2025 Annual Shareholders' Meeting Presentations

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Annual Shareholders’ Meeting
10 June 2025
SCALES CORPORATION – 2025 ANNUAL SHAREHOLDERS’ MEETING
The attached presentation will be given at the hybrid (virtual and in person) Annual Shareholders’ Meeting of Scales
Corporation Limited starting at 3.30pm today, at The Piano, 156 Armagh Street, Christchurch, and also online via the
Computershare online meeting platform.
1. 2025 Scales Corporation Limited Annual Shareholders’ Meeting – Chair and Managing Director’s Addresses
2. 2025 Scales Corporation Limited Annual Shareholders’ Meeting – Presentation

ENDS


Contacts
Andy Borland, Managing Director, Scales Corporation Limited, Mob: 021 975 999,
email: andy.borland@scalescorporation.co.nz

About Scales Corporation
Scales Corporation is a diversified agribusiness group. It comprises three operating divisions: Global Proteins,
Horticulture and Logistics. The company’s diverse spread of activities gives Scales broad exposure to the agribusiness
sector. Scales Corporation was founded in 1897 as a shipping business by George Scales. Today it has operations
across New Zealand, Australia, United States and Europe. Find out more at www.scalescorporation.co.nz.

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Annual Shareholders’ Meeting
10 June 2025
Address by the Chair: Mike Petersen
[SLIDE 2: AGENDA]
Good afternoon everyone, I’m Mike Petersen, Chair of Scales, and it’s my pleasure to welcome you all to this annual
meeting. It’s the one hundred and thirteenth annual meeting of the company, the eleventh since it became a listed
company and my third as Chair.
Once again, we’re holding a hybrid annual meeting and, whether you’re here in person or joining us online, I’d like to
thank you and welcome you all.
As you may recall, shareholders, proxies and guests attending the meeting virtually will be able to hear and see a live
webcast. In addition, shareholders and proxies have the ability to ask questions and vote on resolutions. I’ll provide
further details on those matters shortly.
Some housekeeping matters for those of you who have joined us in person. First, I’d like to remind you, as a matter of
courtesy, to turn your mobile phones to silent. Also, if there’s an emergency and we need to leave, please do so
through the marked exits. Staff will be available to help us.
I’m pleased to confirm that we have a quorum and therefore declare the 2025 Annual Shareholders’ Meeting of Scales
Corporation Limited open.
The items of business for this meeting and the resolutions to be considered by shareholders are contained in the
Notice of Meeting, which was sent to shareholders on the 6th of May.
Our order of proceedings is as shown on the current slide – I’ll briefly comment on the highlights of the last 12 months,
followed by a review by Andy Borland, Scales’ Managing Director. We’ll then attend to the resolutions, where we’ll
cover each resolution in turn and invite questions specific to those items. I’ll explain the process for asking questions
then I’ll open the online voting and explain the voting process.
Once the meeting is complete, we hope that those of you present will join us for refreshments. It’ll also be an
opportunity to meet the Directors and senior management of the Group, and raise any questions you may have, on
an informal basis.
I’d also like to note that we announced to the market this morning an increase in our earnings guidance for FY25,
following a strong first half of the year for the Group. This is very pleasing to announce and Andy will discuss this in
more detail shortly.

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[SLIDE 3: QUESTION PROCESS]
I’ll now summarise the process for asking questions.
For those of you attending the meeting virtually, if you’d like to submit a question, the Q&A is always open so please
feel free to submit questions throughout the meeting. These will be addressed at the relevant time. To do so, please
select the Q&A tab on the right half of your screen, as currently shown. Type your question into the field and press
send. Your question will be immediately submitted.
Should you require assistance of any sort, you can type your query and one of the Computershare team will assist
using the chat function. Alternatively, you can call Computershare on 0800-650-034.
Questions may be moderated or, if we receive multiple questions on one topic, amalgamated together. Due to time
constraints and to ensure all shareholders have a chance to ask a question, I ask that you limit yourself to asking two
questions. Any questions not answered in time will receive an email response after the meeting.
For those of you present, we’ll offer you an opportunity to ask questions on, or speak to, each resolution being put to
shareholders at the appropriate time. As I mentioned earlier, there will also be an opportunity to ask questions of
individual Directors informally after the meeting.
[SLIDE 4: VOTING PROCESS]
With regard to online voting, if you’re eligible to vote, you’ll be able to cast your vote under the Vote tab as shown on
screen. Once the voting has opened, the resolutions will allow votes to be submitted. To vote, simply select your
voting direction from the options shown. You can vote for all resolutions at once or by each resolution separately.
Your vote has been cast when the tick appears. To change your vote, simply select ‘Change Your Vote’. You’re able to
change your vote up until the time I declare voting closed.
You may submit questions on each resolution being put to shareholders using the question process.
For those of you who have joined us in person, those Shareholders who are entitled to vote and proxies who have
discretion as to how they vote, should have received a Voting or Proxy Form when they registered upon arrival at the
meeting. If you completed a postal vote, you don’t need to complete another Voting or Proxy form.
If you haven’t received a Voting or Proxy form, at the time of voting please go to the Computershare desk in the foyer
where their representatives will be able to assist you. After voting, please place your Voting or Proxy form in one of
the ballot boxes, which will be passed around the room. I’ll invite you to vote after all the resolutions have been
introduced to the meeting.
I now declare voting open on all items of business. For those of you attending via the Computershare online meeting
platform, the resolutions will now be open in the Vote tab, please submit your votes at any time. I’ll give you a reminder
before I move to close voting.

