Sanford delivers a record interim profit result

14 May 2026
Sanford delivers a record interim profit result
Summary:
• Revenue of $270.2m, down 5.5% on the prior comparative
period (pcp)
• Record adjusted EBIT of $65.0m, up 20.3% on pcp
• Record EBIT of $64.0m, up 17.6% on pcp
• Record Net Profit after Tax (NPAT) of $42.4m, up 24.6% on pcp
• Operating cashflow of $13.7m, down 72.4% on pcp
• Net debt of $102.1m, improvement of $63.0m on pcp
• Interim dividend of 5.0 cents per share (cps) fully imputed

Sanford’s Managing Director, David Mair, said “I am pleased to report to shareholders a record
interim result for HY26. Revenue of $270.2m was relatively flat, but earnings have improved with
adjusted earnings before interest and tax (adjusted EBIT) a record $65.0m, EBIT a record $64.0m and
net profit after tax a record $42.4m.”

Improved performances from salmon and wildcatch were partly offset by reduced profitability from
our mussel business. There has been a continued reduction in overhead related costs; an ongoing
focus for the business.

Business Performance
$m HY26 Revenue HY26 Profit
Contribution
1

HY25
Revenue
HY25 Profit
Contribution
Salmon 56.6 39.6 68.1 30.7
Mussels 49.5 7.7 67.9 18.1
Wildcatch 153.7 31.7 144.1 24.0

Salmon
While revenue was down 17%, contribution was up 29% on pcp. In HY25, we actively brought sales
forward due to US tariff and climatic uncertainty, so sales volumes in HY26 are comparatively lower.
Favourable product mix has helped improve returns. A significant increase in biomass has been
driven by a reduction in processed volumes and accompanied with robust prices. The much-needed
salmon workboat is nearing completion and delivery is expected in Q4 FY26.

Mussels
Our mussel business revenue was down 27% and contribution was down 57%. There have been
demand and price challenges throughout H1 reflecting a softer market. We have been increasing
inventory of frozen half shell mussels and a focus for H2 will be on sales and converting this excess
inventory to operating cashflow.

Wildcatch
We had an improved performance from our wildcatch business, with both revenue and contribution
up 7% and 32% respectively. Contribution was bolstered by a $3.6m gain from the close out of fuel
derivatives following a change in bank funding arrangements. The revenue improvement is driven
from positive catch rates and increased sales of some species. In addition, there have been increased

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

prices across many products that further contributed to the improvement in revenue and profits.
There has been continued pressure on scampi pricing during the interim period and catch is down on
expectations. We now have consistent year-on-year revenue and returns from our inshore business.

Capital Allocation
David said, “My intention is to position the company with a solid platform that will enable us to grow
and take advantage of investment opportunities as and when they arise. We will use no-cost / low-
cost opportunities first to grow quickly and safely.”

The review of the mussel business highlighted several opportunities for no-cost, low-cost investment.
There is significant Sanford water space that has infrastructure in place but is not being
commercialised. Once that infrastructure is reviewed and made ready, it can be used for farming.
We have started investment and expansion of new mussel farm infrastructure in the Western Firth
(Coromandel) highlighting our commitment to the mussel business and the region. Phase 1 will be
seeded in May / June 2026 and harvested in March / April 2027. This is a good example of low-cost
capital investment to provide relatively quick return on that investment.

The review also showed that many of our vessel assets are not designed with current best practice in
mind and operating optimally or effectively. Given the opportunity, we will rationalise some of those
assets and replace with more suitable platforms. We have commissioned a new aluminium purpose-
built 30-metre mussel vessel and building is underway with expected completion and commissioning
prior to Christmas 2026.

Market Turbulence
There is considerable disruption in markets, and I want all staff to focus on what we can control and
not be distracted from a focus on customers, employees and suppliers as we navigate interesting
times.

Dividend
Operating cashflow was significantly down on the pcp, mainly due to an adverse working capital
movement (some of which is timing related) and a large income tax payment reflecting the increased
FY25 profits. Part of the improved profitability for the half-year was an increase in salmon biomass
which is non-cash in nature and not translated into operating cashflow. We are taking a cautious
approach to dividend payments, given the market uncertainty with the war in Iran and increased
capital requirements for H2. Debt reduction continues to be a focus and priority for the management
team and the board. Dividends are paid out of operating cashflow and not debt so an interim
dividend of 5.0 cents per share (cps) was declared by the Board. The dividend will be paid on
Thursday 28 May 2025 to shareholders of record on 21 May 2026.

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.
Sanford has the strongest ever half-year adjusted EBIT result of all time. I am delighted to see
Sanford performing as we had all hoped.”

As he approaches the 11-year mark as a director, Sir Rob has indicated his intention to retire from the
Board at an appropriate time during calendar year 2026.

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

---

HY26
Report

Contents
Highlights 1
Chair’s Report2
Managing Director’s Report4
GAAP to Non-GAAP Reconciliation 7
Consolidated Condensed
Interim Financial Statements
8
Notes to the Consolidated
Condensed Interim Financial
Statements
16
Directory22
Highlights
Sales revenue
HY26:
$270.2m
HY25: $286.0m
Gross margin %
HY26:
33.7%
HY25: 28.2%
Adjusted EBIT
HY26:
$65.0m
HY25: $54.0m20%
-6%20%
Net profit after tax (NPAT)
HY26:
$42.4m
HY25: $34.0m
Net debt
HY26:
$102.1m
HY25: $165.1m
Operating cash flow
HY26:
$13.7m
HY25: $49.6m
Earnings per share
HY26:
45.3 cps
HY25: 36.4 cps
Interim dividend
HY26:
5.0 cps
HY25: 5.0 cps
For the six months ended 31 March 2026
-72%-38%
24%
25%
1HY26 Report | F| Sanford Limited

