2025 Interim Results announcement

Scales Corporation Limited
Head Office: 52 Cashel Street | Christchurch 8013 | New Zealand
Postal: PO Box 1590 | Christchurch 8140 | New Zealand
Phone: +64 3 379 7720
scalescorporation.co.nz



global nutrition

NZX & Media Release

25 August 2025

VERY STRONG FIRST HALF PERFORMANCE UNDERPINNING A FURTHER LIFT IN FY25
PROFIT GUIDANCE

Highlights – 6 months to 30 June 2025 (1H25)

• Underlying
1
NPATAS
2
of $48.9 million (1H24: $28.5 million), up 72%
• Reported NPAT
3
of $57.6 million (1H24: $38.1 million), up 51%
• Underlying EBITDA
4
of $86.7m (1H24: $60.5m), up 43%
• All divisions successfully executing their respective growth strategies:
o Steady performance by the Global Proteins division
o Exceptional result by Horticulture
o Excellent result by Logistics
• Directors advise a further increase in FY25 Underlying NPATAS guidance to between $45.0m
and $50.0m

Diversified agribusiness group Scales Corporation Limited (NZX:SCL) today reported its 1H25 results,
which included outstanding results from the Horticulture and Logistics divisions and steady
performance from the Global Proteins division.

Scales Corporation’s Chair, Mike Petersen, noted: “The excellent performance by the Horticulture
division is, in part, due to it realising the benefit of long-term strategic investment in apple varieties
targeted to the Asia & Middle East markets. We expect further benefits to be realised over
forthcoming periods.”

“Global Proteins is also progressing its strategic growth goals and is continuing to produce steady
results. Logistics benefitted from higher freight and handling volumes in the first half of the year and
continues to prove its strategic value to both internal and external customers.”


1
Underlying results exclude some New Zealand International Financial Report Standards non-cash and other adjustments
2
Net Profit After Tax Attributable to Shareholders
3
Net Profit After Tax
4
Earnings Before Interest, Tax, Depreciation and Amortisation

“As always, these results are a reflection of the skill and expertise of Scales’ management and staff,
who are responsible for executing each of the divisional strategies, and we are hugely appreciative of
their hard work.”

Divisions

Global Proteins generated an Underlying EBITDA of $29.7 million (1H24: $29.6 million). Andy
Borland, Managing Director of Scales, observed: “Global Proteins continues to produce a consistent
overall divisional performance, with increases in both petfood ingredients and edible proteins sales
volumes.

“Meateor Australia had a particularly strong first half, delivering ahead of forecast with its year-to-date
margins up on expectations. Fayman, the edible proteins business, also delivered a robust
performance, with continued strong sales across Asia and United States markets.”

“We were very pleased to acquire an additional 7.5% investment in Shelby in April 2025 and also
commission the new toll processing plant in the United States and the new processing facility in the
Netherlands.”

Horticulture delivered a significant growth in earnings with Underlying EBITDA of $53.2 million (1H24:
$30.0 million), up 77%. Forecast total own-grown export volumes for Mr Apple are 3.7 million TCEs
5

(2024: 3.0 million TCEs), a projected increase of 21%.

Mr Borland commented: "The strong performance in Horticulture highlights the success of our long-
term strategy to invest in apple varieties tailored for key markets in Asia and the Middle East - a
strategy that was accelerated by last year’s Bostock transaction.

“There were significant increases in our Dazzle
TM
and Posy
TM
volumes as a result of this strategy.
These varieties are forecast to account for over 25% of Premium volumes in 2025, with the proportion
of Premium apple volumes overall also increasing, to around 75% in 2025 (2024: 72%).” We expect
the proportion of Premium variety volumes will continue to grow in future harvests as a result of
maturing plantings.

Logistics produced an exceptional result, underpinned by increased freight volumes. Underlying
EBITDA was $6.1 million compared to $3.8 million in 1H24, up 60%. Mr Borland remarked “This was
a very strong result from Logistics especially in light of global supply chain issues. The division

5
Tray Carton Equivalents

experienced strong demand for sea freight, particularly from the horticulture sector, and a significant
increase in air freight volumes, particularly across dairy. Our new Auckland coolstore and warehouse
also helped to facilitate this lift in volumes.”

Full Year 2025 Outlook

The Directors are pleased to advise a further increase in the FY25 Guidance range of Underlying Net
Profit after Tax Attributable to Shareholders, to between $45.0 million and $50.0 million.

In providing this Guidance, Directors note the following:
• Mr Apple has ~18% of the export crop to be sold (August 2024: ~14%)
• We remain cautious in Global Proteins due to the current operating and geopolitical environment.
However, we are confident with the medium-term and strategic growth initiatives that we have in
place

On behalf of his fellow Directors and Shareholders, Mr Petersen expressed his thanks to all Scales’
employees’ ongoing commitment and effort, which has been responsible for delivering the strong first
half financial performance.

About Scales Corporation
Scales Corporation is a diversified agribusiness portfolio. It comprises three operating divisions:
Global Proteins, Horticulture and Logistics. The company’s diverse spread of activities gives Scales
broad exposure to the agribusiness sector. Scales Corporation was founded in 1897 as a shipping
business by George Scales. Today it has operations across New Zealand, Australia, United States
and Europe. Find out more at www.scalescorporation.co.nz.

Contact
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999, email:
andy.borland@scalescorporation.co.nz

---

Delivering Nutrition
to the World
Interim Results Presentation
For the 6 Months Ended 30 June 2025
25 August 2025
Scales Corporation Limited

2Scales Corporation Limited – 2025 Interim Results
Agenda
01. 1H25 Group Overview
02. Group Results
03. Divisional Performance and Update
04. Sustainability Update
05. FY25 and Future Outlook
Appendices
I. NZ IFRS Reconciliation
II. Disclaimer
Mr Apple exhibition, Vietnam

01.
1H25
Overview

4Scales Corporation Limited – 2025 Interim Results
1H25 financial result ahead of expectations:
Underlying* EBITDA of $86.7m (1H24: $60.5m), up 43%
Underlying NPAT of $56.9m (1H24: $38.4m), up 48%
Underlying NPATAS of $48.9m (1H24: $28.5m), up 72%
All divisions successfully executing their respective growth strategies:
Steady performance by the Global Proteins division
Exceptional result by Horticulture
Excellent result by Logistics
Directors advise a further increase in Scales’ FY25 earnings guidance:
Underlying NPATAS to be between $45.0m and $50.0m
1H25 Group Overview
Very strong first half Group performance underpinning lift in FY25 guidance
* 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 I
Vietnamese influencer learning about Mr Apple apples

