Sanford delivers an improved half year result

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





15 May 2025
Sanford delivers an improved half year result

Sanford announced today an unaudited NPAT of $34.0m, a 110.0% uplift on the prior comparative period
(pcp), and its highest half year adjusted earnings result in recent times.

Key highlights for the six months ended 31 March 2025:
• Revenue of $286.0m, up 3.6% on pcp (HY24: $276.0m)
• Adjusted EBIT
1
of $54.0m, up 40.3% on pcp (HY24: $38.5m)
• EBIT of $54.4m, up 54.5% on pcp (HY24: $35.2m)
• Net profit after tax of $34.0m, up 110.0% on pcp (HY24: $16.2m)
• Operating cashflow of $49.6, up 497.6% on pcp (HY24: $8.3m)
• Net debt of $165.1m, down 25.1% on pcp (HY24: $220.5m)
• Interim dividend declared of 5.0 cents per share (HY24: 5.0cps)

Sanford’s Managing Director David Mair said: “Our first half performance is pleasing with our highest
recent half year adjusted EBIT result. Our improvement has been supported by an expected excellent
performance from the salmon business; an improving mussel result; despite challenges facing our
wildcatch fleet.”

A review of finished goods product stock-holding units (skus) and associated pricing, and a more targeted
sales mix improved gross margin from 24.9% to 28.2%.

Profit after tax was up 110.0% on HY24 to $34.0m and is the best result in the last ten years.

The improved profitability flowed through to improved operating cashflow boosted by a rigorous review
of expenditure. At the same time, we are completing several large capex projects including the new
scampi vessel that has just arrived in Timaru and the new salmon multi-purpose boat.

This disciplined approach to driving operating cashflow has enabled a debt repayment of $23m reducing
net debt to $165.1m as at 31 March 2025 (from $220.5m pcp).

Business Performance
HY25 Revenue $m Profit Contribution
2
$m Sales volume GWT
3
(000’s)
Salmon 68.1 30.7 2.9
Mussels 67.9 18.1 13.4
Wildcatch 144.1 24.0 31.4


1
Adjusted Earnings Before Interest and Tax (EBIT) is EBIT adjusted for restructuring costs, impairment of assets and investments,
gain on sale from transactions, net loss on sale of property, plant and equipment and intangible assets and one-off items.
2
Profit contribution is Adjusted EBIT before head office overheads.
3
Greenweight tonnes (GWT).

Salmon
We had a plan from 01 October 2024 to pull forward sales through to both Chinese New Year and
Thanksgiving that was well executed. Pricing remained firm and margins were further improved after a
rationalisation of finished goods product skus. Combined with the greater volume, we had efficiency
gains. This meant revenue was up 24% on pcp, with a profit contribution of $30.7m, up 32% on pcp.
We have invested in oxygenation equipment and new netting enabling Sanford to help keep control over
mortalities.

Mussels
Mussel contribution has lifted 97% on pcp with a 5% increase in revenue. Our improvement in profitability
has been on the back of solid frozen half shell prices and good demand. The North Island Mussel Limited
Tauranga processing facility was closed in FY24 with the sale completed in H1 2025. All processing is now
performed by a third-party toll processor. The operating performance of our Havelock South Island
processing factory has been improving and will be a focus for H2. We are not expecting the H2
performance to mirror the first half due to off-season spawning and factory annual maintenance
downtime. In addition, there is current price pressure on frozen-half shell products which could impact
returns for the remainder of the year.

Wildcatch
Revenue in the wildcatch business marginally increased by 3% with a small 2% decrease in volume,
reflecting a different mix of product sold. While there was more Atlantic Toothfish caught in H1, this has
been more than offset by reduced scampi sales and is the main reason for a 10% drop in contribution.
Orange roughy prices remain low and there has been a large clearance of aged stock during H1 with a
negative impact on margin. The squid season started very slowly and a low H1 catch was a concern,
however, post March 2025 the squid have arrived in abundance and the targeted catch for the season will
now likely be achieved. Our new scampi vessel, San Koura Rangi, has arrived in New Zealand and is being
commissioned and certified. We expect the new scampi boat to provide further opportunities to catch
more scampi and a review of the scampi fleet. There is pressure on global fish prices across most
categories and we are expecting some softening in H2.

Outlook
Chair of Sanford, Sir Rob McLeod, commented: “The Board is very pleased with Sanford’s half year
financial performance to 31 March 2025, and thanks our management team and staff led by David for a
job well done. Our internal management results and our external share price have both improved during
this reporting period, which is an important goal for the business. The Board continues to take a
conservative approach to dividend policy and accordingly recommends an interim dividend of 5.0c per
share.

The first half result is positive, however we do not anticipate the same level of profitability to be
replicated in the second half due to in-market price pressure and seasonal volumes”.

ENDS

For further information, please contact:
David Mair
Managing Director
021 708 021
dmair@sanford.co.nz

---

Interim
Report
FY25

Contents
Highlights 1
Chair and Managing Directors’
Reports
2
GAAP to Non-GAAP Reconciliation 5
Consolidated Condensed
Interim Financial Statements
6
Notes to the Consolidated
Condensed Interim Financial
Statements
14
Directory21
Highlights
Sales revenue
HY25:
$286.0m
HY24: $276.0m
Gross margin %
HY25:
28.2%
HY24: 24.9%
Adjusted EBIT
HY25:
$54.0m
HY24: $38.5m40%
4%13%
Net profit after tax (NPAT)
HY25:
$34.0m
HY24: $16.2m
Net debt
HY25:
$165.1m
HY24: $220.5m
Operating cash flow
HY25:
$49.6m
HY24: $8.3m
Earnings per share
HY25:
36.4 cps
HY24: 17.3 cps
Interim dividend
HY25:
5.0 cps
HY24: 5.0 cps
For the six months ended 31 March 2025
498%25%
110%
110%
1Interim Report FY25 | F| Sanford Limited

