Sanford Limited · NZX:SAN
Sanford — HY25 Earnings Presentation
17 slides from Sanford's earnings presentation, October 2025
Slide 1: Sanford HY25 Results Presentation
Sanford HY25 Results Presentation
Slide 2: Improved Performance
Improved Performance Revenue $m Adjusted EBIT $m EBIT $m 350.0 60.0 54.0 60.0 54.4 286.0 300.0 272.8 265.0 270.9 277.6 276.0 50.0 50.0 245.5 233.5 42.5 250.0 230.4 38.5 215.6 40.0 35.4 40.0 36.1 35.2 31.0 32.6 30.2 200.0 29.8 28.5 30.0 26.8 26.6 30.0 23.2 23.4 21.4 150.0 19.2 20.0 20.0 13.6 100.0 10
Slide 3: HY25 Key Financials
HY25 Key Financials A record interim result. Salmon performing as expected and improvement in mussels. Wildcatch underperformance. HY Results NZ$ Million HY15 HY16 HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 • Revenue up 4% on prior corresponding period (pcp). Revenue 226.0 215.6 230.4 272.8 265.0
Slide 4: HY25 Summary
HY25 Summary 350.0 Revenue $m Revenue up 4% on HY24 300.0 272.8 270.9 277.6 276.0 286.0 265.0 • Increased salmon volume as demand pulled forward with firm pricing. 250.0 230.4 245.5 233.5 215.6 • Marginally lower mussel volume but increased revenue. A focus on half- 200.0 shell production with robus
Slide 5: HY25 Summary
HY25 Summary 60.0 Adjusted EBIT $m 54.0 Adjusted EBIT at $54.0m up 40% on the HY24. 50.0 • A record adjusted HY EBIT for Sanford. 38.5 40.0 35.4 • Improved performances from both Salmon and Mussels. 31.0 32.6 • Wildcatch EBIT slightly down, mainly from the reduced scampi sales and 30.0 26.8 23.2 26.
Slide 6: HY25 Summary
Operating Cashflow $m HY25 Summary 60.0 49.6 50.0 Operating cashflow of $49.6m up 498% on HY24. 40.0 35.8 • Increased profitability dropped through to improved operating cashflow. 30.0 22.8 • Clearance of aged wildcatch stocks (orange roughy) assisted 20.0 cashflow. 10.7 10.4 12.7 13.5 8.3 • HY24, s
Slide 7: HY25 Summary
HY25 Summary Net Debt $m 250 220.5 Net debt of $165.1m down 25% on HY24. 195.9 200 181.1 181.0 183.6 • A $55.4m reduction in debt with a focus on debt reduction in 170.1 165.1 157.8 175.6 165.1 H1 150 • Positive reduction from an improved profit performance along with careful capital management. 100
Slide 8: Business Performance
Business Performance 7
Slide 9: Salmon HY25
Revenue ($m) Salmon HY25 CAGR 17% 80 68.1 70 NZ$ Million HY19 HY20 HY21 HY22 HY23 HY24 HY25 60 55.0 50 46.5 Revenue 27.0 28.2 31.5 42.8 46.5 55.0 68.1 42.8 40 EBIT 8.4 15.6 12.1 12.2 17.7 23.3 30.7 28.2 31.5 27.0 30 EBIT % 31.0% 55.4% 38.4% 28.5% 38.1% 42.3% 45.1% 20 10 - Revenue up 24% and EBIT up
Slide 10: Salmon HY25
Salmon HY25 Demand pulled forward and pricing remained positive. • Volume up 15% on pcp, reflecting the decision to harvest and sell early. • Revenue increased benefitting from the volume increase and further improvements in pricing/product mix. 9
Slide 11: Mussels HY25
Revenue ($m) Mussels HY25 80 70 65.7 CAGR 3% 64.8 67.9 58.0 55.6 NZ$ Million HY19 HY20 HY21 HY22 HY23 HY24 HY25 60 50.5 Revenue 58.0 65.7 40.7 50.5 55.6 64.8 67.9 50 40.7 40 EBIT 13.1 15.1 0.8 0.8 2.1 9.2 18.1 30 EBIT % 22.7% 23.0% 2.0% 1.6% 3.7% 14.2% 26.6% 20 10 - Revenue up 5% and EBIT up 97% on
Slide 12: Mussels HY25
Mussels HY25 Improved result with good demand and solid in-market prices. • Sales volume down 9% on pcp. • Prices for half shell product have been firm. • Focus on factory and farming efficiencies in H2. 11
Slide 13: Wildcatch HY25
Wildcatch HY25 180 168.1 Revenue ($m) CAGR -3% 160 153.2 NZ$ Million HY19 HY20 HY21 HY22 HY23 HY24 HY25 143.6 134.0 141.1 139.5 144.1 140 Revenue 168.1 143.6 134.0 141.1 153.2 139.5 144.1 120 EBIT 26.7 11.0 11.9 24.5 25.1 26.6 24.0 100 EBIT % 15.9% 7.6% 8.9% 17.4% 16.4% 19.1% 16.6% 80 60 40 Revenue
Slide 14: Wildcatch HY25
Wildcatch HY25 Volume and profitability down – pressure on commodity prices • Revenue up 3% compared to pcp. • Volume down 2% compared to pcp, different mix of product sold. 13
Slide 15: Capital Allocation
Capital Allocation Wildcatch Capex • Salmon multi purpose $11.8m vessel • Vessel surveys (San Enterprise) Capex Spend Salmon Capex • New Scampi boat $16,170m $3.4m • Maintenance of existing facilities and vessels. Mussel Capex $1.0m Operating Cashflow $49,622m Dividend • 5.0 cents per share final Pa
Slide 16: Looking Forward: Questions?
LOOKING FOWARD Questions ? 15
Slide 17: 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