5Scales Corporation Limited – 2025 Interim Results
Logistics benefitting from:
Strong horticulture production
season, resulting in higher
freight volumes
A lift in dairy airfreight volumes
An increase in freight services,
aligned with the above
Horticulture performance realising the
benefit of long-term strategic investment
in apple varieties targeted to the Asia &
Middle East markets:
Strategy fast-tracked with Bostock
acquisition
Increased apple export volumes and
average prices
Increased proportion of Premium
varieties
Global Proteins continuing to progress its
strategic growth goal:
Particularly strong 1H25 performance
by Meateor Australia, delivering ahead
of forecast
Acquired additional 7.5% investment
in Shelby
New toll processing plant in the United
States and new processing facility in
the Netherlands commissioned
Divisional Overview
Strength across all divisions

02.
Group
Results
Dazzle
TM
in the ex-Bostock Riverslea orchard

7Scales Corporation Limited – 2025 Interim Results
$m
1H25
1H24
% chg.
1H25
1H24
% chg.
1H25
1H24
% chg.
Underlying (excluding NZ IFRS 16)
49.5
28.6
73%
57.4
38.5
49%
80.2
54.4
47%
NZ IFRS 16
Leases
(0.5)
(0.1)
(0.5)
(0.1)
6.5
6.0
Underlying (including NZ IFRS 16)
48.9
28.5
72%
56.9
38.4
48%
86.7
60.5
43%
NZ IFRS & other adjustments:
Transaction costs
(0.5)
(0.7)
(0.5)
(0.7)
(0.5)
(0.7)
Cyclone costs and proceeds
-
0.1
-
0.1
-
0.2
Other adjustments
0.1
0.3
1.2
0.3
1.5
1.6
Reported
48.6
28.1
73%
57.6
38.1
51%
87.8
61.5
43%
Notes:
1. Prepared on an Underlying basis (including the effects of NZ IFRS 16
Leases
). A reconciliation to NZ IFRS is provided in Appendix I
2. %'s are calculated based on non-rounded figures, figures may not sum due to rounding
3. Earnings are shown before the deduction of share of NPAT for Non-Controlling Interests of $7.9m (1H24: $9.9m)
NPAT Attributable to
Shareholders
NPAT
EBITDA
Group Financial Performance
Notable increase in Group earnings

8Scales Corporation Limited – 2025 Interim Results
% chg.
$m
1H25
1H24
2H24
FY24
1H25 v 1H24
Global Proteins
29.7
29.6
25.8
55.4
0.5%
Horticulture
53.2
30.0
7.7
37.7
77.4%
Logistics
6.1
3.8
3.1
6.9
59.9%
Corporate
(2.3)
(2.9)
(5.3)
(8.2)
-20.6%
Underlying EBITDA
86.7
60.5
31.2
91.7
43.4%
Underlying NPAT
56.9
38.4
15.2
53.6
48.0%
Underlying NPAT
Attributable to Shareholders
48.9
28.5
5.8
34.3
71.7%
Notes:
2. %'s are calculated based on non-rounded figures, figures may not sum due to rounding
1. Prepared on an Underlying basis (including the effects of NZ IFRS 16
Leases
). A reconciliation to NZ IFRS is provided in Appendix I
3. 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 unsold fruit is recognised in our interim result, giving rise to seasonality in profitability
Divisional Performance
Excellent growth in Horticulture and Logistics earnings

9Scales Corporation Limited – 2025 Interim Results
Net Debt of $67.5m as at 30 June 2025 vs $81.9m as at 30 June 2024:
Reflects additional 7.5% investment in Shelby for USD24.4m
The sale of the Whakatu Coolstore, for $24.0m, will settle in late August 2025
As at 30 June 2025, 55% of Horticulture crop sold (30 June 2024: 54%)
Balance Sheet
Healthy financial position
Net Debt Reconciliation ($m)
$mJun-25Jun-24Dec-24
Net Working Capital140.9133.634.5
Non-Current Assets461.8439.2435.0
Capital Employed602.7572.8469.5
Non-current and other liabilities(104.8)(87.3)(100.5)
Net (debt) / cash(67.5)(81.9)12.5
Total Equity430.5403.7381.5

03.
Divisional
Performance
and Update
Logistics’ Auckland warehouse and chiller facility

11Scales Corporation Limited – 2025 Interim Results
Underlying EBITDA ($m)Volumes Sold* (MT 000s)
Global Proteins – Financial Result
Consistent overall divisional performance
Underlying NPATAS of $17.9m (1H24: $15.7m)
Underlying EBITDA of $29.7m (1H24: $29.6m):
Increases in both petfood ingredients and edible proteins sales volumes
Particularly strong 1H25 performance by Meateor Australia, delivering ahead of forecast with YTD margins up on expectations
Fayman also delivering a robust performance, with continued strong sales across Asia and US markets and increased unit gross margins
* 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.
Inter-company sales were not excluded in periods prior to 1H24 due to immaterial volumes

12Scales Corporation Limited – 2025 Interim Results
Increased EBITDA/kg margins across Meateor Australia,
Meateor New Zealand and EsroPetfood, resulting in overall
growth across the divisional businesses
Partially offset by the previously signaled reduction in
MeateorInternational operations
Global Proteins – Margin Performance
Slight increase in overall margin per kg, revenue per kg steady
Petfood Ingredients Business Units
100% of Revenue / KG and Underlying EBITDA / KG *
* 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

13Scales Corporation Limited – 2025 Interim Results
Projects completed or nearing completion
✓New toll processing plant in the United States commissioned Q4 2024
✓New processing facility in the Netherlands commissioned Q1 2025
✓Blending project in the United States fully operational FY24
✓New in-plant collection and cooling system in the United States fully
operational FY24
✓Meateor Australia trading ahead of forecast and significantly profitable
Global Proteins – Update on Current Initiatives
9 key projects across New Zealand, Australia, United States and Europe underpin our growth target
Other ongoing projects
Second in-plant collection and cooling system in the United States
expected to be operational in FY26
Continuing to investigate options to increase fish and poultry
presence in the United States
Undertaking a feasibility study for a second European site
Assessing options for additional capacity in New Zealand

14Scales Corporation Limited – 2025 Interim Results
Underlying EBITDA $53.2m (1H24: $30.0m), up 77%
Mr Apple’s total own-grown export volumes forecast to be 3.7m TCEs (2024: 3.0m TCEs), an increase of ~21%:
Positive impact on grower returns from increases in premium variety volumes and mix
Reflects the success of our long-term strategy to invest in apple varieties tailored for key markets in Asia and the Middle East
Underlying EBITDA ($m)
Horticulture – Financial Result
Significant growth in earnings from increased volumes and prices
Mr Apple Own Export Volumes (TCE 000s)

15Scales Corporation Limited – 2025 Interim Results
Horticulture – Premium Volumes and Markets
Long-term strategy bearing fruit
Premium volumes accounted for ~75% of total export sale volumes (2024: 72%):
Benefitted from integration of Bostock orchards, which performed ahead of
expectations
Significant increases in Dazzle
TM
and Posy
TM
Continued Premium variety volume growth to come from maturing plantings
Asia & Middle East sales expected to comprise 85% of total fruit sold (2024: 81%):
Strong demand in Asiadue to short supply and upcoming Mid-Autumn Festival
Export packout to date approximately 80%(2024: 79%)
Profruit’svolumesreflect a more normal year compared to the overperformance of
2024, with continued strong sales into the US
Movement in Premium Volumes (TCE 000s)
Sales by Region (TCEs) FY25F*
* 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 are sales predominantly in their respective currencies

