SCL · NZX

Scales Corporation (SCL)

Primary Industries / Horticulture and foodCovered: FY21 - FY259 published briefings

Scales Corporation is an NZX-listed primary industries / horticulture and food company with FY21 - FY25 of published result briefings.

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Snapshot

Latest metrics

FY25, released 25 February 2026

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SCL latest metrics
Metric	Value	Change
Revenue	$899.9m	↑ +53.9%
EBITDA	$169.9m	↑ +92.8%
NPAT	$101m	↑ +229.0%
Operating cash flow	$95.8m	↓ -1.8%
OCF / EBITDA %	56.4%	↓ -54.3pp
Net debt	$84.1m	—
Net debt / EBITDA	0.49x	—
ROE %	22.1%Unprecedented high roe. 22.1%; 4-period range 1.4% to 8.5%. ROE: 22.1%, unprecedented high; 4-period mean 5.5%, range 1.4%-8.5%.	↑ +13.6pp
DPS	7.2c	↑ +69.4%
Payout ratio vs NPAT %	10.3%Outside range low payout ratio versus npat. 10.3%; 4-period range 19.7% to 162.2%. Payout ratio versus NPAT: 10.3%, below normal range; 4-period mean 64.3%, range 19.7%-162.2%.	↓ -9.4pp

Source: latest published briefing (FY25, released 25 February 2026). Change compares against the prior equivalent period: FY24, released 26 February 2025.

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Longitudinal view

Performance over time

The latest period is shown first.