Chair’s Report
I am pleased to report a strong interim Sanford
result for the half year to 31 March 2026. David
Mair, Managing Director, will report on the detail
of this result and I will comment on the main
headlines.
The company has set three new records with
the highest half-year numbers for adjusted EBIT,
EBIT and NPAT.
Topline overall revenue performance was 5.5%
down on the prior year, so the main gains are
margin improvement and cost reduction. Salmon
revenue was down due to a decline in sales
volume, but margin was up due to favourable
product mix and a biological asset gain. Mussels
were also down on the prior year in sales quantity
Sanford was pleased to announce the appointment
of Tony Carter as a director in February this year.
Tony has deep experience with key aspects of
Sanford’s business such as being a prior CEO
of Foodstuffs and Chair of Air NZ. His experience
in food and distribution channels are a couple of
examples. Sanford’s ability to attract a director
of Tony’s calibre is a tribute to Sanford.
I was appointed a director in early 2016 and am
now in my 11th year. I announced at the 2024 and
2025 Annual Shareholder Meetings that I intended
to retire from the Sanford Board during 2026 at a
time best suitable to Sanford.
and price. Conversely, wildcatch improved in both
price and volume on many species and is
experiencing a significantly improved squid
season. The inshore business model continues
to produce a steady revenue stream.
The Sanford balance sheet is in a much stronger
state with current net debt of $102m giving
reduced interest costs. The Board declared
an interim fully imputed dividend of 5.0 cents
per share, preferring to keep strengthening
the balance sheet in these demanding times.
Shareholder returns comprise both dividends and
share price improvement. A conservative dividend
profile is not only supported by an improved share
price but also assists share performance by
strengthening the company’s balance sheet.
In closing, I would like to thank Sanford’s
customers and staff for their loyalty and
contribution. I also thank David and his team for
their hard work and productive results. I thank my
colleague directors for their contributions and
support, and by no means least, I thank
shareholders for investing in Sanford.
Sir Robert McLeod
Chair
3HY26 Report | 2| Sanford Limited

We carried out an initial high-level review of our
aquaculture businesses (salmon and mussels)
with a clearer understanding of what is needed
to build the platform for growth. This included a
detailed assessment of our current assets. In HY26
aquaculture represents $106.1 million of revenue
and $47.3 million of EBIT.
No/Low Capital Cost – Low Risk
Mussels
A review of our mussel vessel assets showed an
opportunity to invest in bringing our assets up to
current best practice. Sanford has invested in the
construction of a new purpose-built 30-metre
aluminium farming vessel. This new boat is a
multi-purpose boat that is much more efficient,
enabling us to retire some older assets.
Our mussel review showed that we can increase
volumes at low risk with relatively low capital
requirements. We are pleased to announce that
we have been granted consent for new mussel
farming water space in the Western Firth of
Thames. We have completed installation of the
basic infrastructure in phase 1 (low cost). The lines
will be seeded, maintained and harvest is likely to
be March 2027. This is an opportunity to compare
the performance of spat from our facility SPATnz
to the wild caught spat from Kaitaia.
There is significant Sanford water space where
we have infrastructure in place, but we are
not actively farming. We are examining the
infrastructure and fixing as necessary, so that
we can grow our footprint.
These mussel investments are clear examples
of our disciplined, low-risk approach to capital
deployment. They are a first step in enhancing
operational capability and efficiency across the
mussel business. This investment will help pay
for further growth.
Capital Allocation/
Balance Sheet Management
The two graphs that follow highlight achievements
in terms of our focus on cashflow, reducing interest
costs and driving down debt. 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.
I am pleased to report to
shareholders a record interim
profit result for HY26.
Managing
Director’s
Report
Sanford delivered revenue of $270.2 million,
record adjusted EBIT of $65.0 million, record
EBIT of $64.0 million and record net profit after
tax (NPAT) of $42.4 million. Operating cashflow
of $13.7 million and disciplined capital investment
of just $6.7 million enabled further significant debt
reduction of $63.0 million, from $165.1 million to
$102.1 million.
Ongoing global turbulence in markets and the
emergence of trading blocks that have similar
outcomes and requirements continue apace. The
worldwide demand for protein continues to
increase and provides tailwinds for Sanford.
As is usual in difficult times, we focus on what we
can control. A reconsideration of the appropriate
level of debt for the business and the associated
interest costs seems prudent. Our focus on
operating cashflow and debt reduction is
providing a platform for growth and ensures we
will be in a good position to take advantage of
any investment opportunities that may arise from
market unpredictability. As always, competing
priorities require careful balancing.
It has been pleasing to see very good
performance from across the business. Salmon
has again delivered a better result despite lower
volumes. Wildcatch has had a great season with
improved squid catch and although Antarctic
toothfish volumes caught were lower, we achieved
better pricing. Mussels has had demand and price
challenges in HY26 leading to increased inventory
of frozen half-shell affecting performance.
However, we expect to sell through that increase
in H2.
Net debt ($m)
Interest ($m)
0
50
100
150
200
250
HY17HY18HY19HY20HY21HY22HY23HY24HY25
HY26
0.0
1.0
2.0
3.0
4.0
5.0
6.0
9.0
10.0
7.0
8.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
HY26 Report | 4| Sanford Limited5

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, restructuring costs, impairment and net gain/loss on sale
of property, plant and equipment, intangible assets, and other one-off items.
Adjusted EBITDA: Adjusted EBIT before depreciation and amortisation
GAAP to Non-GAAP Reconciliation
6 months ended
31 March 2026
6 months ended
31 March 2025
12 months ended
30 September 2025
$000 $000 $000
Reported net profit for the period (GAAP) 42,417 34,033 63,692
Add back:
Income tax expense 17,364 13,518 26,269
Net interest expense 4,238 6,906 12,148
EBIT 64,019 54,457 102,109
Adjustments:
Restructuring costs 975 408 580
Impairment of assets – 115 3,445
Net (gain)/loss on sale of property, plant and equipment
and intangibles (18) 63 103
Gain on sale of North Island Mussels Limited assets – (1,040) (1,040)
Adjusted EBIT 64,976 54,003 105,197
Add back:
Depreciation and amortisation 16,792 17,393 35,795
Adjusted EBITDA 81,768 71,396 140,992
Continuous Improvement / Productivity
Cost structures remain challenging. We face a
likely increase in costs faster than we will recover in
pricing. One obvious example is fuel affecting both
internal costs but also deliveries to our customers.
As always, we need to relentlessly focus on
operating more efficiently and driving product costs
down making us more competitive in any market.
Our sales team (front end) continues to make
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 that involve many people are
resulting in sustainable business improvements.
Our operations are improving despite headwinds.
There are several initiatives that offer opportunities
to drive cost out. In some instances, investing
capital in new vessels will give us efficiency gains.
In others it is ensuring that everyone understands
how to increase our value all the way through to
the end customer.
Our People
There has again been significant change in the
business since I last reported to shareholders,
and this inevitability impacts people.
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.
Finally, since I don’t have a fishing background
(both good and bad), I am impressed with the
support we receive from Minister Shane Jones;
we benefit from his knowledge and connections.
David Mair
Managing Director
7HY26 Report | 6| Sanford Limited