16Scales Corporation Limited – 2025 Interim Results
Underlying EBITDA ($m)
Logistics – Financial Result and Update
Exceptional result underpinned by increased freight volumes
Underlying 1H25 EBITDA of $6.1m (1H24: $3.8m), up 60%:
Strong demand for sea freight with increased volumes compared
to 1H24, particularly from the horticulture sector
Significant increase in airfreight volumes particularly across dairy
Corresponding increase in freight services due to the increase in
volumes outlined above
New Auckland coolstoreand warehouse facilitating lift in
airfreight volumes
The Logistics division continues to deliver value to its customers
amid ongoing global supply chain disruption

04.
Sustainability
Update
Riverslea Dazzle
TM
orchard

18Scales Corporation Limited – 2025 Interim Results
Successfully delivered on our 2024 sustainability milestones, with new
targets in development
Materiality assessment underway to better understand the key topics and
issues for both our internal and external stakeholders
Refreshing our sustainability strategy to enable us to build a longer-term
sustainability roadmap
Improving the accuracy of our Scope 3 emissions, using Life Cycle
Assessment (LCA) literature to develop emissions factors for our proteins
Implemented an enhanced parental leave policy to support our staff
Reviewing our decarbonisation work to provide support in setting our next
emissions targets
Advancing ESG goals through our strategic refresh, Scope 3 transparency
and stakeholder-driven priorities to unlock long-term value
Sustainability Update
Building momentum on our 2025 climate commitments

05.
FY25 and
Future
Outlook

20Scales Corporation Limited – 2025 Interim Results
Directors advise a further increase in the FY25 Guidance range of Underlying Net Profit after Tax Attributable to Shareholders to
between $45.0m to $50.0m, implying:
An Underlying Net Profit after Tax range of between $59.5m and $64.5m
An Underlying EBITDA range of between $103.0m and $110.0m
In providing the above Guidance, Directors note the following:
Mr Apple has ~18% of the export crop to be sold (August 2024: ~14%)
We remain cautious in Global Proteins due to the current operating and geopolitical environment. However, we are confident with
the medium-term and strategic growth initiatives that we have in place
FY25 Outlook
Scales lifts FY25 Guidance as a result of strong 1H25 earnings

21Scales Corporation Limited – 2025 Interim Results
The Path Ahead
Where we are now:
Cyclone Gabrielle recovery is
behind us
Long-term strategic investment
and Bostock transaction delivering
results
Revised year end guidance, which
will lead to increased dividends
Once again, benefits of Scales’
diversification has ensured robust
performance
Key drivers of future growth:
Enhanced diversification of earnings
A focus on the expansion of Global
Proteins and Logistics, leveraging
our established global footprint
Global expansion will be facilitated
by supply chain excellence
Ongoing opportunities for growth
through increasing our Joint
Venture stakes

Appendices
Logistics’ Auckland warehouse and chiller facility

Appendix I
Metro train advertising, Taipei

24Scales Corporation Limited – 2025 Interim Results
GroupGlobal ProteinsHorticultureLogisticsCorporate & Eliminations
$m1H251H241H251H241H251H241H251H241H251H24
Underlying / Reported Revenue371.9318.1126.4141.7193.8134.573.356.3(21.6)(14.4)
EBITDA Reconciliation
Underlying EBITDA (excluding NZ IFRS 16)80.254.429.729.647.424.65.53.3(2.4)(3.0)
NZ IFRS 16 Leases6.56.00.00.05.85.40.60.60.10.1
Underlying EBITDA (including NZ IFRS 16)86.760.529.729.653.230.06.13.8(2.3)(2.9)
Other adjustments:
Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - -
Fayman acquisition settlement adjustments(0.3)(1.3)(0.3)(1.3) - - - - - -
Profruit acquisition and equity accounting(0.5)1.6 - - (0.5)1.6 - - - -
Equity accounting losses not recognised0.90.90.90.9 - - - - - -
Change in fair value gain on apple inventory1.90.8 - - 1.90.8 - - - -
Change in gross liability for non-controlling interests - (0.1) - (0.1) - - - - - -
Equity settled employee benefits(0.5)(0.3) - - - - - - (0.5)(0.3)
Transaction costs(0.5)(0.7) - - (0.4)(0.1) - - (0.1)(0.7)
Reported EBITDA87.861.530.329.154.332.56.13.8(2.9)(3.9)
EBIT Reconciliation
Underlying EBIT (excluding NZ IFRS 16)72.848.128.628.941.319.15.43.1(2.4)(3.0)
NZ IFRS 16 Leases1.31.60.00.01.01.40.20.20.00.0
Underlying EBIT (including NZ IFRS 16)74.149.728.628.942.420.45.63.4(2.4)(3.0)
Other adjustments:
Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - -
Fayman acquisition settlement adjustments(0.3)(1.3)(0.3)(1.3) - - - - - -
Profruit acquisition(0.5)2.0 - - (0.5)2.0 - - - -
Equity accounting losses not recognised0.90.90.90.9 - - - - - -
Change in fair value gain on apple inventory1.90.8 - - 1.90.8 - - - -
Change in gross liability for non-controlling interests - (0.1) - (0.1) - - - - - -
Equity settled employee benefits(0.5)(0.3) - - - - - - (0.5)(0.3)
Transaction costs(0.5)(0.7) - - (0.4)(0.1) - - (0.1)(0.7)
Reported EBIT75.151.229.228.543.423.35.63.4(3.0)(4.0)
NZ IFRS Reconciliation

