Highlights

  • Sanford (NZX:SAN) reported record HY26 adjusted EBIT of $65.0 million, supported by improved margins and operational efficiency.
  • Salmon and wildcatch businesses contributed to Earnings growth, while the company continued reducing debt.
  • Sanford is investing in fleet upgrades and aquaculture initiatives to support future operational performance.

Sanford Limited (NZX:SAN), a New Zealand seafood company operating across aquaculture, wildcatch and seafood processing, delivered a record interim performance for the six months ended 31 March 2026. The company reported Revenue of $270.2 million, adjusted EBIT of $65.0 million and net profit after tax of $42.4 million, supported by improved product mix, pricing outcomes and cost management. While overall revenue declined compared with the prior period, profitability improved as Sanford focused on operational efficiency and higher-value product opportunities. The company continues to strengthen its balance sheet, invest in Assets and develop initiatives aimed at improving long-term returns across its seafood operations.

Salmon and Wildcatch Support Earnings Improvement

Sanford’s salmon Business remained a key contributor to HY26 earnings growth, with improved margins supported by favourable product mix, pricing and increased biomass levels. Although sales volumes were lower compared with the previous period, stronger returns helped improve profitability. The company also reported improved performance from its wildcatch operations, supported by better pricing and increased catch activity across selected species.

The mussel business faced more challenging market conditions during the period, with softer Demand and pricing pressures affecting performance. Sanford has continued reviewing opportunities within the segment, including Investment initiatives aimed at improving productivity and supporting future growth. The company is also focused on improving operational efficiency across its wider portfolio to strengthen performance through changing market conditions.

Capital Discipline and Future Growth Initiatives

Sanford continues to focus on strengthening its financial position through disciplined Capital management and Debt reduction. The company reported net debt of $102.1 million, representing an improvement compared with the previous corresponding period. Sanford declared an interim fully imputed Dividend of 5.0 cents per share, while maintaining a cautious approach to Shareholder distributions amid ongoing market uncertainty and future investment requirements.

The company is also progressing investment projects to support future operational capability. These include upgrading vessels and improving aquaculture infrastructure, including a new multi-purpose salmon boat and a purpose-built mussel farming vessel. Sanford expects these initiatives to improve efficiency, support production capability and enhance long-term competitiveness.

Looking ahead, Sanford remains focused on capturing opportunities from global seafood demand while managing challenges such as cost pressures, market Volatility and changing consumer conditions. The company’s strategy continues to centre on improving productivity, strengthening its asset base and creating sustainable value across its seafood operations.