Scales Corporation Limited reported a 104.9% year-on-year revenue increase to NZD 762.1 million in the first half of 2026, 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, reflecting a 13.4% margin.
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. Implied underlying net profit after tax is forecast at NZD 72 million to NZD 78 million, with underlying EBITDA projected at NZD 135 million to NZD 142 million. Net debt increased to NZD 106.7 million from NZD 67.5 million at June 2025, though the leverage ratio remained below the 1.0x target at 0.7x rolling 12-month EBITDA.
Global Proteins revenue reached NZD 492.7 million, up 24.5%, with underlying EBITDA of NZD 44.2 million. The Horticulture division posted revenue of NZD 223.9 million, a 15.6% increase, and underlying EBITDA of NZD 57.6 million. Logistics revenue edged up 1.6% to NZD 74.5 million, with underlying EBITDA declining 6.2% to NZD 5.7 million.
Working capital expanded to NZD 149.6 million, driven by a seasonal increase of NZD 58.8 million. Dividends paid totaled NZD 27.7 million, with an additional NZD 5.0 million reinvested via a dividend reinvestment plan. Capital expenditure for the period was NZD 6.7 million.
Scales’ shares rose 4.25% to NZD 7.11, nearing the 52-week high of NZD 7.12, and are up 33% year-to-date. The company’s CFO, Ben Washington, attributed cost efficiencies to a larger business base absorbing fixed expenses, while noting working capital is expected to unwind in the second half as Horticulture receivables are collected.