25Scales Corporation Limited – 2025 Interim Results
GroupGlobal ProteinsHorticultureLogisticsCorporate & Eliminations
$m1H251H241H251H241H251H241H251H241H251H24
NPAT Reconciliation
Underlying NPAT (excluding NZ IFRS 16)57.438.525.825.629.613.63.82.2(1.9)(3.0)
NZ IFRS 16 Leases(0.5)(0.1)(0.0)0.0(0.5)0.0(0.1)(0.1)(0.0)(0.0)
Underlying NPAT (including NZ IFRS 16)56.938.425.825.629.213.63.82.2(1.9)(3.0)
Other adjustments:
Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - -
Fayman acquisition settlement adjustments(0.0)(1.1)(0.0)(1.1) - - - - - -
Profruit acquisition(0.5)2.6 - - (0.5)2.6 - - - -
Equity accounting losses not recognised0.90.90.90.9 - - - - - -
Change in fair value gain on apple inventory1.90.8 - - 1.90.8 - - - -
Change in gross liability for non-controlling interests - (0.1) - (0.1) - - - - - -
Equity settled employee benefits(0.5)(0.3) - - - - - - (0.5)(0.3)
Transaction costs(0.5)(0.7) - - (0.4)(0.1) - - (0.1)(0.7)
Tax deduction change for buildings - (2.1) - - - (2.1) - - - -
Tax effect of other NZ IFRS adjustments(0.6)(0.5)(0.2)(0.3)(0.4)(0.3) - - - -
Reported NPAT57.638.126.425.129.814.83.82.2(2.5)(4.0)
NPAT Attributable to Shareholders Reconciliation
Underlying NPATAS (excluding NZ IFRS 16)49.528.617.915.729.613.63.82.2(1.9)(3.0)
NZ IFRS 16 Leases(0.5)(0.1)(0.0)(0.0)(0.5)0.0(0.1)(0.1)(0.0)(0.0)
Underlying NPATAS (including NZ IFRS 16)48.928.517.915.729.213.63.82.2(1.9)(3.0)
Other adjustments:
Cyclone Gabrielle - net costs and proceeds - 0.2 - - - 0.2 - - - -
Fayman acquisition settlement adjustments(0.0)(1.1)(0.0)(1.1) - - - - - -
Profruit acquisition(0.5)2.6 - - (0.5)2.6 - - - -
Shelby acquisition(1.0) - (1.0) - - - - - - -
Equity accounting losses not recognised0.90.90.90.9 - - - - - -
Change in fair value gain on apple inventory1.90.8 - - 1.90.8 - - - -
Change in gross liability for non-controlling interests - (0.1) - (0.1) - - - - - -
Equity settled employee benefits(0.5)(0.3) - - - - - - (0.5)(0.3)
Transaction costs(0.5)(0.7) - - (0.4)(0.1) - - (0.1)(0.7)
Tax deduction change for buildings - (2.1) - - - (2.1) - - - -
Tax effect of other NZ IFRS adjustments(0.6)(0.5)(0.2)(0.3)(0.4)(0.3) - - - -
Reported NPAT Attributable to Shareholders48.628.117.515.229.814.83.82.2(2.5)(4.0)
NZ IFRS Reconciliation (cont.)

Appendix II
Inside Shelby’s new toll processing facility

27Scales Corporation Limited – 2025 Interim 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 (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.

---

Scales Corporation Limited
condensed consolidated interim financial statements
for the six months ended 30 June 2025

Scales Corporation Limited
Contents
Directory3
Consolidated statement of comprehensive income4
Consolidated statement of changes in equity6
Consolidated statement of financial position7
Consolidated statement of cash flows8
Notes to the condensed consolidated interim financial statements10
2

Scales Corporation Limited
Directory
Board of DirectorsAuditor
Mike Petersen (Chair)Deloitte Limited
Andrew Borland (Managing Director)Level 4
Tony Batterton151 Cambridge Terrace
Miranda BurdonChristchurch 8013
Nick Harris
Alan IsaacBankers
ANZ Bank New Zealand Limited
Audit and Risk Management CommitteeLevel 3
Alan Isaac (Chair)ANZ Centre
Nick Harris267 High Street
Tony BattertonChristchurch 8011
Nominations and Remuneration CommitteeCoöperatieve Rabobank U.A., New Zealand Branch
Tony Batterton (Chair)Level 4
Mike Petersen32 Hood Street
Hamilton 3204
Finance and Treasury Committee
Tony Batterton (Chair)Westpac New Zealand Limited
Andrew BorlandLevel 4
Mike PetersenThe Terrace
83 Cashel Street
Health & Safety and Sustainability CommitteeChristchurch 8011
Miranda Burdon (Chair)
Andrew BorlandSolicitors
Anthony Harper
Registered OfficeLevel 9
52 Cashel StreetAnthony Harper Tower
Christchurch 801362 Worcester Boulevard
New ZealandChristchurch 8013
Postal AddressChapman Tripp
PO Box 1590Level 34
Christchurch 8140PwC Tower
New Zealand15 Customs Street West
Auckland 1010
Telephone
+64 3 379 7720Corporate Advisor
Maher & Associates
Website17 Albert Street
www.scalescorporation.co.nzAuckland 1010
Share Registry
Computershare Investor Services Limited
Level 2
159 Hurstmere Road
Takapuna
North Shore City
Auckland 0622
3

Scales Corporation Limited
Consolidated statement of comprehensive income for the six months ended 30 June 2025
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31 December
2024
Note$000's$000's$000's
Revenue5371,892318,101584,627
Cost of sales(255,642)(233,089)(439,602)
116,25085,012145,025
Administration and operating expenses(33,678)(29,123)(64,234)
Impairment of property, plant and equipment(132)-(2,732)
Share of profit of entities accounted for using the equity method4,8753,9566,402
Other income7873,3727,810
Other losses(313)(1,738)(4,178)
EBITDA87,78961,47988,093
Amortisation(273)(306)(744)
Depreciation(7,140)(5,616)(12,007)
Depreciation of right-of-use asset(5,229)(4,397)(9,285)
EBIT75,14751,16066,057
Finance revenue1,3891,4013,465
Finance cost(1,785)(2,025)(4,819)
Finance cost of lease liability(2,013)(1,749)(3,774)
PROFIT BEFORE INCOME TAX EXPENSE72,73848,78760,929
Income tax expense(15,165)(10,717)(10,892)
PROFIT FOR THE PERIOD57,57338,07050,037
Profit for the period is attributable to:
Equity holders of the Company48,59628,14930,726
Non-controlling interests8,9779,92119,311
57,57338,07050,037
EARNINGS PER SHARE ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY:
Basic earnings per share (cents)734.119.821.6
Diluted earnings per share (cents)733.919.821.5
The notes to the financial statements form part of and should be read in conjunction with this statement.
4

Scales Corporation Limited
Consolidated statement of comprehensive income for the six months ended 30 June 2025 (continued)
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
OTHER COMPREHENSIVE INCOME
Items that may be reclassified subsequently to profit or loss:
Gain (loss) on cash flow hedges40,734(10,136)(41,941)
Income tax relating to cash flow hedges(11,406)2,83811,743
Share of other comprehensive income of joint ventures3,550(362)(4,473)
Income tax relating to share of other comprehensive income of joint ventures(315)154452
Foreign exchange (loss) gain on translating foreign operations(660)1,6923,630
31,903(5,814)(30,589)
Items that will not be reclassified to profit or loss:
Revaluation of land and buildings--(110)
Income tax relating to buildings--(1,736)
Revaluation of apple trees--12,561
Income tax relating to apple trees--(3,517)
Deferred tax effect on sale of buildings--821
Remeasurement of net defined benefit liability--487
Income tax relating to remeasurement of net defined benefit liability--(74)
--8,432
OTHER COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD31,903(5,814)(22,157)
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD89,47632,25627,880
Total comprehensive income for the period attributable to:
Equity holders of the Company80,49922,3358,374
Non-controlling interests8,9779,92119,506
89,47632,25627,880
The notes to the financial statements form part of and should be read in conjunction with this statement.
5

