Scales (SCL) Investor presentation summary

Market overview and growth drivers

• Global petfood market exceeds $100B, expected to grow 5–6% annually through 2029, driven by rising pet ownership and premiumisation trends in major economies.

• Millennials and Gen Z are fueling sustained pet ownership, with 65% of 18–34 year olds planning to acquire or add a pet in the next five years.

• Premium petfood segments account for the majority of market growth, with science-based nutrition and sustainability as key trends.

• The industry is resilient to economic downturns, with petfood sales growing even during recessions.

• Increasing petfood penetration in emerging markets presents significant organic growth potential, with a 1% increase in processed petfood coverage equating to ~$1B in market value.

Key markets and competitive positioning

• Developed markets like Western Europe, USA, and Asia Pacific offer scale and growth from rising pet populations and premiumisation.

• Meat ingredient volumes are highest in the USA, followed by Western Europe and Asia Pacific, with serviceable markets estimated at ~50% of total meat ingredient volumes.

• The business supplies 8 of the top 10 global petfood brands, with customer market share in the US rising from ~56% to ~74% over the past decade.

• Maintains a diversified customer mix despite servicing industry leaders.

• One of only two global providers with both geographic and species diversity in petfood ingredients at scale.

Operations, supply chain, and strategy

• Integrated into the supply chains of major petfood manufacturers, offering multiple ingredient products and reliable, on-time service.

• Operates processing sites and partnerships across the US, Europe, Australia, and New Zealand, with a focus on species diversification including beef, pork, lamb, poultry, venison, and salmon.

• Deep, long-term supplier relationships and optimal site locations provide supply security and efficiency.

• Strategic pillars include global supply and logistics excellence, deepening customer relationships, species and product diversification, and value-add through innovation and sustainability.

• Ongoing investments in technology, capacity expansion, and sustainability initiatives such as decarbonisation and electrification of equipment.