I am pleased to report to Sanford Shareholders after being
Managing Director (MD) for a little over 12 months.
Chair and Managing Directors’ Reports
I approached my first year with a particular focus
on operating cashflow, debt reduction, business
simplification and cost rationalisation. There is still
a long way to go but we have made a good start,
and I believe there are many more opportunities
for improvement.
Sanford’s interim financial results represent a
record profit for the company. Revenue of $286.0m
was only 4% up on the prior comparative period
(pcp). However, net profit after tax (NPAT) at
$34.0m was a pleasing 110% up over the prior
period. Operating cashflow of $49.6m is a $41.3m
(498%) improvement on pcp. Net debt has
dropped to $165.1m from $220.5m in March 2024,
a $55.4m decrease.
This decision proved successful and highlighted
the market potential to absorb more volume while
maintaining price. Salmon has limited volume
growth opportunities without significant
investment. However, I believe there are many
opportunities to improve profitability by
incrementally improving our processing and
farming operations.
Our mussel business had a significant
improvement in profitability with contribution
lifting by 97%. Prices and demand have remained
positive, and the business has been taking out
costs and eliminating inefficiencies where possible
(such as the exit of the of Tauranga processing
site). Unlike salmon, the mussel business does
have opportunities to grow at lower cost due to
unused waterspace that is not currently being
farmed. Further work is required in this area.
Wildcatch profitability was 10% down on pcp.
This is mostly related to reduced scampi sales,
and the timing of squid catch. Our current success
in this business is very much tied to scampi and
commodity white fish such as hoki and orange
roughy. We are at the mercy of global prices, that
are currently under pressure. Deepwater fishing is
very capital intensive with the costs of maintaining
an effective fleet expensive. This is an industry
wide issue, and I will be considering all options
with a focused review in the next 12 months.
The exit out of the inshore fishery and closure of
our Auckland factory has been positive for our
bottom line while maintaining ownership of
our quota assets.
Capital Allocation
We are now focused on a more disciplined capital
investment process, and a review of assets has
shown some opportunities for rationalisation
and even disposal that improves our cash
(and debt) position.
We are now focused on operating as a commodity
player, where reducing costs and operating more
efficiently is critical for success. Overheads are
coming down and debt has dropped to more
reasonable levels, albeit in my view still too high.
Driving product costs down and lowering
overheads will make us more competitive in
any market.
The salmon business has been a standout for the
first half with revenue and contribution up 24% and
32% respectively. We made a conscious effort to
bring sales forward to reduce stock in water
during the higher risk summer months and to
maximise returns due to future tariff uncertainty.
The two charts below highlight achievements in
terms of decreasing debt and reducing interest
costs over the last 12 months. My intention is to
reduce debt further by year-end that will put the
company on a more solid platform to take
advantage of investment opportunities should
they arise.
Net debt ($m)
Interest ($m)
0
50
100
150
200
250
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
0.0
1.0
2.0
3.0
4.0
5.0
6.0
9.0
10.0
7.0
8.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Managing Director’s Report
3Interim Report FY25 | 2| Sanford Limited

Strategic Review
Turbulence in markets has required a change in
focus to first considering key customers in key
markets. Sanford has become concentrated on
several markets, in particular the US and China.
Clearly, this front-end activity will require a lot
more time going forward.
Our sales team (front end) have done a very good
job of rationalising finished goods stock keeping
units (skus) and reviewing pricing leading to small
but important improvements in margin. They have
continued selling through inventory and
converting to cash.
We have managed to review most of the growth
and associated capital plans for our Aquaculture
(Salmon and Mussels) business. This included a
deep review of assets. We are confident that we
can improve performance at a lower capital spend.
Obviously, the next area of focus is wildcatch
where our immediate focus is on catching and
selling scampi.
Sustainability
In January 2025, Sanford issued its first stand-alone
sustainability report. Operating in a sustainable
industry is very important for us and
understanding the potential impact of climate
change on New Zealand wildfish and aquaculture
is critical for our success. We have invested in
additional resource to support our understanding
of climate related impacts and help develop
mitigation strategies for the company.
Our People
There has been significant change in the business
since I last reported to shareholders and this
inevitability impacts people. The senior executive
team have been trimmed down and changes have
been made with fewer people required.
I would like to thank staff for their efforts during
this period of uncertainty and change.
I would also like to thank our directors and
shareholders for their support.
Chair’s Report
New Leadership
The Board is very pleased with Sanford’s half year
financial performance to 31 March 2025, and the
Board particularly thanks our management team
and people led by David for a job well done. Our
internal management results and our external
share price have both improved during this
reporting period, which is an important goal of the
business. I reiterate David’s comments that much
change has been implemented with still more to
be done. You will see that most of the effort and
result has been on reducing costs and debt. This
has strengthened Sanford’s balance sheet
enabling the company to be more resilient in
tougher times but more responsive to
opportunities as they arise. Consistent with this
strategy, the Board continues to take a
conservative approach to dividend policy and
accordingly recommends an interim dividend of
5.0c per share.
The first-half result is positive, however we do not
anticipate the same level of profitability in the
second half due to in-market price pressures and
seasonal volume fluctuations.
David Mair
Managing Director
Sir Robert McLeod
Chairman
GAAP to Non-GAAP Reconciliation
Sanford’s standard profit measure prepared under New Zealand GAAP is net profit. Sanford has used
non-GAAP measures when discussing financial performance. The Directors and management believe
that these measures provide useful information as they are used internally to evaluate business unit and
total Group performance and to establish operating and capital budgets. Non-GAAP profit measures are
not prepared in accordance with NZ IFRS (New Zealand equivalents to International Financial Reporting
Standards) and are not uniformly defined; therefore, the non-GAAP profit measures included in this
report are not comparable with those used by other companies. They should not be viewed in isolation
or as a substitute for GAAP profit measures as reported by Sanford in accordance with NZ IFRS.
Definitions
EBIT: Earnings before interest and taxation.
Adjusted EBIT: Earnings before interest, taxation, restructuring costs, impairment of assets and investments,
gain on sale from transactions, net loss on sale of property, plant and equipment, and intangible assets and
other one-off items.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.
GAAP to Non-GAAP Reconciliation
6 months ended
31 March 2025
6 months ended
31 March 2024
12 months ended
30 September 2024
$000 $000 $000
Reported net profit for the period (GAAP) 34,033 16,154 19,670
Add back:
Income tax expense 13,518 9,833 17,725
Net interest expense 6,906 9,200 16,867
EBIT 54,457 35,187 54,262
Adjustments:
Restructuring costs 408 659 1,495
Impairment of assets 115 – 16,856
Net loss on sale of property, plant and equipment
and intangibles 63 6 293
Gain on sale of North Island Mussels Limited assets (1,040)– –
Net gain on sale of North Island inshore fishery assets– (964) (964)
Impairment of investment and advances in
Two Islands Co NZ Limited– 3,333 3,132
Other one-off losses/(gains)– 257 (866)
Adjusted EBIT 54,003 38,478 74,208
Add back:
Depreciation and amortisation 17,393 17,542 34,442
Adjusted EBITDA 71,396 56,020 108,650
5Interim Report FY25 | 4| Sanford Limited

