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SCL · NZX

Scales Corporation (SCL)

Primary Industries / Horticulture and foodCovered: FY21 - HY2610 published briefings

Scales Corporation is an NZX-listed primary industries / horticulture and food company. Its latest covered result is HY26, with FY21 - HY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

HY26, released 26 August 2026

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SCL latest metrics
MetricValueChange
Revenue$762.1m↑ +104.9%
EBITDA$81m↓ -7.8%
NPAT$30.1m↓ -38.1%
Operating cash flow$20m↑ +316.9%
OCF / EBITDA %24.7%Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.↑ +35.2pp
Net debt$106.7m↑ +58.2%
Net debt / EBITDA1.32x↑ +71.4%
ROE %6.4%↓ -4.9pp
PBT$58m↓ -20.2%
FCF pre-lease$13.3m↑ +170.3%

Source: latest published briefing (HY26, released 26 August 2026). Change compares against the prior equivalent period: HY25, released 25 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 4 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$1.1b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

13.09x

i

Recent market cap compared with trailing earnings.

EPS

0.56

i

Recent filing-derived earnings per share.

PEG

Not available

i

Not meaningful without positive comparable earnings growth.

EV/EBITDA

7.28x

i

Enterprise value compared with recent EBITDA.

P/FCF

10.09x

i

Market cap compared with recent free cash flow.

