Record first half, increased FY26 NPAT guidance

12 February 2026
Record first half, increased FY26 NPAT guidance
Skellerup announced unaudited net profit after tax (NPAT) of $28.9 million for the six months ended
31 December 2025 – a record result and an increase of 20% on the prior comparative period (pcp).
Skellerup also increased NPAT guidance for FY26 to be in the range of $57 to $62 million.
Key points for the six months ending 31 December 2025
• Revenue of $183.5 million, up 11% on the pcp
• Earnings before interest and tax (EBIT) of $40.6 million, a record result and up 16% on the
pcp
o Industrial Division EBIT of $25.1 million, up 12% on the pcp
o Agri Division EBIT of $18.5 million, up 20% on the pcp
o Corporate costs of $3.1 million, up 7% on the pcp
• Net profit after tax (NPAT) of $28.9 million, a record result and up 20% on the pcp
• Operating cash flow of $38.8 million, up 20% on the pcp
• Net debt of $17.5 million, a $2.9 million reduction on the prior half year
• Interim dividend of 10.0 cents per share (an increase of 1.0 cps), up 11% on the pcp
• FY26 NPAT guidance increased to be in the range of $57 to $62 million.
CEO Graham Leaming commented: “We have made an excellent start to FY26. The growth in
revenue and earnings was broad-based with the most notable contributions coming from the key
dairy, potable and wastewater applications. Our team across the world has done an excellent job in
meeting increased demand, delivering capacity improvements and navigating the impact of
fluctuating tariff rates. We have also continued to bring new products to market and added to the
pipeline of opportunities to meet customer needs and our growth ambition for Skellerup.”
Industrial Division
Skellerup’s Industrial Division EBIT of $25.1 million was up 12% on the pcp. Revenue was up 6%
mainly due to growth in sales into potable and wastewater applications, most notably in the US but
also in Australia. Sales into the roofing and construction sector in Australia and the UK were up and
sales into marine foam applications in the US continued to improve. Sales into health and hygiene
applications were down due to a key customer suspending production for several months to
relocate their assembly operations. In addition to the impact of overall revenue growth, margin
improvements attributable to product and market mix, together with sound management of indirect
costs, translated to strong EBIT growth.
Agri Division
Skellerup’s Agri Division EBIT of $18.5 million was up 20% on the pcp. Revenue was up 21% primarily
due to increased market share for dairy rubberware consumables principally in global markets.
Revenue was also boosted by a change in customer delivery terms, adjusting to exclude this,
revenue increased by 18%. The growth in demand improved operational outcomes in our facilities
compared to the pcp. Footwear sales into domestic and international markets were up also. The

most notable impact came from increasing sales and market share for specialist footwear into the
USA utilities sector. Anticipated increases in raw material costs offset the impact of revenue growth
on EBIT.
Cash
Group operating cash flow of $38.8 million was up 20% on the pcp. Inventory levels are being
maintained above historical levels to mitigate the risks of supply chain interruptions and changes in
tariffs. Inventory at the end of December 2025 was up slightly on the June 2025 year-end but below
the level held 12-months earlier when stocking was first deliberately increased ahead of the
anticipated introduction of tariffs. Net debt remains low at $17.5 million, representing just 5% of our
total assets, and 14% lower than 12 months prior.
Outlook
Skellerup increased FY26 NPAT guidance to be in the range of $57 to $62 million.
Leaming said: “Global geopolitical uncertainty persists, which continues to make forecasting future
results difficult. However, our team continue to focus on the things we can control, designing and
making innovative, quality products and servicing our customers well. Long-standing relationships
with customers founded on these principles continue to provide us with a strong pipeline of
opportunity. Skellerup is a global business with 82% of revenue generated from international
markets in the first half of FY26. Products are manufactured at Skellerup and partner facilities across
the world. We will maintain our investment in people, capability and capacity to enhance our value
to customers in the markets and applications we are focused on and deliver ongoing earnings
growth for our shareholders.”
Dividend
Skellerup Chairman John Strowger noted the Board were delighted with the financial results and
position of Skellerup.
“Whilst my cautionary guidance that shareholders should not expect record results to continue ad
infinitum remains, our team continue to deliver. We are a global business, and given the complexity
and uncertainty that prevails, the first half result is by all measures an excellent outcome. Reflecting
this and expectations for the full year, the Board declared an interim dividend of 10.0 cents per
share, an 11% increase on the pcp. The dividend will be imputed 40%, reflecting the reality of an
increasing proportion of Skellerup’s growth in profit being earned overseas. The dividend will be
paid on 19 March 2026 to shareholders of record at 5 pm on 06 March 2026.”


