Sanford delivers a record full year result

18 November 2025
Sanford delivers a record full year result
Summary:
• Revenue of $584.1m, up 0.2% on the prior comparative period (pcp)
• Adjusted EBIT of $105.2m, up 41.8% on pcp
• EBIT of $102.1m, up 88.0% on pcp
• Net Profit after Tax (NPAT) of $63.7m, up 223.8% on pcp
• Operating cashflow of $135.3m, up 85.3% on pcp
• Net debt of $93.4m, a drop of $92.1m from FY24
• Final dividend of 5.0 cents per share (cps) fully imputed, taking the full year FY25 dividend to
10.0c per share

Sanford’s Managing Director, David Mair, said “I am pleased to report to Shareholders on an excellent
result for the 2025 financial year (FY25). Revenue reached $584.1m, adjusted earnings before
interest and tax (adjusted EBIT) was $105.2m, EBIT was $102.1m and net profit after tax $63.7m.
More importantly, operating cashflow of $135.3m and disciplined capital investment of $23.3m not
only maintained assets but enabled significant debt reduction of $92.1m from $185.5m to $93.4m.
These are all record results.”

Sanford’s aquaculture businesses (Salmon and Mussels) have exceeded expectations. However, the
Wildcatch business has fallen short of last year. David said “I have carried out an initial high-level
review of our aquaculture businesses (Salmon and Mussels) with a clearer understanding of what is
needed to build a platform for growth.

Wildcatch includes our inshore business, our deepwater fleet and factory in Timaru, and our fishing
partners. We have been separating out each value stream to understand its profitability and capital
requirements.” The Wildcatch performance will be a focus for FY26.

Business Performance
FY25
Revenue $m
FY25 Profit
Contribution
1

$m
FY24
Revenue $m
FY24 Profit
Contribution
$m
Salmon 127.5 50.4 107.0 40.9
Mussels 125.5 34.8 134.1 13.9
Wildcatch 318.9 52.4 318.9 55.7

Salmon
Our Salmon business had a positive full year. Revenue and profit contribution was up 19.2% and
23.2% respectively, both a record for this business. Volume harvested was up on FY24 and sales
prices have remained firm throughout the year. There has been a focus on stock-keeping unit (SKU)
rationalisation, pricing and cost management in FY25.

1
Profit contribution is Adjusted EBIT before head office overheads.
Sanford Ltd
22 Jellicoe Street, Auckland 1010
PO Box 443, Shortland Street, Auckland 1140
www.sanford.co.nz

Mussels
There has been a meaningful improvement in Mussels business profitability in FY25. Profit
contribution was up 150.4% (a record) despite a 6.4% drop in revenue. Frozen half-shell mussel
prices remained firm, as did demand, until mid-year when the imposition and subsequent escalation
of US market tariffs began disrupting trade flows, particularly in the US market. Since this time prices
have softened. Our Mussels business has benefitted from significant crop and processing yield gains
from favourable climate conditions and process improvements in our Havelock factory. Our
Coromandel product is now processed by a contract supplier which unburdens Sanford from high
fixed processing overhead costs, contributing to improved cashflow.

Wildcatch
Our Wildcatch business delivered a 5.9% reduction in profitability from flat revenue. While our
inshore ACE trading model delivered to expectations, there has been reduced pricing on scampi, a
key species for us. Scampi is a high-value product and the softening price, along with demand,
reflects restrained discretionary spend in a subdued Chinese economy. Our fishing partners delivered
an improved profit performance with particularly strong catch volumes of squid and barracouta.

Capital Allocation
Sanford’s improved operational cashflow has enabled careful and focused capital investment, and a
significant amount of debt reduction. David said, “My intention is to position the company with a
solid platform that will enable us to grow and to take advantage of investment opportunities as and
when they arise.”

Continuous Improvement
A focus for the year has been streamlining the business with a goal to reduce costs, and as a result
corporate overheads have fallen $5.2m for the year. David said “We are now focused on operating as
a commodity player, where reducing costs and operating more efficiently are critical for our
continued success. Driving product costs down and lowering overheads will make us more
competitive in any market. Whilst we have made improvements, there is a lot more that needs to be
done.”

Dividend
Debt reduction has been a well-publicised priority for FY25. Improved profitability, prudent capital
management and conservative dividend levels have all played a part in our debt reduction. Sanford
plans to reduce debt further in FY26 so that capital investment initiatives can be considered and
funded within our balance sheet. Cautious dividend payments play a role in our debt reduction goals.
With stable profitability and steady growth, we can expect dividend growth in future years. We have
not yet reached a stable platform in the business and as a result a final, fully imputed dividend of 5.0
cents per share (cps) was declared by the Board, taking the full year dividends to 10.0cps. The
dividend will be paid on 08 December 2025 to shareholders of record on 01 December 2025.

The Future
Sanford has delivered an improved performance for FY25, and the Board is encouraged by the result.
The company operates in a commodity market and is at the mercy of supply and demand from
market forces. David said “The worldwide demand for protein continues to increase and provides
tailwinds for Sanford. Ongoing global turbulence in markets and the emergence of trading blocs
continue apace. This means we need to review the markets we operate in. Sanford has become
concentrated in several large traditional markets, particularly China and the US. China is, and will

continue to be, a key market for our company. The US will remain more challenging. We must create
a broader market scope for our products, then develop, maintain and enhance our interactions with
key customers in those markets.” As is always the case in this industry, several of the key contributors
to this year’s result were factors outside of Sanford’s control. While always striving for performance
improvements, it should not be assumed that this year’s financial result will be repeated.

Sanford’s Chair Sir Rob Mcleod said “The Board remains focused on the primary objective of
maximising total shareholder return via Sanford’s share price and dividend performance over time. In
last year’s annual report, I said Sanford had the strongest ever adjusted EBIT result of all time. I am
delighted to report that the Group has repeated that milestone again in the 2025 year.”
As he approaches the 10-year mark as a director, Sir Rob has indicated his intention to retire from the
Board during calendar year 2026.

For further information, please contact:
Paul Alston
Chief Financial Officer
palston@sanford.co.nz
021 918 033

---

Annual
Report
FY25

Contents
Highlights FY252
Chair’s Report3
Managing Director’s Report5
Sales and Marketing8
Operations
Strategic Review11
Salmon12
Mussels14
Wildcatch16
Sustainability18
Corporate Governance20
Statutory Information 27
GAAP to Non-GAAP Reconciliation 30
Five-year Financial Review31
Financials32
Financial Statements34
Notes to the Financial Statements42
Independent Auditor’s Report80
Directory83
‘Back to Basics’ Delivers
Sanford has managed its pricing
in markets and benefited from
favourable biological outcomes
to deliver a record profit result
1Annual Report FY25 |

Financial
Highlights FY25
Revenue
FY25:
$584.1m
FY24: $582.9m
Gross margin %
FY25:
26.5%
FY24: 21.6%
Adjusted EBIT
FY25:
$105.2m
FY24: $74.2m
Net profit after tax (NPAT)
FY25:
$63.7m
FY24: $19.7m
Net debt
FY25:
$93.4m
FY24: $185.5m
Operating cash flow
FY25:
$135.3m
FY24: $73.0m
Earnings per share
FY25:
68.1cps
FY24: 21.1cps
Final dividend per share
FY25:
5.0cps
FY24: 5.0cps
Chair’s Report
The Board remains focused on the primary
objective of maximising total shareholder
return via Sanford’s share price and dividend
performance over time. In last year’s annual
report, I said Sanford had the strongest-ever
adjusted earnings before interest and taxes
(adjusted EBIT) result of all time. I am delighted
to report that the Group has repeated that
milestone again in the 2025 financial year.
The Board is pleased to declare a 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.
I am very grateful to 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 report that follows.
I am also very pleased to note that the Deloitte
Top 200 Awards announced Sanford as one of
the three finalists for this year’s BusinessNZ Most
Improved Performance Award. The winner will
be announced on 04 December 2025.
3Annual Report FY25 | 2| Sanford Limited

Directors and the Board
David is the only director that is up for re-election
at this year’s Annual Shareholders’ Meeting (ASM).
At present, the Board 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 provided
interim relief in the form of a ‘no action’ approach
to the requirements to lodge climate statements.
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 the relationships
of our key stakeholders, namely shareholders,
customers and staff. On behalf of the Board, I thank
each of you for enabling our strong result this year.
These relationships operate on the platform of
Sanford’s licence to operate, which acknowledges
the role of the community in this stakeholder mix.
Finally, I thank my Board colleagues for their
support of the company.
Sir Robert McLeod
Chair
I am pleased to report
to shareholders on an
excellent result for the
2025 financial year (FY25).
Managing
Director’s
Report
Revenue reached $584.1 million, adjusted EBIT
was $105.2 million, EBIT was $102.1 million
and net profit after tax (NPAT) $63.7 million.
More importantly, operating cashflow of $135.3
million and disciplined capital investment of just
$23.3 million not only maintained assets but also
enabled significant debt reduction of $92.1 million,
from $185.5 million to $93.4 million. These are all
record results.
Strategic Review
Ongoing global turbulence in markets and the
emergence of trading blocks that have similar
views and requirements continue apace.
The worldwide demand for protein continues
to increase and provides the stronghold for
Sanford. This means we need to review the
markets we operate in. Sanford has become
concentrated in several large traditional markets,
particular China and the US. China is, and will
continue to be, a key market for our company.
The US will remain more challenging. We must
create a broader market scope for our products,
then develop, maintain and enhance our
interactions with key customers in those markets.
Asia remains an important market where we
have historical relationships but these have not
necessarily been maintained. We are working
closely with Maruha Nichiro Corporation and
other companies in the Japanese market to
re-establish a market presence there. We are also
reviewing South Korea, which previously was an
important market, as well as other Southeast Asian
markets. Clearly, this front-end activity will require
significantly more focus and resource going forward.
5Annual Report FY25 | 4| Sanford Limited

I have carried out an initial high-level review of
our aquaculture businesses (salmon and mussels)
with a clearer understanding of what is needed to
build a platform for growth. This has included a
detailed assessment of our current fixed assets.
Aquaculture represents $253.0 million of revenue
and $85.2 million of EBIT.
• Mussels can be developed at low risk with
relatively low capital requirements (No/Low
Capital – Low Risk). In the Coromandel, this
means working more closely with Whakato
-
hea
Mussels (O
-
po
-
tiki) Limited (WMOL) based in
O
-
po
-
tiki; in the South Island, this means better
utilising our already owned and consented
water space.
• Salmon can be developed only at high risk
(open ocean?), beyond our existing model,
and requires large amounts of capital with long
lead times before any benefit might be realised
(High Capital – High Risk). There are several
immediate issues with our existing infrastructure
that need attention to enable us to maintain our
present levels.
Wildcatch groups together fishing partners,
both inshore and a series of quota boats, together
with our factory in Timaru. We are considering
these assets to understand their profitability and
capital requirements.
• First was our fishing partner business, ensuring
that we maximise the opportunities to focus on
some species more suited to Asian markets.
This business does depend on government
agreements to allow the use of foreign fishing
vessels and crew.
• Secondly, we reviewed our inshore business
where we continue to own the quota but lease it
out to Moana New Zealand. We have benefitted
from the addition of the Snapper 8 (SN8) quota,
leased to Moana also.
• Thirdly, we reviewed and agreed a better game
plan to catch and sell scampi. Scampi was
chosen as the boats belong to the factory value
stream. (There is no need to involve our Timaru
factory in processing but help with cold storage
is required there.)
• We are reviewing what are called our fillet
vessels. These catch squid, hoki and a variety
of other fish and like our scampi vessels, the
boats are assigned to the factory.
There is a great deal more to be done in reviewing
our wildcatch assets, but I’m sure that the lower
Annual Catching Entitlement (ACE) for orange
roughy will have an impact on the whole
New Zealand fishing industry and especially
on our processing at Timaru.
Our organisational structure has been reviewed,
defining value-add/cost-add. Previously, there was
an attempt to create divisions, but such a structure
has never been implemented and effectively
caused confusion between the roles of the Head
Office and the business units themselves. This has
created a bureaucracy where decision-making
has lacked accountability. One of my key priorities
is to develop leaders who are clear about their
responsibilities and scope appropriately,
supported by a lean organisational structure.
Capital Allocation/Balance Sheet
Management
The market volatility mentioned above and further
uncertainty in pricing – from the impacts of tariffs
for example – means it is prudent to adopt a more
conservative balance sheet approach. Our focus
on operating cashflow and debt reduction is
creating a platform for growth and ensures we
will be in a good position to take advantage of
any investment opportunities that may arise from
this unpredictability. As always, competing
priorities require careful balancing.
Capital allocation means assigning our best
people to action our key initiatives and then
quickly following up successful ones with
additional funding. We remain focused on a
disciplined capital investment process that
‘zero bases’ each year.
The two graphs that follow highlight achievements
in terms of our focus on cashflow, driving down
debt and reducing interest costs over the past
12 months. My intention is to reduce debt further,
positioning the company on a more solid platform
to enable us to take advantage of investment
opportunities as and when they arise.
Continuous Improvement
We are now focused on operating as a commodity
player, where reducing costs and operating more
efficiently are critical for our continued success.
Driving product costs down and lowering overheads
will make us more competitive in any market.
Our sales team (front end) has made good
progress in rationalising stock-keeping units
(SKUs) of finished goods and reviewing pricing
and margin, SKU by SKU, leading to small but
important improvements in gross margin. These
enhancements, which involve many people, will
result in sustainable business improvements.
Over the last 10 years, our operational costs have
continued to rise – with feed (for salmon), electricity
and labour costs highlighted. We must make best
efforts to mitigate these cost increases with clear
productivity improvement plans. This structure has
been exacerbated by a view that a new computer
system would help to grow the business.
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 size of our senior
executive team has been reduced, and fewer
people are now required across the organisation.
I would like to thank all our staff for their efforts
this year. I would also like to thank our directors
and shareholders for their continued support.
0
50
100
150
200
250
Net debt ($m)
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
173.0
145.0
152.4
130.7
184.3
178.6
145.5
196.2
185.5
93.4
0
6
4
2
8
10
12
14
16
18
Interest ($m)
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
8.2
8.5
8.1
7.9
9.09.0
8.7
13.5
16.9
12.1
Sanford Net Debt ($m)
Sanford Interest ($m)
David Mair
Managing Director
7Annual Report FY25 | 6| Sanford Limited

Sales and Marketing
The comparative sales revenue by key species
split for FY25 highlights again the significant
contribution of aquaculture species with 59%
of sales revenue being derived from salmon
and mussels. In addition, 81% of sales revenue
continues to be sourced from salmon, mussels,
hoki and scampi. The modest proportionate
percentage changes in revenue contribution
between these four species over the past two
years reflect the individual supply demand pricing
dynamics affecting each of these market niches.
The comparative sales revenue split by
geographic customer location shows relatively
minor movements that are again indicative of
pricing and volume trade-flow adjustments for
key species. The 3% proportionate decline in
US sales contribution predominantly relates to
softening half-shell mussel pricing and demand,
which is largely a consequence of tariff impositions.
The relative trade balance shift in sales revenue
across Europe and China between years reflects
the softening Chinese scampi market as compared
to the sizeable volumes of squid that went to Europe
at historically high prices in FY25. The New Zealand
domestic food service business at 18% of market
share continued its stable performance. The fishing
partner sales are excluded from the geographic
market sector comparison.
Market pricing for most key species in our principal export
markets remained firm in FY25, the main exception being
softening pricing and demand for scampi in the Chinese
market. In second half of FY25, US tariffs, along with changes
to US trade policy measures, created uncertainty in various
markets. These geopolitical changes may affect demand and
prices in the medium term.
Performance Summary
Sales Value by Geographic Region
FY25FY24
North America
27%30%
Europe
21%16%
New Zealand
18%18%
China
15%19%
Australia
7%6%
Other
12%11%
Sales Value by Key Species
FY25FY24
Salmon
31%26%
Mussels
28%31%
Hoki
13%10%
Scampi
9%13%
Other
19%20%
Salmon – Gilled and Gutted
Fresh salmon export prices escalated throughout
the year with firm demand. The export market
outlook for the year ahead is forecast to remain
firm to steady. Domestic market prices have
been recently adjusted to better align with
export demand.
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
FY20FY21FY22FY23FY24FY25
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
FY20FY21FY22FY23FY24FY25
Sales Price Index
Frozen Half-shell Mussels
Frozen half-shell mussel prices held firm at
historical highs in all markets, as did demand,
until midyear when the imposition and subsequent
escalation of US market tariffs began disrupting
trade flows. Prices softened as heightening trade
tensions led to cautious buying sentiment in the
face of uncertainty surrounding trade policy risks.
Supply is again forecast to remain constrained into
the coming year with pricing now expected to
stabilise and remain steady.
Sales Price Index
The graphs show five-year prices indexed to
1.00 at 30 September 2020.
9Annual Report FY25 | 8| Sanford Limited

Orange Roughy Fillets
The balance of aged orange roughy fillet inventory
was cleared to the US market through to half-year,
after which the focus shifted to matching new
production to market demand. Fresh production
anchored a floor from which to rebuild tension in
demand and pricing improved. Orange roughy fillet
prices will increase in FY26, despite the evolving
tariff landscape, because the recent sizeable quota
reduction for the main Chatham Rise fishery will
significantly constrain raw material supply.
Squid – Whole
This season’s New Zealand arrow squid catch was
improved relative to recent years. At the outset of
the season raw material supply in international
squid markets remained tight because of several
years of poor catches in major global squid
fisheries. As a result, export prices for whole squid
firmed to new record levels at the beginning of the
year. After the commencement of the New Zealand
season, and initial firm sales, the major South
American squid fisheries started to produce
catches at levels not seen in recent years. This
surge in volume from the South American squid
fisheries then led to a progressive softening in
both demand and price during the second half
of the New Zealand season. Volatile international
supply volumes will influence market prices,
which often makes forward pricing projections
speculative. However, at current global raw
material availability levels the average seasonal
price of New Zealand arrow squid is expected
to remain steady, though there is downside risk if
the South American fisheries were to experience
another good catching season.
Scampi
The FY24 commentary forecasted that FY25 scampi
prices in the Chinese market would ease further.
Prices were softening from historical highs and this
trend continued through to the third quarter of FY25
when prices stabilised. Scampi is a high-value
product and the softening price, along with
demand, reflects restrained discretionary
expenditure in a subdued Chinese economy.
We now expect prices to remain steady in the
coming year, though demand remains moderated.
Hoki
Hoki fillet prices have remained steady throughout
the year. Downward pressure on premium hoki
fillet block pricing eased throughout the year as
Northern Hemisphere pollock pricing improved.
Short-term fluctuations in the hoki price trend are
simply indicative of the weighed value mix of hoki
fillet product (skin-on, skinless and block) on offer
to the market at that time.
The sustained market strength in hoki fillet pricing
is expected to continue into FY26. Strong pricing
for other whitefish species such as cod and
haddock is lifting demand for pollock, which in
turn aids steady demand for hoki. On the
downside, disrupted trade flows and tensions
associated with trade policy shifts and market
sanctions are heightening cautious buying in
whitefish markets.
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
FY20FY21FY22FY23FY24FY2
5
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
FY20FY21FY22FY23FY24FY25
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
FY20FY21FY22FY23FY24FY2
5
-
0.50
1.00
1.50
2.00
2.50
FY20FY21FY22FY23FY24FY25
Sales Price Index
Sales Price Index
Sales Price Index
Sales Price Index
Strategic Review
I was surprised to find that, as with other Agri
businesses, Sanford has been operating a push
model of supply and operations planning. That
means there is a focus on farming product and
then, only when product is ready for harvest,
deciding how to have that product processed,
sold and distributed to customers. Aquaculture
adopts a farming mentality and, almost regardless
of the type of customer, decides what and when
harvesting is undertaken and when product is sent
to the processor.
We must become demand driven and be able
to flex our operations as customer demand
changes. For example, our salmon business
is a fresh business – so the cadence is daily
and that is a tough demand profile.
This means a big change is required in the
attitudes and responses among all our teams.
Once that push model was identified, we
immediately started changing salmon processes
from a push to a pull approach based on true
customer demand. We initially needed to work
more closely with our ultimate customers in
market and ensure that we were making decisions
collaboratively. That demand then passes from
customer service through to the processor
that is responsible for meeting that demand.
The processor then orders from the farm,
and the farm orders from the hatcheries.
Every process involves both a customer and one
or more supplier. These processes are chained
together, and each process measures its customer
performance and each supplier’s performance.
This develops the idea of internal customer focus.
Before changing any process or attempting to
improve an aspect of that process, it is essential
to standardise the process. This means the output
becomes independent of the people involved in
each process.
A focus on cost reduction alone may cause
unintended consequences. To improve processes,
we must understand:
• An effective process meets customer needs.
• An efficient process is effective (first!) at
lowest cost.
• An adaptable process is effective and efficient
and can withstand small changes in demand
without loss of control.
This represents a significant change in thinking
and culture for any business that has been using
the push model. It takes time, but we are already
seeing some of the benefits of this approach as
internal customers become more demanding of
their suppliers. Ultimately, this method develops
true customer focus.
We are now preparing to create the same pull
process and internal customer concept in our
mussels business unit. The cadence is different
as the format of most mussel products is frozen
half-shell and that means product can be stored.
That storage can help balance changes in
demand (but you can only sell product once!).
Of course, the above thinking needs to be
adopted throughout the business to ensure
Sanford’s future success.
David Mair
As outlined previously, I wanted to carry out a review of every
process within our organisation and commit to continuous
improvement of those processes. The objective is to simplify
and standardise all our processes so that genuine improvements
can be made across the Group.
Operations
David Mair
Managing Director
11Annual Report FY25 | 10| Sanford Limited