P/B

2.3x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

3.4%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask about SCL

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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SCL metric history
MetricHY266 MONTHS26 August 2026FY2512 MONTHS25 February 2026HY256 MONTHS25 August 2025FY2412 MONTHS26 February 2025HY246 MONTHS28 August 2024FY2312 MONTHS22 February 2024HY236 MONTHS23 August 2023FY2212 MONTHS23 February 2023HY226 MONTHS24 August 2022FY2112 MONTHS24 February 2022Trend
Revenue$762.1m$899.9m$371.9m$584.6m$318.1m$565.4m$309.4m$619.2m$309.3m$514.6m
Chart
Revenue growth %104.9%Unprecedented high revenue growth. 104.9%; 4-period range 0% to 21.9%. Revenue growth: 104.9%, unprecedented high; 4-period mean 10.4%, range 0.0%-21.9%.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%; 4-period range 2.8% to 104.9%. Revenue growth: 0.0%, below normal range; 4-period mean 36.6%, range 2.8%-104.9%.20.3%21.9%9.3%
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  • 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%.
  • HY26 Revenue growth %: Unprecedented high revenue growth. 104.9%; 4-period range 0% to 21.9%. Revenue growth: 104.9%, unprecedented high; 4-period mean 10.4%, range 0.0%-21.9%.
EBITDA$81m$169.9m$87.8m$88.1m$61.5m$53.7m$30.5m$68.5m$56.4m$71.6m
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EBITDA margin %10.6%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%Unprecedented high ebitda margin. 23.6%; 4-period range 9.8% to 19.3%. EBITDA margin: 23.6%, unprecedented high; 4-period mean 14.5%, 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%; 4-period range 10.6% to 23.6%. EBITDA margin: 9.8%, below normal range; 4-period mean 17.9%, range 10.6%-23.6%.11.1%18.2%13.9%
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  • HY25 EBITDA margin %: Unprecedented high ebitda margin. 23.6%; 4-period range 9.8% to 19.3%. EBITDA margin: 23.6%, unprecedented high; 4-period mean 14.5%, 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$58m$135.3m$72.7m$60.9m$48.8m$29.8m$18.3m$45.6m$45.3m$48.5m
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PBT growth %-20.2%122.2%Outside range high pbt growth. 122.2%; 4-period range -34.6% to 104.4%. PBT growth: 122.2%, above normal range; 4-period mean 25.4%, range -34.6%-104.4%.49.0%104.4%166.7%Unprecedented high pbt growth. 166.7%; 4-period range -59.6% to 49%. PBT growth: 166.7%, unprecedented high; 4-period mean -6.4%, 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%; 4-period range -20.2% to 166.7%. PBT growth: -59.6%, below normal range; 4-period mean 50.2%, range -20.2%-166.7%.-6.0%5.1%37.8%
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  • HY24 PBT growth %: Unprecedented high pbt growth. 166.7%; 4-period range -59.6% to 49%. PBT growth: 166.7%, unprecedented high; 4-period mean -6.4%, range -59.6%-49.0%.
  • FY25 PBT growth %: Outside range high pbt growth. 122.2%; 4-period range -34.6% to 104.4%. PBT growth: 122.2%, above normal range; 4-period mean 25.4%, range -34.6%-104.4%.
NPAT$30.1m$101m$48.6m$30.7m$28.1m$5.2m$3.9m$19.4m$26.1m$26.9m
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NPAT growth %-38.1%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%Unprecedented high npat growth. 620.5%; 4-period range -85.1% to 73%. NPAT growth: 620.5%, unprecedented high; 4-period mean -14.5%, range -85.1%-73.0%.-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%Outside range low npat growth. -85.1%; 4-period range -38.1% to 620.5%. NPAT growth: -85.1%, below normal range; 4-period mean 161.9%, range -38.1%-620.5%.-27.9%-7.8%28.1%
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  • HY24 NPAT growth %: Unprecedented high npat growth. 620.5%; 4-period range -85.1% to 73%. NPAT growth: 620.5%, unprecedented high; 4-period mean -14.5%, range -85.1%-73.0%.
  • 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$20m$95.8m-$9.2m$97.6m-$2.6m$64.7m-$23.9m$44.9m-$30.6m$39.8m
Chart
OCF / EBITDA %24.7%Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.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%.
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  • HY26 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.
FCF pre-lease$13.3m$74.9m-$18.9m$42.6m-$47.1m$47.9m-$28.7m$30.3m-$35.8m$23.3m
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FCF post-lease——————-$28.7m———
—
DPS—7.2c—4.3c—6.0c—3.5c—9.5c
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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%
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ROE %6.4%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%; 4-period range 1.1% to 13.4%. ROE: 14.0%, above normal range; 4-period mean 8.0%, 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%Unprecedented low roe. 1.1%; 4-period range 6.4% to 14%. ROE: 1.1%, unprecedented low; 4-period mean 11.3%, range 6.4%-14.0%.5.0%13.4%6.9%