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

Tim Runnalls
Chief Financial Officer
027 807 5080

---

Half Year Report

Highlights FY262
Contents
Chair and CEO Review 3
What We Do 6
Income Statement 9
Comprehensive Income 10
Changes in Equity 11
Balance Sheet 12
Cash Flow 13
Notes 14
Di rector y 18
Strong financial returns
$
183.5
M
(HY25: $165.3m)
Revenue
growth
11%
$
38.8
M
(HY25: $32.2m)
Operating
cash flow
20%
14.75
CPS
(HY25: 12.33cps)
Earnings
per share (EPS)
20%
10.0
CPS
(HY25: 9.0 cps)
Dividend
per share
11%
Earnings
(EBIT)
16%
$
40.6
M
(HY25: $35.0m)
Earnings
(NPAT)
20%
$
28.9
M
(HY25: $24.2m)
Diverse &
experienced team
815
(FY25: 809)
People Worldwide
Delivering a diverse product
range for customers
3,700
over
Customers

Chair and
CEO Review
Chair and CEO’s review3
Group net profit after tax (NPAT) for
the six months ended 31 December
2025 was $28.9 million, a record result
and an increase of 20% on the prior
corresponding period (pcp).
The growth in revenue and earnings
was broad-based with the most notable
contributions coming from the key dairy,
potable and wastewater applications. Our
team across the world has done an excellent
job in meeting increased demand, delivering
capacity improvements and navigating the
impact of fluctuating tariff rates.
Recording another record result
demonstrates the strong foundations of our
business, as well as our clear strategy and
focus. We design and manufacture products
for use in applications demanding precision,
high performance and conformance.
We focus on understanding customers’
requirements and applying deep technical
knowledge and expertise to meet them.
Our customers are supported by our
ongoing investment in capability (people
and equipment) to ensure their needs are
met and our growth ambition for Skellerup
is achieved.
$000
(Unaudited)
Half-year Ended
31 December 2025
Half-year Ended
31 December 2024
Percentage Change

Revenue183,475165,34111%
Earnings before interest and taxation40,55134,98316%
Net profit after taxation28,92924,18420%
Earnings per share (cents)14.7512.3320%
Dividend per share (cents)10.009.0011%
Net debt17,47520,39914%

Skellerup Half Year Report FY264
Industrial Division
Industrial Division earnings before interest
and tax (EBIT) of $25.1 million was a record
result, up 12% on the pcp. Revenue was
up 6% mainly due to growth in sales into
potable and wastewater applications, most
notably in the US but also in Australia. Sales
into the roofing and construction sector
in Australia and the UK were up and sales
into marine foam applications in the US
continued to improve. Sales into health and
hygiene applications were down due to a key
customer suspending production for several
months to relocate their assembly operations.
In addition to the impact of overall revenue
growth, margin improvements attributable to
product and market mix, together with sound
management of indirect costs, translated to
strong EBIT growth.
We continue to generate revenue growth
from new products for global original
equipment manufacturing (OEM) customers,
and the pipeline remains healthy. We are
also investing in new developments for
opportunities in roofing, construction, sport
and leisure applications where the quality
and performance of our products and
the reliability and consistency of service
are highly valued. Capital investment
requirements to support growth are not
significant, reflecting the co-investment from
customers and manufacturing partners.
Agri Division
Agri Division EBIT of $18.5 million was
up 20% on the pcp. Revenue was up 21%
primarily due to increased market share for
dairy rubberware consumables, principally
in global markets. Revenue was also boosted
by a change in customer delivery terms,
adjusting to exclude this, revenue increased
by 18%. The growth in demand improved
operational outcomes in our facilities
compared to the pcp. Footwear sales into
domestic and international markets were
up also. The most notable impact came
from increasing sales and market share for
specialist footwear into the US utilities sector.
Anticipated increases in raw material costs
offset the impact of footwear revenue growth
on E B I T.
Our investment in building a deeper
development capability was key to the
growth in revenue in the first half of the year
and will continue to allow us to develop
innovative products that provide important
productivity gains for farmers around the
world. In addition, and as planned, we
have increased investment in our global
manufacturing platform, most notably in
New Zealand but also in China and the UK,
to boost productivity, quality and flexibility to
meet current and future growth.
Industrial
$000 (Unaudited)
Half-year Ended
31 December 2025
Half-year Ended
31 December 2024
Percentage
Change
Revenue122,595115,4156%
Earnings before interest and taxation25,10322,35412%
Agri
$000 (Unaudited)
Half-year Ended
31 December 2025
Half-year Ended
31 December 2024
Percentage
Change
Revenue61,39050,54321%
Earnings before interest and taxation18,54715,51720%

