Sanford Limited · NZX:SAN
Sanford — Shareholder Meeting (December 2025)
24 slides from Sanford's shareholder meeting presentation, Dec 17, 2025
Slide 1: Annual Shareholders' Meeting
Annual Shareholders’ Meeting 17 December 2025 Sanford FY24 Results Presentation
Slide 2: Directors
Directors Sir Robert McLeod David Mair Tom McClurg Chair, Independent Non-Executive Managing Director Independent Non-Executive Director Joined the Board in November Director Joined the Board in Joined the Board in January 2016. 2022. February 2024. Chair of the Nomination Appointed MD 01 May 2024.
Slide 3: Order of Events
Order of Events • Chair’s Address, Sir Robert McLeod. • Managing Director’s Address, David Mair. • Resolutions • Re-election of David Mair. • Remuneration of Auditor. • General Business. Annual Shareholders' Meeting | December 2025 Slide |3
Slide 4: Chair's Address
Chair’s Address Sir Rob McLeod Annual Shareholders' Meeting | December 2025 Slide |4
Slide 5: Key Results
Key Results Revenue $m Adjusted EBIT $m EBIT $m 120 700 105.2 120.0 582.9 584.1 102.1 100 600 515.0 545.1 531.9 553.4 100.0 500 463.5 477.9 468.8 489.6 74.2 80 71.2 63.2 63.4 64.7 64.8 80.0 68.1 67.2 400 57.6 60.1 60 49.4 60.0 54.3 300 38.3 40.2 40 35.6 40.0 29.0 31.0 200 23.3 100 20 20.0 0 0 0.0 FY
Slide 6: 10-Year Key Financials
10-Year Key Financials Sanford-full year results A record result for Sanford NZ$ 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 7: Managing Director's Address
Managing Director’s Address David Mair Annual Shareholders' Meeting | December 2025 Slide |7
Slide 8: 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 9: 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 10: FY25 Summary
FY25 Summary 18 Finance Expenses $m 16.9 16 13.5 14 12.1 Finance expenses reduced to $12.1m, a drop of 28.4% on FY24 12 10 9.0 9.0 8.7 • A drop in interest rates and a reduction in net debt contributed to 8.2 8.5 8.1 7.9 8 lower finance costs 6 4 2 0 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 11: Aquaculture New Zealand
Aquaculture New Zealand Mussels Salmon Oysters Total Harvested Product (GWT) 92,967 14,567 1,546 109,080 Export Revenue ($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 12: Aquaculture Sanford
Aquaculture Sanford Key Great Barrier Island Aquaculture Coromandel Mussels Salmon Total Harvested Product (GWT) 25,054 5,623 30,677 Total Revenue ($m) 126 128 254 Golden Bay Tasman Bay Havelock Nelson Christchurch Waitaki Kaitangata Bluff Stewart Island Annual Shareholders' Meeting | December 2025
Slide 13: Salmon FY25
Salmon FY25 140 Revenue ($m) CAGR 17% 127.5 120 107.0 93.6 NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 100 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 - Record revenue of $127
Slide 14: Mussels FY25
Mussels FY25 Revenue ($m) CAGR 3% 160 140 134.1 NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 120.5 122.9 125.5 Revenue 107.9 120.5 100.4 106.7 122.9 134.1 125.5 120 107.9 106.7 100.4 EBIT 18.0 23.3 0.8 0.4 6.9 13.9 34.8 100 80 EBIT % 16.7% 19.4% 0.8% 0.4% 5.6% 10.4% 27.7% 60 40 Revenue down 6.4% a
Slide 15: 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 16: Five Principles of Capital Allocation
Five Principles of Capital Allocation Management’s primary purpose • People (leaders) first then follow with $$$ • 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
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: Capital Plans
Capital Plans Mussels – No cost, low cost, fast payback • We have undeveloped or unused water space • We have processing capacity available from Whakatohea (Opotiki NI) • Expect the growth in mussels to be funded from operational cashflows Salmon – Very high cost, four – five year cycle • Existing w
Slide 20: Questions
Questions Sir Rob McLeod, Chair Annual Shareholders' Meeting | December 2025 Slide |20
Slide 21: Resolutions
Resolutions Sir Rob McLeod, Chair Annual Shareholders' Meeting | December 2025 Slide |21
Slide 22: Resolutions: Re-Election of David Mair; Remuneration of the Auditor
Resolution 1 Re-Election of David Mair Resolution 2 Remuneration of the Auditor Annual Shareholders' Meeting | December 2025 Slide |22
Slide 23: General Business
General Business Sir Rob McLeod, Chair Annual Shareholders' Meeting | December 2025 Slide |23
Slide 24: Thank you
Thank you Annual Shareholders' Meeting | December 2025 Slide |24