Marlin Global 2025 Annual Report

ANNUAL REPORT
30 JUNE
2025

MARLIN GLOBAL LIMITED
ANNUAL REPORT
2025
l

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03About Marlin
06Directors’ Overview
10Manager’s Report
18The STEEPP Process
20Marlin Portfolio Companies
29Board of Directors
30Corporate Governance Statement
40Directors’ Statement of Responsibility
41Financial Statements
60Independent Auditor’s Report
64Shareholder Information
65Statutory Information
68Directory
CONTENTS
Andy Coupe / Chair Carol Campbell / Director
This report is dated 10 September 2025 and is
signed on behalf of the Board of Marlin Global
Limited by Andy Coupe, Chair, and Carol
Campbell, Director.
CALENDAR
Next Dividend Payable
26 September 2025
Annual Shareholders’
Meeting, Ellerslie Event
Centre, Auckland 10:30am
7 November 2025
Interim Period End (1H 26)
31 December 2025

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ABOUT MARLIN GLOBAL
INVESTMENT OBJECTIVES
INVESTMENT APPROACH
Marlin Global Limited (“Marlin” or “the Company”) is a listed investment company
that invests in quality, growing companies based outside New Zealand and Australia.
The Marlin portfolio is managed by Fisher Funds Management Limited
(“Fisher Funds” or “the Manager”), a specialist investment manager with a track
record of successfully investing in quality, growth companies. Marlin listed on 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
companies not incorporated in New Zealand or Australia.
The investment philosophy of Marlin is summarised by the following broad principles:
• invest as a medium to long-term investor exiting only on the basis of a fundamental
change in the original investment case;
• invest in companies that have a proven track record of growing profitability; and
• construct a diversified portfolio of investments, based on the ‘STEEPP’ investment
criteria (see pages 18 and 19).
The key investment objectives of Marlin are to:
• achieve a high real rate of return, comprising both income and capital growth,
within risk parameters acceptable to the directors; and
• provide access to a diversified portfolio of international quality, growth stocks
through a single tax efficient investment vehicle.

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DIVIDENDS paid during the year ended 30 June 2025 (cents per share)
Total for the year ended 30 June 2025 8.01 cents per share (2024 : 7.59 cps)
DIVIDENDS PAID
27 SEPTEMBER 2024
20 DECEMBER 2024
28 MARCH 2025
27 JUNE 2025
2.07
cps
1.98
cps
2.05
cps
1.91
cps
AT A GLANCE
For the 12 months ended 30 June 2025
Net profit
$
0.3m
As at 30 June 2025
Share price
$
0.91
Gross
performance
return
2.7
%
NAV per share
$
0.95
Total
shareholder
return
2.8
%
Adjusted NAV
return
0.2
%

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LARGEST INVESTMENTS
As at 30 June 2025
As at 30 June 2025
SECTOR SPLIT
Microsoft
7
%
Amazon
8
%
Intuitive
Surgical
6
%
Mastercard
6
%
Alphabet
6
%
Healthcare 28%
Information Technology 22%
Consumer Discretionary 19%
Communication Services 17%
Financials 10%
Cash and FFX 3%
Consumer Staples 1%
As at 30 June 2025
GEOGRAPHICAL SPLIT
North America 80%
West Europe 13%
Asia Pacific 4%
Cash and FFX 3%
These are the five largest percentage holdings in the Marlin portfolio
1
. The full Marlin portfolio and percentage holding data
as at 30 June 2025 can be found on page 17.
1
Percentage holdings have been rounded to the nearest 1%.

Andy Coupe
Chair
DIRECTORS’ OVERVIEW
“We are
disappointed to
report that Marlin
has ended the
FY25 year with a
small net profit of
$ 0.3m.”
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This year has seen significant volatility in global
equity markets due to factors such as the US tariffs,
recessionary concerns and geopolitical uncertainty.
Notwithstanding, international equity markets have
gained significantly. Regrettably, however, the
stocks that make up the actively managed Marlin
portfolio have not performed as well as the wider
market due to a combination of factors, including
Marlin’s overweight exposure to sectors such as
the healthcare sector and being underweight in the
financial sector in the US.
It is always hard to predict the impact of politics and
geopolitical upheaval on global equity markets. In the
second half of Marlin’s 2025 financial year, we have
seen the US introduce sweeping tariff changes that
have impacted trade around the globe, while in the
Middle East and Eastern Europe, there have been
ongoing hostilities and other geopolitical events, which
have all impacted global equity market sentiment.
In the first half of the financial year, the market frenzy
around anything to do with artificial intelligence (AI)
pushed up the value of many global technology stocks
and benefitted companies with links to AI, such as
silicon chip manufacturers, datacentres and electricity
generators. However, the boom around anything
AI came under increased scrutiny in the second six
months, which led to greater technology stock price
volatility, especially in the US.
Despite the Manager’s best assessment of longer-
term growth opportunities, the performance of the
Marlin portfolio was disappointing in recording a net
profit of $0.3m. The Total Shareholder Return
1
was
+2.8%, and the Adjusted NAV return
2
was +0.2%.
The Gross Performance return
3
of 2.7% was well
behind the Company’s benchmark index
4
, which,
notwithstanding significant volatility, was up +14.9%.
However, the board is encouraged that, despite the
volatile international equity environment, the majority
of the companies within the Marlin portfolio are
delivering solid earnings and this underlying business
performance provides the board with confidence in the
investment strategy and the resilience of the portfolio
over the longer term.
Revenues and Expenses
The 2025 result comprised gains on investments of
$4.6m, dividend, interest and other income of $1.2m,
less operating expenses and tax of $5.5m. Overall
operating expenses and tax were in line with the prior
year, however it is worth noting that:
a) management fees were $0.4m lower due to a
management fee rebate
5
, and
b) there was a higher tax expense in the current year.
Dividends
The directors recognise that the regularity of the tax-
effective quarterly dividends is important for many
shareholders and have maintained the Company’s
distribution policy of 2% of NAV per quarter. Over the
12-month period to 30 June 2025, Marlin paid 8.01
cents per share in dividends. The next dividend will be
1.88 cents per share, payable on 26 September 2025
with a record date of 4 September 2025.
Marlin has a dividend reinvestment plan which
provides shareholders with the option to reinvest all or
part of any cash dividends in fully paid ordinary shares.
Full details of the dividend reinvestment plan
6
can be
found in the Marlin Dividend Reinvestment Plan Offer
Document, a copy of which is available at marlin.co.nz/
investor-centre/capital-management-strategies/.
Warrants
The Marlin warrant (MLNWG) had an exercise date of
16 May 2025, when warrant holders had the option
to convert their warrants into ordinary shares at an
exercise price of $0.96 per warrant. On the exercise
date, 1.0m warrants out of a possible 53.7m warrants
were converted into Marlin ordinary shares. The new
shares were allotted to warrants holders on 21 May
2025 and the additional funds were invested during
May 2025.
Share Buybacks
The share buyback programme
7
is another part of
Marlin’s capital management programme. Share
buybacks only occur when the share price discount
to NAV exceeds 6%. During the 12 months to 30 June
2025, there were 1.3m buybacks, (FY24: 0.4m).
1
Total shareholder return - the return combines the share price performance, the warrant price performance, the net value of converting any
warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the Company’s dividend reinvestment
plan, and that shareholders exercise their warrants (if they were in the money) at warrant expiry date.
2
The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends (and other capital
management initiatives) and after expenses, fees and tax.
3
Gross performance return – The Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees and
tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
4
The benchmark index is the S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZ$).
5
The management fee reduces by 0.10% for each 1.0% pa that the gross return (expressed as a percentage of the gross asset value at the
beginning of the financial year) achieved on the portfolio is less than the change in the S&P/NZX Bank Bill 90 Day Index over the year, down to a
minimum management fee of 0.75%pa.
6
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Marlin or Computershare Investor Services
Limited.
7
Shares purchased under the buyback programme are held as treasury stock and subsequently reissued to shareholders under the dividend
reinvestment plan.
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DIRECTORS' OVERVIEW CONTINUED
Company Performance
For the year ended 30 June202520242023202220215 years
(annualised)
Total Shareholder Return2.8%13.8%(11.1%)(27.6%)88.5%7. 3 %
Adjusted NAV Return0.2%19.5%13.8%(25.6%)40.3%7. 3 %
Dividend Return
1
8.5%7. 9 %7. 3 %7. 0 %6.9%
Net Profit / (Loss)$0.3m$ 3 7. 2 m$23.6m($60.4m)$69.2m
Basic Earnings per Share0 .15 c p s17. 5 9 c p s11.63cps(31.34)cps39.55cps
OPEX Ratio1.5%2.2%1.7%1.1%3 .1%
OPEX Ratio (before performance fee)1.5%1.7%1.7%1.1%1.7%

As at 30 June20252024202320222021
NAV (as per financial statements)$0.95$1.03$0.93$0.89$1.28
Adjusted NAV$3.54$3.53$2.95$2.60$3.49
Share Price$0.91$0.96$0.92$1.12$1.6 0
Warrant Price-$0.03$0.01-$0.26
Share Price Discount/(Premium) to NAV
2
4.2%5.8%1.1%(25.8%)(30.5%)