Chair and CEO’s review5
Cash
Group operating cash flow of $38.8 million
was up 20% on the pcp. Inventory levels
are being maintained above historical
levels to mitigate the risks of supply
chain interruptions and changes in tariffs.
Inventory at the end of December 2025 was
up slightly on the June 2025 year-end but
below the level held 12 months earlier when
stocking was first deliberately increased
ahead of the anticipated introduction of
tariffs. Net debt remains low at $17.5 million,
representing just 5% of our total assets, and is
14% lower than 12 months prior.
Dividend
To reflect the record result and our
expectations for the full year, the Board has
declared an 11% increase in the interim
dividend to 10.0 cents per share, imputed
at 40%. The imputation rate reflects the
increasing proportion of Skellerup’s growth
in profit being earned overseas. The dividend
will be paid on 19 March 2026 to shareholders
of record at 5pm on 6 March 2026.
Outlook
Global geopolitical uncertainty persists,
which again makes it difficult to forecast
future results. Despite this uncertainty,
following the strong first half result and
our assessment of near-term demand we
have increased NPAT guidance for FY26 to
be in the range of $57 to $62 million. Our
team continues to focus on the elements
we can control – designing and making
innovative, quality products and servicing
our customers well. Long-standing
relationships with customers founded
on these principles continues to provide
us with a strong pipeline of opportunity.
Skellerup is a global business with 82%
of revenue generated from international
markets in the first half of FY26. Products
are manufactured at Skellerup and partner
facilities across the world. We will maintain
our investment in people, capability
and capacity to enhance our value to
customers in the markets and applications
we are focused on and to deliver ongoing
earnings growth for our shareholders.
Graham Leaming
Chief Executive Officer
John Strowger
Chair

What we do
Industrial Division
Skellerup Half Year Report FY266
The Industrial Division designs and manufactures high
value components and products that are often small
but critical to applications and performance.
North America (40%)
Australia (18%)
Asia (12%)
New Zealand (11%)
Europe (10%)
UK & Ireland (9%)
Industrial
Revenue by
Market
HY26
Potable Water & Wastewater (38%)
Roofing & Construction (25%)
Automotive & Machinery (8%)
Exploration & Mining (7%)
Sport & Leisure (7%)
Electrical & Appliances (6%)
Health & Hygiene (4%)
Other (5%)
Industrial
Revenue by
Application
HY26

Agri Division
Dairy (80%)
Footwear (20%)
Agri
Revenue by
Application
HY26
North America (37%)
New Zealand (31%)
Europe (19%)
UK & Ireland (7%)
Asia (3%)
Australia (2%)
Other (1%)
Agri
Revenue by
Market
HY26
What we do7
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.
The Agri Division is a global leader in essential
dairy consumable design and manufacture.

Skellerup Half Year Report FY268
Consolidated Financial Statements
for the half-year ended 31 December 2025

Consolidated Financial Statements9

Note
Half-year
Ended
31 Dec 2025
$000
(Unaudited)
Half-year
Ended
31 Dec 2024
$000
(Unaudited)
Revenue2183,475 165,341
Cost of sales(102,833)(93,933)
Gross profit80,642 71,408
Other income/(expenses)(229)566
Selling, general and administration expenses(39,862)(36,991)
Profit for the period before tax and finance costs40,551 34,983
Finance costs(1,508)(1,859)
Profit for the period before tax39,043 33,124
Income tax expense(10,114)(8,940)
Net after-tax profit for the period, attributable to owners of the Parent28,929 24,184
Earnings per share
Basic earnings per share (cents)14.75 12.33
Diluted earnings per share (cents)14.64 12.30
Net tangible assets per share (cents)89.8883.96
The above Income Statement should be read in conjunction with the accompanying notes.
Income Statement
for the half-year ended 31 December 2025