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[SLIDE 5: WELCOME AND CHAIR’S REVIEW]
Before I go further, I’d like to introduce my fellow Directors who are in attendance. They are:
• Andy Borland, our Managing Director
• Tony Batterton, Chair of Scales’ Nominations and Remuneration Committee, Chair of Scales’ Finance and
Treasury Committee and an Independent Director
• Miranda Burdon, Chair of the Health & Safety and Sustainability Committee and an Independent Director
• Nick Harris, Independent Director
• Alan Isaac, Chair of Scales’ Audit and Risk Management Committee and an Independent Director.
• Emma Wheeler – our Future Director who is joining us online today.
I would also like to introduce and acknowledge Nadine Tunley who resigned as a Director in August last year to take
up the role as Scales’ Chief Risk Officer in Andy’s senior management team. Nadine’s contribution as a Director of
Scales from 2019 to 2024 was significant and we’re delighted that she has taken up this new role and continues to
contribute to the Group’s success.
Members of Scales’ management and staff, Deloitte and Anthony Harper are also in attendance, and I’m delighted to
welcome everyone to the meeting.
[SLIDE 6: WELCOME AND CHAIR’S REVIEW]
I’m delighted to say that Scales generated an excellent Group performance in 2024, producing record results whilst
also delivering on its growth strategy. Our Underlying Net Profit After Tax Attributable to Shareholders of $34.3
million, was up 81 per cent on 2023 and was towards the top end of our 2024 Guidance range. Our Underlying EBITDA
of $91.7 million and Underlying NPAT of $53.6 million were both record results.
Global Proteins delivered a strong result whilst Meateor Australia and Esro Petfood progressed steadily through their
respective start-up phases. Horticulture returned to a more normal performance level with improved apple volumes
and prices. The Horticulture division also benefitted from our increased ownership of Profruit, which produced an
exceptional 2024 performance. Logistics also produced an excellent result, assisted by higher ocean and air freight
volumes.
Dividends of 15.0 cents per share have been declared in respect of the 2024 financial year, with this representing 63%
of 2024 Underlying Net Profit after Tax Attributable to Shareholders.
[SLIDE 7: WELCOME AND CHAIR’S REVIEW (cont.)]
2024 was a busy year in respect of M&A and investments and we’re very pleased with each of the transactions that
we executed.

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We’re continuing to seek both acquisitive and organic growth opportunities to expand our business, and in that regard,
you’ll hopefully have seen our press release in April announcing our increased investment in Shelby, from 60% to
67.5% of this US domiciled business. Shelby’s performance has been fundamental to Scales’ success in recent years,
with its earnings growth materially exceeding our expectations. We’re excited by the expansion opportunities that
exist within Shelby as a result of the various initiatives that have been put in place.
I’d also like to make mention of China Resources, who became a cornerstone shareholder in Scales Corporation in
2016 and who sold its shareholding in October 2024 due to a change in its strategic direction. China Resources were
a very supportive shareholder and provided great insight into the China market for Mr Apple, as well as a positive
contribution to Scales’ Board. We’d like to thank them for their knowledge and expertise during their time as a
shareholder of Scales Corporation.
[SLIDE 8: OUR PEOPLE AND TEAMS]
As ever, our performance was a result of the hard work and effort of each and every one of our management team
members and staff and, on behalf of the Board, I’d like to say a big thank you to them all for everything that they do
for Scales. We pride ourselves on being more than just a place to go to for work, and we continue to reinforce the
importance of team culture and a sense of belonging that is a key foundation of our business, and critical to our
success.
One of the highlights of our year has been the establishment of an emerging leaders group during 2024 led by Geoff
Smith. The group’s purpose is to connect emerging leaders across Scales, allowing them to discuss challenges and
opportunities across our divisions. It also gives these emerging leaders more visibility to Scales’ group strategy, access
to Directors and other industry leaders.
Mr Apple is our biggest employer within the Group, with staff numbers increasing to over 2,000 people during peak
season. With this being the case, we’re pleased to report that we’re on target with Mr Apple’s 5-year people strategy,
providing leadership courses and advancing our succession and leadership planning.
We continue to support governance development and again during 2024 we hosted a Future Director as part of this
work. Emma Wheeler has filled this role for the past year and we thank Emma for her contribution and participation
during this time. We’re in the final stages of making our next Future Director appointment.
We’re also proud of our involvement in local communities and a few initiatives are listed on screen. Of particular note
is the work undertaken by Mr Apple with the Fijian Government to employ 15 RSE workers from Kia Island. By
recruiting these individuals, it helps them to rebuild their community after it was destroyed by a category 5 cyclone a
few years ago.
[Pause]
I’d now like to hand you over to Andy, who’ll update you further on last year’s results and activities, provide an update
on the transactions that we undertook in 2024 and also provide a brief outlook for the Group. Before Andy speaks, I’d
like to acknowledge the impressive efforts of the whole Scales leadership group, including our Board, advisers and the