Consolidated Condensed
Income Statement
7
Consolidated Condensed Statement
of Comprehensive Income
8
Consolidated Condensed Statement
of Financial Position
9
Consolidated Condensed Statement
of Cash Flows
10
Consolidated Condensed Statement
of Changes in Equity
12
Notes to the Consolidated
Condensed Interim Financial
Statements
14
Consolidated
Condensed
Interim Financial
Statements
For the six months ended 31 March 2025
Consolidated Condensed Income Statement
for the six months ended 31 March 2025
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000 $000
Revenue3 285,999 275,978582,913
Cost of sales (205,463)(207,350)(456,726)
Gross profit 80,536 68,628126,187
Other income7 3,480 3,4907,240
Distribution expenses (6,236)(6,515)(13,630)
Administrative expenses (16,273)(19,464)(33,778)
Other expenses8 (7,058)(10,979)(31,896)
Operating profit 54,449 35,16054,123
Finance income 820 6051,270
Finance expense (7,726)(9,805)(18,137)
Net finance expense (6,906)(9,200)(16,867)
Share of profit of equity-accounted investees 8 27139
Profit before income tax47,55125,98737,395
Income tax expense (13,518)(9,833)(17,725)
Profit for the period 34,033 16,15419,670
Profit attributable to:
Equity holders of the Company 34,034 16,16619,685
Non-controlling interest (1)(12)(15)
34,033 16,15419,670

Earnings per share attributable to equity
holders of the Company during the period
(expressed in cents per share)
Basic and diluted earnings per share (cents) 36.4 17.321.1
7Interim Report FY25 | 6| Sanford Limited

Consolidated Condensed Statement of Comprehensive Income
for the six months ended 31 March 2025
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
$000 $000 $000
Profit for the period (after tax) 34,033 16,154 19,670
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences 43 70 68
Change in fair value of cash flow hedges recognised in other
comprehensive income (32,193) (1,239) 14,119
Deferred tax on cash flow hedges 9,014 347 (3,953)
Items that have been classified to the income statement:
Amount of treasury share cost expensed in relation
to share-based payment 375 ––
Cost of hedging gain– (293) (293)
Deferred tax on cost of hedging– 82 82
Other comprehensive (loss)/income for the period (22,761) (1,033) 10,023
Total comprehensive income for the period 11,272 15,121 29,693
Total comprehensive income for the period is attributable to:
Equity holders of the Company 11,273 15,133 29,708
Non-controlling interest (1) (12) (15)
Total comprehensive income for the period 11,272 15,121 29,693
Consolidated Condensed Statement of Financial Position
as at 31 March 2025
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000 $000
Current assets
Cash on hand and at bank6 11,901 6,54714,475
Trade receivables6 92,865 102,94883,167
Derivative financial instruments 1,307 4,051 13,556
Other receivables and prepayments 10,236 7,3675,085
Biological assets 66,328 57,73055,557
Inventories 84,607 90,54873,363
Assets held for sale9 19,616 12,807 19,706
Total current assets 286,860 281,998264,909
Non-current assets
Property, plant and equipment 219,220 235,568217,819
Right-of-use assets 33,319 37,99332,751
Investments 578 1,1481,261
Derivative financial instruments 1,698 10,721 16,364
Biological assets 15,790 15,23923,239
Intangible assets 489,561 491,848490,087
Total non-current assets 760,166 792,517781,521
Total assets 1,047,026 1,074,5151,046,430
Current liabilities
Derivative financial instruments 8,045 4,4171,705
Trade and other payables 53,007 61,10644,647
Taxation payable 6,497 841 899
Lease obligations 5,615 13,648 13,889
Liabilities held for sale 9 14,024 13,326 12,908
Total current liabilities 87,188 93,33874,048
Non-current liabilities
Bank loans (secured)
4 177,000 227,000200,000
Contributions received in advance
1,379 1,7031,531
Employee entitlements
1,139 1,2331,260
Derivative financial instruments
4,013 7751,145
Deferred taxation
40,573 34,28743,646
Lease obligations
24,873 21,717 20,442
Total non-current liabilities
248,977 286,715268,024
Total liabilities 336,165 380,053342,072
Equity
Paid in capital
94,690 94,69094,690
Retained earnings
619,680 591,572590,415
Other reserves
(3,873)7,83218,888
Shareholder funds
710,497 694,094703,993
Non-controlling interest
364 368365
Total equity
710,861 694,462704,358
Total equity and liabilities
1,047,026 1,074,5151,046,430
9Interim Report FY25 | 8| Sanford Limited

Consolidated Condensed Statement of Cash Flows
for the six months ended 31 March 2025
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000 $000
Cash flows from operating activities
Receipts from customers 308,756 290,031 630,832
Interest received 820 604 1,270
Payments to suppliers and employees (250,901) (269,813) (533,856)
Income tax paid (1,977) (4,768) (7,770)
Interest paid (7,076) (7,804) (17,480)
Net cash flows from operating activities 49,622 8,250 72,996
Cash flows from investing activities
Proceeds from sale of North Island Mussels Limited
assets9(b) 2,695 ––
Proceeds from sale of property, plant and equipment 24 12 1,306
Proceeds from sale of North Island inshore
fishery assets7– 6,830 6,830
Proceeds from sale of investment in
Two Islands NZ Co Limited8–– 200
Dividends received from associates 690 383 383
Purchase of property, plant and equipment (15,790) (22,504) (45,916)
Purchase of intangible assets (380) (684) (1,490)
Acquisition of shares in other companies– (278) (278)
Net cash flows from investing activities (12,761) (16,241) (38,965)
Cash flows from financing activities
Proceeds from borrowings4– 24,000 27,000
Repayment of term loans4 (23,000)– (30,000)
Lease payments (11,668) (10,693) (13,135)
Dividends paid to Company shareholders5 (4,769) (5,610) (10,286)
Net cash flows from financing activities (39,437) 7,697 (26,421)
Net (decrease)/increase in cash and
cash equivalents (2,576) (294) 7,610
Effect of exchange rate fluctuations on cash held 2 36 60
Cash and cash equivalents at beginning of the period 14,475 (51,195) (51,195)
Short-term borrowings reclassified as term loans– 58,000 58,000
Cash and cash equivalents at end of the period 11,901 6,547 14,475
Represented by:
Cash on hand and at bank 11,901 6,547 14,475
11,901 6,547 14,475
Consolidated Condensed Statement of Cash Flows
for the six months ended 31 March 2025
Reconciliation of Profit for the Period with Net Cash Flows from Operating Activities
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000 $000
Profit for the period (after tax) 34,033 16,154 19,670
Adjustments for non-cash items
Depreciation and amortisation 17,393 17,542 34,442
Depreciation – Annual Catching Entitlement (ACE) 4,257 3,873 7,746
Impairment of investment8– 3,333 2,956
Impairment of property, plant and equipment8 115 – 14,837
Impairment of intangibles8–– 1,832
Share-based payment expense 375 ––
Change in fair value of biological assets (3,322) (6,443) (12,270)
Change in fair value of forward exchange contracts
and foreign currency options 3,918 (851) (2,882)
Unrealised foreign exchange (gains)/losses (4,888) (1,425) 1,489
Share of profit of equity accounted investees (8) (27) (139)
Increase in deferred tax liability 5,941 7,720 12,697
Decrease in contributions received in advance (152) (175) (347)
Other– (7) 187
23,629 23,540 60,548
Movements in working capital
(Increase)/decrease in trade and other receivables
and prepayments (9,302) 4,186 23,410
(Increase)/decrease in inventories (11,242) (7,505) 9,666
Increase/(decrease) in trade and other payables
and other liabilities 7,765 (24,366) (40,446)
Increase/(decrease) in taxation payable 5,598 (2,801) (2,726)
(7,181) (30,486) (10,096)
Items classified as investing activities
Net loss on sale of property, plant and equipment 181 6 3,838
Gain on sale of North Island Mussels Limited assets7 (1,040)––
Net gain on sale of North Island inshore fishery assets7– (964) (964)
(859) (958) 2,874
Net cash flows from operating activities 49,622 8,250 72,996
11Interim Report FY25 | 10| Sanford Limited

