Scales said its horticulture division delivered an outstanding result through increased volumes, prices and improved variety mix.
There had been a solid performance by Global Proteins, with strong results for Shelby, Meateor Australia, Meateor NZ and Fayman International.
Its logistics result was driven by a significant increase in volumes.
Chairman Mike Petersen said it had been an outstanding year.
“At a time when international markets are facing unprecedented change and geopolitical tension, our teams have excelled to deliver us a superb performance,” he said.
Over the year, Scales increased its investments in Shelby, Meateor Australia, Fayman International and ANZ Exports, further progressing its growth strategy.
As a result, the Global Proteins financial year 2027 underlying ebitda target had increased from $70m to $85m.
Managing director Andy Borland said the horticulture result was driven by increased apple export volumes and average prices.
“Our Bostock acquisition last year was also a key component of this result, allowing us to fast-track our long-term strategy of investing in apple varieties targeted to the Asia & Middle East markets,” he said.
Increased investments in the Global Proteins joint venture businesses were strategically important for Scales’ long-term growth objectives.
Borland said increased apple export volumes and average prices were enhanced by the amalgamation of Bostock orchards, which performed ahead of expectations.
In addition, grower returns were positively impacted by an increased proportion of premium variety volumes such as “Dazzle” and “Posy”.
Amova NZ equities analyst Mei Zi Ho said the result highlighted the strength of its diversified agribusiness model, with earnings growth driven by a standout horticulture performance and continued momentum in global proteins and logistics.
“The step‑change in revenue and ebitda reflects both favourable market conditions and the payoff from recent strategic investments, positioning the group well for further growth despite ongoing global volatility,” she said.
“Investment in the Global Proteins division during 2025 is starting to pay off and we continue to see growth in this segment,” Ho said.
She said Scales faced challenges.
“Given its reliance on global horticulture and agricultural markets, Scales faces exposure to climate‑related risks and shifts in the geopolitical and macroeconomic landscape,“ she said.
“However, the company has done an excellent job of diversifying its operations over time to help manage and reduce these risks.”
Scales net debt as at December 31, 2025, was $84.1m, reflecting the investments made in the Global Proteins’ joint-venture businesses.
Dividend payments for 2025 were likely to be made in two instalments, with the first instalment of 12.5 cents per share having been paid in January 2026.
A second instalment will be reviewed and advised on in early May.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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