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impressive senior management team superbly led by Andy. The world has been a challenging place to do business in
the past few years, with recessions, adverse weather events and geopolitical upheaval coupled with global conflicts in
many parts of the world. Our ability to successfully execute our growth strategy across all divisions in the context of
these events has been very satisfying, and is a tribute to the performance of our team.
Following Andy’s presentation, we’ll move to the formal business of the meeting.
As always, we welcome feedback on any of the matters raised during today’s presentation or other general matters in
relation to the Group.
Address by the Managing Director: Andy Borland
[SLIDE 9: MANAGING DIRECTOR’S REVIEW]
[Cover slide]
[SLIDE 10: REVIEW OF 2024]
Thanks, Mike, and good afternoon everyone. I’ll start with a brief review of 2024.
[SLIDE 11: BY THE NUMBERS]
This slide highlights a few of our key numbers, some of which I’ll touch on further, later in the presentation. As Mike
has mentioned, these numbers are a tribute to the skill and effort of our Scales’ teams, who have continued to deliver
outstanding results in a period of change for the Group.
[SLIDE 12: TRENDS IN GROUP FINANCIAL PERFORMANCE]
The graphs on this slide illustrate our earnings and revenue over the last 5 years. As Mike has also mentioned, the
Group achieved record Underlying EBITDA in 2024, and Underlying NPAT Attributable to Shareholders was towards
the top end of our advised Guidance range.
[SLIDE 13: GROUP FINANCIAL PERFORMANCE]
Moving on to some more detail in respect of our 2024 results.
Reported NPAT attributable to shareholders of $30.7 million was up significantly on last year’s profit of $5.2 million
and we produced record Underlying NPAT, which was up 40 per cent on 2023. Revenue was also up 3 per cent on last
year to almost $585 million.
[SLIDE 14: TRENDS IN DIVISIONAL UNDERLYING EBITDA]
You can see the trends in Underlying EBITDA for each of the divisions on the current slide. Of particular note is the
increase in Horticulture’s earnings compared to 2022 and 2023 and also the record result produced by Logistics.
[SLIDE 15: GLOBAL PROTEINS – PERFORMANCE]
I’ll now touch upon each of the divisions in a bit more detail.

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Global Proteins produced a steady result compared to 2023, whilst it set itself up for the next stage of its growth.
Pleasingly, there were increases in both petfood ingredient volumes and edible proteins volumes of 11 per cent and
28 per cent respectively.
Meateor Australia and Esro Petfood continued to progress through their respective start-up phases. There was strong
volume growth in both businesses, with Meateor Australia operating profitably during 2024 and Esro expected to
move into profitability by the end of this year.
We also maintained revenue and margin per kilogram of volume sold within the overall petfood ingredients business,
notwithstanding the effects of Meateor Australia and Esro being in start-up mode.
[SLIDE 16: HORTICULTURE – PERFORMANCE]
Improved apple volumes, quality and prices helped Horticulture return to more normal performance levels. Its
integrated business model, an increased focus on Premium varieties and overall variety mix also proved beneficial.
Profruit delivered an exceptional performance, assisted by a high level of processed and exported volumes, and we’re
delighted that it’s now a fully owned subsidiary of the Scales Group.
There was an 11 per cent increase in Mr Apple’s own-grown export volumes compared to last year, which was aided
by the team undertaking numerous promotions and customer support in key markets.
The proportion of Premium apple volumes compared to Traditional varieties also increased from 2023, from 64 per
cent to 72 per cent, in line with our strategy. There was growth across all Premium varieties but, pleasingly, there was
significant growth in Dazzle
TM
, Posy
TM
and NZ Queen.
[SLIDE 17: HORTICULTURE – FORECAST VOLUMES]
This graph illustrates our actual and forecast export volumes. We estimate that Premium varieties will account for
around 80 per cent of export volumes by 2027 due to the acquisition of the Bostock orchards as well as Mr Apple’s
ongoing orchard redevelopment programme. As I’ll touch on in the Outlook section, the export volume in 2025 is
likely to exceed the forecast shown by approximately 5 to 10 per cent, due to a better than expected gross pick and
packout rate.
[SLIDE 18: LOGISTICS – PERFORMANCE]
Onto Logistics and their record result. Both ocean freight and airfreight volumes were up on last year, at 16 per cent
and 71 per cent respectively, and this generated a 61 per cent increase in Underlying EBITDA. The new Auckland
warehouse and chiller facility also proved to be beneficial, processing a strong level of air freight volumes.
[SLIDE 19: BALANCE SHEET]
Our balance sheet continues to show a strong financial position.
Net Cash was in line with 2023 despite the cash outlay required for M&A transactions that were executed throughout
the year. Other significant expenditure included dividend payments and capex.