Skellerup Half Year Report FY2610
Half-year
Ended
31 Dec 2025
$000
(Unaudited)
Half-year
Ended
31 Dec 2024
$000
(Unaudited)
Net profit after tax for the period28,92924,184
Other comprehensive income
Will be reclassified subsequently to profit or loss when specific
conditions are met
Net increase/(decrease) in cash flow hedge reserve(5,340)(4,707)
Income tax related to increase/(decrease) in cash flow hedge reserve1,4951,318
Not expected to be reclassified subsequently into profit or loss
Foreign exchange movements on translation of overseas subsidiaries7,1647,346
Income tax related to gains/(losses) on foreign exchange movements of loans
with overseas subsidiaries
(96)17
Other comprehensive income net of tax3,2233,974
Total comprehensive income for the period attributable to
equity holders of the Parent
32,15228,158
Statement of Comprehensive Income
for the half-year ended 31 December 2025

Consolidated Financial Statements11
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 202572,406916600221166,047240,190
Profit for the period
----28,92928,929
Other comprehensive income-(3,845)7,068--3,223
Total comprehensive income
for the period
-(3,845)7,068-28,92932,152
Share incentive scheme---227-227
Dividends paid----(32,352)(32,352)
Balance 31 December 202572,406(2,929)7,668448162,624240,217
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
Statement of Changes in Equity
for the half-year ended 31 December 2025

Skellerup Half Year Report FY2612
As at
31 Dec 2025
$000
(Unaudited)
As at
30 Jun 2025
$000
(Audited)
As at
31 Dec 2024
$000
(Unaudited)
Current assets
Cash and cash equivalents24,52515,58818,601
Trade receivables50,35653,96440,247
Prepayments and other receivables7,60110,30010,273
Inventories82,47377,81885,746
Income tax receivable87851417
Derivative financial assets1181,017487
Total current assets165,951158,738155,771
Non-current assets
Property, plant and equipment94,45289,58390,837
Right of use assets25,99628,32427,079
Deferred tax asset5,2713,6855,114
Goodwill66,26464,84464,661
Intangible assets2,4292,6672,570
Derivative financial assets2561,45326
Total non-current assets194,668190,556190,287
Total assets360,619349,294346,058
Current liabilities
Trade and other payables30,24931,76930,490
Provisions5,6625,3385,576
Income tax payable1,9234,5832,452
Lease liabilities – short term7,5337,4966,712
Derivative financial liabilities2,7577332,226
Total current liabilities48,12449,91947,456
Non-current liabilities
Provisions1,6181,4401,521
Interest-bearing loans and borrowings42,00028,00039,000
Deferred tax liabilities5,9035,9785,792
Lease liabilities – long term21,07023,28622,833
Derivative financial liabilities1,6874812,061
Total non-current liabilities72,27859,18571,207
Total liabilities120,402109,104118,663
Net assets240,217240,190227,395
Equity
Share capital72,40672,40672,406
Reserves5,1871,7371,660
Retained earnings162,624166,047153,329
Total equity240,217240,190227,395
Balance Sheet
as at 31 December 2025

Consolidated Financial Statements13
Half-year
Ended
31 Dec 2025

(Unaudited)
Half-year
Ended
31 Dec 2024

(Unaudited)
Cash flows from operating activities
Receipts from customers192,047176,145
Interest received2753
Dividends received32
Payments to suppliers and employees(137,904)(131,281)
Income tax paid(13,898)(10,819)
Interest and bank fees paid(770)(1,183)
Interest on right-of-use asset leases(738)(676)
Net cash flows from/(used in) operating activities38,76732,241
Cash flows from investing activities
Proceeds from sale of property, plant and equipment204340
Payments for property, plant and equipment(8,676)(4,354)
Payments for intangible assets (178)(358)
Net cash flows from/(used in) investing activities(8,650)(4,372)
Cash flows from financing activities
Proceeds from/(repayments for) loans and advances14,0007,000
Repayments of lease liabilities(3,758)(3,385)
Dividends paid to equity holders of Parent(32,352)(30,391)
Net cash flows from/(used in) financing activities(22,110)(26,776)
Net increase/(decrease) in cash and cash equivalents8,0071,093
Cash and cash equivalents at the beginning of the period15,58816,629
Effect of exchange rate fluctuations930879
Cash and cash equivalents at the end of the period24,52518,601
Cash Flow Statement
for the half-year ended 31 December 2025