Annual Shareholders’ Meeting
The 2025 annual meeting will be held on Friday 7
November 2025 at 10:30am at the Ellerslie Event
Centre in Auckland and online. All shareholders are
encouraged to attend, with those who are unable
to attend either form of the meeting invited to cast
their vote on the Company’s resolutions prior to the
meeting.
Conclusion
Marlin has not performed well during the 2025 financial
year. However, the portfolio’s focus on quality, growth-
oriented businesses remains a cornerstone of the
portfolio’s investment strategy, ensuring that the
portfolio is comprised of companies which have clearly
identified competitive advantages and are therefore
expected to perform as market sentiment recognises
their strong fundamentals. The board is confident
in Marlin’s medium to long-term prospects. We
appreciate your continued support and look forward
to seeing many of you at our annual meeting on 7
November.
On behalf of the board,
Andy Coupe, Chair
Marlin Global Limited
10 September 2025
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Total Shareholder Return
Non-GAAP Financial Information
Marlin uses the following non-GAAP measures:
• adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other
capital management initiatives) and after expenses, fees and tax,
• adjusted NAV return – the percentage change in the adjusted net asset value,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging, before expenses, fees and tax,
• 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,
• OPEX ratio – the percentage of Marlin’s assets used to cover operating expenses excluding tax and brokerage,
and
• dividend return – how much Marlin pays out in dividends each year relative to its average share price over the
period. (Dividends paid by Marlin may include dividends received, interest income, investment gains and/or
return of capital.)
All references to the above measures in this Annual Report are to such non-GAAP measures. The calculations
applied to non-GAAP measures are described in the Marlin Non-GAAP Financial Information Policy. A copy of the
policy is available at marlin.co.nz/about-marlin/marlin-policies/.
Portfolio Performance
For the year ended 30 June202520242023202220215 years
(annualised)
Gross Performance Return2.7%22.9%16.4%(24.9%)46.7%10 .1%
Benchmark Index
3
14.9%15.2%15.3%(12.8%)3 7. 8 %12.9%
Performance Fee Hurdle
4
9.7%10.8%9 .1%5.8%5.3%
NB: All returns have been reviewed by an independent actuary.
1
Marlin’s dividend return is calculated by dividing the dividends paid in a given year by the average share price for that year. (The
dividend policy of paying a quarterly dividend that is 2% of average NAV has been consistently applied.)
2
Share price discount/(premium) to NAV (including warrant price on a pro-rated basis).
3
Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZ$). Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (the change in the NZ 90 Day Bank Bill Index +5%).
Share Price/Total Shareholder Return
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Share Price Total Shareholder Return
Nov
2007
Nov
2011
Nov
2013
Nov
2014
Nov
2015
Nov
2008
Nov
2009
Nov
2010
Nov
2016
Nov
2020
Nov
2012
Nov
2022
Nov
2023
Nov
2024
Nov
2017
Nov
2018
Nov
2019
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Sam Dickie
Senior Portfolio Manager
MANAGER’S REPORT
“Marlin had a
disappointing
year, amidst the
sharpest rise in
stock market
volatility since
COVID - an
environment that
Marlin normally
outperforms in.”
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companies, in general, sharply underperformed low-
quality companies, which was unhelpful for Marlin’s
investment strategy of investing in quality growth
companies.
Chart 2: Global stock markets sold off, and
rebounded extremely quickly
Our global benchmark was up 15% for the year.
The best performing sectors were banks (+40%),
communications services (+30%) and utilities (+25%).
Marlin has zero weighting in banks and utilities,
because they typically have narrower moats and
shorter growth runways and this impacted our relative
performance. On the other hand, Marlin is overweight
communication services via companies like GOOGL
and META which helped. The worst performing sector
was healthcare and Marlin is overweight because this
sector lends itself to companies with wide moats, long
growth runways and typically less volatile earnings.
Disappointing performance: Why, what we’ve
changed and why we are confident about the
future
Marlin had a disappointing 12 months to June
2025, which has also impacted our medium-term
performance numbers. Whenever we experience
a period of poor performance, we need to quickly
diagnose the problem, look for lessons, and refine our
process where appropriate.
Global stock markets experienced elevated volatility
driven by unprecedented policy uncertainty, reaching
levels not witnessed since the Global Financial Crisis
and the early stages of the COVID-19 pandemic.
US policy uncertainty indices recorded their highest
readings in five decades, reflecting heightened
investor concerns regarding trade policies and federal
spending initiatives.
Chart 1: Unprecedented US economic policy
uncertainty
We often talk about how hard it is to predict the impact
of politics and macroeconomics on stock markets.
During the year the US implemented sweeping tariffs
across the globe; bombed three nuclear sites in Iran
resulting in a 20% spike in oil prices; proposed a
government spending bill that would add $2-$3 trillion
to the US government deficit; and despite falling
inflation, US long-term interest rates rose, driven by
both tariff related inflationary fears and excess US
Government debt fears. Offsetting these events,
has been a US consumer that has been surprisingly
resilient; inflation that has continued to subside; and a
surge in investment in Artificial Intelligence (AI) that has
resulted in corporate revenue and earnings surprising
to the upside.
The impact of this saw global stock markets end the
year at all-time highs although notably, for the first time
in several years, the US stock market underperformed
other international markets. We also saw high-quality
The 2025 year was marked by the sharpest rise in stock market volatility since the COVID
pandemic and, before the pandemic, the Global Financial Crisis, with President Trump’s Liberation
Day inspired “crash” in April causing a severe reaction. Disappointingly, while this environment
should have provided opportunities for Marlin, the portfolio has underperformed because of
sector specific and stock specific challenges. We have critically analysed the reasons for the
underperformance and have implemented certain process improvements and portfolio changes
over the past few months as a result. Following this review, we remain confident about the long-
term outlook for the portfolio.
Marlin delivered a gross performance of +3% for shareholders, significantly less than the +15% for
the market benchmark over the 12-month reporting period.
US Economic Policy Uncertainty Index
500
400
300
200
100
0
1985 1995 2005 2015 2025
Jun-24 Sept-24 Dec-24 Mar-25 Jun-25
950
900
850
800
750
700
MSCI All Country World Index
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In any given year, we may expect a material change in
investment thesis on 3-4 positions that go against us.
During the 2025 year, Marlin experienced eight sector
and stock-specific issues that impacted the portfolio -
so 2025 was an unusually tough year.
Five of the top six detractors from performance
were for sector specific reasons – particularly in
healthcare. In most cases, the companies are doing
what we would like to see from a long-term investor’s
perspective. They are managing through abnormal
sector specific headwinds by prudently managing
costs, while continuing to invest in critical growth
areas, and holding or taking market share from weaker
competitors. However, in the short-term the sector
specific headwinds have weighed on their share prices.
Going forward we aim to be nimbler and move more
quickly to cut position sizes when new sector specific
controversies arise.
Another factor identified in our review was that our
stock picks tend to outperform more regularly in the
first few years after initiating a position. Increasing the
number of new investment ideas reviewed and added
to the portfolio each year (and replacing companies
where the investment thesis may have played out) will
keep the portfolio fresh and has the potential to boost
performance. The team has been working hard to
increase the cadence of new stock additions (with 6
stocks added between late September and year end),
which also allows us to move more quickly replacing
companies where we have question marks.
We are also looking to broaden the sector and
geographical mix of the Marlin portfolio as we add new
companies. A more diverse spread across sectors
and geographies will help reduce the impact of issues
arising in a specific sector (e.g. healthcare).
As can be seen in Chart 3 below, our high conviction
style can lead to stretches of both disappointing
and strong performance relative to the benchmark.
However, the high-conviction STEEPP process has
served Marlin successfully for 18 years (see Chart 4)
and while performance is cyclical, we are confident
that our investment process will work well in the years
ahead. We maintain our high conviction style but are
refining how we implement the STEEPP process to try
and deliver stronger and more consistent outcomes.
MANAGER’S REPORT CONTINUED
Chart 3: Marlin annual performance vs the
benchmark
Chart 4: Marlin long term gross returns vs the
benchmark
Investing through geo-political turmoil
The days following President Trump’s Liberation Day
announcement on April 2nd drove the sharpest fall in
stock markets since the COVID crisis and the sharpest
rise in volatility (and fear) in 25 years. The announced
tariffs were wider ranging and higher than the market
expected.
Every bout of volatility is different but the framework
in which we invest remains the same. As long as the
moat, medium term growth runway and exceptional
people running our portfolio companies has not
changed, market volatility is typically a buying
opportunity for long term investors.
We used the April 2025 sell-off to reposition the
portfolio. Firstly, we added to oversold tariff-affected
names like Intuitive Surgical and Meta. Secondly,
we upgraded portfolio quality by buying Costco
and Hermès (funded by reducing weight in Icon and
Greggs). And thirdly, we trimmed United Health and
Boston Scientific to add to Amazon, KKR and Nvidia.
Since then, the market has rallied over 30%, and stocks
like Nvidia, Meta and Amazon are up significantly more.
Marlin Benchmark
8
7
6
5
4
3
2
1
0
2007
2008
2009
2010
2 011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Annual relative performance since inception
(Gross performance vs market benchmark to 30 June)
2008
2009
2010
2 011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
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On the ground in the US
Soon after President Trump’s “Liberation Day” tariff
announcement, we travelled to the US to meet our
portfolio companies and assess the likely impact of
these trade policies.
Liberation Day initially triggered recession fears, with
economists forecasting that companies and consumers
would sit on their hands and not spend amidst the
uncertainty.
We met dozens of companies while we were in the US
but the clearest picture we got on the real time health
of the economy was from credit card companies and
rail companies. They told us that consumer spending
was resilient, and goods were still moving across
the country by rail. While economists were busily
downgrading economic growth forecasts, we were
seeing a different picture.
Chart 5: US and global GDP growth downgraded
for 2025....and starting to be re-upgraded...
We learned that large multinational companies were
regionalizing production—ensuring US facilities serve
US demand, European factories serve Europe, and
Chinese operations focus on China. The point is, it
remains to be seen whether President Trump’s goal of
dragging lots of manufacturing back to the US will be
successful. Smart US companies are saying the right
things about moving manufacturing home but keeping
their options open.
What is clear though is that the market sought out and
found President Trump’s pain point. He was prepared
to let equity markets fall as he negotiated for better
trade deals. However, when long term interest rates
started going up rapidly, as foreign investor sold US
bonds, he blinked - because borrowing rates impact
the average American (and Presidential approval
ratings) – so higher rates were not acceptable.
It was another reminder that unexpected
macroeconomic or geo-political events are often good
buying opportunities.
The healthcare sector was a drag on
performance
Our healthcare sector exposure faced significant
headwinds. The US Government’s efforts to reduce
healthcare spending pressured pharmaceutical
customers to cut costs sharply. Additionally, the
biotechnology sector continues unwinding from
excessive COVID-era growth. Our high exposure to this
typically more stable sector amplified the impact on the
portfolio.
The US healthcare system faces its most critical
crossroads in decades, with spending reaching
levels that threaten fiscal sustainability. Healthcare
expenditure totals more than $5 trillion, or close to
20% of GDP, twice the OECD average. So, any US
healthcare exposure Marlin has should be part of the
solution (cutting costs) rather than part of the problem.
Companies like Dexcom are helping lower the high cost
of obesity and diabetes on the US government with its
continuous glucose monitoring devices. Icon is also
part of the solution, using its clinical research expertise
to complete drug trials 12 months faster and up to
20% cheaper. Boston Scientific’s products drive 40%
higher patient throughput at cardiac centres, fewer
unnecessary patient stays, and faster procedure times
is also helping. So is Intuitive Surgical’s robotic systems
that speed up surgery and help reduce surgical
backlogs.
While we have reduced our weighting to this sector
amidst this uncertainty, the sector has never been this
cheap relative to the broader stock market.
Chart 6: US healthcare sector price to earnings
ratio vs the S&P500
U.S. GDP Economic Forecast
2.5
2.0
1.5
1.0
Jun-24 Sept-24 Dec-24 Mar-25 Jun-25
S&P Composite 1500 Health Care (Sector)
/ S&P 500 Index
1.2
1.1
1.0
0.9
0.8
0.7
2006 2009 2012 2015 2018 2021 2024
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MANAGER’S REPORT CONTINUED
AI boom and bust
Like last year, the AI boom continued, albeit with some
hiccups. While we talked last year about some signs of
irrational exuberance in the market, we saw the bubble
significantly deflate earlier this year.
The catalyst was China based DeepSeek’s cost-
efficient breakthrough model released in January,
which demonstrated that high-quality AI could be
developed using far fewer resources than traditional
approaches. This sparked immediate market concerns
about whether existing AI investment strategies
remained viable.
This weakness was supercharged by President
Trump’s tariff spat with China and further restrictions
placed on the export of AI related products to China.
We used that weakness to add to our AI exposures.
As a reminder, we are exposed via four buckets:
1. Cloud providers like Microsoft, Google and
Amazon that have large cloud infrastructure
businesses that provide the picks and shovels for
the AI boom
2. Large consumer-facing users of AI technology,
such as Meta and Tencent. These companies are
using AI to drive increased engagement with their
customers, which in turn is helping them attract
more advertising dollars
3. Providers of the semiconductor chips required
to power AI, through our holding in Nvidia (we
used the AI/market weakness during the year to
accumulate the position)
4. Less obviously, through equipment suppliers
like ASML, which has a near monopoly on the
manufacturing equipment that makes the high-
end semiconductor chips that power AI.
We are being very selective about our investments
in this space, as we do see some overexuberance in
parts of the sector. Several of the companies named
above were key drivers of Marlin returns for the year.
Chart 7: AI exposed companies significantly
outperformed the broader market
Performance highlights and lowlights
Positive contributors
The top performers in the Marlin portfolio were Netflix,
Meta, Mastercard, Boston Scientific and Tencent.
Netflix (+98%) was a standout performer in 2025.
The company surpassed 300 million subscribers,
growing rapidly even in mature markets like the US and
Canada. Netflix’s cheaper ad-supported option has
broadened its appeal. Netflix’s significant $18 billion
investment in content for 2025 reinforces its leadership
in the streaming market, where its superior offerings
and disciplined execution have helped it achieve
industry leading customer retention. This has allowed
it to continue to push prices higher, helping drive
industry leading profitability.
Meta (+47%) growth continues to exceed
expectations, and it remains committed to investing
in AI for future growth. Meta’s turn around over
the past two years has been spectacular. It had to
overcome major technical challenges from changes
in Apple’s privacy tracking rules and new competition
to now being one of the leading beneficiaries of
AI and outperforming peers. AI is a tailwind for
Meta’s business in several ways. Meta’s AI content
recommendation engines are used to deliver more
relevant and fresh content to users which they would
not have otherwise found on their own. This increases
user engagement and time spent on its apps, which
increases advertising slots and revenue for Meta.
Meta is also using AI to improve its advertisement
recommendation engines, serving more relevant
ads to the right audience at the right time, improving
advertisers return on ad-spend. A win-win for both
consumers and advertisers. Meta is also using AI
to create a chatbot that could be used in customer
service and delivered through WhatsApp, a new future
revenue stream. Circa 3.4bn people use at least one
of Meta’s apps each day making Meta’s digital assets
vital for advertisers to reach the right consumers to
grow their business.
Boston Scientific (+39%) continues to benefit from
its leading portfolio of medical devices used to treat
a range of medical conditions from heart disease to
neurological disorders. The launch of the Farapulse
device for treating atrial fibrillation (a heart condition
which increases the risk of death) has been one of the
most successful medical device launches in recent
history. Along with strong performance across most
of its segments, this has propelled Boston Scientific’s
revenue growth rate from 7% historically to over 17%
today, one of the fastest growth profiles amongst
listed medical device companies; a position we believe
Boston Scientific can maintain in future years.
Returns Jun-24 to Jun-25
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
US AI Winners IndexS&P 500 Equal Weight Index
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Tencent (+36%) continues to demonstrate its ability to
outgrow peers against a tough China macro backdrop
as it is one of the best positioned companies in China
to benefit from AI. Tencent has over one billion users
on its Weixin social media app, that use the app for
over an hour each day. This massive user base offers
unmatched potential to monetise AI through multiple
avenues including improved user engagement and
increased advertising revenue in its social media and
video products; consumer facing AI applications; and
AI search.
Mastercard (+28%) continues to take payment market
share away from cash and cheque which are still
40% of total payment volumes. Investors became
concerned during the year that stablecoins could
disrupt Mastercard, exacerbated by the recently
approved stablecoin regulation in the US (GENIUS
Act). Stablecoins are not a credit product, so the only
potential risk is to Mastercard’s smaller debit business.
Debit cards are superior to stablecoin as a payment
option for consumers because of the fraud protection,
significantly wider acceptance and loyalty schemes.
We used the opportunity to add to the position.
Detractors from performance
The biggest detractors from portfolio performance
were Icon, Dexcom, Floor & Décor, Danaher and
ASML.
Icon (-54%) and Danaher (-21%) were impacted by
a slower than expected recovery in research and
development spending after several strong years
during and post-COVID; and as the pharmaceutical
industry faces regulatory and competitive headwinds.
While biotech funding has improved, it has not yet
translated into revenue as customers remain hesitant
to start new drug development projects. Large
pharma customers like Pfizer have also been cutting
drug development programs to reduce costs. This
backdrop was expected to improve in 2025, but the
combination of high interest rates, macroeconomic
and tariff uncertainty; and questions over the Trump
administration’s pharma regulatory policies, has seen
ongoing hesitancy in drug development. We believe
these challenges are likely temporary, and industry
growth will start to reaccelerate next year as biotech
companies continue to invest in innovative new
treatments.
ASML (-21%) has faced several headwinds since we
invested last year resulting in poor performance. ASML
manufactures lithography machines used to produce
semiconductor chips for various applications, including
mobiles, PCs, cars, and AI. While demand for AI
remains strong, other markets are recovering more
slowly, causing chip makers to delay spending on
semiconductor-making machinery. Uncertainty around
tariffs has further added to this hesitancy. In addition,
two of ASML’s largest customers, Samsung and
Intel, have either postponed or reduced investment in
manufacturing facilities as they struggle to maintain
competitiveness with peers. We recognise that ASML
is a cyclical business and expect these headwinds
to be temporary, with long-term demand for ASML’s
advanced lithography tools remaining strong given
increasing demand for semiconductor chips.
Dexcom (-23%) fell sharply in July 2024 as it
unexpectedly lowered its growth expectations for
the year, with the company guiding to 4-8% revenue
growth in the second half, down from 20% growth
in the first half. These headwinds were somewhat
self-inflicted, and we think there is still a long growth
runway ahead for Dexcom. This is a company that has
executed well, growing sales of its continuous glucose
monitors (CGMs) nearly 30% p.a. over the last five
years to around $4 billion globally. Amidst a lot going
on, including a major salesforce restructure; the launch
of new consumer-facing CGM; and the ramp up of
two manufacturing facilities, the company has run into
some challenges which have impacted its growth.
We initially reduced our position as we awaited more
clarity on the pace of the turnaround but increased our
weight through the year as we got more confidence in
management execution.
Floor & Décor (-24%) continues to operate through
a weak industry backdrop. This has been driven by
mortgage rates remaining high post pandemic which
has reduced total market activity. Floor & Décor
continues to take market share from smaller operators
and continues to open new stores, targeting 500
stores (from 250 today). When market conditions
adjust, Floor & Décor should be well positioned to
accelerate growth as there will be less competition
that has survived through the current market
environment. However, similar to our healthcare
exposures, we reduced weight in Floor & Décor as the
macro weakness in this sector has been abnormally
elongated.
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Portfolio additions and exits
We have made several changes to the Marlin portfolio
in the last year. We now have a slightly larger number
of companies, spread more across geographies and
sectors.
Overall, we believe these changes improve the quality
of the portfolio.
New portfolio additions
Nvidia is the global leader in high performance
semiconductor chips required to train and serve AI
models. Its moat is built around its superior hardware
and especially its proprietary CUDA software. CUDA
software is the de facto industry standard used by
the vast majority of software developers to extract the
optimal performance from the chips. Nvidia is led by
co-founder Jensen Huang who recognised well over
a decade ago AI’s potential and the importance of
his chips to serve that potential. His vision is coming
to fruition today. Demand for Nvidia GPUs continues
to grow as more AI models are trained and people
increasingly adopt AI every day. We added Nvidia in
September after it had a period of underperformance,
and we built the position further in April when the
market lost enthusiasm for AI companies.
Hermès is a French luxury design brand that sells
leather goods, clothes, silk scarves, homeware and
jewellery. The company is known for its iconic Birkin
and Kelly bags where resale values often exceed retail.
Ultra-high-quality products, exclusivity (key leather
products are hard to acquire and have waiting lists)
and a vertically integrated supply chain (quality control)
give Hermès a strong brand moat. And it is run by
a very long-term oriented management team. The
luxury sector had been under pressure as Hermes’
competitors “over earned” coming out of Covid-19 by
raising prices too aggressively. Hermes got caught up
in that poor sentiment (despite the fact the company
did not raise prices aggressively) and that gave us an
opportunity to add it to the portfolio.
Costco is a leading global warehouse club, offering
high-quality products in bulk at low prices. The
company is the third largest retailer in the world by
revenue and operates more than 900 warehouses.
Costco serves 137 million members by providing a
wide range of goods—from groceries to electronics
and household items. Costco’s ability to leverage its
scale to consistently deliver the lowest prices creates
a strong moat. This, combined with its customer-
centric culture has led to sales per square foot double
that of its nearest competitor. Costco has substantial
opportunity to expand its warehouse footprint both in
the U.S. and internationally.
MANAGER’S REPORT CONTINUED
Tr adeweb operates electronic marketplaces for fixed
income and equities, connecting over 2,800 clients.
Its scale, real-time pricing, and superior liquidity have
allowed it to take market share from competitors for
the last 7+ years through implementing innovative
trading protocols. The adoption of electronic trading
will continue to be a tailwind.
Zoetis is the global leader in animal health, owning
many of the leading brands of drugs used to treat
cats, dogs and livestock. Zoetis has a dominant
position in several of the fastest growing therapies,
including dermatology and osteoarthritis pain; and has
consistently grown market share since its spin-off from
Pfizer in 2013. While Zoetis continues to take overall
market share, the uptake of its latest pain drug Librela
has been below expectations which has driven stock
underperformance. The company is taking steps to
educate veterinarians and pet owners to ensure a clear
understanding of the product’s benefit-risk profile to
build confidence in the product and improve growth,
which may take time. Zoetis plans to launch one new
innovative product each year from its strong pipeline of
new drugs, supporting overall revenue growth.
KKR is a leading alternative asset business benefiting
from the structural growth in alternative assets as
pension funds, sovereign wealth funds and high-net-
worth individuals increase their allocations to private
equity and alternatives. KKR’s uniquely collaborative
culture (single, firm-wide P&L rather than siloed teams),
widespread equity ownership amongst its people
driving an ”owners’ mentality”, plus its exceptional
brand and track record of returns attracts the best
people. Nearly half of KKR’s funds under management
come from long-term sources, like their wholly owned
insurance company. These two factors underpin the
moat. KKR is well positioned to sell its product into the
nascent (~5% penetrated) private wealth market which
will drive the growth runway. We took advantage of
the market weakness in April to add a small position in
KKR to the portfolio.
Portfolio exits
We exited Dollar General and Dollar Tree during
the year. During the GFC, the dollar stores saw sales
growth accelerate as consumers “traded down”. This
defensive characteristic has not been repeated in
the recent environment. The low-income consumer
(which makes up 60% of the customer base) continues
to reduce spending in the face of the higher cost
of living. While higher-income consumers are also
tightening the belt, the companies are facing increased
competition from large discount stores like Walmart
and ecommerce retailers trying to win these customers
back. This was a change in our thesis and hence we
exited the small positions.
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Headquarters Company%
Holding
ChinaTencent Holdings3.9%
France Hermes International3.9%
IrelandIcon1.9%
United
Kingdom
Greggs Plc2.5%
United StatesAlphabet5.6%
Amazon.Com7.7 %
ASML Holding NV5.0%
Boston Scientific4.0%
Costco Wholesale
Corp
1.0%
Danaher Corporation5 .1%
Dexcom Inc4.5%
Edwards Lifesciences
Corp.
2.9%
Floor & Décor Holdings4.6%
Gartner Inc4.0%
Intuitive Surgical Inc5.6%
KKR & Co Inc1.1%
Mastercard6.0%
Meta Platforms Inc4 .1%
Microsoft6.9%
MSCI Inc2.4%
Netflix3.2%
Nvidia Corp2.7%
Salesforce.com3.4%
Tradeweb Markets Inc1.0%
UnitedHealth Group Inc1.2%
Zoetis Inc2.7%
Equi t y Tot a l96.9%
New Zealand dollar
cash
0.4%
Total foreign cash1.0%
Ca s h Tot a l1.4%
Forward Foreign
Exchange
1.7%
TOTAL100.0%
Portfolio Holdings Summary
as at 30 June 2025
The information in the Directors’ Overview and in this
Manager’s Report (including all text, data and charts) was
prepared as at mid-August 2025. The information was
prepared as a general summary of the matters covered only,
and it is by necessity brief. The information and opinions are
based upon sources which are believed to be reliable, but
Marlin Global Limited and its officers and directors make no
representation as to its accuracy or completeness. The report
is not intended to constitute professional or investment advice
and should not be relied upon in making any investment
decisions. Professional financial advice from a financial
adviser should be taken before making an investment.
To the extent that the report contains data relating to the
historical performance of Marlin Global Limited or its portfolio
companies, please note that fund performance can and will
vary and that future results may have no correlation with results
historically achieved.
Portfolio positioning
The Marlin portfolio comprised 26 companies as at 30
June 2025, diversified across a range of sectors.
Outlook
President Trump’s final tariff outcomes should become
clear in the second half of 2025. Given the uncertainty
about timing and the size of the tariffs, economists
have modelled a range of outcomes, and it appears
that the drag on US and global growth will likely range
from 1-3% and the tariffs will likely push up inflation by
1-2%.
Despite the likelihood of further tariff disruption, global
unemployment remains low, the global consumer
remains resilient and corporate earnings continue
to grow – which has been a major contributor to the
strong stock market. While economic and corporate
earnings growth remain supportive, valuations have
again become elevated.
The rapid speed of change continues; technology and
AI are developing at an exponential rate, interest rates
remain elevated, and geo-political risks seem ever-
present. These factors mean that businesses continue
to be at a risk of disruption, and investors need to be
nimble.
We remain optimistic about the growth prospects of
Marlin’s portfolio companies, and in their prospective
returns in the years ahead.
Sam Dickie, Senior Portfolio Manager
Fisher Funds Management Limited
10 September 2025
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STRENGTH OF
THE BUSINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company
a market leader? Does it have
a dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR ACK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTORY
How fast has the company
been able to grow its earnings
in the past? How consistent has
earnings growth been? Fisher
Funds prefers to buy companies
that exhibit secular growth
characteristics where they have
the proven ability to provide
a high or improving return on
invested capital.
Fisher Funds employs an investment analysis model that it calls the STEEPP process to analyse existing
and potential portfolio companies. This analysis gives each company a score against a number of criteria
that Fisher Funds believes need to be present in a successful portfolio company. All companies are then
ranked according to their STEEPP score to broadly determine their portfolio weighting (or indeed whether
they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Marlin which comprised 26 securities as at 30 June 2025.
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EARNINGS
GROWTH FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is
the probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
notices that too many analysts
focus on short-term earnings. As
long-term growth investors, Fisher
Funds thinks about where the
company’s earnings could be in
three to five years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are they
rewarded? Has the board and
management exhibited good
corporate behaviour in the areas
of environmental, social, and
governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATION
How much of the future earnings
growth is already reflected in the
share price? Where does the
current share price sit in relation to
Fisher Funds worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
EPP