Scales Corporation Limited
Consolidated statement of changes in equity for the six months ended 30 June 2025
Share
capitalReserves
Retained
earnings
Attributable
to owners of
the Company
Non-
controlling
interestsTotal
Note$000's$000's$000's$000's$000's$000's
Unaudited
Six months ended 30 June 2025
At 1 January 2025105,77161,033200,785367,58913,927381,516
Profit for the year--48,59648,5968,97757,573
Other comprehensive income for the period-31,903-31,903-31,903
Total comprehensive income for the period-31,90348,59680,4998,97789,476
Recognition of share-based payments-511-511-511
Shares fully vested1,663(679)(127)857-857
Dividends6--(12,703)(12,703)(5,086)(17,789)
Acquisition of non-controlling interest13--(22,915)(22,915)(1,167)(24,082)
Balance at 30 June 2025107,43492,768213,636413,83816,651430,489
Unaudited
Six months ended 30 June 2024
At 1 January 2024103,44599,435170,472373,35211,596384,948
Profit for the year--28,14928,1499,92138,070
Other comprehensive loss for the period-(5,814)-(5,814)-(5,814)
Total comprehensive income for the period-(5,814)28,14922,3359,92132,256
Recognition of share-based payments-339-339-339
Shares fully vested1,289(418)(131)740-740
Dividends6--(6,042)(6,042)(8,536)(14,578)
Balance at 30 June 2024104,73493,542192,448390,72412,981403,705
Audited
Year ended 31 December 2024
At 1 January 2024103,44599,435170,472373,35211,596384,948
Profit for the year--30,72630,72619,31150,037
Other comprehensive loss for the period-(22,352)-(22,352)195(22,157)
Total comprehensive income for the period-(22,352)30,7268,37419,50627,880
Reclassification of revaluation reserve-(16,182)16,182---
Recognition of share-based payments-710-710-710
Shares sold256--256-256
Shares fully vested2,070(578)(221)1,271-1,271
Dividends6--(16,374)(16,374)(17,175)(33,549)
Balance at 31 December 2024105,77161,033200,785367,58913,927381,516
The notes to the financial statements form part of and should be read in conjunction with this statement.
6

Scales Corporation Limited
Consolidated statement of financial position as at 30 June 2025
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31 December
2024
Note$000's$000's$000's
EQUITY
Share capital107,434104,734105,771
Reserves892,76893,54261,033
Retained earnings213,636192,448200,785
Equity attributable to Scales Corporation Limited shareholders413,838390,724367,589
Equity attributable to non-controlling interests16,65112,98113,927
TOTAL EQUITY430,489403,705381,516
CURRENT ASSETS
Cash and bank balances44,42639,87853,753
Trade and other receivables137,134116,77538,025
Current tax assets5641,4885,363
Other financial assets94,6433,3062,230
Agricultural produce83,28965,73426,648
Inventories30,67139,88324,962
Prepayments2,9794,5553,876
303,706271,619154,857
Assets held for sale1419,10028,95019,100
TOTAL CURRENT ASSETS322,806300,569173,957
NON-CURRENT ASSETS
Property, plant and equipment239,319243,237238,689
Investments accounted for using the equity method63,04560,10257,212
Goodwill38,30538,40640,630
Defined benefit plan net asset55562597
Other financial assets950,39035,21837,188
Computer software8459951,055
Right-of-use asset69,34961,22259,597
TOTAL NON-CURRENT ASSETS461,808439,242434,968
TOTAL ASSETS784,614739,811608,925
CURRENT LIABILITIES
Trade and other payables106,09586,80029,852
Dividend declared611,0826,04810,332
Borrowings34,00025,500-
Current tax liabilities12,6917,454397
Other financial liabilities96,25720,13541,918
Lease liability12,41512,66613,464
TOTAL CURRENT LIABILITIES182,540158,60395,963
NON-CURRENT LIABILITIES
Borrowings77,90096,27341,259
Deferred tax liabilities23,64615,38918,578
Other financial liabilities95,56911,12018,688
Lease liability64,47054,72152,921
TOTAL NON-CURRENT LIABILITIES171,585177,503131,446
TOTAL LIABILITIES354,125336,106227,409
NET ASSETS430,489403,705381,516
The notes to the financial statements form part of and should be read in conjunction with this statement.
7

Scales Corporation Limited
Consolidated statement of cash flows for the six months ended 30 June 2025
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31 December
2024
Note$000's$000's$000's
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers270,180242,046590,424
Government grants received-2525
Dividends and distributions received1,727-1,546
Interest received1,1071,2153,000
273,014243,286594,995
Cash was disbursed to:
Payments to suppliers and employees(273,986)(238,510)(481,705)
Interest paid(3,798)(3,774)(8,593)
Income tax paid(4,448)(3,557)(7,140)
(282,232)(245,841)(497,438)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES(9,218)(2,555)97,557
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Advances repaid256131261
Sale of property, plant and equipment199734,000
45513834,261
Cash was applied to:
Purchase of property, plant and equipment(9,682)(44,508)(54,433)
Purchase of computer software(63)(141)(507)
Acquisition of non-controlling interest(41,434)--
Acquisition of subsidiary, net of cash acquired-(10,947)(11,080)
Advances to joint ventures(2,667)(10,269)(17,338)
(53,846)(65,865)(83,358)
NET CASH USED IN INVESTING ACTIVITIES(53,391)(65,727)(49,097)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Drawdowns of seasonal facility borrowings34,00025,50025,500
Drawdowns of term facility borrowings40,73356,00056,000
Treasury stock sold--256
74,73381,50081,756
Cash was applied to:
Dividends paid(11,953)(6,035)(12,083)
Dividends paid to non-controlling interests(5,086)(8,536)(17,175)
Repayments of borrowings - seasonal-(3,437)(28,937)
Repayments of borrowings - term- (29,087)(87,087)
Repayments of lease liabilities(4,525)(4,258)(9,075)
(21,564)(51,353)(154,357)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES53,16930,147(72,601)
NET DECREASE IN NET CASH(9,440)(38,135)(24,141)
Net foreign exchange difference113375256
Cash and cash equivalents at the beginning of the period53,75377,63877,638
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD44,42639,87853,753
The notes to the financial statements form part of and should be read in conjunction with this statement.
8

