New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Sanford's 1H25 results showed the highest EBIT and operating cash flow in over a decade, driven by operational efficiencies and cost reductions across Salmon and Mussels divisions.</li><li>Target price for Sanford has been increased to NZ$6.70 due to higher earnings expectations, despite a cautious outlook on 1H profits.</li><li>Further cost-cutting and operational improvements are anticipated, supporting an OUTPERFORM rating with an undemanding valuation and strong projected earnings.</li></ul>

Sanford's 1H25 results showed the highest EBIT and operating cash flow in over a decade, driven by operational efficiencies and cost reductions across Salmon and Mussels divisions.Target price for Sanford has been increased to NZ$6.70 due to higher earnings expectations, despite a cautious outlook on 1H profits.Further cost-cutting and operational improvements are anticipated, supporting an OUTPERFORM rating with an undemanding valuation and strong projected earnings.

Sanford Limited

Sanford 1H25 Result—Catching a Break