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We were also pleased that Group ROCE (Return on Capital Employed) of 14.5 per cent exceeded our target of 12.5 per
cent.
[SLIDE 20: SUSTAINABILITY UPDATE]
The Group continues to integrate sustainability and climate risk analysis into our wider business strategy, in order to
increase our resilience and deliver long-term stakeholder value. This means that we can identify how climate-related
risks will impact our business over the short, medium and long-term. Our appointment of Nadine Tunley as Chief Risk
Officer is an important step in this area and significantly increases our capability.
We were pleased to publish our second Climate-Related Disclosures in April. This report has been uploaded to the
Scales website and I’d encourage you to access the report.
In terms of our people initiatives, we’ve focussed on developing and retaining high performing and high potential staff.
This ensures that we’re actively working on our succession planning for critical roles. We’ve also rolled out the safety
initiatives that we identified in our safety roadmap, including a rollout of a Safety Leadership Programme
We’ve substantially improved our market access and assurance processes and systems to comply with appropriate
regulations and, as equally as important, our ongoing customer requirements.
We also progressed a number of environmental programmes throughout the year, a couple of which are noted on this
slide. As an example of the wider benefits that can be achieved from environmental updates, not only did the new
wastewater plant at Amarillo in the USA improve environmental outcomes, it also materially improved health and
safety at the plant, as staff members no longer have to remove waste solids manually each shift.
[SLIDE 21: TRANSACTIONS UPDATE AND OUTLOOK]
[Cover slide]
[SLIDE 22: TRANSACTIONS UPDATE]
I’d now like to give an update on the transactions that we carried out in 2024, each of which are contributing
strategically to the overall Group.
I’m pleased to report that the Bostock transaction is contributing in line with our expectations, including a very strong
performance from Profruit last year. In addition, Profruit’s shipping has now been transferred to Scales Logistics.
The sale of orchards to Craigmore Sustainables has been positive, with the capital that was released being used in
other projects and transactions, allowing us to maximise our return on capital.
Within Global Proteins. Meateor Australia has performed strongly with increased production and sales volumes.
Fayman has also had a strong year, in part due to global beef shortages as a result of lower herd number in the United
States. And Esro continues its start-up phase, with the expectation that it will be profitable by the end of this year.
Aligned to our strategy, we expect to increase our shareholdings in our Global Proteins businesses over time.

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[SLIDE 23: 2025 TRADING UPDATE AND OUTLOOK]
In respect of the current year, as released to the market earlier today, I’m pleased to note that the Directors have
updated the Guidance range of Underlying Net Profit After Tax Attributable to Shareholders to between $40 and $45
million. This is an increase from the previous range of $37 to $42 million. The Group has seen a strong first half of the
year, particularly in the Horticulture division.
Global Proteins has had a positive start to the year, particularly in Australia and New Zealand. The new processing
facilities in the United States and Europe have been successfully commissioned and both are now in commercial
production. However, some uncertainty does remain in the global marketplace in respect of the impact of tariffs.
Within Horticulture, the harvest is complete with a total pick of around 4.6 million TCEs, above our initial forecast.
Export volumes are tracking ahead of expectations with packout rates similar to last year. Pricing is as anticipated.
Logistics is currently trading ahead of budget due, in part, to the apple season starting earlier than normal.
Lastly, I can advise that Mr Apple’s Whakatu Coolstore has been sold and leased back. The sale, for $24 million, will
settle in August this year.
[Pause]
And that concludes my presentation.
We’ll answer questions following the resolutions but, in the meantime, I’ll pass you back to Mike to cover the formal
part of today’s meeting.
Address by the Chair: Mike Petersen
[SLIDE 24: ORDINARY RESOLUTIONS]
Thanks, Andy.
We’ll now move to the business of the meeting. All items of business are ordinary resolutions and are required to be
passed by a simple majority of votes.
Current best practice for Shareholder voting is by way of poll. Accordingly, a poll will be held for each of the
resolutions.
I and my fellow directors hold the following undirected proxies:
• With respect to Resolution 1, authorisation for the Directors to fix the auditor’s remuneration for the coming
year: 131,381 shares
• With respect to Resolution 2, re-election of Andrew Borland as Executive Director: 97,383 shares
• With respect to Resolution 3, election of Alan Isaac as Non-Executive Independent Director: 102,383 shares
• With respect to Resolution 4, authorisation that the maximum total pool of Directors’ remuneration payable
by Scales to Directors be revised: 117,386 shares

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Your Board supports these resolutions and we intend to vote all these shares in favour of the resolutions, other than
resolution 4, in respect of which voting restrictions apply.
[SLIDE 25: RESOLUTION 1]
I’ll now move onto each of the resolutions.
Resolution 1 relates to the remuneration of auditors. This proposed ordinary resolution is to authorise the Directors
to fix the auditor’s remuneration for the coming year. In accordance with the Companies Act, Deloitte has
automatically been reappointed as Scales’ auditor. As is usual with audit fees, due to the complexity and changing
nature of the company’s affairs, it is not possible to fix the remuneration at the beginning of the year.
I now move, as an ordinary resolution, that the Board is authorised to fix the auditor’s remuneration for the coming
year.
Are there any questions on this resolution?
[Q&A discussion on resolution 1, if any]
Thank you. We’ll now move to the next resolution.
[SLIDE 26: RESOLUTION 2]
Resolutions 2 and 3 relate to the re-election of a Director. The NZX Listing Rules state that Directors must not hold
office (without re-election) past the third annual meeting following the Director’s appointment, or 3 years, whichever
is longer. Accordingly, Andrew Borland and Alan Isaac are required to retire at this meeting.
Resolution 2 relates to the re-election of Andrew (or, as we know him better, Andy) Borland.
Andy became Managing Director and was first appointed to the Board in 2011. A brief biography for him was included
in the Notice of Meeting.
Andy, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 2.
I now invite Andy to briefly address the meeting on his proposed re-election.
Over to you Andy.
[Personal remarks from Andy]
Thanks Andy.
I now move, as an ordinary resolution, that Andy Borland be re-elected as an Executive Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 2, if any]
Thank you.

