Annual Meeting 2025 Presentations

Sanford Ltd
22 Jellicoe Street, Auckland 1010
PO Box 443, Shortland Street, Auckland 1140
www.sanford.co.nz
Chair’s Address

Sanford’s annual financial result to 30 September was a record that achieved significant media attention. NPAT
was $63.7m, more than triple the prior year NPAT, and its adjusted EBIT of $105.2m was 142% of the prior year
number. The share price increased by 12% to $6.85 over the two trading days following announcement. This
record result corroborates the Board’s primary focus on total shareholder return via share price and dividends.
This is the second consecutive year that Sanford had its strongest-ever adjusted EBIT result compared with all
prior years. To cap things off, the Deloitte Top 200 Awards recognised Sanford as one of three finalists in this
year’s Business NZ Most Improved Performance Award.

The Board has declared a final dividend of 5.0 cents per share. Sanford continues to emphasise the
management of its operating cashflow, capital expenditure and debt in setting its dividend policy.
The Board congratulates David Mair and his team for achieving this outstanding result. David was appointed
Managing Director of Sanford on 01 May 2024, having joined the Board on 07 November 2022. David is
resetting the direction of the Group. He will describe the key elements of Sanford’s operational performance
and strategic direction in his address to you shortly.

Directors and the Board
David is the only director that is up for re-election at this year’s Annual Shareholders’ Meeting (ASM). The
Board presently comprises six directors: three independent and three non-independent. The Board remains
comfortable with its composition and spread of directors at this time in terms of their mix of skills.
I announced at last year’s ASM, when I was re-elected a director for a further three years, that I was
approaching the 10-year mark as a director and would not therefore seek re-election to that position.
Accordingly, I plan to retire from the Board during calendar year 2026, at which time the Board will appoint a
new Chair.

Climate Reporting Disclosures (CRD)
Reporting against the new climate reporting standards was required from the financial year beginning on or
after 01 January 2023, being 01 October 2023 for Sanford.
The recent CRD reporting amendments are expected to move the compliance threshold from a market
capitalisation of $60 million to $1 billion for listed issuers next year. In addition, the Financial Markets Authority
has issued a waiver for Sanford’s FY25 CRD reporting requirements. While welcoming the changes proposed,
the Board has determined that Sanford will continue to meet the previous disclosure and audit requirements,
with our Sustainability Report due to be issued in January 2026.

Key Stakeholders
Sanford’s success depends on sourcing the right stakeholders and establishing successful relationships with
them, particularly our shareholders, customers and staff. I want to thank you as shareholders for your
confidence in Sanford to achieve a strong result this year. I also thank our customers and staff for their ongoing
commitment to the Company. These stakeholder relationships depend on our licence to operate, which
emphasises the role of the community in our stakeholder mix. Finally, I thank my Board colleagues for their
contribution.


Sir Robert McLeod
Chair

---

Sanford Ltd
22 Jellicoe Street, Auckland 1010
PO Box 443, Shortland Street, Auckland 1140
www.sanford.co.nz
Managing Director’s Address

I’m David Mair, Managing Director of Sanford, and I’m here to help you understand some of the changes that
are happening within Sanford.
As you have heard, we had a great FY25 result. FY25 revenue of $584.1m was up only 0.2% on the prior year, so
flat. I’d like to provide more insight into the improvement in profitability by starting with a bridge between
FY24 and FY25 at the adjusted EBIT level.
This slide shows record adjusted EBIT up $31.0m or 41.8% on prior year.
We have increased profitability from both our Aquaculture businesses, salmon and mussels. Mussels had a very
good result mainly from the very good condition of the mussels themselves. We continued to ‘pull’ salmon to
create a connected, demand-driven business that is highlighting areas of opportunity to improve.
Wildcatch suffered from downward price pressure, and a lack of volume. We expect the new scampi boat to
assist with volumes in the second half of FY26.
We have also significantly reduced overhead costs.
I have been focused on operational cashflows and that meant a review of overhead, particularly head office-
related costs.

We had operating cashflow of $135.3m, up 85.3% on prior year.
• Increased profitability from salmon and mussels helped
• We also sold through some aged inventory particularly orange roughy
• We reduced overhead spending on consultants and some people-related costs
• As debt was repaid, we had reduced interest costs

We maintained a disciplined approach to capex, yet we still maintained essential capital spend. Shareholder
funds are very important to us. And to prove that:
Finance costs were reduced to $12.1m, a drop of 28.4% on prior year. We reduced debt by $92.1m leaving net
debt of $93.4m.

This is a summary of Aquaculture NZ Revenue (for salmon, mussels and oysters) available from the Aquaculture
NZ website. Aquaculture is worth ~ $760m of revenue to New Zealand.
As you can see, aquaculture is an important part of Sanford’s future.