• Firm pricing was achieved throughout FY25 with
positive demand.
• Stock-keeping units (SKUs) rationalisation contributed
towards cost savings and improved margins.
• The new feed barge commissioned in the fourth quarter
last year helped with cost control and improved efficiencies.
This second feed barge enables a two-farm operation to
be maintained, mitigating concentration risk.
• The new multi-purpose workboat will be commissioned
in the third quarter of FY26. This new vessel will replace the
San Hauraki, which is over 35 years old and has been incurring
escalating costs to operate. The new vessel is an important
infrastructure asset that supports both our salmon and mussel
businesses in Big Glory Bay.
• Trials were undertaken with better-quality farm-cage nets
aimed to reduce predator issues. The trial yielded
encouraging results, and longer-term use is being considered.
• Senior management changes throughout the year have resulted
in greater focus on factory and farming productivity, SKU
rationalisation and operational performance improvements.
• The new aeration and oxygenation equipment supported the
increase in harvest volume for FY25.
• We are close to our maximum
harvest from Big Glory Bay,
due to nitrogen cap
constraints. The focus for
FY26 will be on productivity
improvements from our
processing facility in Bluff,
and maximising returns
within our volume constraint.
• Feed costs are expected to
remain at similar levels for
the next two quarters into the
new financial year, similar to
FY25. Salmon feed is the
highest cost to the business,
which, due to its commodity
product inputs, can see price
fluctuations happen quickly
and dramatically.
• We will give continued
focus to SKU rationalisation
of finished goods.
• There are no growth
expectations in FY26 beyond
what can be produced at
Big Glory Bay.
Outlook
Salmon
Prices remained firm throughout
the year
Year in Review
Harvest volume (GWT)
5,623 tonnes
FY24: 5,079 tonnes
Revenue
$127.5m
FY24: $107.0m
Profit contribution
$50.4m
FY24: $40.9m
An improved performance by the
salmon business with increased volume,
revenue and profitability
Our farms are maintained within Big Glory Bay in Stewart Island.
The harvested fish are processed in Bluff and then distributed
via air freight to international customers or sold domestically.
Firm pricing and sales volume growth have helped support an
increase in revenue to $127.5 million, an improvement of 19.2%
from FY24. This revenue uplift has dropped through to the bottom
line, and along with factory efficiencies, supported a 23.2%
improvement in profitability to $50.4 million.
FY25 has been a record harvesting and processing year
resulting in 5,623 gross weight tonnage (GWT) harvested,
which represents a growth of 10.7% over FY24.
13Annual Report FY25 | | Sanford Limited12

• In the second half of this year
there has been downward
pressure on half-shell mussel
pricing with reduced demand,
particularly out of the USA.
• Increased yields were
experienced during FY25
at our Havelock facility in
the South Island from
good-quality mussels and
improved productivity
through the factory. We are
expecting above-average
yields in FY26, but not to the
same levels achieved in FY25.
• FY26 will be the second
season where our Coromandel
crop is processed by WMOL.
With all new joint ventures
there are teething issues in
the first year of operation
and we are expecting crop
quality and processing
improvements in FY26.
Outlook
A significant increase in profit from
our mussels business
Our mussels business consists of farms and our Havelock
processing facility, which is close to the largest farming area
in the Marlborough Sounds. Whakato
-
hea Mussels (O
-
po
-
tiki)
Limited (WMOL), based in O
-
po
-
tiki, processes our mussels
sourced from the Coromandel. In addition, we operate a
mussel bioactives facility in Blenheim which largely produces
mussel powder.
Mussel prices and demand have remained firm throughout
most of FY25, which, along with processing yield improvement
due to the quantity of mussels harvested in the South Island,
has led to a significant uplift in profit, despite a 6.4% decrease
in revenue.
Mussels
• Half-shell mussel prices have remained firm throughout most
of FY25 with a small decline following the introduction of tariffs
in the US.
• The quality of mussels produced in the South Island improved in
FY25 due to favourable climatic conditions. This resulted in much
higher than expected processing yields supported by process
improvements in our Havelock factory. This has been a key
contributor to the improved mussel performance for the year.
• Unlike the South Island, the harvesting and processing proved
challenging in the North Island with poor crop condition
producing high waste and lower-than-expected yields.
• Processing mussels from our North Island Coromandel farms
was performed by our third-party processor WMOL.
The transition to WMOL has decreased our fixed-cost base,
which was important due to reduced forecast harvest volumes.
• FY25 was a positive year in our SPATnz mussel hatchery.
We produced a record number of mussel spat (juveniles)
due to improved processes and making use of a minor hatchery
expansion undertaken in FY23/FY24. The metres of rope settled
with SPATnz-sourced mussels was up 42% on the prior year.
• On 03 September 2024, amendments were introduced to the RMA
by the Resource Management (Extended Duration of Coastal
Permits for Marine Farms) Amendment Act 2024. The Amendment
Act provided a 20-year extension to existing coastal permits for
marine farms. Sanford subsequently actioned the extension of its
coastal permits until 2044. Along with compliance cost savings,
this extension provides the mussels business with greater
confidence in further investment.
• Our bioactives facility is still a work in progress with powder
production currently less attractive than frozen half-shell due to
high current returns from the latter. We are assessing the role the
facility is likely to play in the future but believe there is demand for
mussel powder that we can support.
There has been a meaningful increase
in the profit contribution delivered from
mussels. Our mussels business profit
contribution of $34.8 million is a 150.4%
improvement on FY24 and a record.
Year in Review
Harvest volume (GWT)
25,054 tonnes
FY24: 26,034 tonnes
Revenue
$125.5m
FY24: $134.1m
Profit contribution
$34.8m
FY24: $13.9m
15Annual Report FY25 | 14| Sanford Limited

Difficult market conditions for some
species and pressure on pricing,
particularly scampi and hoki
Year in Review
• Scampi is our key high margin species and despite increased catch
suffered a 30.9% fall in sales revenue due to a significant fall in the
average selling price during the year, which was due to softening
demand. An upside saw us add capacity for part of the year through
our new purpose-built scampi vessel, the San Koura Rangi and the
San Tongariro rejoining the fleet after engine repairs.
• The San Enterprise, San Albatross II and San Drysdale underwent
five-year renewal surveys, each requiring two to three months in
dry dock for certification and maintenance upgrades. This resulted
in necessary but unfortunately lost fishing days.
• The long-line Antarctic toothfish season in the Ross Sea was
successful this year with an improved catch, up 157 metric tonnes
(MT) on FY24. This is an Olympic fishery (competitive fishing to
a mandated maximum catch quantity), which requires skills and
teamwork by Sanford’s fishers to perform well in this harsh
environment. After returning from the Ross Sea the long-line fleet
had a stronger ling season than last year.
• Our squid catch was variable during the year, however, prices held
at reasonable levels. The hoki season performed well, with improved
pricing and volumes.
• Sanford’s Korean fishing partners, Dong Won New Zealand,
and Jaico New Zealand, operate New Zealand-flagged vessels
and saw catch and sales up on the prior year. Partnering allows
us to generate more consistent earnings by utilising our fishing
rights for species and fishing areas we are unable to
fish ourselves.
• Our inshore ACE trading model delivered to expectations.
• There will be a continued
effort on cost control, aiming
to lower operational costs.
• The recent commissioning
of Sanford’s new purpose-
built scampi vessel is
expected to yield positive
results as it strengthens the
fleet’s capacity.
• Increases to snapper quota
available for the inshore
division following the SNA8
Total Allowable Commercial
Catch (TACC) decision which
will positively increase annual
catch entitlement (ACE)
income.
• The substantial drop in
orange roughy TACC for
the East Chatham Rise will
impact orange roughy
production volumes.
Outlook
Reduced profit contribution for FY25
The fall in contribution of 7.4% is principally due to price pressure
on some key species, despite achieving increases in sales and
catch volumes.
Wildcatch operates 13 vessels and catches and processes a wide
variety of commodity products, either on board or through its
land-based factory located in Timaru. Main species caught and
processed include scampi, hoki, squid, toothfish and orange roughy.
The catch is mainly destined for export markets and Sanford
supplies products to many countries across the globe. In addition
to Sanford’s vessels, our deepwater fishing partners have four
trawlers providing a range of dressed products, including squid,
hoki, mackerel, barracouta, southern blue whiting and warehou.
The wildcatch business has materially changed and reduced over
the last few years with the sale of the pelagic business in FY18 and
the exit from inshore fishing which has moved to an ACE trading
model in FY24. Allowable catch volume is governed by the
New Zealand Quota Management System, so growth opportunities
within the wildcatch business are limited.
Wildcatch
Harvest volume (GWT)
75,010 tonnes
FY24: 68,534 tonnes
Revenue
$318.9m
FY24: $318.9m
Profit contribution
$52.4m
FY24: $55.7m
17Annual Report FY25 | | Sanford Limited16

Sustainability
Sanford is a climate reporting entity (CRE) under the Financial
Markets Conduct Act 2013 (FMCA). Pending legislative change
the Financial Markets Authority has provided interim relief in
the form of a ‘no action’ approach to the lodgement of climate
reporting disclosures. Despite this we will voluntarily publish
a full Sustainability Report, including our CRD and this will be
available before 31 January 2026 at sanford.co.nz/investors/
reports-1/company-reports/2025/.
Sanford’s revenue is currently 100% reliant on
natural resources and that means any potential
changes to the environment must be at the core
of our strategic planning.
In keeping with the ‘back-to-basics’ approach
to the management of our company, the FY25
Sustainability Report will focus on what is
financially material to our business and what
we have control over. Our commitment to
sustainability has not changed, but we are
being pragmatic about prioritising our goals
so they are achievable. The CRD process
requires this level of discipline.
Weather and climatic conditions have been
two of our biggest risks since Albert Sanford
commenced fishing in the 19th century.
Climate change has introduced a new and
uncertain range of transitional risks and
opportunities for Sanford. In addition to
understanding and responding to climate
realities, we must also learn to respond to
associated evolving policy and customer
preferences effectively, both domestic
and global.
Our Scope 1 emissions are difficult to abate.
Fishing vessels are not suited for electrification
like passenger vehicles as they require large
amounts of energy to run and are at sea for weeks
at a time. Until such time as we can replace our
fishing fleet with alternative technologies, we will
need low-carbon drop-in liquid fuels to be able
to materially reduce our emissions. For this to be
commercially realistic, we will need them at scale
and at a viable cost. We remain a willing customer
but believe the solution to our national emissions
challenge lies within the energy sector, not the
fishing sector. In the interim, we have exposure
to the Emissions Trading Scheme (ETS).
Wild fish stocks, if well managed, are a perpetual
resource and Aotearoa New Zealand’s fisheries
are managed well, in our view. We believe that
aquaculture will play a key role in sustainably
meeting the nutrition requirements of a growing
global population and this is an obvious area for
us to focus on for sustainable growth.
This year the Sanford Board has established
a sustainability committee to ensure that
climate, nature and other sustainability
topics are evaluated in depth at board level.
The sustainability committee is driving updates
to Sanford’s sustainability strategy, with the
prioritisation of goals being key.
19Annual Report FY25 | 18| Sanford Limited

Corporate Governance
This section provides an overview of Sanford’s Corporate
Governance Framework, introduces our Board, and details
pertinent information on shareholdings, remuneration, indemnity
and insurance.
For further details on the company’s governance structure, policies and practices, and the extent to which
Sanford has followed the recommendations in the NZX Corporate Governance Code dated 31 January 2025
(NZX Code) during FY25, please refer to the Sanford Corporate Governance Statement dated 18 November
2025, available at: sanford.co.nz/investors/governance/corporate-governance-statement.
At the 2024 Annual Shareholders’ Meeting, held on 18 December 2024, Tom McClurg and Jo Curin
were elected as directors, and Sir Rob McLeod and Craig Ellison were re-elected as directors.
As a consequence of the above, Recommendation 2.8 of the NZX Code (that a majority of the board
should be independent directors) was not followed during FY25, including as at 30 September 2025.
The Board sought to bring its composition closer in line with Recommendation 2.8 during FY24,
with the appointment of Tom McClurg and Jo Curin as independent directors. However, the composition
of Sanford’s board is ultimately determined by its shareholders, with the appointment of each of the
company’s directors being approved by a shareholder vote at Sanford’s annual meetings.
The Board is mindful of the importance of reflecting the best interests of its shareholders generally in
decision-making. Accordingly, the Board has adopted a robust Conflicts of Interest Policy in order to
regulate and manage the risk of conflicts. The Board has also approved the composition of its
committees, with a majority of each comprising independent directors.
With effect from 01 March 2025, the Board established a Sustainability Committee, and reorganised
the composition of its subcommittees, as follows:
Audit, Finance and Risk Committee (AFRC)
Jo Curin (Chair), Sir Rob McLeod and Craig Ellison
People, Health and Safety Committee (PHSC)
John Strowger (Chair), Sir Rob McLeod and Jo Curin
Sustainability Committee
Tom McClurg (Chair), John Strowger and Craig Ellison
Nomination Committee
Sir Rob McLeod (Chair) with full board membership
As a consequence of the above changes, Recommendation 3.4 of the NZX Code (that a majority of the
Nominations Committee should be independent directors) was not followed for periods during FY25,
including as at 30 September 2025. However, the Board is satisfied that with an equal split of
independent and non-independent directors, the Nomination Committee continues to operate with
sufficient objectivity, transparency and alignment with shareholder interests.
To ensure a focus on our key risks, the People, Health and Safety Committee was separated into the
Health and Safety Committee and Remuneration Committee in October 2025. Both new committees
have the same composition, being John Strowger (Chair), Sir Rob McLeod and Jo Curin.
Under the NZX Listing Rules, a director must not hold office (without re-election) past the third
annual meeting following that director’s appointment or three years, whichever is longer. Accordingly,
David Mair will retire from office at the 2025 Annual Shareholders’ Meeting (having held office as
director of the company since 07 November 2022). Being eligible, David Mair has offered himself
for re-election at the 2025 Annual Shareholders’ Meeting.
For more information about each director, see below or visit:
sanford.co.nz/investors/governance/board-of-directors.
Independence
Director independence is assessed in accordance with the NZX Listing Rules and with regard to the
factors described in Table 2.4 of the NZX Corporate Governance Code.
As at 30 September 2025, the Board considered that Sir Rob McLeod (Chair of the Board), Tom McClurg
(Chair of the Sustainability Committee) and Jo Curin (Chair of the Audit, Finance and Risk Committee)
are independent directors. They are non-executive directors who do not have any interests, positions,
associations or relationships which might interfere, or might be seen to interfere, with their ability to
bring independent judgement to the issues before the Board.
David Mair is not independent, as he is an executive director. John Strowger and Craig Ellison are
non-executive directors who the Board has determined are not independent directors.
Directors are required to notify the company of any interests they have that could impact an assessment
of their independence or their ability to act in the best interests of the company. Sanford has processes
in place to manage any conflicts of interest with directors.
Executive Team
For information about our executive team, please visit:
www.sanford.co.nz/about-sanford/executive-team-2/.
Governance Framework
Sanford’s Board and management are committed to achieving high standards of corporate governance.
The company considers that the governance practices we have adopted follow these principles and
policies for the year ended 30 September 2025.
The Board provides effective leadership to ensure the long-term success of the company and therefore
build shareholder value and is responsible for the strategic direction and control of the company.
The Board exercises this control through a governance framework, which includes detailed reporting
to the Board and its committees, effective delegation, risk management and a system of assurances
regarding financial reporting and internal controls.
Board of Directors
Sanford’s directors bring a diverse wealth of experience, acting on behalf of our shareholders.
Directors are chosen for their corporate leadership skills, professional backgrounds, experience and
expertise. The right blend of skills and experience, combined with the diversity of director perspectives,
is crucial to ensuring the attainment of long-term value for Sanford’s shareholders.
The Board currently comprises six directors: Sir Robert (Rob) McLeod, Managing Director David Mair,
Thomas (Tom) McClurg, Joanne (Jo) Curin, Craig Ellison and William (John) Strowger.
Joint Subsidiaries/Businesses, Arrangements, Operations and Functions
Executive Team (Collectively and Individually)
Operational
Integration
Business &
Functional
Integration
Sustainability &
Environment
Food Safety
& Quality
Accounting
& Tax
Practices
Sales &
Marketing
Supply
Chain
Health &
Safety
People
& Culture
FINANCIAL, NON-FINANCIAL ASSURANCE
REPORTING AND DISCLOSURE

Creating Value Through Sound Corporate Governance
Shareholders
Board of Directors
Managing Director
Innovation
Board Committees
Audit, Finance
and Risk Committee 
People,
Health and Safety
Committee*
GOVERNANCE OF RISK
INFORMATION TECHNOLOGY
COMPLIANCE
INTERNAL
AND EXTERNAL AUDIT
Sustainability
Committee
Board Nomination
Committee
* This was the committees structure as at 30 September 2025. See page 21 for an update.
21Annual Report FY25 | 20| Sanford Limited