Consolidated Condensed
Income Statement
9
Consolidated Condensed Statement
of Comprehensive Income
10
Consolidated Condensed Statement
of Financial Position
11
Consolidated Condensed Statement
of Cash Flows
12
Consolidated Condensed Statement
of Changes in Equity
14
Notes to the Consolidated
Condensed Interim Financial
Statements
16
Consolidated
Condensed
Interim Financial
Statements
For the six months ended 31 March 2026
Consolidated Condensed Income Statement
for the six months ended 31 March 2026
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
Note$000 $000 $000
Revenue3 270,154 285,999584,109
Cost of sales (178,999)(205,463)(429,343)
Gross profit 91,155 80,536154,766
Other income7 1,580 3,4807,315
Distribution expenses(6,267)(6,236)(13,680)
Administrative expenses(14,568)(16,273)(29,198)
Other expenses8 (7,873)(7,058)(17,195)
Operating profit 64,027 54,449102,008
Finance income544 8201,511
Finance expense (4,782)(7,726)(13,659)
Net finance expense(4,238)(6,906)(12,148)
Share of (loss)/profit of
equity-accounted investees (8) 8101
Profit before income tax59,78147,55189,961
Income tax expense(17,364)(13,518)(26,269)
Profit for the period 42,41734,03363,692
Profit attributable to:
Equity holders of the Company42,40234,03463,690
Non-controlling interest 15(1)2
42,41734,03363,692

Earnings per share (EPS), expressed in cents
per share from profit attributable to equity
holders of the company
EPS45.336.468.1
9HY26 Report | 8| Sanford Limited

Consolidated Condensed Statement of Comprehensive Income
for the six months ended 31 March 2026
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
$000 $000 $000
Profit for the period (after tax)42,41734,03363,692
Other comprehensive income
Items that may be reclassified to the income statement:
Foreign currency translation differences101 43 112
Change in fair value of cash flow hedges recognised in other
comprehensive income1,513(32,193)(25,433)
Deferred tax on cash flow hedges(424)9,0147,121
Items that may not be reclassified to the income statement:
Amount of treasury share cost expensed in relation
to share-based payment 125 375219
Deferred tax on treasury cost expensed382–55
Other comprehensive income/(loss) for the period1,697(22,761)(17,926)
Total comprehensive income for the period44,11411,27245,766
Total comprehensive income for the period is attributable to:
Equity holders of the Company44,09911,27345,764
Non-controlling interest15 (1)2
Total comprehensive income for the period44,11411,27245,766
Consolidated Condensed Statement of Financial Position
as at 31 March 2026
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
Note$000 $000 $000
Current assets
Cash on hand and at bank617,85611,90111,589
Trade receivables682,29892,86562,669
Derivative financial instruments5,3201,3072,724
Other receivables and prepayments10,34810,2365,498
Biological assets 73,08866,32839,509
Inventories113,09484,60792,336
Assets held-for-sale919,61619,61619,616
Total current assets321,620286,860233,941
Non-current assets
Property, plant and equipment203,966219,220210,559
Right-of-use assets32,25733,31939,450
Investments 654 578950
Derivative financial instruments 1,1671,6981,797
Biological assets17,81915,79033,869
Intangible assets485,778489,561486,170
Total non-current assets741,641760,166772,795
Total assets 1,063,2611,047,0261,006,736
Current liabilities
Bank loans––40,000
Derivative financial instruments 3,2998,0453,643
Trade and other payables52,23253,00737,406
Taxation payable10,4826,49715,515
Lease obligations6,9245,61514,606
Liabilities held-for-sale 913,04214,02413,538
Total current liabilities85,97987,188124,708
Non-current liabilities
Bank loans (secured)
4120,000177,00065,000
Contributions received in advance
1,1681,3791,274
Employee entitlements
6581,139674
Derivative financial instruments
1,7444,0132,724
Deferred taxation
49,70440,57344,785
Lease obligations
23,79824,87326,799
Total non-current liabilities
197,072248,977141,256
Total liabilities283,051336,165265,964
Equity
Paid in capital
94,69094,69094,690
Retained earnings
682,479619,680644,753
Other reserves
2,659(3,873)962
Shareholder funds
779,828710,497740,405
Non-controlling interest
382 364367
Total equity
780,210710,861740,772
Total equity and liabilities
1,063,2611,047,0261,006,736
11HY26 Report | 10| Sanford Limited

Consolidated Condensed Statement of Cash Flows
for the six months ended 31 March 2026
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
Note$000 $000 $000
Cash flows from operating activities
Receipts from customers261,673308,756639,151
Interest received 544 820 1,518
Payments to suppliers and employees(225,446)(250,901)(488,462)
Income tax paid(17,493)(1,977)(3,322)
Interest paid(5,585)(7,076)(13,543)
Net cash flows from operating activities 13,69349,622135,342
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 24 24 363
Proceeds from sale of North Island Mussels Limited
assets9(b)–2,6952,695
Dividends received from associates 375 690 690
Purchase of property, plant and equipment(6,715)(15,790)(22,488)
Purchase of intangible assets(21)(380)(558)
Acquisition of shares in other companies(87)–(278)
Net cash flows used in investing activities(6,424)(12,761)(19,576)
Cash flows from financing activities
Proceeds from borrowings415,000––
Repayment of term loans4–(23,000)(95,000)
Lease payments(11,347)(11,668)(14,324)
Dividends paid to Company shareholders5(4,676)(4,769)(9,352)
Net cash flows used in financing activities(1,023)(39,437)(118,676)
Net increase/(decrease) in cash and
cash equivalents6,246(2,576)(2,910)
Effect of exchange rate fluctuations on cash held 21 224
Cash and cash equivalents at beginning of the period11,58914,47514,475
Cash and cash equivalents at end of the period 17,85611,90111,589
Represented by:
Cash on hand and at bank17,85611,90111,589
17,85611,90111,589
Consolidated Condensed Statement of Cash Flows
for the six months ended 31 March 2026
Reconciliation of Profit for the Period with Net Cash Flows from Operating Activities
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
Note$000 $000 $000
Profit for the period (after tax)42,41734,03363,692
Adjustments for non-cash items
Depreciation and amortisation16,79217,39335,795
Depreciation – Annual Catching Entitlement (ACE)3,1044,2578,515
Impairment of assets classified as held-for-sale––266
Impairment of property, plant and equipment – 115515
Impairment of intangibles8––2,595
Impairment of right-of-use assets––69
Share-based payment expense125375219
Change in fair value of biological assets (17,529)(3,322)5,418
Change in fair value of forward exchange contracts(1,778)3,9183,483
Unrealised foreign exchange losses/(gains)599(4,888)(3,756)
Share of loss/(profit) of equity-accounted investees8(8)(101)
Increase in deferred tax liability4,8775,9418,315
Decrease in contributions received in advance(106)(152)(257)
6,09223,62961,076
Movements in working capital
(Increase)/decrease in trade and other receivables
and prepayments(23,315)(9,302)24,624
(Increase) in inventories(20,749)(11,242)(18,973)
Increase/(decrease) in trade and other payables
and other liabilities14,3507,765(9,405)
(Decrease)/increase in taxation payable(5,033)5,59814,616
(34,747)(7,181)10,862
Items classified as investing activities
Net (gain)/loss on sale of property, plant and
equipment(69)181752
Gain on sale of North Island Mussels Limited assets7–(1,040)(1,040)
(69)(859)(288)
Net cash flows from operating activities13,69349,622135,342
13HY26 Report | 12| Sanford Limited