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[SLIDE 27: RESOLUTION 3]
Resolution 3 relates to the re-election of Alan Isaac.
Alan was first appointed to the Board in 2014 and a brief biography for him was included in the Notice of Meeting.
Alan, being eligible, offers himself for re-election, and the Board unanimously supports his re-election and
recommends that shareholders vote in favour of Resolution 3.
Alan has indicated that, if re-elected, he intends to retire from the Board prior to the next Annual Meeting at which
he would be required to stand for re-election. Following Alan’s confirmation of his retirement, the Board will look to
appoint an additional Director in accordance with the Board’s succession plan.
I now invite Alan to briefly address the meeting on his proposed re-election.
Over to you Alan.
[Personal remarks from Alan]
Thanks Alan.
I now move, as an ordinary resolution, that Alan Isaac be re-elected as a Non-Executive Independent Director.
Are there any questions on this resolution?
[Q&A discussion on resolution 3, if any]
Thank you.
[SLIDE 28: RESOLUTION 4]
Resolution 4 relates to a proposal to revise the maximum total pool of Directors’ remuneration available for your
Board of Directors from a total fee pool of $650,000 per annum to $625,000 per annum, payable for the 2025 year,
effective from the close of this Annual Meeting. Shareholder approval is required under NZX Listing Rule 2.11.1.
An appropriate fee structure is important to ensure that Scales can continue to attract and retain the right directorial
skills and experience to govern your business, and that those Directors are being fairly remunerated for the work they
do.
The proposed change in the Directors’ fee pool reflects a revision in the total pool due to the resignation of Nadine
Tunley and Qi Xin as well as a small increase in individual fees following benchmarking among a group of agribusiness
peers to ensure remuneration is fair and reasonable for the size and performance of Scales. This provides the Board
with a remuneration fee pool considered appropriate to remunerate a Board of five Non-Executive Directors, including
for associated committee work.
I now move, as an ordinary resolution, that the maximum total pool of Directors’ remuneration payable by Scales to
Directors (in their capacity as Directors) be revised from $650,000 per annum to $625,000 per annum.

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In accordance with the NZX Listing Rules, the Directors and their associated persons are restricted from voting on this
resolution.
Are there any questions on this resolution?
[Q&A discussion on resolution 4, if any]
Thank you.
[SLIDE 29: VOTING & QUESTIONS]
[Cover slide]
[SLIDE 30: VOTING]
Ladies and gentlemen that concludes our discussion on the items of business.
I’ll close the voting online very shortly. If you haven’t already done so, please cast your votes now. A reminder of how
to vote online is shown on screen.
Computershare can you please now collect the voting papers from shareholders in the room.
Once all the votes have been cast, they’ll be counted by the Company’s share registrar, Computershare, and scrutinised
by the Company’s auditor. The results of today’s meeting will be released to the NZX on the completion of verification
of voting.
We’ll now move to finalise the voting and answer general questions.
[SLIDE 31: QUESTION PROCESS – REMINDER]
If there are any questions on the financial results, the business update or any other matters you would like to raise,
for those online, please do so through the Computershare Online Meeting platform. A reminder of the process is
shown on screen.
For those of you present, I’ll open the floor to any questions. Just a reminder that, if we run out of time to answer all
question now, we’ll respond to any additional questions in writing following the meeting.
[Q&A from shareholders present, if any]
Are there any questions from those online?
[Q&A from shareholders online, if any]
[SLIDE 32: COVER SLIDE]
[After the Q&A process]
Ladies and gentlemen that concludes our discussion on the items of business.
Shortly I’ll close the voting system. Please ensure that you’ve cast your vote on all resolutions. I’ll now pause to allow
you time to finalise those votes.

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[wait for 60 seconds]
Voting is now closed.
The results of all votes will be released to the NZX later today.
Ladies and gentlemen, there doesn’t appear to be any further business for discussion, so that brings us to the end of
formal business for Scales Corporation’s 2025 Annual Shareholders’ Meeting. I would like to thank you all for taking
the time to connect with us today, be it online or in person.
I now declare the meeting closed.
I invite those present to stay on for light refreshments and the opportunity to have informal discussions with Directors.
Thank you.
[ENDS]

---

Bringing Nutrition
to the World
2025 Annual Shareholders’ Meeting
10 June 2025
Scales Corporation Limited

2Scales Corporation Limited – 2025 ASM
Agenda
01. Welcome and Chair’s Review
02. Managing Director’s Review
Review of 2024
Transactions Update and Outlook
03. Ordinary Resolutions
04. Voting and Questions

Esro’s new processing facility in the Netherlands

3Scales Corporation Limited – 2025 ASM
Online Questions
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How to Participate in Virtual / Hybrid Meetings and ask a Question
Shareholder & Proxyholder Q&A Participation

4Scales Corporation Limited – 2025 ASM
Shareholder & Proxyholder Voting
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How to Participate in Virtual / Hybrid Meetings and Vote
Shareholder & Proxyholder Voting

