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 (SAN) reported a cracking FY25 result.</li><li>EBIT and operating cashflow were comfortably the highest on record, which drove a net debt reduction to ~NZ$93m (versus our forecast of ~NZ$140m).</li><li>SAN gave cautious outlook comments (not expecting to reach FY25 profits in FY26), but to date there do not appear to be any signs of material market softness, and there remains considerable opportunity for further efficiency gains (divisionally and at head-office level).</li></ul>

Sanford (SAN) reported a cracking FY25 result.EBIT and operating cashflow were comfortably the highest on record, which drove a net debt reduction to ~NZ$93m (versus our forecast of ~NZ$140m).SAN gave cautious outlook comments (not expecting to reach FY25 profits in FY26), but to date there do not appear to be any signs of material market softness, and there remains considerable opportunity for further efficiency gains (divisionally and at head-office level).

Sanford FY25 Result—Flexing Its Mussels

Sanford Limited

Sanford FY25 Result—Flexing Its Mussels