Scales Group reported record first-half profit for the 2026 financial year, driven by a 105% surge in revenue to NZD 762 million, while underlying earnings before interest, tax, depreciation and amortisation rose 18% to NZD 102 million. Net profit after tax increased 10% to NZD 62 million, with attributable earnings of NZD 52 million, up 7% year-over-year.
Earnings per share reached NZD 0.36, an increase of NZD 0.02 from the prior-year period. Operating expenses improved to 5.5% of revenue, down from nearly 8% in H1 2025, while net debt stood at 0.7 times rolling 12-month EBITDA. The company’s market capitalisation reached $1.41 billion, with a debt-to-equity ratio of 0.58 and a current ratio of 1.15.
The group’s pet food ingredients volumes rose approximately 11% year-over-year, supported by strong performance in export volumes for Mr Apple, forecast at 3.5 million TCEs for the full year. The pack-out rate for Mr Apple remained around 75%, while a NZD 19.7 million impairment was recorded on the loan to the Esro Petfood joint venture.
Full-year guidance was lifted, with attributable net profit now expected between NZD 55 million and NZD 60 million. Management noted that 7% of the export crop remains unsold, compared with 18% at the same point last year, with Asia and the Middle East anticipated to account for 91% of export volumes, up from 84% previously. Premium Mr Apple varieties are forecast to comprise 79% of total volumes.
Shares in Scales Group rose 4.25% to $7.11, nearing its 52-week high of $7.12, following a year-to-date gain of 33% and a six-month return of 25%.
