Barramundi ASM Presentation 31 October 2025

ANNUAL MEETING
OF SHAREHOLDERS
31 October 2025

Board of Directors
Andy Coupe
Carol CampbellDavid McClatchyFiona Oliver
Barramundi Team
Robbie Urquhart
Snr Portfolio
Manager
Terry Tolich
Snr Investment
Analyst
Delano Gallagher
Snr Investment
Analyst
Wayne Burns
Corporate Manager
Dan Coman

Agenda
•Preliminary matters
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

Chair’s Overview

Barramundi’s Investment Objectives
Absolute Returns
Achieve a high real rate of return, comprising both
income and capital growth within acceptable risk
parameters.
Diversified Portfolio
Access to a diversified portfolio of Australian
quality, growth stocks in a single tax-efficient
vehicle.

2025 Overview
Net profit / (loss)DividendNAV per shareShare price
$7.9m
(2024: $28.1m)
6.00cps
(2024: 5.88cps)
$0.71
(2024: $0.76)
$0.69
(2024: $0.69)
Total shareholder
return*
Dividend #
Adjusted NAV
return*
Share price
(discount) to
NAV^
+9.9%
(2024: +7.1%)
+8.7%
(2024: +8.2%)
3.9%
(2024: 14.5%)
(2.8%)
(2024: 7.9%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP
Financial Information Policy which is available on the Barramundi website.
# Dividend return – how much Barramundi pays out in dividends each year relative to its average share price during the period.
(Dividends paid by Barramundi may include dividends received, interest income, investment gains and/or return of capital).
^Share price (discount) / premium to NAV (excluding warrants).

*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.
^S&P/ASX 200 Index (hedged 70% to NZD).
Portfolio Performance
For the year
ended
30 June
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
+3.9%+13.5%+11.0%
Gross
Performance *
+6.00%+16.3%+13.5%
Benchmark
Index^
+13.5%+13.8%+12.3%
2025 Overview - Continued

Earnings Per
Share
20252024202320222021
Basic
Earnings per
Share
(cents)
2.4910.0714.15-13.9924.82
Diluted
Earnings Per
Share
(cents)
2.499.9214.15-13.9923.43
Earnings Per Share

Movements in Shareholders’ Funds
12 Months to 30 June 2025 ($m)

Quarter 1, FY2026
30 June – 30 September 2025
Net Profit
$3.4m
NAV per share
$0.70
Adjusted NAV Return*
+1.4%
Benchmark Index
+6.4%
Share price
$0.70
Total shareholder return*
+4.1%
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the
Barramundi Non-GAAP Financial Information Policy which is available on the Barramundi website.

WARRANTS
•Capital Management Programme
•Pro rata issue of circa 85.2m warrants 7 August 2025 to
eligible shareholders
•Initial exercise price $0.70
•Exercise date 7 August 2026

Closing Remarks

Manager’s Review
31 October 2025

Barramundi posted a positive return (gross) in FY25
** ASX200 70% hedged into NZ$; Includes preliminary data from Bloomberg
Performance for FY25

Financials were the best performing sector in FY25
ASX 200 index rose 13.5% over the year to 30 June 2025
29%
28%
26%
24%
21%
13%
5%
1%
-2%
-5%
-8%
-10%
0%
10%
20%
30%
40%
ASX Sector ReturnASX Total Return
ASX200 return

*Gross performance relative to the benchmark index return
-15.00%
-10.00%
-5.00%
0.00%
5.00%
10.00%
15.00%
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Relative Performance (%)
Financial Year
Outperformance over time, but not every year
Barramundi Annual Performance Relative to the Benchmark*

Our portfolio provides balance across STEEPP factors
* Source: Bloomberg, Fisher Funds (growth is FY1-FY3 CAGR)
Higher earnings growth vs ASX200......And paying less for this growth
1.0×
2.0×
3.0×
4.0×
BarramundiASX 200
Price/Earnings
-
to
-
Growth Ratio
0%
5%
10%
15%
20%
BarramundiASX 200
Earnings per share growth per year (FY1
-
FY3)

Boards allocating capital to drive long term share value
“If you do it at the right price,
there’s nothing better than buying
in your own business.”
Warren Buffett
US$400m (FY25)
US$400m (FY26) - new
A$750m (FY26)
~A$365m completed
A$200m (FY26)
A$365m (FY26)

Performance by company in FY2025
Notes: Labels are the total return for the stock over the period owned
66%
32%
36%
9%
50%
33%
15%
15%
38%
15%
23%
9%
14%
16%
36%
10%
9%
1%
-9%
-9%
-6%
-18%
-26%
-36%
-44%
-53%
-43%
-18%
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
Contribution AUD (bps)
Contribution (AUD)

Long-term focus & consistency of execution
Source: Brambles
Brambles’ Free Cash Flow (US$m)
$0
$300
$600
$900
$1,200
FY20FY21FY22FY23FY24FY25
Free Cash Flow (US$m)
Financial Year
18% growth p.a.

