Market Update

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



NZX & Media Release

3 December 2025

MARKET UPDATE

2025 Trading
The Directors of Scales Corporation Limited (NZX:SCL) have reiterated market guidance for the 12
months to 31 December 2025, of an Underlying
1
Net Profit after Tax Attributable to Shareholders
range of $54.0 million to $59.0 million.
Managing Director Andy Borland commented “It has been an exceptional year for Scales Corporation,
with strong performances across all divisions and also positively impacted by increased shareholdings
in a number of our businesses.”
“Global Proteins has continued to perform consistently. During the year we were very pleased to
increase our shareholding in subsidiary Shelby Foods, to 67.5 per cent ownership, and to also
increase our shareholdings in our Australian joint ventures, taking full ownership of Meateor Australia
and Fayman International and increasing our stake in ANZ Exports to 85 per cent. These businesses
have all performed well and are strategically important for our long-term growth objectives”
“Horticulture experienced very good growing conditions during the 2024/25 season, which resulted in
apple export volumes in excess of expectations. This, combined with last year’s Bostock transaction
and the ongoing execution of our long-term strategy of investment in premium apple varieties targeted
to the Asia & Middle East markets, has produced a significant growth in earnings compared to 2024.”
“Logistics has experienced strong demand and has continued to operate well despite ongoing global
supply chain issues.

2026 Guidance
Looking ahead to the 2026 financial year, Directors acknowledge the exceptional Group performance
in FY25, particularly in Horticulture which benefited from the alignment of a number of positive
earnings drivers, resulting in a very strong result. Assuming that Horticulture volumes normalise,
Directors advise lower earnings guidance for FY26, of an Underlying Net Profit after Tax Attributable

1
Underlying results exclude some New Zealand International Financial Reporting Standards non-cash and other adjustments.

to Shareholders Guidance range of $50.0 million to $55.0 million. Directors also note however that
this guidance represents a 40% increase on FY25’s initial earnings guidance.
In providing FY26 Guidance, Directors note:
• The Global Proteins division, and Shelby Foods in particular, is expected to perform strongly
and to also realise the benefits of our increased investments;
• Within the Horticulture division, Mr Apple is forecasting:
o A crop of approximately 3.5 million TCEs, impacted by an increase in orchard
redevelopment in premium varieties;
o Positive pricing, impacted by a number of factors but particularly by favourable
foreign exchange rates.
• The Logistics division is expected to contribute positively despite ongoing global supply chain
disruptions;
• The Guidance range implies:
o An Underlying Net Profit after Tax range of $67.0 million and $73.0 million;
o An Underlying EBITDA
2
range of $129.0 million and $136.0 million.
Directors also note that as a result of a full year’s consolidation of Fayman International, ANZ Exports
and Meateor Australia, Group revenue in FY26 is likely to exceed $1 billion.

FY25 Interim Dividend
The Directors have declared an interim cash dividend for the 2025 financial year of 12.5 cents per
share, partially imputed at 50%, to be paid on 23 January 2026.


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

About Scales Corporation
Scales Corporation is a diversified investor operating predominantly in the agribusiness sector. It
comprises three operating divisions: Global Proteins, Horticulture, and Logistics. The Company’s
diverse spread of activities gives Scales Corporation global operational exposure. 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.

2
Earnings Before Interest, Tax, Depreciation and Amortisation

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Distribution Notice



Section 1: Issuer information
Name of issuer SCALES CORPORATION LIMITED
Financial product name/description ORDINARY SHARES
NZX ticker code SCL
ISIN (If unknown, check on NZX
website)
NZSCLE0002S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 13/01/2026
Ex-Date 12/01/2026
Payment date 23/01/2026
Total monies associated with the
distribution
$18,127,352.25
Source of distribution (for example,
retained earnings)
RETAINED EARNINGS
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.14930556
Total cash distribution $0.12500000
Excluded amount (applicable to listed
PIEs)
$0.00000000
Supplementary distribution amount $0.01102941
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Partially imputed
If fully or partially imputed, please state
imputation rate as % applied
14%
Imputation tax credits per financial
product
$0.02430556
Resident Withholding Tax per financial
product
$0.02496528
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
STEVE KENNELLY
Contact person for this announcement STEVE KENNELLY
Contact phone number 03 371-2263
Contact email address steve.kennelly@scalescorporation.co.nz
Date of release through MAP

03/12/2025