Scales Corporation reported a 104.9% year-over-year increase in first-half 2026 revenue to NZD 762.1 million, driven by gains across its Global Proteins and Horticulture divisions. Underlying net profit attributable to shareholders rose 6.7% to NZD 52.0 million, while underlying EBITDA climbed 17.9% to NZD 102.2 million.
The company raised its full-year 2026 underlying net profit guidance to a range of NZD 55 million to NZD 60 million, up from prior expectations. Underlying EBITDA guidance was set at NZD 135 million to NZD 142 million, with underlying net profit after tax projected at NZD 72 million to NZD 78 million. Scales’ shares rose 4.25% to NZD 7.11, approaching their 52-week high of NZD 7.12, and are up 33% year-to-date.
Global Proteins revenue surged 24.5% year-over-year to NZD 492.7 million, with underlying EBITDA up 7.0% to NZD 44.2 million. The division’s petfood ingredients volumes reached 99,600 metric tonnes, while edible proteins volumes remained stable at 54,300 metric tonnes. North America accounted for 57% of protein sales volumes, with Asia contributing 30%. A NZD 19.7 million impairment provision was recorded on a joint venture loan related to Esro Petfood’s April 2026 product recall.
Horticulture revenue increased 15.6% to NZD 223.9 million, with underlying EBITDA up 8.3% to NZD 57.6 million. The division’s sales run-rate covered 66% of its 2026 forecast volume by June 30, 2026, compared with 54% at the same point last year. Premium apple varieties are expected to comprise 79% of Mr Apple’s export volumes in 2026, up from 74% in 2025. Asia and the Middle East are projected to account for 91% of total fruit sales, compared with 84% previously.
Logistics revenue edged up 1.6% to NZD 74.5 million, though underlying EBITDA fell 6.2% to NZD 5.7 million. Sea freight volumes rose 2.3% year-over-year to 18,884 TEU, while air freight volumes increased 19.3% to 8,510 tonnes, primarily supported by dairy sector demand.
Net debt stood at NZD 106.7 million as of June 2026, up from NZD 67.5 million a year earlier, though the leverage ratio remained below the 1.0x target at 0.7x rolling 12-month EBITDA. Capital expenditure totaled NZD 6.7 million, while dividends paid amounted to NZD 27.7 million, with NZD 5.0 million reinvested via a dividend reinvestment plan.
