Scales (SCL) H1 2025 earnings summary

Executive summary

• Delivered a strong first half for 2025, with financial results ahead of expectations and all divisions executing growth strategies, especially in horticulture and logistics.

• Net profit for the six months ended 30 June 2025 was $57.6m, up from $38.1m in 2024, with total comprehensive income of $89.5m.

• Revenue increased to $371.9m, a 17% rise year-over-year, driven by strong performance in Horticulture and Logistics.

• Upgraded full-year FY25 earnings guidance, reflecting confidence in ongoing performance and strategic initiatives.

• Recovery from Cyclone Gabrielle is complete, and strategic investments, including the Bostock acquisition, are yielding results.

Financial highlights

• Underlying EBITDA for 1H25 was $86.7m, up 43% year-over-year; reported EBITDA was $87.8m.

• Underlying NPAT was $56.9m, up 48%; NPAT attributable to shareholders rose 72% to $48.9m; reported NPAT was $57.6m, up 51%.

• Net debt decreased by $14.4m to $67.5m as of 30 June 2025.

• Sale of orchards and coolstore contributed to improved financial position.

• Earnings per share rose to 34.1 cents basic (33.9 cents diluted), compared to 19.8 cents in the prior year.

Outlook and guidance

• FY25 underlying NPAT attributable to shareholders now expected between $45.0m and $50.0m.

• Underlying EBITDA for FY25 expected between $103.0m and $110.0m.

• Guidance reflects cautious optimism amid ongoing macro and geopolitical risks, especially tariffs and global trade challenges.

• Divisional strategies are expected to drive further earnings diversification and increased dividends.

• Growth in 2026 and 2027 anticipated from new plant capacity and ongoing project execution.