Skellerup Half Year Report FY2614
1. Corporate Information
The financial statements of Skellerup Holdings Limited, for the half year ended 31 December 2025, were
authorised for issue in accordance with a resolution of the Directors dated 11 February 2026.
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 2025 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 2025 and considered together with any public announcements made by
Skellerup Holdings Limited during the half year ended 31 December 2025 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 2025

Consolidated Financial Statements15
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 2025
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue61,390122,595(510)183,475
Expenses
Cost of inventories recognised as an expense29,20969,371(510)98,070
Employee benefits expense14,82819,4671,35235,647
Segment EBIT18,54725,103(3,099)40,551
Profit before tax and finance costs40,551
Finance costs(1,508)
Profit before tax39,043
Income tax expense(10,114)
Net after-tax profit28,929
Assets and liabilities
Segment assets133,737194,90631,976360,619
Segment liabilities15,18149,28155,940120,402
Net assets118,556145,625(23,964)240,217
Other segment information
Additions to fixed assets and intangibles4,7014,14858,854
Cash flow
Segment EBIT18,54725,103(3,099)40,551
Adjustments for:
- Depreciation and amortisation2,3252,644415,010
- Depreciation right of use assets5243,271323,827
- Non-cash items--6363
Movement in working capital1,9803,167(4,209)938
Segment cash flow23,37634,185(7,172)50,389
Finance and tax cash expense(14,668)
Movement in finance and tax accrual3,046
Net cash flow from operating activities38,767

Skellerup Half Year Report FY2616
2. Segment Information (continued)
For the half-year ended
31 December 2024
Agri

$000
Industrial

$000
Corporate/
Elimination
$000
Total

$000
Revenue50,543115,415(617)165,341
Expenses
Cost of inventories recognised as an expense24,73765,375(944)89,168
Employee benefits expense13,51818,6761,16433,358
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 and 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

Consolidated Financial Statements17
3. Dividends Paid
Half-year
Ended
31 Dec 2025
$000
Half-year
Ended
31 Dec 2024
$000
Declared and paid during the period
Final dividend for June 2025 year on ordinary shares of 16.5 cents per share,
imputed to 50%, paid on 17 October 2025
(2024: 15.5 cents per share imputed to 50%, paid on 18 October 2024)
Net dividend paid32,35230,391
Subsequent to the six-month period, the Board of Directors resolved to pay an interim dividend of
10.0 cents per share (imputed 40%), on the 196,071,582 ordinary shares on issue for a total amount of
$19,607,158. The dividend will be paid on 19 March 2026 to shareholders on the register at 5.00pm on
6 March 2026. The Dividend Reinvestment Plan will not be operative for this dividend payment.
This compares to the prior-year interim dividend of 9.0 cents per share, totalling $17,646,442 which
was paid on 20 March 2025.
4. Interest-bearing Loans and Borrowings
Bank loans are provided under a $55 million (30 June 2025: $55 million) multi-currency syndicated
facility agreement with ANZ Bank New Zealand Limited and ASB Bank Limited which has an expiry date
of 31 August 2028.
5. Events after the Balance Sheet date
Other than the interim dividend declared there have been no subsequent events after 31 December
2025 requiring disclosure.

Skellerup Half Year Report FY2618
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, FCA
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
ASB Bank Limited
12 Jellicoe 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
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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

---

Results Announcement
Results for announcement to the market
Name of issuer Skellerup Holdings Limited
Reporting Period Six months to 31 December 2025
Previous Reporting Period Six months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
NZD 183,475 11%
Total Revenue NZD 183,475 11%
Net profit/(loss) from continuing
operations
NZD 28,929 20%
Total net profit/(loss) NZD 28,929 20%
Interim Dividend
Amount per Quoted Equity
Security
NZD 0.10000000
Imputed amount per Quoted
Equity Security
NZD 0.01555556
Record Date 06/03/2026
Dividend Payment Date 19/03/2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
NZD 0.8988 NZD 0.8396
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 +64 27 807 5080
Contact email address tim.runnalls@skellerupgroup.com
Date of release through MAP 12/02/2026

