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 challenged 1H23 result on Wednesday, 23 August.</li><li>The impact of Cyclone Gabrielle in February is expected to weigh significantly on the horticulture division.</li><li>Current full year NPAT guidance is NZ$14m to NZ$19m (FB; ~NZ$18m).</li></ul>

We expect Scales (SCL) to report a challenged 1H23 result on Wednesday, 23 August.The impact of Cyclone Gabrielle in February is expected to weigh significantly on the horticulture division.Current full year NPAT guidance is NZ$14m to NZ$19m (FB; ~NZ$18m).

Scales - 1H23 Preview — Too Early to Dazzle

Scales Corp Ltd

Scales - 1H23 Preview — Too Early to Dazzle