Salmon
• We had very solid pricing, better than we had expected all year.
• We have worked hard on FG rationalisation leading to better margins (more to do).
• We have created a pull system better matching customer demand.

Mussels
Although revenue was down slightly, we had a record EBIT result mainly due to great mussel condition

Wildcatch
Reduced pricing on scampi (and an inability to catch available quantities) has hurt our performance again. We
have a better plan to improve catch quantities, and we look forward to the final commissioning of our new
scampi boat.
Inshore has performed as expected.

Capital Allocation
There are five key points, and these are being driven into the business:
Capital allocation is about getting the right people first focused on the right projects, then investing $$$$ after
proof of concept
Fund strategies not projects
Have zero tolerance for bad growth

Zero-based allocation annually
No capital rationing – two views
A diagram helping to explain the allocation of $$ in FY25 – we spent $ on capex yet still achieved the debt
reduction

We have benefitted from:
• Firm prices and positive demand for salmon and mussels
• Good mussel condition improved yields
• Ace trading business performed well
• Reduction in overhead costs
• Favourable exchange rates
Several of the key contributors to this year’s result were factors outside Sanford’s direct control
It should not be assumed that FY25’s financial result will be repeated in FY26


David Mair
Managing Director

---

Sanford FY24
Results Presentation
Annual Shareholders’ Meeting
17 December 2025

Directors
David Mair
Managing Director
Joined the Board in November
2022.
Appointed MD 01 May 2024.
Sir Robert McLeod
Chair, Independent Non-Executive
Director
Joined the Board in January 2016.
Chair of the Nomination
Committee
Tom McClurg
Independent Non-Executive
Director Joined the Board in
February 2024.
Chair of Audit, Finance and
Risk Committee
Joanne Curin
Independent Non-Executive
Director Joined the Board in
August 2024.
Craig Ellison
Non-Executive Director
Joined the Board in December
2021.
John Strowger
Non-Executive Director
Joined the Board in December
2023.
Chair of People, Health and
Safety Committee
Annual Shareholders' Meeting | December 2025Slide |2
Executive
Paul Alston
Chief Financial Officer

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 2025Slide |3

Chair’s Address
Sir Rob McLeod
Annual Shareholders' Meeting | December 2025Slide |4

Key Results
463.5
477.9
515.0
545.1
468.8
489.6
531.9
553.4
582.9
584.1
0
100
200
300
400
500
600
700
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Revenue $m
63.2
63.4
64.7
64.8
38.3
23.3
40.2
49.4
74.2
105.2
0
20
40
60
80
100
120
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Adjusted EBIT $m
57.6
60.1
68.1
67.2
35.6
29.0
71.2
31.0
54.3
102.1
0.0
20.0
40.0
60.0
80.0
100.0
120.0
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
EBIT $m
34.7
37.4
42.3
41.7
19.4
16.2
55.8
10.0
19.7
63.7
0
10
20
30
40
50
60
70
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
NPAT $m
34.4
50.3
72.4
48.7
14.6
32.2
44.9
41.1
73.0
135.3
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Cashflow $m
42.3
33.8
22.3
36.2
46.0
36.1
48.0
66.4
45.6
21.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Capital Expenditure $m
Annual Shareholders' Meeting | December 2025Slide |5

Sanford-full year results
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
Adjusted EBIT
63.2
63.4
64.7
64.8
38.3
23.3
40.2
49.4
74.2
105.2
Adjustments
(5.6)
(3.3)
3.4
2.4
(2.7)
5.7
31.0
(18.4)
(19.9)
(3.1)
EBIT
57.6
60.1
68.1
67.2
35.6
29.0
71.2
31.0
54.3
102.1
Finance expenses
8.2
8.5
8.1
7.9
9.0
9.0
8.7
13.5
16.9
12.1
Tax
14.7
14.2
17.7
17.6
7.2
3.8
6.7
7.5
17.7
26.3
NPAT
34.7
37.4
42.3
41.7
19.4
16.2
55.8
10.0
19.7
63.7
Operating cashflow
34.4
50.3
72.4
48.7
14.6
32.2
44.9
41.1
73.0
135.3
Capital expenditure
42.3
33.8
22.3
36.2
46.0
36.1
48.0
66.4
45.6
21.6
Net debt
173.0
145.0
152.4
130.7
184.3
178.6
145.5
196.2
185.5
93.4
Dividend (cents per share)
23.0
23.0
23.0
23.0
5.0
0.0
10.0
12.0
10.0
10.0
Earnings (cents per share)
37.1
40.1
45.2
44.6
20.8
17.4
59.8
10.7
21.1
68.1
Total equity
558.1
575.8
581.9
588.2
607.6
634.1
664.9
685.0
704.4
740.8
A record result for Sanford
•Revenue up 0.2% on prior corresponding period
(pcp).
•Record Adjusted EBIT of $105.2m, up $31.0m or
41.8% on pcp
•Record EBIT of $102.1m, up $47.8m or 88.0% on
pcp
•Record NPAT of $63.7m, up $44.0m or 223.4% on
pcp
•Operating cashflow of $135.3m, reflecting
increased profitability and focused capital spend
•Significant debt reduction of $92.1m, giving year
end net debt of $93.4m
•A final dividend of 5.0 cents per share. Total FY25
dividend of 10.0 cents per share
*Sale of crayfish quota for $52.7m in FY22
10-Year Key Financials
Annual Shareholders' Meeting | December 2025Slide |6