Consolidated Condensed Statement of Changes in Equity
for the six months ended 31 March 2026
Share
Capital
Share-based
Payment Reserve
Translation
Reserve
Cash Flow
Hedge Reserve
Retained
EarningsTotal
Non-controlling
Interest
Total
Equity
Note$000$000$000$000$000$000$000$000
Balance at 01 October 2025 (audited)94,6902741,265(577)644,753740,405 367 740,772
Profit for the period (after tax)––––42,40242,402 1542,417
Other comprehensive income
Foreign currency translation differences–– 101 –– 101 – 101
Hedging gains recognised in other comprehensive
income–––1,513–1,513–1,513
Amount of treasury share cost expensed in
relation to share-based payment–125––– 125 – 125
Deferred tax on change in reserves–382–(424)–(42)–(42)
Total comprehensive income–507 101 1,08942,40244,0991544,114
Distributions to shareholders5––––(4,676)(4,676)–(4,676)
Balance at 31 March 2026 (unaudited)94,6907811,366512682,479779,828 382 780,210
Balance at 01 October 2024 (audited) 94,690 –1,15317,735590,415703,993 365 704,358
Profit for the period (after tax)––––34,03434,034(1)34,033
Other comprehensive income––––––
Foreign currency translation differences–– 43 –– 43 – 43
Hedging losses recognised in other
comprehensive income–––(32,193)–(32,193)–(32,193)
Amount of treasury share cost expensed in
relation to share-based payment–375––– 375 – 375
Deferred tax on change in reserves––– 9,014 – 9,014 – 9,014
Total comprehensive income–375 43 (23,179)34,03411,273 (1)11,272
Distributions to shareholders5––––(4,769)(4,769)–(4,769)
Balance at 31 March 2025 (unaudited)94,6903751,196(5,444)619,680710,497 364 710,861
Balance at 01 October 2024 (audited)94,690–1,15317,735590,415703,993 365 704,358
Profit for the period (after tax)––––63,69063,690263,692
Other comprehensive income––
Foreign currency translation differences–– 112 –– 112 – 112
Hedging losses 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)63,69045,764 245,766
Distributions to shareholders5––––(9,352)(9,352)–(9,352)
Balance at 30 September 2025 (audited)94,6902741,265(577)644,753740,405367740,772
15HY26 Report | 14| Sanford Limited

Note 1 – General Information
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 unaudited financial statements presented are for Sanford Limited (‘Sanford’ or ‘the Group’) as at and for the six months ended
31 March 2026. The Group comprises the Company, its subsidiaries, and its investments in joint arrangements and associates.
The interim financial statements are prepared in accordance with NZ IAS 34: Interim Financial Reporting. The interim financial
statements and the comparative information for the six months ended 31 March 2025 are unaudited. The comparative information
for the year ended 30 September 2025 is audited.
The Group is a large and long-established fishing and aquaculture farming business devoted entirely to the farming, harvesting,
processing, storage and marketing of quality seafood products and investments in related activities.
The Group’s key operating 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.
Note 2 – Basis of Preparation
Significant accounting policies
The Group’s accounting policies have been applied consistently to all periods presented in these interim financial statements, and
have been applied consistently by Group entities. The interim financial statements should be read in conjunction with the financial
statements for the year ended 30 September 2025.
New and amended accounting standards and interpretations adopted
No new or amended accounting standards and interpretations that became effective in the six months ended 31 March 2026 have
a material impact on the Group.
A number of new standards and interpretations effective at 31 March 2026 (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.
Note 3 – Segment Reporting (continued)
Revenue by geographical location of customers
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
$000 $000 $000
New Zealand95,863106,189228,437
North America43,05757,416113,034
Europe39,52242,28788,996
China35,44331,64061,013
Australia24,39622,42539,798
Other Asia9,7506,74116,698
Africa6,3201,4413,546
South Korea5,1163,8838,853
Japan4,1504,6757,836
Hong Kong2,2421,7393,224
Middle East1,9366,41610,225
Pacific 1,771 9601,437
Central and South America 588 1871,012
Revenue270,154285,999584,109
The revenue information above is based on the delivery destination of sales.
The Group has no customers who account for more than 10% of total sales for the current six months period (six months ended
March 2025: one customer; year ended September 2025: one customer).
Note 4 – Bank Loans (Secured)
Carrying and face value
Unaudited
31 March 2026
Unaudited
31 March 2025
Audited
30 September 2025
$000 $000 $000
Balance at beginning of the period105,000200,000200,000
Bank term loans
Proceeds15,000––
Repayments–(23,000)(95,000)
Balance at end of the period120,000177,000105,000
Interest rates applicable3.3% - 3.6%4.3% - 5.1%3.4% - 4.1%
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 the six months
ended 31 March 2026 (six months ended 31 March 2025 and year ended 30 September 2025: all covenants were complied with).
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. Refer to the audited financial statements for the year ended 30 September 2025 for details on how
the group manages various market risks including interest rate risk.
Notes to the Interim Financial Statements
for the six months ended 31 March 2026
17HY26 Report | 16| Sanford Limited

Note 4 – Bank Loans (Secured) (continued)
Refinancing activities and loan balances
The Group completed refinancing activities on 31 March 2026. Several of the Group’s bank facilities were cancelled and replaced by
loans with extended expiry dates, while other bank facilities were renewed and extended. The total facility limit across all facilities
was reduced from $160m as at 30 September 2025 to $140m.