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SCL metric history
Metric	FY2512 MONTHS25 February 2026	HY256 MONTHS25 August 2025	FY2412 MONTHS26 February 2025	HY246 MONTHS28 August 2024	FY2312 MONTHS22 February 2024	HY236 MONTHS23 August 2023	FY2212 MONTHS23 February 2023	HY226 MONTHS24 August 2022	FY2112 MONTHS24 February 2022	Trend
Revenue	$899.9m	$371.9m	$584.6m	$318.1m	$565.4m	$309.4m	$619.2m	$309.3m	$514.6m	Chart
Revenue growth %	53.9%Unprecedented high revenue growth. 53.9%; 4-period range -8.7% to 20.3%. Revenue growth: 53.9%, unprecedented high; 4-period mean 6.1%, range -8.7%-20.3%.	16.9%	3.4%	2.8%	-8.7%Outside range low revenue growth. -8.7%; 4-period range 3.4% to 53.9%. Revenue growth: -8.7%, below normal range; 4-period mean 21.7%, range 3.4%-53.9%.	0.0%Outside range low revenue growth. 0%; 3-period range 2.8% to 21.9%. Revenue growth: 0.0%, below normal range; 3-period mean 13.9%, range 2.8%-21.9%.	20.3%	21.9%Outside range high revenue growth. 21.9%; 3-period range 0% to 16.9%. Revenue growth: 21.9%, above normal range; 3-period mean 6.6%, range 0.0%-16.9%.	9.3%	Chart FY23 Revenue growth %: Outside range low revenue growth. -8.7%; 4-period range 3.4% to 53.9%. Revenue growth: -8.7%, below normal range; 4-period mean 21.7%, range 3.4%-53.9%. FY25 Revenue growth %: Unprecedented high revenue growth. 53.9%; 4-period range -8.7% to 20.3%. Revenue growth: 53.9%, unprecedented high; 4-period mean 6.1%, range -8.7%-20.3%.
EBITDA	$169.9m	$87.8m	$88.1m	$61.5m	$53.7m	$30.5m	$68.5m	$56.4m	$71.6m	Chart
EBITDA margin %	18.9%Unprecedented high ebitda margin. 18.9%; 4-period range 9.5% to 15.1%. EBITDA margin: 18.9%, unprecedented high; 4-period mean 12.4%, range 9.5%-15.1%.	23.6%Outside range high ebitda margin. 23.6%; 3-period range 9.8% to 19.3%. EBITDA margin: 23.6%, above normal range; 3-period mean 15.8%, range 9.8%-19.3%.	15.1%	19.3%	9.5%Outside range low ebitda margin. 9.5%; 4-period range 11.1% to 18.9%. EBITDA margin: 9.5%, below normal range; 4-period mean 14.7%, range 11.1%-18.9%.	9.9%Outside range low ebitda margin. 9.8%; 3-period range 18.2% to 23.6%. EBITDA margin: 9.8%, below normal range; 3-period mean 20.4%, range 18.2%-23.6%.	11.1%	18.2%	13.9%	Chart FY23 EBITDA margin %: Outside range low ebitda margin. 9.5%; 4-period range 11.1% to 18.9%. EBITDA margin: 9.5%, below normal range; 4-period mean 14.7%, range 11.1%-18.9%. HY25 EBITDA margin %: Outside range high ebitda margin. 23.6%; 3-period range 9.8% to 19.3%. EBITDA margin: 23.6%, above normal range; 3-period mean 15.8%, range 9.8%-19.3%. FY25 EBITDA margin %: Unprecedented high ebitda margin. 18.9%; 4-period range 9.5% to 15.1%. EBITDA margin: 18.9%, unprecedented high; 4-period mean 12.4%, range 9.5%-15.1%.
PBT	$135.3m	$72.7m	$60.9m	$48.8m	$29.8m	$18.3m	$45.6m	$45.3m	$48.5m	Chart
PBT growth %	122.2%	49.0%	104.4%	166.7%Outside range high pbt growth. 166.7%; 3-period range -59.6% to 49%. PBT growth: 166.7%, above normal range; 3-period mean -1.8%, range -59.6%-49.0%.	-34.6%Outside range low pbt growth. -34.6%; 4-period range -6% to 122.2%. PBT growth: -34.6%, below normal range; 4-period mean 64.6%, range -6.0%-122.2%.	-59.6%Outside range low pbt growth. -59.6%; 3-period range 5.1% to 166.7%. PBT growth: -59.6%, below normal range; 3-period mean 73.6%, range 5.1%-166.7%.	-6.0%	5.1%	37.8%	Chart FY23 PBT growth %: Outside range low pbt growth. -34.6%; 4-period range -6% to 122.2%. PBT growth: -34.6%, below normal range; 4-period mean 64.6%, range -6.0%-122.2%. HY24 PBT growth %: Outside range high pbt growth. 166.7%; 3-period range -59.6% to 49%. PBT growth: 166.7%, above normal range; 3-period mean -1.8%, range -59.6%-49.0%.
NPAT	$101m	$48.6m	$30.7m	$28.1m	$5.2m	$3.9m	$19.4m	$26.1m	$26.9m	Chart
NPAT growth %	229.0%	73.0%	490.4%Unprecedented high npat growth. 490.4%; 4-period range -73.2% to 229%. NPAT growth: 490.4%, unprecedented high; 4-period mean 39.0%, range -73.2%-229.0%.	620.5%	-73.2%Outside range low npat growth. -73.2%; 4-period range -27.9% to 490.4%. NPAT growth: -73.2%, below normal range; 4-period mean 179.9%, range -27.9%-490.4%.	-85.1%	-27.9%	-7.8%	28.1%	Chart FY23 NPAT growth %: Outside range low npat growth. -73.2%; 4-period range -27.9% to 490.4%. NPAT growth: -73.2%, below normal range; 4-period mean 179.9%, range -27.9%-490.4%. FY24 NPAT growth %: Unprecedented high npat growth. 490.4%; 4-period range -73.2% to 229%. NPAT growth: 490.4%, unprecedented high; 4-period mean 39.0%, range -73.2%-229.0%.
Operating cash flow	$95.8m	-$9.2m	$97.6m	-$2.6m	$64.7m	-$23.9m	$44.9m	-$30.6m	$39.8m	Chart
OCF / EBITDA %	56.4%	-10.5%	110.7%	-4.2%	120.5%Unprecedented high ocf / ebitda cash conversion. 120.5%; 4-period range 55.6% to 110.8%. OCF / EBITDA cash conversion: 120.5%, unprecedented high; 4-period mean 72.1%, range 55.6%-110.8%.	-78.4%	65.5%	-54.2%	55.6%Outside range low ocf / ebitda cash conversion. 55.6%; 4-period range 56.4% to 120.5%. OCF / EBITDA cash conversion: 55.6%, below normal range; 4-period mean 88.3%, range 56.4%-120.5%.	Chart FY23 OCF / EBITDA %: Unprecedented high ocf / ebitda cash conversion. 120.5%; 4-period range 55.6% to 110.8%. OCF / EBITDA cash conversion: 120.5%, unprecedented high; 4-period mean 72.1%, range 55.6%-110.8%.