01.
Welcome
and Chair’s
Review
Mr Apple exhibition, Vietnam

6Scales Corporation Limited – 2025 ASM
Inside Shelby’s new toll processing facility
Welcome and Chair’s Review
Delighted to welcome all shareholders and stakeholders to the meeting, both in person and online
Excellent financial performance whilst delivering on our growth strategy, delivering record results
Underlying
1
result towards the top end of FY24 Guidance range:
Strong result by Global Proteins, with Meateor Australia and Esro Petfood continuing to
progress through their start-up phase
Horticulture performance returning to more normal levels, benefitting from the increased
ownership of Profruit which produced an exceptional FY24 performance
Record Logistics result supported by higher ocean and air freight volumes
Dividends of 15.0 cents per share declared in relation to FY24, representing 63% of FY24
Underlying Net Profit After Tax Attributable to Shareholders
1.Underlying Results exclude some New Zealand International Financial Report Standards (NZ IFRS) non-cash and other adjustments. The Board and management believe that Underlying Results more accurately demonstrate the operational performance of the Group.
Underlying NPAT and Underlying EBITDA are shown before the deduction of share of Non-Controlling Interests. Note that our definition of “Underlying” includes the effects of NZ IFRS 16 Leases in line with current market practice. All Underlying result numbers, including
comparatives, are inclusive of NZ IFRS 16 effects.

7Scales Corporation Limited – 2025 ASM
Welcome and Chair’s Review (cont.)
Continuing to seek acquisitive and organic growth opportunities to expand our business, in line with our stated strategy.
This includes increasing our shareholding in our Global Proteins businesses over time
Delighted to acquire a further 7.5% holding in Shelby in April 2025 as a continuation of our M&A activity:
Earnings growth since our initial investment has materially exceeded expectations
The acquisition included refreshed commitments to the business by Shelby’s founder, including
commitments to long-term succession planning within the management team
Released strategy presentation for Global Proteins during FY24
Very pleased with all transactions executed in FY24:
Acquisition of Bostock Orchards
Additional 50% shareholding in Profruit
Sale of orchards to Craigmore Sustainables
Increased investment in Meateor Australia
China Resources’ decision to sell its 14.83% stake in Scales in October 2024 due to a change in its strategic direction:
As a result of the sale, Director Qi Xin resigned from the Board
Profruit’s processing facility

8Scales Corporation Limited – 2025 ASM
48 years
Longest serving employee
>1,200
RSE workers
Our People and Teams
35%
Permanent female staff
615
Permanent staff members
42%
Female senior leadership /
management staff
39
Operational sites
1
1.Owned, leased and third party
Health, safety and wellbeing continues to be a top priority and, accordingly, we appointed Nadine Tunley into a
new role as Chief Risk Officer
Established an emerging leaders group to connect emerging leaders across Scales to discuss challenges and
opportunities across our divisions and give access to Directors and other industry leaders
On target with Mr Apple’s 5-year people strategy through leadership courses, succession and leadership
planning
Mr Apple worked with the Fijian Government to employ 15 RSE workers from Kia Island to help rebuild the
community after it was destroyed by a category 5 cyclone
Continuing to support the community through various initiatives including:
Planting 1,000 native trees along the Karamu Stream in Hawke’s Bay
Providing the Measles, Mumps and Rubella vaccine to 300 RSE workers so they are protected when they
return home
Corporate sponsor of Toitū Te Reo, the “world first Māori language and culture festival”

02.
Managing
Director’s
Review
Inside Shelby’s new toll processing facility

Shelby’s new in-plant collection and cooling system
Review of 2024
Scales Logistics’ new Auckland warehouse and chiller facility

11Scales Corporation Limited – 2025 ASM
$91.7m
Underlying EBITDA
(2023: $67.5m)
152,149 MT
petfood ingredients sold
1
(2023: 137,477 MT)
By the Numbers
30,068
TEU
2
equivalents managed
(2023: 26,010)
$584.6m
revenue
(2023: $565.4m)
14.5%
ROCE
4
(2023: 10.8%)
15.0 cents
dividends per share declared
in relation to 2024
(2023: 8.5 cents)
3,033,000
TCEs of own-grown
apples exported
3
(2023: 2,733,000)
$12.5m
net cash
(2023: $12.0m)
1.Includes 100% of petfood ingredient volumes from relevant businesses; i.e. total petfood ingredient volumes controlled directly and indirectly by Global Proteins
2.TEU is a Twenty-foot Equivalent Unit is a unit of cargo capacity to describe container volumes
3.TCE is a Tray Carton Equivalent, a measure of apple and pear weight, defined as 18.6kg packed weight which equates to 18.0kg sale weight. Includes own grown and external grower volumes including those volumes exported by Fern Ridge Fresh
4.Return on Capital Employed, calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as non-current assets plus working capital (excluding cash, overdrafts and borrowings, NZ IFRS 16 right-of-use asset and lease liability, dividends
declared, derivative assets / liabilities and employee loans)

12Scales Corporation Limited – 2025 ASM
Trends in Group Financial Performance
Underlying NPAT
Attributable to Shareholders
Underlying EBITDARevenue

13Scales Corporation Limited – 2025 ASM
Revenue
$m20242023
% chg.
1
20242023
% chg.
1
20242023
% chg.
1
20242023
% chg.
1
Underlying (excluding NZ IFRS 16)34.819.281%54.138.640%79.455.942%584.6565.43%
NZ IFRS 16 Leases(0.5)(0.1)(0.5)(0.1)12.311.7 - -
NZ IFRS 16 Leases - renewal reassessment
2
- (0.1) - (0.1) - (0.2) - -
Underlying (including NZ IFRS 16)34.319.081%53.638.440%91.767.536%584.6565.43%
NZ IFRS & other adjustments:
Impairment of non-current assets and goodwill(1.8)(10.9)(1.8)(10.9)(2.5)(11.9) - -
Other NZ IFRS adjustments
3
(1.8)(2.8)(1.8)(2.8)(1.1)(2.0) - -
Reported
4
30.75.2487%50.024.7103%88.153.764%584.6565.43%
Notes:
1. %'s are calculated based on non-rounded figures, figures may not sum due to rounding
2. Reflects a reset to the NZ IFRS 16 Leases calculation for Mr Apple
3. Includes a change in the gross liability on put options of $2.5m in 2024 (2023: $4.1m)
4. A full reconciliation between Underlying and Reported earnings is provided in the 2024 Annual Report
NPAT Attributable to
ShareholdersNPATEBITDA
Group Financial Performance
Delivering on our growth strategies