Managing Director’s Address
David Mair
Annual Shareholders' Meeting | December 2025Slide |7

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 increased SNA8 quota
•Overhead savings, particularly head office-related
costs
Note: Wildcatch includes Sanford Australia results
FY25 vs FY24
Annual Shareholders' Meeting | December 2025Slide |8

Operating cashflow of $135.3m up 85.3% on FY24
Improved from a disciplined approach that:
•Increased salmon and mussel profitability
•Cleared some aged wildcatch inventory (especially orange roughy)
•Reduced overhead spend, including people related costs and use of
consultants
•Reduced interest costs as debt has been repaid and benefitting from
lower interest rates
Capital Expenditure of $21.6m down 52.6% on FY24
•Disciplined investment of shareholder funds throughout FY25
•Major capital items in FY25 – a new salmon workboat, final
payments on the new scampi vessel and deepwater vessel
surveys
34.4
50.3
72.4
48.7
14.6
32.2
44.9
41.1
73.0
135.3
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Cashflow $m
42.3
33.8
22.3
36.2
46.0
36.1
48.0
66.4
45.6
21.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Capital Expenditure $m
FY25 Summary
Annual Shareholders' Meeting | December 2025Slide |9

Net debt of $93.4m down 49.6% on FY24
•Improved profitability, careful capital spend and lower interest costs
all contributed to increased operating cashflow and played a part in
reducing net debt below $100m
•Debt reduction has been a major management focus throughout
the year
Finance expenses reduced to $12.1m, a drop of 28.4% on FY24
•A drop in interest rates and a reduction in net debt contributed to
lower finance costs
173.0
145.0
152.4
130.7
184.3
178.6
145.5
196.2
185.5
93.4
0
50
100
150
200
250
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net Debt $m
8.2
8.5
8.1
7.9
9.09.0
8.7
13.5
16.9
12.1
0
2
4
6
8
10
12
14
16
18
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Finance Expenses $m
FY25 Summary
Annual Shareholders' Meeting | December 2025Slide |10

Greenshell mussels
King salmon
Pacific oysters
Source: Aquaculture New Zealand (May 2024): http://aquaculture.org.nz
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
Aquaculture New Zealand
Annual Shareholders' Meeting | December 2025Slide |11

Aquaculture
Stewart Island
Kaitangata
Waitaki
Bluff
Christchurch
Golden Bay
Tasman Bay
Nelson
Havelock
Coromandel
Great Barrier Island
Key
Mussels
Salmon
Total
Harvested Product (GWT)
25,054
5,623
30,677
Total Revenue ($m)
126
128
254
Aquaculture Sanford
Annual Shareholders' Meeting | December 2025Slide |12

Record revenue of $127.5m and EBIT of $50.4m
•Firm pricing throughout the year with positive demand
•Stock-keeping units (SKUs) rationalisation contributed towards cost savings
and improved margins
•The new feed barge commissioned in Q4 last year helped with cost control
and improved efficiencies
•The new multi-purpose workboat will be commissioned in Q3 of FY26,
replacing the San Hauraki, which is over 35 years old and has incurred
escalating costs to operate
•Senior management changes throughout the year has resulted in greater
focus on factory and farming productivity, SKU rationalisation and
operational performance improvements
19.7
17.8
19.0
22.9
32.0
40.9
50.4
-
10
20
30
40
50
60
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 17%
NZ$ MillionFY19FY20FY21FY22FY23FY24FY25
Revenue48.7 50.8 66.7 78.7 93.6 107.0 127.5
EBIT19.7 17.8 19.0 22.9 32.0 40.9 50.4
EBIT %40.5%35.1%28.4%29.1%34.2%38.2%39.5%
48.7
50.8
66.7
78.7
93.6
107.0
127.5
-
20
40
60
80
100
120
140
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR 17%
Salmon FY25
Annual Shareholders' Meeting | December 2025Slide |13

