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 announced a positive result for 1H23, primarily supported by outperformance in the salmon division</li><li>Overall, adjusted EBIT of ~NZ$26.6m was a ~+39% improvement on the prior period and ~+8% ahead of our expectations</li><li>Global sales growth continues to be “encouraging”, with SAN noting strong demand across all its major species.</li></ul>

Sanford (SAN) has announced a positive result for 1H23, primarily supported by outperformance in the salmon divisionOverall, adjusted EBIT of ~NZ$26.6m was a ~+39% improvement on the prior period and ~+8% ahead of our expectationsGlobal sales growth continues to be “encouraging”, with SAN noting strong demand across all its major species.

Sanford (SAN): 1H23 Result Initial Impressions

Sanford Limited

Sanford (SAN): 1H23 Result Initial Impressions