Increasing the pace of software development

Exits
“Domino’s CEO shock exit”
(Australian Financial Review)
“Fury over James Hardie deal
won’t die”
(Australian Financial Review)
“the facts are PE will pay much
more than public markets”
(Australian Financial Review)
“profits plunge as CEO admits
performance ‘not good enough’”
(The Australian)

Portfolio management: FY2025 and FY2026 to date
LargerSmaller
Target weight
changes (net)

A balanced blend of companies
INFORMATION
TECHNOLOGY
CONSUMER
SERVICES
CONSUMER
DISCCRETIONARY
FINANCIALS
HEALTHCARE
INDUSTRIALS
Target weights as at 30 September 2025
CAR
OML
REA
SEK
PWH
ANZ
AUB
CBA
CCP
MQG
NAB
ANN
COH
CSL
RMD
BXB
JLG
MGH
AD8
FCL
NXT
WTC
XRO
CARCARSALES
OMLOOH!MEDIA
REAREA GROUP
SEKSEEK LTD
DMPDOMINO'S
PWHPWR HOLDINGS
ANZAUST AND NZ BANKING GROUP
AUBAUB GROUP
CBACOMMONWEALTH BANK OF AUSTRALIA
CCPCREDIT CORP
MQGMACQUARIE GROUP LTD
NABNATIONAL AUSTRALIA BANK
ANNANSELL
COHCOCHLEAR
CSLCSL
RMDRESMED
JHXJAMES HARDIE
BXBBRAMBLES
JLGJOHNS LYNG GROUP
MGHMAAS GROUP
AD8AUDINATE
FCLFINEOS
NXTNEXTDC
WTCWISETECH
XROXERO

BRM up +2.0% for Q1 in FY26
*Period from 30/06/2025-30/09/2025
**ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
Performance in FY26* to date

Outlook: market valuations reflective of resilient economy
➢Australia’s economy remains resilient and unemployment is low – similar theme for the US
➢Inflationary pressures temper expectations for further interest rate cuts in Australia
➢Rebound in the ASX200 from the April lows reflects these improved conditions – earnings growth
key to driving future share market gains
➢Our portfolio companies are investing for growth & managing their capital allocation sensibly
➢We have confidence in the earnings prospects of our high quality portfolio of growing companies

THANK YOU

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2025 Resolutions

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Fiona Oliver
–Elect Dan Coman
–Auditor remuneration

2025 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote per the digital portal

Resolution 1
Re-election of Fiona Oliver
To re-elect Fiona Oliver as a Director of Barramundi Limited

Resolution 2
Election of Dan Coman
To elect Dan Coman as a Director of Barramundi Limited

Resolution 3
Auditor Remuneration
That the Board of Directors be authorised to fix the
remuneration of the auditor for the ensuing year

Conclusion
•Complete and sign voting paper
•Voting papers in the voting boxes
•If you need a voting paper please see Computershare
•Results to NZX

THANK YOU

---

Barramundi Limited
Phone +64 9 489 7074
Private Bag 93502
Takapuna, Auckland


31 October 2025
Barramundi Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 19th Barramundi annual meeting of shareholders, I’m Andy Coupe, Chair of
Barramundi.
We’ve again put in place the virtual meeting option for those who are unable to attend in-person,
and we welcome those who have joined the meeting via the Computershare virtual meeting
platform.
We are duly convened as a Notice of Meeting has been circulated to shareholders and I can confirm
that a quorum is present, so I declare the meeting open.
Please note that the exits are at the back and front of the room. Please ensure you turn your cell
phones off or put them on mute.
For those here in-person there will be a light lunch at the conclusion of the meeting. We look
forward to meeting many of you after the meeting.

[Slide: Introductions]
Let me introduce the front table. Let me introduce the front table. Firstly, the directors. To my right
is Carol Campbell (Chair of the Audit & Risk Committee), next to her is David McClatchy (Chair of the
Investment Committee), next to him is Fiona Oliver and next to her is Dan Coman, who is standing
for election today.
Next to Dan is Robbie Urquhart the Barramundi Portfolio Manager, and next to Robbie is Wayne
Burns the Corporate Manager.
Also here today, in the audience, are Senior Investment Analysts Terry Tolich and Delano Gallagher.
We are also pleased to have in the audience today representatives from our share registrar,
Computershare, auditor, PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors,
Bell Gully.

[Slide: Agenda]
The agenda for today.
Firstly preliminary matters.
- The minutes of the 2024 annual shareholders’ meeting held on 30 October 2024 are available at
the registration desk and are also available on the Barramundi website.
- The 2025 annual report has been circulated to shareholders – additional copies are available at the
registration desk and can also be found on the Barramundi website.

Today I’ll give a brief summary of the 2024 financial year and an update of the year to date, and then
Robbie Urquhart will review the Barramundi portfolio.
There are three resolutions for you to consider and vote on today, which are as set out in the Notice
of Meeting.
If you’re attending the meeting online there’s a Q&A icon at the top right of your screen. To send in
a question, please select the Q&A tab on the right half of your screen at anytime. Type your question
into the field and press send. Your question will be immediately submitted.
We’ve set aside a time at the end of Robbie’s presentation for general questions relating to the
operations and management of the business.
We will then move to the formal business of the meeting.
Questions relating to the three resolutions will be dealt with in conjunction with each of the
resolutions. Should you require any assistance, you can type your query and one of the
Computershare team will assist with the chat function and reply to your query.

