, Greenlane, Auckland. The Company is a Reporting Entity in terms of the Financial Markets
Conduct Act 2013 and is listed on the New Zealand Exchange (NZX Main Board) with the ticker SKL.
Summary of Significant Accounting Policies
a) Basis of Preparation
This general-purpose condensed financial report for the half year ended 31 December 2024 has been
prepared in accordance with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting.
The half year financial report does not include all notes of the type normally included within the annual
financial report and, therefore, cannot be expected to provide as full an understanding of the financial
performance, financial position and financing and investing activities of the consolidated entity as does
the full financial report.
It is recommended that the half year financial report be read in conjunction with the annual report
for the year ended 30 June 2024 and considered together with any public announcements made by
Skellerup Holdings Limited during the half year ended 31 December 2024 in accordance with the
continuous disclosure obligations of the NZX listing rules.
All accounting policies and methods of computation are the same as those adopted in the most recent
annual financial report.
The financial statements are presented in New Zealand dollars and all values are rounded to the nearest
thousand dollars ($000).
2. Segment Information
The Group’s operating segments are Agri and Industrial; being the divisions reported to the executive
management and Board of Directors to assess performance of the Group and allocate resources.
The principal measure of performance for each segment is EBIT (earnings before interest
and tax). As a result, finance costs and taxation have not been allocated to each segment.
Agri Division
The Agri Division manufactures and distributes dairy rubberware, which includes milking liners,
tubing, filters and feeding teats, together with other related agricultural products and dairy vacuum
pumps to global agricultural markets.
NOTES TO THE FINANCIAL STATEMENTS
as at 31 December 2024

15
CONSOLIDATED FINANCIAL STATEMENTS
2. Segment Information (continued)
Industrial Division
The Industrial Division manufactures and distributes engineered products across a range of industrial
applications including potable and waste water, roofing, plumbing, sport and leisure, electrical, health
and hygiene.
Corporate Division
The Corporate Division is not an operating segment, and includes the Parent Company and other central
administration expenses that have not been allocated to the Agri and Industrial Divisions.
For the half-year ended
31 December 2024
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue50,543115,415(617)165,341
Segment EBIT15,51722,354(2,888)34,983
Profit before tax and finance costs34,983
Finance costs(1,859)
Profit before tax33,124
Income tax expense(8,940)
Net after-tax profit24,184
Assets and liabilities
Segment assets126,601193,26026,197346,058
Segment liabilities10,31352,32956,021118,663
Net assets116,288140,931(29,824)227,395
Other segment information
Additions to fixed assets and intangibles2,2932,367384,698
Cash flow
Segment EBIT15,51722,354(2,888)34,983
Adjustments for:
- Depreciation and amortisation2,1352,555444,734
- Depreciation right of use assets4643,039313,534
- Non-cash items--(633)(633)
Movement in working capital2,952(674)(1,856)422
Segment cash flow21,06827,274(5,302)43,040
Finance and tax cash expense(12,002)
Movement in finance and tax accrual1,203
Net cash flow from operating activities32,241
NOTES TO THE FINANCIAL STATEMENTS

16
SKELLERUP HALF YEAR REPORT FY25
2. Segment Information (continued)
For the half-year ended
31 December 2023
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue48,537109,615(422)157,730
Segment EBIT11,86122,876(3,097)31,640
Profit before tax and finance costs31,640
Finance costs(2,411)
Profit before tax29,229
Income tax expense(7,615)
Net after-tax profit21,614
Assets and liabilities
Segment assets120,509181,48528,560330,554
Segment liabilities11,43846,52253,695111,655
Net assets109,071134,963(25,135)218,899
Other segment information
Additions to fixed assets and intangibles1,8053,400185,223
Cash flow
Segment EBIT11,86122,876(3,097)31,640
Adjustments for:
- Depreciation and amortisation2,0322,390274,449
- Depreciation and right of use assets4612,857373,355
- Non-cash items--393393
Movement in working capital5,1714,195(2,702)6,664
Segment cash flow19,52532,318(5,342)46,501
Finance and tax cash expense(11,043)
Movement in finance and tax accrual1,017
Net cash flow from operating activities36,475

