Scales (SCL) H2 2025 earnings summary

Executive summary

• Achieved record FY2025 results across all earnings measures, with strong performances in Horticulture, Global Proteins, and Logistics, and significant growth in revenue, EBITDA, and NPAT.

• Growth was driven by increased investments and shareholdings in joint ventures, particularly in Global Proteins, and the Bostock orchards acquisition in Horticulture.

• Outstanding horticulture results were supported by increased apple export volumes, higher average prices, and a greater proportion of premium varieties.

• Global Proteins and Logistics divisions delivered record results, supported by acquisitions, volume growth, and margin improvements.

• Board and management changes included new director and CFO appointments.

Financial highlights

• Revenue grew 54% year-over-year to $899.9 million, with underlying EBITDA up 50% to $137.6 million.

• Underlying NPAT attributable to shareholders was $61.8 million, up 82% year-over-year; reported NPAT attributable to shareholders was $101 million, up over 200%.

• Net debt increased to $84.1 million, reflecting investments and acquisitions.

• Dividends per share paid increased to 15.0 cents, with further instalments under review.

• Basic EPS for FY2025 was 70.7 cents, up from 21.3 cents in FY2024.

Outlook and guidance

• FY2026 guidance: Underlying NPAT attributable to shareholders expected between $50 million and $55 million; underlying EBITDA forecast in the range of $129 million to $136 million.

• Global Proteins and Logistics expected to continue strong performance, benefiting from recent investments.

• Horticulture division forecasts a crop of approximately 3.5 million TCEs, with positive pricing expected due to favorable FX rates.

• Geopolitical uncertainty and normalization in horticulture yields anticipated.