Marlin reports a $0.3m net profit

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZ$
Amount (000s) Percentage change
Revenue/(Loss) from
continuing operations
5,875 -86.3%
Total Revenue/(Loss) 5,875 -86.3%
Net profit/(loss) from
continuing operations
331 -99.1%
Total net profit/(loss) 331 -99.1%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.88 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00731111
Record Date 4 September 2025
Dividend Payment Date 26 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.95 $1.03
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 audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy
of the auditor’s 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

18 August 2025
Audited financial statements accompany this announcement.

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For immediate release:

18 August 2025

Marlin reports a $0.3m net profit

Highlights
• Net profit after tax for the year ended 30 June 2025 $0.3m
• Total Shareholder return
1
+2.8%
• Adjusted NAV return
2
+0.2%
• Dividend return
3
+8.5%


Marlin Global Limited (NZX: MLN) today announced a net profit after tax of $0.3m for the 12-month
period ended 30 June 2025.

Key elements of the FY25 result include net profits on investment of $4.6m, dividend, interest and
other income of $1.2m, offset by expenses, fees and tax of $5.5m.

Chair Andy Coupe noted “It has been another volatile year for international equity markets, with
market sentiment being influenced by a myriad of factors, including US tariffs and geopolitical
uncertainty. While international shares have performed well, Marlin’s performance has been
disappointing, with the portfolio’s exposure to underperforming sectors like the US Health Sector
dragging the performance down.”
The adjusted net asset value (NAV) return
2
was +0.2% and the gross performance return
4
was +2.7%,
which were well below the company’s benchmark index
5
, which was up 14.9%. The total shareholder
return
1
was +2.8%.
The Marlin directors have maintained the company’s 2% of NAV per quarter distribution policy as
the directors recognise that the regularity of the tax-effective quarterly dividends are important for
many shareholders.
In accordance with Marlin’s quarterly distribution policy, the company paid a total of 8.01 cents per
share to shareholders during the year ended 30 June 2025. On 18 August 2025, the board declared a
dividend of 1.88 cents per share, payable on 26 September 2025 with a record date of 4 September.
Senior Portfolio Manager Sam Dickie said: “The 2025 year was marked by the sharpest rise in stock
market volatility since COVID and before that the Global Financial Crisis. This was driven by the most
severe rise in US policy uncertainty since records began. Marlin had a disappointing year. This was
driven by a combination of abnormal sector specific and stock specific challenges.”


For further information, please contact:

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

1
Total Shareholder return- the return combines the share price performance, the warrant price performance, the net value
of converting any warrants into shares, 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 (NAV) return- the underlying performance of the investment portfolio, adjusted for capital
management initiatives (dividends, buybacks & warrants), and after expenses, fees & tax.
3
Dividend return - is the dividends paid for the period over the average share price for the period.

4
Gross performance return – The Manager’s portfolio performance in terms of stock selection & currency hedging before
expenses, fees and tax.
5
S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD).


The total shareholder return, adjusted NAV return and gross performance return methodologies are described in the Marlin Global Non-
GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/



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.

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Independent auditor’s report
To the shareholders of Marlin Global Limited

Our opinion
In our opinion, the accompanying financial statements of Marlin Global Limited (the Company),
present fairly, in all material respects, the financial position of the Company as at 30 June 2025, its
financial performance, and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial
Reporting Standards Accounting Standards (IFRS Accounting Standards).
What we have audited
The Company's financial statements comprise:
● the statement of financial position as at 30 June 2025;
● the statement of comprehensive income for the year then ended;
● the statement of changes in equity for the year then ended;
● the statement of cash flows for the year then ended; and
● the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs
(NZ)) and International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s responsibilities for the audit of the financial statements section of our
report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Independence
We are independent of the Company in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International Independence
Standards) (New Zealand) (PES 1) issued by the New Zealand Auditing and Assurance Standards
Board and the International Code of Ethics for Professional Accountants (including International
Independence Standards) issued by the International Ethics Standards Board for Accountants (IESBA
Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in
our audit of the financial statements of the current year. Given the nature of the Company, we have
one key audit matter: Valuation and existence of investments at fair value through profit or loss. This
matter was addressed in the context of our audit of the financial statements as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on this matter.
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz

Description of the key audit matter How our audit addressed the key audit matter
Valuation and existence of investments
at fair value through profit or loss
Investments at fair value through profit or
loss (the investments) are comprised of
listed investments valued at $207.4
million (representing 97% of total assets)
and net forward foreign exchange
contracts valued at $3.4 million as at 30
June 2025.
Further investment disclosures are
included in note 2 of the financial
statements.
This was an area of focus for our audit as
investments represent the majority of the
net assets of the Company.
Valuation
Listed investments (categorised as level 1
in the fair value hierarchy) are in actively
traded companies listed on recognised
stock exchanges and the fair value of
these investments are based on quoted
market prices at 30 June 2025.
The fair value of forward foreign
exchange contracts (categorised as level
2 in the fair value hierarchy) are based on
valuation techniques using observable
inputs.
For the listed investments quoted in
foreign currencies, these are translated to
New Zealand dollars using exchange
rates at the reporting date.
Existence
Holdings of listed investments are held by
Apex Investment Administration (NZ)
Limited (the Custodian) on behalf of the
Company.
For investments at fair value through
profit or loss that are not held by the
Custodian, the position is recorded by the
financial institutions.

We assessed the processes employed by the
Manager, for recording and valuing investments
including the relevant controls operated by the
third-party service organisation, Apex Investment
Administration (NZ) Limited (the Administrator). Our
assessment of the processes included obtaining
internal control reports over investment accounting
provided by the Administrator.
We evaluated the evidence provided by the internal
controls reports over the design and operating
effectiveness of the relevant controls operated by the
Administrator for the period 1 April 2024 to 31 March
2025. We also obtained confirmation from the
Administrator that there had been no material change
to the control environment in the period from 1 April
2025 to 30 June 2025.
We agreed the price for all listed investments held at
30 June 2025 to independent third-party pricing
sources.
For forward foreign exchange contracts, we agreed
the observable inputs of the forward foreign exchange
contracts to third-party pricing sources and used our
valuation experts to evaluate the fair value, using
independent valuation models.
We have assessed the reasonableness of the
exchange rates used to translate listed investments
quoted in foreign currencies.
We obtained confirmation from the Custodian and
financial institutions of all investment holdings held by
the Company as at 30 June 2025.
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Our audit approach
Overview

Materiality Overall materiality: $1.060 million, which represents approximately
0.5% of net assets.
We used this benchmark because, in our view, the objective of the
Company is to provide investors with a total return on its assets, taking
account of both capital and income returns.

Key audit matter As reported above, we have one key audit matter, being the valuation
and existence of investments at fair value through profit or loss.

As part of designing our audit, we determined materiality and assessed the risks of material
misstatement in the financial statements. In particular, we considered where management made
subjective judgements; for example, in respect of significant accounting estimates that involved
making assumptions and considering future events that are inherently uncertain. As in all of our audits,
we also addressed the risk of management override of internal controls, including among other
matters, consideration of whether there was evidence of bias that represented a risk of material
misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion
on the financial statements as a whole, taking into account the structure of the Company, the
accounting processes and controls, and the industry in which the Company operates.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
Misstatements may arise due to fraud or error. They are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality,
including the overall materiality for the financial statements as a whole as set out above. These,
together with qualitative considerations, helped us to determine the scope of our audit, the nature,
timing and extent of our audit procedures, and to evaluate the effect of misstatements, both
individually and in the aggregate, on the financial statements as a whole.
Other information
The Directors are responsible for the other information. The other information comprises the
information included in the Annual Report and the Company’s climate statement prepared in
accordance with Section 461Z of the Financial Markets Conduct Act 2013 (the Climate Statement), but
does not include the financial statements and our auditor’s report thereon. The Annual Report and the
Climate Statement are expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express
any form of audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated.
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When we read the other information not yet received, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to the Directors and use our
professional judgement to determine the appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of
the financial statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such
internal control as the Directors determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and
using the going concern basis of accounting unless the Directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole,
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) and ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located at the
External Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been
undertaken so that we might state those matters which we are required to state to them in an auditor’s
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
audit work, for this report, or for the opinions we have formed.


The engagement partner on the audit resulting in this independent auditor’s report is Samuel
Shuttleworth.

For and on behalf of






PricewaterhouseCoopers Auckland
18 August 2025

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