17
CONSOLIDATED FINANCIAL STATEMENTS
3. Dividends Paid
Half-year
Ended
31 Dec 2024
$000
Half-year
Ended
31 Dec 2023
$000
Declared and paid during the period
Final dividend for June 2024 year on ordinary shares of 15.5 cents per share,
imputed to 50%, paid on 18 October 2024
(2023: 14.0 cents per share imputed to 50%, paid on 13 October 2023)
Net dividend paid30,39127,450
Subsequent to the six-month period, the Board of Directors resolved to pay an interim dividend of
9.0 cents per share (imputed 50%), on the 196,071,582 ordinary shares on issue for a total amount of
$17,646,442. The dividend will be paid on 20 March 2025 to shareholders on the register at 5.00pm on
07 March 2025. The Dividend Reinvestment Plan will not be operative for this dividend payment.
This compares to the prior-year interim dividend of 8.5 cents per share, totalling $16,666,084 which
was paid on 14 March 2024.
4. Interest-bearing Loans and Borrowings
Bank loans are provided under a $55 million (30 June 2024: $70 million) multi-currency syndicated
facility agreement with ANZ Bank New Zealand Limited and Bank of New Zealand which has an expiry
date of 31 August 2026.
5. Events after the Balance Sheet date
Other than the interim dividend declared there have been no subsequent events after 31 December
2024 requiring disclosure.

18
SKELLERUP HALF YEAR REPORT FY25
Directors
WJ Strowger, LLB (Hons)
BD Cushing, BCom, ACA
RH Farrant, BCom, PGDipCom, FCA, CFloD
AR Isaac, CNZM, BCA, FCA, DistFInstD
DW Mair, BE, MBA
PN Shearer, BCom
Officers
GR Leaming, BCom, CA
Chief Executive Officer
TS Runnalls, BCom (Hons), CA
Chief Financial Officer
Registered Office
L3, 205 Great South Road
Greenlane
Auck la nd 1051
New Zealand
PO Box 74526
Greenlane
Auck la nd 1546
New Zealand
Email: ea@skellerupgroup.com
Telephone: +64 9 523 8240
Website: www.skellerupholdings.com
Legal Advisors
Chapman Tripp
L34, PwC Tower
15 Customs Street West
Auck la nd 1010
New Zealand
Bankers
ANZ Bank New Zealand Limited
23-29 Albert Street
Auck la nd 1010
New Zealand
Bank of New Zealand
Level 4
80 Queen Street
Auck la nd 1010
New Zealand
Auditors
Ernst & Young
2 Takutai Square
Britomart
Auck la nd 1010
New Zealand
Share Registrar
Computershare Investor Services Limited
Private Bag 92119
Auckland 1442
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
CORPORATE
DIRECTORY

19
CORPORATE DIRECTORY
Managing your shareholding
Online
To change your address, update your
payment instructions and to view
your investment portfolio including
transactions, please visit:
www.computershare.co.nz/
investorcentre
General Enquiries
Email: enquiry@computershare.co.nz
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Please assist our registrar by quoting your
Common Shareholder Number (CSN)

SKELLERUP
HOLDINGS LIMITED
L3, 205 Great South Road
Greenlane, Auckland 1051, New Zealand
PO Box 74526, Greenlane
Auckland 1546, New Zealand
E: ea@skellerupgroup.com
T: +64 9 523 8240
W: www.skellerupholdings.com

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Results Announcement
Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period Six months to 31 December 2024
Previous Reporting Period Six months to 31 December 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
NZD 165,341 5%
Total Revenue NZD 165,341 5%
Net profit/(loss) from continuing
operations
NZD 24,184 12%
Total net profit/(loss) NZD 24,184 12%
Interim Dividend
Amount per Quoted Equity
Security
NZD 0.09000000
Imputed amount per Quoted
Equity Security
NZD 0.01750000
Record Date 07/03/2025
Dividend Payment Date 20/03/2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
NZD 0.8396 NZD 0.7682
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Refer to half-year report
Authority for this announcement
Name of person authorised to
make this announcement
Tim Runnalls
Contact person for this
announcement
Tim Runnalls
Contact phone number 027 807 5080
Contact email address tim.runnalls@skellerupgroup.com
Date of release through MAP 13/02/2025

