Slide 1: Sanford HY26 Results Presentation
Sanford HY26 Results Presentation
Slide 2: Key Results
Key Results Revenue $m Adjusted EBIT $m EBIT $m 350.0 70.0 65.0 70.0 64.0 300.0 272.8 265.0 270.9 277.6 276.0 286.0 270.2 60.0 54.0 60.0 54.4 245.5 233.5 250.0 230.4 50.0 50.0 42.5 38.5 36.1 200.0 40.0 35.4 40.0 35.2 31.0 32.6 30.2 26.6 28.5 150.0 30.0 23.2 30.0 23.4 19.2 21.4 100.0 20.0 20.0 13.6 1
Slide 3: HY26 Key Financials
HY26 Key Financials HY Results Another Record Interim Result NZ$ Million HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 HY26 • Revenue of $270.2m down 6% on prior Revenue 230.4 272.8 265.0 245.5 233.5 270.9 277.6 276.0 286.0 270.2 comparative period (pcp) Adjusted EBIT 31.0 35.4 32.6 23.2 10.7 19.2 26
Slide 4: HY26 Summary
HY26 Summary Revenue $m 350.0 Revenue of $270.2m down 6% on HY25 286.0 300.0 272.8 270.9 277.6 276.0 270.2 265.0 • HY25 accelerated salmon sales to mitigate risk of increased tariffs from 245.5 233.5 250.0 230.4 the US market. Volume reduction in HY26 as expected 200.0 • HY25 included sales of aged
Slide 5: HY26 Summary
HY26 Summary Adjusted EBIT $m 70.0 65.0 Adjusted EBIT of $65.0m up 20% on HY25 60.0 54.0 • Another record adjusted HY EBIT for Sanford 50.0 • Much-improved results from salmon and wildcatch offset by a softer 38.5 40.0 35.4 mussel performance 31.0 32.6 30.0 26.6 23.2 • Inshore performing steadily 19
Slide 6: HY26 vs HY25
HY26 vs HY25 Improvement from HY25 • Improved results from salmon and wildcatch offset by a softer mussel performance • Continued reduction in overhead-related costs • Inshore in line with expectations HY26 Results Presentation | May 2026 Page | 5
Slide 7: HY26 Summary
HY26 Summary Operating Cashflow $m Operating cashflow of $13.7m down 72% on HY25 60.0 49.6 • Increase in inventory and accounts receivable (working capital) for 50.0 H1 contributing to reduced cash receipts 40.0 35.8 • Increase in income tax paid reflecting the improved profitability in 30.0 FY25 22
Slide 8: HY26 Summary
HY26 Summary Net Debt $m 250 Net debt of $102.1m down 38% on HY25 220.5 195.9 • Prudent capital management and improved profit 200 181.1 181.0 175.6 183.6 165.1 165.1 performance has allowed a positive reduction in debt over the 157.8 150 rolling 12 months since March 2025 102.1 • A $63.0m reduction
Slide 9: HY26 Net Debt Summary
HY26 Net Debt Summary Net debt has fallen by $121m (-54%) since April 2024 HY26 Results Presentation | May 2026 Page | 8
Slide 10: Reduction in Working Capital
Reduction in Working Capital HY26 Results Presentation | May 2026 Page | 9
Slide 11: Business Performance
Business Performance
Slide 12: Salmon HY26
Salmon HY26 Revenue ($m) CAGR 12% NZ$ Million HY20 HY21 HY22 HY23 HY24 HY25 HY26 80 Revenue 28.2 31.5 42.8 46.5 55.0 68.1 56.6 68.1 70 EBIT 15.6 12.1 12.2 17.7 23.3 30.7 39.6 60 55.0 56.6 EBIT % 55.4% 38.4% 28.5% 38.1% 42.3% 45.1% 70.0% 50 46.5 42.8 40 31.5 28.2 30 20 Revenue of $56.6m down 17%; EBI
Slide 13: Salmon HY26