Scales Corporation Limited
Consolidated statement of cash flows for the six months ended 30 June 2025 (continued)
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31 December
2024
Note$000's$000's$000's
Represented by:
Cash and bank balances44,42639,87853,753
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD44,42639,87853,753
NET CASH GENERATED BY OPERATING ACTIVITIES
Reconciliation of profit for the year to net cash generated by operating activities:
PROFIT FOR THE PERIOD57,57338,07050,037
Non-cash items:
Depreciation (including on right-of-use asset)12,36910,01321,292
Share of equity accounted results(4,875)(3,956)(6,402)
Gain on rights transferred35-(3,113)
Gain on fair value equity investment-(3,304)(3,367)
Hedging instruments(1,111)1,8094,790
Deferred tax(6,323)(1,085)6,455
Fair value loss on interest-free related party loans, net of interest income1621,4631,663
Share-based payments511339710
Amortisation273306744
Change in value of call and put options-892,515
(Gain) loss on lease modification9(36)(79)
Foreign exchange on related party loans(996)7(682)
(Gain) loss on disposal of property, plant and equipment107(7)(1,225)
Impairment on revaluation132-2,732
Interest capitalised into loans(282)-(465)
Operating cash receipts not included in profit for the period:
Dividends received from equity accounted entities1,640-1,545
Changes in net assets and liabilities:
Trade and other receivables(100,406)(78,151)1,009
Agricultural produce(56,641)(41,512)(2,426)
Inventories(6,210)7,90824,175
Prepayments878183884
Trade and other payables76,89757,064(532)
Current tax assets and liabilities17,0408,245(2,703)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES(9,218)(2,555)97,557
For and on behalf of the Board of Directors who authorised the issue of these interim financial statements on 22 August 2025.
Mike Petersen, ChairAndy Borland, Managing Director
9

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
1. GENERAL INFORMATION
Scales Corporation Limited (the "Company" or "Scales") is a for-profit entity domiciled and registered under the Companies
Act 1993 in New Zealand. It is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013 and the
Financial Reporting Act 2013. The Group consists of Scales, its subsidiaries and joint ventures. The principal activities of the
Group are to manufacture and trade food ingredients, grow apples, provide logistics services, export products, provide
insurance services to companies within the Group and operate processing facilities.
2. BASIS OF PREPARATION
These unaudited condensed consolidated interim financial statements have been prepared in accordance with Generally
Accepted Accounting Practice (“GAAP”). They comply with the New Zealand Equivalent to International Accounting
Standard 34 (NZ IAS 34)Interim Financial Reportingand International Accounting Standard 34 (IAS 34)InterimFinancial
Reporting, as applicable to for-profit orientated entities. The significant accounting policies applied by the Group during the
period have been applied consistently to all periods presented in these condensed consolidated interim financial statements.
These financial statements should be read in conjunction with the financial statements and related notes included in the
Company’s Annual Report for the year ended 31 December 2024.
The information is presented in thousands of New Zealand dollars unless otherwise stated.
3. SEASONALITY OF BUSINESS
Higher volumes are processed through the Global Proteins plants in the first half of the year due to the seasonal nature of the
meat industry.
There is greater utilisation of Logistics services over the first half of the year as seasonal products are shipped to export markets.
The Horticulture business segment is subject to seasonal fluctuation. The apple crop has been picked, with packing and the
export programme well underway, as at 30 June. At 30 June the harvested crop held in inventory is valued at fair value less
estimated costs to sell. At 31 December the unharvested crop is valued at fair value less estimated costs to sell. Both the
harvested crop at 30 June and the unharvested crop at 31 December are included in agricultural produce.
4. SEGMENT INFORMATION
Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
No single external customer’s revenue accounts for 10% or more of the Group’s revenue. All non-current assets are located in
New Zealand, Australia, the Netherlands and the United States of America.
The Group's operations comprise the following operating segments:
Global Proteins: processing and marketing of proteins such as petfood ingredients, edible meat and offal products.
Meateor Foods Limited, Meateor Foods Australia Pty Limited, Meateor Group Limited, Meateor US LLC, Shelby JV LLC Group
(Shelby Cold Storage LLC, Shelby Exports Inc, Shelby Foods LLC, Shelby JV LLC, Shelby Properties LLC, Shelby Trucking LLC),
Meateor GP Limited, Meateor Pet Foods Limited Partnership, Scales FI Group Holdings Pty Limited, Meateor Australia Pty
Limited, FI Group Holdings Pty Limited Group (FI Group Holdings Pty Limited, Fayman International Group Pty Limited and
Fayman New Zealand Limited), ANZ Exports Pty Limited and Esro Petfood B.V.
Horticulture: orchards, fruit packing, juice concentrate processing and marketing. Mr Apple New Zealand Limited,
New Zealand Apple Limited, Fern Ridge Produce Limited, Longview Group Holdings Limited and Profruit (2006) Limited.
Logistics: logistics services. Scales Logistics Limited and Scales Logistics Australia Pty Ltd.
Other: Scales Corporation Limited, Geo. H. Scales Limited, Scales Employees Limited, Scales Holdings Limited
and Selacs Insurance Limited.
10

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
4. SEGMENT INFORMATION (CONTINUED)
Global
Proteins
HorticultureLogisticsOtherEliminationsTotal
$000's$000's$000's$000's$000's$000's
Unaudited
Six months ended 30 June 2025
Total segment revenue126,385193,78473,2782,677(24,232)371,892
Inter-segment revenue--(22,468)(1,764)24,232-
Revenue from external customers126,385193,78450,810913-371,892
Segment profit (loss) before income tax31,06440,6305,450(4,406)-72,738
Segment assets172,430548,35730,27633,551-784,614
Segment liabilities16,037206,04319,415112,630-354,125
Unaudited
Six months ended 30 June 2024
Total segment revenue141,733134,47156,3412,796(17,240)318,101
Inter-segment revenue--(15,542)(1,698)17,240-
Revenue from external customers141,733134,47140,7991,098-318,101
Segment profit (loss) before income tax28,06222,3282,886(4,489)-48,787
Segment assets169,000520,11129,84020,860-739,811
Segment liabilities29,972166,01520,129119,990-336,106
Audited
Year ended 31 December 2024
Total segment revenue266,791248,87598,7973,789(33,625)584,627
Inter-segment revenue--(30,223)(3,402)33,625-
Revenue from external customers266,791248,87568,574387-584,627
Segment profit (loss) before income tax51,89216,0185,205(12,186)-60,929
Segment assets166,557365,17424,11453,080-608,925
Segment liabilities37,559129,28815,61244,950-227,409
11

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
5. REVENUE
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31 December
2024
$000's$000's$000's
By nature:
Revenue from the sale of goods304,033266,102496,741
Revenue from the rendering of services70,14853,14390,319
Fees and commission204-24
Net foreign exchange (loss) gain(6,018)(4,160)(7,228)
Rental revenue3,5253,0164,771
371,892318,101584,627
By segment and type:
Global Proteins - sale of petfood ingredients119,043135,686255,805
Global Proteins - other7,3426,04710,986
Horticulture - sale of agricultural produce178,353125,212233,827
Horticulture - agricultural produce related services11,7026,24310,277
Horticulture - other3,7293,0164,771
Logistics services50,81040,79968,574
Other9131,098387
371,892318,101584,627
6. DIVIDENDS
During the six months ended 30 June 2025 the Company paid an interim dividend of 7.25 cents per share and declared a
final dividend of 7.75 cents per share in respect of the year ended 31 December 2024. This final dividend was paid on 11 July 2025.
During the six months ended 30 June 2024 the Company paid interim dividends totalling 4.25 cents per share and declared a
final dividend of 4.25 cents per share in respect of the year ended 31 December 2023. This final dividend was paid on 12 July 2024.
7. EARNINGS PER SHARE
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
Profit attributable to equity holders of the Company ($000's):48,59628,14930,726
Weighted average number of shares:
Ordinary shares142,569,527 142,062,077 142,200,207
Effect of dilutive ordinary shares (non-vested Senior Executive Share Scheme)612,61126,524416,550
Weighted average number of ordinary shares for diluted earnings per share143,182,138 142,088,601 142,616,757
Earnings per share (cents):
Basic34.119.821.6
Diluted33.919.821.5
12