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Distribution Notice
Section 1: Issuer information
Name of issuer Skellerup Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code SKL
ISIN (If unknown, check on NZX website) NZSKXE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date Close of trading on 07/03/2025
Ex-Date (one business day before the Record
Date)
06/03/2025
Payment date (and allotment date for DRP) 20/03/2025
Total monies associated with the
distribution
NZD 17,646,442
Source of distribution (for example, retained
earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution NZD 0.10750000
Gross taxable amount NZD 0.10750000
Total cash distribution NZD 0.09000000
Excluded amount (applicable to listed PIEs) N/A
Supplementary distribution amount NZD 0.00794118

Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed
Partial imputation X
No imputation
If fully or partially imputed, please state
imputation rate as % applied
14%
Imputation tax credits per financial product NZD 0.01750000
Resident Withholding Tax per financial
product
NZD 0.01797500
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP

Date strike price to be announced (if not
available at this time)

Specify source of financial products to be
issued under DRP programme (new issue or
to be bought on market)

DRP strike price per financial product

Last date to submit a participation notice for
this distribution in accordance with DRP
participation terms

Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Tim Runnalls
Contact person for this announcement Tim Runnalls
Contact phone number 027 807 5080
Contact email address tim.runnalls@skellerupgroup.com
Date of release through MAP 13/02/2025

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F E B R U A R Y 2 0 2 5
HY25
Results
Presentation

0
10
20
30
40
HY19HY20HY21HY22HY23HY24HY25
EBIT by Segment (NZ$m) *
CAGR 10%
IndustrialAgri
HY25 Key Points
HY25 NPAT of $24.2 million, up 12% on pcp
•Record 1H result, up 4% on previous record 1H NPAT achieved in FY22.
•Strong rebound from Agri on weak pcp. Industrial solid following four consecutive
record 1H results.
Record 1H EBIT of $35.0 million, up 11% on pcp
•Agri EBIT up 31% on weak pcp, particularly strong dairy rubberware sales in
international markets.
•Industrial revenue up 5% with product mix and higher freight costs impacting.
EBIT down 2% on record pcp.
Operating Cash Flow of $32.2 million, down 12% on pcp
•Investment in working capital (risk mitigation) offset strong earnings growth.
Interim Dividend Pay-out of 9.0 cents per share
•Increase of 0.5 cents per share (6%) on pcp, reflective of strong first half earnings.
Robust Balance Sheet
•Net debt at $20.4 million (6% of total assets).
FY25 NPAT guidance of $52 to $56 million
•Business remains well positioned, with expected growth from existing and new
products offsetting mixed global economic conditions and political uncertainty.
2
0
5
10
15
20
25
HY19HY20HY21HY22HY23HY24HY25
Net Profit after Tax (NZ$m)
CAGR 11%
* Excludes Corporate

HY25 NPAT Key Drivers
Industrial
•Market growth and new products in Australian
potable water sector offset by weaker demand in
US due to political uncertainty.
•Strong growth in solar roofing (UK) and health and
hygiene (US) applications offset by lower
exploration and mining (Australia) and marine
foam (US) demand.
Agri
•Increased sales of dairy rubberware consumables
sales into international markets, with margins
aided by investment in process improvements and
equipment.
•Lower footwear demand, primarily in NZ due to
challenging economic conditions.
Other
•Favourable FX result due to impact of weaker NZD
and favourable hedging positions.
•Decreasing levels of debt and declining market
interest rates reduced interest cost.
•Effective tax rate at 27.0% in line with historical
norms.
NZ$ Million
3

