Marlin delivers $8.1m First Half Profit

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
$11,289 -9%
Total Revenue $11,289 -9%
Net profit/(loss) from
continuing operations
$8,073 -21%
Total net profit/(loss) $8,073

-21%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.05 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00000007
Record Date 6 March 2025
Dividend Payment Date 28 March 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.0241 $0.9435
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review report applicable to the financial
statements is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@marlin.co.nz
Date of release through MAP

21 February 2025
Reviewed interim financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the net value of
converting any warrants into shares (if any), and the dividends paid to shareholders. It assumes all dividends are reinvested in the
company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry
date.

2
Adjusted net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted for
dividends (and other capital management initiatives) and after expenses, fees and tax.
3
Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses, fees and tax.
4
Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the NZD).

The total shareholder return adjusted net asset value and gross performance return methodologies are described in the Barramundi Non-GAAP
Financial Information Policy. A copy of the policy is available at http://www.marlin.co.nz/about-marlin/marlin-policies/








For immediate release:


21 February 2025


Marlin delivers $8.1m First Half Profit

• Net profit for the six months ended 31 December 2024 $8.1m
• Total shareholder return
1
3.1%
• Adjusted NAV return (after expenses, fees & tax)
2
3.7%
• Dividends paid during the period (cents per share) 4.05 cps

NZX-listed investment company Marlin Global Limited (NZX:MLN) today announced a net operating profit
after tax of $8.1m for the six month period ended 31 December 2024.

Key elements of the half year result include profits on investments of $10.4m, dividend, interest and other
income of $0.9m, less operating expenses and tax of $3.2m.

Marlin’s Chair, Andy Coupe, noted that “the Marlin portfolio management team has remained disciplined
through the period, focussing on well-managed, quality businesses and adhering to their investment process.
Despite ongoing global inflationary concerns, higher interest rates and geo-political conflicts, most
international equity markets have experienced a period of growth.”

The portfolio’s gross performance return
3
for the six months was +5.3% and the adjusted net asset value
(NAV) return
2
was +3.7%, compared to the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the
NZD)
4
which was +10.5% over the same period.

Marlin investors continued to receive distributions consistent with the company distribution policy (2% of
average NAV per quarter) with 4.05 cents per share paid to shareholders during the six months ended 31
December 2024. On 21 February 2025, the Board declared a dividend of 2.05 cents per share to be paid to
shareholders on 28 March 2025 with a record date of 6 March 2025.

Senior Portfolio Manager, Sam Dickie, said: “A number of stock specific issues negatively impacted relative
performance. We expect our investment theses to change from time to time, but it is rare to have so much
change in a six-month period. In many cases, we have taken advantage of the temporary weakness. The
market responded positively to the re-election of Donald Trump as President of the United States and
potential stimulatory moves such as tax cuts, removing regulatory roadblocks to investment, and tariffs to be
imposed on foreign goods.”

For further information, please contact:

Corporate Manager
Marlin Global Limited
Tel: (09) 484 0352


About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is
managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin
is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single,
tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any
approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia.
/Ends

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MARLIN GLOBAL LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 31 DECEMBER 2024
Note 5
Shareholders' Equity (continued)
e. Dividend reinvestment plan
Notes
Marlin has a dividend reinvestment plan which provides ordinary shareholders with the option to reinvest all or part of any cash
dividends in fully paid ordinary shares at a 3% discount to the five-day volume weighted average share price from the date the
shares trade ex-entitlement. During the period ended 31 December 2024, 3,648,258 ordinary shares totalling $3,281,317 (31
December 2023: 3,206,900 ordinary shares totalling $2,828,618) were issued in relation to the plan for the quarter1y dividends
paid.
(i) 2,835,007 ordinary shares totalling $2,545,348 of new shares issued under the dividend reinvestment plan (31 December
2023: 3,206,900 ordinary shares totalling $2,828,618); and
(ii) 813,251 ordinary shares totalling $735,969 of shares utilised from treasury stock under the dividend reinvestment plan (31
December 2023: Nil)
To participate in the dividend reinvestment plan, a completed participation notice must be received by Mar1in before the next
record date.
Earnings per Share
6 months 6 months
ended ended
31-Dec-24
31-Dec-23
Basic earnings per share unaudited unaudited
Net profit attributable to shareholders of the Company ($'000)
8,073
10,185
Weighted average number of ordinary shares on issue net
of treasury stock ('000)
217,236
208,601
Basic earnings per share 3.72c 4.BBc
Diluted earnings per share
Net profit attributable to shareholders of the Company ($'000)
8,073 10,185
Weighted average number of ordinary shares on issue net
of treasury stock ('000)
217,236
208,601
Diluted effect of warrants on issue ($'000)
1
217,236
208,601
Diluted earnings per share 3.72c 4.88c
1
Warrants on issue during the period were not assumed to be exercised because they were antidilutive. There were
53,729,692 outstanding warrants on issue at 31 December 2024 (31 December 2023: Nil). Warrants were antidilutive as
exercise price of $0.98 was greater than average share price of $0.95).
Note 7
Reconciliation of Net Profit after Tax to
Net Cash Flows from Operating Activities
6 months
ended
6 months
ended
Net profit after tax
Items not involving cash flows
Unrealised (gains)/losses on cash and cash equivalents
Unrealised losses/(gains) on revaluation of investments*
Unrealised losses/(gains) on forward foreign exchange contracts
Impact of changes in working capital items
(Decrease) in trade and other payables
(lncrease)/decrease in trade and other receivables
Change in current tax
Items relating to investments
Purchases of investments
Sales of investments net of realised gains
Movement in unsettled purchases of investments
Movement in unsettled sales of investments
Net cash inflows/(outflows) from operating activities
• This includes foreign exchange gains and losses on these investments
Page 7 of 9
31-Dec-24
unaudited
$000
8,073
(182)
2,810
5,028
7,656
(862)
(55)
122
(795)
(70,028)
63,491
(6,537)
8,397
31-Dec-23
unaudited
$000
10,185
20
(10,752)
(5,584)
(16,316)
(7,817)
2,499
389
{4,929)
(49,207)
43,629
7,790
(2,556)
(344)
(11,404)

PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Independent auditor’s review report
To the shareholders of Marlin Global Limited
Report on the interim financial statements
O
ur conclusion
We have reviewed the interim financial statements of Marlin Global Limited (the Company), which
comprise the statement of financial position as at 31 December 2024, and the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows for the six
months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that these
accompanying interim financial statements of the Company do not present fairly, in all material
respects, the financial position of the Company as at 31 December 2024, and its financial performance
and cash flows for the six months then ended, in accordance with International Accounting Standard
34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements
2410 (Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity
(NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for
the review of the interim financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New
Zealand relating to the audit of the annual financial statements, and we have fulfilled our other ethical
responsibilities in accordance with these ethical requirements. Other than in our capacity as auditor we
have no relationship with, or interests in, the Company.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company, for the preparation and fair
presentation of these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for
such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim financial statements, taken as a whole, are not prepared in all
material respects, in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and
International Standards on Auditing and consequently does not enable us to obtain assurance that we
might identify in an audit. Accordingly, we do not express an audit opinion on these interim financial
statements.

PwC 11
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been
undertaken so that we might state those matters which we are required to state to them in our review
report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our
review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel
Shuttleworth.

F
or and on behalf of:
P
ricewaterhouseCoopers Auckland
21 February 2025