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-3
%
+14
%
-21
%
Total Share ReturnTotal Share ReturnTotal Share Return
MARLIN PORTFOLIO
COMPANIES
The following is a brief introduction to each of your portfolio companies, with a description of
why Fisher Funds believes they deserve a position in the Marlin portfolio. Total share return is
for the year to 30 June 2025 and is based on the closing price for each company plus any capital
management initiatives. For companies that are new additions to the portfolio during the year,
total share return is from the first purchase date to 30 June 2025.
Total shareholders return in local currency sourced from Bloomberg.
UNITED STATES
What does it do?
Alphabet is the holding company
which owns the world’s leading
internet search provider, Google.
Google is the world’s most visited
website and the largest global
advertising platform by advertising
revenue. Alphabet also owns
YouTube, the global leader in
online video content, and Google
Cloud Platform, the #3 player in
cloud computing.
Why do we own it?
Alphabet has wide moats arising
from its dominant position
in online search, significant
intellectual property and a strong
brand. We believe Alphabet is
well positioned to grow strongly
as global advertising budgets
gradually shift away from television
to digital formats, consumers
view more content online and
companies increasingly adopt
cloud computing.

UNITED STATES
What does it do?
Amazon is the dominant
e-commerce platform in the
Western Hemisphere. Alongside
the e-commerce platform,
the company offers marketing
services to vendors and
subscriptions to customers,
which includes everything from
free shipping to music and video.
Amazon’s AWS (Amazon Web
Services) business is the largest
global cloud computing platform,
helping clients with data storage
and computing power.
Why do we own it?
Amazon.com sits at the
crossroads of powerful
megatrends. These include
growth in e-commerce, migration
of advertising spend online and
the increasing adoption of the
public cloud. The company has
significant scale and network
advantages. With a long growth
runway, Amazon is in a prime
position to monetise these
opportunities.
UNITED STATES
What does it do?
ASML is the leading manufacturer
of lithography machines used to
produce semiconductor chips.
Described by some as the most
complex machines ever built,
these lithography machines can
be as large as a bus, contain over
100,000 parts and cost hundreds
of millions of dollars.
Why do we own it?
ASML has 100% market share
in the cutting-edge lithography
machines that are used to
manufacture the most advanced
semiconductor chips such as
those used in smartphones,
laptops and datacenters for AI.
Advances in areas such as AI and
autonomous driving will require
increasing amounts of these
advanced semiconductor chips,
which will drive ongoing demand
for ASML’s lithography machines.

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MARLIN PORTFOLIO
COMPANIES
+39
%
+9
%
Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Boston Scientific is a leading
manufacturer of innovative medical
devices used to treat a range of
medical conditions of over 30
million patients each year. Boston
Scientific focuses on minimally
invasive therapies, which generally
improve patient outcomes versus
traditional surgery and reduce the
overall cost of treatment for health
systems.
Why do we own it?
Boston Scientific is well positioned
with market-leading positions in a
number of fast-growing medical
device markets. With a strong
pipeline of new product launches
and a track-record of investment
in innovation, we expect Boston
Scientific to sustain its above-
market growth and increase its
market share.
UNITED STATES
What does it do?
Costco Wholesale is a leading
global warehouse club, known for
offering high-quality products in
bulk at low prices. The company
is the third largest retailer in the
world by revenue and operates
in more than 900 warehouses
globally. Costco serves 137 million
members by providing a wide
range of goods - from groceries
and electronics to household
items.
Why do we own it?
Costco’s ability to leverage its
scale to consistently deliver the
lowest prices creates a strong
moat. This, combined with
its customer-centric culture,
has led to sales per square
foot double that of its nearest
competitor. Costco has substantial
opportunity to expand its
warehouse footprint both in the
US and internationally, providing
a long growth runway for the
company.
-21
%
Total Share Return
UNITED STATES
What does it do?
Danaher is a leading player in
the Lifesciences and Diagnostics
industries where it provides its
customers with the cutting-edge
tools to help them to diagnose
disease and seeks to discover
and manufacture new drug
therapies to treat those diseases.
Why do we own it?
An aging population and growing
healthcare spend are driving the
need for increased innovation in
the diagnosis and treatment of
chronic disease. With a leading
portfolio of tools and services in
these end markets, Danaher is
well-positioned to benefit from
this investment in healthcare
innovation. Driven by a well-
renowned culture of continuous
improvement and investment,
we expect Danaher to grow its
market share as it becomes an
increasingly essential partner to its
customers.