Sir Robert McLeod
Chair, Independent
Non-Executive Director
David Mair
Managing Director
Our Board
As at 30 September 2025
John Strowger
Non-Executive Director
Tom McClurg
Independent Non-Executive Director
Craig Ellison
Non-Executive Director
Joanne Curin
Independent Non-Executive Director
Appointed 2016,
appointed Chair in 2019
Sir Rob has had an extensive
professional and governance
career, both within the
accounting profession and
various public and private
companies. He is a past
Chair of Aotearoa Fisheries
Limited (Moana NZ) and
Sealord Group Limited and
was a Commissioner of the
Waitangi Fisheries Commission.
Sir Rob has chaired and been
a member of a number of
government task forces and
is also a past Chair of the
New Zealand Business
Roundtable.
Appointed 2022
David has significant corporate
experience. He has been a
Director of NZX-listed Skellerup
Holdings Limited since 2006
and was Managing Director
between 2011 and 2024.
David was also involved in
a2 Milk from 2008 until the
company listed on the ASX in
2015. He was recently judged
Deloitte Top 200 CEO of the
Year for 2021 and given the
prestigious Johnson Partners
Leadership Award from the
Institute of Finance Professionals
(INFINZ), which speaks to the
quality of his leadership and
focus. David is also currently
a Director of Forté Funds
Management Limited.
Appointed 2024
Tom is Nga
-
ti Mutunga o
Wharekauri and has over
30 years of experience in
natural resource management
and policy roles within
New Zealand’s primary sector.
He has held senior executive
roles with government, Te Ohu
Kai Moana, Aotearoa Fisheries
Limited (Moana NZ), Ernst &
Young, and Landcorp Farming
Limited. Tom serves as a
director for several entities,
including Toroa Strategy
Limited, Nga
-
ti Mutunga o
Wharekauri Asset Holding
Company, and Port Nicholson
Fisheries. He is also Chair of
Fishserve. In addition, Tom has
been engaged by the World
Bank, NZAid, and PNA, among
other organisations, to provide
fisheries management advice.
Appointed 2024
Jo has over 25 years of
governance experience in
public and private structures
including large-scale global
companies. She has also held
various senior executive
positions, including as CFO
of FTSE 100, ASX 50 and
FTSE 250 businesses. Jo’s sector
experience includes shipping,
logistics, manufacturing,
engineering, construction,
critical infrastructure, property
development, retail, technology
and healthcare.
She is currently Deputy Chair
and Audit Committee Chair
for Geoquip Marine, a global
offshore geotechnical
engineering company.
Appointed 2023
John is a leading commercial
lawyer with an extensive career.
He was a partner at Chapman
Tripp from 1993 to 2022 and
remains a consultant there.
John specialises in corporate,
contract and securities law,
with expertise in mergers and
acquisitions. He was named NZ
Deal Maker of the Year at the
Australasian Law Awards in
2019, 2017 and 2015. He is also
recognised by IFLR1000 as a
“Market Leader” in mergers
and acquisitions as well as
equity capital markets. John
chairs Skellerup Holdings
Limited and serves on the
boards and advisory
committees of various private
sector businesses, including
Qestral Corporation Limited and
Caspex Corporation Limited.
Appointed 2021
Craig has had a long involvement
in the fisheries and seafood
sector. He was the past Chief
Executive of Nga
-
i Tahu Holdings,
Chair of Nga
-
i Tahu Seafood,
Poutama Trust, Moana Pacific,
Prepared Foods, the
NZ Seafood Standards Council,
as well as serving on the
executive of the Fishing Industry
Association Board, and numerous
stakeholder organisations. Craig
has served on a number of other
trade organisations and task
forces in the sector, and was a
Commissioner with the Treaty of
Waitangi Fisheries Commission
(Te Ohu Kaimoana) as it worked
through the Allocation model and
giving effect to the Fisheries
Settlement. After the agreement
on allocation methodology Craig
served on the boards of Aotearoa
Fisheries Limited (Moana NZ)
and Sealord Group Limited.
23Annual Report FY25 | 22| Sanford Limited

Remuneration
Director Remuneration
Name of DirectorBoard Fees
Audit, Finance and
Risk Committee
People, Health and
Safety Committee
Sustainability
Committee
Total
Remuneration
Sir Robert McLeod
(Chair)(Chair) $181,667$4,167$3,333$189,167
David Mair–––––
Tom McClurg$95,833$8,333$3,333
(Chair) $11,667$119,167
Joanne Curin$95,833
(Chair) $11,667––$107,500
Craig Ellison$95,833–––$95,833
John Strowger$95,833$4,167
(Chair) $18,333–$118,333
Total$565,000$28,333$25,000$11,667$630,000
Managing Director Remuneration
The Managing Director’s remuneration consists of fixed remuneration and variable remuneration in the
form of a short-term incentive (STI) plan and a long-term incentive (LTI) plan. This is reviewed annually
by the People, Health and Safety Committee and the Board after reviewing the company’s performance,
the Managing Director’s individual performance and advice from external remuneration specialists.
Fixed Remuneration
David Mair was appointed Managing Director on 01 May 2024 and was paid his base salary of $900,000
in FY25. He has no other fixed remuneration entitlements. David is a member of the board but does not
receive director’s fees due to his Managing Director role.
Variable Remuneration
Short-Term Incentive Plan
The aim of the STI plan is to reward the Managing Director for achieving strategic objectives, which
will result in strong financial returns for our shareholders. Participation in the plan is by annual invitation
at the discretion of the company at which time financial targets and key performance indicators
are established.
The Managing Director is eligible for an STI award in relation to the year ended 30 September 2025
which is determined by comparing the lesser of (i) 5% of full-year normalised earnings before interest
and taxation (NEBIT) improvement over the FY24 NEBIT and (ii) 30% of cash salary paid in respect
of the financial year to which the STI calculation is applied. An amount of $270,000 is payable in respect
of the plan for FY25, which is accrued in the FY25 financial statements (FY24: $154,807 was paid on
15 December 2024).
Long-Term Incentive Plan
The Board has approved the establishment of a long-term incentive option plan (LTI Option Plan).
In accordance with the LTI Option Plan, the Board may grant options to employees of the company
to acquire fully-paid shares in the company (the Options).
The objectives of the LTI Option Plan are to reward and retain key employees, drive longer-term
performance and align incentives of participants with the interests of the company’s shareholders
and encourage longer-term decision-making by participants.
At the Annual Shareholders’ Meeting on 18 December 2024 the shareholders approved the issue of
1,800,000 Options to David Mair as a single grant under the LTI Option Plan. David is the only participant
in the LTI Option Plan.
Each Option is granted for nil cash consideration and may not be sold, transferred or otherwise
disposed of without the prior written consent of the Board. Each Option granted confers an entitlement
to be issued or transferred one fully-paid ordinary share in the company on exercise of the Option for
a predetermined exercise price. Subject to remaining employed with the company, the Options will be
eligible to be exercised on the date up until the termination date, at which time any unexercised Options
will lapse.
The Options have an exercise price per Option of $4.0063 which was the weighted average share price
on the 20-day trading period prior to 01 May 2024 (being the commencement of David’s employment
as Managing Director), multiplied by 1.259, which represents a cost of capital charge of 8% per annum
compounding annually from the date the Options are issued to the vesting date, less the cumulative
amount of cash dividends per share paid by the company during this vesting period. The Options are
exercisable at the end of a three-year vesting period being 15 November 2027.
Base
Salary
$
Other
Short-term
Benefits
$
Employer
Super
$STILT I
Total
Remuneration
$
David Mair 900,000 –
– 154,807 –
1,054,807
The STI of $154,807 above is in relation to FY24. The STI for FY25 has not been paid at balance date and
is not shown above.
A non-cash LTI of $218,731 is calculated based on the fair value of the Options at grant date applicable
to FY25. This has not been paid to the Managing Director and is not shown in the total remuneration
above but is disclosed in the statement of changes in equity as the treasury share cost.
Annual Total Compensation Ratio
The annual total compensation ratio represents the number of times greater the highest-paid individual’s
remuneration is to the remuneration of an employee paid at the median of all Sanford employees
(excluding the highest-paid individual). For the purpose of determining the median paid to all Sanford
employees, all permanent full-time and fixed-term employees are included, with part-time employees
excluded. Employee median remuneration includes basic wage and salary payments, employer
superannuation and KiwiSaver payments, short-term incentives, overtime and leave buyouts.
Highest-paid remuneration includes basic salary payments, employer superannuation and short-term
incentive payments.
At 30 September 2025, the Managing Director’s remuneration for FY25, as shown above, was 11.98 times
(FY24: 13.38 times) that of the median employee at $88,055 per annum (FY24: $86,812).
Employee Remuneration
The table below shows the number of employees and former employees, who are not also directors,
who received remuneration and other benefits in excess of $100,000 during the year ended
30 September 2025.
Remuneration
Range $000
Number of
Employees
Remuneration
Range $000
Number of
Employees
100 – 110
45
240 – 250
3
110 – 120
43
250 – 260
1
120 – 130
31
260 – 270
1
130 – 140
37
290 – 300
1
140 – 150
14
350 – 360
1
150 – 160
16
360 – 370
2
160 – 170
19
370 – 380
1
170 – 180
14
430 – 440
1
190 – 200
6
510 – 520
1
200 – 210
3
540 – 550
1
210 – 220
2
580 – 590
1
220 – 230
2
740 – 750
1
230 – 240
3
25Annual Report FY25 | 24| Sanford Limited

Gender Diversity
The gender composition of Sanford’s directors and ‘officers’ (as defined by the NZX Listing Rules)
as at 30 September 2025 and as of 30 September 2024 is set out in the table below.
FY25 FemaleFY25 MaleFY24 FemaleFY24 Male
Directors15
15
Officers13
16
There were no directors or officers who self-identified as gender diverse in FY24 or FY25.
Our approach to diversity is outlined in our Diversity, Equity and Inclusion Policy, which is available on
the company website. The policy sets out behavioural and process expectations and standards to deliver
practices which increase diversity and reduce bias.
Measurable objectives are set by the Board to track how Sanford is progressing towards our goals under
the policy. The Board believes that initiatives undertaken by management during the year upheld the
company’s commitment to diversity and inclusion. Sanford has applied all terms of employment fairly
and equitably and in accordance with our frameworks. The Board acknowledges that membership of
the Board and executive team did not achieve the objective of having at least 30% of members
self-identifying as female.
Director Information
Interests Register
Sanford maintains an interests register in which relevant interests and matters involving the directors
are recorded. The following are particulars of general interests in the company’s interests register as at
30 September 2025 and of those added during the year. There were no specific disclosures of interests
in transactions entered into by the company in FY25.
DirectorInterest
R McLeodChair, Nāti Growth Limited. Director, Nāti Properties Limited, Porou Miere Limited, Ngāti Porou Seafoods Limited,
Pakihiroa Farms Limited, Ngāti Porou Fisheries Limited, Ngāti Porou Manuka Limited, Ngāti Porou Berries Limited,
Point 76 Limited, Point Seventy Limited, Point Guard Limited, VCFA NZ Limited, Clime Asset Management Limited,
China Construction Bank (New Zealand) Limited, Singita Holdings Limited, Singita Investments Limited, Singita
Properties Limited, Port of Tauranga Limited.
J CurinDirector, Geoquip Marine Holding AG.
C EllisonChair, FENRIS Limited; Director, Lesvos Abalone Limited; Raniera Fishing Pty Ltd, Antarctica New Zealand;
Industry Team Leader, Fisheries Reforms: Column 3.
D MairManaging Director, Sanford Limited; Director, Skellerup Holdings Limited, Forté Funds Management Limited;
Chair/Director, various Sanford Limited subsidiaries and JV entities, including Chair San Won Limited, Director,
Salmon Smolt New Zealand Limited, Director, Sanford Investments Limited; Chair, ADNZ Management Limited.
T McClurgChair, Commercial Fisheries Services Limited. Director and shareholder, Toroa Strategy Limited.
Director, Port Nicholson Facilities General Partner Limited (general partner of Port Nicholson Facilities LP),
Koura Inc General Partner Limited (general partner of Port Nicholson Fisheries LP), Ngāti Mutunga o Wharekauri
Asset Holding Company Limited, Puainuku Pastures General Partner Limited (general partner of Puainuku Pastures
LP), Puainuku Vines General Partner Limited (general partner of Puainuku Vines LP), Te Tamoremorenui Limited,
Ngā Kai Tautoko Limited (general partner of Te Pou Herenga Pakihi LP), Maruehi Fisheries Limited.
J StrowgerChair, Skellerup Holdings Limited. Associated with substantial product holder group Tasman Equity Holdings Limited,
Arden Capital Limited and Past Limited Partnership. Consultant, Chapman Tripp.
Subsidiary Company Directors
As at 30 September 2025, Sanford had 13 New Zealand and 1 Australian directly held wholly-owned
subsidiary companies. Sanford’s Chief Financial Officer, Paul Alston, is the sole director of 11 of the
New Zealand subsidiaries; Sanford’s Chair, Sir Rob McLeod, is the director of one; and Paul Alston,
together with Sanford’s Managing Director, David Mair, are the directors of the other. Sanford’s GM
Australia, Nick Geralis, is the sole director of the Australian subsidy. Sanford’s principal entities are
set out in Note 21 of its FY25 Financial Statements.
Directors of the company’s subsidiaries do not receive any remuneration or other benefits in their
capacity as directors of those subsidiaries.
Indemnification and Insurance
In accordance with section 162 of the Companies Act 1993 and the constitution of the company, Sanford
has given indemnities to and has effected insurance for directors and executives of the company and its
related companies. Except for some specific matters that are expressly excluded (such as incurring
penalties and fines, which may be imposed for breaches of law), the indemnities and insurance
indemnify and insure directors and executives against monetary losses as a result of actions undertaken
by them in the course of their duties.
Director Interests in Shares
As at 30 September 2025, directors had disclosed the following relevant interests in Sanford shares:
DirectorNumber of SharesNature of Relevant Interest
R McLeod41,725Beneficial interest
J Curin996Beneficial interest
C Ellison1,000Beneficial interest and registered holder
T McClurg500Beneficial interest
D Mair31,000Registered holder as trustee of the DM2 Investment Trust, in which D Mair has a beneficial interest
J Strowger22,500Beneficial interest and registered holder (500 shares), beneficial interest (22,000 shares)
Director Share Dealing
Directors and executives are required to seek approval in advance of share trading and certify to the
board that they are not in possession of inside information, in accordance with the company’s Share
Trading Policy and Guidelines. A director acquired shares during the year ended 30 September 2025
as follows:
Director
Nature of
Relevant Interest
Number of
Shares AcquiredConsideration PaidDate
J Curin
Beneficial interest
996$4,22509 December 2024
Statutory Information
Shareholding Analysis
As at 01 October 2025
Size of HoldingNumber of Shareholders%%Number of Shares%%
1 to 999581
26.33248,7250.27
1,000 to 4,999
1,019
46.172,139,1022.28
5,000 to 9,999
279
12.641,801,6461.92
10,000 to 49,999
250
11.334,742,4365.07
50,000 to 99,999
26
1.181,886,8432.02
100,000 and above
52
2.3682,807,98388.44
Total
2,207
100.0093,626,735100.00
27Annual Report FY25 | 26| Sanford Limited

Twenty Largest Shareholders
As at 01 October 2025
Registered NameNumber of Shares%%
Ngāi Tahu Investments Limited
18,607,72119.87
ASB Nominees Limited
9,000,0009.61
Masfen Securities Limited
7,093,5007.58
ANZ Wholesale Australasian Share Fund – NZCSD
5,134,8615.48
Maruha Nichiro Corporation
4,534,2314.84
Rural Equities Limited
4,375,0004.67
Tasman Equity Holdings Limited
3,795,0544.05
Forsyth Barr Custodians Limited
3,005,2243.21
BNP Paribas Nominees (NZ) Limited – NZCSD
2,987,0483.19
Citibank Nominees (New Zealand) Limited – NZCSD
2,452,6912.62
Sterling Nominees Limited
2,184,0372.33
Accident Compensation Corporation – NZCSD
2,033,7382.17
HSBC Nominees (New Zealand) Limited – NZCSD
1,567,3381.67
New Zealand Depository Nominee Limited
1,564,8611.67
Tea Custodians Limited Client Property Trust Account – NZCSD
1,403,6861.50
Arden Capital Limited
1,265,0181.35
MMZ Trustee Company Limited
985,4491.05
Custodial Services Limited
964,8351.03
JBWere (NZ) Nominees Limited
920,4420.98
ANZ Wholesale NZ Share Fund – NZCSD
827,3990.88
Substantial Product Holders
According to company records and substantial product holder notices given to the company under the
Financial Markets Conduct Act 2013, as at 30 September 2025, the following were substantial product
holders in the company through having a relevant interest in the company’s ordinary shares:
Substantial Product Holder
Number of
Voting Securities
%% of Ordinary
Held Shares
Date of Last Substantial
Product Holder Notice
Ngāi Tahu Holdings Corporation Limited
and Ngāi Tahu Investments Limited*18,607,72119.8701 September 2021
Tasman Equity Holdings Limited, Arden
Capital Limited and Past Limited Partnership14,060,07215.0214 December 2023
Masfen Securities Limited7,093,5007.5814 March 2022
ANZ New Zealand Investments Limited,
ANZ Bank New Zealand Limited and
ANZ Custodial Services New Zealand Limited
(aggregated as related bodies corporate)6,159,2336.5905 August 2024
* Ngāi Tahu Holdings Corporation Limited has disclosed that it has a relevant interest in the shares held by Ngāi Tahu Investments Limited.
The total number of quoted voting products of Sanford Limited on issue as at 30 September 2025 was
93,626,735 (which includes treasury stock of 120,598 shares).
Waivers and Exemptions from the NZ Stock Exchange
and the Overseas Investment Office (OIO)
NZX Waiver – Rule 7.8.5(b) – Appraisal Report
On 15 November 2024, NZX Regulation Limited granted Sanford a waiver from NZX Listing Rule 7.8.5(b)
to allow Sanford to seek shareholder approval for the proposed grant of 1,800,000 Options to the
Managing Director, David Mair, without an accompanying independent Appraisal Report.
The relevant resolution was subsequently approved at the FY24 Annual Shareholders’ Meeting.
The full waiver decision can be found on the company’s announcement page on the NZX website
(nzx.com/companies/SAN/announcements).
NZX Waiver – Overseas Ownership Provisions in the Company’s Constitution
To enable the Board to better manage the risk of the company being an ‘overseas person’ in the future
(which would, among other things, impact the company’s ability to acquire an interest in fishing quota
(including ACE) in the ordinary course of its business), the company’s constitution was amended in
2016 to include provisions which enable the Board to:
• Require certain documentation and/or information in relation to a proposed transferor or transferee
of the company’s shares and to restrict the transfer of the company’s shares to ‘overseas persons’
(Transfer Powers)
• Suspend the voting rights of any of the company’s shares the Board determines are ‘affected shares’
(being, in summary, shares which the Board determines are held by ‘overseas persons’ and which
have caused the company to be in breach of the ‘overseas ownership threshold’ – a threshold which
is currently set at 90% of the maximum aggregate percentage of the company’s shares that can be
owned or controlled by ‘overseas persons’ without the company itself being an ‘overseas person’)
(Suspension Powers)
• Require (or effect) a sale of any ‘affected shares’ to a ‘non-overseas person’.
A more detailed outline and explanation of the effects of the above powers can be found on the
company’s website at sanford.co.nz/investors/governance/company-constitution and the provisions
which enable the Board to exercise those powers are set out in the company’s constitution. NZX
Regulation (a body now referred to as NZ RegCo) granted the company a waiver from NZX Listing Rule
8.1.5 to enable the company to have the Suspension Powers in its constitution (Waiver). As a condition of
the Waiver, Sanford is listed on the NZX Main Board with a Non-Standard designation. The full text of the
Waiver can be found here nzx.com/companies/SAN/documents. In addition, NZX Regulation granted
the company approval in 2016 in order for the company to include the Transfer Powers in its constitution.
The full text of that approval can be found here nzx.com/announcements/293474.
OIO Exemption – Overseas Ownership
In 2018, the company obtained an exemption from the requirement under the Overseas Investment Act
2005 (OIA) to obtain consent prior to acquiring ‘fishing quota’ in certain limited circumstances, which
expired in August 2023 (Original Exemption).
At the time the Original Exemption was obtained, the OIA provided that a body corporate such as the
company would be an ‘overseas person’ where (in summary) it has a level of overseas ownership or
control of 25% or more. However, the test in the OIA is for when the company (being a New Zealand
company that is listed on the NZX Main Board) will be an ‘overseas person’ has subsequently been
amended. The changes to that test effectively increase the extent of overseas ownership required for
the company to be considered an ‘overseas person’, making it less likely that the company could
become an ‘overseas person’ within a short period of time without its prior knowledge.
Given the company’s current level of overseas ownership and the amendments to the OIA described
above, the company considers that the risk of it becoming an ‘overseas person’ in circumstances where
the company is not aware that such a change has occurred (or may be about to occur) to be very low.
Accordingly, a new exemption has not been pursued. However, the company continues to monitor its
level of overseas ownership to minimise the prospect of it becoming an ‘overseas person’ within a short
period of time without its prior knowledge. Such monitoring complements the provisions in its
constitution which enable the board to require (or effect) a sale of the ‘affected shares’ to a ‘non-overseas
person’ (as discussed above).
For the avoidance of doubt, any exemption from the OIA would not exempt any ‘overseas person’ from
any requirement to obtain consent under the OIA before giving effect to the acquisition of rights or
interests in the company’s securities.
29Annual Report FY25 | 28| Sanford Limited