---

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 06/03/2026
Ex-Date (one business day before the Record
Date)
05/03/2026
Payment date (and allotment date for DRP) 19/03/2026
Total monies associated with the
distribution
NZD 19,607,158
Source of distribution (for example, retained
earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution NZD 0.11555556
Gross taxable amount NZD 0.11555556
Total cash distribution NZD 0.10000000
Excluded amount (applicable to listed PIEs) N/A
Supplementary distribution amount NZD 0.00705882

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
11.2%
Imputation tax credits per financial product NZD 0.01555556
Resident Withholding Tax per financial
product
NZD 0.02257778
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 +64 27 807 5080
Contact email address tim.runnalls@skellerupgroup.com
Date of release through MAP 12/02/2026

---

HY26 Results
Presentation
February 2026

2
HY26 Key Points
Record HY26 NPAT of $28.9 million, up 20% on pcp
•Growth broad-based across Agri and Industrial divisions.
Record HY26 EBIT of $40.6 million, up 16% on pcp
•Agri EBIT up 20% on pcp, strong dairy rubberware sales growth in international
markets.
•Industrial EBIT up 12% on pcp, growth across key potable & wastewater and roofing &
construction markets.
Record HY26 Operating Cash Flow of $38.8 million, up 20% on pcp
•Strong earnings growth and working capital control drive record HY26 operating cash
f lo w.
Interim Dividend Pay-out of 10.0 cents per share
•Increase of 1.0 cents per share (11%) on pcp, reflective of strong first half earnings,
robust outlook.
Solid Balance Sheet
•Net debt at $17.5 million (5% of total assets).
FY26 NPAT guidance of $57 to $62 million
•Business remains well positioned, with expected growth from existing and new
products, despite mixed global economic conditions and political uncertainty.
HY26 Results Presentation | February 2026
0
10
20
30
40
50
HY20HY21HY22HY23HY24HY25HY26
EBIT by Segment *
CAGR 11%
IndustrialAgri
$M
0
5
10
15
20
25
30
HY20HY21HY22HY23HY24HY25HY26
Net Profit after Tax
CAGR 12%
$M
* Excludes Corporate

24.2
28.9
0.3
0.2
0.8
0.9
0.7
0.2
3.6
0.6
22
24
26
28
30
Industrial
•Market growth and new products for potable and
wastewater applications, particularly in North
America, drove growth. Incremental net tariff cost of
~$0.7 million.
•Roofing & construction revenue up in Asia and
Australia, and continued strong demand for products
used in solar applications in the UK.
•All other Industrial applications are performing well.
Agri
•Increased sales of dairy rubberware consumables,
notably in international markets, supported by
productivity gains.
•Footwear demand increased, but earnings growth
eroded by raw material cost increases and
incremental net tariff cost of ~$0.3 million.
Other
•Unfavourable FX result from unfavourable FX
revaluations and hedging losses. Benefits of a weaker
NZD are reflected within each application.
•Decreasing levels of debt reduced interest costs.
•Effective tax rate at 25.9%, reflecting the mix of tax
rates across the Skellerup Group.
3
HY26 NPAT Bridge
$M
* Other Industrial includes Sport & Leisure, Automotive & Machinery, Electrical, Appliances and other
minor applications
HY26 Results Presentation | February 2026
-

4
Seven Year Key Financials
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Revenue123.0136.6150.5165.5157.7165.3183.5
EBITDA24.133.938.941.139.443.249.4
Depreciation and amortisation3.73.83.94.24.44.75.0
Depreciation (ROU Assets)2.42.62.63.43.43.53.8
EBIT18.027.632.433.531.635.040.6
Finance costs (Debt)0.80.70.51.31.71.20.8
Finance costs (Lease Liabilities)0.50.50.40.70.70.70.7
Tax expense4.66.98.28.57.68.910.1
NPAT12.119.523.223.021.624.228.9
Earnings (cents per share)6.210.011.911.811.012.314.8
Dividend (cents per share)5.56.57.58.08.59.010.0
Operating cash flow24.135.119.720.236.532.238.8
Net debt34.713.025.639.026.420.417.5
Capital and intangible expenditure2.62.63.74.35.24.78.9
Acquisition and investment5.0-10.20.9---
Record first half result
Revenue up $18.2 million (11%) on
pcp.
EBIT up $5.6 million (16%) on pcp
from:
•Revenue growth
•Gross margin improvement
•Indirect cost increase of 8% below
revenue and margin growth
NPAT up $4.7 million (20%) on pcp.
Interim dividend of 10.0 cents per
share (imputed 40%), up 11% on pcp.
Operating cash flow of $38.8 million,
up $6.6 million (20%) on pcp.
•Earnings growth and judicious
management of working capital drove
improvement.
Net debt at $17.5 million, down 14%
on December 2024.
HY26 Results Presentation | February 2026