Banking facilities, expiry dates and balances of bank loans for the Group are illustrated in the table below.
Bank facilities
Unaudited
Syndicated and
secured bank loans
As at 31 March 2026
FacilityExpiry DateBalance
$000 $000
20,000April 2027–
30,000April 202830,000
30,000April 202930,000
50,000April 203050,000
10,000 April 2031 10,000
140,000120,000
Bank facilities
UnauditedAudited
Syndicated and
secured bank loans
As at 31 March 2025As at 30 September 2025
FacilityExpiry DateBalanceFacilityExpiry DateBalance
$000 $000 $000 $000
85,000April 2026 - April 202766,000 60,000 April 202640,000
125,000April 2028100,000 80,000 April 202865,000
20,000April 202911,000 20,000 April 2029–
230,000177,000160,000105,000
Note 5 – Equity
(a) Dividends
The following dividends were declared and paid by the Company:
On 13 May 2026 the Board declared an interim dividend for the six months ended 31 March 2026 of 05 cents per share (31 March
2025: 05 cents per share, 30 September 2025: a final dividend of 05 cents per share was approved by the Board on 17 November
2025 and paid on 8 December 2025).
(b) Share-based payment reserve and the long-term incentive scheme
This reserve comprises the fair value of equity instruments granted under the long-term incentive plan. For details on the long-term
incentive plan refer to the audited financial statements for the year ended 30 September 2025.
While the long-term incentive plan involves the issue of share options, the instruments represent contingently issuable potential
ordinary shares and are not dilutive in respect of the Group’s reported Earnings per Share (“EPS”).
Note 6 – Financial Instruments
Carrying amounts and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities at reporting date.
Unaudited
6 months ended
31 March 2026
Unaudited
6 months ended
31 March 2025
Audited
12 months ended
30 September 2025
Note$000 $000 $000
Non-derivative financial assets not measured
at fair value
(i)
Trade receivables82,29892,86562,669
Cash and cash equivalents17,85611,90111,589
Other receivables – advances to associates143137170
Shares in other companies 104 104 104
Non-derivative financial liabilities not measured
at fair value
(i)
Trade and other payables(43,932)(44,649)(29,015)
Bank term loans (secured)4(120,000)(177,000)(105,000)
Total net non-derivative financial liabilities(63,531)(116,642)(59,483)
Derivative financial (liabilities)/assets measured
at fair value
(ii)
Forward exchange contracts(1,739)(8,400)302
Interest rate swaps 123 105(1,547)
Fuel swaps3,060(758)(601)
Total net derivative financial assets/(liabilities)1,444(9,053)(1,846)
(i) Presented at carrying value that is equivalent to fair value.
(ii) Presented at fair value.
Other payables that are not financial liabilities are excluded above (provisions and employee entitlements: March 2026: $8.3m,
March 2025: $8.4m, September 2025: $8.4m).
Note 7 – Other Income
31 March 2025 – Gain on sale of North Island Mussels Limited assets
Included in other income is a gain on sale of $1.0m from the sale of North Island Mussels Limited assets which were classified as
assets held-for-sale at 30 September 2024. Refer to note 9(b) for details.
Note 8 – Other Expenses
30 September 2025 - Goodwill impairment
In 2025 the Group impaired the goodwill balance of $2.0m associated with Saltwater Seafoods, an Australian seafood trading
business acquired in 2020.
Notes to the Interim Financial Statements
for the six months ended 31 March 2026
19HY26 Report | 18| Sanford Limited

Note 9 – Assets held-for-sale
(a) Auckland site sale of perpetual right to lease land and building assets
31 March 2026, 30 September 2025 and 31 March 2025
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 assets and lease obligations continue to be disclosed as held-for-sale due to the conditional nature of the contract. The Board
expects the sale to complete in the 12 months after 31 March 2026.
Unaudited
31 March 2026
Unaudited
31 March 2025
Audited
30 September 2025
$000 $000 $000
Assets
Right-of-use assets14,37314,37314,373
Buildings 5,243 5,243 5,243
Total 19,616 19,61619,616
Liabilities
Lease obligation(13,042)(14,024)(13,538)
Net held-for-sale asset position6,5745,5926,078
(b) Closure of North Island Mussels Limited mussels processing facility
30 September 2025 and 31 March 2025
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. The sale was completed in the six months ended 31
March 2025 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 2025 income statement.
Note 10 – Assets Valuation
No material asset impairment was recognised in the six months ended 31 March 2026 or 31 March 2025.
Impairment testing
Management annually undertakes impairment testing on the cash-generating units (CGU) that contain the New Zealand fishing
quota and marine farm licences, or when management or the Board determines there is an indication that an impairment exists.
The impairment test uses the value-in-use methodology. When the carrying value of an asset exceeds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. The recoverable amount is the greater of fair value less
cost to sell and its value-in-use.
For the six months ended 31 March 2026 management has considered the following in assessing asset valuations:
• Current and estimated future profitability of the two CGUs;
• An independent valuation of Sanford Group for the year ended 30 September 2025, noting no material changes to the
assumptions in HY26. The findings indicated that the carrying amount of the Group’s net assets’ value was significantly below
its fair value;
• Recent impairment testing performed at 30 September 2025 provided a head room of $83.9m for the Wildcatch CGU and
$336.6m for the Aquaculture CGU. Nothing has come to management’s attention in HY26 to indicate that these positive findings
are no longer valid at 31 March 2026. Refer to the audited financial statements for the year ended 30 September 2025 for details
on the last impairment test completed.
Management will undertake a new impairment test for the two CGUs at 30 September 2026.
Note 11 – Contingent Liabilities and Commitments
(a) Contingent liabilities
Unaudited
31 March 2026
Unaudited
31 March 2025
Audited
30 September 2025
$000 $000 $000
Guarantees 801 801801
The Group has guarantees with its commercial banking partners. In this respect the Group treats the guarantee contracts
as contingent liabilities until such times as it becomes probable that the Group will be required to make payments under
the guarantees.
(b) Commitments
The estimated capital expenditure for property, plant and equipment contracted for at reporting date but not provided is $8.5m
(31 March 2025: $7.4m, 30 September 2025: $4.9m).
Note 12 – Subsequent Events
Interim dividend approval
The Board approved an interim dividend for the six months ended 31 March 2026 on 13 May 2026. Refer to note 5(a) for details.
Notes to the Interim Financial Statements
for the six months ended 31 March 2026
21HY26 Report | 20| Sanford Limited