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  • HY24 ROE %: Outside range high roe. 14%; 4-period range 1.1% to 13.4%. ROE: 14.0%, above normal range; 4-period mean 8.0%, 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$106.7m$84.1m$67.5m—$81.9m-$12m$29.8m-$27m$3.2m$2.9m
Chart
Net debt / EBITDA1.32x0.49x0.77x—1.33xOutside range high net debt / ebitda. 1.33x; 4-period range 0.06x to 1.32x. Net debt / EBITDA: 1.33x, above normal range; 4-period mean 0.78x, range 0.06x-1.32x.n/m0.98xn/m0.06xUnprecedented low net debt / ebitda. 0.06x; 4-period range 0.77x to 1.33x. Net debt / EBITDA: 0.06x, unprecedented low; 4-period mean 1.10x, range 0.77x-1.33x.0.04x
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  • HY24 Net debt / EBITDA: Outside range high net debt / ebitda. 1.33x; 4-period range 0.06x to 1.32x. Net debt / EBITDA: 1.33x, above normal range; 4-period mean 0.78x, range 0.06x-1.32x.
Debtor days126Unprecedented 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.124117Outside 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.57Unprecedented high debtor days. 57d; 4-period range 0d to 1d. Debtor days: 57.3 days, unprecedented high; 4-period mean 0.8 days, range 0.3 days-1.3 days.210Outside range low debtor days. 0d; 4-period range 1d to 57d. Debtor days: 0.3 days, below normal range; 4-period mean 15.1 days, range 0.6 days-57.3 days.17
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  • 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 days29Outside range high inventory days. 29d; 4-period range 15d to 27d. Inventory days: 29.4 days, above normal range; 4-period mean 22.0 days, range 15.0 days-27.5 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.15Unprecedented low inventory days. 15d; 4-period range 23d to 29d. Inventory days: 15.0 days, unprecedented low; 4-period mean 25.6 days, range 22.8 days-29.4 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.231927252321
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  • 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: Unprecedented low inventory days. 15d; 4-period range 23d to 29d. Inventory days: 15.0 days, unprecedented low; 4-period mean 25.6 days, range 22.8 days-29.4 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.
  • HY26 Inventory days: Outside range high inventory days. 29d; 4-period range 15d to 27d. Inventory days: 29.4 days, above normal range; 4-period mean 22.0 days, range 15.0 days-27.5 days.
Total assets$1b$899.9m$784.6m$608.9m$739.8m$581.7m$619.7m$580.5m$664.5m$584.8m
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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.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • FY23 SCL FY: 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 SCL FY: 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%.
  • HY23 SCL HY: Outside range low revenue growth. 0%; 4-period range 2.8% to 104.9%. Revenue growth: 0.0%, below normal range; 4-period mean 36.6%, range 2.8%-104.9%.
  • HY26 SCL HY: Unprecedented high revenue growth. 104.9%; 4-period range 0% to 21.9%. Revenue growth: 104.9%, unprecedented high; 4-period mean 10.4%, range 0.0%-21.9%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • FY23 SCL FY: 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%.
  • FY25 SCL FY: 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%.
  • HY23 SCL HY: Outside range low ebitda margin. 9.8%; 4-period range 10.6% to 23.6%. EBITDA margin: 9.8%, below normal range; 4-period mean 17.9%, range 10.6%-23.6%.
  • HY25 SCL HY: Unprecedented high ebitda margin. 23.6%; 4-period range 9.8% to 19.3%. EBITDA margin: 23.6%, unprecedented high; 4-period mean 14.5%, range 9.8%-19.3%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • FY21 SCL FY: 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%.
  • FY23 SCL FY: 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%.
  • HY26 SCL HY: Outside range high ocf / ebitda cash conversion. 24.7%; 4-period range -78.4% to -4.2%. OCF / EBITDA cash conversion: 24.7%, above normal range; 4-period mean -36.8%, range -78.4%--4.2%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • FY23 SCL FY: 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%.
  • FY25 SCL FY: 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%.
  • HY23 SCL HY: Unprecedented low roe. 1.1%; 4-period range 6.4% to 14%. ROE: 1.1%, unprecedented low; 4-period mean 11.3%, range 6.4%-14.0%.
  • HY24 SCL HY: Outside range high roe. 14%; 4-period range 1.1% to 13.4%. ROE: 14.0%, above normal range; 4-period mean 8.0%, range 1.1%-13.4%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • HY22 SCL HY: Unprecedented low net debt / ebitda. 0.06x; 4-period range 0.77x to 1.33x. Net debt / EBITDA: 0.06x, unprecedented low; 4-period mean 1.10x, range 0.77x-1.33x.
  • HY24 SCL HY: Outside range high net debt / ebitda. 1.33x; 4-period range 0.06x to 1.32x. Net debt / EBITDA: 1.33x, above normal range; 4-period mean 0.78x, range 0.06x-1.32x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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  • FY23 SCL FY: 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 SCL FY: 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%.

