Sanford Limited · NZX:SAN
Sanford — FY2024 Earnings Presentation
17 slides from Sanford's earnings presentation, October 2025
Slide 1: Sanford FY24 Results Presentation
Sanford FY24 Results Presentation Sanford FY24 Results Presentation
Slide 2: Back to Basics
Back to Basics Revenue $m Adjusted EBIT $m EBIT $m 80 74.2 80.0 700 71.2 70 64.7 64.8 68.1 67.2 582.9 63.2 63.4 70.0 600 515.0 545.1 531.9 553.4 57.6 60.1 60 60.0 54.3 500 450.3 463.5 477.9 468.8 468.8 49.4 47.5 50 50.0 400 38.3 40.2 40 40.0 35.6 31.3 29.0 31.0 300 30 23.3 30.0 200 20 20.0 100 10 10
Slide 3: FY24 Summary
FY24 Summary Adjusted EBIT $m 80 74.2 Adjusted EBIT of $74.2m, up 50% on prior comparative period (pcp). 70 63.4 64.7 64.8 63.2 • Wildcatch improvement from inshore restructure and firm pricing. 60 49.4 • Positive salmon result – prices consistent with solid demand. 50 47.5 40.2 • Improved mussel pe
Slide 4: FY24 Summary
FY24 Summary Operating Cashflow $m 80.0 73.0 72.4 70.0 60.0 55.0 Operating cashflow of $73.0m up 78% on pcp. 50.3 48.7 50.0 44.9 41.1 • Increased profitability. 40.0 34.4 32.2 • Assisted by the rationalisation of inventory in Q4. 30.0 20.0 14.6 10.0 0.0 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 F
Slide 5: FY24 Key Financials
FY24 Key Financials Sanford-full year results NZ$ Million FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 • Revenue up $29.5m (5%) on pcp. Increased Revenue 450.3 463.5 477.9 515.0 545.1 468.8 468.8 531.9 553.4 582.9 revenue driven by improved prices achieved on key species. Adjusted EBIT 47.5 63.
Slide 6: Improved profitability across all divisions
Improved profitability across all divisions Key drivers of Adjusted EBIT change vs FY23 80.0 NZD $m 2.0 70.0 6.9 60.0 7.0 8.9 50.0 40.0 74.2 30.0 49.4 20.0 10.0 0.0 FY23 Adj EBIT Salmon Wildcatch Mussels Overheads/Australia FY24 Adj EBIT 5
Slide 7: Gross Margin Comparison
Gross Margin Comparison Gross Margin % 30.0% 26.5% 25.0% 24.3% 23.5% 22.1% 21.6% • Gross margin % increase, but below 20.0% 19.7% 19.6% historical highs. 17.6% 18.2% • Change in distribution approach, 14.6% 15.0% particularly Asia – use a few big distributors, reducing sales and 10.0% distribution c
Slide 8: Seafood Inventory
Seafood Inventory Inventory Value ($m) 80 75 70 67 59 60 56 48 50 40 • Value of seafood inventory down $11.9m or 18% $m 35 30 from pcp, supporting improved operating cashflow. 20 10 • Focus in Q4 to bring stocks down and clear aged 0 FY19 FY20 FY21 FY22 FY23 FY24 and slow-moving inventory. Inventory
Slide 9: Capital Expenditure
Capital Expenditure FY24 Key Spend Wildcatch $m FY23 FY24 • $14.5m new scampi vessel Mussels 11.4 2.9 • $10.7m vessel surveys/dry docking • $3.6m vessel capex Salmon 8.4 8.0 • $1.2m San Granit lay up Salmon Wildcatch 42.3 34.3 • $2.5m Salmon feed barge Other 1.7 0.4 • $1.6m new farm cages and nets •
Slide 10: Divisional Performance
Divisional Performance 9
Slide 11: Wildcatch Division
Wildcatch Division 400 Revenue ($m) CAGR -1% NZ$ Million FY18 FY19 FY20 FY21 FY22 FY23 FY24 350 300 Revenue 343.6 368.1 279.5 277.7 302.2 299.8 318.9 250 EBIT 65.8 59.5 28.2 32.3 52.4 48.8 55.7 200 EBIT % 19.2% 16.2% 10.1% 11.6% 17.3% 16.3% 17.5% 150 100 Revenue up 6% and EBIT up 14% on pcp. 50 • In
Slide 12: Salmon Division
Salmon Division 120 Revenue ($m) CAGR 18% 100 NZ$ Million FY18 FY19 FY20 FY21 FY22 FY23 FY24 80 Revenue 39.7 48.7 50.8 66.7 78.7 93.6 107.0 EBIT 20.1 19.7 17.8 19.0 22.9 32.0 40.9 60 EBIT % 50.7% 40.5% 35.1% 28.4% 29.1% 34.2% 38.2% 40 20 Revenue up 14% and EBIT up 28% on pcp. - FY18 FY19 FY20 FY21 F
Slide 13: Mussel Division
Mussel Division Revenue ($m) CAGR 5% 160 NZ$ Million FY18 FY19 FY20 FY21 FY22 FY23 FY24 140 Revenue 97.6 107.9 120.5 100.4 106.7 122.9 134.1 120 EBIT 10.6 18.0 23.3 0.8 0.4 6.9 13.9 100 EBIT % 10.9% 16.7% 19.4% 0.8% 0.4% 5.6% 10.4% 80 60 Revenue up 9% and EBIT up 101% on PCP 40 • Improved performanc
Slide 14: Material abnormal items
Material abnormal items Asset $m Notes North Island Mussels (NIML) assets 6.6 Impairment of plant & equipment and land and buildings following factory closure. Marine Extracts facility plant and goodwill 5.2 Impairment of assets on unused facility. Auckland site buildings & assets 4.6 Impairment of
Slide 15: Looking forward FY25
Looking forward FY25 • Refreshed strategy and development of associated business plans. • Focus on capital allocation, operating cashflows, debt reduction and dividends. • Business simplification and reduced overhead costs. • Price pressure on some species, particularly products to China. • Increasi
Slide 16: 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 a
Slide 17: Questions?
LOOKING FOWARD Questions? 16