Reported NPAT attributable to shareholders was $101.0 million (FY2024 restated: $30.3 million). Reported basic earnings per share were 70.7 cents (FY2024 restated: 21.3 cents).
Underlying NPAT attributable to shareholders was $61.8 million (FY2024 restated: $34.1 million). Underlying earnings per share were 43.3 cents (FY2024 restated: 24.0 cents).
For FY2025, Underlying NPAT was $77.6 million, up 45 per cent compared with $53.4 million in FY2024 (restated). Reported NPAT was $117.7 million, up 137 per cent from $49.6 million. Underlying EBITDA increased 50 per cent to $137.6 million, compared with $91.7 million the previous year, while revenue rose 54 per cent to $899.9 million from $584.6 million in FY2024.
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The Horticulture division reported Underlying EBITDA of $65.2 million (FY2024 restated: $37.7 million), an increase of 73 per cent. The result reflected higher apple export volumes and average prices, alongside the contribution from the Bostock acquisition. Grower returns were supported by a higher proportion of premium variety volumes, including DazzleTM and PosyTM.
Mr Apple's own-grown export volume was 3,681k TCEs (2024: 3,033k TCEs), up 21 per cent year on year. Asia and the Middle East accounted for 84 per cent of total fruit sold (2024: 79 per cent). Premium volumes represented approximately 74 per cent of total export sale volumes. The company estimates premium varieties will account for around 80 per cent of export volumes by 2027.
The Global Proteins division reported increased investments in Shelby, Meateor Australia, Fayman International, and ANZ Exports. The FY2027 Underlying EBITDA target for Global Proteins has increased from $70 million to $85 million. The Logistics division recorded higher volumes during the year.
Net debt as at 31 December 2025 was $84.1 million, compared with net cash of $12.5 million as at 31 December 2024, reflecting investments made during FY2025 in Global Proteins joint ventures.
Dividends totalling 15.0 cents per share were paid during 2025. For FY2025, dividend payments are expected to be made in two instalments. The first instalment of 12.5 cents per share was paid on 23 January 2026. A second instalment will be reviewed in early May 2026.
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© ScalesFor more information:
Andy Borland
Scales
Tel: +64 (0) 21 975 999
Email: [email protected]
www.scalescorporation.co.nz