Global business, more than 80% of
HY26 revenue earned from
international markets
•North America continues to increase
as a proportion of Group revenue.
HY26 growth in dairy, potable water
& wastewater.
•NZ revenue growth is primarily from
the domestic dairy sector.
•Europe increased due to growth in
dairy applications driven by strong
demand from OEM customers.
•Australian market growth in roofing
& construction offset by timing on
mining projects.
•Asia revenue growth from increased
sales of roofing & construction and
dairy applications, offset by a
production pause by a key customer
in health & hygiene.
•UK & Ireland increased from growth
in roofing & construction.
5
Group Revenue by Market
$M
HY26 Results Presentation | February 2026
32%
34%
37%
35%
39%
24%
22%
21%
19%
18%
12%
12%
12%
13%
14%
15%
16%
14%
14%
12%
10%
8%
8%
9%
9%
6%
7%
7%
8%
8%
1%
1%
1%
1%
1%
-
20
40
60
80
100
120
140
160
180
200
HY22HY23HY24HY25HY26
North America New Zealand Europe Australia Asia UK and Ireland Other

29%
27%
24%
24%
27%
25%
22%
24%
25%
25%
14%
15%
15%
16%
17%
7%
8%
8%
7%
7%
5%
8%
7%
6%
5%
5%
5%
6%
5%
5%
4%
8%
5%
5%
5%
3%
3%
4%
4%
4%
2%
2%
3%
4%
3%
6%
3%
4%
3%
3%
-
20
40
60
80
100
120
140
160
180
200
HY22HY23HY24HY25HY26
Dairy Potable & Waste Water Roofing & Construction Footwear Automotive & Machinery
Exploration & Mining Sport & Leisure Electrical & Appliances Health & Hygiene Other
Products for high-performance
and high-conformance
applications
•>50% of Group revenue from
products associated with food
(milk) and water.
•Strong demand for dairy
rubberware consumables
continued.
•Robust revenue growth in
potable water (infrastructural
pipe and returning plumbing
demand) and wastewater
applications.
•Revenue growth in roofing &
construction driven by
improvement in the Asian and
Australian markets, and sales
into UK solar applications.
•Health & hygiene is down as a
key customer paused
production.
•Solid performance in other
applications.
6
Group Revenue by Application
$M
HY26 Results Presentation | February 2026

7
Industrial Division
Revenue up 6% and earnings up 12% on pcp
Record revenue and earnings growth in HY26
•Constant currency EBIT up 9% on pcp.
•EBIT compound annual growth rate of 11% over last 7 years.
Potable water & wastewater growth
•Potable water demand was strong, revenue up 17% on pcp.
•Vacuum systems demand for wastewater applications up.
Roofing & construction growth
•Asia, Australia and UK sales up.
Health and hygiene sales impacted by key customer production pause.
Other applications performed well, sports & leisure up 13%, and electrical &
appliances up 12%.
Gross margin improvements (price, mix, productivity) were achieved despite the
impacts of tariffs and freight costs.
Healthy pipeline of opportunities (OEM and branded) for future growth.
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Revenue79.885.696.1108.4109.6115.4122.6
EBIT10.215.518.721.422.922.425.1
EBIT %12.818.219.419.720.919.420.5
-
25
50
75
100
125
HY20HY21HY22HY23HY24HY25HY26
Revenue
CAGR 6%
$M
-
5
10
15
20
25
30
HY20HY21HY22HY23HY24HY25HY26
EBIT
CAGR 11%
HY26 Results Presentation | February 2026
$M