Revenue down 6.4% and EBIT up 150.4% on FY24
•Mussel prices and demand have remained firm throughout the year with a
small decline in Q4 following the introduction of US tariffs
•Revenue down due to reduced volume sold of both North and South Island
sourced crop
•Significant crop and processing yield gains from favourable climatic
conditions in the South Island and process improvements in our Havelock
factory
•North Island Coromandel harvesting and processing challenges with poor
crop condition and high waste
•Processing mussels in the Coromandel is performed by a third party
processor which has reduced our fixed cost base
•Positive contribution from our SPATnz hatchery with increased volumes
•Bioactives facility is still work-in-progress
18.0
23.3
0.8
0.4
6.9
13.9
34.8
-
5
10
15
20
25
30
35
40
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR 12%
NZ$ Million
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
107.9


120.5


100.4


106.7


122.9


134.1


125.5


EBIT
18.0


23.3


0.8


0.4


6.9


13.9


34.8


EBIT %
16.7%
19.4%
0.8%
0.4%
5.6%
10.4%
27.7%
107.9
120.5
100.4
106.7
122.9
134.1
125.5
-
20
40
60
80
100
120
140
160
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR 3%
Mussels FY25
Annual Shareholders' Meeting | December 2025Slide |14

Revenue in line and EBIT down 5.9% on FY24
•Price pressure on some key species, renewal surveys reducing fishing days
available and adverse weather impacting catch volumes, although still up
9.5% on pcp in total
•Scampi sales prices softened from FY24 highs
•The Antarctic tooth fish season was successful with improved catch volumes
•Fishing partners improved performance
•Our inshore ACE trading model delivered to expectations
368.1
279.5
277.7
302.2
299.8
318.9 318.9
-
50
100
150
200
250
300
350
400
FY19FY20FY21FY22FY23FY24FY25
Revenue ($m)
CAGR -2%
59.5
28.2
32.3
52.4
48.8
55.7
52.4
-
10
20
30
40
50
60
70
FY19FY20FY21FY22FY23FY24FY25
EBIT ($m)
CAGR -2%
NZ$ Million
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Revenue
368.1


279.5


277.7


302.2


299.8


318.9


318.9


EBIT
59.5


28.2


32.3


52.4


48.8


55.7


52.4


EBIT %
16.2%
10.1%
11.6%
17.3%
16.3%
17.5%
16.4%
Wildcatch FY25
Annual Shareholders' Meeting | December 2025Slide |15

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 support the strategy that will
generate the most wealth?
(Note – no reference to historical investment)
•No Capital Rationing
‒Scarce but Free
‒Plentiful but expensive
Five Principles of Capital Allocation
Annual Shareholders' Meeting | December 2025Slide |16

Operating Cashflow
$135.3m
Dividend Payments
$9.4m
Capex
Spend/Investments
$23.3m
Lease Payments
$14.3m
Debt reduction
$92.1m
Salmon Capex
$3.8m
Mussel Capex
$1.6m
Wildcatch/Other Capex
$17.9m
•Salmon multi purpose
vessel
•Vessel surveys (San
Enterprise)
•New Scampi boat
•Maintenance of existing
facilities and vessels
•10.0 cent dividend for FY25
•Focus on debt reduction for
FY25
•Reduction from $185.5m in
FY24
Proceeds from asset
sales/other
$3.8m
Capital Allocation - FY25
Annual Shareholders' Meeting | December 2025Slide |17

•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
•Favourable foreign exchange (particularly the USD/NZD cross rate)
Note
•Several of the key contributors to this year’s result were factors outside of Sanford’s control
•It should not be assumed that this year’s financial result will be repeated
What went well for us in FY25?
Annual Shareholders' Meeting | December 2025Slide |18

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 water space capped at ~ 5,000 GWT (Big Glory Bay)
•Major capital item in FY25 – a new salmon workboat
•Investment needed in hatchery development
•Growth will require a large amount of capital and willing partners (Ngai Tahu)
Capital Plans
Annual Shareholders' Meeting | December 2025Slide |19
Wildcatch - needs long-term view
•Separation of asset intensive parts of the business and value
•Review of existing assets underway

Questions
Sir Rob McLeod, Chair
Annual Shareholders' Meeting | December 2025Slide |20

Resolutions
Sir Rob McLeod, Chair
Annual Shareholders' Meeting | December 2025Slide |21

Resolution 1
Re-Election of David Mair
Resolution 2
Remuneration of the Auditor
Annual Shareholders' Meeting | December 2025Slide |22

General Business
Sir Rob McLeod, Chair
Annual Shareholders' Meeting | December 2025Slide |23

Thank you
Annual Shareholders' Meeting | December 2025Slide |24