Sanford Limited · NZX:SAN
Sanford — FY2025 Earnings Presentation
20 slides from Sanford's earnings presentation, November 2025
Slide 1: Sanford FY25 Results Presentation
Sanford FY25 Results Presentation
Slide 2: Key Results
Key Results Revenue $m Adjusted EBIT $m EBIT $m 120 700 105.2 120.0 582.9 584.1 102.1 100 600 515.0 545.1 531.9 553.4 100.0 500 463.5 477.9 468.8 489.6 74.2 80 71.2 63.2 63.4 64.7 64.8 80.0 68.1 67.2 400 57.6 60.1 60 49.4 60.0 54.3 300 38.3 40.2 40 35.6 40.0 29.0 31.0 200 23.3 100 20 20.0 0 0 0.0 FY
Slide 3: 10-Year Key Financials
10-Year Key Financials Sanford-full year results A record result for Sanford NZ$ Million FY16 FY17 FY18 FY19 FY20 FY21 FY22* FY23 FY24 FY25 Revenue 463.5 477.9 515.0 545.1 468.8 489.6 531.9 553.4 582.9 584.1 • Revenue up 0.2% on prior corresponding period Adjusted EBIT 63.2 63.4 64.7 64.8 38.3 23.3
Slide 4: FY25 vs FY24
FY25 vs FY24 Significant improvement from FY24 • Increased profitability from both salmon and mussels reflecting firm prices throughout FY25 and operational improvements • Wildcatch under performance from downward sales price pressure, despite full benefit from restructured inshore division and incr
Slide 5: FY25 Summary
FY25 Summary 160.0 Operating Cashflow $m 135.3 140.0 120.0 Operating cashflow of $135.3m up 85.3% on FY24 100.0 Improved from a disciplined approach that: 72.4 73.0 80.0 • Increased salmon and mussel profitability 60.0 50.3 48.7 44.9 41.1 • Cleared some aged wildcatch inventory (especially orange ro
Slide 6: FY25 Summary
FY25 Summary Finance Expenses $m 18 16.9 16 13.5 Finance expenses reduced to $12.1m, a drop of 28.4% on FY24 14 12.1 12 • A drop in interest rates and a reduction in net debt contributed to 10 8.5 9.0 9.0 8.7 lower finance costs 8.2 8.1 7.9 8 6 4 2 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 7: Business Performance
Business Performance
Slide 8: Aquaculture New Zealand
Aquaculture New Zealand Mussels Salmon Oysters Total Harvested Product (GWT) 92,967 14,567 1,546 109,080 Export Revenue ($m) 391 170 14 575 Estimated Domestic Revenue ($m) 32 150 6 188 Estimated Total Revenue ($m) 423 320 20 763 Source: Aquaculture New Zealand (May 2024): http://aquaculture.org.nz G
Slide 9: Aquaculture Sanford
Aquaculture Sanford Key Great Barrier Island Aquaculture Coromandel Mussels Salmon Total Harvested Product (GWT) 25,054 5,623 30,677 Total Revenue ($m) 126 128 254 Golden Bay Tasman Bay Havelock Nelson Christchurch Waitaki Kaitangata Bluff Stewart Island FY25 Results Presentation | November 2025 Pag
Slide 10: Salmon FY25
Salmon FY25 140 Revenue ($m) CAGR 17% 127.5 120 107.0 NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 100 93.6 78.7 Revenue 48.7 50.8 66.7 78.7 93.6 107.0 127.5 80 66.7 EBIT 19.7 17.8 19.0 22.9 32.0 40.9 50.4 60 48.7 50.8 EBIT % 40.5% 35.1% 28.4% 29.1% 34.2% 38.2% 39.5% 40 20 - FY19 FY20 FY21 FY22 FY
Slide 11: Salmon FY25
Salmon FY25 Increased price and harvest volume • Average sales price increase of 6.0% for FY25 • Harvest volume increase of 9.8% • Further volume increases require significant capital FY25 Results Presentation | November 2025 Page | 10
Slide 12: Mussels HY25
Mussels HY25 Revenue ($m) CAGR 3% 160 134.1 140 122.9 125.5 NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 120.5 120 107.9 106.7 100.4 Revenue 107.9 120.5 100.4 106.7 122.9 134.1 125.5 100 EBIT 18.0 23.3 0.8 0.4 6.9 13.9 34.8 80 EBIT % 16.7% 19.4% 0.8% 0.4% 5.6% 10.4% 27.7% 60 40 20 - Revenue down 6
Slide 13: Mussels FY25
Mussels FY25 Harvest down and prices firm • Average sales price increase of 7.0% for FY25 • Reduced harvest volume of -3.5% • Opportunity for volume growth at low capital cost FY25 Results Presentation | November 2025 Page | 12
Slide 14: Wildcatch FY25
Wildcatch FY25 Revenue ($m) CAGR -2% 400 368.1 NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 350 318.9 318.9 302.2 299.8 Revenue 368.1 279.5 277.7 302.2 299.8 318.9 318.9 300 279.5 277.7 EBIT 59.5 28.2 32.3 52.4 48.8 55.7 52.4 250 EBIT % 16.2% 10.1% 11.6% 17.3% 16.3% 17.5% 16.4% 200 150 100 50 Reve
Slide 15: Wildcatch FY25
Wildcatch FY25 Increased catch with softening prices • Average sales price decrease of -13.0% • Increase in catch volume of 9.5% • Catch limited by quota and ACE availability FY25 Results Presentation | November 2025 Page | 14
Slide 16: Five Principles of Capital Allocation
Five Principles of Capital Allocation Remember capital is people + $$ • Fund Strategies, not Projects • Zero tolerance for bad growth • Zero-based allocation ‒ What is the right amount of capital (and the right number of people) to have in this business to support the strategy that will generate the
Slide 17: Capital Allocation - FY25
Capital Allocation - FY25 Salmon Capex • Salmon multi purpose $3.8m vessel • Vessel surveys (San Enterprise) Capex • New Scampi boat Mussel Capex Spend/Investments • Maintenance of existing $1.6m $23.3m facilities and vessels Wildcatch/Other Capex $17.9m Operating Cashflow $135.3m • 10.0 cent divide
Slide 18: What went well for us in FY25?
What went well for us in FY25? • Firm prices and positive demand from half shell mussels and salmon • Good mussel condition improving farming and factory process yields • Steady revenue from our domestic ACE trading business (formally inshore fishing) • Reduction in corporate overhead costs • Favour
Slide 19: Questions?
LOOKING FOWARD Questions?
Slide 20: 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