HY25 Key Financials
NZ$ MillionHY19HY20HY21HY22HY23HY24HY25
Revenue
120.2123.0136.6150.5165.5
157.7165.3
EBITDA
23.024.133.938.941.1
39.443.2
Depreciation and amortisation
3.63.73.83.94.2
4.44.7
Depreciation (ROU Assets)
-2.42.62.63.4
3.43.5
EBIT
19.418.027.632.433.5
31.635.0
Finance costs (Debt)
0.90.80.70.51.3
1.71.2
Finance costs (Lease Liabilities)
-0.50.50.40.7
0.70.7
Tax expense
5.14.66.98.28.5
7.68.9
NPAT
13.412.119.523.223.0
21.624.2
Earnings (cents per share)
6.96.210.011.911.8
11.012.3
Dividend (cents per share)
5.55.56.57.58.0
8.59.0
Operating cash flow
13.024.135.119.720.2
36.532.2
Net debt
32.434.713.025.639.0
26.420.4
Capital and intangible expenditure
1.92.62.63.74.3
5.24.7
Acquisition and investment
-5.0-10.20.9
--
•HY25: a record result with Agri
demand recovery. Industrial
markets mixed.
•Revenue up $7.6 million (5%) on
pcp.
•Record 1H EBIT, up $3.4 million
(11%) on pcp.
-Increased sales in some
Industrial applications offset by
product mix and freight cost
margin impacts.
-Agri revenue growth was aided
by productivity improvements.
•Record 1H NPAT, up $2.6 million
(12%) on pcp.
•Interim dividend of 9.0 cents per
share and up 6% on pcp.
•Operating cash flow of $32.2
million, down $4.1 million on
record pcp.
-Applied to fund capital
expenditure of $4.7 million,
final FY24 dividend of $30.4
million and lease payments of
$3.4 million.
•Net debt at $20.4 million, down
23% on December 2023.
4

HY25 Revenue
5

Industrial Division
Revenue up 5% and earnings down 2% on pcp
•Solid result after four consecutive record half years
-EBIT up 120% on HY20.
•Potable water and wastewater markets mixed
-Strong demand from market growth and new products in Australia offset by
softer demand in the US.
•Roofing and construction growth
-Continued strong demand for roofing products in the UK (solar) partially offset
by continued market weakness in Australia.
•Health and hygiene opportunities
-As anticipated, continued growth in the health and hygiene sector.
Opportunities emerging for new products.
•High-performance foam down
-Marine foam impacted by ongoing market weakness, particularly in the US.
-New operation established in Europe to drive growth.
NZ$ MillionHY21HY22HY23HY24HY25
Revenue85.696.1108.4109.6115.4
EBIT15.518.721.422.922.4
EBIT %18.219.419.720.919.4
6
-
20
40
60
80
100
120
HY19HY20HY21HY22HY23HY24HY25
Industrial Division Revenue (NZ$m)
CAGR 6%
-
5
10
15
20
25
HY19HY20HY21HY22HY23HY24HY25
Industrial Division EBIT (NZ$m)
CAGR 12%

Agri Division
Revenue up 4% and earnings up 31% on subdued pcp
•As expected, revenue recovered against a weak pcp
-Dairy consumables sales strong, particularly in international markets.
-Weaker footwear demand in NZ market.
•Dairy
-HY25 reflected normal ordering patterns from international customers (HY24
impacted by significant destocking activity). Domestic market strong.
-Productivity gains. Investments in equipment and processes at Wigram
improved gross margins.
-Thriver
TM
calf feeding teat successfully launched. Well-positioned for NZ season
and faster than anticipated uptake in international markets.
-Milking liner innovations launched ahead of expectations.
•Footwear
-NZ demand subdued as challenging economic conditions impacted consumer
spending.
-New product ranges. Red Band Low to launch at the end of Q3. Women’s range
under development.
NZ$ MillionHY21HY22HY23HY24HY25
Revenue50.954.356.948.550.5
EBIT15.316.714.611.915.5
EBIT %30.130.725.724.430.7
7
-
10
20
30
40
50
60
HY19HY20HY21HY22HY23HY24HY25
Agri Division Revenue (NZ$m)
CAGR 3%
-
5
10
15
20
HY19HY20HY21HY22HY23HY24HY25
Agri Division EBIT (NZ$m)
CAGR 8%