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-15
%
Total Share Return
UNITED STATES
What does it do?
Edwards Lifesciences is the global
market leader in the treatment of
heart valve disease, which impacts
millions of people worldwide
and carries a poor prognosis if
left untreated. Edward’s main
products allow for the treatment of
this disease without the need for
risky open-heart surgery.
Why do we own it?
Edwards Lifesciences continues
to lead the industry in innovation,
investing in the development of
new products which both improve
medical outcomes for patients and
help doctors treat a wider range
of previously untreated patients
using a lower risk approach. With
a dominant market share and
continued investment in research
and development, Edwards
Lifesciences is well positioned for
long-term growth.
MARLIN PORTFOLIO COMPANIES CONTINUED
Total Share Return
-24
%
UNITED STATES
What does it do?
Floor and Décor is a leading
specialty hard flooring retailer
in the US. Its warehouse format
stores, which are roughly the size
of a Bunnings, only offer hard
surface flooring. The company
offers the industry’s broadest in-
stock assortment at everyday low
prices. Floor and Décor has over
250 stores across 30 states.
Why do we own it?
The company has the potential to
dominate the niche hard surface
flooring category. There is a
significant runway for future store
growth with the potential to grow
its footprint to around 400 stores.
Given the company’s size and
scale, Mom and Pop retailers,
which have 50% market share,
cannot compete on price, variety
of products or service with Floor
and Décor.
Total shareholders return in local currency sourced from Bloomberg.
-23
%
Total Share Return
UNITED STATES
What does it do?
Dexcom is a leading player in
continuous glucose monitoring
(CGM) devices for people with
diabetes, which impacts hundreds
of millions of people globally.
Why do we own it?
Dexcom benefits from high
barriers to entry in CGM devices
due to high upfront investment
and specialist know-how. It takes
years to innovate and develop
a new sensor before receiving
regulatory clearance. Compared
to finger pricking, CGM devices
achieve better health outcomes
from continuous glucose readings
vs. a static one-off, similar
or better accuracy and more
convenience. Only circa 5% of
the 500 million global diabetic
population use a CGM device,
so Dexcom is well positioned for
many years of growth.

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Total Share Return
-10
%
UNITED STATES
What does it do?
Gartner is a leading research,
consulting and advisory company.
Its information technology
research service is seen as
a ‘must-have’ at most large
corporates and is used by 75%
of Fortune 1,000 companies.
Gartner provides up-to-date
industry research and analysis to
help these business leaders make
informed decisions around their
technology, such as the selection
of software vendors or current
best practice in cyber-security or
cloud infrastructure.
Why do we own it?
In a world of constant
technological change and
business model disruption,
Gartner’s research and analysis is
becoming increasingly important
in helping companies navigate this
challenging environment. Gartner
estimates there are 138,000
businesses globally that could
use its service, of which around
13,000 are current customers –
indicating a long growth runway.
Gartner is making good progress
looking to replicate this model
in adjacent business functions
including HR, Finance and Supply
Chain.
Total Share ReturnTotal Share Return
-28
%
+14
%
UNITED KINGDOM
What does it do?
Greggs is a vertically integrated
food retailer in the UK, focused on
offering value-for-money food-on-
the-go. The company operates
more than 2,600 stores and is a
leader in the UK food-on-the-go
market.
Why do we own it?
Greggs is an attractive growth
story with the potential to gain
share of a fragmented market
given the strength of Gregg’s value
proposition. We see opportunity
for Greggs to continue rolling out
stores, while also implementing
strategic initiatives (e.g. evening
trade, delivery, click and collect)
to increase sales turnover at
established stores.
FRANCE
What does it do?
Hermès is a French family-
owned luxury design brand that
sells leather goods, clothes, silk
scarves, homeware and jewellery.
The company is known for its
iconic Birkin and Kelly bags where
resale values often exceed retail.
Why do we own it?
High quality (controlled through
a vertically integrated supply
chain) and product exclusivity
give Hermès a strong moat. The
company is run by a long-term
oriented management team and
has a long growth runway, making
Hermès an attractive investment.

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MARLIN PORTFOLIO COMPANIES CONTINUED
Total Share Return
+41
%
UNITED STATES
What does it do?
KKR is a leading alternative
investment firm. Founded in 1976,
KKR was one of the early pioneers
of the modern private equity
model. The company has since
grown to a global alternative asset
franchise, managing over $650
billion globally across a range of
assets including private equity,
private credit and infrastructure.
Why do we own it?
KKR is benefiting from the
structural growth in alternative
assets as pension funds,
sovereign wealth funds and high-
net-worth individuals increase
their allocations to private equity
and alternative investments.
While asset management is a
competitive industry, KKR has
a wide moat given its strong
track record of returns and
the stickiness of assets under
management. KKR’s brand and
track record helps with fundraising
and attracting investment talent.
Total shareholders return in local currency sourced from Bloomberg.
Total Share ReturnTotal Share Return
-54
%
+22
%
IRELAND
What does it do?
Known as a contract research
organisation (CRO), Icon provides
specialised services in clinical trial
management for pharmaceutical
and biotechnology companies.
Why do we own it?
The increasing complexity and
regulatory requirements of clinical
trial management are forcing
pharmaceutical and biotechnology
companies all over the world
to seek the help of specialist
CROs such as Icon. Icon’s global
footprint and broad strengths in
clinical management make it one
of only a few companies qualified
to provide these services for large
pharmaceutical companies, and
Icon has been gaining share.
While the pharmaceutical industry
is currently going through a period
of rationalisation post COVID,
we expect the industry to return
to growth driven by continued
investment in innovative new
drugs driving an increase in
clinical trials.
UNITED STATES
What does it do?
Intuitive Surgical is the pioneer and
leading manufacturer of soft-tissue
surgical robotics, used to assist
surgeons to perform minimally
invasive surgical procedures.
Since Intuitive first launched its
‘da Vinci’ robot over twenty years
ago, there are now over 10,000
systems placed around the
world, performing over two million
procedures annually.
Why do we own it?
Robotic systems aid and enhance
the surgeon’s capabilities, and
both increase comfort and reduce
fatigue as the surgeons can sit at
a console versus standing over
patients for hours a day. This
enhanced capability of robotics
such as better vision creates
better clinical outcomes than
the equivalent open surgery.
We expect that as robotic
technology continues to evolve,
penetration will further increase.
Since launching its first robotic
system around twenty years ago,
Intuitive has enjoyed the market to
itself. Barriers to entry for robotic
surgery are high and we expect
that Intuitive will maintain a high
market share in the future.

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Total Share ReturnTotal Share ReturnTotal Share Return
+28
%
+47
%
+12
%
UNITED STATES
What does it do?
MasterCard is the second largest
payment network in the world,
operating in 220 countries across
150 currencies, supporting more
than 3.5 billion cards and 150m
acceptance locations across its
network.
Why do we own it?
MasterCard’s growth outlook is
underpinned by the secular shift
to electronic payments and away
from cash, particularly in emerging
markets where MasterCard
has significant presence.
These structural growth drivers
combined with increasing margins
and high cash flow generation
(allowing for capital returns)
support a strong growth outlook
over the medium to long term.
UNITED STATES
What does it do?
Previously known as Facebook, it
has rebranded to Meta Platforms
and is the parent organisation of
Facebook. Meta owns four of the
most dominant social networking
and messaging platforms in
the world – the Facebook app,
Instagram, Messenger and
WhatsApp. It monetises these
platforms by selling advertising
slots to millions of businesses
globally.
Why do we own it?
The average US user spends over
an hour a day on Facebook and
Instagram combined. This high
user engagement, combined with
Facebook’s unparalleled ability
to deliver an audience of over
3.4 billion daily active people to
advertisers, has created one of
the most valuable advertising
platforms in the world. We see
significant growth ahead as
Facebook captures a significant
share of advertising dollars as
media budgets move away from
TV and towards digital platforms.
UNITED STATES
What does it do?
Microsoft is a dominant software
business that develops, licenses,
sells and supports software
products, and is viewed by many
IT departments as their most
critical vendor. Products and
services include many well-
known franchises such as the
Windows operating system, Office
productivity applications, Azure
cloud services, LinkedIn and
Xbox.
Why do we own it?
Microsoft is poised to benefit from
the global trend of enterprises
shifting their computing to the
cloud. Microsoft’s Azure business
unit is helping customers all
over the world of all sizes make
this transition to the cloud and
should benefit from this secular
trend for many years to come.
Additionally, Microsoft is well
placed to monetise AI due to its
broad portfolio of products and
applications.

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Total Share Return
UNITED STATES
What does it do?
Nvidia is a computer chip
designer specialising in GPUs
(graphics processing units), of
which it is the world’s largest
supplier (~85% market share). Its
GPUs are used in datacentres,
robotics, gaming, professional
visualisation and autonomous
driving. Demand for its GPUs
in datacentres is driven by an
increasing proportion of high
performance or accelerated
computer processing e.g.
simulations, machine learning,
training and inferencing large AI
models.
Why do we own it?
Nvidia’s 10-year head start
developing its ecosystem
of chip hardware, software
and networking creates a
lock-in effect for customers
and underpins the moat.
The demand for accelerated
compute will remain structurally
high for some time. The
company’s co-founder continues
to run the company along with
a highly talented management
team.
+28
%
MARLIN PORTFOLIO COMPANIES CONTINUED
Total shareholders return in local currency sourced from Bloomberg.
Total Share Return
+98
%
UNITED STATES
What does it do?
Netflix is the world’s leading
streaming service with over 300
million members in over 190
countries. Members pay a monthly
subscription fee to access TV
series, documentaries, feature
films and mobile games across
a wide range of genres and
languages.
Why do we own it?
Netflix’s scale in creating original
content and ability to spread this
cost over a huge global audience
base gives it a significant cost
advantage versus peers. We
believe this advantage will only
get stronger with time, and
ensure Netflix continues to gain
subscribers for many years to
come – there are 750 million
potential subscribers globally (ex-
China). We are also confident in
the company’s ability to continue
raising prices at a rate that lags
the value of the content it delivers.
Netflix has raised prices regularly
since 2015, while maintaining
best-in-class churn rates, and a
standard Netflix subscription –
equivalent to one or two movie
tickets a month for countless
hours of entertainment – still
presents incredible user value
compared to satellite or cable TV.
Total Share Return
+21
%
UNITED STATES
What does it do?
MSCI is a leading provider of
indices, benchmarks, index data
and analytics tools for the financial
industry, and is known for its global
and emerging market indices.
Customers use the company’s
indices to define the investment
universe for their products,
benchmark their performance
and construct ETFs. MSCI serves
over 7k clients in more than 100
countries and has over $17tn in
assets benchmarked to their various
indices.
Why do we own it?
MSCI has attractive growth tailwinds
such as the growth of ETFs,
increasing investment which aligns
to specific themes (for example
robotics or space exploration),
indexation of other asset classes
(such as fixed income and private
assets), and under penetrated clients
segments such as wealth and hedge
funds. MSCI is the most innovative
index provider and has market
leading products to capture each of
these tailwinds. MSCI benefits from
competitive advantages driven by
a strong brand, switching barriers,
scale and network effects which all
results in high customer retention
rates. MSCI has a long-tenured
management team with material
ownership in the business, aligning
them well with shareholders.

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Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Salesforce is the dominant
provider of cloud customer
relationship management (CRM)
technology globally. 90% of
Fortune 500 companies use
Salesforce’s business-critical
software offerings, such as
Slack (communications) and
Tableau (data visualisation).
Why do we own it?
Salesforce benefits from
customer switching costs,
high customer lifetime value,
and brand reputation as a
reliable partner for Fortune 500
companies. Salesforce is well-
positioned to continue growing
its customer base as businesses
continue to digitise and move to
the cloud. Salesforce continues
to deepen its relationship within
its existing enterprise customers
as it adds new products and
functionality to its platform,
such as its new Agentforce AI
product.
UNITED STATES
What does it do?
Tradeweb is a leading
global operator of electronic
marketplaces for rates, credit,
equities and money-market
products. The platform facilitates
more transparent, efficient, and
liquid electronic trading of fixed-
income securities for over 2,800
clients in over 70 countries.
Why do we own it?
We own Tradeweb for its
dominant position in a structurally
growing, oligopolistic market
where accelerating electronic
adoption, strong network effects,
and a proven track record of
innovation support a long runway
of sustained revenue and market
share growth.
+7
%
+2
%
CHINA
What does it do?
Tencent is China’s largest online
gaming company with over 50%
market share and also owns
WeChat, the leading social network
and messaging platform with over
a billion users. The WeChat app
is deeply ingrained into daily life
in China with the average user
spending an hour a day on the
platform doing everything from
messaging, social feeds, news
feeds, e-commerce, hailing cabs,
ordering food, booking travel,
paying utility bills and watching
videos. Tencent also has leading
positions in a range of adjacencies
including digital payments (WeChat
Pay), music & video streaming and
cloud computing.
Why do we own it?
Tencent is leveraging its dominant
WeChat platform and its strong
AI capability to create significant
value in areas such as advertising,
ecommerce, financial services and
even its core gaming business,
which we do not think is fairly
reflected in the current share price.
Total Share Return
+36
%

