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>We have cast the net over relevant data (Fishserve catch data and export prices) ahead of Sanford’s (SAN) FY25 result on 18 November 2025.</li><li>In addition to our data analysis, the impacts of declining NZ interest rates (net interest costs are still ~15% of EBIT despite SAN’s debt reduction over the past 12 months), weaker oil prices, and favourable currency movements are likely to be positives heading into FY26.</li><li>We retain our OUTPERFORM rating reflecting: (1) earnings upgrade potential; (2) attractive valuation (~9x 12-month forward PE and ~9% free cashflow yield); and (3) ongoing turnaround opportunities to sustainably lift earnings and returns.</li></ul>

We have cast the net over relevant data (Fishserve catch data and export prices) ahead of Sanford’s (SAN) FY25 result on 18 November 2025.In addition to our data analysis, the impacts of declining NZ interest rates (net interest costs are still ~15% of EBIT despite SAN’s debt reduction over the past 12 months), weaker oil prices, and favourable currency movements are likely to be positives heading into FY26.We retain our OUTPERFORM rating reflecting: (1) earnings upgrade potential; (2) attractive valuation (~9x 12-month forward PE and ~9% free cashflow yield); and (3) ongoing turnaround opportunities to sustainably lift earnings and returns.

Sanford Limited

Sanford Casting The Net