FCF pre-lease	$74.9m	-$18.9m	$42.6m	-$47.1m	$47.9m	-$28.7m	$30.3m	-$35.8m	$23.3m	Chart
FCF post-lease	—	—	—	—	—	-$28.7m	—	—	—	—
DPS	7.2c	—	4.3c	—	6.0c	—	3.5c	—	9.5c	Chart
Payout ratio vs NPAT %	10.3%Outside range low payout ratio versus npat. 10.3%; 4-period range 19.7% to 162.2%. Payout ratio versus NPAT: 10.3%, below normal range; 4-period mean 64.3%, range 19.7%-162.2%.	—	19.7%	—	162.2%Unprecedented high payout ratio versus npat. 162.2%; 4-period range 10.3% to 49.7%. Payout ratio versus NPAT: 162.2%, unprecedented high; 4-period mean 26.3%, range 10.3%-49.7%.	—	25.5%	—	49.7%	Chart FY23 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 162.2%; 4-period range 10.3% to 49.7%. Payout ratio versus NPAT: 162.2%, unprecedented high; 4-period mean 26.3%, range 10.3%-49.7%. FY25 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 10.3%; 4-period range 19.7% to 162.2%. Payout ratio versus NPAT: 10.3%, below normal range; 4-period mean 64.3%, range 19.7%-162.2%.
Annual payout ratio vs EPS %	10.3%	—	19.7%	—	162.2%	—	25.5%	—	49.7%	Chart
ROE %	22.1%Unprecedented high roe. 22.1%; 4-period range 1.4% to 8.5%. ROE: 22.1%, unprecedented high; 4-period mean 5.5%, range 1.4%-8.5%.	11.3%	8.5%	13.9%Outside range high roe. 14%; 3-period range 1.1% to 13.4%. ROE: 14.0%, above normal range; 3-period mean 8.6%, range 1.1%-13.4%.	1.4%Outside range low roe. 1.4%; 4-period range 5% to 22.1%. ROE: 1.4%, below normal range; 4-period mean 10.6%, range 5.0%-22.1%.	1.1%Outside range low roe. 1.1%; 3-period range 11.3% to 14%. ROE: 1.1%, below normal range; 3-period mean 12.9%, range 11.3%-14.0%.	5.0%	13.4%	6.9%	Chart FY23 ROE %: Outside range low roe. 1.4%; 4-period range 5% to 22.1%. ROE: 1.4%, below normal range; 4-period mean 10.6%, range 5.0%-22.1%. HY24 ROE %: Outside range high roe. 14%; 3-period range 1.1% to 13.4%. ROE: 14.0%, above normal range; 3-period mean 8.6%, range 1.1%-13.4%. FY25 ROE %: Unprecedented high roe. 22.1%; 4-period range 1.4% to 8.5%. ROE: 22.1%, unprecedented high; 4-period mean 5.5%, range 1.4%-8.5%.
Net debt	$84.1m	$67.5m	—	$81.9m	-$12m	$29.8m	-$27m	$3.2m	$2.9m	Chart
Net debt / EBITDA	0.49x	0.77x	—	1.33xOutside range high net debt / ebitda. 1.33x; 3-period range 0.06x to 0.98x. Net debt / EBITDA: 1.33x, above normal range; 3-period mean 0.60x, range 0.06x-0.98x.	-0.22x	0.98x	-0.39x	0.06xOutside range low net debt / ebitda. 0.06x; 3-period range 0.77x to 1.33x. Net debt / EBITDA: 0.06x, below normal range; 3-period mean 1.03x, range 0.77x-1.33x.	0.04x	Chart HY24 Net debt / EBITDA: Outside range high net debt / ebitda. 1.33x; 3-period range 0.06x to 0.98x. Net debt / EBITDA: 1.33x, above normal range; 3-period mean 0.60x, range 0.06x-0.98x.
Debtor days	26Unprecedented high debtor days. 26d; 4-period range 17d to 24d. Debtor days: 25.8 days, unprecedented high; 4-period mean 19.6 days, range 16.5 days-23.7 days.	1	24	1	17Outside range low debtor days. 17d; 4-period range 17d to 26d. Debtor days: 16.5 days, below normal range; 4-period mean 22.0 days, range 17.0 days-25.8 days.	57Outside range high debtor days. 57d; 3-period range 0d to 1d. Debtor days: 57.3 days, above normal range; 3-period mean 0.9 days, range 0.3 days-1.3 days.	21	0Outside range low debtor days. 0d; 3-period range 1d to 57d. Debtor days: 0.3 days, below normal range; 3-period mean 19.9 days, range 1.1 days-57.3 days.	17	Chart FY23 Debtor days: Outside range low debtor days. 17d; 4-period range 17d to 26d. Debtor days: 16.5 days, below normal range; 4-period mean 22.0 days, range 17.0 days-25.8 days. FY25 Debtor days: Unprecedented high debtor days. 26d; 4-period range 17d to 24d. Debtor days: 25.8 days, unprecedented high; 4-period mean 19.6 days, range 16.5 days-23.7 days.
Inventory days	49Unprecedented high inventory days. 49d; 4-period range 16d to 25d. Inventory days: 48.5 days, unprecedented high; 4-period mean 20.2 days, range 15.6 days-25.1 days.	15Outside range low inventory days. 15d; 3-period range 23d to 27d. Inventory days: 15.0 days, below normal range; 3-period mean 24.4 days, range 22.8 days-27.5 days.	16Outside range low inventory days. 16d; 4-period range 19d to 49d. Inventory days: 15.6 days, below normal range; 4-period mean 28.4 days, range 19.1 days-48.5 days.	23	19	27Outside range high inventory days. 28d; 3-period range 15d to 23d. Inventory days: 27.5 days, above normal range; 3-period mean 20.2 days, range 15.0 days-22.8 days.	25	23	21	Chart FY24 Inventory days: Outside range low inventory days. 16d; 4-period range 19d to 49d. Inventory days: 15.6 days, below normal range; 4-period mean 28.4 days, range 19.1 days-48.5 days. HY25 Inventory days: Outside range low inventory days. 15d; 3-period range 23d to 27d. Inventory days: 15.0 days, below normal range; 3-period mean 24.4 days, range 22.8 days-27.5 days. FY25 Inventory days: Unprecedented high inventory days. 49d; 4-period range 16d to 25d. Inventory days: 48.5 days, unprecedented high; 4-period mean 20.2 days, range 15.6 days-25.1 days.
Total assets	$899.9m	$784.6m	$608.9m	$739.8m	$581.7m	$619.7m	$580.5m	$664.5m	$584.8m	Chart

