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>With Scales Corporation (SCL) upgrading its FY25 earnings for the sixth time ahead of its FY25 result on Wednesday, 25 February, we are updating our forecasts.</li><li>FY25 largely a non-event: We are focussed on the mix given the tight guidance range.</li><li>We don't expect SCL to change its EBITDA guidance of NZ$129m–NZ$136m and NPAT attributable to shareholders of NZ$50m–NZ$55m given it is very early days, but our revised forecast is ~+2% above the top end.</li></ul>

With Scales Corporation (SCL) upgrading its FY25 earnings for the sixth time ahead of its FY25 result on Wednesday, 25 February, we are updating our forecasts.FY25 largely a non-event: We are focussed on the mix given the tight guidance range.We don't expect SCL to change its EBITDA guidance of NZ$129m–NZ$136m and NPAT attributable to shareholders of NZ$50m–NZ$55m given it is very early days, but our revised forecast is ~+2% above the top end.

Scales Corp Ltd

Scales FY25 Preview—A Fruitful Year