Slides
Page 1
Sanford FY25 Results Presentation
Page 2
Key Results Page | 1 463.5 477.9 515.0 545.1 468.8 489.6 531.9 553.4 582.9 584.1 0 100 200 300 400 500 600 700 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Capital Expenditure $m FY25 Results Presentation | November 2025
Page 3
Sanford-full year results NZ$ 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 Page | 2 10-Year Key Financials FY25 Results Presentation | November 2025
Page 4
Page | 3 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 FY25 Results Presentation | November 2025
Page 5
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 Page | 4 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Capital Expenditure $m FY25 Summary FY25 Results Presentation | November 2025
Page 6
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 Page | 5 173.0 145.0 152.4 130.7 184.3 178.6 145.5 196.2 185.5 93.4 0 50 100 150 200 250 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Net Debt $m 8.2 8.5 8.1 7.9 9.0 9.0 8.7 13.5 16.9 12.1 0 2 4 6 8 10 12 14 16 18 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Finance Expenses $mFY25 Summary FY25 Results Presentation | November 2025
Page 7
Business Performance
Page 8
Greenshell mussels King salmon Pacific oysters Page | 7 Source: Aquaculture New Zealand (May 2024): http://aquaculture.org.nz Mussels Salmon Oysters Total Harvested Product (GWT) 92,967 14,567 1,546 109,080 Export Revenue ($m) 391 170 14 575 Estimated Domestic Revenue ($m) 32 150 6 188 Estimated Total Revenue ($m) 423 320 20 763 Aquaculture New Zealand FY25 Results Presentation | November 2025
Page 9
Page | 8 Aquaculture Stewart Island Kaitangata Waitaki Bluff Christchurch Golden Bay Tasman Bay NelsonHavelock 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 FY25 Results Presentation | November 2025
Page 10
Record revenue of $127.5m and EBIT of $50.4m • Firm pricing throughout the year with positive demand • Stock-keeping units (SKUs) rationalisation contributed towards cost savings and improved margins • The new feed barge commissioned in Q4 last year helped with cost control and improved efficiencies • The new multi-purpose workboat will be commissioned in Q3 of FY26, replacing the San Hauraki, which is over 35 years old and has incurred escalating costs to operate • Senior management changes throughout the year has resulted in greater focus on factory and farming productivity, SKU rationalisation and operational performance improvements Page | 9 19.7 17.8 19.0 22.9 32.0 40.9 50.4 - 10 20 30 40 50 60 FY19 FY20 FY21 FY22 FY23 FY24 FY25 EBIT ($m) CAGR 17% NZ$ Million FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue 48.7 50.8 66.7 78.7 93.6 107.0 127.5 EBIT 19.7 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 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue ($m) CAGR 17%Salmon FY25 FY25 Results Presentation | November 2025
Page 11
Increased price and harvest volume Page | 10 • Average sales price increase of 6.0% for FY25 • Harvest volume increase of 9.8% • Further volume increases require significant capital Salmon FY25 FY25 Results Presentation | November 2025
Page 12
Revenue down 6.4% and EBIT up 150.4% on FY24 • Mussel prices and demand have remained firm throughout the year with a small decline in Q4 following the introduction of US tariffs • Revenue down due to reduced volume sold of both North and South Island sourced crop • Significant crop and processing yield gains from favourable climatic conditions in the South Island and process improvements in our Havelock factory • North Island Coromandel harvesting and processing challenges with poor crop condition and high waste • Processing mussels in the Coromandel is performed by a third party processor which has reduced our fixed cost base • Positive contribution from our SPATnz hatchery with increased volumes • Bioactives facility is still work-in-progress Page | 11 18.0 23.3 0.8 0.4 6.9 13.9 34.8 - 5 10 15 20 25 30 35 40 FY19 FY20 FY21 FY22 FY23 FY24 FY25 EBIT ($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 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue ($m) CAGR 3% Mussels HY25 FY25 Results Presentation | November 2025
Page 13
Harvest down and prices firm Page | 12 • Average sales price increase of 7.0% for FY25 • Reduced harvest volume of -3.5% • Opportunity for volume growth at low capital cost Mussels FY25 FY25 Results Presentation | November 2025
Page 14
Revenue in line and EBIT down 5.9% on FY24 • Price pressure on some key species, renewal surveys reducing fishing days available and adverse weather impacting catch volumes, although still up 9.5% on pcp in total • Scampi sales prices softened from FY24 highs • The Antarctic tooth fish season was successful with improved catch volumes • Fishing partners improved performance • Our inshore ACE trading model delivered to expectations Page | 13 368.1 279.5 277.7 302.2 299.8 318.9 318.9 - 50 100 150 200 250 300 350 400 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Revenue ($m) CAGR -2% 59.5 28.2 32.3 52.4 48.8 55.7 52.4 - 10 20 30 40 50 60 70 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 FY25 Results Presentation | November 2025
Page 15
Increased catch with softening prices Page | 14 • Average sales price decrease of -13.0% • Increase in catch volume of 9.5% • Catch limited by quota and ACE availability Wildcatch FY25 FY25 Results Presentation | November 2025
Page 16
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 most wealth? (Note – no reference to historical investment) • No Capital Rationing ‒ Scarce but Free ‒ Plentiful but expensive • Know the value of assets, value vs price Page | 15 Five Principles of Capital Allocation FY25 Results Presentation | November 2025
Page 17
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 Page | 16 Capital Allocation - FY25 FY25 Results Presentation | November 2025
Page 18
• 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 Page | 17 What went well for us in FY25? FY25 Results Presentation | November 2025
Page 19
LOOKING FOWARD Questions?
Page 20
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 any written or verbal communications in relation to it. Information has been prepared by the Company with due care and attention. However, neither the Company, nor any of its directors, employees or shareholders nor any other person gives warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum extent permitted by law, none of the Company, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence) arising from this presentation or any information supplied in connection with it. This presentation contains financial information taken from management accounts and from the Company’s audited results for the year ended 30 September 2025. This presentation also contains forward-looking statements regarding a variety of items. Such forward-looking statements are based on current expectations, estimates and assumptions and are subject to several risks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances on the Company. There is no assurance that results contemplated in any of these forward-looking statements will be realised, nor is there any assurance that the expectations, estimates and assumptions underpinning those forward-looking statements are reasonable. The Company’s actual results may differ materially from the forward-looking statements in this presentation. No person is under any obligation to update this presentation at any time after its release. Investors are strongly cautioned not to place undue reliance on forward-looking statements. Media releases, management commentary and analysts’ presentations, including those relating to the previous results announcement, are all available on the Company’s website and contain additional information about matters which could cause Sanford Limited’s performance to differ from any forward-looking statements in this presentation. This presentation should be read in conjunction with the material published by Sanford Limited. The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Nothing in this presentation constitutes legal, financial, tax or other advice. Please note : All financial metrics provided in this document are unaudited. FY25 Results Presentation | November 2025 Page | 19 Disclaimer