Consolidated Condensed Statement of Changes in Equity
for the six months ended 31 March 2025
Share
Capital
Share-based
Payment Reserve
Translation
Reserve
Cash Flow
Hedge Reserve
Cost of
Hedging Reserve
Retained
EarningsTotal
Non-controlling
Interest
Total
Equity
Note$000$000$000$000$000$000$000$000$000
Balance at 01 October 2024 (audited) 94,690 – 1,153 17,735 – 590,415 703,993 365 704,358
Profit for the period (after tax)––––– 34,034 34,034 (1) 34,033
Other comprehensive income
Foreign currency translation differences–– 43 ––– 43 – 43
Hedging losses recognised in other
comprehensive income––– (32,193)–– (32,193)– (32,193)
Deferred tax on change in reserves––– 9,014 –– 9,014 – 9,014
Amount of treasury share cost expensed in
relation to share-based payment– 375 –––– 375 – 375
Total comprehensive income– 375 43 (23,179)– 34,034 11,273 (1) 11,272
Distributions to shareholders5––––– (4,769) (4,769)– (4,769)
Balance at 31 March 2025 (unaudited) 94,690 375 1,196 (5,444)– 619,680 710,497 364 710,861
Balance at 01 October 2023 (audited) 94,690 – 1,085 7,569 211 581,016 684,571 380 684,951
Profit for the period (after tax)––––– 16,166 16,166 (12) 16,154
Other comprehensive income–––––––
Foreign currency translation differences–– 70 ––– 70 – 70
Hedging losses recognised in other
comprehensive income––– (1,239)–– (1,239)– (1,239)
Deferred tax on change in reserves––– 347 –– 347 – 347
Cost of hedging gains recovered
to the income statement–––– (293)– (293)– (293)
Deferred tax on cost of hedging–––– 82 – 82 – 82
Total comprehensive income–– 70 (892) (211) 16,166 15,133 (12) 15,121
Distributions to shareholders5––––– (5,610) (5,610)– (5,610)
Balance at 31 March 2024 (unaudited) 94,690 – 1,155 6,677 – 591,572 694,094 368 694,462
Balance at 01 October 2023 (audited) 94,690 – 1,085 7,569 211 581,016 684,571 380 684,951
Profit for the period (after tax)––––– 19,685 19,685 (15) 19,670
Other comprehensive income––
Foreign currency translation differences–– 68 ––– 68 – 68
Hedging gains recognised in other
comprehensive income––– 14,119 –– 14,119 – 14,119
Deferred tax on change in reserves––– (3,953)–– (3,953)– (3,953)
Cost of hedging gains recovered
to the income statement–––– (293)– (293)– (293)
Deferred tax on cost of hedging–––– 82 – 82 – 82
Total comprehensive income–– 68 10,166 (211) 19,685 29,708 (15) 29,693
Distributions to shareholders5––––– (10,286) (10,286)– (10,286)
Balance at 30 September 2024 (audited) 94,690 – 1,153 17,735 – 590,415 703,993 365 704,358
13Interim Report FY25 | 12| Sanford Limited

Note 1 – General Information
Sanford Limited is a profit-orientated company that is domiciled and incorporated in New Zealand. The Company is registered under
the Companies Act 1993 and listed on the New Zealand Stock Exchange (NZX). The Company is an FMC entity for the purposes of
Part 7 of the Financial Markets Conduct Act 2013.
The unaudited financial statements presented are for Sanford Limited (‘Sanford’ , the ‘Company’ or the ‘Group’) as at and for the six
months ended 31 March 2025. The Group comprises Sanford Limited, its subsidiaries and its investments in joint arrangements and
associates.
The interim financial statements are prepared in accordance with NZ IAS 34: Interim Financial Reporting. The interim financial
statements and the comparative information for the six months ended 31 March 2024 are unaudited. The comparative information
for the year ended 30 September 2024 is audited.
The Group is a large and long-established fishing and aquaculture farming business devoted entirely to the farming, harvesting,
processing, storage and marketing of quality seafood products and investments in related activities.
The Group’s key operating business units are:
• Wildcatch – responsible for catching and processing deepwater fish species, and the leasing of Annual Catch Entitlements (ACE)
for North Island inshore species; and
• Aquaculture – responsible for farming, harvesting and processing mussels and salmon.
Note 2 – Basis of Preparation
Significant accounting policies
The Group’s accounting policies have been applied consistently to all periods presented in these interim financial statements, and
have been applied consistently by Group entities. The interim financial statements should be read in conjunction with the financial
statements for the year ended 30 September 2024.
New and amended accounting standards and interpretations adopted
Amendment to NZ IAS 1: Presentation of Financial Statements, Classification of Liabilities as Current or Non-current
The Amendment to NZ IAS 1: Presentation of Financial Statements, Classification of Liabilities as Current or Non-current (the
Amendment) is effective for the Group in the financial year ended 30 September 2025. Under the Amendment, an entity classifies a
liability as current unless the entity has a right to defer settlement of the liability for at least 12 months after the reporting period.
The right must also exist at the reporting date and have substance. The Group elected to early adopt the Amendment, effective from
01 October 2023. Bank loans drawn under the Group’s working capital facilities were classified as non-current liabilities at 31 March
2024 and 30 September 2024 as a result. Refer to note 4 for details on bank loans.
Note 3 – Segment Reporting
Sanford’s management monitors the operating results of the Wildcatch and Aquaculture (mussels and salmon) business units.
Business unit performance is evaluated based on operating profit or loss. Capital expenditure consists of additions of property, plant
and equipment and intangible assets.
The Group has determined that the business units should be aggregated to form one reportable segment to reflect the farming,
harvesting, processing and selling of seafood products, due to the aggregated manner in which performance is monitored. Further
information on segment reporting is included in the financial statements for the year ended 30 September 2024.
Note 3 – Segment Reporting (continued)
Revenue by geographical location of customers
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
$000 $000 $000
New Zealand 106,189 104,318222,699
North America 57,416 60,977125,188
Europe 42,287 24,11766,183
China 31,640 37,39978,573
Australia 22,425 24,87143,631
Other Asia 6,741 8,53219,019
Middle East 6,416 1,2864,000
Japan 4,675 5,77410,516
South Korea 3,883 3,0425,493
Hong Kong 1,739 1,3652,882
Africa 1,441 329764
Pacific 960 2,3742,117
Central and South America 187 1,5941,848
Revenue 285,999 275,978582,913
The revenue information above is based on the delivery destination of sales.
The Group has one customer accounting for more than 10% of total sales for the current period across both Wildcatch and
Aquaculture (six months ended 31 March 2024: one customer; year ended 30 September 2024: Nil).
Note 4 – Bank Loans (Secured)
Carrying and face value
Unaudited
31 March 2025
Unaudited
31 March 2024
Audited
30 September 2024
$000 $000 $000
Balance at beginning of the period 200,000 203,000 203,000
Bank term loans
Proceeds– 24,000 27,000
Repayments (23,000)– (30,000)
Balance at end of the period 177,000 227,000 200,000
Interest rates applicable4.3% – 5.1%6.2% – 6.8%5.6% – 6.7%
All syndicated bank loans are secured by a general security interest over property and a mortgage over all quota shares.
All borrowings are subject to borrowing covenant arrangements, which include interest cover ratio, gearing ratio and ratios
of assets and EBITDA between Sanford and the Guaranteeing Group. The Group has complied with all covenants during the
period (March 2024: all covenants were complied with; September 2024: all covenants were complied with).
Interest rates for all loans are floating based on the bank bill rate plus a margin. The Group’s policy for term loans is to hedge
between 25% and 75% of floating rate debt by using interest rate swaps.
Notes to the Interim Financial Statements
for the six months ended 31 March 2025
15Interim Report FY25 | 14| Sanford Limited