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 in this document. The directors and
management believe that these measures provide useful information as they are used internally to
evaluate divisional 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, impairment of assets and investments, restructuring
costs, net loss on sale of property, plant and equipment, and intangible assets, gain on sale from one-off
transactions, and other one-off items.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.
GAAP to Non-GAAP Reconciliation
for the year ended 30 September 2025
20252024
$000$000
Reported net profit for the period (GAAP) 63,692 19,670
Add back:
Income tax expense 26,269 17,725
Net interest expense 12,148 16,867
EBIT 102,109 54,262
Adjustments:
Impairment of assets 3,445 16,856
Impairment of investment and advances Two Islands Co NZ Limited– 3,132
Restructuring costs 580 1,495
Net loss on sale of property, plant and equipment and intangibles 103 293
Gain on sale of North Island Mussels Limited assets (1,040)–
Net gain on sale of North Island inshore fishery assets– (964)
Other one-off gains– (866)
Adjusted EBIT 105,197 74,208
Add back:
Depreciation and amortisation 35,795 34,442
Adjusted EBITDA 140,992 108,650
Five-Year Financial Review
20252024202320222021
$000$000$000$000$000
Revenue 584,109 582,913 553,397 531,887 489,625
Adjusted EBITDA* 140,992 108,650 81,534 68,262 52,603
Depreciation and amortisation (35,795) (34,442) (32,142) (28,086) (29,310)
Adjusted EBIT ** 105,197 74,208 49,392 40,176 23,293
Impairment of assets (3,445) (16,856) (1,418) (1,301)–
Impairment of investment and advances
in Two Islands Limited group– (3,132)–––
Restructuring costs (580) (1,495) (5,544) (345) (288)
Net (loss)/gain on sale of property, plant and
equipment and intangible assets (103) (293) 35 43,616 12,935
Gain on sale of North Island Mussels Limited
assets 1,040 ––––
Other one-off items– 866 (947) (639) (711)
Net gain on sale of North Island inshore
fishery assets– 964 –––
Software as a service (SaaS) expenditure–– (12,714) (10,312) (6,183)
Receipt from termination of lease–– 2,200 ––
EBIT 102,109 54,262 31,004 71,195 29,046
Net interest expense (12,148) (16,867) (13,522) (8,731) (9,011)
Profit before income tax 89,961 37,395 17,482 62,464 20,035
Income tax expense (26,269) (17,725) (7,471) (6,692) (3,800)
Profit for the year 63,692 19,670 10,011 55,772 16,235
Non-controlling interest (2) 15 5 122 28
Profit attributable to equity holders
of the Company 63,690 19,685 10,016 55,894 16,263
Equity
Paid in capital 94,690 94,690 94,690 94,690 94,690
Reserves 645,715 609,303 589,881 569,795 538,702
Non-controlling interest 367 365 380 388 702
Total equity 740,772 704,358 684,951 664,873 634,094
Represented by:
Current assets 233,941 264,909 276,405 224,096 208,477
Less current liabilities 124,708 74,048 180,386 139,888 118,549
Working capital 109,233 190,861 96,019 84,208 89,928
Property, plant and equipment 210,559 217,819 227,254 193,032 167,660
Right-of-use assets 39,450 32,751 40,334 37,574 35,655
Investments 950 1,261 4,383 3,938 4,096
Derivative financial instruments 1,797 16,364 12,515 6,925 9,051
Biological assets (non-current) 33,869 23,239 18,226 19,019 18,286
Intangible assets 486,170 490,087 493,196 493,096 497,132
882,028 972,382 891,927 837,792 821,808
Less non-current liabilities 141,256 268,024 206,976 172,919 187,714
Total net assets 740,772 704,358 684,951 664,873 634,094
Dividend per share (cents)10†10†12†10†–
Dividend cover (times)6.82.10.96.0†–
Return on average total equity8.8%2.8%1.5%8.6%2.6%
Earnings per share (cents)68.1 21.1 10.7 59.8 17.4
Net asset backing per share$7.92 $7.53 $7.32 $7.10 $6.77
* Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation.
** Adjusted EBIT: Earnings before interest, taxation, impairment of assets and investments, restructuring costs, net loss on sale of property, plant and
equipment, and intangible assets, gain on sale from one-off transactions, and other one-off items.
† Includes the dividends proposed after balance date.
31Annual Report FY25 | 30| Sanford Limited

Financial
Statements 2025
Contents
Income Statement34
Statement of Comprehensive Income35
Statement of Financial Position36
Statement of Cash Flows37
Statement of Changes in Equity40
Notes to the Financial Statements42
Independent Auditor’s Report80
The directors are pleased to
present the Financial Statements
of the Group for the year ended
30 September 2025.
Sir Robert A McLeod
Chair
17 November 2025
David W Mair
Managing Director
17 November 2025
For and on behalf of the Board of Directors:
33Annual Report FY25 | 32| Sanford Limited

Income Statement
for the year ended 30 September 2025
Statement of Comprehensive Income
for the year ended 30 September 2025
20252024
Note$000$000
Revenue4 584,109 582,913
Cost of sales (429,343)(456,726)
Gross profit 154,766 126,187
Other income 7,315 7,240
Distribution expenses (13,680)(13,630)
Administrative expenses5 (29,198)(33,778)
Other expenses5 (17,195)(31,896)
Operating profit 102,008 54,123
Finance income6 1,511 1,270
Finance expense6 (13,659)(18,137)
Net finance expense (12,148)(16,867)
Share of profit of equity-accounted investees13 101 139
Profit before income tax 89,961 37,395
Income tax expense7 (26,269)(17,725)
Profit for the year 63,692 19,670
Profit attributable to:
Equity holders of the company 63,690 19,685
Non-controlling interest 2 (15)
63,692 19,670
Earnings per share (EPS), expressed in cents per share
from profit attributable to equity holders of the company
EPS1668.121.1
20252024
$000$000
Profit for the year (after tax) 63,692 19,670
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences 112 68
Change in fair value of cash flow hedges recognised in other
comprehensive income (25,433) 14,119
Deferred tax on cash flow hedges 7,121 (3,953)
Items that may not be reclassified to the income statement:
Amount of treasury share cost recovered in relation
to share-based payment 219 –
Deferred tax on treasury share cost expensed 55 –
Items that have been classified to the income statement:
Cost of hedging gain– (293)
Deferred tax on cost of hedging– 82
Other comprehensive income for the year (17,926) 10,023
Total comprehensive income for the year 45,766 29,693
Total comprehensive income for the year is attributable to:
Equity holders of the company 45,764 29,708
Non-controlling interest 2 (15)
Total comprehensive income for the year 45,766 29,693
35Annual Report FY25 | 34| Sanford Limited

Statement of Financial Position
as at 30 September 2025
Statement of Cash Flows
for the year ended 30 September 2025
20252024
Note$000$000
Current assets
Cash on hand and at bank8 11,589 14,475
Trade receivables9(a) 62,669 83,167
Derivative financial instruments18 2,724 13,556
Other receivables and prepayments9(b) 5,498 5,085
Biological assets10 39,509 55,557
Inventories11 92,336 73,363
Assets held for sale 20 19,616 19,706
Total current assets 233,941 264,909
Non-current assets
Property, plant and equipment12 210,559 217,819
Right-of-use assets19 39,450 32,751
Investments13 950 1,261
Derivative financial instruments18 1,797 16,364
Biological assets10 33,869 23,239
Intangible assets14 486,170 490,087
Total non-current assets 772,795 781,521
Total assets 1,006,736 1,046,430
Current liabilities
Bank loans (secured)18 40,000 –
Derivative financial instruments18 3,643 1,705
Trade and other payables15 37,406 44,647
Taxation payable 15,515 899
Lease obligations19 14,606 13,889
Liabilities held for sale20 13,538 12,908
Total current liabilities 124,708 74,048
Non-current liabilities
Bank loans (secured)18 65,000 200,000
Contributions received in advance 1,274 1,531
Employee entitlements15 674 1,260
Derivative financial instruments18 2,724 1,145
Deferred taxation7 44,785 43,646
Lease obligations19 26,799 20,442
Total non-current liabilities 141,256 268,024
Total liabilities 265,964 342,072
Equity
Paid in capital 94,690 94,690
Retained earnings 644,753 590,415
Other reserves 962 18,888
Shareholder funds 740,405 703,993
Non-controlling interest 367 365
Total equity16 740,772 704,358
Total equity and liabilities 1,006,736 1,046,430
20252024
Note$000$000
Cash flows from operating activities
Receipts from customers 639,151 630,832
Interest received 1,518 1,270
Payments to suppliers and employees (488,462) (533,856)
Income tax paid (3,322) (7,770)
Interest paid (13,543) (17,480)
Net cash flows from operating activities 135,342 72,996
Cash flows from investing activities
Sale of North Island Mussels Limited assets12 2,695 –
Sale of property, plant and equipment 363 1,306
Sale of North Island inshore fishery assets20– 6,830
Sale of investment in Two Islands NZ Co Limited13– 200
Dividends received from associates13,22 690 383
Purchase of property, plant and equipment12 (22,488) (45,916)
Purchase of intangible assets14 (558) (1,490)
Acquisition of shares in other companies13,22 (278) (278)
Net cash flows used in investing activities (19,576) (38,965)
Cash flows from financing activities
Proceeds from borrowings– 27,000
Repayment of term loans (95,000) (30,000)
Lease payments19 (14,324) (13,135)
Dividends paid to company shareholders17 (9,352) (10,286)
Net cash flows used in financing activities (118,676) (26,421)
Net (decrease)/increase in cash and cash equivalents (2,910) 7,610
Effect of exchange rate fluctuations on cash held 24 60
Cash and cash equivalents at beginning of year 14,475 (51,195)
Short-term borrowings reclassified as term loans– 58,000
Cash and cash equivalents at 30 September 11,589 14,475
Represented by:
Cash on hand and at bank8 11,589 14,475
37Annual Report FY25 | 36| Sanford Limited

Statement of Cash Flows (continued)
for the year ended 30 September 2025
Statement of Cash Flows (continued)
for the year ended 30 September 2025
Reconciliation of profit for the period with net cash flows from operating activities
20252024
Note$000$000
Profit for the year (after tax) 63,692 19,670
Adjustments for non-cash items:
Depreciation and amortisation 35,795 34,442
Depreciation – Annual Catching Entitlements (ACE)19 8,515 7,746
Impairment of property, plant and equipment12 515 14,837
Impairment of investment 13– 2,956
Impairment of intangibles14 2,595 1,832
Impairment of right-of-use assets19 69 187
Impairment of assets classified as held-for-sale 266 –
Share-based payment expensed 219 –
Change in fair value of biological assets10 5,418 (12,270)
Change in fair value of forward exchange contracts 3,483 (2,882)
Decrease in contributions received in advance (257) (347)
Share of profit of equity-accounted investees13 (101) (139)
Increase in deferred tax liability7 8,315 12,697
Unrealised foreign exchange (gains)/losses (3,756) 1,489
61,076 60,548
Movement in working capital
Decrease in trade and other receivables and prepayments 24,624 23,410
(Increase)/Decrease in inventories (18,973)9,666
Decrease in trade and other payables and other liabilities (9,405)(40,446)
Increase/(Decrease) in taxation payable 14,616 (2,726)
10,862 (10,096)
Items classified as investing activities
Net loss on sale and disposal of property, plant and equipment 752 3,838
Gain on sale of North Island Mussels Limited assets12 (1,040)–
Net (gain) on sale of North Island inshore fishery assets20– (964)
(288) 2,874
Net cash flows from operating activities 135,342 72,996
Reconciliation of movement of liabilities to cash flows arising from financing activities
Lease
Obligation
Bank Loans
(secured)
Derivative
Financial
Liabilities
(asset)Total
Note$000$000$000$000
As at 01 October 2024 34,331 200,000 (27,070) 207,261
Lease payments19 (14,324)–– (14,324)
Proceeds from bank loans––––
Repayment of bank loans– (95,000)– (95,000)
Financing cash flows (14,324) (95,000)– (109,324)
New leases, net of settlements19 21,312 –– 21,312
Terminations of leases19 (429)–– (429)
Effect of movement in exchange rates19 515 –– 515
Change in fair value of derivative
financial instruments–– 28,916 28,916
As at 30 September 2025 41,405 105,000 1,846 148,251
As at 01 October 2023 41,000 145,000 (10,285)175,715
Lease payments19 (13,135)–– (13,135)
Proceeds from bank loans– 27,000 – 27,000
Repayment of bank loans– (30,000)– (30,000)
Financing cash flows (13,135) (3,000)– (16,135)
Short-term borrowings reclassified
as term loans– 58,000 – 58,000
New leases, net of settlements19 6,363 –– 6,363
Terminations of leases19 (53)–– (53)
Effect of movement in exchange rates19 156 –– 156
Change in fair value of derivative
financial instruments–– (16,785) (16,785)
As at 30 September 2024 34,331 200,000 (27,070) 207,261
39Annual Report FY25 | 38| Sanford Limited

Statement of Changes in Equity
for the year ended 30 September 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 94,690 – 1,153 17,735 – 590,415 703,993 365 704,358
Profit for the year (after tax)––––– 63,690 63,690 2 63,692
Other comprehensive income
Foreign currency translation differences–– 112 ––– 112 – 112
Hedging loss recognised in other
comprehensive income––– (25,433)–– (25,433)– (25,433)
Amount of treasury share cost expensed
in relation to share-based payment– 219 –––– 219 – 219
Deferred tax on change in reserves– 55 – 7,121 –– 7,176 – 7,176
Total comprehensive income– 274 112 (18,312)– 63,690 45,764 2 45,766
Distributions to shareholders17––––– (9,352) (9,352)– (9,352)
Balance at 30 September 2025 94,690 274 1,265 (577)– 644,753 740,405 367 740,772
Balance at 01 October 2023 94,690 – 1,085 7,569 211 581,016 684,571 380 684,951
Profit for the year (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 gains–––– 82 – 82 – 82
Total comprehensive income–– 68 10,166 (211) 19,685 29,708 (15) 29,693
Distributions to shareholders17––––– (10,286) (10,286)– (10,286)
Balance at 30 September 2024 94,690 – 1,153 17,735 – 590,415 703,993 365 704,358
41Annual Report FY25 | 40| Sanford Limited

Note 1 – General Information
(a) Reporting entity
Sanford Limited (‘the parent’ or ‘the Company’) 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 financial statements presented are for Sanford Limited (‘Sanford’ or ‘the Group’) as at and for the year ended 30 September
2025. The Group comprises the Company, its subsidiaries, and its investments in joint arrangements and associates.
In accordance with the Financial Markets Conduct Act 2013, where a reporting entity prepares consolidated financial statements,
parent disclosures are not required.
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.
Note 2 – Basis of Preparation
(a) Statement of compliance
The financial statements comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS),
and other applicable Financial Reporting Standards as appropriate for Tier 1 for-profit entities. They also comply with
International Financial Reporting Standards.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following which are measured on the bases
set out below:
• Derivative financial instruments: interest rate swaps, fuel swaps, and forward exchange contract are measured at fair value.
• Biological assets: in-water salmon and mussel assets are measured at fair value less costs to sell.
• Inventories are measured at lower of cost and net realisable value.
• Assets held for sale are measured at the lower of fair value less cost to sell and carrying value.
(c) Foreign currency
Functional and presentation currency
These financial statements are presented in New Zealand dollars (NZD), the Company’s functional currency. All financial
information presented in NZD has been rounded to the nearest thousand dollars (unless described as millions within the notes
to these financial statements).
Foreign currency transactions
Foreign currency transactions are translated to NZD at the exchange rates ruling at the dates of the transactions. At balance date
foreign currency monetary assets and liabilities are translated at the closing rate. The exchange variations arising from these
translations are recognised in the income statement.
Foreign operations
Foreign operations are entities within the Group, the activities of which are based in a country other than New Zealand, or are
conducted in a currency other than NZD. The assets and liabilities of foreign operations are translated into NZD at the closing
rate, while revenues and expenses are translated at rates approximating the exchange rate ruling at the date of the transaction.
Exchange variations are taken directly to the foreign currency translation reserve.
(d) Use of estimates and judgements
The preparation of financial statements requires the Board of Directors to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported amounts in the financial statements. Actual results may differ
from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which the estimate is revised and in any future periods affected.
Accounting policies, and information about judgements, estimates and assumptions that have had a significant impact
on the amounts recognised in the financial statements are disclosed in the relevant notes as follows:
• Valuation of deferred tax assets and liabilities (refer note 7)
• Valuation of biological assets (refer note 10)
• Valuation of inventories (refer note 11)
• Impairment testing of property, plant and equipment (refer note 12)
• Impairment testing of intangible assets (refer note 14)
Note 2 – Basis of Preparation (continued)
(d) Use of estimates and judgements (continued)
• Valuation of financial instruments (refer note 18)
• Determination of lease term and incremental borrowing rates (refer note 19).
Estimates are identified by a grey tint in the notes to the financial statements.
(e) Significant accounting policies
Accounting policies are disclosed within each of the applicable notes to the financial statements and are identified by a teal tint.
The Group’s accounting policies have been applied consistently to all periods presented in these financial statements.
(f) New and amended accounting standards and interpretations adopted
The Group early adopted the Amendment to IAS 1: Presentation of Financial Statements, Classification of Liabilities as Current
or Non-current and Non-current Liabilities with Covenants in the prior financial year ended 30 September 2024.

