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>Scales has upgraded its FY25 NPAT guidance by +8% at the midpoint, driven by strong horticulture volumes.</li><li>The company has increased its target price to NZ$5.35 due to earnings upgrades and a small roll-forward benefit.</li><li>Scales' robust outlook is supported by a solid EPS forecast and strong performance in Global Proteins and Logistics divisions.</li></ul>

Scales has upgraded its FY25 NPAT guidance by +8% at the midpoint, driven by strong horticulture volumes.The company has increased its target price to NZ$5.35 due to earnings upgrades and a small roll-forward benefit.Scales' robust outlook is supported by a solid EPS forecast and strong performance in Global Proteins and Logistics divisions.

Scales AGM Upgrade—How Bout Them Apples

Scales Corp Ltd

Scales AGM Upgrade—How Bout Them Apples