Board of Directors
Sir Robert McLeod, Chair
KNZM, LLB/BCom, FCA
David Mair
BE (Civil), MBA
Tom McClurg
B.Ag.Sc, RLV, M.Sc.
(Natural Resource Management)
Joanne Curin
BCom, FCA
Craig Ellison
M.Sc. (Zoology)
John Strowger
LLB (Hons)
Tony Carter
Appointed 18 February 2026
CNZM, BEng (Hons), MPhil
Officers
David Mair, Managing Director
Paul Alston, Chief Financial Officer
Vaughan Wilkinson, Strategy and
Innovation Officer
Debra Lumsden, Chief People Officer
Registered Office
22 Jellicoe Street
Freemans Bay
Auckland 1010
New Zealand
PO Box 443
Shortland Street
Auckland 1140
New Zealand
Website: sanford.co.nz
Principal Bankers
ANZ Bank New Zealand Limited
ASB Bank Limited
Solicitors
Chapman Tripp
Russell McVeagh
Group Auditor
KPMG, Auckland
Stock Exchange
The Company’s shares trade on the
New Zealand Stock Exchange (NZX).
NZX Trading Code: SAN
Share Registrar
Computershare Investor Services Limited
Private Bag 92 119
Victoria Street West
Auckland 1142
New Zealand
159 Hurstmere Road
Takapuna
Auckland 0622
New Zealand
Managing your Shareholding
Online: investorcentre.com/nz
To change your address, update your payment
instructions and to view your investment portfolio
including transactions.
Email: enquiry@computershare.co.nz
Please assist our registrar by quoting your
CSN or shareholder number.
Directory
23HY26 Report | 22| Sanford Limited

---

SanfordHY26
Results Presentation

230.4
272.8
265.0
245.5
233.5
270.9
277.6
276.0
286.0
270.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Revenue $m
31.0
35.4
32.6
23.2
10.7
19.2
26.6
38.5
54.0
65.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Adjusted EBIT $m
10.7
22.8
10.4
12.7
4.5
35.8
13.5
8.3
49.6
13.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Operating Cashflow $m
20.7
9.6
20.3
23.8
20.0
24.3
32.5
23.2
16.5
6.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Capital Expenditure $m
30.2
42.5
36.1
28.5
23.4
13.6
21.4
35.2
54.4
64.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
EBIT $m
19.0
27.3
22.9
19.0
16.2
6.1
11.1
16.2
34.0
42.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
N PAT $ m
Key Results
HY26 Results Presentation | May 2026Page | 1

HY26 Key Financials
HY26 Results Presentation | May 2026Page | 2
Another Record Interim Result
•Revenue of $270.2m down 6% on prior
comparative period (pcp)
•Record adjusted EBIT of $65.0m up $11.0m or
20% on pcp
•Record EBIT of $64.0m up $9.6m or 18% on pcp
•Record NPAT of $42.4m up $8.4m or 25% on
pcp
•Operating cashflow of $13.7m down $35.9m on
pcp
•Reduced capex spend of $6.7m for H1
•Net debt of $102.1m, down $63.0m on pcp
•Interim dividend of 5.0 cents per share
HY Results
NZ$ MillionHY17
HY18HY19HY20HY21HY22
HY23
HY24HY25HY26
Revenue
230.4272.8
265.0245.5233.5270.9277.6
276.0286.0
270.2
Adjusted EBIT
31.035.4
32.623.210.719.226.638.554.065.0
Adjustments(0.8)7.1
3.55.312.7(5.6)(5.2)
(3.3)0.4(1.0)
EBIT30.242.536.128.523.413.621.4
35.254.464.0
Interest4.2
4.24.24.44.7
4.35.89.26.9
4.2
Tax7.011.19.05.12.63.24.4
9.813.517.4
NPAT19.027.3
22.919.016.26.1
11.116.234.042.4
Operating cashflow10.722.810.4
12.74.535.813.58.349.613.7
Capital expenditure20.79.620.323.820.024.3
32.523.216.56.7
Net debt195.9181.1165.1
157.8181.0175.6183.6220.5165.1102.1
Dividend (cents per share)9.0
9.09.05.00.00.06.05.0
5.05.0
Total equity563.5588.1593.6584.7635.3646.1692.4694.5
710.9780.2

HY26 Summary
HY26 Results Presentation | May 2026
Revenue of $270.2m down 6% on HY25
•HY25 accelerated salmon sales to mitigate risk of increased tariffs from
the US market. Volume reduction in HY26 as expected
•HY25 included sales of aged inventory; HY26 includes a buildup of
inventory especially frozen half-shell mussels
•Impact of the leasing of the inshore quota during HY24 reduced gross
revenue for future reporting periods
Gross Margin of 33.7% up 6% on HY25
•Better catch/harvest in some business areas provided operational
efficiencies
•An increase in salmon biomass valuation has supported a gross margin
improvement for HY26
•Improved pricing across many species helped margin growth in H1
230.4
272.8
265.0
245.5
233.5
270.9
277.6
276.0
286.0
270.2
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Revenue $m
24.6%
22.3%
20.4%
19.4%
14.2%
17.8%
20.5%
24.9%
28.2%
33.7%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Gross Margin %
Page | 3

HY26 Summary
HY26 Results Presentation | May 2026
Adjusted EBIT of $65.0m up 20% on HY25
•Another record adjusted HY EBIT for Sanford
•Much-improved results from salmon and wildcatch offset by a softer
mussel performance
•Inshore performing steadily
•Continued reduction in overheads
NPAT of $42.4m up 25% on HY25
•Improved operating performance translated to an increase in after-tax
profitability
•Reduced interest costs of $2.7m helped lift NPAT
31.0
35.4
32.6
23.2
10.7
19.2
26.6
38.5
54.0
65.0
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Adjusted EBIT $m
19.0
27.3
22.9
19.0
16.2
6.1
11.1
16.2
34.0
42.4
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
N PAT $ m
Page | 4

Improvement from HY25
•Improved results from salmon and wildcatch offset by a
softer mussel performance
•Continued reduction in overhead-related costs
•Inshore in line with expectations
HY26 vs HY25
HY26 Results Presentation | May 2026
Page | 5

HY26 Summary
HY26 Results Presentation | May 2026Page | 6
Operating cashflow of $13.7m down 72% on HY25
•Increase in inventory and accounts receivable (working capital) for
H1 contributing to reduced cash receipts
•Increase in income tax paid reflecting the improved profitability in
FY25
Capital expenditure of $6.7m down 59% on HY25
•Reduction in capex spend reflects careful capital
management and timing
•Principal spend for H1 has been the completion of the new
salmon work boat, a new mussel harvesting vessel and
mussel expansion infrastructure
10.7
22.8
10.4
12.7
4.5
35.8
13.5
8.3
49.6
13.7
0.0
10.0
20.0
30.0
40.0
50.0
60.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Operating Cashflow $m
20.7
9.6
20.3
23.8
20.0
24.3
32.5
23.2
16.5
6.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Capital Expenditure $m