Note 4 – Bank Loans (Secured) (continued)
Refinancing activities and loan balances
The Group completed refinancing activities on 31 January 2025. Expiry dates for the Group’s banking facilities were extended, and
the total facility limit was reduced from $250m as at 30 September 2024 to $230m.
Banking facilities, expiry dates and balances of bank loans for the Group are illustrated in the table below.
Non-current facilities
Unaudited
Syndicated and
secured bank loans
As at 31 March 2025
FacilityExpiry DateBalance
$000 $000
85,000 April 2026 – April 2027 66,000
125,000 April 2028 100,000
20,000 April 2029 11,000
230,000 177,000
Non-current facilities
AuditedUnaudited
Syndicated and
secured bank loans
As at 30 September 2024As at 31 March 2024
FacilityExpiry DateBalanceFacilityExpiry DateBalance
$000 $000 $000 $000
40,000 November 2025 30,000 60,000 April/November 2025 60,000
85,000 March 2026 – April 2026 85,000 85,000 March 2026 – April 2026 82,000
95,000 April 2026 55,000 75,000 April 2026 55,000
30,000 April 2028 30,000 30,000 April 2028 30,000
250,000 200,000 250,000 227,000
Note 5 – Dividends
The following dividends were declared and paid by the Company:
On 14 May 2025 the Board declared an interim dividend for the six months ended 31 March 2025 of 5.0 cents per share
(31 March 2024: 5.0 cents per share; 30 September 2024: a final dividend of 5.0 cents per share was approved by the Board
on 14 November 2024 and paid on 9 December 2024).
Note 6 – Financial Instruments
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities at reporting date.
Unaudited
6 months ended
31 March 2025
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000 $000
Non-derivative financial assets not measured
at fair value
(i)
Trade receivables 92,865 102,94883,167
Cash and cash equivalents 11,901 6,54714,475
Other receivables – advances to associates 137 137 137
Shares in other companies 104 104 104
Non-derivative financial liabilities not measured
at fair value
(i)
Trade and other payables (44,649)(52,539) (36,227)
Bank term loans (secured)4 (177,000)(227,000)(200,000)
Total net non-derivative financial liabilities(116,642)(169,803) (138,344)
Derivative financial (liabilities)/assets measured
at fair value
(ii)
Forward exchange contracts (8,400)5,335 28,689
Interest rate swaps 105 3,476 314
Fuel swaps (758)769 (1,933)
Total net derivative financial (liabilities)/assets(9,053)9,580 27,070
(i) Presented at carrying value that is equivalent to fair value.
(ii) Presented at fair value.
Other payables that are not financial liabilities are excluded above (provisions and employee entitlements: March 2025: $8.4m;
March 2024: $8.6m; September 2024: $8.4m).
Note 7 – Other Income
31 March 2025 – Gain on sale of North Island Mussels Limited assets
Included in other income is a gain on sale of $1.0m from the sale of North Island Mussels Limited assets that were classified
as assets held for sale at 30 September 2024. Refer to note 9 (b) for details.
31 March 2024 and 30 September 2024 – Net gain on sale of North Island inshore fishery assets
On 31 October 2023 the agreement for Sanford to lease the Annual Catch Entitlement (ACE) for much of its quota of North Island
inshore species to Aotearoa Fisheries Limited (Moana) on a long-term basis became unconditional. The transaction included the
sale of two of the Group’s inshore fishing vessels, a selection of processing equipment, refrigerated vehicles/trailers, and one marine
farm comprising three coastal permits in the Croisilles Harbour. The assets and marine farm licences were classified as assets held
for sale (net of impairment) at 30 September 2023. In the six months ended 31 March 2024 and the year ended
30 September 2024, the Group received total consideration of $6.8m for the assets, resulting in a gain on sale of $0.96m which
is included in other income in the income statement of the comparatives.
Notes to the Interim Financial Statements
for the six months ended 31 March 2025
17Interim Report FY25 | 16| Sanford Limited