Salmon HY26 Reduced volume, product mix improvement Sales Volume -34% YOY Revenue -17% YOY 3,500 Percentage of Salmon Export and Domestic 80 Sales Volumes 2.9 2.9 68.1 3,000 48% 70 2.5 Export 59.4 2.5 2.5 56.6 2,500 2.3 2.3 60 55.0 2.2 52.0 46.5 47.1 GWT (000) % of sales volume (pwt) $ millions 1.9
Slide 14: Mussels HY26
Mussels HY26 Revenue ($m) CAGR -5% NZ$ Million HY20 HY21 HY22 HY23 HY24 HY25 HY26 80 67.9 Revenue 65.7 40.7 50.5 55.6 64.8 67.9 49.5 70 65.7 64.8 EBIT 15.1 0.8 0.8 2.1 9.2 18.1 7.7 60 55.6 50.5 49.5 EBIT % 23.0% 2.0% 1.6% 3.7% 14.2% 26.6% 15.6% 50 40.7 40 30 20 Revenue of $49.5m down 27%; EBIT of $7
Slide 15: Mussels HY26
Mussels HY26 Reduced sales volume and revenue Sales Volume -14% YOY Revenue -27% YOY 20,000 18.2 80 18,000 16.5 16.4 69.3 15.8 67.3 67.9 16,000 14.7 70 64.8 14.4 13.8 13.4 56.2 55.6 57.6 14,000 60 11.4 50.5 GWT (000) 49.5 12,000 $ millions 50 10,000 40 8,000 6,000 30 4,000 20 2,000 10 0 H1 H2 H1 H2
Slide 16: Wildcatch HY26
Wildcatch HY26 Revenue ($m) CAGR 1% 160 NZ$ Million HY20 HY21 HY22 HY23 HY24 HY25 HY26 153.2 153.7 155 Revenue 143.6 134.0 141.1 153.2 139.5 144.1 153.7 150 EBIT 11.0 11.9 24.5 25.1 26.6 24.0 31.7 143.6 144.1 145 141.1 139.5 EBIT % 7.6% 8.9% 17.4% 16.4% 19.1% 16.6% 20.6% 140 134.0 135 130 Revenue of
Slide 17: Wildcatch HY26
Wildcatch HY26 Revenue up despite volume decline. Favourable pricing mix Sales Volume -7% YOY Revenue +7% YOY 40,000 37.1 34.7 200 34.3 179.4 174.7 35,000 32.0 31.4 180 161.2 29.3 28.9 29.1 153.2 153.7 30,000 28.2 160 146.6 144.1 141.1 139.5 140 GWT (000) 25,000 $ millions 120 20,000 100 15,000 80 6
Slide 18: Capital Allocation – September 2025 to March 2026
Capital Allocation – September 2025 to March 2026 Wildcatch Capex • Salmon multi purpose $1.1m vessel • New mussel work boat • Mussel expansion Capex Spend Salmon Capex • Maintenance of existing $6.8m $2.4m facilities and vessels Mussel Capex $3.3m Operating Cashflow $13.7m Dividend • 5.0 cents per
Slide 19: What went well for us in HY26?
What went well for us in HY26? • Improved product mix and pricing for salmon despite lower sales volumes • Increase in salmon in-water biomass with expected better future sales • Significant and increased squid catch for HY26 • Improved prices on many key deepwater species • Continued reduction in o
Slide 20: Capital/Future Plans
Capital/Future Plans Mussels – No-cost, low-cost investment with fast payback • We have undeveloped or unused water space • We have water space with infrastructure but not being farmed • We expect the expansion of the mussel business to be funded from operating cashflows Upgrading assets to current
Slide 21: Looking Forward: Questions
LOOKING FOWARD Questions ?
Slide 22: Disclaimer
Disclaimer Important Notice This presentation contains not only a review of operations and information about Sanford Limited (the Company) but also contains some forward-looking statements about the Company and the environment in which it operates. This disclaimer applies to this presentation and an