Revenue up 21% and earnings up 20% on pcp
Record revenue and earnings growth in HY26
•Constant currency EBIT up 24% on pcp.
•EBIT compound annual growth rate of 10% over last 7 years.
Dairy growth was broad-based
•Sales of new products (OEM and branded) contributed ~40% of revenue growth.
•Change in customer incoterms contributed ~4% of revenue growth against pcp.
•International sales up 29% on pcp with consistently strong demand.
•NZ domestic market robust, with sales up 16% on pcp.
•Increased production volumes delivered with improved productivity (including
recent capital investment).
Footwear revenue up
•NZ domestic revenue up slightly.
•International markets up strongly due to speciality footwear (into the US).
Ongoing investments in development capability and manufacturing platforms
8
Agri Division
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Revenue43.250.954.356.948.550.561.4
EBIT9.815.316.714.611.915.518.5
EBIT %22.730.130.725.724.430.730.2
-
15
30
45
60
75
HY20HY21HY22HY23HY24HY25HY26
Revenue
CAGR 6%
-
5
10
15
20
HY20HY21HY22HY23HY24HY25HY26
EBIT
CAGR 10%
HY26 Results Presentation | February 2026
$M
$M

9
Strategy & Focus Delivering
Products for precision, high
performance and conformance
applications
Customer-focused development
delivering innovation and
performance
Investment in market presence,
development hubs and manufacturing
scalability
Business unit accountability, capability
and measurement
Deep technical
expertise
HY26 Results Presentation | February 2026

10
Segment Earnings
Reconciliation of Segment EBIT to Group NPAT
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Industrial EBIT10.215.518.721.422.922.425.1
Agri EBIT9.815.316.714.611.915.518.5
Corporate EBIT(2.0)(3.2)(3.0)(2.5)(3.1)(2.9)(3.1)
EBIT18.027.632.433.531.635.040.6
Finance Costs(1.3)(1.2)(0.9)(2.0)(2.4)(1.9)(1.5)
Share of Net Loss of Associate--(0.1)----
Tax Expense(4.6)(6.9)(8.2)(8.5)(7.6)(8.9)(10.1)
NPAT12.119.523.223.021.624.228.9
HY26 Results Presentation | February 2026

HY26 Results
Presentation –
Appendices
February 2026

32%
35%
38%
36%
40%
22%
23%
19%
19%
18%
14%
10%
11%
12%
12%
15%
16%
14%
12%
11%
12%
11%
12%
12%
10%
4%
4%
5%
9%
9%
1%
1%
1%
-
25
50
75
100
125
HY22HY23HY24HY25HY26
North America Australia Asia New Zealand
Europe UK and Ireland Other
39%
33%
35%
36%
38%
21%
23%
22%
24%
25%
7%
12%
9%
9%
8%
8%
7%
9%
7%
7%
7%
13%
8%
7%
7%
5%
5%
6%
6%
6%
4%
3%
5%
6%
4%
9%
4%
6%
5%
5%
-
25
50
75
100
125
HY22HY23HY24HY25HY26
Potable & Waste Water Roofing & Construction Automotive & Machinery
Exploration & Mining Sport & Leisure Electrical & Appliances
Health & Hygiene Other
12
Industrial Division
$M$M
Revenue by Market
Revenue by Application
HY26 Results Presentation | February 2026

31%
31%
34%
35%
37%
39%
35%
36%
35%
31%
13%
15%
12%
16%
19%
9%
11%
11%
8%
7%
3%
4%
3%
3%
2%
3%
3%
2%
2%
3%
2%
1%
2%
1%
1%
-
15
30
45
60
75
HY22HY23HY24HY25HY26
North America New Zealand Europe UK and Ireland Australia Asia Other
80%
77%
75%
77%
80%
20%
23%
25%
23%
20%
-
15
30
45
60
75
HY22HY23HY24HY25HY26
DairyFootwear
13
Agri Division
$M$M
Revenue by Market
Revenue by Application
HY26 Results Presentation | February 2026

14
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.
HY26 Results Presentation | February 2026

15HY26 Results Presentation | February 2026

---

20 January 2026

Skellerup HY26 Results Release Date & Presentation Webinar
Skellerup Holdings Limited (SKL) is releasing its financial results for the half-year ended
31 December 2025 on Thursday, 12 February 2026.
A presentation by management will be held via webinar at 10:00am NZ time on the same day.
To join the webinar, either click on the below link:
https://us06web.zoom.us/j/82333291716?pwd=de6ewMOC85rRbtbkIqlqkMrtt9iWtp.1 or go to
https://us06web.zoom.us/join
Meeting ID: 823 3329 1716
Passcode: 948474
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