No other new or amended accounting standards and interpretations that became effective for the year ended 30 September 2025
have a material impact on the Group.
A number of new standards and interpretations effective at 30 September 2025 (for annual periods beginning 01 January 2025,
2026 and 2027) are not mandatory for the Group but are available for early adoptions. The Group did not early adopt any of the
new standards and interpretations. The impact of these new standards and interpretations on the financial statements has not
been assessed.
Note 3 – Segment Reporting
Executive management of the Group monitors the operating results of the wildcatch and aquaculture (mussels and salmon) divisions.
Operating divisions’ performances are evaluated based on operating profit or loss. Capital expenditure consists of additions of
property, plant and equipment and intangible assets.
The Group’s key operating divisions 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.
The Group has determined that the divisions above 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.
The criteria as set out in paragraph 12 of NZ IFRS 8 Operating Segments was considered in determining the aggregation of
the operating divisions. In aggregating these operating divisions into one reportable segment, the Group identified similarities
in the following:
Similar economic characteristics
The Group considered and identified similarities in economic characteristics in the wildcatch and aquaculture divisions.
The Group concluded, having considered several factors, that the operating segments exhibited similar long-term economic
characteristics because the impact of these factors is expected to be similar across all operating divisions. This is supported
by the following observations:
Foreign exchange
A large proportion of the Group’s sales are derived from exporting seafood products. Movements in foreign exchange rates have
a significant influence on the degree of profitability of the Group.
Competitive and operating risks
The operating risks are similar for all of the seafood products in which the Group trades, due to the vagaries of nature and its impact
in respect of weather patterns, nutrients in the oceans, parasites and disease.
The global growth in seafood product demand and rising commodity prices has led to a heightened competitive environment in
which the Group trades; this applies in a similar manner across all of the operating divisions.
Economic and political risk
Economic prosperity and political stability for countries in which Sanford’s customers are based have a direct impact across the
Group in its ability to derive increasing positive returns to shareholders.
Other variables impacting profit
There are many other variables that directly or indirectly impact the profitability of the operating divisions such as international trade
rules and tariffs and climate change. The Group has assessed that the operating divisions are similarly impacted by these variables.
Nature of the products
All of the seafood products have similar nutritional factors; principally they are a good source of protein and relatively low in fat.
Notes to the Financial Statements
for the year ended 30 September 2025
43Annual Report FY25 | 42| Sanford Limited

Note 3 – Segment Reporting (continued)
Similar nature of production processes
The Group has determined that all of the seafood products produced for its customers are harvested from the sea. In addition,
certain fish species and mussels have hand-opening or machine-opening processes involved in the final completion of the
production chain.
The type or class of customer for the product
The Group sells products derived from all of its operating divisions to five (2024: four) of its top ten customers. The Group’s
customers are largely of a wholesale nature.
The methods used to distribute the product
The Group’s sales team is structured geographically and not by product type or by operating division.
The nature of the regulatory environment
Both aquaculture and fish products are governed by the quality control regulations set by the Ministry for Primary Industries
in New Zealand and those countries to which the Group exports. In respect of vessels, these must meet Maritime New Zealand
regulations; this requirement is similar for all operating divisions.
Revenue by geographical location of customers
20252024
$000$000
New Zealand 228,437 222,699
North America 113,034 125,188
Europe 88,996 66,183
China 61,013 78,573
Australia 39,798 43,631
Other Asia 16,698 19,019
Middle East 10,225 4,000
South Korea 8,853 5,493
Japan 7,836 10,516
Africa 3,546 764
Hong Kong 3,224 2,882
Pacific 1,437 2,117
Central and South America 1,012 1,848
Revenue 584,109 582,913
The revenue information above is based on the delivery destination of sales.
The Group has one customer who accounts for more than 10% of total sales for the year (2024: no customers accounted for more
than 10% of total sales).
Note 4 – Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group, the performance
obligations are satisfied and the revenue can be reliably measured, regardless of when payment is made. Revenue is measured
at the fair value of the consideration received or receivable.
Domestic sales
The performance obligation for domestic sales is satisfied upon delivery of the products to the customer or collection of the
goods by the customer. Payment terms generally range between seven days and 20th of the month following invoice date.
Export sales
The performance obligation is satisfied upon transfer of legal title in line with the relevant incoterms. The Group typically acts
as agent in arranging transport and insurance under such arrangements. Revenue is recognised net of the associated costs of
these arrangements. Payment terms vary between customers and export destinations.
Revenue from leasing of Annual Catch Entitlements (ACE)
ACE is the annual right to catch a specific amount of a relevant fish stock within the quota management system for the duration
of a fishing year and is allocated annually to quota owners of that fish stock. Lease income is derived from transferring to industry
lessees the right to catch the allocated fish stock as stipulated under the ACE.
Lease arrangements involving ACE are treated as operating leases as the risks and rewards of ownership to the underlying fish
species quota – from which an ACE is derived – are not substantially transferred to the lessee. Lease income is recognised over
the period when the lessee has the right to fish under the ACE.
20252024
$000$000
Revenue from contracts with customers 562,702 567,903
Revenue from ACE lease income 21,407 15,010
584,109 582,913
Revenue in relation to contract assets
Of the revenue recognised this year $nil (2024: nil) was originating from contract assets due to performance obligations being
satisfied before the end of the year. The Group recognises this revenue from the satisfaction of performance obligations prior to
consideration received from these customers, in line with the above. In addition, the payment terms for these assets are also
in line with the above.
Notes to the Financial Statements
for the year ended 30 September 2025
45Annual Report FY25 | 44| Sanford Limited

Note 5 – Expenses and Other Income
20252024
Note$000$000
(a) Administrative and other expenses include:
KPMG statutory audit fees 400 375
KPMG limited assurance – greenhouse gas (GHG) emissions disclosures 29 –
Other auditors’ fees for non-financial audit services
†
281 72
Impairment of investment 13– 2,956
Impairment of advance to Two Islands NZ Co Limited – 176
Impairment of property, plant and equipment12 515 14,837
Impairment of intangibles14 2,595 1,832
Impairment of right-of-use assets19 69 187
Impairment of assets classified as held-for-sale 266 –
Share-based payment expensed16 219 –
Restructuring costs 580 1,495
Donations 116 406
Research and development 185 572
(b) Personnel expenses included in cost of sales,
administrative and distribution expenses
Wages and salaries (including short-term employee benefits) 121,205 127,266
In the prior period, personnel expenses were presented for the Company only. The comparative figure has been restated to reflect
the expense for the Group. This restatement does not have an impact on any other disclosures within the financial statements.
† Non-financial audit services include but are not limited to health and safety and quality audits.
(c) Other income
30 September 2025 – Gain on sale of North Island Mussels Limited assets
Refer to note 12(b) for details.
30 September 2024 – Sale of North Island inshore fisheries assets
Refer to note 20(b) for details.
Note 6 – Finance Income and Expense
Finance income comprises interest income on funds invested and dividend income. Interest income is recognised as it accrues,
using the effective interest method. Dividend income is recognised on the date that the Group’s right to receive payment is
established, which in the case of quoted securities is the ex-dividend date.
Finance expenses comprise interest expense on borrowings and impairment losses recognised on financial assets (except for
trade receivables), as well as non-trading currency exchange losses.
20252024
Note$000$000
Finance income
Interest income 1,511 1,270
1,511 1,270
Finance expense
Interest expense on bank loans 11,005 15,546
Interest expense on leases19 2,088 2,036
Interest expense on lease liabilities classified as held for sale 566 555
13,659 18,137
Net finance expense 12,148 16,867
Notes to the Financial Statements
for the year ended 30 September 2025
Note 7 – Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the income statement except
to the extent that it relates to items recognised in other comprehensive income (OCI), in which case it is recognised in OCI.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted
at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is:
• Recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for taxation purposes
• Not recognised for the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not
a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in
subsidiaries and jointly controlled entities to the extent that they probably will not reverse in the foreseeable future
• Measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the
laws that have been enacted or substantively enacted at balance date.
7.1 Income tax expense
20252024
$000$000
Current period 19,109 6,300
Adjustments for prior periods (1,155) (1,272)
17,954 5,028
Deferred tax expense
Origination and reversal of temporary differences 7,150 11,191
Adjustments for prior periods 1,165 1,506
8,315 12,697
Income tax expense 26,269 17,725
Reconciliation of effective tax rate
Profit for the year 63,692 19,670
Income tax expense 26,269 17,725
Profit before income tax 89,961 37,395
Tax at current rate of 28% 25,189 10,471
Non-taxable capital gain (306)–
Unrecognised tax losses 469 2,908
Tax legislation changes– 1,722
Impairment of investment– 828
Non-deductible expenses 320 716
Impairment of goodwill 596 408
Capitalised asset timing differences 56 325
Adjustments for prior periods (10) 316
Different foreign tax rate (28) 40
Other (17) (9)
1,080 7,254
Income tax expense 26,269 17,725
Imputation credit account
Imputation credits available for use in subsequent reporting periods 58,097 58,957
Tax legislation changes in 2024
Tax legislation changes that came into effect in the 2025 income tax year removed the ability for entities to claim tax depreciation
deductions for commercial and industrial buildings with an estimated useful life of 50 years or more. This change impacted deferred
tax in 2024 financial year as the tax base was reduced to reflect future tax deductions which were no longer available. Sanford
recorded the deferred tax impact, an increase in the liability and corresponding tax expense in the 2024 profit and loss statement.
The Group’s imputation credits are available to be attached to dividends paid by Sanford Limited.
47Annual Report FY25 | 46| Sanford Limited

Note 7 – Taxation (continued)
7.2 Deferred tax
2025
Balance
30 September
2024
Recognised in
Income Statement
Recognised
in Other
Comprehensive
Income
Balance
30 September
2025
$000$000$000$000
Movement in temporary differences
during the year
Property, plant and equipment 9,266 5,306 – 14,572
Intangible assets 19,357 4,855 – 24,212
Trade receivables (92) 45 – (47)
Derivative financial instruments 6,896 – (7,121) (225)
Biological assets 12,078 (2,009)– 10,069
Leases (net) (300) (338)– (638)
Share-based payment scheme– (61) (55) (116)
Other assets (3,559) 517 – (3,042)
Net deferred tax liability 43,646 8,315 (7,176) 44,785
2024
Balance
30 September
2023
Recognised in
Income Statement
Recognised
in Other
Comprehensive
Income
Balance
30 September
2024
$000$000$000$000
Movement in temporary differences
during the year
Property, plant and equipment4,3674,899– 9,266
Intangible assets13,6135,744– 19,357
Trade receivables(108)16– (92)
Derivative financial instruments3,025 (82) 3,953 6,896
Biological assets10,0232,055– 12,078
Leases (net)(557) 257 – (300)
Other assets(3,367)(192)– (3,559)
Net deferred tax liability 26,996 12,697 3,953 43,646
Notes to the Financial Statements
for the year ended 30 September 2025
Note 7 – Taxation (continued)
7.2 Deferred tax (continued)
Deferred tax recognised in OCI relates to tax on the effective portion of the change in fair value of cash flow hedges, and on the cost
of hedging gains or losses.
Deferred tax asset and liability associated with leases in the Group are as follows:
20252024
$000$000
Deferred tax associated with leases
Asset 19,536 8,456
Liability(18,898) (8,156)
638 300
A deferred tax asset has not been recognised in respect of the following item because it is not probable that future taxable profit
will be available against which the Group can utilise the benefits. There is no expiry time for the use of these tax losses.
20252024
$000$000
Unrecognised deferred tax asset
Net tax losses attributable to the joint operation 28,056 24,053
Note 8 – Cash and Cash Equivalents
Cash and cash equivalents includes deposits that are subject to insignificant risk of changes in their fair value. Cash and cash
equivalents are classified and measured at amortised cost in the statement of financial position. These financial instruments are
short term in nature and the carrying amount is considered to be a reasonable approximation of fair value.
20252024
$000$000
Cash on hand and at bank 11,589 14,475
Note 9 – Trade and Other Receivables
Trade and other receivables are financial assets classified and measured at amortised cost less allowance for doubtful debts.
Short-term trade receivables are not discounted. These financial instruments are short term in nature and the carrying amounts
are considered to be a reasonable approximation of fair values.
(a) Trade receivables
20252024
$000$000
Gross trade receivables 62,866 83,521
Less: Allowance for doubtful debts (refer to note 18(a)) (197)(354)
62,669 83,167
(b) Other receivables and prepayments
20252024
Note$000$000
Other receivables 2,673 2,714
Prepayments 2,655 2,160
Advances to related parties22(b) 170 211
5,498 5,085
49Annual Report FY25 | 48| Sanford Limited

Note 10 – Biological Assets
Biological assets include pre-harvest salmon and mussel stocks, and are measured at fair value less costs to sell, with any change
therein recognised as cost of sales in the income statement. This method of valuation falls into Level 3 on the fair value hierarchy
(refer to note 18). Biological assets are transferred to inventories at the date of harvest.
2025
MusselsSalmonTotal
$000$000$000
Balance at beginning of year 27,613 51,183 78,796
Changes due to biological transformation and movement
in fair value less estimated costs to sell 37,316 823 38,139
Harvested produce transferred to inventories(36,469)(7,088) (43,557)
Balance at 30 September 2025 28,460 44,918 73,378
Current 13,602 25,907 39,509
Non-current 14,858 19,011 33,869
28,460 44,918 73,378
2024
MusselsSalmonTotal
$000$000$000
Balance at beginning of year25,66740,85966,526
Changes due to biological transformation and movement
in fair value less estimated costs to sell24,16316,72840,891
Harvested produce transferred to inventories(22,217)(6,404)(28,621)
Balance at 30 September 202427,61351,18378,796
Current16,47239,085 55,557
Non-current11,14112,098 23,239
27,61351,18378,796
Notes to the Financial Statements
for the year ended 30 September 2025
Note 10 – Biological Assets (continued)
Risk factors
The Group is exposed to a number of risks relating to its growing of salmon and mussel stocks. These include storms, marine
predators, biosecurity incursions and other contamination of the water space. The Group has extensive processes in place to
monitor and mitigate these risks including insurance of salmon and mussels, regular inspection of the growing areas and
contingency plans in the event of an adverse climatic event.
Fair value risk and sensitivity
The Group is exposed to financial risks relating to the production of biological assets (salmon and mussels) arising from climate
change volatility, climatic events, disease and contamination of water space.
The estimation of the fair value of in-water salmon and mussels is based on several assumptions. Changes in these assumptions
will impact the fair value calculation. The profit which is achieved on the sale of inventory will differ from the calculations of fair
value of biological assets because of changes in key factors such as the final sales destinations of inventory sold, changes in
selling prices, foreign exchange rates, harvest weight, growth rates, mortality, input costs and costs to sell, and differences in
quality of harvested salmon and mussels.
With all other variables remaining constant:
• A 10% increase/decrease in average future sales prices would increase/decrease the fair value of biological assets and profit
before tax by $7.2m (2024: $7.1m)
• A 10% increase/decrease in biomass (future harvest volumes) would increase/decrease the fair value of biological assets on
hand and profit before tax by $6.9m (2024: $7.8m).
Determining fair value
Salmon
The pre-harvest salmon stock has been valued with reference to their stage of development, the length of the growth cycle,
number in the water, assumptions in respect of biomass and feed conversion rates, and the fair value less costs to sell per kg
at the point of harvest. The fair value less costs to sell per kg at the point of harvest is determined with reference to Q4 FY25
market prices, net of estimated cost up to the date of harvest. The fair value measurement commences at the date of transfer
to seawater as this is considered the point at which the fish commence their growth cycle.
Mussels
The pre-harvest mussel stock has been valued with reference to their stage of development, the length of the growth cycle
for the mussels in the regions being farmed, the fair value less costs to sell per kg at point of harvest, and the physical quantity
in the water at balance date. The fair value less costs to sell per kg at the point of harvest is determined with reference to Q4 FY25
market prices, net of estimated cost up to the date of harvest. The fair value measurement commences at the date of seeding
as this is considered the point at which the mussels begin their growth cycle.
Note 11 – Inventories
Inventories are measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the
ordinary course of business less any applicable marketing, selling and distribution costs. The selling price is estimated with
reference to prices obtainable in the current market.
Cost is based on the weighted average cost principle and includes expenditure incurred in acquiring the inventory and bringing
it to its existing condition and location. In the case of processed inventories and work in progress, cost includes an appropriate
share of overheads. Fixed overheads are allocated on the basis of normal operating capacity. The cost of items transferred from
biological assets is their fair value less costs to sell at the date of transfer.
20252024
$000$000
Seafood – at cost 86,705 67,652
Net realisable value provision (9,963)(12,014)
76,742 55,638
Packaging, fishing gear, fuel and stores – at cost 15,594 17,725
92,336 73,363
51Annual Report FY25 | 50| Sanford Limited

Note 12 – Property, Plant and Equipment
Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses.
Property, plant and equipment is allocated to the respective cash-generating units and assessed for indicators of impairment
annually. Where indicators of impairment are noted an impairment test is performed at the cash-generating unit’s level.
Costs may include:
• The consideration paid on acquisition of the asset
• The cost of materials and direct labour and any other costs directly attributable to bringing the asset to a working condition
for its intended use
• The costs of dismantling and removing the items and restoring the site on which they are located
• Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset.
The capitalisation of expenditure ceases when the asset is ready for use, at which point depreciation commences. Capital work
in progress of $6.3m is included within the relevant category of property, plant and equipment below (2024: $44.6m).
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
Subsequent expenditure that increases the economic benefits derived from an asset is capitalised.
Depreciation of property, plant and equipment, other than land, is calculated using a straight-line basis and is expensed over
the useful life of the asset.
Depreciation methods, useful lives and residual values are reassessed at least annually. Leased assets are depreciated over
the shorter of the lease term and their estimated useful lives. Estimated useful lives (years) are as follows:
20252024
Buildings (freehold and leasehold)20–2520–25
Fishing vessels:
Hulls10–3015–30
Engines5–1510–15
Electronic equipment3–43–4
Machinery and plant1–101–10
Motor vehicles55
Office fixtures and fittings2–102–7
Marine farm assets 3–153–15
Notes to the Financial Statements
for the year ended 30 September 2025
Note 12 – Property, Plant and Equipment (continued)
2025
Land
Freehold
Buildings
Leasehold
Buildings
Fishing
Vessels
Plant and
EquipmentTotal
$000$000$000$000$000$000
Cost
Balance at beginning of year 1,429 22,757 34,664 317,111 154,112 530,073
Additions–– 78 19,539 1,995 21,612
Disposals –– (53) (4,229) (1,293) (5,575)
Effect of movements in
exchange rates–– 76 – 7 83
Balance at end of year 1,429 22,757 34,765 332,421 154,821 546,193
Accumulated depreciation
and impairment
Balance at beginning of year– (8,894) (15,165) (172,678) (115,517)(312,254)
Depreciation– (930) (398) (17,852) (8,292)(27,472)
Impairment–– (27)– (488)(515)
Effect of movements in
exchange rates–– (41)– (7)(48)
Disposals –– 45 3,516 1,094 4,655
Balance at end of year– (9,824) (15,586) (187,014) (123,210)(335,634)
Net book value at
30 September 2025 1,429 12,933 19,179 145,407 31,611 210,559
(a) Auckland site sale of perpetual right to lease land and building assets
In January 2025 a conditional sale and purchase agreement was signed to sell the Auckland site’s perpetual right to lease the land
and buildings. The Board expects the sale to complete in the 12 months after 30 September 2025.