Note 8 – Other Expenses
Material items included in other expenses in the comparative income statements are listed in the table below.
Unaudited
6 months ended
31 March 2024
Audited
12 months ended
30 September 2024
Note$000 $000
Impairment of investment and advances in
Two Islands Co NZ Limited i 3,333 2,956
Impairment of property, plant and equipment 9(a)/(b) – 14,837
Impairment of intangible assets ii – 1,832
There were no material impairments in the six months ended 31 March 2025.
i. In the six months ended 31 March 2024 the Group impaired its equity accounted investment in Two Islands Co NZ Limited, including
its subsidiary Two Islands Co Australia Pty Limited, by $2.9m. An advance to Two Islands Co NZ Limited of $0.2m including interest
was also written off. Subsequent to 31 March 2024 the impaired investment was sold for a consideration of $0.2m.
ii. Included in the impairment of intangible assets for the year ended 30 September 2024 was an impairment of goodwill balance
of $1.4m associated with Enzaq, a mussel powder business acquired in 2017.
Note 9 – Assets held for sale
(a) Auckland site sale of perpetual right to lease land and building assets
31 March 2025
In the six months ended 31 March 2025 a conditional sale and purchase agreement was signed to sell the Auckland site’s perpetual
right to lease the land and buildings. This did not give rise to any accounting as the fair value adjustment and related impairment
were recognised in the year ended 30 September 2024, noted below. The assets and lease obligation are disclosed as held for sale
due to the conditional nature of the contract.
31 March 2024 and 30 September 2024
The perpetual right to lease the Auckland premises was classified as held for sale at 31 March 2024. As at 30 September 2024, the
signing of a sale and purchase contract was considered imminent. On this basis these site leases and associated buildings were
classified as held for sale.
At 30 September 2024 the conditional contract with the developer provided evidence of the fair value of the lease and building
assets, which overall indicated there would be a gain from this transaction to be recognised if the conditions of the contract are
fulfilled in the future. The conditional contract at this time provided evidence as to the fair value of the building assets prior to its
reclassification to assets held for sale, which was less than the carrying value. In light of this the buildings were impaired by $4.2m
as at 30 September 2024.
Unaudited
31 March 2025
Unaudited
31 March 2024
Audited
30 September 2024
$000 $000 $000
Assets
Right-of-use assets 14,373 12,807 12,807
Buildings 5,243 – 5,243
Total 19,616 12,807 18,050
Liabilities
Lease obligation (14,024) (13,326) (12,908)
Net held for sale asset position 5,592 (519) 5,142
Note 9 – Assets held for sale (continued)
(b) Closure of North Island Mussels Limited mussels processing facility
North Island Mussels Limited (NIML) is a joint operation in which Sanford Limited has 50% shareholding to farm, process and sell
mussels. The processing plant, based in Tauranga, was closed in the year ended 30 September 2024. Land, buildings, plant and
equipment of the Tauranga site were actively marketed for sale in 2024 and as such were classified as held for sale at 30 September
2024. Total book value of assets held for sale less impairment was $1.7m. Sanford’s share of impairment was $6.4m as recognised in
the income statement in FY24.

The sale was completed in the six months ended 31 March 2025 for a consideration of $2.7m, resulting in a gain on sale of $1.0m,
which is included in other income in the income statement.

As this is a joint operation, the Group recognises its share of NIML’s assets, liabilities, revenues and expenses. The numbers
presented are therefore representative of the Group’s 50% share only.
Audited
30 September 2024
$000
Assets
Land 880
Buildings 776
Net held for sale asset position 1,656
Note 10 – Assets Valuation
Other than that noted in note 8, there have been no other material impairment losses recognised in the six months ended 31 March
2025 or 31 March 2024, or in the year ended 30 September 2024.
Impairment testing
The Group’s market capitalisation has been below the carrying amount of net assets from September 2020. At 31 March 2025 the
Group’s market capitalisation was $473m (31 March 2024: $383m; 30 September 2024: $353m) and the carrying value of its net
assets was $711m (31 March 2024: $694m; 30 September 2024: $704m). Accounting standards consider this to be an indicator of
impairment.
Management undertakes impairment testing annually in respect of the cash-generating units (CGU) that contain the New Zealand
fishing quota and marine farm licences using the value-in-use methodology. When the carrying value of an asset exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the
greater of fair value less cost to sell and its value-in-use.
This testing results in positive headroom between the value of these CGUs and the carrying amount of their net assets, indicating
that there is no impairment at the CGU level.
The recoverable amounts of the CGUs were estimated based on the following significant assumptions:
• Post tax discount rates of 8.1% to 9.1% were applied, the midpoint being 8.6% (31 March 2024: 8.5%; 30 September 2024:
8.5%)
• Future cashflows were projected for a period of five years and a terminal growth rate of 2.25% (31 March 2024: 2.25%;
30 September 2024: 2.25%)
• The Aquaculture CGU assumes that for the FY25–FY29 (31 March 2024: FY24–FY28, 30 September 2024: FY25–FY29) period
the compound annual growth rate (CAGR) of earnings is 1.6% (31 March 2024: 10.8%; 30 September 2024: 10.2%) and for the
equivalent period for the New Zealand Wildcatch CGU the CAGR of earnings is 22.3% (31 March 2024: 3.9%; 30 September
2024: 24.8%).
The recoverable amount of New Zealand Wildcatch exceeds its carrying amount by $99m (31 March 2024: $137m; 30 September
2024: $109m) and Aquaculture by $137m (31 March 2024: $80m; 30 September 2024: $93m).
Sensitivity analysis
The Group has conducted an analysis of the sensitivity of the impairment test to changes in key assumptions used to determine the
recoverable amounts for the applicable CGUs. The recoverable amounts in the New Zealand Wildcatch and Aquaculture CGUs are
not sensitive to reasonably possible changes in assumptions of the Group’s terminal growth and discount rates. However, the
recoverable amounts are sensitive to reasonably possible changes in assumptions of the Group’s earnings growth expectations.
For the Aquaculture CGU, if the earnings assumption was assumed to have a CAGR of -10.4% (31 March 2024: no growth through to
FY28; 30 September 2024: 1.2% through to FY29), then the carrying amount would approximately equal the recoverable amount.
For the New Zealand Wildcatch CGU, earnings would have to fall to a CAGR of 16.6% (31 March 2024: 4.9%; 30 September 2024:
18.4%) over the modelled period for the carrying amount to equal the recoverable amount.
Notes to the Interim Financial Statements
for the six months ended 31 March 2025
19Interim Report FY25 | 18| Sanford Limited

Note 11 – Contingent Liabilities and Commitments
(a) Contingent liabilities
Unaudited
31 March 2025
Unaudited
31 March 2024
Audited
30 September 2024
$000 $000 $000
Guarantees 801 801801
The Group has guarantees with its commercial banking partners. In this respect the Group treats the guarantee contracts as
contingent liabilities until such times as it becomes probable that the Group will be required to make payments under the
guarantees.
(b) Commitments
The estimated capital expenditure for property, plant and equipment contracted for at reporting date but not provided is $7.4m
(31 March 2024: $16.2m; 30 September 2024: $4.4m).
Note 12 – Subsequent Events
Interim dividend approval
The Board approved an interim dividend for the six months ended 31 March 2025 on 14 May 2025. Refer to note 5 for details.
Notes to the Interim Financial Statements
for the six months ended 31 March 2025
Board of Directors
Sir Robert McLeod, Chair
KNZM, LLB/BCom, FCA
David Mair
BE (Civil), MBA
Tom McClurg
B.Ag.Sc, RLV, M.Sc.
(Natural Resource Management)
Joanne Curin
BCom, FCA
Craig Ellison
M.Sc. (Zoology)
John Strowger
LLB (Hons)
Officers
David Mair, Managing Director
Paul Alston, Chief Financial Officer
Vaughan Wilkinson, Strategy and
Innovation Officer
Debra Lumsden, Chief People Officer
Registered Office
22 Jellicoe Street
Freemans Bay
Auckland 1010
New Zealand
PO Box 443
Shortland Street
Auckland 1140
New Zealand
Website: sanford.co.nz
Principal Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Rabobank New Zealand Limited
Solicitors
Chapman Tripp
Russell McVeagh
Group Auditor
KPMG, Auckland
Stock Exchange
The Company’s shares trade on the
New Zealand Stock Exchange (NZX).
NZX Trading Code: SAN
Share Registrar
Computershare Investor Services Limited
Private Bag 92 119
Victoria Street West
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Managing your Shareholding
Online: investorcentre.com/nz
To change your address, update your payment
instructions and to view your investment portfolio
including transactions.
Email: enquiry@computershare.co.nz
Please assist our registrar by quoting your
CSN or shareholder number.
Directory
21Interim Report FY25 | 20| Sanford Limited

