Global Proteins to drive Scales Corp. growth as ownership gains reshape revenue

New Zealand agribusiness group Scales Corporation Ltd. (NZE: SCL) is seeing its earnings mix shift towards Global Proteins, with the pet-food ingredients and edible proteins division emerging as its main growth engine. A significant portion of the increase reflects Scales taking larger stakes in businesses it already operated with partners.
In 2025, Scales increased its ownership of Meateor Australia and Fayman International from 50% to 100%, ANZ Exports from 42.5% to 85% and Shelby Foods from 60% to 67.5%.

Visible Alpha consensus reflects the enlarged ownership base. Global Proteins’ revenue is forecast to more than double, rising 113% to NZ$1 billion in 2026 from NZ$478 million in 2025. The increase is being supported by higher pet-food ingredients and edible protein volumes, but the change in consolidation and ownership means the headline growth rate overstates the underlying expansion of the business itself. Global Proteins’ operating EBITDA is forecast to rise 16% to NZ$86 million.

Elsewhere, growth is expected to moderate. Visible Alpha consensus shows Horticulture revenue rising just 1% to NZ$344 million in 2026, as apple volumes normalize following an exceptionally strong 2025 season. Segment operating EBITDA is projected at NZ$59 million, down 9% from last year.

Logistics is expected to be the weakest contributor, with revenue forecast to decline 7% to NZ$111 million and operating EBITDA falling 4% to NZ$7 million.

This article was published by Visible Alpha, part of S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.