This did not give rise to any change to the accounting as the fair value adjustment and related impairment was recognised in the year
ended 30 September 2024, noted below. The assets and lease obligations continue to be disclosed as held-for-sale.
In 2024 the Group reassessed the use of its leased Auckland premises and negotiated the sale of its perpetual right to lease the
Auckland premises and buildings thereon. The right-of-use assets arising from the perpetual right to lease the land and associated
buildings were presented as assets held for sale at 30 September 2024. The conditional sale and purchase agreement with the
developer, which was due to be signed imminently, provided evidence to the fair values of the right-of-use asset and the buildings,
resulting in the building being impaired by $4.2m from its carrying value in the prior year ended 30 September 2024.
Refer to note 20 for details on assets classified as held for sale.
(b) Closure of North Island Mussels Limited mussels processing facility
In 2024 the North Island Mussels Limited (NIML) processing plant, based in Tauranga, was closed. NIML is a joint operation
in which Sanford Limited has a 50% shareholding to farm, process and sell mussels. Land, buildings, plant and equipment at
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 2024 income statement.
The sale was completed this financial year for our share of the 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.
53Annual Report FY25 | 52| Sanford Limited

Notes to the Financial Statements
for the year ended 30 September 2025
Note 12 – Property, Plant and Equipment (continued)
(c) Bioactive assets
The concept of our marine extract facility in Blenheim was to profitably produce commercial quantities of several bioactive products.
The facility has not been implemented nor operated as originally intended and is now principally focused on mussel powder alone.
In 2024 the Group determined that plans for oil and collagen products did not form part of the business strategy going forward.
These assets were therefore impaired by $3.9m as at 30 September 2024.
2024
Land
Freehold
Buildings
Leasehold
Buildings
Fishing
Vessels
Plant and
EquipmentTotal
$000$000$000$000$000$000
Cost
Balance at beginning of year2,30922,10865,661291,035162,631543,744
Additions– 833 869 36,097 7,826 45,625
Disposals – (18)– (10,021) (6,448)(16,487)
Assets classified as held for sale (880) (166) (31,884)– (9,899)(42,829)
Effect of movements in exchange rates–– 18 – 2 20
Balance at end of year1,42922,75734,664317,111154,112530,073
Accumulated depreciation and
impairment
Balance at beginning of year–(7,984)(33,484)(165,857)(109,165)(316,490)
Depreciation– (935) (1,898) (15,407) (7,789)(26,029)
Impairment– (62) (5,731)– (9,044)(14,837)
Assets classified as held for sale– 83 25,948 – 9,899 35,930
Disposals – 4 – 8,586 582 9,172
Balance at end of year– (8,894) (15,165) (172,678) (115,517) (312,254)
Net book value at 30 September 20241,42913,86319,499144,43338,595217,819
Commitments
The estimated capital expenditure for property, plant and equipment contracted for at reporting date but not provided is $4.9m
for the Group (2024: $4.4m).
Note 13 – Investments
The Group’s interest in equity-accounted investees comprises interests in those associates and joint ventures disclosed in note 21.
Associates are those entities in which the Group has significant influence, but not control or joint control over the financial and
operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net
assets of the arrangement rather than the rights to its assets and obligations for its liabilities.
Interests in associates and joint ventures are accounted for using the equity method. They are initially recognised at cost, which
includes transaction costs. Subsequent to initial recognition, the financial statements include the Group’s share of the profit or
loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases.
Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of
the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent
there is no evidence of impairment.
The Group’s other investments comprise shareholdings in other companies which do not constitute controlling interests, nor does
the Group have significant influence over the investees. As these are not held for trading, the Group has elected these equity
instruments to be classified and measured at fair value through OCI.
Note 13 – Investments (continued)
20252024
Note$000$000
Equity-accounted investees
(a) Summary financial information for equity-accounted
investees, not adjusted for the percentage ownership
held by the Group:
Current assets 3,702 4,377
Non-current assets 6,108 6,146
Total assets 9,810 10,523
Current liabilities 648 718
Non-current liabilities 1,839 1,911
Total liabilities 2,487 2,629
Revenue 5,114 5,662
Expenses (5,478)(5,890)
Loss (364)(228)
(b) Movements in carrying value of equity-accounted investees:
Balance at the beginning of the year 1,157 4,279
Share of profit 101 139
Impairment of investment in Two Islands Co NZ Limited5– (2,956)
Sale of investment in Two Islands Co NZ Limited– (200)
Dividends received from associates22 (690) (383)
Acquisition of shares in associate22 278 278
Balance at 30 September 846 1,157
Other investments
Shares in other companies 104 104
950 1,261
Sale of investment in Two Islands
In 2024 the Group sold its equity-accounted investment in Two Islands Co NZ Limited, including its subsidiary Two Islands Co
Australia Pty Limited, resulting in an impairment of $2.9m in the comparative year. An advance to Two Islands Co NZ Limited of
$0.2m including interest was written off also. Refer to note 22. Two Islands Co NZ Limited and its subsidiary were in the business
of manufacturing and distributing dietary supplements in New Zealand and Australia.
Note 14 – Intangible Assets
Purchased fishing quota is carried at cost less impairment losses. Quota and licences which are initially recognised on the basis
of previous permits, catch history or when purchased through business combinations are initially valued at fair value on
allocation. Fair value is determined by reference to Crown tender prices and market prices available close to the time of the
acquisition. This became the deemed cost upon the adoption of NZ IFRS.
Marine farm licences are recorded at cost or, when purchased through business combinations, are initially measured at fair value.
Marine farm licences and fishing quota have indefinite useful lives and are not amortised but are tested annually for impairment
at reporting date.
Fishing quota has no expiry date and is therefore deemed to have an indefinite useful life. Marine farm licences are deemed by
the directors to have indefinite useful lives as it is highly probable that they are renewed, and the costs of renewal are expected
to be minimal.
Expenditure on research and development activities, undertaken with the prospect of gaining new scientific or technical
knowledge, is expensed as incurred. Expenditure on development activities, whereby research findings are applied to a plan
or a design for the production of new or substantially improved products or processed, is capitalised if the product or process
is commercially and technically feasible, and the Group has sufficient resources to complete development. Other development
expenditure is expensed as incurred.
55Annual Report FY25 | 54| Sanford Limited

Notes to the Financial Statements
for the year ended 30 September 2025
Note 14 – Intangible Assets (continued)
2025
Fishing
Quota
Marine
Farm
LicencesGoodwill
Intellectual
Property
Computer
SoftwareTotal
$000$000$000$000$000$000
Cost
Balance at beginning of year 387,092 103,524 4,398 3,660 10,821 509,495
Additions– 558 ––– 558
Disposals – (158)––– (158)
Effect of movements in exchange rates 9 – 19 –– 28
Balance at end of year 387,101 103,924 4,417 3,660 10,821 509,923
Accumulated amortisation
and impairment
Balance at beginning and end of year (9,896) (1,244) (2,432) (3,599) (2,237) (19,408)
Amortisation––– (61) (1,689) (1,750)
Impairment–– (1,985)– (610) (2,595)
Balance at end of year (9,896) (1,244) (4,417) (3,660) (4,536) (23,753)
Carrying amount at 30 September 2025 377,205 102,680 –– 6,285 486,170
Impairment of goodwill
In 2025 the Group impaired the goodwill balance of $2.0m associated with Saltwater Seafoods, an Australian seafood trading
business acquired in 2020.
In 2024 the Group impaired the goodwill balance of $1.4m associated with Enzaq, a mussel powder business acquired in 2017.
2024
Fishing
Quota
Marine
Farm
LicencesGoodwill
Intellectual
Property
Computer
SoftwareTotal
$000$000$000$000$000$000
Cost
Balance at beginning of year 387,090 102,616 4,375 3,660 10,598 508,339
Additions– 1,274 –– 223 1,497
Disposals– (366)––– (366)
Effect of movements in exchange rates 2 – 23 –– 25
Balance at end of year 387,092 103,524 4,398 3,660 10,821 509,495
Accumulated amortisation
and impairment
Balance at beginning and end of year (9,522) (1,244) (974) (2,867) (536) (15,143)
Amortisation––– (732) (1,701) (2,433)
Impairment (374)– (1,458)–– (1,832)
Balance at end of year (9,896) (1,244) (2,432) (3,599) (2,237) (19,408)
Carrying amount at 30 September 2024 377,196 102,280 1,966 61 8,584 490,087
Note 14 – Intangible Assets (continued)
14.1 Market capitalisation
The Group’s market capitalisation has been below the carrying amount of net assets from September 2020 onwards.
At 30 September 2025 the Group’s market capitalisation was $517m (2024: $353m) and the carrying value of its net assets
was $741m (2024: $704m). Accounting standards consider this to be an indicator of impairment. The Group does not believe
the current share price provides an accurate reflection of the fair value of the net assets, due to factors such as:
• Management do not consider that the share price factors in rising global seafood prices, continuing strong demand, and the
likelihood of profitability improving across the business.
• The likelihood that the market value of the Group’s New Zealand fishing quota (recognised within the Wildcatch cash-
generating unit) materially exceeds its carrying value. In 2022 the sale of CRA2, CRA7 and CRA8 quota realised a
consideration of $52.7m whereas the carrying value was $8.3m. For 2025, management has obtained an updated independent
valuation of the Group’s remaining New Zealand fishing quota which shows headroom over the $377m carrying value recorded
in the financial statements, which is in excess of the market capitalisation shortfall.
Recently management obtained an updated independent valuation of Sanford as a whole, with the carrying amount of the
Group’s net assets’ value falling within this range of valuation.
Management undertakes impairment testing in respect of the cash-generating units which contain the New Zealand fishing
quota and marine farm licences using the value-in-use methodology. This testing results in positive headroom between the
value of these cash-generating units and the carrying amount of their net assets, indicating that there is no impairment at the
cash-generating unit level.
14.2 Cash-generating units
An impairment loss is recognised whenever the carrying amount of an asset exceeds its recoverable amount, which is the greater
of its value in use and its fair value less costs to sell. If it is not possible to estimate the recoverable amount of the individual asset,
the Group determines the recoverable amount of the cash-generating unit (CGU) to which the asset belongs.
Impairment losses directly reduce the carrying amount of assets and are recognised in the income statement. For goodwill and
intangible assets that have indefinite lives, recoverable amount is estimated at each reporting date.
The table below outlines the allocations of intangible assets and goodwill with indefinite useful lives to CGUs:
2025
Fishing
Quota
Marine Farm
LicencesTotal
$000$000$000
New Zealand Wildcatch 376,155 – 376,155
New Zealand Aquaculture 846 102,680 103,526
Australia Seafood 204 – 204
377,205 102,680 479,885
2024
Fishing
Quota
Marine Farm
LicencesGoodwillTotal
$000$000$000$000
New Zealand Wildcatch 376,155 –– 376,155
New Zealand Aquaculture 846 102,280 – 103,126
Australia Seafood 195 – 1,966 2,161
377,196 102,280 1,966 481,442
57Annual Report FY25 | 56| Sanford Limited

Notes to the Financial Statements
for the year ended 30 September 2025
Note 14 – Intangible Assets (continued)
14.2 Cash-generating units (continued)
Wildcatch and Aquaculture – impairment testing and assumptions
Impairment testing and assumptions
Based on impairment testing undertaken in the current year, no impairment is required for New Zealand fishing quota or marine
farm licences given the recoverable amount of both the New Zealand Wildcatch and Aquaculture CGUs exceed the carrying value
of their net assets.
Impairment testing was performed on the applicable CGUs to determine whether fishing quota and marine farm licences were
impaired using a discounted cash flow model based on value in use. Key assumptions for earnings and capital expenditure are
based on actual historical results and estimates of future earnings. The future earnings assumptions are largely based on the
Group maintaining its profitability as well as other strategic initiatives.
Growth from expansionary capital items is excluded from the assessment as required by NZ IAS 36.
The table below sets out key assumptions used in the discounted cashflow models for the two CGUs.
WildcatchAquaculture
2025202420252024
Future cashflows modelled period5 years5 years5 years5 years
Reporting periods of future cashflowsFY26 – FY30FY25 – FY29FY26 – FY30FY25 – FY29
Post-tax discount rates (range)7.9% – 8.9%8.0% – 9.0%7.9% – 8.9%8.0% – 9.0%
Post-tax discount rates
(mid-point adopted)8.4%8.5%8.4%8.5%
Terminal growth rate2.20%2.25%2.20%2.25%
Compound annual growth rate
(CAGR) of EBIT per annum12.1%24.8%2.2%10.2%
Compounding period5 years from FY265 years from FY255 years from FY265 years from FY25
Headroom – recoverable amount
over carrying amount$83.9m$109.4m$336.6m$93.0m
Sensitivity analysis – impairment testing
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 future earnings assumption was assumed to have a CAGR of -27.1% (2024: 1.2%) over the
compounding period, 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 7.0% (2024: 18.4%) over the compounding
period for the carrying amount to equal the recoverable amount.
14.3 Goodwill
Goodwill represents the excess of the consideration transferred over the fair value of the net identifiable assets of the acquired
business. Goodwill is carried at cost less accumulated impairment losses.
The consideration transferred in the acquisition is measured at fair value, as are the identifiable net assets acquired. Any goodwill
that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss immediately.
Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. The consideration
transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally
recognised in the income statement.
Note 14 – Intangible Assets (continued)
14.4 Computer software
Software-as-a-Service (SaaS) arrangements are service contracts providing the Group with the right to access the cloud
provider’s application software over the contract period. As such the Group does not receive a software intangible asset at
the contract commencement date. For SaaS arrangements, the Group assesses if the contract will provide a resource that
it can ‘control’ to determine whether an intangible asset is present. If the Group cannot determine control of the software,
the arrangement is deemed a service contract and any implementation costs, including costs to configure or customise the
cloud provider’s application software, are recognised as operating expenses when incurred.
Where the SaaS arrangement supplier provides both configuration and customisation services, judgement has been applied
to determine whether each of these services are distinct or not from the underlying use of the SaaS application software.
If distinct, such costs are expensed as incurred when the service is provided. If not distinct, such costs are expensed over the
SaaS contract term.
In implementing SaaS arrangements, the Group has incurred customisation costs which creates additional functionality
to a cloud-based software. Management has determined that it has rights to the intellectual property and has owned the
developed software which meets the definition and recognition criteria for an intangible asset.
Cost incurred for the development of software that enhances or modifies, or creates additional functionality to an on-premise
software, that meets the definition and recognition criteria of intangible assets are recognised as intangible assets. These costs
are recognised as intangible software assets when they are available for use, and subsequently amortised over the useful life of
the software on a straight-line basis. The estimated useful life for computer software is between three and ten years.
Sanford impaired computer software assets of $0.6m in the current year ended 30 September 2025 (2024: $nil).
Note 15 – Trade and Other Payables
Trade and other payables
Trade and other payables are financial liabilities, classified and measured at amortised cost. As these are short term in nature
the carrying amount is considered to be a reasonable approximation of fair value.
Provisions
The Group recognises a provision when the Group has a present obligation – legal or constructive – as a result of a past event,
it is more likely than not that the resulting liability from the obligation will be required to be settled, and the amount required to
settle can be reliably estimated.
Employee entitlements
(i) Long-service leave
The Group’s net obligation in respect of long-service leave is the amount of future benefit that employees have earned in return
for their service in the current and prior periods. The obligation is calculated using an actuarial technique. Changes in long service
leave provision are recognised in the income statement.
(ii) Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service
is provided.
20252024
$000$000
Current liabilities
Trade payables 15,298 15,149
Other payables and accruals 14,969 21,328
Employee entitlements 7,139 8,071
Restructuring provision– 99
37,406 44,647
Non-current liabilities
Employee entitlements 674 1,260
674 1,260
59Annual Report FY25 | 58| Sanford Limited

Note 16 – Capital/Reserves and Earnings Per Share
(a) Translation reserve
This reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations
as well as from the translation of liabilities that hedge the Group’s net investment in a foreign subsidiary.
(b) Share-based payments reserve
This reserve comprises the fair value of equity instruments granted under the long-term incentive plan.
(c) Cash flow hedge and cost of hedging reserve
The cash flow hedge reserve comprises the effective portion of changes in the fair value of derivative contracts for highly-probable
forecast transactions.
The cost of hedging reserve contains the cumulative net change in fair value on foreign currency options which are excluded from
the hedge designations of foreign currency risk.
(d) Share capital and earnings per share
Ordinary Shares
20252024
No. of SharesNo. of Shares
On issue at beginning and end of year93,626,73593,626,735
All issued shares are fully paid. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are
entitled to one vote per share at meetings of the Company. All shares rank equally with regard to Sanford’s residual assets. In respect
of the Company’s shares that are held by the Group, all rights are suspended until those shares are reissued.
The calculation of earnings per share (EPS) at 30 September 2025 was based on the following:
20252024
Profit attributable to ordinary shareholders (’000s of dollars) 63,690 19,685
Weighted average number of
ordinary shares outstanding 93,506,137 93,506,137
Earnings per share (cents) 68.1 21.1
Share options issued under the long-term incentive plan are contingently issuable potential ordinary shares but are not dilutive in the
current period.
(e) Treasury shares and the long-term incentive scheme
In 2025, the Board approved the establishment of a long-term incentive option plan (the Plan). In accordance with the Plan,
the Board may grant options to employees of the Company to acquire fully-paid shares in the Company (the Options). The objectives
of the Plan are to reward and retain key employees, drive longer-term performance and align incentives of participants with the
interests of the Company’s shareholders, and encourage longer-term decision-making by participants.
On 18 December 2024, as approved by an ordinary resolution of shareholders at the Sanford Annual Shareholders’ Meeting,
the Group issued 1,800,000 Options to the Managing Director under the Plan with a grant date of 15 November 2024, vesting
in approximately three years and subject to the satisfaction of other conditions as documented in the Plan. Upon exercise of
the Options at vesting, the Managing Director will be issued one ordinary share in Sanford per Option exercised.
The Group may facilitate the issue of Sanford shares to the Managing Director by purchasing treasury shares pursuant to terms
in the Plan. The Group has not acquired any Sanford Limited shares in 2025. Total treasury shares held at 30 September 2025
is 120,598 shares (2024: 120,598 shares).
Notes to the Financial Statements
for the year ended 30 September 2025
Note 17 – Dividends
The following dividends were declared and paid by the Company for the year ended 30 September:
20252024
$000$000
– Final dividend in respect of the 2024 year was 05 cents per share
(Final dividend 2023 year: 06 cents per share) 4,676 5,610
– Interim dividend in respect of the 2025 half year was 05 cents per share
(Interim dividend 2024: 05 cents per share) 4,676 4,676
9,352 10,286
On 17 November 2025, the Board declared a final dividend for the year ended 30 September 2025 of 05 cents per share.
Note 18 – Financial Instruments
Classification and measurement
Classification and measurement of financial assets
Financial assets are classified into three categories depending on their contractual cash flow characteristics and the Group’s
business model for managing the financial assets. These categories are:
• Amortised cost
• Fair value through profit or loss
• Fair value through OCI.
A financial asset which is a debt instrument is measured at amortised cost only if both the following conditions are met:
• It is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest.
However, the Group may choose at initial recognition to designate a debt instrument that meets the amortised cost criteria
as at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch.
For investments in equity instruments that are not held for trading nor managed on a fair value basis, the Group has elected
to measure these at fair value through OCI.
Derivative financial instruments which are not designated in an effective hedge relationship are classified as fair value through
profit or loss.
Classification and measurement of financial liabilities
Financial liabilities are classified as either amortised cost or fair value through profit or loss. The Group may choose at initial
recognition to designate a financial liability as at fair value through profit or loss if doing so eliminates or significantly reduces
an accounting mismatch. All financial liabilities of the Group are measured at amortised cost except for derivative financial
instruments which are measured at fair value. Changes in the fair value of derivative financial liabilities are recognised in profit
or loss except when the derivative instrument is designated in an effective hedge relationship.
Specific accounting policies for the Group’s financial assets and liabilities are described below.
Exposure to credit, interest rate, foreign currency, fuel price and liquidity risks arise in the normal course of the Group’s business.
Derivatives may be used as a means of reducing exposure to fluctuations in foreign exchange rates, interest rates and fuel prices.
While these instruments are subject to the risk of subsequent changes to market rates, such changes would generally be offset by
opposite effects on the items being hedged.
The Group is not exposed to substantial other market price risk arising from financial instruments.
Fair value measurement
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows using market interest
rates. The fair value of forward foreign exchange contracts is estimated by discounting the difference between the contractual
forward price and the current forward price for the residual maturity of the contract using market interest rates. The fair value of
foreign currency options is estimated using option valuation methods with reference to current spot rates and market volatility.
The fair value of fuel swaps is estimated using forward fuel prices at reporting date.
61Annual Report FY25 | 60| Sanford Limited