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Total Share Return
UNITED STATES
What does it do?
From its origins as a health
insurance company,
UnitedHealth Group has
expanded into the leading
healthcare services company
in the United States,
encompassing insurance,
provision of healthcare and other
related businesses including
pharmacy services, and
technology services.
Why do we own it?
UnitedHealth Group is well
positioned to benefit from
three key trends in healthcare:
an aging population and the
increased outsourcing of this
care to providers such as
UnitedHealth; a shift towards
value-based care; and the
leveraging of data and analytics
to drive efficiency. The industry is
currently facing headwinds from
a combination of reimbursement
pressure and high growth in
medical procedure volumes.
However, UnitedHealth Group’s
strong competitive position
is driven by a combination of
local scale, supported by large
national infrastructure and a
vertically integrated model. This
will allow it to continue to gain
market share across its business
longer term.
-38
%
UNITED STATES
What does it do?
Zoetis is the global leader in animal
health, owning many of the leading
brands of drugs used to treat cats,
dogs and livestock.
Why do we own it?
Zoetis has a dominant position
in several of the fastest growing
therapies, including dermatology
and osteoarthritis pain. Coupled
with a strong pipeline of new drugs,
we expect Zoetis to continue
gaining share in the animal health
market.
Total Share Return
-17
%
Total shareholders return in local currency sourced from Bloomberg.
MARLIN PORTFOLIO COMPANIES CONTINUED

