Scales (SCL) AGM 2026 summary

Opening remarks and agenda

• Welcomed attendees to the 114th annual meeting, held in hybrid format, confirming quorum and outlining agenda and procedures for questions and voting.

• Meeting welcomed shareholders both in person and online, highlighting strong group performance and increased shareholdings in joint ventures.

• Introduced Directors, management, auditors, and legal advisors present.

• Agenda included reviews by the Chair and Managing Director, M&A summary and outlook, ordinary resolutions, and Q&A.

Financial performance review

• Achieved record results for FY2025: underlying EBITDA NZD 137.6m (+50%), underlying NPAT attributable NZD 61.8m (+82%), reported NPAT attributable NZD 101m (+200%).

• Revenue reached NZD 899.9m, up 54% from NZD 584.6m in 2024; Mr Apple exported 3.7m TCEs (+21%).

• Dividends per share paid increased to 15.0 cents from 8.5 cents in 2024.

• Net debt at year-end was NZD 84.1m, reflecting significant investments in joint ventures.

• All divisions—Horticulture, Global Proteins, Logistics—delivered strong or record results.

Board and executive committee updates

• Alan Isaac retired after 11 years; Paul Munro joined as Director and Audit & Risk Committee Chair.

• Steve Kennelly stepped down as CFO, succeeded by Ben Washington in June 2026; Kennelly to become Company Secretary.

• Geoff Smith and Charles Ferguson appointed as divisional CEOs for Horticulture/Logistics and Global Proteins, respectively.

• Emma Crutchley joined as Future Director.