Reference: annolyse.ai/companies/scl

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY25 → FY25 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY25 said to watch

From Horticulture surge lifts EBITDA margin to 23.6%, above historical range

The release flags that FY25 profit guidance has been lifted, but no specific number is supplied here. The historical second-half shape is critical context: in FY24, HY24 represented 67.1% of full-year EBITDA and 91.6% of full-year NPAT, with implied 2H24 NPAT of just NZ$2.6m. Horticulture is structurally first-half weighted because of the apple harvest, so even a strong 1H25 does not annualise.

The economic question is therefore how much of the 1H25 margin uplift survives into a much smaller 2H25 base. The result clearly sets up FY25 above prior-year run rate, but the magnitude of the lift depends on second-half settings that this release does not quantify.

Open questions

Open questions from HY25

What drove EBITDA margin to 23.6%, above the historical 9.8%–19.3% range, and how much of that level is structural versus a favourable apple season?
What is the lifted FY25 guidance range, and what does it imply for 2H25 earnings against the very weak 2H24 base of NZ$2.6m NPAT?
Why did Global Proteins revenue fall 10.8% while its segment result rose, and what margin assumption sits inside the FY25 outlook?
Is the 78% capex reduction a timing effect after a HY24 investment peak, or a lower steady-state level of capital intensity?
How does reported NPAT of NZ$48.6m reconcile to the underlying NPATAS of NZ$48.9m cited in the release, and what items sit between?