14Scales Corporation Limited – 2025 ASM
Trends in Divisional Underlying EBITDA Performance
Global ProteinsHorticultureLogistics

15Scales Corporation Limited – 2025 ASM














123
1.2022 edible protein volumes are for a 2 month period
2.2023 petfood ingredient volumes exclude those sold at Meateor Australia and Esro Petfood, both operational by 4Q23, due to low volumes
3.2024 petfood ingredient volumes include those sold at all Global Proteins’ businesses but excludes inter-company sales (inter-company sales not
excluded in prior years due to immaterial volumes)
4.Margins calculated may differ slightly from previously reported numbers due to adjustments made to reflect the true operational performance of
the petfood ingredients businesses
Volumes Sold (MT 000s)
Global Proteins – Performance
Strong result during period of expansion
Consistent performance by Shelby whilst setting up for the next stage
of growth
Strong volume growth in New Zealand and the edible proteins business
Meateor Australia and Esro Petfood continue to progress through their
respective start-up phases:
Strong volume growth in both businesses
Meateor Australia operating profitably during FY24 with Esro
moving into profitability by the end of FY25
Maintaining revenue and margins per kg
Petfood Ingredients Revenue and Underlying EBITDA / KG
4

16Scales Corporation Limited – 2025 ASM
Movement in Premium Volumes (TCE 000s)Mr Apple Own Export Volumes (TCE 000s)
Horticulture – Performance
Horticulture performance returning to more normal levels
Improved apple volumes, quality and average prices
Benefitting from Mr Apple’s vertically integrated business model, increased focus on Premium varieties for Asia, India and the Middle East
and overall variety mix:
Increases across all premium varieties, with significant growth in Dazzle
TM
, Posy
TM
and NZ Queen
Exceptional performance by Profruit underpinned by increased processed and exported volumes

17Scales Corporation Limited – 2025 ASM
Continued focus on Premium varieties, aided by the recent acquisition of additional Dazzle
TM
orchards
It is estimated that Premium varieties will account for around 80% of export volumes by 2027 as a result of the acquisition of
Bostock orchards, together with Mr Apple’s ongoing orchard redevelopment programme
As outlined in the Outlook section of this presentation, the export volume in 2025 is likely to exceed the forecast shown below by
approximately 5%-10%, due to a better than expected gross pick and packout
Mr Apple Own Export Volumes – Actual / Forecast (TCE 000s)
Horticulture – Forecast Volumes
Continuing the growth of Premium varieties

18Scales Corporation Limited – 2025 ASM
Logistics – Performance
Record Logistics result
Increase in both ocean freight and air freight volumes, particularly for external customers:
New Auckland warehouse and chiller facility processed strong level of air freight volumes
Air freight volumes also positively impacted by a one-off customer project
Scales Logistics’ new Auckland warehouse and chiller facility

19Scales Corporation Limited – 2025 ASM
$m
2024
2023
Net working capital
34.5
45.5
Non-current assets
435.0
402.0
Capital employed
469.5
447.5
Non-current & other liabilities
(100.5)
(74.5)
Net cash
12.5
12.0
Total equity
381.5
384.9
Balance Sheet
Net Cash Reconciliation ($m)
A continued strong financial position
Net cash in line with prior year, whilst executing on growth transactions
Exceeded target Group ROCE

20Scales Corporation Limited – 2025 ASM
Governance
Published our 2nd Climate Related Disclosure report in April 2025 (https://scalescorporation.co.nz/sustainability/)
People
Dedicated focus on developing and retaining identified high performing / high potential staff to ensure we are
actively working on our successors for critical roles
Roll out of safety initiatives identified in our safety roadmap, including rollout of a Safety Leadership Programme
Marketplace
Substantially improved our processes and systems to comply with regulations and, as equally as important, our
ongoing customer requirements
Environment
Shelby commissioned a new wastewater plant at Amarillo, improving environmental and health and safety
outcomes
Following Cyclone Gabrielle, Mr Apple re-established the regenerative trial at Kinross that was lost to the storm
and introduced a second site at Blyth orchard, with the first results following the 2025 harvest
Sustainability Update
Progressing our Sustainability goals

Transactions
Update
and Outlook
Riverslea Dazzle
TM
orchard at sunrise

22Scales Corporation Limited – 2025 ASM
Transactions Update
Bostock transaction contributing in line with expectations
Profruit started with a very strong year in 2024. Shipping has transitioned to
Scales Logistics
Craigmore Sustainables transaction assisted with maximising return on
capital in the Horticulture division
Meateor Australia has performed particularly strongly over the last 6 months
with increased production and sales volumes
Fayman had a strong year, benefitting from global shortages in beef, in part
due to lower herd numbers in the United States
It is expected that Esro will be profitable by the end of 2025
Aligned to our strategy, we expect to increase our shareholdings in our
Global Proteins businesses over time