Note 18 – Financial Instruments (continued)
Fair value hierarchy
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values
are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the
fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is
significant to the entire measurement.
(a) Credit risk
Credit risk, the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, arises principally from the Group’s receivables from customers.
The Group does not generally require collateral in respect of trade and other receivables. Management has a credit policy in place
and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring
credit over a certain amount. Reputable financial institutions (defined as having a minimum credit rating of A-) are used for
investing and cash-handling purposes.
Maximum exposure to credit risk
The carrying amount of financial assets represents the Group’s maximum credit exposure.
The Group has not renegotiated the terms of any financial assets which would result in the carrying amount no longer being past due
or avoid a possible past due status.
The Group’s maximum exposure to credit risk for trade and other receivables (excluding prepayments and statutory tax receivables
by geographic regions is as follows:
20252024
$000$000
New Zealand22,44534,516
Europe18,85419,833
North America14,83417,619
Asia2,6329,382
Australia2,9233,922
Other1,795911
Trade and other receivables 63,483 86,183
The status of trade receivables at the reporting date is as follows:
Gross
Receivables
Allowance for
Doubtful Debts
Gross
Receivables
Allowance for
Doubtful Debts
2025202520242024
$000$000$000$000
Not past due 56,571 –72,867–
Past due 0 – 30 days 5,548 –9,882–
Past due 31 – 90 days 550 –200–
Past due 91 – 120 days 66 (66)134–
Past due 121 – 365 days 131 (131) 438 (354)
62,866(197)83,521(354)
Note 18 – Financial Instruments (continued)
(a) Credit risk (continued)
Impairment assessment – expected credit losses
The Group applies the simplified approach to providing for expected credit losses prescribed by NZ IFRS 9, which permits the
use of the lifetime expected loss provision for all trade receivables. The loss allowance provision on trade receivables that are
individually significant is determined by an evaluation of the exposures on a line-by-line basis. For trade receivables which are not
significant on an individual basis, collective impairment is assessed on a portfolio basis based on the number of days overdue,
and taking into account the historical loss experience in portfolios with a similar number of days overdue. The expected credit
losses incorporate forward-looking information and relevant macroeconomic factors.
(b) Liquidity risk
Liquidity risk represents the Group’s ability to meet its contractual obligations. The Group evaluates its liquidity requirements
on a daily basis.
The Group has secured bank loans which contain debt covenants. A breach of covenant may require accelerated repayment of
the loans earlier than indicated in the loan contract.
The following table sets out the contractual and expected cash flows for all financial liabilities and derivatives.
2025
Statement of
Financial
Position
Contractual
Cash Out/
(In) Flows
6
months
or less
6–12
months
1–2
years
2–5
years
More
than 5
years
$000$000$000$000$000$000$000
Bank loans 105,000 112,120 2,023 41,277 2,540 66,280 –
Trade payables 15,298 15,298 15,298 ––––
Other payables 14,969 14,969 14,969 ––––
Total non-derivative liabilities 135,267 142,387 32,290 41,277 2,540 66,280 –
Forward exchange contracts (302) (348) 1,172 (866) (552) (102)–
Interest rate swaps 1,547 1,779 251 393 561 574 –
Fuel swaps 601 616 252 328 36 ––
Total derivative liabilities (assets) 1,846 2,047 1,675 (145) 45 472 –
2024
Statement of
Financial
Position
Contractual
Cash Out/
(In) Flows
6
months
or less
6–12
months
1–2
years
2–5
years
More
than 5
years
$000$000$000$000$000$000$000
Bank loans 200,000 252,846 5,976 6,009 176,746 64,115 –
Trade payables 15,149 15,149 15,149 ––––
Other payables 21,328 21,328 21,328 ––––
Total non-derivative liabilities 236,477 289,323 42,453 6,009 176,746 64,115 –
Forward exchange contracts (28,689) (29,275) (5,941) (7,371) (10,807) (5,156)–
Interest rate swaps (314) (571) (1,022) (27) 80 447 (48)
Fuel swaps 1,933 1,983 1,053 659 271 ––
Total derivative liabilities (assets) (27,070) (27,863) (5,910) (6,739) (10,456) (4,709) (48)
Notes to the Financial Statements
for the year ended 30 September 2025
63Annual Report FY25 | 62| Sanford Limited

Note 18 – Financial Instruments (continued)
(b) Liquidity risk (continued)
Bank loans and borrowings
Bank loans and borrowings are recognised initially at fair value, net of attributable transaction costs. Subsequent to initial
recognition, bank loans and borrowings are measured at amortised cost, applying the effective interest method.
Banking facilities, expiry dates and balances of then secured and syndicated bank loans for the Group are illustrated in the
table below.
2025
Expiry DateFacilityBalance
$000$000
April 2026 60,000 40,000
April 2028 80,000 65,000
April 2029 20,000 –
160,000 105,000
2024
Expiry DateFacilityBalance
$000$000
November 2025 40,000 30,000
March 2026 – April 2026 85,000 85,000
April 2026 95,000 55,000
April 2028 30,000 30,000
250,000 200,000
Facilities
The Group completed refinancing activities in the 2025 year. 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 $160m.
Interest rates
Interest rates on the above loans ranged from 3.43% – 4.06% (2024: 5.62% – 6.65%).
Security and covenants
All bank loans are syndicated and 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 earnings before interest, taxes, depreciation and amortisation (EBITDA) between Sanford and the Guaranteeing Group.
Compliance with covenant arrangements are reported to lenders quarterly. The Group has complied with all covenants during 2025
(2024: all covenants were complied with).
Notes to the Financial Statements
for the year ended 30 September 2025
Note 18 – Financial Instruments (continued)
(c) Market risk
Financial risk management and hedge accounting
Market risk is the risk that arises from changes in foreign exchange rates, interest rates and commodity (specifically fuel) prices.
Such changes will affect the Group’s earnings and/or the value of its holdings of financial instruments. These risks arise due to
the Group having financial instruments that would be impacted by changes in these market factors.
The Group enters into derivative contracts, being forward exchange contracts, foreign currency options and interest rate swaps,
to manage exposure to foreign currency and interest rate risks. The Group also enters into commodity swaps to manage fuel
price risk. Senior management is involved in the operation and oversight of risk management and derivative activities. Regular
reporting of activities is provided to the Board of Directors which provides the policy for the use of derivative instruments.
In accordance with its Treasury Policy, the Group does not hold or issue derivative financial instruments for trading purposes.
However, derivatives that do not qualify for hedge accounting are accounted for as held for trading and classified at fair value
through profit or loss.
The Group initially recognises derivatives at fair value when the Group becomes a party to the contractual provisions of the
instrument, and subsequently remeasures these at fair value at each balance date. All derivatives are classified as Level 2 on
the fair value hierarchy explained above. The resulting fair value gain or loss on remeasurement is recognised in profit or loss
immediately, unless the derivative is designated and effective as a hedging instrument, in which case the timing of recognition
in profit or loss depends on the nature of the designated hedge relationship.
Changes in the fair value of the derivative hedging instrument designated as a cash flow hedge are recognised directly in other
comprehensive income (OCI) to the extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair
value are recognised in the income statement. For cash flow hedges of financial items (e.g. forecast sales), the changes in fair
value deferred in OCI are transferred to the profit or loss when the hedged item affects the profit or loss.
The Group designates only the intrinsic value of options into hedging relationships. The time value of the options is treated as a
cost of hedging. Changes in fair value of the time value component of the option contract are deferred in OCI over the term of the
hedge. For transaction-related hedged items, the cumulative change in fair value deferred in OCI is recognised in profit or loss at
the same time as the hedged item. If the hedged item first gives rise to the recognition of a non-financial asset or a non-financial
liability, the amount in equity is removed and recorded as part of the initial carrying amount of the hedged item. If the hedged
item gives rise to the recognition of a financial asset or liability, then the amount in equity is recognised in profit or loss at the
same time as the hedged item is recognised in profit or loss.
If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, then
hedge accounting is discontinued retrospectively. The cumulative gain or loss previously recognised in OCI remains there until
the forecast transaction occurs, or is immediately recognised in profit or loss if the transaction is no longer expected to occur.
Fair value measurement
The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows using market interest
rates. The fair value of forward foreign exchange rate contracts is estimated by discounting the difference between the
contractual forward price and the current forward price for the residual maturity of the contract using market interest rates.
The fair value of foreign currency options is estimated using option valuation methods with reference to current spot rates and
market volatility. The fair value of fuel contracts is estimated using forward fuel prices at reporting date.
Interest rate risk
The Group is exposed to interest rate risk through its cash balances, short-term and long-term borrowings. The Group adopts
a risk management strategy of managing the exposure to interest rate risk through a proportion of fixed and floating rate
borrowings. To meet this strategy, the Group uses interest rate swaps to fix between 25% and 75% of the floating rate exposure
on long-term borrowings in line with its Board-approved Treasury Policy. In the current period, the Group designated
the highly-probable forecast transactions and the interest rate swap contracts into cash flow hedge relationships.
Interest rate swap contracts are recognised within derivative financial instruments in the statement of financial position as
at reporting date. The fair value gains and losses on these derivatives were recognised in OCI and transferred to profit or loss
when the underlying transactions affected the profit or loss within finance expenses in the income statement. The amounts
designated as the hedged item in qualifying cash flow hedges mirror the amounts designated as hedging instruments as set out
below; therefore, the Group has established a 1:1 hedge ratio.
Hedge ineffectiveness is only recognised for accounting purposes if it results in movements in the value of the hedge instrument
in excess of those on the hedged item. The source of any ineffectiveness would be largely due to credit valuation adjustments and
timing of cash flows. No ineffectiveness arose on cash flow hedges of interest rate risk during the year (2024: none).
65Annual Report FY25 | 64| Sanford Limited

Note 18 – Financial Instruments (continued)
(c) Market risk (continued)
Interest rate risk (continued)
Interest-bearing variable rate instruments and related derivatives re-price as follows:
2025
Total
6 months
or less
6–12
months1–3 years3–5 years
More than
5 years
$000$000$000$000$000$000
Cash and cash equivalents 11,589 11,589 ––––
Bank loans (105,000) (105,000)––––
Interest rate swaps
Notional cash inflows 86,000 86,000 ––––
Notional cash outflows (86,000) (10,000) (6,000) (35,000) (35,000)–
Total variable rate (93,411) (17,411) (6,000) (35,000) (35,000)–
2024
Total
6 months
or less
6–12
months1–3 years3–5 years
More than
5 years
$000$000$000$000$000$000
Cash and cash equivalents 14,475 14,475 ––––
Bank loans (200,000) (200,000)––––
Interest rate swaps
Notional cash inflows 152,000 152,000 ––––
Notional cash outflows (152,000)– (26,000) (31,000) (80,000) (15,000)
Total variable rate (185,525) (33,525) (26,000) (31,000) (80,000) (15,000)
Effects of hedge accounting on the financial position and performance
The tables below demonstrate the impact of hedged items and the hedging instruments designated in hedging relationships.
2025
Nominal
Weighted
Average
Rate
Carrying AmountsChange in Fair Value
used to Measure
Ineffectiveness
Cash Flow
Hedge
ReserveAssetsLiabilities
Cash flow hedges $000$000$000$000$000
Interest rate risk
Hedged item: NZD floating rate
exposure on borrowings (105,000)3.87% n/a n/a 1,556 n/a
Hedging instrument:
Interest rate swaps (86,000)3.41%– (1,547) (1,547) 1,547
Notes to the Financial Statements
for the year ended 30 September 2025
Note 18 – Financial Instruments (continued)
(c) Market risk (continued)
Effects of hedge accounting on the financial position and performance (continued)
2024
Nominal
Weighted
Average
Rate
Carrying AmountsChange in Fair Value
used to Measure
Ineffectiveness
Cash Flow
Hedge
ReserveAssetsLiabilities
Cash flow hedges $000$000$000$000$000
Interest rate risk
Hedged item: NZD floating rate
exposure on borrowings(200,000)6.32%n/an/a(307)n/a
Hedging instrument:
Interest rate swaps(152,000)3.45% 314 –314(314)
Foreign currency risk
The Group is exposed to foreign currency risk as a result of sales and purchases denominated in foreign currencies, as well as the
foreign currency exposure arising from USD-denominated fuel purchases. The Group has entered into forward exchange
contracts and foreign currency options (hedging instruments) to hedge the variability in cash flows arising from foreign exchange
rate movements in relation to foreign currency sales (hedged item) up to two years forward. Minimum and maximum hedging
levels for the next two years expected sales volumes are stipulated by its Board-approved Treasury Policy. In the current period,
the Group designated the highly-probable forecast transactions and the forward exchange contracts and options into cash flow
hedge relationships.
Forward exchange contracts and foreign currency options are recognised within the derivative financial instruments in the
statement of financial position as at reporting date. The fair value gains and losses on these derivatives were recognised in OCI
and transferred to profit or loss when the underlying transactions affected the profit or loss within revenue and cost of sales in the
income statement. The amounts designated as the hedged item in qualifying cash flow hedges mirror the amounts designated as
hedging instruments as set out below; therefore, the Group has established a 1:1 hedge ratio.
Hedge ineffectiveness is only recognised for accounting purposes if it results in movements in the value of the hedge instrument
in excess of those on the hedged item. The source of any ineffectiveness would be largely due to credit risk adjustments on the
derivatives and timing of cash flows. No ineffectiveness arose on cash flow hedges of foreign currency transactions during the
year (2024: none).
As at 30 September 2025, the Group’s exposure to foreign currency risk for the next 12 months can be summarised as follows:
2025
USDAUDJPYEURGBP
(figures are NZD)$000$000$000$000$000
Cash 3,271 289 50 667 185
Trade receivables 49,954 1,576 – 1,129 –
Trade payables (3,769) (2,115)– (2) (42)
Net statement of financial position
exposure before hedging activity 49,456 (250) 50 1,794 143
Forecast net receipts/(net payments) 295,082 (24,176)– 6,075 –
Net cash flow exposure before
hedging activity 344,538 (24,426) 50 7,869 143
Forward exchange contracts
and options(295,388)19,920– (4,212)–
Net un-hedged exposure 49,150 (4,506) 50 3,657 143
67Annual Report FY25 | 66| Sanford Limited

Note 18 – Financial Instruments (continued)
(c) Market risk (continued)
Foreign currency risk (continued)
2024
USDAUDJPYEURGBP
(figures are NZD)$000$000$000$000$000
Cash 1,279 1,058 (71) 2,894 (76)
Trade receivables 64,780 2,064 – 2,503 –
Trade payables (3,845) (2,917)– (724)–
Net statement of financial position
exposure before hedging activity 62,214 205 (71) 4,673 (76)
Forecast net receipts/(net payments) 295,082 (26,374) 1,765 (1,621)–
Net cash flow exposure before
hedging activity 357,296 (26,169) 1,694 3,052 (76)
Forward exchange contracts
and options(320,452)26,118(1,544)––
Net un-hedged exposure 36,844 (51) 150 3,052 (76)
The Group’s policy is not to hedge operating cash flows denominated in EUR and GBP. However, at the Board’s discretion hedges
can be taken on these currencies. Therefore, EUR hedges do exist for near-term contracted sales. In 2024 the EUR hedge related
to cash outgoings expected to be incurred in 2025 for a capital project which was completed in 2025.
Effects of hedge accounting on the financial position and performance
The tables below demonstrate the impact of hedged items and the hedging instruments designated in hedging relationships.
2025
Nominal
Carrying AmountsChange in Fair
Value used
to Measure
Ineffectiveness
Cash Flow
Hedge ReserveAssetsLiabilities
Cash flow hedges* $000$000$000$000$000
Foreign currency risk
Hedged item: Forecast
transactions denominated
in foreign currencies279,680n/an/a(1,366)n/a
Hedging instruments:
Forward exchange contracts279,6804,203(3,901)302(302)
2024
Nominal
Carrying AmountsChange in Fair
Value used
to Measure
Ineffectiveness
Cash Flow
Hedge ReserveAssetsLiabilities
Cash flow hedges*
$000$000$000$000$000
Foreign currency risk
Hedged item: Forecast
transactions denominated
in foreign currencies300,591n/an/a(26,287)n/a
Hedging instruments:
Forward exchange contracts300,59128,760(71)28,689(28,689)
* Includes all hedges of forecast future transactions.
Notes to the Financial Statements
for the year ended 30 September 2025
Note 18 – Financial Instruments (continued)
(c) Market risk (continued)
Fuel price risk
The Group is exposed to fuel price risk through its purchases of fuel for its fishing fleet.
Fuel price risk is the risk of loss to the Group due to adverse fluctuations in fuel prices in USD terms. The currency exposure
arising from USD fuel costs is managed separately (see foreign currency risk management). The Group’s fuel price risk has the
following contractually specified components: gas oil and shipping costs.
The Group enters into gas oil commodity swaps to reduce the variability in those components of fuel costs, which historically have
comprised approximately 80% (2024: 80%) of total fuel cost for the year. Minimum and maximum hedging levels for the next two
years’ expected purchase volumes are stipulated by its Board-approved Treasury Policy. A 1:1 hedge ratio is used, reflecting the
match of the hedging instruments and the component exposures in the fuel costs.
Fuel swaps are recognised within the derivative financial instruments in the statement of financial position as at reporting date
and were designated as the hedging instruments in qualifying cash flow hedges. The fair value gains and losses on these
derivatives were recognised in other comprehensive income and transferred from OCI and included in the initial carrying amount
of inventory. When the fuel is consumed it is expensed to the profit or loss within cost of sales in the income statement.
Hedge ineffectiveness is only expected to result from credit valuation adjustments and any shortfalls in the amounts of the
expected exposures. Hedge ineffectiveness is only recognised for accounting purposes if it results in movements in the value
of the hedge instrument in excess of those on the hedged item. Any ineffectiveness is recognised within cost of sales in the
income statement.
All fuel derivative contracts mature within 18 months of reporting date (2024: 12 months).
Reconciliation of changes in hedge reserves
The movements in the fair value of hedging instruments which are deferred to the cash flow hedge reserve during the year are set
out below, together with changes in the cost of hedging reserve, and the tax thereon:
2025
Hedging Instruments used to Hedge
Interest Rate RiskCurrency RiskFuel Price RiskTotal
Recognised in statement of
changes in equity hedge reserves$000$000$000$000
Balance at beginning of year 226 18,902 (1,393) 17,735
Changes in cash flow hedge reserve
– changes in fair value (1,862) (24,903) 1,332 (25,433)
Deferred tax on reserve movements 521 6,973 (373) 7,121
Balance at end of year (1,115) 972 (434) (577)
2024
Hedging Instruments used to Hedge
Interest Rate RiskCurrency RiskFuel Price RiskTotal
Recognised in statement of
changes in equity hedge reserves$000$000$000$000
Balance at beginning of year 5,156 385 2,239 7,780
Changes in cash flow hedge reserve
– changes in fair value (6,847) 26,009 (5,043) 14,119
Changes in cost of hedging reserve
– changes in fair value– (293)– (293)
Deferred tax on reserve movements 1,917 (7,199) 1,411 (3,871)
Balance at end of year 226 18,902 (1,393) 17,735
69Annual Report FY25 | 68| Sanford Limited

Note 18 – Financial Instruments (continued)
(c) Market risk (continued)
Sensitivity to changes in market prices or rates
All derivatives are measured at fair value and changes in market inputs used to determine these fair values would have an impact
on Sanford’s financial statements. For each type of market risk that the entity is exposed to at the end of the reporting period, the
sensitivity analysis below shows the impacts of reasonably plausible changes in the relevant market variables on the profit or loss
and OCI for the period. The effects of a variation in a particular assumption is calculated independently of any changes in another
assumption. As this sensitivity analysis is only on financial instruments (derivative and non-derivative), these ignore the offsetting
impacts of future forecast transactions designated as hedged items to the derivatives held.
20252024
$000$000$000$000
Other comprehensive income, net of tax will
increase/(decrease) by:
Increase in
Rates or Prices
Decrease in
Rates or Prices
Increase in
Rates or Prices
Decrease in
Rates or Prices
Sensitivity to changes in interest rates
100 basis points change in interest rates1,520(1,578)2,909(2,706)
Sensitivity to changes in foreign exchange rates
10% change in foreign exchange rates18,098(22,118)19,432(24,740)
Sensitivity to changes in fuel prices
10% change in fuel prices674(1,862)2,706(3,037)
Profit after tax will increase/(decrease) by:
Sensitivity to changes in interest rates
100 basis points change in interest rates(143)14398(24)
Sensitivity to changes in foreign exchange rates
10% change in foreign exchange rates2,536(3,099)2,165(2,765)
(d) Capital management
The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. The impact of capital structure on shareholders’ return is recognised also and the Group
acknowledges the need to maintain a balance between the higher returns that might be possible with greater gearing and the
advantages and security afforded by a sound capital position.
The allocation of capital between its specific business operations and activities is, to a large extent, driven by optimisation of the
return achieved on the capital allocated. The process of allocating capital to specific business segment operations and activities is
undertaken independently of those responsible for the operation.
The Group’s policies in respect of capital management and allocation are reviewed regularly by the Board of Directors.
There have been no material changes in the Group’s management of capital during the period.
(e) Master netting arrangements
Sanford enters into derivative transactions under the International Swaps and Derivatives Association (ISDA) master agreements.
The ISDA agreements do not meet the criteria for offsetting in the statement of financial position. This is because the Group does not
currently have any legally enforceable right to offset recognised amounts. Under the ISDA agreements the right to offset is
enforceable only on the occurrence of future events such as a default on the bank loans or other credit events. The potential net
impact of this offsetting is shown below. Sanford does not hold and is not required to post collateral against its derivative positions.
Net derivatives after applying rights of offset under ISDA agreements
20252024
$000$000
Derivative assets 4,521 29,920
Derivative liabilities (6,367)(2,850)
Net amount (1,846)27,070
Note 19 – Right-of-Use Assets and Lease Liabilities
(a) Right-of-use assets
Right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability, adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred, less any lease incentives received
and an estimate of costs to dismantle and remove the underlying asset. The right-of-use asset is subsequently carried at cost less
any accumulated depreciation and impairment losses, and adjusted for certain remeasurements of the lease liability. These
assets are depreciated over the expected lease term. The expected lease term may include the taking-up of lease extension
options, if the Group is reasonably certain of exercising such options.
2025
Land and
Buildings
Plant and
Equipment
Annual
Catch
Entitlement
(ACE)
Marine
Farm
LicencesTotal
$000$000$000$000$000
Cost
Balance at beginning of year 13,069 17,894 44,253 5,916 81,132
Adjustments to existing right-of-use assets 718 5,433(87) 2,637 8,701
Additions 24 486 – 398 908
Remeasurements 1,616 109 8,211 3,239 13,175
Disposals(327)(1,250)–(1,243)(2,820)
Effect of movement in exchange rates 37 ––– 37
Balance at end of year 15,137 22,672 52,377 10,947 101,133
Accumulated depreciation and impairment
Balance at beginning of year (4,031)(7,356)(33,917)(3,077)(48,381)
Adjustments to existing right-of-use assets(486) 465 –(776)(797)
Depreciation(1,583)(3,877)–(1,113)(6,573)
Depreciation – ACE––(8,515)–(8,515)
Impairment(69)–––(69)
Disposals 348 1,118 – 1,212 2,678
Effect of movement in exchange rates(26)–––(26)
Balance at end of year(5,847)(9,650)(42,432)(3,754)(61,683)
Net book value at 30 September 2025 9,290 13,022 9,945 7,193 39,450
Notes to the Financial Statements
for the year ended 30 September 2025
71Annual Report FY25 | 70| Sanford Limited