This briefing cannot assess the FY25 guidance figure, the apple-season pricing dynamics behind Horticulture, or the detailed underlying-versus-reported earnings reconciliation.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

FY25 · Released 25 February 2026

Bostock acquisition lifted revenue 54% but cash conversion fell to 56.4%

Working capital absorbed NZ$120.1m as inventory days tripled to 48.5, while a 13.0% tax rate amplified NPAT growth to 229.0% versus PBT 122.2%.

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HY25 · Released 25 August 2025

Horticulture surge lifts EBITDA margin to 23.6%, above historical range

PBT grew 49.0% on operating leverage, but heavy first-half seasonal weighting and a softer tax rate are the key tests of durability.

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FY24 · Released 26 February 2025

FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m

The reported rebound was front-loaded into the first half while capex tripled to NZ$54.9m and the announced dividend fell to 4.25c.

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HY24 · Released 28 August 2024

PBT up 166.7% on Horticulture recovery as capex surge lifts leverage to 1.33x

Earnings rebounded from a cyclone-impacted base, but capex jumped 828% and net debt/EBITDA at 1.33x sits above its historical range.

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FY23 · Released 22 February 2024

NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit

A working-capital release flattered cash conversion to 120.5% and funded the increase, masking margin pressure from Cyclone Gabrielle.

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HY23 · Released 23 August 2023

Horticulture swing drives PBT down 59.6% on flat revenue

Headline NPAT to shareholders fell 85.1% as the Horticulture segment swung from a NZ$15.2m profit to a NZ$2.1m loss after cyclone disruption.

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FY22 · Released 23 February 2023

Revenue up 20.3% but NPAT fell 27.9% on horticulture margin collapse

Logistics expansion drove the top line while China lockdowns crushed apple realisations, with minority-interest growth deepening the gap between PBT

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HY22 · Released 24 August 2022

Revenue +21.9% but attributable NPAT fell 7.8% as minorities doubled

Global Proteins now leads the revenue mix at 49%, doubling its result, but expanded minority interests captured most of the upside.

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FY21 · Released 24 February 2022

PBT up 37.8% but cash conversion fell from 93.8% to 55.6%

Strong revenue and earnings growth contrasts with operating cash flow down 25.1%, leaving pre-lease FCF below the historical range.

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Scales Corporation (SCL)

Latest metrics

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Performance over time

Operating working-capital movement

HY25 → FY25 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

Bostock acquisition lifted revenue 54% but cash conversion fell to 56.4%

Horticulture surge lifts EBITDA margin to 23.6%, above historical range

FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m

PBT up 166.7% on Horticulture recovery as capex surge lifts leverage to 1.33x

NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit

Horticulture swing drives PBT down 59.6% on flat revenue

Revenue up 20.3% but NPAT fell 27.9% on horticulture margin collapse

Revenue +21.9% but attributable NPAT fell 7.8% as minorities doubled

PBT up 37.8% but cash conversion fell from 93.8% to 55.6%

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Scales Corporation (SCL)

Latest metrics

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Performance over time

Operating working-capital movement

HY25 → FY25 Follow-through

What HY25 said to watch

Open questions from HY25

Briefing archive

Bostock acquisition lifted revenue 54% but cash conversion fell to 56.4%

Horticulture surge lifts EBITDA margin to 23.6%, above historical range

FY24 NPAT recovered 490% but H1 delivered NZ$28.1m of the NZ$30.7m

PBT up 166.7% on Horticulture recovery as capex surge lifts leverage to 1.33x

NPAT fell 73% but dividend rose 71%, lifting payout to 162% of profit

Horticulture swing drives PBT down 59.6% on flat revenue

Revenue up 20.3% but NPAT fell 27.9% on horticulture margin collapse

Revenue +21.9% but attributable NPAT fell 7.8% as minorities doubled

PBT up 37.8% but cash conversion fell from 93.8% to 55.6%

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