[Slide: Chair’s Overview]
On behalf of the board, it is now my pleasure to present the Chair’s Overview.

[Slide: Barramundi’s Investment Objective]
We typically start our annual meetings with a quick reminder of Barramundi’s investment objectives,
being
• to achieve a high real rate of return, comprising both income and capital growth, within risk
parameters acceptable to the directors; and
• to provide access to a diversified portfolio of Australian quality, growth stocks through a
single tax-efficient investment vehicle.
Robbie will speak to the portfolio performance over the past financial year and the growth
characteristics of the stocks that form the portfolio in his manager review.

[Slide: 2025 Overview]
Those of you who have had a chance to review the annual report will be aware of many of the
following performance numbers.
- Barramundi recorded a disappointing NPAT of $7.9m.
- The total shareholder return or TSR, being the performance of the share price and warrant
price plus dividends paid to shareholders, was 9.9%.
- Barramundi’s regular dividends continued to contribute to the Total Shareholder Return
with 6.00 cents per share paid in dividends during the year, which is equivalent to a dividend
return, not a dividend yield, of +8.7%. These returns are calculated based on the average
share price for the year.
- The overall net asset value (NAV) per share decreased from $0.76 (as at 30 June 2024) to
$0.71 (as at 30 June 2025).
- The adjusted NAV return, which represents the net return to an investor after capital
allocation decisions and after expenses, fees and tax, was +3.9% for the year.

[Slide: 2025 Overview - Continued]
This chart compares the Adjusted NAV return and the gross performance return to the benchmark
index return over the periods of 1, 3 and 5 years.
Unfortunately, the Barramundi portfolio performance is below the benchmark index for the most
recent financial year. However, the three and five year annualised performance has been broadly in-
line with the equity benchmark performance. So, while returns have been volatile, we believe it
represents a reasonable outcome for most shareholders.
Robbie will discuss the Australian share market dynamics and a more detailed description of how the
portfolio performed and how it is positioned shortly in the Manager’s Review.

[Slide: Earnings Per Share]
This chart shows the earnings per share over the last 5 years. Unsurprisingly given the NPAT, the
result is significantly lower than the previous year.

[Slide: Movements in Shareholders’ Funds]
Turning now to Shareholders’ Funds
This chart shows the Barramundi NAV of $216m (as at 30 June 2024) increased by a net $25m to
$241m (as at 30 June 2025).
The movements during the year as represented by the orange, yellow, green and blue columns
were:
- the $7.9m net profit,
- less $19m dividends paid and $2m of share buybacks,
- but adding back $7m for dividends reinvested by shareholders via the DRP and adding
shares issued for warrants exercised of $31m.

[Slide: Quarter 1, 2026]
Unfortunately, the first quarter of Barramundi’s 2026 financial year has seen continued
underperformance against the benchmark index:
• Barramundi’s net profit for the three months to 30 September 2025 was $3.4m.
• As at 30 September, the NAV per share of $0.70 was down 1 cent per share from the
NAV at 30 June of $0.71 – but that was after the dividend payment of 1.44 cents per
share (paid on 26 September).
• Barramundi’s adjusted NAV return for the first three months of the 2026 financial year
was 1.4%, while the benchmark index return was up +6.4% for the three months.
• Total shareholder return for the quarter was +4.1% - driven by the increase in share
price from $0.69 to $0.70, plus the dividend paid in September, and the new free
warrants issued in August.
The board understands the inherent volatility of equity markets. Nevertheless, in light of the
portfolio performance over the past five quarters, the board has had extensive engagement with the
manager. This engagement involves asking questions of Fisher Funds relating to recent performance
and what response, if any, may be needed. Importantly, the engagement does involve the board
having any input in stock or sector selection. In his manager’s review Robbie will talk to the reasons
for the underperformance, and how he and his team will manage the portfolio going forward.

[Slide: Warrants]
As part of the Barramundi capital management programme, we made a pro rata warrant issue to
eligible shareholders in August.
85.2m warrants were issued, with an exercise date of 7 August 2026.
The initial exercise price for the warrants is $0.70, which will be adjusted down for the quarterly
dividends that have record dates between the allotment of the warrants and the announcement of
the final exercise price.
As I described last year, we have based the exercise price (less dividends) on the NAV per share at
the time of issue rather than on the share price at the time of issue. This is consistent with all the
capital management initiatives that aim to avoid large discounts or premiums in share price to NAV.
However, directors will continue to monitor warrant outcomes, and review exercise price
methodology.

Closing remarks
The past twelve months have been particularly challenging. However, the investment strategy of
focussing on quality growth stocks, as detailed in the prospectus so many years ago, has not changed
and we remain confident that over the medium term the strategy will bring its rewards.
In closing my annual meeting address, and on behalf of the board, I’d like to thank you for your
continued support of Barramundi.
I will now hand over to Robbie Urquhart, Senior Portfolio Manager of Barramundi.

ENDS