New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>We expect Scales (SCL) to report a strong 1H25 result on Monday, 25 August.</li><li>The Horticulture strength (favourable growing conditions) has largely been pre-released in light of the guidance upgrade in June.</li><li>As a result, our key focus areas at the result are: (1) any updates to medium-term Horticulture margin and volume targets (we don’t expect much change in messaging, but SCL hinted at volume adjustments in June); (2) Shelby margins and capacity fulfilment; (3) Esro (Europe) and Meateor Australia progress; and (4) Global Proteins initiatives (updates or new). OUTPERFORM.</li></ul>

We expect Scales (SCL) to report a strong 1H25 result on Monday, 25 August.The Horticulture strength (favourable growing conditions) has largely been pre-released in light of the guidance upgrade in June.As a result, our key focus areas at the result are: (1) any updates to medium-term Horticulture margin and volume targets (we don’t expect much change in messaging, but SCL hinted at volume adjustments in June); (2) Shelby margins and capacity fulfilment; (3) Esro (Europe) and Meateor Australia progress; and (4) Global Proteins initiatives (updates or new). OUTPERFORM.

Scales 1H25 Preview—Horticulture Up, Protein Next

Scales Corp Ltd

Scales 1H25 Preview—Horticulture Up, Protein Next