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) has reported a mixed 1Q23 update showing strong average price growth across all divisions, but weaker volumes primarily in Mussels and Wildcatch.</li><li>While volumes are expected to recover in the Wildcatch division in 2Q23 (timing impacts), Mussel volumes remain challenging given labour constraints, primarily for the Havelock plant.</li><li>Whilst overall revenue is broadly in line with 1Q22, SAN has signalled that increased costs for fuel, freight, salmon feed and labour may partially offset price growth.</li></ul>

Sanford (SAN) has reported a mixed 1Q23 update showing strong average price growth across all divisions, but weaker volumes primarily in Mussels and Wildcatch.While volumes are expected to recover in the Wildcatch division in 2Q23 (timing impacts), Mussel volumes remain challenging given labour constraints, primarily for the Havelock plant.Whilst overall revenue is broadly in line with 1Q22, SAN has signalled that increased costs for fuel, freight, salmon feed and labour may partially offset price growth.

Sanford (SAN): 1Q23 Update – Initial Impressions

Sanford Limited

Sanford (SAN): 1Q23 Update – Initial Impressions