ESG
Governance
•No changes to Board. Excellent mix of skills, experience and tenure.
•Supporting promotion and development of leaders and increased development resources.
Social
•Continued focus on Health & Safety, including:
•Risk assessments, peer and external reviews, culture on follow up and remediation excellent.
•Quarterly Health & Safety bulletins.
•Ongoing certification of sites to ISO45001 (7 key sites certified, 3 more planned for FY25).
Environmental priority on developing transition plans and emissions reduction initiatives
•No material change to climate-related risks and opportunities identified and reported in FY24 Annual Report.
•Current focus on developing Skellerup’s first Climate Transition Plan.
•Investment in equipment and process improvements reducing the intensity of scope 1 and 2 greenhouse gas (GHG) emissions.
•Waste reduction and utilisation (circular economy) initiatives continue to be assessed.
•Reviewing and refining our scope 3 emissions capture and reporting (disclosed in FY24 Annual Report).
8

Future Earnings Growth
Digital tools
Customer-
focused
development
In-market
and near-
market
presence
Operational
improvement
Engagement
with key
partners
Group
Collaboration
•Customer-focused development whilst expanding the scope of our
solutions
-Thriver
TM
calf feeding teat providing significant improved feeding
performance launched. High productivity liners with single use shells
launched in the US.
-Vacuum system with integrated water pump launched in the US.
-New diaphragms and valves for northern hemisphere OEMs into
market.
•Progressing our in-market and near-market presence
-Successful shift of Chicago distribution facility and new
converting/distribution facility in the Netherlands.
-Successful commissioning of new injection moulding equipment in NZ,
cleanroom in the US and equipment investment in Europe.
•Increasing collaboration across our Group
-Key leaders thriving with broader responsibility.
-Better leveraging our technical expertise for operational gains across
the Group.
•Maintaining focus on operational improvements
-Capital investment in NZ, Europe and Asia boosting productivity and
reducing waste.
•Working closely with key partners to capture improvement
•Better use of digital tools to identify growth opportunities and
improve productivity
9

Deep Expertise, Precision, Commercial
10
Technical products for precision,
high performance and
conformance
Customer-focused development
for global customers
Rapid prototyping
In market presence, development
hubs and manufacturing scalability
Business unit accountability,
capability and measurement
Deep technical
expertise
General & silicone
elastomers and
plastics

Reconciliation of Segment EBIT to Group NPAT
Segment Earnings
NZ$ MillionHY19HY20HY21HY22HY23HY24HY25
Industrial EBIT11.910.215.518.721.422.922.4
Agri EBIT9.39.815.316.714.611.915.5
Corporate EBIT(1.8)(2.0)(3.2)(3.0)(2.5)(3.1)(2.9)
EBIT19.418.027.632.433.531.635.0
Finance Costs(0.9)(1.3)(1.2)(0.9)(2.0)(2.4)(1.9)
Share of Net Loss of Associate---(0.1)---
Tax Expense(5.1)(4.6)(6.9)(8.2)(8.5)(7.6)(8.9)
NPAT13.412.119.523.223.021.624.2
11

Disclaimer
This presentation contains not only a review of operations, but also some forward-looking statements about Skellerup Holdings Limited
and the environment in which the company operates. Because these statements are forward looking, Skellerup Holdings Limited's
actual results could differ materially.
Although management and directors may indicate and believe that the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate or incorrect and, therefore, there can be no assurance that the results
contemplated in the forward-looking statements will be realised.
Please read this presentation in the wider context of material previously published by Skellerup Holdings Limited.
12

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24 January 2025

Skellerup HY25 Results Release Date & Presentation Webinar
Skellerup Holdings Limited (SKL) is releasing its financial results for the half-year ended
31 December 2024 on Thursday 13 February 2025.
A presentation by management will be held by webinar at 09:30am NZ time on the same day.
To join the webinar, either click on the below link:
https://us06web.zoom.us/j/88573407578?pwd=Y2GGxuVZkYySjanJH7toTmbaMvaYlU.1
or go to https://us06web.zoom.us/join
Meeting ID: 885 7340 7578
Passcode: 123346
To join via telephone:
New Zealand: +64 9 884 6780
Australia: +61 2 8015 6011
USA: +1 301 715 8592
Or find your local number: https://zoom.us/zoomconference



For further information please contact:
Tim Runnalls
Chief Financial Officer
+64 27 807 5080

Laura Dixon
Executive Assistant
+64 9 523 8240