HY26 Summary
HY26 Results Presentation | May 2026
Page | 7
Net debt of $102.1m down 38% on HY25
•Prudent capital management and improved profit
performance has allowed a positive reduction in debt over the
rolling 12 months since March 2025
•A $63.0m reduction in debt since HY25 reflects a continued
focus on debt reduction
Interest cost of $4.2m down 39% on HY25
•Reduced interest costs as a consequence of decreasing debt
•Positive hedging assisted in higher interest years, now rolling
off
195.9
181.1
165.1
157.8
181.0
175.6
183.6
220.5
165.1
102.1
0
50
100
150
200
250
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Net Debt $m
4.24.2
4.2
4.4
4.7
4.3
5.8
9.2
6.9
4.2
0.0
2.0
4.0
6.0
8.0
10.0
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Interest $m

HY26 Net Debt Summary
HY26 Results Presentation | May 2026Page | 8
Net debt has fallen by $121m (-54%) since April 2024

Reduction in Working Capital
HY26 Results Presentation | May 2026Page | 9

Business Performance

Salmon HY26
HY26 Results Presentation | May 2026
Revenue of $56.6m down 17%; EBIT of $39.6m up 29% on HY25
•HY25 actively harvested and sold salmon to maximise profitability due
to US tariff uncertainty
•HY26 had reduced volume sold impacting revenue
•Reduced production volume impacted operating recoveries with
efficiency gains remaining a focus for the business
•Prices and demand have remained positive for export markets
•Biomass valuation improvement reflecting increased stock in water
due to lower volumes processed and sold
•New salmon work boat nearing completion expecting delivery in Q4
FY26
28.2
31.5
42.8
46.5
55.0
68.1
56.6
-
10
20
30
40
50
60
70
80
HY20HY21HY22HY23HY24HY25HY26
Revenue ($m)
CAGR 12%
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Revenue28.2 31.5 42.8 46.5 55.0 68.1 56.6
EBIT15.6 12.1 12.2 17.7 23.3 30.7 39.6
EBIT %55.4%38.4%28.5%38.1%42.3%45.1%70.0%
15.6
12.1
12.2
17.7
23.3
30.7
39.6
-
5
10
15
20
25
30
35
40
45
HY20HY21HY22HY23HY24HY25HY26
EBIT ($m)
CAGR 17%
Page | 11

Salmon HY26
Reduced volume, product mix improvement
•Volume sold down 34% on pcp
•Revenue decreased comparatively 17%, reflecting an improvement in product mix
•Increased percentage of export sales
HY26 Results Presentation | May 2026
2.9
2.2
2.5
2.3
2.5
2.3
2.9
2.5
1.9
0
500
1,000
1,500
2,000
2,500
3,000
3,500
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
GWT (000)
Sales Volume -34% YOY
52%
Domestic
34%
Domestic
48%
Export
66%
Export
HY25HY26
% of sales volume (pwt)
Percentage of Salmon Export and Domestic
Sales Volumes
42.8
35.9
46.5
47.1
55.0
52.0
68.1
59.4
56.6
0
10
20
30
40
50
60
70
80
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
$ millions
Revenue -17% YOY
Page | 12

Mussels HY26
HY26 Results Presentation | May 2026
Revenue of $49.5m down 27%; EBIT of $7.7m down 57% on HY25
•Demand and price challenges throughout HY26
•Stock increase in H1, reflecting a softer market. Focus on increasing sales
volume in H2
•Investment in a new multi-purpose vessel approved and underway.
Expected completion, delivery and commissioning prior to Christmas
2026
•Expansion of new mussel farms in the Western Firth (Coromandel)
•Continued challenges with our Marine Extracts powder and oil facility.
Focused operational efficiency trials underway
65.7
40.7
50.5
55.6
64.8
67.9
49.5
-
10
20
30
40
50
60
70
80
HY20HY21HY22HY23HY24HY25HY26
Revenue ($m)
CAGR -5%
NZ$ MillionHY20HY21HY22HY23HY24HY25HY26
Revenue65.7 40.7 50.5 55.6 64.8 67.9 49.5
EBIT15.1 0.8 0.8 2.1 9.2 18.1 7.7
EBIT %23.0%2.0%1.6%3.7%14.2%26.6%15.6%
15.1
0.8
0.8
2.1
9.2
18.1
7.7
-
2
4
6
8
10
12
14
16
18
20
HY20HY21HY22HY23HY24HY25HY26
EBIT ($m)
CAGR -11%
Page | 13

Mussels HY26
Reduced sales volume and revenue
HY26 Results Presentation | May 2026
•Revenue down 27% with volume down 15%
•Reduced demand and market price pressure
16.5
18.2
14.4
15.8
14.7
16.4
13.4
13.8
11.4
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
GWT (000)
Sales Volume -14% YOY
50.5
56.2
55.6
67.3
64.8
69.3
67.9
57.6
49.5
0
10
20
30
40
50
60
70
80
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
$ millions
Revenue -27% YOY
Page | 14

Wildcatch HY26
HY26 Results Presentation | May 2026
Revenue of $153.7m up 7%; EBIT of $31.7m up 32% on
HY25
•Revenue improvement from positive catch rates and increased
sales of some species, particularly squid
•Increased prices across many species, including hoki, squid,
orange roughy and Antarctic toothfish all contributed to an
improved EBIT performance
•Pressure on scampi pricing, offset by price gains from other
species
•Consistent year-on-year revenue and returns from the inshore
business
•Includes a $3.6m gain from the close out of fuel hedges following
a change in funding arrangements
143.6
134.0
141.1
153.2
139.5
144.1
153.7
120
125
130
135
140
145
150
155
160
HY20HY21HY22HY23HY24HY25HY26
Revenue ($m)
CAGR 1%
11.0
11.9
24.5
25.1
26.6
24.0
31.7
-
5
10
15
20
25
30
35
HY20HY21HY22HY23HY24HY25HY26
EBIT ($m)
CAGR 19%
NZ$ Million
HY20HY21HY22
HY23HY24HY25
HY26
Revenue143.6
134.0
141.1 153.2 139.5
144.1
153.7
EBIT11.0
11.9
24.5 25.1 26.6
24.0
31.7
EBIT %7.6%8.9%17.4%16.4%19.1%16.6%20.6%
Page | 15