---

SanfordHY25
Results Presentation

1
Improved Performance
18.8
19.0
27.3
22.9
19.0
16.2
6.1
11.1
16.2
34.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
N PAT $ m
1.6
10.7
22.8
10.4
12.7
4.5
35.8
13.5
8.3
49.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Operating Cashflow $m
215.6
230.4
272.8
265.0
245.5
233.5
270.9
277.6
276.0
286.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Revenue $m
9.6
20.7
9.6
20.3
23.8
20.0
24.3
32.5
23.2
16.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Capital Expenditure $m
26.8
31.0
35.4
32.6
23.2
10.7
19.2
26.6
38.5
54.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Adjusted EBIT $m
29.8
30.2
42.5
36.1
28.5
23.4
13.6
21.4
35.2
54.4
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
EBIT $m

2
HY25 Key Financials
A record interim result. Salmon performing as
expected and improvement in mussels.
Wildcatch underperformance.
•Revenue up 4% on prior corresponding period
(pcp).
•EBIT up $19.2m or 55% on pcp.
•NPAT up $17.8m or 110% on pcp.
•Operating cashflow improvement at $49.6m for
H1 from improved operating performance,
reduction in overheads and prudent capital
management.
•Capex well managed. Completion of a new
scampi vessel and multi-purpose boat for
salmon.
•Net debt at $165.1m, down $55.4m on pcp, a
significant improvement from prior reporting
periods.
•Interim dividend of 5.0 cents per share.
HY Results
NZ$ MillionHY15HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Revenue226.0215.6230.4272.8265.0245.5233.5270.9277.6276.0286.0
Adjusted EBIT24.926.831.035.432.623.210.719.226.638.554.0
Adjustments( 6.7)3.0( 0.8)7.13.55.312.7( 5.6)( 5.2)( 3.3)0.4
EBIT18.229.830.242.536.128.523.413.621.435.254.4
Interest4.94.04.24.24.24.44.74.35.89.26.9
Tax3.87.07.011.19.05.12.63.24.49.813.5
NPAT9.618.819.027.322.919.016.26.111.116.234.0
Operating cashflow1.71.610.722.810.412.74.535.813.58.349.6
Capital expenditure9.89.620.79.620.323.820.024.332.523.216.5
Net debt185.3170.0195.9181.1165.1157.8181.0175.6183.6220.5165.1
Dividend (cents per share)9.09.09.09.09.05.00.00.06.05.05.0
Total equity537.6537.5563.5588.1593.6584.7635.3646.1692.4694.5710.9

3
HY25 Summary
Revenue up 4% on HY24
•Increased salmon volume as demand pulled forward with firm pricing.
•Marginally lower mussel volume but increased revenue. A focus on half-
shell production with robust in market prices and positive demand.
•Wildcatch similar volume sold with a different mix of product (increased
ATO for H1, less scampi).
•Reduced Australian sales with focus on other international higher
returning markets.
•No inshore seafood sales revenue for HY25, but benefit from constant
revenue stream from quota lease.
Gross Margin increase of 13% on HY24
•Increased salmon pricing and volumes giving better margins.
•Improved efficiencies in salmon and mussels and improved price/mix for
both businesses.
•Reduced costs and improved returns relating to the closure of the
Auckland inshore business.
•Improved performance of deepwater vessels.
•Offset in part by a reduction in scampi sales.
215.6
230.4
272.8
265.0
245.5
233.5
270.9
277.6
276.0
286.0
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Revenue $m
24.9%
24.6%
22.3%
20.4%
19.4%
14.2%
17.8%
20.5%
24.9%
28.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Gross Margin %

4
HY25 Summary
Adjusted EBIT at $54.0m up 40% on the HY24.
•A record adjusted HY EBIT for Sanford.
•Improved performances from both Salmon and Mussels.
•Wildcatch EBIT slightly down, mainly from the reduced scampi sales and
pressure on commodity species such as orange roughy, where aged stock
was sold with low margins.
•Reduction in head office costs from pcp.
18.8
19.0
27.3
22.9
19.0
16.2
6.1
11.1
16.2
34.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
N PAT $ m
NPAT of $34.0m, up 110% on HY24.
•Improvement in Adjusted EBIT filtered down to improved NPAT.
•HY24 hit with one-off adjustments and abnormal costs not present in
HY25.
•Higher relative tax costs in HY24, from change in depreciation on buildings
and HY24 impairments not deductible for tax. HY25 tax rate normalised.
26.8
31.0
35.4
32.6
23.2
10.7
19.2
26.6
38.5
54.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Adjusted EBIT $m

5
HY25 Summary
Operating cashflow of $49.6m up 498% on HY24.
•Increased profitability dropped through to improved operating
cashflow.
•Clearance of aged wildcatch stocks (orange roughy) assisted
cashflow.
•HY24, significant sales made in March 2024 with receipts collected
in H2.
•Accelerated sales of salmon in H1 taking advantage of firm pricing
and mitigating uncertainty surrounding US tariffs.
Capital Expenditure of $16.5m down 29% on HY24
•Disciplined capex spend for first half.
•Largest spend is vessels surveys, a new salmon workboat and
final payments for our new scampi vessel (which has arrived
in New Zealand and is about to begin registration and
commissioning).
1.6
10.7
22.8
10.4
12.7
4.5
35.8
13.5
8.3
49.6
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Operating Cashflow $m
9.6
20.7
9.6
20.3
23.8
20.0
24.3
32.5
23.2
16.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Capital Expenditure $m

6
HY25 Summary
Net debt of $165.1m down 25% on HY24.
•A $55.4m reduction in debt with a focus on debt reduction in
H1
•Positive reduction from an improved profit performance along
with careful capital management.
4.0
4.24.2
4.2
4.4
4.7
4.3
5.8
9.2
6.9
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Interest $m
Interest cost of $6.9m a drop of 25% on HY24.
•Interest rates have increased over the last couple of years as
favourable hedging has been rolling off.
•Increased operating cashflow and reduced capital expenditure
have reduced debt and improved interest costs.
170.1
195.9
181.1
165.1
157.8
181.0
175.6
183.6
220.5
165.1
0
50
100
150
200
250
HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25
Net Debt $m