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
8. RESERVES
Revaluation
Cash flow
hedge
Share of joint
ventures
Equity-settled
employee
benefits
Foreign
exchange
translation
Pension plan
reserveTotal reserves
$000's$000's$000's$000's$000's$000's$000's
Unaudited
Six months ended 30 June 2025
At 1 January 202582,194(24,798)(1,927)1,1714,09929461,033
Other comprehensive income-29,3283,235-(660)-31,903
Recognition of share-based payments---511--511
Shares fully vested---(679)--(679)
Balance at 30 June 202582,1944,5301,3081,0033,43929492,768
Unaudited
Six months ended 30 June 2024
At 1 January 202490,3575,4002,0941,0394697699,435
Other comprehensive income (loss)-(7,298)(208)-1,692-(5,814)
Recognition of share-based payments---339--339
Shares fully vested---(418)--(418)
Balance at 30 June 202490,357(1,898)1,8869602,1617693,542
Audited
Year ended 31 December 2024
At 1 January 202490,3575,4002,0941,0394697699,435
Other comprehensive income (loss)8,019(30,198)(4,021)-3,630218(22,352)
Transfer to retained earnings(16,182)-----(16,182)
Recognition of share-based payments---710--710
Shares fully vested---(578)--(578)
Balance at 31 December 202482,194(24,798)(1,927)1,1714,09929461,033
13

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
9. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Current financial assets at fair value:
Foreign currency derivative instruments4,0212,5031,470
Interest rate swap contracts and forward rate agreements622803760
4,6433,3062,230
Non-current financial assets:
At fair value:
Foreign currency derivative instruments13,00910,1143,636
Interest rate swap contracts and forward rate agreements1238504
Joint venture call option-149-
Shares in unlisted companies200375185
At amortised cost:
Employee loans3,7142,7123,113
Related party loans33,46621,63029,750
50,39035,21837,188
Current financial liabilities at fair value:
Foreign currency derivative instruments6,2575,50023,700
Put option-14,63518,218
6,25720,13541,918
Non-current financial liabilities at fair value:
Foreign currency derivative instruments5,18511,12018,688
Interest rate swap contracts and forward rate agreements384--
5,56911,12018,688
Foreign currency derivative instruments
The Group is exposed to currency risk as a result of normal trading transactions denominated in foreign currencies. The Group
uses foreign currency derivative financial instruments to manage its currency risk. The fair value of foreign currency derivative
financial instruments at the reporting date is determined on a discounted cash flow basis whereby future cash flows are
estimated based on forward exchange rates and contract forward rates, discounted at a rate that reflects the credit risk of
various counterparties. The Group’s forward foreign exchange contracts and foreign exchange options are classified as Level 2
in the fair value hierarchy.
These foreign currency instruments are designated as cash flow hedges in order to reduce the Group’s cash flow exposure
resulting from movements in foreign currency exchange rates on anticipated future transactions. It is anticipated that the
sales will take place during the 2025 to 2030 financial years at which stage the amount deferred in equity will be released into
profit or loss.
14

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
9. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES (CONTINUED)
Interest rate swap contracts and forward rate agreements
The Group is exposed to interest rate risk as it borrows funds at floating interest rates. Management monitors the level of
interest rates on an ongoing basis and uses interest rate swaps and forward rate agreements to manage interest rate risk.
Under interest rate swap contracts and forward rate agreements, the Group agrees to exchange the difference between fixed
and floating interest rate amounts calculated on agreed notional principal amounts. Such contracts, some of which may
commence in future reporting years, enable the Group to mitigate the risk of changing interest rates on the cash flow exposures
of the issued floating rate debt. The fair value of these contracts at the reporting date is determined by discounting the future
cash flows using the forward interest rate curves at reporting date and the credit risk inherent in the contracts. The average
contracted fixed interest rate is based on the notional principal amount at balance date. The Group’s interest rate swap
contracts and forward rate agreements are classified as Level 2 in the fair value hierarchy.
These interest rate swap contracts and forward rate agreements, exchanging floating rate interest amounts for fixed rate interest
amounts, are designated as cash flow hedges in order to reduce the Group’s cash flow exposure resulting from floating interest
rates on borrowings. The interest rate swap and forward rate agreement payments, and the interest payments on the loans
occur simultaneously, and the amount deferred in equity is recognised in profit or loss over the period that the floating rate
interest payments on debt impact profit or loss.
10. RELATED PARTY DISCLOSURES
(a) Transactions with related parties
Certain directors or senior management have relevant interests in companies with which Scales has transactions in the normal
course of business. A number of Scales' directors are also non-executive directors of other companies. Any transactions
undertaken with these entities have been entered into in the ordinary course of business on a third party arm’s-length basis.
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
(b) Key management personnel remuneration
The compensation of the directors and executives, being the key management personnel
of the Group, is as follows:
Short-term employee benefits and directors' fees7,1195,8178,431
Share-based payments282206456
Post-employment benefits303168342
7,7046,1919,229
15

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
10. RELATED PARTY DISCLOSURES (CONTINUED)
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
(c) Transactions with equity accounted entities
Revenue from sale of goods-3,1273,228
Revenue from services10,9906,41714,364
Gain (loss) on related party loans-1,649(1,663)
Dividends and distributions received1,640-1,545
Interest received1,1186461,621
Materials and services received(1,877)(3,011)(7,617)
Trade receivables at balance date2,3102,2601,563
Trade payables at balance date(7)(264)-
Related party loans33,46621,63029,750
11. CAPITAL COMMITMENTS
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Commitments entered into in respect of apple trees-1,295-
Commitments entered into in respect of property, plant and equipment1,929-3,194
1,9291,2953,194
16