DAVID McCLATCHY BCom
Chair of Investment Committee
Independent Director
David McClatchy is an experienced company director
who has had extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director of
Kingfish, Barramundi and on the board of Guardians of
NZ Superannuation. Before returning to New Zealand
in 2019, David was Group Chief Investment Officer
for Insurance Australia Group and Director and Head
of IAG Asset Management. Prior to this, David had a
16-year career with ING as Chief Executive and Chair
of ING Investment Management in Australia and Chief
Investment Officer and Director of ING New Zealand.
David’s principal place of residence is Tauranga.
David was first appointed to the Marlin board on 1 July
2021.
CAROL CAMPBELL BCom, FCA, CFInstD
Chair of Audit and Risk Committee
Independent Director
Carol Campbell is an experienced company director
who has a sound understanding of efficient board
governance and extensive financial experience.
Carol is a director and Chair of the Audit and Risk
Committees of Kingfish and Barramundi, and Chair
of the Audit and Risk Committee of Marlin. Carol
also holds a number of directorships across a broad
spectrum of companies, including T&G Global, Chubb
Insurance New Zealand and NZME, where she is
also the Chair of the Audit and Risk Committees.
Carol was previously a Director of New Zealand Post,
being also Chair of the Audit and Risk Committee for
eight years and Chair for three years. Carol is a fellow
of both Chartered Accountants Australia and New
Zealand and the Institute of Directors and is a member
of the Disciplinary Tribunal of New Zealand Institute of
Chartered Accountants.
Carol had her own chartered accountancy practice for
11 years after a successful career as a partner at EY
for over 25 years. Carol’s principal place of residence
is Auckland.
Carol was first appointed to the Marlin board on 5
June 2012.
ANDY COUPE LLB, CFInstD
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Andy Coupe is a professional company director with a
wide range of governance experience. Prior to that, he
held senior roles in investment banking, with a particular
focus on equity capital markets. Andy is Chair of Kingfish
and Barramundi, and is also a director of Briscoe Group.
Andy was formerly Chair of Television New Zealand,
Farmright, Solid Energy New Zealand and the New
Zealand Takeovers Panel. Andy’s principal place of
residence is Hamilton.
Andy was first appointed to the Marlin board on 1 March
2013.
FIONA OLIVER LLB, BA, CFInstD
Independent Director
Fiona Oliver is an experienced director, with governance
roles across a range of business sectors, including
infrastructure (renewable energy, natural gas),
technology, retirement villages, professional and
financial services and sport. She is a director of Kingfish
and Barramundi. Fiona is also a director of Gentrack
Group Limited, Clarus Group, Freightways Limited,
Summerset Holdings Limited, Wynyard Group Limited
(in liquidation) and a board member of the Guardians
of the New Zealand Superannuation Fund. Fiona’s
Executive roles included Chief Operating Officer of
Westpac NZ’s investment arm, BT Funds Management
and General Manager of AMP NZ’s Wealth Management
division. In Sydney and London, Fiona managed the
Risk and Operations function for AMP’s private capital
division. Prior to this, Fiona was a senior corporate and
commercial solicitor in New Zealand and overseas,
specialising in mergers and acquisitions. Fiona is a
Chartered Fellow of the Institute of Directors and a
member of Global Women. Fiona was awarded the
Beacon Award by the New Zealand Shareholders
Association. Fiona’s principal place of residence is
Auckland.
Fiona was first appointed to the Marlin board on 1 June
2022.
BOARD OF DIRECTORS
Pictured left to right: David McClatchy, Carol Campbell, Fiona Oliver and Andy Coupe.
MARLIN GLOBAL LIMITED
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For the year ended 30 June 2025 and
current as at the date of this Annual Report
CORPORATE
GOVERNANCE STATEMENT
Marlin’s board recognises the importance of good
corporate governance and is committed to ensuring
that the Company meets best practice governance
principles to the extent that they are appropriate for
the nature of Marlin’s operations as an investment
entity limited in its activities to holding shares in other
listed companies. Strong corporate governance
practices encourage the creation of value for Marlin
shareholders, while ensuring the highest standards
of ethical conduct and providing accountability and
control systems commensurate with the risks involved.
The board is responsible for establishing and
implementing the Company’s corporate governance
framework and is committed to fulfilling this role in
accordance with best practice, having appropriate
regard to applicable laws, the NZX Corporate
Governance Code (“NZX Code”) and the Financial
Markets Authority’s Corporate Governance in New
Zealand - Principles and Guidelines. The board
oversees the management of Marlin, with the day-
to-day portfolio and administrative management
responsibilities of Marlin being delegated to Fisher
Funds Management Limited (“Fisher Funds” or “the
Manager”).
The Company’s corporate governance policies and
procedures and board and committee charters are
regularly reviewed by the board against the corporate
governance standards recommended by NZX Limited
(“NZX”) and to reflect any changes required by NZX
listing rules, applicable laws, guidance from other
relevant regulators and developments in corporate
governance practices.
Reporting against the NZX Code
This Corporate Governance Statement reports against
the amended NZX Code which came into effect on 1
April 2025
1
. It is current as at the date of this Annual
Report and has been approved by the board.
Over the financial year ended 30 June 2025, Marlin
was in compliance with the NZX Code, with the
exception of recommendations 4.3, 5.2 and 5.3.
The Company is not in compliance with those
recommendations due to the specific nature of the
Company’s business model, as outlined above. In
particular:
• in relation to recommendation 4.3, Marlin does
not have a formal environmental, social and
governance (ESG) framework. However, the
Manager has a formal ESG framework which
governs its stock selection, which the board is
fully supportive of and committed to;
• in relation to recommendation 5.2, Marlin does
not have a remuneration policy for executives
as Marlin delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement and does not
have its own employees or executives; and
• in relation to recommendation 5.3, there is no
Chief Executive Officer remuneration disclosure
as Marlin delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement and does not
have its own Chief Executive Officer.
These matters are explained below in the commentary
regarding the relevant NZX Code principles. The
alternative governance practices adopted by Marlin in
respect of those matters (also described below) have
the approval of the board.
Where to find corporate governance materials
on Marlin’s website
Marlin’s constitution and each of the Company’s
charters, codes and policies referred to in this section
are available on the Marlin website (marlin.co.nz), under
the “About Marlin” and “Policies” sections.
Principle 1 – Ethical standards
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
Code of Ethics & Standards of Professional
Conduct
Marlin’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional
behavioural standards required of the directors of the
Company and those employees of the Manager who
work on Marlin matters.
1
Since Marlin’s last annual report, the NZX Code was amended with effect from 1 January 2025 and 1 April 2025. Issuers (such as
Marlin) with a 30 June balance date will be required to report on the 1 April 2025 amendments in their annual report for the financial
year ended 30 June 2026. However, Marlin has complied with those amendments in this Corporate Governance Statement.
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The Code of Ethics & Standards of Professional
Conduct covers a wide range of areas including:
standards of ethical behaviour, conflicts of interest,
proper use of Company information and assets,
compliance with laws and policies, reporting concerns
and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards
of Professional Conduct is required to report it
immediately in accordance with the procedure set
out in the Code of Ethics & Standards of Professional
Conduct.
Compliance with the Code of Ethics & Standards of
Professional Conduct is monitored through education
and notification by individuals who become aware of
any breach.
Training on the requirements of the Code of Ethics &
Standards of Professional Conduct is included as part
of the induction process for new directors and relevant
new employees of the Manager.
The Code of Ethics & Standards of Professional
Conduct is available on Marlin’s website for directors
of the Company and employees of the Manager to
access at any time.
Securities Trading Policy
Marlin’s Securities Trading Policy details the restrictions
on persons nominated by Marlin (including its directors
and employees of the Manager who work on Marlin
matters) (“Nominated Persons”) relating to their trading
in Marlin shares and other securities.
Nominated Persons, with the permission of the board
of Marlin, may trade in Marlin shares only during the
trading window commencing immediately after Marlin’s
weekly disclosure of its net asset value on NZX’s
market announcement platform and ending at the
close of trading two days following the net asset value
disclosure.
Nominated Persons may not trade in Marlin shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on Marlin’s
website.
Principle 2 – Board composition and
performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
Board Charter
Marlin’s board operates under a written charter which
defines the respective functions and responsibilities
of the board, focusing on the values, principles and
practices that provide the Company’s corporate
governance framework.
The board has overall responsibility for all decision
making within Marlin. The board is responsible for the
direction and control of Marlin and is accountable to
shareholders and others for Marlin’s performance and
its compliance with applicable laws and standards.
The board has delegated the day-to-day portfolio
and administrative management responsibilities
relating to Marlin to the Manager. The responsibilities
of the Manager are clear as they are described in the
Management Agreement and Administration Services
Agreement with Marlin.
The board uses committees to address certain
matters that require detailed consideration. The board
retains ultimate responsibility for the function of its
committees and determines their responsibilities. The
board is assisted in meeting its responsibilities by
receiving regular reports and plans from the Manager
and through its annual work programme.
Directors have access to key employees of the
Manager who are connected to the activities of
Marlin and can request any information they consider
necessary for informed decision making.
Individual directors may (with the prior approval of the
Chair) engage and consult with independent external
professional advisors from time to time, with any costs
being met by the Company.
The Marlin Board Charter is available on Marlin’s
website.
Nomination and appointment of directors
In accordance with Marlin’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual shareholders’ meeting
following his or her appointment or three years
(whichever is the longer). A director appointed by the
board must not hold office (without re-election) past
the next annual shareholders’ meeting following his or
her appointment.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
Procedures for the nomination, appointment and
removal of directors are contained in Marlin’s
constitution and the Board Charter. The Remuneration
and Nominations Committee of the board is
responsible for identifying and nominating candidates
to fill director vacancies for board approval. The board
uses a skills matrix to help ensure the correct mix
of skills is achieved when considering appropriate
appointments for the board.
Written agreement
Marlin provides a letter of appointment to each
newly appointed director setting out the terms
of their appointment which they are required to
sign. The letter includes information regarding the
board’s responsibilities, expectations of directors
and independence, expected time commitments,
indemnity and insurance arrangements, obligations
to declare relevant conflicting interests, and
confidentiality. New directors are required to formally
consent to act as a director.
Director information
The current board comprises four directors with
diverse backgrounds, skills, knowledge, experience
and perspectives. Information about each Marlin
director, including a profile of their experience,
length of service, the board’s assessment of their
independence, and attendance at board meetings
and committee meetings held during the financial year
ended 30 June 2025 is available on pages 29 and 35
of this Annual Report and also on Marlin’s website.
Information in respect of each director’s ownership
interests in Marlin shares is available on page 65 of this
Annual Report.
Independence
The board takes into account guidance provided under
the NZX Listing Rules including the factors specified
in the NZX Code in determining the independence
of directors. Director independence is considered
by the board annually having regard to all relevant
factors, including the directors’ interests, position
and relationships, without regard to the Company’s
conflict management arrangements. Directors have
undertaken to inform the board as soon as practicable
if they think their status as an independent director has
or may have changed.
As at 30 June 2025, the board considered that each of
Andy Coupe (Chair), Carol Campbell, David McClatchy
and Fiona Oliver are independent directors and
therefore the board determined that all of the current
directors are independent directors.
Diversity and Inclusion
Marlin has a formal Diversity and Inclusion Policy
applicable to the Company’s directors. The board
recognises that having a diverse and inclusive board
will enhance effectiveness in key areas and that
membership of the board is best served by having
a mix of individuals with appropriate expertise and a
breadth of experience, who are each encouraged to
regularly contribute their views. These objectives are
recognised in the Diversity and Inclusion Policy.
All appointments to the board are based on merit and
include consideration of the board’s diversity. The
measurable diversity objective adopted by the board is
to embed gender diversity as an active consideration
in all succession planning for board positions. The
board assesses annually both the objective set out in
the Diversity and Inclusion Policy and the Company’s
progress in achieving that objective.
The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
30 June 2025FemaleMaleFemaleMale
Directors2250%50%
NumberProportion
30 June 2024FemaleMaleFemaleMale
Directors2250%50%
The Remuneration and Nominations Committee’s
annual assessment of the board’s diversity and
progress on achieving the diversity objectives of the
board concluded that the board had met the diversity
objectives set out in the Diversity and Inclusion Policy.
The Diversity and Inclusion Policy is available on
Marlin’s website.
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Board skills matrix
The board skills matrix sets out the key skills, expertise
and qualities that the board believes are necessary
now and into the future, taking into account the
nature of Marlin’s operations. The skills matrix shown
below demonstrates the current alignment between
the board’s desired and actual range of skills and
expertise.
Andy
Coupe
Carol
Campbell
David
McClatchy
Fiona
Oliver
Qualifications
LLB;
CFInstD
BCom;
FCA;
CFInstD
BComLLB;
BA;
CFInstD
Capability
Investment
management
◊◊O◊
Listed
company
governance
OO◊O
Capital
markets/
capital
structure
O◊OO
Audit and
accounting
◊O◊O
Risk
management
experience
OOOO
Environment
and corporate
social
responsibility
◊OO◊
Investor
and other
stakeholder
relations
O◊◊◊
Geographical
location
HamiltonAucklandTaurangaAuckland
Tenure (years)
12.013.04.03.0
Gender
MFMF
O = High capability
= Medium capability
The board has limited High Capability to a maximum of
four for each director.
Set out below is a description of the capabilities
adopted by the board in its skills matrix.
Investment
management
Experience in the investment
management industry in governance,
leadership or equity portfolio
management roles in other than
Kingfish Limited, Barramundi Limited
or Marlin Global Limited
Listed
company
governance
Listed company governance
experience other than in Kingfish
Limited, Barramundi Limited or Marlin
Global Limited
Capital
markets/capital
structures
Experience in capital markets
and strong knowledge of capital
management instruments
Audit and
accounting
Audit or accounting experience in a
professional advisory firm or Audit
and Risk committee experience other
than in Kingfish Limited, Barramundi
Limited or Marlin Global Limited
Risk
management
Experience in identification and
mitigation of financial and non-financial
risk
Environmental
and corporate
social
responsibility
Experience in assessing or overseeing
environmental, social, and governance
initiatives, and specifically knowledge
of the implications for and application
of climate related disclosure
obligations on listed companies
Investor
and other
stakeholder
relations
Experience in formal and informal
communications with shareholders
and other stakeholders
Director training
All directors are responsible for ensuring they remain
current in understanding how best to perform their
duties as directors. To ensure ongoing education,
directors are regularly informed of developments
that affect the Company’s industry and business
environment.
Assessment of board and director performance
The Remuneration and Nominations Committee
conducts a formal review of director, committee
and board performance annually, except that every
three years the review is carried out by an external
party. Appropriate strategies for improvement are
recommended to the board as and when required. The
Chair of the board also has discussions with directors
on individual performance as considered appropriate.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
Independent Chair and separation of the Chair
and Chief Executive Officer
The current Chair of the board is an independent
director. Marlin does not have a Chief Executive
Officer as it delegates its management personnel
requirements to the Manager pursuant to an
Administration Services Agreement. The Chair of
the board is not a director, officer or employee of the
M a nag e r.
Independent directors
The board has determined that all four current
directors are independent. In reaching that
determination the board considered the particular
matters in table 2.4 of the NZX Code noted below.
• None of the directors are or have previously
been employed in an executive role by either the
Company or the Manager.
• None of the directors have derived any revenue
(other than director fees) from either the Company
or the Manager.
• None of the directors provide, or have previously
provided professional services to or been in a
business or contractual relationship (other than as
a director) with the Company or the Manager.
• None of the directors are, or have previously been
employed by the external auditor to the Company
or the Manager.
• None of the directors hold a material shareholding
or warrant holding in the Company or the
Manager (or are or have been senior managers
of, or persons associated with, a substantial
shareholder or warrant holder of the Company).
• None of the directors have close family ties
or personal relationships with anyone in the
categories listed above.
The factors specified in table 2.4 of the NZX Code also
include whether a director has held their position for
a period of 12 years or more. As two of the directors
of the Company have been directors for more than 12
years
2
, the Board has carefully considered the effect
of the tenure of those directors when considering their
independence.
David McClatchy and Fiona Oliver have been directors
of Marlin for four and three years respectively. Andy
Coupe has been a Marlin director for just over 12
years, having joined the Marlin board on 1 March 2013,
but notwithstanding that, in view of the other factors
referred to above, the board has determined that Andy
is an independent director. The board’s view is that
Andy’s length of service brings important knowledge
and skills to the board and he is independent from
the Manager. He has also during his time as a director
demonstrated a strong commitment to bringing an
independent judgment to bear on issues before the
board, acting in the best interests of the Company and
representing the interests of shareholders generally.
Carol Campbell has been a Marlin director for just
over 13 years, having joined the Marlin board on
5 June 2012, but notwithstanding that, in view of
the other factors referred to above, the board has
determined that Carol is an independent director. The
board’s view is that Carol’s length of service brings
important knowledge and skills to the board and
she is independent from the Manager. She has also
during her time as a director demonstrated a strong
commitment to bringing an independent judgment
to bear on issues before the board, acting in the
best interests of the Company and representing the
interests of shareholders generally.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the
Audit and Risk Committee, the Remuneration
and Nominations Committee and the Investment
Committee.
Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
Director, board and committee meeting
attendance
A total of eight board meetings, three Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting and two Investment
Committee meetings were held in the financial year
ended 30 June 2025. Director attendance at board
meetings and committee meetings is shown below.
2
A period of 12 years is referred to here as it is the length of service referred to in the NZX Code which may cause a board to
determine that a director is not independent.
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DirectorBoard
Audit
and Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
8/83/31/12/2
Andy
Coupe
8/83/31/12/2
David
McClatchy
8/83/31/12/2
Fiona
Oliver
8/83/31/12/2
Audit and Risk Committee
The Audit and Risk Committee Charter sets out
the objectives of the Audit and Risk Committee,
which are to provide assistance to the board
in fulfilling its responsibilities in relation to the
Company’s financial reporting, internal controls
structure, risk management systems and the
external audit function. The Audit and Risk
Committee Charter is available on Marlin’s
website.
The Audit and Risk Committee focuses on audit
and risk management and specifically addresses
responsibilities relative to financial reporting and
regulatory compliance.
The Audit and Risk Committee is accountable for
ensuring the performance and independence of
the Company’s external auditor, including that the
external auditor or lead audit partner is changed
at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as external auditor.
The external auditor has a clear line of direct
communication at any time with either the Chair
of the Audit and Risk Committee or the Chair
of the board, both of whom are independent
directors. During the financial year ended 30 June
2025, the Audit and Risk Committee held private
sessions with the external auditor.
The Audit and Risk Committee currently
comprises all of the directors, each of whom
are non-executive and are also considered to
be independent. The board considers that one
member of the committee has an adequate
accounting and finance background based on
the NZX’s Governance Guidance Note. The
committee is chaired by Carol Campbell.
The Audit and Risk Committee may invite the
Corporate Manager and/or other employees of
the Manager and such other persons, including
the external auditor, to attend meetings as it
considers necessary to provide appropriate
information and explanations.
Remuneration and Nominations Committee
The Remuneration and Nominations Committee
Charter sets out the objectives of the
Remuneration and Nominations Committee,
which are to set and review the level of directors’
remuneration, ensure a formal, rigorous and
transparent procedure for the appointment of
new directors to the board, and evaluate the
balance of skills, knowledge and experience on
the board. The Remuneration and Nominations
Committee also assesses the performance
of individual directors, the board and board
committees.
The Remuneration and Nominations Committee
currently comprises all of the directors, each
of whom are considered to be independent.
Andy Coupe is Chair of the Remuneration
and Nominations Committee. The board does
not consider it necessary to have a separate
nomination committee given that all directors are
members of the Remuneration and Nominations
Committee. It is considered more efficient to
combine the functions of remuneration and
nomination committees into a single committee of
the Company.
The Remuneration and Nominations Committee
may invite the Corporate Manager and/or other
employees of the Manager and such other
persons, including the external auditor, to attend
meetings as it considers necessary to provide
appropriate information and explanations.
The Remuneration and Nominations Committee
Charter is available on Marlin’s website.
Investment Committee
The Investment Committee Charter sets out the
objectives of the Investment Committee, which
are to oversee the investment management
of Marlin to ensure the portfolio is managed in
accordance with the investment mandate and
with the long-term performance objectives of
Marlin. The Investment Committee Charter is
available on Marlin’s website.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
The Investment Committee currently comprises
all of the directors, each of whom are considered
to be independent. David McClatchy is Chair of
the Investment Committee.
Control Transaction Response Protocol
The board has adopted a formal Control
Transaction Response Protocol (previously the
Takeover Response Protocol) as an internal
framework that sets out the process to be
followed if there is a control transaction, such as a
takeover or scheme of arrangement for Marlin.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
Continuous disclosure
Marlin is committed to promoting investor confidence
by providing complete and equal access to
information in accordance with the NZX Listing Rules.
Marlin has a Continuous Disclosure Policy designed to
ensure this occurs and a copy of the policy is available
on Marlin’s website. The Corporate Manager is
responsible for overseeing and co-ordinating required
disclosures to the market.
Charters and policies
Marlin’s key corporate governance documents,
including its Code of Ethics & Standards of
Professional Conduct, board and committee charters
and other policies, are available on Marlin’s website
under the “About Marlin” and “Policies” sections.
Financial reporting
Marlin believes its financial reporting is balanced,
clear and objective. Marlin is committed to ensuring
integrity and timeliness in its financial and non-
financial reporting and ensuring the market and
shareholders are provided with an objective view on
the performance of the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting, including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and
makes recommendations to the board concerning
accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal
requirements, and the results of the external audit.
ESG framework
The NZX Code recommends that an issuer provide
non-financial disclosure at least annually, including
considering environmental, social sustainability and
governance factors and practices. As at 30 June
2025, Marlin did not have a formal environmental,
social and governance (ESG) framework. Marlin
considers that, given the nature of its activities (as an
investment company solely investing in shares of other
listed companies), it is not appropriate to maintain an
ESG framework independent to that of the Manager.
Marlin will continue to assess the relevance of
adopting an ESG framework. However, the Manager
has a formal ESG framework which governs its stock
research, selection and reporting, which the Marlin
board is fully supportive of and committed to. Details
of the Manager’s ESG framework can be found on the
Manager’s website at fisherfunds.co.nz/responsible-
investing.
Climate-related disclosures
As a climate reporting entity (CRE), Marlin is required
to produce an annual climate statement within four
months after its balance date that identifies and
reports on matters concerning the impact of climate
change on the Company’s businesses and disclose
greenhouse gas emissions.
The New Zealand External Reporting Board (XRB)
has developed the Aotearoa New Zealand Climate
Standards, which set out the disclosure requirements
applicable to CREs for each of the four thematic
areas (Governance, Strategy, Risk Management and
Metrics and Targets). Marlin is committed to reporting
on a basis consistent with the standards to the extent
applicable to its business.
The Marlin board has determined the appropriate
climate risk reporting for Marlin in accordance with
the Climate Standards and Marlin will issue its second
annual climate statement by 31 October 2025. A copy
will be available on the Marlin website.
Principle 5 – Remuneration
The remuneration of directors and executives should
be transparent, fair and reasonable.
Directors’ remuneration
The Company’s Director Remuneration Policy sets
out the structure of the remuneration for directors,
the review process and reporting requirements. The
Director Remuneration Policy is available on Marlin’s
website.
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Directors’ fees are determined by the board on the
recommendation of the Remuneration and Nominations
Committee within the aggregate amount approved
by shareholders. The current directors’ fee pool
limit of $185,500 (plus GST if any) was approved by
shareholder resolution passed at the 2023 Annual
Shareholders’ Meeting. The director remuneration
information below reflects the increase in fees approved
by shareholders in 2023.
Each year, the Remuneration and Nominations
Committee reviews the level of directors’ fees. The
Remuneration and Nominations Committee considers
the skills, performance, experience and level of
responsibility of directors when undertaking the review
and is authorised to obtain independent advice on
market conditions.
The table below sets out the remuneration received by
each director from Marlin for the financial year ended
30 June 2025. No director received fees or payment
for any other services to the Company. No retirement
payments were made or agreed to be made to any
current or former director during the financial year
ended 30 June 2025.
Directors’ remuneration* for the 12 months
ended 30 June 2025
Andy Coupe (Chair)$58,500
(1)
Carol Campbell $44,000
(2)
David McClatchy$44,000
(3)
Fiona Oliver $39,000
(4)
*excludes GST
(1) $11,700 of this amount was applied to the purchase
of 11,933 shares under the Marlin Share Purchase
Plan. (Andy Coupe holds in excess of the 50,000 share
threshold set out in the Marlin Share Purchase Plan but
has elected to continue in the plan and has elected to
apply 20% of his director fees to the purchase of Marlin
shares.)
(2) Included in this total amount is $5,000 that Carol
Campbell received as Chair of the Audit and Risk
Committee. $4,400 of this amount was applied to
the purchase of 4,451 shares under the Marlin Share
Purchase Plan. (Carol Campbell holds in excess of
the 50,000 share threshold set out in the Marlin Share
Purchase Plan but has elected to continue in the plan.)
(3) Included in this total amount is $5,000 that David
McClatchy received as Chair of the Investment
Committee. $4,400 of this amount was applied to
the purchase of 4,510 shares under the Marlin Share
Purchase Plan.
(4) $3,900 of this amount was applied to the purchase of
3,935 shares for Fiona Oliver under the Marlin Share
Purchase Plan.
Details of remuneration paid to directors are also
disclosed in note 4 and note 11 to the audited financial
statements for the financial year ended 30 June 2025.
The directors’ fees disclosed in the audited financial
statements include a portion of non-recoverable GST
expensed by Marlin.
Directors’ shareholding − Share Purchase Plan
The Marlin Share Purchase Plan was introduced by the
board in 2012 and requires each director to allocate
10% of their annual director’s fees to the purchase (on
market) of Marlin shares. Once an individual director’s
shareholding reaches 50,000 shares, the director
can elect whether or not to continue in the plan. The
intention of the Share Purchase Plan is to further
align the interests of directors with those of Marlin
shareholders.
Executive remuneration
Marlin delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Marlin does not have a Chief Executive Officer and it
does not have a remuneration policy for executives. In
addition, the board does not consider it appropriate
to make disclosures about the remuneration of the
Manager’s personnel or include those personnel
in the application of the Company’s remuneration
policies. Marlin does not set the remuneration policies
applicable to the Manager’s personnel. The fees paid
to Fisher Funds for administration services are set by
the Administration Services Agreement and described
in note 11 to Marlin’s audited financial statements for
the financial year ended 30 June 2025.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify that
the issuer has appropriate processes that identify
and manage potential and material risks.
Risk management framework
The board has overall responsibility for Marlin’s system
of risk management and internal control. Marlin has
in place policies and procedures to identify areas of
significant business risk and implements procedures
to manage those risks effectively.
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Key risk management tools used by Marlin include the
Audit and Risk Committee function, outsourcing of
certain functions to service providers, internal controls,
financial and compliance reporting procedures and
processes, and business continuity planning. Marlin
also maintains insurance policies that it considers
adequate to meet its insurable risks.
The board is actively involved in tracking the
development of existing risks and the emergence of
new risks to Marlin’s business. The Audit and Risk
Committee and board receive regular reports on the
operation of risk management policies and procedures
from the Manager. As part of the robust risk
assessment process, significant risks are discussed at
each board meeting, and/or as required.
In addition to Marlin’s policies and procedures in place
to manage business risks, the Manager has its own
comprehensive risk management policy. The board
is informed of any changes to the Manager’s risk
management policies.
Marlin provides shareholders and warrant holders with
regular communications covering the performance of
the Company and of the underlying stocks invested
in by the Company. These types of communications
include monthly updates, quarterly newsletters and
annual reports. Numerous NZX announcements are
also made, including weekly and month-end NAV per
share updates, as well as interim and annual financial
statements.
Health and safety
The Manager operates under a Health and Safety
Policy. Under this policy, Fisher Funds assumes
responsibility for the health and safety of its
employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Marlin’s Audit and Risk Committee makes
recommendations to the board on the appointment
of the external auditor. The Audit and Risk Committee
monitors the independence and effectiveness of the
external auditor and approves and reviews any non-audit
services performed by the external auditor. An External
Auditor Independence Policy, which documents the
framework of Marlin’s relationship with its external auditor,
was adopted by the board in 2018. This policy includes
procedures:
(a) to sustain communication with Marlin’s external
auditor;
(b) to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
(c) to address what, if any, services (whether by type
or level) other than its statutory audit roles may be
provided by the external auditor to Marlin; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Marlin other than in its statutory
audit role.
The Audit and Risk Committee meets with the external
auditor, without representatives of the Manager present,
to approve its terms of engagement, audit partner
rotation
3
(at least every five years) and the audit fee, as
well as to review and provide feedback in respect of the
annual audit plan.
Marlin’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2008 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is eligible to be automatically reappointed as auditor
under Part 11, Section 207T of the Companies Act at
the Annual Shareholders’ Meeting, except in the limited
circumstances set out in the Act.
The Audit and Risk Committee has assessed PwC to be
independent and has received written confirmation of this
fact from PwC.
PwC, as external auditor of Marlin’s 30 June 2025
audited annual financial statements, will attend this
year’s Annual Shareholders’ Meeting and will be
available to answer questions about the conduct of
the audit, preparation and content of the auditor’s
report, accounting policies adopted by Marlin, and its
independence in relation to the conduct of the audit.
Marlin does not have an internal audit function;
however the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations as described above in
relation to Principle 6. Marlin delegates day-to-day
portfolio and administrative management responsibilities
relating to Marlin to the Manager, and the Corporate
Manager is responsible for managing operational and
compliance risks across Marlin’s business and reporting
on those matters to the board.
3
The current PwC audit partner was appointed in 2024 and rotation will therefore occur no later than the end of 2029.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
Information for shareholders
The board recognises the importance of providing
shareholders with comprehensive, timely and equal
access to information about its activities. The board
aims to ensure that shareholders have available to
them all information necessary to assess Marlin’s
performance.
Marlin’s website, marlin.co.nz, provides information
to shareholders and investors about the Company.
Marlin’s ‘Investor Centre’ part of its website contains a
range of information, including periodic and continuous
disclosures to NZX, annual reports and content related
to the Annual Shareholders’ Meeting. The website also
contains information about Marlin’s directors, copies
of key corporate governance documents and general
company information.
The board recognises that other stakeholders may
have an interest in Marlin’s activities. While there are
no specific stakeholder interests that are currently
identifiable, Marlin will continue to review policies in
consideration of future interests.
Communicating with shareholders
Marlin communicates regularly with its shareholders
through its monthly and quarterly updates. The
Company receives questions from shareholders
from time to time and has processes in place to
ensure shareholder communications are responded
to within a reasonable timeframe. The Company’s
website sets out Marlin’s appropriate contact details
for communications from shareholders. Marlin also
provides options for shareholders to receive and send
communications by post or electronically.
Shareholder voting rights
When required by the Companies Act 1993, Marlin’s
Constitution or the NZX Listing Rules, Marlin will refer
decisions to shareholders for approval. Marlin’s policy
is to conduct voting at its shareholder meetings by way
of poll and on the basis of one share, one vote.
Notice of Annual Shareholders’ Meeting
The 2025 Marlin Notice of Annual Shareholders’
Meeting will be sent to shareholders at least 20
working days prior to the meeting and will be
published on Marlin’s website.
This year’s Annual Shareholders’ Meeting will be
held at 10.30am on 7 November 2025, at the Ellerslie
Event Centre in Auckland and online. Full participation
of shareholders is encouraged at the Annual
Shareholders’ Meeting and shareholders are also
encouraged to submit questions in writing prior to the
meeting if they are unable to attend either form of the
meeting.
Management Agreement Renewal
The Management Agreement between Marlin and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
October 2027.
NZX waivers
There was one new waiver granted by NZX and relied
upon by the Company in the financial year ended 30
June 2025.
On 23 July 2024, NZX granted Marlin a waiver relating
to the definitions of Primary Authorised Representative
and Secondary Authorised Representative under
the NZX Listing Rules, to the extent that they require
Authorised Representatives to fall within limb (a) of the
definition of an Employee under the NZX Listing Rules
or be a director (as defined in the NZX Listing Rules)
of the issuer. The waiver was necessary because the
Authorised Representatives of Marlin did not qualify
as an employee or as a director. They are employees
of the Manager. NZX exercised its discretion to not
publish this decision in accordance with NZX Listing
Rule 9.7.2(b).
Capital raisings
Marlin Share Issue (Warrant Conversion MLNWG)
On 16 May 2025, Marlin warrant holders had the
option to convert their warrants into ordinary Marlin
shares at an exercise price of $0.96 per warrant.
On the exercise date 1,024,695 warrants out of a
possible 53,729,692 warrants (1.91%) were converted
into Marlin ordinary shares. The new shares were
allotted to warrant holders on 21 May 2025 and
the remaining 52,704,997 warrants which were not
exercised lapsed, and all rights in regard to them
expired. The additional funds were invested in Marlin’s
then current investment portfolio of stocks.
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We present the financial statements for Marlin Global Limited for the year ended 30 June 2025.
We have ensured that the financial statements for Marlin Global Limited present fairly the financial position of the
Company as at 30 June 2025 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the Company comply with generally accepted
accounting practice in New Zealand and believe that proper accounting records have been kept. We have
ensured compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Marlin board authorised these financial statements for issue on 18 August 2025.
Andy Coupe Carol Campbell
David McClatchy Fiona Oliver
For the year ended 30 June 2025
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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42Statement of Comprehensive Income
43Statement of Changes in Equity
44Statement of Financial Position
45Statement of Cash Flows
46Notes to the Financial Statements
60Independent Auditor's Report
FINANCIAL
STATEMENTS CONTENTS
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The accompanying notes form an integral part of these financial statements.
Notes 2025 2024
$000 $000
Interest income 109 251
Dividend income 1,10 8 943
Net change in fair value of investments 2 4,582 41,598
Other income3 76 149
Total income 5,875 42,941
Operating expenses4 3,377 4,554
Net profit before tax 2,498 38,387
Total tax expense5 2,16 7 1,19 6
Net profit after tax attributable to shareholders 331 37,191