Note 19 – Right-of-Use Assets and Lease Liabilities (continued)
(a) Right-of-use assets (continued)
2024
Land and
Buildings
Plant and
Equipment
Annual
Catch
Entitlement
(ACE)
Marine
Farm
LicencesTotal
$000$000$000$000$000
Cost
Balance at beginning of year 12,157 18,169 39,111 9,038 78,475
Additions 85 380 2,891 66 3,422
Remeasurements 867 31 2,251 (183) 2,966
Disposals(48)(686)–(3,005)(3,739)
Effect of movement in exchange rates 8 ––– 8
Balance at end of year 13,069 17,894 44,253 5,916 81,132
Accumulated depreciation and impairment
Balance at beginning of year (2,650)(4,155)(26,171)(5,165)(38,141)
Depreciation(1,314)(3,749)–(917)(5,980)
Depreciation – ACE––(7,746)–(7,746)
Impairment(91)(96)––(187)
Disposals 28 644 – 3,005 3,677
Effect of movement in exchange rates(4)–––(4)
Balance at end of year(4,031)(7,356)(33,917)(3,077)(48,381)
Net book value at 30 September 2024 9,038 10,538 10,336 2,839 32,751
Impairment testing
All right-of-use assets not held for sale were assessed for impairment within the relevant cash-generating unit and assessed for
indicators of impairment annually.
(b) Lease liabilities
At the inception of the lease contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains,
a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
Control is conveyed where the Group has both the right to direct the use of the identified asset and to obtain substantially all of
the economic benefits from the use of the asset throughout the term. The Group recognises a right-of-use asset and a lease
liability at the lease commencement date.
At commencement or on modification of a contract that contains a lease component, the Group allocates the consideration
in the contract to each lease component on the basis of its relative stand-alone prices.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental
borrowing rate. Generally, the Group uses the incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following:
• Fixed payments, including in-substance fixed payments
• Variable lease payments that depend on an index or a rate, initially measured using the index or rates as at the
commencement date
• The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional
renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease
unless the Group is reasonably certain not to terminate early.
Notes to the Financial Statements
for the year ended 30 September 2025
Note 19 – Right-of-Use Assets and Lease Liabilities (continued)
(b) Lease liabilities (continued)
The lease liability is measured at amortised cost using the effective interest rate method. The liability is remeasured when there
is a change in future lease payments arising from a change in an index or a rate and if the Group revises its assessment as to
whether it will exercise a purchase, extension or termination option. A corresponding adjustment is made to the carrying amount
of the right-of-use asset, or is recognised in the income statement if the carrying amount of the right-of-use asset has been
reduced to zero.
Leases are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for
more than 12 months after the balance date.
Short-term leases
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases. The Group recognises
the lease payments associated with the leases as an expense on a straight-line basis over the lease term.
Variable lease payments not included in the measurement of the lease liability
Variable lease payments which do not depend on an index or a rate are excluded from the measurement of the lease liability
and recognised as an expense in the period in which the event or condition that triggers those payments occurs.
Leasing activities
The Group leases mainly land and buildings, plant and equipment, annual catch entitlement (ACE) and marine farm licences.
Land and building and plant and equipment leases are typically for periods of between 1 and 20 years (2024: 1 and 20 years)
with a number of extension options. Rent is either fixed or reset periodically based on an index or rate. The lease of ACE for use
on the Company’s fishing vessels is for periods of between 1 and 5 years (2024: 3 and 5 years), and is renegotiated periodically
based on commercial rates. Marine farm licence leases are for periods of between 4 and 25 years (2024: 1 and 12 years) and
are typically linked to the period of the licence or consent. Rent may be adjusted on the basis of annual fixed percentage
increases, Consumer Price Index (CPI) movements, rent negotiations or market reviews.
The Group has estimated the potential future cash outflows arising from optional lease renewal periods, should it exercise these
extension options, would result in an increased lease liability of $2.1 million (2024: $2.3m).
Determination of lease term
The lease term is the non-cancellable period of a lease, together with periods covered by an option (available to the lessee only)
to extend or terminate the lease if the lessee is reasonably certain to exercise/not to exercise that option. In determining the
lease term, the Group considers all facts and circumstances that create an economic incentive to exercise/not exercise an
option. This may include the existence of large penalties for early termination, the incurrence of significant maintenance costs
in meeting early return obligations, the uniqueness of the underlying asset being leased or consideration as to whether leasehold
improvements still carry significant value. Such assessment is reviewed if a significant event or change in circumstances occurs
which affects this assessment and is within the control of the Group. Certain property leases, for which there is no readily
identifiable alternative property available, include an additional renewal period where one is available under the lease contract
or where the Group considers the exercise of renewal options highly likely.
Determination of incremental borrowing rate
The Group determines the incremental borrowing rate by obtaining the rates from various external financing sources and makes
certain adjustments to reflect the term and currency of the lease and the type of asset being leased.
73Annual Report FY25 | 72| Sanford Limited

Note 19 – Right-of-Use Assets and Lease Liabilities (continued)
(b) Lease liabilities (continued)
Amounts recognised as lease liabilities are presented below.
2025
Land and
Buildings
Plant and
Equipment
Annual
Catch
Entitlement
(ACE)
Marine
Farm
LicencesTotal
$000$000$000$000$000
Balance at beginning of year 9,551 11,109 10,834 2,837 34,331
Adjustments to existing lease liabilities 153 5,850 – 1,247 7,250
Additions and remeasurements 1,640 594 8,211 3,617 14,062
Interest cost 650 928 126 384 2,088
Repayments of principal and interest(1,903)(4,373)(9,104)(1,032)(16,412)
Terminations(74)(348)–(7)(429)
Effect of movement in exchange rates 12 503 –– 515
Balance at end of year 10,029 14,263 10,067 7,046 41,405
Represented by:
Current 1,427 3,688 8,874 617 14,606
Non-current 8,602 10,575 1,193 6,429 26,799
10,029 14,263 10,067 7,046 41,405
2024
Land and
Buildings
Plant and
Equipment
Annual
Catch
Entitlement
(ACE)
Marine
Farm
LicencesTotal
$000$000$000$000$000
Balance at beginning of year 9,725 14,151 13,408 3,716 41,000
Additions 948 389 5,143 (117) 6,363
Interest cost 588 717 620 111 2,036
Repayments of principal and interest(1,692)(4,269)(8,337)(873)(15,171)
Terminations(22)(31)––(53)
Effect of movement in exchange rates 4 152 –– 156
Balance at end of year 9,551 11,109 10,834 2,837 34,331
Represented by:
Current 1,145 3,268 9,105 371 13,889
Non-current 8,406 7,841 1,729 2,466 20,442
9,551 11,109 10,834 2,837 34,331
Note 19 – Right-of-Use Assets and Lease Liabilities (continued)
(b) Lease liabilities (continued)
Present value of future rentals payable
20252024
PrincipalInterestGrossPrincipalInterestGross
$000$000$000$000$000$000
Less than one year 14,606 1,488 16,094 13,889 1,072 14,961
Between one and five years 17,332 4,288 21,620 14,163 2,862 17,025
More than five years 9,467 4,971 14,438 6,279 2,892 9,171
Total 41,405 10,747 52,152 34,331 6,826 41,157
Lease expenses included in profit or loss
20252024
$000$000
Short-term leases 2,595 5,095
Short-term leases of Annual Catch Entitlement (ACE) 7,050 2,844
9,645 7,939
Note 20 – Assets Held for Sale
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally
through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale
are measured at the lower of their carrying amount and fair value less costs to sell. Impairment losses on initial classification as
held for sale are recognised in the income statement.
The criteria for the held-for-sale classification are regarded as met only when the sale is highly probable and the asset or disposal
group is available for immediate sale in its present condition. Management must be committed to the sale, which should be
expected to qualify for recognition as a completed sale within one year from the date of classification.
Property, plant and equipment, and right-of-use assets are not depreciated once classified as held for sale.
(a) Auckland site’s sale of perpetual right to lease land and building assets
Assets associated with the sale of perpetual right to lease Auckland land and building assets are as follows. Refer to note 12 for
details on the closure.
20252024
$000$000
Assets
Right-of-use assets 14,373 12,807
Buildings 5,243 5,243
Total 19,616 18,050
Liabilities
Lease obligation (13,538) (12,908)
Net held-for-sale asset position 6,078 5,142
Notes to the Financial Statements
for the year ended 30 September 2025
75Annual Report FY25 | 74| Sanford Limited

Note 20 – Assets Held for Sale (continued)
(b) Closure of North Island Mussels Limited (NIML) mussels processing facility
Assets associated with the 2024 closure of the NIML mussels processing facility are as follows. Refer to note 12 for details on
the closure.
30 September 2024
$000
Assets
Land 880
Buildings 776
Net held-for-sale asset position 1,656
Note 21 – Group Entities
Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when control is transferred to the Group.
The consideration transferred in the acquisition is generally measured at fair value (excluding transaction costs), as are the
identifiable net assets acquired. Any goodwill that arises is tested annually for impairment.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
The financial statements of subsidiaries are included in the financial statements from the date on which control commences
until the date on which control ceases.
Intra-group balances and transactions, and any unrealised income and expense arising from intra-group transactions, are
eliminated on consolidation.
Joint arrangements
A joint arrangement is an arrangement where two or more parties have joint control. The Group classifies its joint arrangements
as either joint operations or joint ventures depending on the legal, contractual or other rights and obligations. Where the interest
in the joint arrangement is in the net residual of the business, the arrangement is a joint venture. Joint ventures are accounted
for using the equity method, which is detailed in note 13. Where the Group has rights to the assets, and obligations for liabilities
of the joint arrangement, this is a joint operation. The Group recognises its share of assets, liabilities, revenues and expenses of
each joint operation.
Notes to the Financial Statements
for the year ended 30 September 2025
Note 21 – Group Entities (continued)
Basis of consolidation (continued)
The Group comprises the Company and the following principal entities:
20252024
Interest
Held (%)
Interest
Held (%)Balance DatePrincipal Activity
Subsidiaries:
New Zealand
Auckland Fish Market Limited10010030 SeptemberAuction
Sanford Fish Market Limited10010030 SeptemberRetail
Sanford Investments Limited10010030 SeptemberInvestment company
Sanford LTI Limited10010030 September Holding company
Shellfish Production & Technology NZ Limited10010030 SeptemberResearch company
BreedCo Limited808030 SeptemberResearch company
Auckland Fishing Port Limited676731 MarchWharf company
Australia
Sanford Australia Pty Limited10010030 SeptemberSeafood wholesale
Sanford Seafoods (Australia) Pty Limited10010030 SeptemberHolding company
Joint Operation:
New Zealand
North Island Mussels Limited505030 SeptemberMussel farming and
seafood processing
Joint Ventures and Associates:
New Zealand
San Won Limited505030 September Cold storage
New Zealand Japan Tuna Company Limited46.7446.7430 September Fish catching
and processing
Trident Systems General Partner Limited42.5342.5330 September Research company
Precision Seafood Harvesting General Partner Limited33.3333.3330 September Research company
Precision Seafood Harvesting Limited252530 September Research company
77Annual Report FY25 | 76| Sanford Limited

Note 22 – Related Party Transactions
(a) Basis of transactions
Related parties of the Group include the joint ventures, associates and joint operation disclosed in note 21.
Transactions with related parties have been entered into in the ordinary course of business.
(b) Material transactions and balances with related parties
Transaction Value
Joint Ventures and Associates
Transaction Value
Joint Operation
2025202420252024
Note$000$000$000$000
Income/(Expenses)
Management fees 200 195 ––
Sales 4 4 1,274 3,166
Interest received 4 16 2,024 2,358
Dividends received13 690 383 ––
Acquisition of shares in associates13 (278) (278)––
Purchases (2,634) (477) (16,323) (19,328)
(2,014) (157) (13,025) (13,804)
Amounts Owing from/(to)
Related Parties
20252024
$000$000
Associates9(b) 170 211
Joint operation 33,631 34,818
33,801 35,029
The advance to Two Islands Co NZ Limited, inclusive of interest charged, was impaired to $nil in 2024.
In respect of the joint operation, the transaction values and amounts owing are eliminated on consolidation and are therefore for
information purposes only.
Interest is charged on balances between New Zealand-related parties at rates linked to the market. All related party balances are
repayable on demand. The parties have agreed not to call upon the loans within 12 months from reporting date.
Notes to the Financial Statements
for the year ended 30 September 2025
Note 23 – Key Management Personnel Compensation
Key management personnel compensation comprised:
20252024
$000$000
Salary and short-term employee benefits*10,582 13,301
Directors’ fees 630 500
Redundancy payments 137 301
11,349 14,102
Key management personnel is defined as the executive and their direct reports.
* The FY25 disclosure includes short-term incentives (STI) provided and not paid as at 30 September 2025 ($1.3m). FY24 includes the provision for
contracted and provided STI which was paid on 16 December 2024 ($1.3m).
Note 24 – Contingent Liabilities
20252024
$000$000
Guarantees 801 801
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.
Note 25 – Subsequent Events
The Board approved a final dividend of 05 cents per share for the year ended 30 September 2025 on 17 November 2025.
(2024: a final dividend of 05 cents per share was approved for the year ended 30 September 2024). Refer to note 17.
79Annual Report FY25 | 78| Sanford Limited

Report on the audit of the consolidated financial statements
Opinion
We have audited the accompanying consolidated financial statements which comprise:
• the consolidated statement of financial position as at 30 September 2025;
• the consolidated income statement, statements of comprehensive income, changes in equity and cash flows for the year
then ended; and
• notes, including material accounting policy information and other explanatory information.
In our opinion, the accompanying consolidated financial statements of Sanford Limited (the Company) and its subsidiaries
(the Group) on pages 34 to 79 present fairly in all material respects:
• the Group’s financial position as at 30 September 2025 and its financial performance and cash flows for the year ended
on that date;
• in accordance with New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS) issued by the
New Zealand Accounting Standards Board and the International Financial Reporting Standards (IFRS Accounting Standards)
issued by the International Accounting Standards Board.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)). We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We are independent of Sanford Limited in accordance with Professional and Ethical Standard 1 International Code of Ethics for
Assurance Practitioners (Including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA Code), as applicable to audits of financial
statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and
Ethical Standards 1 and the IESBA Code.
Our responsibilities under ISAs (NZ) are further described in the Auditor’s responsibilities for the audit of the consolidated financial
statements section of our report.
Our firm has provided other services to the Group in relation to assurance over greenhouse gas emissions. Subject to certain
restrictions, partners and employees of our firm may also deal with the Group on normal terms within the ordinary course of trading
activities of the business of the Group. These matters have not impaired our independence as auditor of the Group. The firm has
no other relationship with, or interest in, the Group.
Materiality
The scope of our audit was influenced by our application of materiality. Materiality helped us to determine the nature, timing and
extent of our audit procedures and to evaluate the effect of misstatements, both individually and on the consolidated financial
statements as a whole. The materiality for the consolidated financial statements as a whole was set at $3.0 million determined
with reference to a benchmark of the Group’s total revenue. We chose the benchmark because, in our view, this is a key measure
of the Group’s performance.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated
financial statements in the current period. We summarise below those matters and our key audit procedures to address those
matters in order that the shareholders as a body may better understand the process by which we arrived at our audit opinion.
Our procedures were undertaken in the context of and solely for the purpose of our audit opinion on the consolidated financial
statements as a whole and we do not express discrete opinions on separate elements of the consolidated financial statements.
The key audit matterHow the matter was addressed in our audit
Valuation of Quota and Marine Farm Licences
Refer to Note 14 to the financial statements.
The Group holds Quota and Marine Farm Licences in
New Zealand and Australia, recognised as indefinite life
intangible assets, across three cash-generating units (CGUs)
of $479.9m (2024: $479.5m). The accounting standards
require assets with an indefinite useful life are tested for
impairment annually.
Valuation of these assets is a key audit matter due to the
uncertainty in the growth and discount rates used in the
cash flow forecasts that support the carrying value.
In addition to the above, the carrying amount of the Group’s
net assets as at 30 September 2025 was $741m, which is
more than the market capitalisation of $517m. This is an
indicator of impairment and required additional analysis
and interpretation.
Marine Farm Licences are renewed periodically with
minimal cost of renewal and are deemed to be indefinite
life intangibles and are not amortised.
The procedures we performed to evaluate the impairment
assessments included:
• assessing whether the methodology adopted was consistent
with accepted valuation approaches of IAS 36 Impairment
of Assets;
• evaluating the key assumptions by comparing to historical
trends, approved budgets, business plans and external
market data;
• comparing the discount rates and terminal growth rates
applied to the estimated future cash flows to relevant
benchmarks using KPMG valuation specialists;
• challenging the above assumptions and judgements by
performing sensitivity analysis and considering a range
of outcomes based on various scenarios;
• evaluating the estimate of the recoverable amount of the
Group as a whole, including evaluating the work performed
by the Group’s external valuation specialist; and
• considering the appropriateness of the disclosures in the
financial statements.
In relation to the judgement that the Marine Farm Licences
are indefinite life intangibles, we evaluated the status of the
Marine Farm Licence renewal, including the likelihood of
renewal and costs expected to be incurred upon renewal.
Other information
The directors, on behalf of the Group, are responsible for the other information. The other information comprises information
included in the entity’s Annual Report, but does not include the financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover any other information and we do not express any form
of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears materially misstated.
If, based on the work we have performed, we conclude there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Use of this independent auditor’s report
This independent auditor’s report is made solely to the shareholders. Our audit work has been undertaken so that we might state
to the shareholders those matters we are required to state to them in the independent auditor’s report and for no other purpose.
To the fullest extent permitted by law, none of KPMG, any entities directly or indirectly controlled by KPMG, or any of their respective
members or employees, accept or assume any responsibility and deny all liability to anyone other than the shareholders for our audit
work, this independent auditor’s report, or any of the opinions we have formed.
Independent Auditor’s Report
To the shareholders of Sanford Limited
81Annual Report FY25 | 80| Sanford Limited