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
12. UNDERLYING PERFORMANCE OF INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
"Underlying EBITDA", "Underlying finance costs", "Underlying finance revenue" and "Underlying NPAT" are non-GAAP financial
performance measures. The Directors and management believe that these profit measures provide meaningful information that
is helpful to investors and gives them a better understanding of a company’s financial performance when presented in addition
to GAAP (NZ IFRS) information. The Underlying profit measures provided align more closely with the operating result of the
Joint Ventures. "EBITDA" is a non-GAAP measure and is defined internally by management as Earnings before Interest, Tax,
Depreciation and Amortisation.
Details of each of the Group’s material joint ventures at the end of the reporting period are as follows:
Joint venturesPrincipal activityCountry of
Holding
Balance date
incorporation
20252024
ANZ Exports Pty LtdTrading companyAustralia42.50%42.50% 30 June
Esro Petfood B.VTrading companyThe Netherlands50%50% 31 December
FI Group Holding Pty LtdTrading companyAustralia50%50% 30 June
Meateor Australia Pty LtdTrading companyAustralia50%50% 30 June
Meateor Pet Foods Limited PartnershipTrading companyNew Zealand50%50% 31 December
Underlying financial performance of Meateor Pet Foods Limited Partnership:
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Underlying/NZ IFRS EBITDA3,335
2,473
4,697
Depreciation and amortisation(651)
(361)
(1,643)
Finance revenue-
-
-
Finance cost(172)
(439)
(937)
Income tax expense-
-
-
Underlying/NZ IFRS NPAT2,5121,6732,117
Share of Meateor Pet Foods Limited Partnership Underlying NPAT1,2568371,059
included in Group Underlying EBITDA
Underlying items presented above are equal to their respective NZ IFRS basis for all periods presented.
17

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
12. UNDERLYING PERFORMANCE OF INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (CONTINUED)
Underlying financial performance of ANZ Exports Pty Ltd and FI Group Holding Pty Ltd:
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Underlying/NZ IFRS EBITDA9,762
7,212
18,594
Depreciation and amortisation(28)
(28)
(56)
Finance revenue232
4
7
Finance cost(811)
(986)
(1,910)
Income tax expense(3,241)
(1,906)
(6,029)
Underlying/NZ IFRS NPAT5,9144,29610,606
Share of ANZ Exports Pty Ltd and FI Group Holding Pty Ltd Underlying NPAT2,9452,1655,270
included in Group Underlying EBITDA
Underlying items presented above are equal to their respective NZ IFRS basis for all periods presented.
Underlying financial performance of Meateor Australia Pty Ltd:
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Underlying/NZ IFRS EBITDA5,701(766)1,990
Underlying/NZ IFRS depreciation and amortisation(1,514)(1,548)(2,852)
NZ IFRS finance revenue-3,3003,300
Adjustment-(3,300)(3,300)
Underlying finance revenue*---
NZ IFRS Finance cost(1,467)(3,277)(4,530)
Adjustment5642,2842,841
Underlying finance cost*(903)(993)(1,689)
Underlying/NZ IFRS income tax expense(1,373)3,5331,472
Underlying NPAT**1,911226(1,079)
Adjustment(564)1,017459
NZ IFRS NPAT1,3471,243(620)
Share of Meateor Australia Pty Ltd Underlying NPAT included in Group Underlying EBITDA956194(346)
Total share of Australian Joint Ventures Underlying NPAT included in Group Underlying EBITDA3,9012,3594,924
18

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
12. UNDERLYING PERFORMANCE OF INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD (CONTINUED)
* Underlying finance costs and underlying finance revenue are non-GAAP measures that are defined by management as
respectively finance costs and finance revenue exclusive of the unwinding discount on the related party loan, the Fayman
acquisition settlement adjustments.
**Underlying NPAT excludes an adjustment of $564k (Group share $282k) for six months ended 30 June 2025 [30 June 2024:
$1.02m (Group share $334k); 31 December 2024: $459k (Scales share $57k)].
The adjustments are non-cash entries in relation to the interest-free related party loan: the gain on initial recognition of the loan
and subsequent unwinding of the discount. The entries are included in NZ IFRS NPAT and are excluded from Underlying NPAT.
Underlying financial performance of Esro Petfood B.V.:
UnauditedAudited
Six months endedYear ended
30 June
2025
30 June
2024
31
December
2024
$000's$000's$000's
Underlying EBITDA80
(1,544)
(1,914)
Underlying depreciation and amortisation(1,380)
(528)
(1,384)
Underlying finance revenue/finance revenue-
-
-
Underlying finance costs/finance cost(1,060)
(461)
(1,383)
Underlying income tax expense579
638
1,170
Underlying NPAT(1,781)(1,895)(3,511)
Share of Esro Petfood B.V. Underlying NPAT included in Group Underlying EBITDA(891)(948)(1,756)
Esro Petfood B.V. generated an Underlying loss of $1.78m (Scales share of $890k) for six months ended 30 June 2025
[30 June 2024: Underlying loss of $1.89m (Scales share of $948k); 31 December 2024: Underlying loss of $3.51m
(Scales share of $1.75m)].
For the NZ IFRS reporting purposes, no losses in respect of the joint venture were recognised for all of the above periods
presented: given Group does not guarantee the joint venture's liabilities, losses in the joint venture are not recognised once the
carrying value of the investment in the joint venture is reduced to zero.
13. INCREASED INVESTMENT IN SHELBY FOODS
On 16 April 2025 the Group acquired a further 7.5% interest in Shelby JV LLC for USD $24.35m, bringing the total Group
ownership interest to 67.5%. As part of the acquisition, the put option over 5% of Shelby JV LLC was cancelled.
The transaction has been accounted for as an equity transaction. The incremental directly attributable transaction costs
incurred to acquire the additional 7.5% interest were deducted from parent equity. The difference between the amount by which
the non-controlling interests were adjusted and the fair value of the consideration paid was recognised directly in equity and
attributed to the owners of the parent.
19

Scales Corporation Limited
Notes to the condensed consolidated interim financial statements for the six months ended 30 June 2025
14. ASSETS HELD FOR SALE
As at 30 June 2025 the Whakatu Coolstore, located at 14 Groome Place, Whakatu, Hastings, owned by the Group subsidiary
Mr Apple New Zealand ("Mr Apple") is classified as held for sale at an amount of $19.1m. The sale is unconditional with
settlement taking place 29 August 2025. The coolstore will be classified as held for sale until settlement occurs.
The Whakatu Coolstore asset is included in the Horticulture segment.
Subsequent to 31 December 2024, Mr Apple entered into an agreement to sell the Whakatu Coolstore for $24.0m.
As part of the transaction, Mr Apple will lease back the coolstore from the purchaser under a long-term agreement.
15. EVENTS OCCURRING AFTER BALANCE DATE
There were no other events occurring subsequent to balance date which require adjustment to, or disclosure, in the
financial statements.
20

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)





Results for announcement to the market
Name of issuer Scales Corporation Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$371,892 17%
Total Revenue $371,892 17%
Net profit/(loss) from
continuing operations
$48,596 73%
Total net profit/(loss) $48,596 73%
Interim/Final Dividend
Amount per Quoted Equity
Security
Not Applicable
Imputed amount per Quoted
Equity Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.72 $2.54
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the attached reports for commentary and
unaudited condensed interim financial statements.
Authority for this announcement
Name of person

authorised
to make this announcement
Steve Kennelly
Contact person for this
announcement
Steve Kennelly
Contact phone number +64 3 3712263
Contact email address steve.kennelly@scalescorporation.co.nz
Date of release through MAP

25/08/2025

Unaudited financial statements accompany this announcement.