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How Sanford Limited makes money — FY2025
Revenue $584.1m · EBITDA $138.0m (23.6% of revenue) · Net profit $63.7m (10.9% of revenue)
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $584.1m | Reported | |
| Operating costs (net of other income) | −$446.1m | Derived * | Reported operating expenses $60m do not reconcile; not used. |
| EBITDA | $138.0m | Derived * | |
| Depreciation & amortisation | −$36.0m | Reported | |
| EBIT | $102.0m | Reported | |
| Interest (net finance costs) | −$14.0m | Reported | |
| Income tax | −$26.0m | Reported | |
| Other items (net gain) | +$1.7m | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $63.7m | Reported |
- * ebitda: $138.0m = EBIT + depreciation & amortisation
- * operating costs: $446.1m = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Sanford Limited Annual Report (PDF, NZX)
Sanford Limited board of directors
6 current directors, 50% independent, average tenure 2.9 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Sir Robert McLeod | Chair | Yes | 2019 | 6.9 yrs | Board (Chair), Nomination Committee (Chair), Audit, Finance and Risk Committee, People, Health and Safety Committee |
| Craig Ellison | Non-Independent Director | No | 2024 | 2.5 yrs | Nomination Committee |
| William John Strowger | Non-Independent Director | No | 2023 | 2.9 yrs | — |
| Joanne Curin | Independent Director | Yes | 2024 | 2.2 yrs | Audit, Finance and Risk Committee |
| David Mair | Executive Director | No | 2024 | 2.1 yrs | — |
| Tony Carter | Independent Director | Yes | 2026 | 0.7 yrs | — |
SAN governance score breakdown
Sanford Limited scores 73/100 (Very Good) on the NZXplorer Governance Risk Score for FY2026, based on 70% data coverage. See the GRS methodology.
- Board structure
- 16/25
- Shareholder rights
- 20/20
- Executive remuneration
- 4/10
SAN dividends
The most recent Sanford Limited dividend on record is 5.00 cents per share, for FY2026 (interim), 100% imputed, ex-dividend 20 May 2026, paid 28 May 2026.
Sanford Limited largest shareholders
Top 10 registered holders of SAN as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | Ngāi Tahu Investments Limited | 19.87% |
| 2 | ASB Nominees Limited | 9.61% |
| 3 | Masfen Securities Limited | 7.58% |
| 4 | ANZ Wholesale Australasian Share Fund – NZCSD | 5.48% |
| 5 | Maruha Nichiro Corporation | 4.84% |
| 6 | Rural Equities Limited | 4.67% |
| 7 | Tasman Equity Holdings Limited | 4.05% |
| 8 | Forsyth Barr Custodians Limited | 3.21% |
| 9 | BNP Paribas Nominees (NZ) Limited – NZCSD | 3.19% |
| 10 | Citibank Nominees (New Zealand) Limited – NZCSD | 2.62% |
Recent SAN NZX announcements
The 10 most recent filings by Sanford Limited to the NZX.
- SPH Notice - ANZ New Zealand Investments LimitedSubstantial Holder Notice
- SPH Notice - Ngāi Tahu Holdings Corporation LimitedSubstantial Holder Notice
- SPH Notice - Umios CorporationSubstantial Holder Notice
- SPH Notice - Ngāi Tahu Holdings Corporation Limited (NTHC)Substantial Holder Notice
- SPH Notice - Umios CorporationSubstantial Holder Notice
- Dates for Director nominations, FY26 results, ASMGeneral
- Ongoing Disclosure Notice - Tony CarterInsider Disclosure
- SPH Notice - Forsyth Barr Group Limited (FBGL)Substantial Holder Notice
- SPH Notice - Ngāi Tahu Holdings Corporation LimitedSubstantial Holder Notice
- SPH Notice - ANZ New Zealand Investments LimitedSubstantial Holder Notice
Sanford Limited (SAN) — frequently asked questions
What does Sanford Limited do?
Sanford is New Zealand's largest integrated fishing company, operating wild capture fishing, aquaculture (salmon, mussels, oysters), and seafood processing and marketing across domestic and export markets. Sanford Limited is listed on the NZX under the ticker SAN, in the Consumer Staples sector.
What is the Sanford Limited (SAN) share price?
Sanford Limited (NZX:SAN) shares closed at $6.84 on 11 November 2026, up 3.64% on the previous close. At that price its market capitalisation was about $640 million, based on 93,506,137 shares on issue as at 11 March 2026.
Who are the directors of Sanford Limited?
Sanford Limited has 6 current directors: Sir Robert McLeod (Chair), Craig Ellison (Non-Independent Director), William John Strowger (Non-Independent Director), Joanne Curin (Independent Director), David Mair (Executive Director) and Tony Carter (Independent Director). 3 of the 6 are recorded as independent (50%). Average board tenure is 2.9 years.
Who is the chair of Sanford Limited?
Sir Robert McLeod chairs the Sanford Limited board, and has been a director since 2019.
Who is the CEO of Sanford Limited?
David Mair is the Managing Director of Sanford Limited.
What was Sanford Limited's most recent dividend?
The most recent Sanford Limited dividend on record is 5.00 cents per share for FY2026 (interim), 100% imputed, ex-dividend 20 May 2026, paid 28 May 2026.
What is Sanford Limited's dividend yield?
Sanford Limited's trailing 12-month dividend yield is 1.46%, as at 11 November 2026. That is 10.00 cents per share of ordinary dividends with an ex-date in the 12 months to 11 November 2026, divided by the 11 November 2026 closing price of $6.84. Special dividends are excluded.
Who are the largest shareholders of Sanford Limited?
The largest registered holder of SAN shares in the FY2025 top-20 register was Ngāi Tahu Investments Limited, with 19.87%, followed by ASB Nominees Limited (9.61%) and Masfen Securities Limited (7.58%). Custodians and nominees on the register hold shares on behalf of other investors.
What is Sanford Limited's governance score?
Sanford Limited has an NZXplorer Governance Risk Score of 73/100 (Very Good) for FY2026, based on 70% data coverage.
When was the last Sanford Limited annual meeting?
The most recent Sanford Limited annual meeting on record was held on 17 December 2025.
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