Wildcatch HY26
Revenue up despite volume decline. Favourable pricing mix
HY26 Results Presentation | May 2026
•Revenue up 7% compared to pcp
•Volume down 7% compared to pcp, with improved prices for many species
141.1
161.2
153.2
146.6
139.5
179.4
144.1
174.7
153.7
0
20
40
60
80
100
120
140
160
180
200
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
$ millions
Revenue +7% YOY
29.3
34.7
28.9
28.2
32.0
37.1
31.4
34.3
29.1
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
H1
FY22
H2
FY22
H1
FY23
H2
FY23
H1
FY24
H2
FY24
H1
FY25
H2
FY25
H1
FY26
GWT (000)
Sales Volume -7% YOY
Page | 16

Capital Allocation – September 2025 to March 2026
HY26 Results Presentation | May 2026
Operating Cashflow
$13.7m
Dividend
Payments/Receipts
$4.3m
Capex Spend
$6.8m
Lease Payments
$11.3m
Debt increase
$8.7m
Wildcatch Capex
$1.1m
Salmon Capex
$2.4m
Mussel Capex
$3.3m
•Salmon multi purpose
vessel
•New mussel work boat
•Mussel expansion
•Maintenance of existing
facilities and vessels
•5.0 cents per share final
dividend for FY25
•Continued focus on debt
reduction
•Reduction from $165.1m at
HY25
•Increase from $93.4m at
FY25
•The rolling 12-month debt performance is an improvement of $63.0m
Page | 17

•Improved product mix and pricing for salmon despite lower sales volumes
•Increase in salmon in-water biomass with expected better future sales
•Significant and increased squid catch for HY26
•Improved prices on many key deepwater species
•Continued reduction in overhead costs
•USD foreign exchange rates assisting export sales
Note
•Several of the key contributors to this year’s interim result were factors outside of Sanford’s control
•It should not be assumed that this half year financial result will be repeated in H2
What went well for us in HY26?
HY26 Results Presentation | May 2026
Page | 18

Mussels – No-cost, low-cost investment with fast payback
•We have undeveloped or unused water space
•We have water space with infrastructure but not being farmed
•We expect the expansion of the mussel business to be funded from operating
cashflows
Upgrading assets to current best technology
•New multi-purpose salmon boat replacing an aged asset due in service end of July 2026
•New purpose-built 30-metre aluminium mussel farming vessel with expected delivery prior to
Christmas 2026
Capital/Future Plans
HY26 Results Presentation | May 2026
Mitigation of cost increases
•Costs will go up well before there will be a recovery in pricing
•We can expect interest rate increases
•We must review and drive productivity growth internally
Page | 19

LOOKING FOWARD
Questions?

Disclaimer
Important Notice
This presentation contains not only a review of operations and information about Sanford Limited (the Company) but also contains some forward-looking statements about the
Company and the environment in which it operates. This disclaimer applies to this presentation and any written or verbal communications in relation to it.
Information has been prepared by the Company with due care and attention. However, neither the Company, nor any of its directors, employees or shareholders nor any other person
gives warranties or representations (express or implied) as to the accuracy or completeness of this information. To the maximum extent permitted by law, none of the Company, its
directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from any fault or negligence)
arising from this presentation or any information supplied in connection with it.
This presentation contains financial information taken from management accounts and from the Company’s unaudited results for the six months ended 31 March 2026.
This presentation also contains forward-looking statements regarding a variety of items. Such forward-looking statements are based on current expectations, estimates and
assumptions and are subject to several risks, and uncertainties, including material adverse events, significant one-off expenses and other unforeseeable circumstances on the Company.
There is no assurance that results contemplated in any of these forward-looking statements will be realised, nor is there any assurance that the expectations, estimates and assumptions
underpinning those forward-looking statements are reasonable. The Company’s actual results may differ materially from the forward-looking statements in this presentation. No person
is under any obligation to update this presentation at any time after its release. Investors are strongly cautioned not to place undue reliance on forward-looking statements.
Media releases, management commentary and analysts’ presentations, including those relating to the previous results announcement, are all available on the Company’s website and
contain additional information about matters which could cause Sanford Limited’s performance to differ from any forward-looking statements in this presentation. This presentation
should be read in conjunction with the material published by Sanford Limited.
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice or any recommendation. The presentation does not
constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Nothing in this
presentation constitutes legal, financial, tax or other advice.
Please note : All financial metrics provided in this document are unaudited.

---

Sanford Limited
Results announcement



Results for announcement to the market
Name of issuer Sanford Limited
Reporting Period 6 months to 31 March 2026
Previous Reporting Period 6 months to 31 March 2025
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$270,154 -5.54%
Total Revenue $270,154 -5.54%
Net profit/(loss) from
continuing operations
$42,417 24.64%
Total net profit/(loss) $42,417 24.64%
Interim Dividend
Amount per Quoted Equity
Security
$0.05000000
Imputed amount per Quoted
Equity Security
$0.01944444
Record Date 21 May 2026
Dividend Payment Date 28 May 2026
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$3.14469751 $2.36280437
A brief explanation of any of
the figures above necessary to
enable the figures to be
understood
For an explanation on Sanford’s operational results please refer to the
accompanying NZX announcement, investor presentation and the
unaudited Interim Report for the six months ended 31 March 2026.
Authority for this announcement
Name of person authorised to
make this announcement
Paul Alston
Contact person for this
announcement
Paul Alston
Contact phone number 021 918 033
Contact email address palston@sanford.co.nz
Date of release through MAP 14 May 2026

---

Sanford Limited
Distribution Notice




Section 1: Issuer information
Name of issuer Sanford Limited
Financial product name/description Sanford Limited Ordinary Shares
NZX ticker code SAN
ISIN NZSANE0001S0
Type of distribution

Full Year Quarterly
Half Year X Special
DRP applies
Record date 21 May 2026
Ex-Date (one business day before the
Record Date)
20 May 2026
Payment date (and allotment date for
DRP)
28 May 2026
Total monies associated with the
distribution
$4,675,307
Source of distribution (for example,
retained earnings)
Retained earnings
Currency New Zealand Dollars
Section 2: Distribution amounts per financial product
Gross distribution $0.06944444
Gross taxable amount $0.06944444
Total cash distribution $0.05000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00882353
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

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

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for determining
market price for DRP
N/A N/A
Date strike price to be announced (if not
available at this time)
N/A
Specify source of financial products to be
issued under DRP programme (new issue
or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
N/A
Section 5: Authority for this announcement
Name of person authorised to make this
announcement
Paul Alston
Contact person for this announcement Paul Alston
Contact phone number 021 918 033
Contact email address palston@sanford.co.nz
Date of release through MAP 14 May 2026