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 upgrade Sanford (SAN) from NEUTRAL to OUTPERFORM following a ~17% sell-off since its result in May 2026.</li><li>SAN is a significantly improved business compared to when CEO David Mair joined two years ago.</li><li>We see an attractive risk—reward at current levels as the investment case shifts from business turnaround to disciplined growth and capital returns.</li></ul>

We upgrade Sanford (SAN) from NEUTRAL to OUTPERFORM following a ~17% sell-off since its result in May 2026.SAN is a significantly improved business compared to when CEO David Mair joined two years ago.We see an attractive risk—reward at current levels as the investment case shifts from business turnaround to disciplined growth and capital returns.

Sanford Charting the Course—Up to OUTPERFORM

Sanford Limited

Sanford Charting the Course—Up to OUTPERFORM