Total comprehensive income after tax attributable to shareholders 331 37,191
Basic earnings per share7 0 .15 c 17. 5 9 c
Diluted earnings per share7 0 .15 c 17. 5 9 c
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
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STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
Attributable to shareholders of the Company
Notes
Share
Capital
Retained
Earnings
Tot al
Equity
$000$000 $000
Balance as at 1 July 2023 191,334 1,418 192,752
Comprehensive income
Net profit after tax - 3 7,19 1 3 7,19 1
Total comprehensive income for the year ended 30 June 2024 - 37,191 37,191

Transactions with shareholders
Share buybacks6 (b) (409) - (409)
Shares issued for warrants exercised (net of exercise costs)6 (c) 3,469 - 3,469
Warrant issue costs6 (c) (11) - (11)
Dividends paid6 (d) - (16,085) (16,085)
New shares issued under dividend reinvestment plan6 (e) 5,680 - 5,680
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 317 - 317
Total transactions with shareholders for the year ended
30 June 2024
9,046 (16,085) ( 7,0 3 9 )
Balance as at 30 June 2024 200,380 22,524 222,904

Comprehensive income
Net profit after tax - 331 331
Total comprehensive income for the year ended 30 June 2025 - 331 331

Transactions with shareholders
Share buybacks6 (b) (1,175 ) - (1,175 )
Shares issued for warrants exercised (net of exercise costs)6 (c) 976 - 976
Dividends paid6 (d) - (17,517 ) (17,517 )
New shares issued under dividend reinvestment plan6 (e) 5,355 - 5,355
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 1,202 - 1,202
Total transactions with shareholders for the year ended
30 June 2025
6,358 (17,517) (11,15 9 )
Balance as at 30 June 2025 206,738 5,338 212,076
The accompanying notes form an integral part of these financial statements.
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Notes 2025 2024
$000 $000
SHAREHOLDERS’ EQUITY212,076222,904
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 3 ,18 4 7,18 0
Receivables 8 502 56
Financial assets at fair value through profit or loss 2 211, 25 0 218 ,197
Total Current Assets 214,936 225,433
TOTAL ASSETS 214,936 225,433
LIABILITIES
Current Liabilities
Trade and other payables 9 356 1,249
Financial liabilities at fair value through profit or loss 2 472 287
Current tax payable5 2,032 993
Total Current Liabilities 2,860 2,529
TOTAL LIABILITIES 2,860 2,529
NET ASSETS 212,076 222,904
These financial statements have been authorised for issue for and on behalf of the Board by:

R A Coupe C A Campbell
Chair Chair of the Audit and Risk Committee
18 August 2025 18 August 2025
STATEMENT OF
FINANCIAL POSITION
AS AT 30 JUNE 2025
MARLIN GLOBAL LIMITED
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
Notes 2025 2024
$000 $000
Operating Activities
Sale of investments 131,562 8 2,74 4
Interest received 111 253
Dividends received 1,111 621
Other income 78 80
Purchase of investments (114,080) ( 79,10 9 )
Operating expenses (4,720) (3,590)
Ta xe s pa id (1,129) (64)
Net settlement of forward foreign exchange contracts (5,769) (2,958)
Net cash inflows/(outflows) from operating activities10 7,16 4 (2,023)
Financing Activities
Proceeds from warrants exercised (net of exercise costs) 976 3,469
Warrant issue costs - (11)
Share buybacks (1,175 ) (409)
Dividends paid (net of dividends reinvested) (10,960) (10,088)
Net cash (outflows) from financing activities (11,15 9 ) ( 7,0 3 9 )
Net (decrease) in cash and cash equivalents held (3,995) (9,062)
Cash and cash equivalents at beginning of the year 7,18 0 16,246
Effects of foreign currency translation on cash balance (1) (4)
Cash and cash equivalents at end of the year10 3 ,18 4 7,18 0



The accompanying notes form an integral part of these financial statements.
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NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Marlin Global Limited (“Marlin” or “the Company”) is listed on the NZX Main Board, is registered in New
Zealand under the Companies Act 1993 and is a FMC Reporting Entity under the Financial Markets
Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7 of the
Financial Markets Conduct Act 2013, the NZX Main Board listing rules and Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). They comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS) as appropriate for profit entities, and International Financial Reporting
Standards Accounting Standards (IFRS Accounting Standards).
The financial statements have been prepared on the historical cost basis, except for financial assets and
liabilities at fair value through profit or loss.
The functional and reporting currency used to prepare the financial statements is New Zealand dollars,
rounded to the nearest one thousand dollars. Where relevant, prior year comparatives have been
reclassified to conform with current year financial statement presentation.
On 10 September 2024 the Company registered for GST, effective from 1 September 2024. From this date,
revenue, expenses and liabilities are recognised net of GST except to the extent that GST is not recoverable
from the Inland Revenue. In these circumstances, GST is recognised as part of the expense or the cost of
the asset. Prior to 1 September 2024, operating expenses include GST where it is charged by other parties
as it could not be reclaimed.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates prevailing at
transaction date. Foreign currency assets and liabilities are translated into New Zealand dollars using the
exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through profit
or loss are presented in the Statement of Comprehensive Income within “Net change in fair value of
investments”.
Foreign exchange gains and losses relating to cash and cash equivalents, receivables, and trade and other
payables are presented in the Statement of Comprehensive Income within “Other income”.
Material Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant to an
understanding of the financial statements, are provided throughout the notes to the financial statements
and are designated by a symbol.
The accounting policies adopted have been consistently applied to all years presented, unless otherwise
stated.
There are no new standards and no new amendments to or interpretations of standards that have been
effective for the reporting period that have a material effect on these financial statements.
In May 2024, the XRB introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements (effective
for annual reporting periods beginning on or after 1 January 2027). This standard replaces NZ IAS 1
Presentation of Financial Statements and primarily introduces a defined structure for the statement of
comprehensive income, and disclosure of management-defined performance measures (a subset of non-
GAAP measures) in a single note together with reconciliation requirements. The Company has not early
adopted this standard and is yet to assess its impacts.
There are no other new standards and no other new amendments to or interpretations of standards that
have been issued but are not yet effective that are expected to materially impact these financial statements.
Financial Reporting by Segments
The Company operates in a single operating segment, being international financial investment.
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The Company is managed as a whole and is considered to have a single operating segment. There is no
further division of the Company or internal segment reporting used by the Directors when making strategic
investment or resource allocation decisions.
There has been no change to the operating segment during the year.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income
and expenses. Judgements are designated by a symbol in the notes to the financial statements; none
of these judgements are considered critical to these financial statements. There were no material estimates
or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Marlin Board of Directors authorised these financial statements for issue on 18 August 2025.
No party may change these financial statements after their issue.
NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS

j
Given that the investment portfolio is managed, and performance is evaluated, on a fair value basis
in accordance with a documented investment strategy, Marlin has classified all of its investments at
fair value through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes
in fair value. Net change in the fair value of financial assets and liabilities is recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise international investment assets and
forward foreign exchange contracts with a positive value.
Financial liabilities at fair value through profit or loss comprise forward foreign exchange contracts
with a negative value.
Forward foreign exchange contracts can be used as economic hedges for investments against
currency risk. They are accounted for on the same basis as those investments and are recognised
at their fair value.
All purchases and sales of investments are recognised at trade date, which is the date the
Company commits to purchase or sell the investment and transaction costs are expensed as
incurred. When an investment is sold, any gain or loss arising on the sale is included in the
Statement of Comprehensive Income. Realised gains or losses are calculated as the difference
between the sale proceeds and the carrying amount of the item.
The fair value of investments traded in active markets are based on last sale prices at balance date,
except where the last sale price (which may have been prior to balance date) falls outside the bid-
ask spread at close of business on balance date for a particular investment, in which case the bid
price will be used to value the investment.
The fair value of forward foreign exchange contracts is determined by using valuation techniques
based on spot exchange rates and forward points supplied by a reputable pricing vendor.
Dividend income from investments is recognised in the Statement of Comprehensive Income when
the Company’s right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that shows
the extent of judgement used in determining their fair value. Where unadjusted quoted prices are
used in an active market, the investments are categorised as Level 1. When significant inputs
derived from observable market data are used, the investments are categorised as Level 2. If
significant inputs are not based on observable market data, they are categorised as Level 3.
j
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NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
CONTINUED

j
All international investments held by Marlin are categorised as Level 1 and all forward foreign
exchange contracts are classified as Level 2 in the fair value hierarchy. There have been no
transfers between levels of the fair value hierarchy during the year (30 June 2024: None). There
were no financial instruments classified as Level 3 as at 30 June 2025 (30 June 2024: None).
Investments at Fair Value through Profit or Loss
2025 2024
$000$000
Financial Assets:
International investments 2 0 7, 3 6 8 2 17, 4 3 1
Forward foreign exchange contracts 3,882 766
Total financial assets at fair value through profit or loss 211,250 218,197

Financial Liabilities:
Forward foreign exchange contracts 472 287
Total financial liabilities at fair value through profit or loss 472 287

Net Change in Fair Value of Investments
Gains on international investments 5,872 41,793
Foreign exchange gains on international investments 1,547 813
Losses on forward foreign exchange contracts (2,837) (1,0 0 8)
Net change in fair value of investments through profit or loss 4,582 41,598
The fair value of 12 stocks (out of 26) valued at $94,547,567 was determined using the bid price
(30 June 2024: 11 stocks (out of 22) valued at $131,823,274).
The notional value of forward foreign exchange contracts held as at 30 June 2025 was $103,485,510
(30 June 2024: $109,925,288).
NOTE 3 OTHER INCOME
2025 2024
$000$000
Foreign exchange gains on cash and cash equivalents
and outstanding settlements
76 149
Total other income 76 149
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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NOTE 4 OPERATING EXPENSES
2025 2024
$000$000
Management fee (note 11(a)(i)) 2,278 2,631
Performance fee (note 11(a)(i)) - 893
Administration services (note 11(a)(i)) 143 159
Directors' fees (note 11(b)) 189 207
Custody, accounting and brokerage 319 200
Investor relations and communications 168 157
NZX fees 73 70
Professional fees 51 65
Fees paid to the auditor:
Statutory audit and review of financial statements 50 56
Non-assurance services
1
- 4
Regulatory fees 33 32
Other operating expenses 73 80
Total operating expenses 3,377 4,554
1
Non-assurance services relate to agreed upon procedures performed in respect of the performance fee
calculation. No other fees were paid to the auditor.
NOTE 5 TA X ATION
Marlin is a Portfolio Investment Entity (“PIE”) for tax purposes.
Investment returns are taxed under the Foreign Investment Fund rules using the Fair Dividend Rate
method, which deems a 5% return on the investment’s opening value rather than actual returns. As a
result, the tax expense may not align with accounting profit.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax
payable on the taxable income for the year, using tax rates enacted or substantively enacted
at balance date, and any adjustment to tax payable in respect of previous years. Current tax for
current and prior periods is recognised as a liability or asset to the extent that it is unpaid (or
refundable). Deferred tax (if any) is recognised as the difference between the carrying amounts of
assets and liabilities in the financial statements and the amounts used for taxation purposes. A
deferred tax asset is only recognised to the extent it is probable it will be utilised.
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NOTE 5 TAXATION CONTINUED
2025 2024
$000$000
Taxation expense is determined as follows:
Net profit before tax 2,498 38,387
Non-taxable realised (gain) on financial assets and liabilities (34,037) (14,418)
Non-taxable unrealised loss/(gain) on financial assets and liabilities 26,685 (28,277)
Fair Dividend Rate hedge loss/(gain)
1
2,867 (637)
Fair Dividend Rate income 10,582 10,016
Exempt dividends subject to Fair Dividend Rate (1,110 ) (948)
Non-deductible expenses and other 254 151
Prior period adjustment - (4)
Taxable income 7,73 9 4,270
Tax at 28% 2 ,167 1,19 6
Taxation expense comprises:
Current tax 2,16 7 1,059
Deferred tax - 138
Prior period adjustment - (1)
Total tax expense 2 ,167 1,19 6

Current tax balance
Opening balance (993) 2
Current tax movements ( 2,16 7 ) (1,059)
Tax paid and other items 1,12 8 64
Current tax (payable) (2,032) (993)

Deferred tax balance
Opening balance - 137
Prior period adjustment - 1
Current year (tax losses and credits utilised) - (138)
Deferred tax asset - -
1
From 1 October 2023 onwards, Fair Dividend Rate hedging rules per the Income Tax Act 2007 were adopted,
and taxable gains and losses on eligible forward exchange rate contracts have been calculated as a pro-rated
5% of their daily opening market value. This broadly aligns the tax treatment of eligible forward exchange rate
contracts with the tax treatment of the relevant investments. Prior to this, tax was calculated on all gains and
losses on forward exchange rate contracts.
Imputation credits
The imputation credits available for subsequent reporting periods total $2,032,070 (30 June 2024:
Nil). This amount represents the balance of the imputation credit account at the end of the reporting
period, adjusted for imputation credits that will arise from the receipt of dividends recognised as a
receivable as at 30 June 2025.
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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NOTE 6 SHAREHOLDERS’ EQUITY
a. Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares and warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised
directly in equity. Acquired shares are classified as treasury stock and presented as a deduction
from share capital. When treasury stock is subsequently sold or reissued, the cost of treasury
stock is reversed and the realised gain or loss on sale or reissue, net of any directly attributable
incremental transaction costs, is recognised within share capital.
Marlin has 223,736,794 fully paid ordinary shares on issue (30 June 2024: 216,583,976). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote
is attached to each fully paid ordinary share.
b. Buybacks
Marlin maintains an ongoing share buyback programme. For the year ended 30 June 2025, Marlin
acquired 1,256,041 shares valued at $1,175,059 (30 June 2024: 417,004 shares valued at $409,037)
under the programme which allows up to 5% of the ordinary shares on issue (as at the date 12
months prior to the acquisition) to be acquired. Shares acquired under the buyback programme are
held as treasury stock and subsequently reissued to shareholders under the dividend reinvestment
plan. There were no shares held as treasury stock as at balance date (30 June 2024: 86,685).
c. Warrants
On 21 May 2025, 1,024,695 warrants valued at $983,707, less exercise costs of $8,087 (net
$975,620), were exercised at $0.96 per warrant, and the remaining 52,704,997 warrants lapsed.
On 16 May 2024, 53,729,692 new Marlin warrants were allotted and quoted on the NZX Main Board
from 17 May 2024. One new warrant was issued to all eligible shareholders for every four shares held
on record date (15 May 2024). The warrants are exercisable at $1.04 per warrant, adjusted down
for dividends declared during the period up to 16 May 2025. Warrant holders can elect to exercise
some or all of their warrants on the exercise date. The net cost of issuing the warrants of $11,381 was
deducted from share capital.
On 15 November 2023, 3,802,140 warrants valued at $3,491,301, less exercise costs of $22,160 (net
$3,469,141), were exercised at $0.92 per warrant, and the remaining 46,700,562 warrants lapsed.
d. Dividends
Dividend distributions to the Company’s shareholders are recognised as a liability in the financial
statements in the period in which the dividends are declared by the Marlin Board.
Marlin has a distribution policy where 2% of average NAV is distributed each quarter. Dividends paid
during the year comprised:
2025
$000
Cents per
share
2024
$000
Cents per
share
27 Sep 2024 4,477 2.0722 Sep 2023 3,761 1.82
20 Dec 2024 4,310 1.9815 Dec 2023 3,880 1.83
28 Mar 2025 4,492 2.0528 Mar 2024 3,974 1.86
27 Jun 2025 4,238 1.9127 Jun 2024 4,470 2.08
17,517 8.01 16,085 7.59
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NOTE 6 SHAREHOLDERS’ EQUITY CONTINUED
e. Dividend Reinvestment Plan
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
year ended 30 June 2025, 7,384,164 ordinary shares totalling $6,556,274 (30 June 2024: 6,532,144
ordinary shares totalling $5,996,680) were issued in relation to the plan for the quarterly dividends
paid which comprised:
(i) 6,041,438 ordinary shares totalling $5,354,629 were issued under the dividend reinvestment plan
(30 June 2024: 6,201,825 ordinary shares totalling $5,679,935); and
(ii) 1,342,726 ordinary shares totalling $1,201,645 were utilised from treasury stock under the
dividend reinvestment plan (30 June 2024: 330,319 ordinary shares totalling $316,745).
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Marlin before the next record date.
NOTE 7 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
2025 2024

Basic Earnings per Share
Net profit after tax attributable to shareholders ($'000)331 3 7,19 1
Weighted average number of ordinary shares on issue net of treasury stock (‘000) 218,776 211, 4 5 5
Basic earnings per share 0.15 c 17.59c

Diluted Earnings per Share
Net profit after tax attributable to shareholders ($'000) 331 3 7,19 1
Weighted average number of ordinary shares on issue net of treasury stock ('000) 218,776 211, 4 5 5
Diluted effect of warrants ($'000)
1
- -
218,776 211, 4 5 5
Diluted earnings per share 0.15 c 17.59c
1
As at 30 June 2025, the Company had no warrants on issue. As at 30 June 2024, warrants on issue at the
end of the period were not assumed to be exercised because they were antidilutive in the period as the warrant
exercise price (less dividends paid) of $1.02 was greater than the average share price of $0.98 between the date
of issue and 30 June 2024.
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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NOTE 8 RECEIVABLES
Receivables are classified as financial assets at amortised cost and are initially recognised at fair value,
and subsequently measured at amortised cost less any provision for impairment. Receivables are
assessed on a case-by-case basis for impairment.

j
The receivables’ carrying values are a reasonable approximation of fair value.
2025 2024
$000$000
Interest receivable 1 3
Dividends receivable 25 10
GST receivable 11 -
Related party receivable (note 11(a)(ii)) 440 -
Other receivables and prepayments 25 43
Total receivables 502 56
NOTE 9 TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at fair
value, and subsequently measured at amortised cost.

j
The trade and other payables’ carrying values are a reasonable approximation of fair value.
2025 2024
$000$000
Dividends payable 78 60
Related party payables (note 11(a)(i)) 232 1,13 8
Other payables and accruals 46 51
Total trade and other payables 356 1,249
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NOTE 10 CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash
on deposit at banks.
2025 2024
$000$000
Cash - New Zealand Dollars 950 1,255
Cash - Other currencies 2,234 5,925
Cash and cash equivalents 3 ,18 4 7,18 0

Reconciliation of Net Profit after Tax to Net Cash Flows from
Operating Activities
Net profit after tax 331 37,191
Items not involving cash flows:
Unrealised losses on cash and cash equivalents 1 4
Unrealised losses/(gains) on revaluation of investments 26,685 (28,277)
Unrealised (gains) on forward foreign exchange contracts (2,932) (1,950)
23,754 (30,223)
Impact of change in working capital items
(Decrease) in trade and other payables (893) (6,894)
(Increase)/decrease in receivables (445) 2,567
Change in current and deferred tax 1,039 1,13 2
(299) (3 ,19 5 )
Items relating to investments
Amount paid for purchases of investments (114,080) (79,446)
Amount received from sales of investments net of realised gains 9 7, 4 5 8 6 8,415
Movement in unsettled purchases of investments - 7,7 9 1
Movement in unsettled sales of investments - (2,556)
(16,622) (5,796)
Net cash inflows/(outflows) from operating activities 7,16 4 (2,023)

NOTE 11 RELATED PARTY INFORMATION
Parties are considered to be related if one party has the ability to control or exercise significant
influence over the other party in making financial or operational decisions.
a. Fisher Funds Management Limited
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides
key management personnel services to Marlin by virtue of its management and administration
agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
FOR THE YEAR ENDED 30 JUNE 2025
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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