Debtor days

Receivables days where the working-capital inputs are source-backed.

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  • FY23 SCL FY: 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 SCL FY: 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.
  • HY22 SCL HY: Outside range low debtor days. 0d; 4-period range 1d to 57d. Debtor days: 0.3 days, below normal range; 4-period mean 15.1 days, range 0.6 days-57.3 days.
  • HY23 SCL HY: Unprecedented high debtor days. 57d; 4-period range 0d to 1d. Debtor days: 57.3 days, unprecedented high; 4-period mean 0.8 days, range 0.3 days-1.3 days.

Inventory days

Inventory days where the working-capital inputs are source-backed.

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  • FY24 SCL FY: 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.
  • FY25 SCL FY: 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.
  • HY25 SCL HY: Unprecedented low inventory days. 15d; 4-period range 23d to 29d. Inventory days: 15.0 days, unprecedented low; 4-period mean 25.6 days, range 22.8 days-29.4 days.
  • HY26 SCL HY: Outside range high inventory days. 29d; 4-period range 15d to 27d. Inventory days: 29.4 days, above normal range; 4-period mean 22.0 days, range 15.0 days-27.5 days.

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

FY25 → HY26 Follow-through

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

Historical setup

What FY25 said to watch

Previous analysisFY25Result releasedAnnolyse analysis published

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

No quantitative FY26 target is supplied; management references an FY26 outlook and "strong performance across all divisions" without numbers. The half-year shape shows HY25 contributed 41.3% of full-year revenue but 51.7% of EBITDA and 48.1% of NPAT, implying 2H revenue of NZ$528.1m on EBITDA of NZ$82.1m — a revenue-heavier but margin-lighter second half consistent with apple-harvest seasonality plus a part-period Bostock contribution.

What the release does not support is an FY26 base. Without disclosed organic-versus-acquired splits, normalised working-capital targets, or a tax-rate guide, the durability of the FY25 step-up cannot be assessed from this filing alone.

Open questions

Open questions from FY25

  • What share of the 53.9% revenue lift and 85.2% EBITDA lift came from Bostock versus organic Scales operations?
  • Why did inventory days reach 48.5 from 15.6, and how much of the NZ$94.7m inventory build is acquired stock versus seasonal apple inventory awaiting export?
  • Why did the effective tax rate fall to 13.0%, and is this a one-off or a structural feature of the post-acquisition group?
  • When does management expect the NZ$120.1m operating-working-capital build to convert back into operating cash flow?
  • Is the 10.3% NPAT payout a deliberate signal about reinvestment and balance-sheet repair after lifting net debt to NZ$84.1m?

This briefing cannot assess the organic-versus-acquired split of FY25 earnings or the steady-state working-capital intensity of the enlarged group from the disclosures provided.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

Interim Financial Statements - 30 June 2026

HY26 / financial report

Interim Results Announcement - 30 June 2026

HY26 / results announcement

Interim Results Media Release - 30 June 2026

HY26 / media release

Interim Results Presentation - 30 June 2026

HY26 / results presentation

Prior comparable period

Financial Statements - 30 June 2025

HY25 / financial report

Interim Results Announcement - 30 June 2025

HY25 / results announcement

Interim Results Media Release - 30 June 2025

HY25 / media release

Interim Results Presentation - 30 June 2025

HY25 / results presentation

Full-year context

2025 Annual Report

FY25 / financial report

Release context

Market Update

FY25 / commentary

Peer context

Other covered Primary Industries companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

TGG · FY25

T&G Global Limited and subsidiary companies

10 published result briefings

ARB · FY26

ArborGen Holdings

9 published result briefings

LIC · FY26

Livestock Improvement Corporation

8 published result briefings

SML · HY26

Synlait Milk

8 published result briefings

Compare SCL, TGG, ARB, LIC →Primary Industries result archive

Archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 26 August 2026

Revenue up 104.9% but EBITDA fell 7.8% on a lower-margin mix shift

A near-doubling of revenue driven by a lower-margin protein business coincided with a 20.2% PBT decline and a 38.1% NPAT drop.

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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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Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 17.9pp, with a distortion flag in the result.

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Cash conversion quality

This result converted 24.7% of EBITDA to operating cash flow, +35.2pp versus the prior comparable period.

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Leverage and balance-sheet risk

Net debt / EBITDA is 1.32x, +0.55x versus the prior comparable period.

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Revenue growth context

Revenue growth was 104.9% for this reporting period.

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