Business Performance
7

8
Salmon HY25
Revenue up 24% and EBIT up 32% on HY24
•Prices and demand have been firm for all markets in H1.
•Actively harvested salmon earlier to reduce stock in water in the higher
risk summer months, and maximising profitability before uncertain US
tariffs introduced.
•Second half will have reduced volume and contribution as a result of
earlier harvesting and selling.
•Focus in H2 will be on factory and farming efficiencies.
•Getting close to maximum volume that can be produced from Big Glory
Bay. Further meaningful growth will require significant capital
expenditure.
•New salmon work boat has been approved and is under construction.
This replaces the very old and expensive to maintain current vessel.
Delivery and fully operational in FY26.
NZ$ MillionHY19HY20HY21HY22HY23HY24HY25
Revenue27.0 28.2 31.5 42.8 46.5 55.0 68.1
EBIT8.4 15.6 12.1 12.2 17.7 23.3 30.7
EBIT %31.0%55.4%38.4%28.5%38.1%42.3%45.1%
27.0
28.2
31.5
42.8
46.5
55.0
68.1
-
10
20
30
40
50
60
70
80
HY19HY20HY21HY22HY23HY24HY25
Revenue ($m)
CAGR 17%
8.4
15.6
12.1
12.2
17.7
23.3
30.7
-
5
10
15
20
25
30
35
HY19HY20HY21HY22HY23HY24HY25
EBIT ($m)
CAGR 24%

9
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.

10
Mussels HY25
Revenue up 5% and EBIT up 97% on HY24
•Improvement in profitability with solid in-market prices and good
demand.
•There is recent pricing pressure and we are expecting a lower H2
result.
•Volume challenges remain in the North Island and poor seeding
uptake in FY24 will result in a low volumes for the next 6 months.
•Exit from the Tauranga (NIML) processing site and processing
relocated to Opotiki.
NZ$ MillionHY19HY20HY21HY22HY23HY24HY25
Revenue58.0 65.7 40.7 50.5 55.6 64.8 67.9
EBIT13.1 15.1 0.8 0.8 2.1 9.2 18.1
EBIT %22.7%23.0%2.0%1.6%3.7%14.2%26.6%
58.0
65.7
40.7
50.5
55.6
64.8
67.9
-
10
20
30
40
50
60
70
80
HY19HY20HY21HY22HY23HY24HY25
Revenue ($m)
CAGR 3%
13.1
15.1
0.8
0.8
2.1
9.2
18.1
-
2
4
6
8
10
12
14
16
18
20
HY19HY20HY21HY22HY23HY24HY25
EBIT ($m)
CAGR 6%

11
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.

12
Wildcatch HY25
Revenue up 3% and EBIT down 10% on HY24
•Improved operational performance from our fillet and H&G
vessels.
•Revenue marginally increased with volume slightly down reflecting
a different mix of product sold (more ATO sales in H1 and less
scampi volume).
•Improved inshore ACE revenue from the increased allocation of
SNA8 quota.
•Scampi sales significantly behind pcp. A challenge to address in H2.
•Orange Roughy price remains low and excess aged stock sold at
negative margins to clear inventory.
•A slow start to the squid season but recent catch rates have
improved.
•Pressure on fish prices a concern for future sales (including
scampi).
NZ$ MillionHY19HY20HY21HY22HY23HY24HY25
Revenue168.1 143.6 134.0 141.1 153.2 139.5 144.1
EBIT26.7 11.0 11.9 24.5 25.1 26.6 24.0
EBIT %15.9%7.6%8.9%17.4%16.4%19.1%16.6%
26.7
11.0
11.9
24.5
25.1
26.6
24.0
-
5
10
15
20
25
30
HY19HY20HY21HY22HY23HY24HY25
EBIT ($m)
CAGR -2%
168.1
143.6
134.0
141.1
153.2
139.5
144.1
-
20
40
60
80
100
120
140
160
180
HY19HY20HY21HY22HY23HY24HY25
Revenue ($m)
CAGR -3%

13
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.

14
Capital Allocation
Operating Cashflow
$49,622m
Dividend
Payments/Receipts
$4,079m
Capex Spend
$16,170m
Lease Payments
$11,668m
Debt reduction
$20,426
Wildcatch Capex
$11.8m
Salmon Capex
$3.4m
Mussel Capex
$1.0m
•Salmon multi purpose
vessel
•Vessel surveys (San
Enterprise)
•New Scampi boat
•Maintenance of existing
facilities and vessels.
•5.0 cents per share final
dividend for FY24
•Focus on debt reduction for
H1
•Reduction from $220.5 in
HY24 and $200m at FY24
Proceeds from asset
sales/other
$2,721m

LOOKING FOWARD
Questions?
15

16
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 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 unaudited results for the six months ended 31 March 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.

---

Sanford Limited
Results announcement




Results for announcement to the market
Name of issuer Sanford Limited
Reporting Period 6 months to 31 March 2025
Previous Reporting Period 6 months to 31 March 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$285,999 3.63%
Total Revenue $285,999 3.63%
Net profit/(loss) from
continuing operations
$34,033 110.67%
Total net profit/(loss) $34,033 110.67%
Final Dividend
Amount per Quoted Equity
Security
$0.05000000
Imputed amount per Quoted
Equity Security
$0.01944444
Record Date 28 May 2025
Dividend Payment Date 06 June 2025
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.36280437 $2.16291626
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
For an explanation on Sanford’s operational results please refer to the
accompanying NZX announcement, investor presentation and the
unaudited Interim Report for the six months ended 31 March 2025.
Authority for this announcement
Name of person authorised to
make this announcement
Paul Alston
Contact person for this
announcement
Paul Alston
Contact phone number 021 918 033
Contact email address palston@sanford.co.nz
Date of release through MAP 15 May 2025

Unaudited interim financial statements accompany this announcement.

---

Sanford Limited
Distribution Notice






Section 1: Issuer information
Name of issuer Sanford Limited
Financial product name/description Sanford Limited Ordinary Shares
NZX ticker code SAN
ISIN (If unknown, check on NZX website) NZSANE0001S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 28 May 2025
Ex-Date (one business day before the
Record Date)
27 May 2025
Payment date (and allotment date for
DRP)
06 June 2025
Total monies associated with the
distribution
$4,675,307
Source of distribution (for example,
retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution $0.06944444
Gross taxable amount $0.06944444
Total cash distribution $0.05000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00882353
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please state
imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.01944444
Resident Withholding Tax per financial
product
$0.00347222

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A N/A
Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Paul Alston
Contact person for this announcement Paul Alston
Contact phone number 021 918 033
Contact email address palston@sanford.co.nz
Date of release through MAP 15 May 2025