23Scales Corporation Limited – 2025 ASM
2025 Trading Update and Outlook
As released to the market earlier today, Directors have upgraded the Guidance range of Underlying Net Profit after Tax Attributable to Shareholders
to between $40.0 million and $45.0 million
The Group has seen a strong 1H25, particularly in the Horticulture division
Global Proteins
The division has seen a positive start to the year, particularly in Australia and New Zealand
Both new processing facilities in the US and Europe have been successfully commissioned and are now in commercial production
Some uncertainty remains in the global market in relation to tariffs
Horticulture
Export volumes higher than forecast:
Harvest completed with total pick of ~4.6m TCEs
Export packout rate of picked fruit expected to be similar to prior year
Pricing indications are in line with expectations
Sale and lease back of Mr Apple’s Whakatu coolstore completed at a price of $23.8m
Logistics
Logistics is performing strongly due in part to an early apple season
Mr Apple Pick and Packout

03.
Ordinary
Resolutions
Inside Esro’s new processing facility

25Scales Corporation Limited – 2025 ASM
Resolution 1
That the Board is authorised to fix the auditor’s remuneration for the coming year

26Scales Corporation Limited – 2025 ASM
Resolution 2
That Andrew (Andy) Borland, who retires and is eligible for election, be re-elected as a Director of Scales
Andy’s current external roles include:
Chair of Primary Collaboration New Zealand Limited
and Primary Collaboration New Zealand (Shanghai)
Co. Limited

27Scales Corporation Limited – 2025 ASM
Resolution 3
That Alan Isaac, who retires and is eligible for election, be re-elected as a Director of Scales
Alan’s current external roles include:
Chair of the Basin Reserve Trust
Chair of the New Zealand Community Trust
Director of Oceania Healthcare (NZ) Limited
Director of Skellerup Holdings Limited
Director of the Wellington Free Ambulance

28Scales Corporation Limited – 2025 ASM
That the total annual remuneration available to be paid to Directors for their services as Directors
be revised to $625,000 per annum effective from the close of the Annual Meeting, with such sum
to be divided amongst the Directors as the Board may from time to time determine
Resolution 4

04.
Voting and
Questions
Profruit’s processing facility

30Scales Corporation Limited – 2025 ASM
Shareholder & Proxyholder Voting
Once the voting has been opened, the resolutions and voting
options will allow voting
To vote, simply click on the Vote tab and select your voting
direction from the options shown on the screen
Your vote has been cast when the tick appears
To change your vote, select ‘Change Your Vote’
How to Participate in Virtual / Hybrid Meetings and Vote
Shareholder & Proxyholder Voting

31Scales Corporation Limited – 2025 ASM
Online Questions
If you have a question to submit during the live meeting, please
select the Q&A tab on the right half of your screen at anytime
Type your question into the field and press submit. Your question
will be immediately submitted to the moderator.
Help
The Q&A tab can also be used for immediate help
If you need assistance, please submit your query in the same
manner as typing a question and a Computershare representative
will respond directly to you
How to Participate in Virtual / Hybrid Meetings and ask a Question
Shareholder & Proxyholder Q&A Participation

Scales Corporation Limited
2025 Annual Shareholders’ Meeting

33Scales Corporation Limited – 2025 ASM
Disclaimer
The information in this presentation has been prepared by Scales Corporation Limited with due care and attention. However, neither Scales Corporation Limited nor any of its directors, employees,
shareholders nor any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any
information supplied in connection with it.
This presentation supplements our full year results announcement. It should be read subject to and in conjunction with the additional information in that release, and other material which we have
released to the NZX.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-looking statements are based on current expectations, estimates and
assumptions and are subject to a number of risks, uncertainties and assumptions. There is no assurance that results contemplated in any projections and forward-looking statements in this
presentation will be realised. Actual results may differ materially from those projected in this presentation. No person is under any obligation to update this presentation at any time after its release to
you or to provide you with further information about Scales Corporation Limited.
Our results are reported under NZ IFRS. This presentation includes non-GAAP financial measures which are not prepared in accordance with NZ IFRS. The non-GAAP financial measures used in this
presentation include:
•EBITDA. We calculate EBITDA by adding back (or deducting) depreciation, amortisation, finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations
•EBIT. We calculate EBIT by adding back (or deducting) finance charges / (revenue), and taxation expense to net earnings / (loss) from continuing operations
•Underlying EBITDA and EBIT are calculated by adding back (or deducting) certain non cash NZ IFRS and other adjustments
•Underlying Net Profit is calculated by adding back or (or deducting) the after-tax effect of certain non cash NZ IFRS and other adjustments
A full reconciliation of Underlying to reported measures is provided in our Annual Report.
We believe that these non-GAAP financial measures provide useful information to readers to assist in the understanding of our financial performance, financial position or returns, but that they should
not be viewed in isolation, nor considered as a substitute for measures reported in accordance with NZ IFRS. Non-GAAP financial measures may not be comparable to similarly titled amounts reported
by other companies.
Forward-looking statements are subject to any material adverse events, significant one-off expenses or other unforeseeable circumstances.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. Nothing in this presentation constitutes legal,
financial, tax or other advice.