Marlin Global ASM Presentation 7 November 2025

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
7 November 2025

Board of Directors
Marlin Team
Andy CoupeCarol Campbell
David McClatchy
Fiona Oliver
Chris Waters
Snr Investment
Analyst
Wayne Burns
Corporate
Manager
Sam Dickie
Snr Portfolio
Manager
Charles Barty
Investment
Analyst
Dan Coman

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

Chair’s Overview

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

2025 Overview
Net profitDividendNAV per shareShare price
$0.3m
(2024: $37.2m)
8.01cps
(2024: 7.59cps)
$0.95
(2024: $1.03)
$0.91
(2024: $0.96)
Total shareholder
return *
Dividend return #
Adjusted NAV
return *
Share price
(discount)
to NAV
+2.8%
(2024: +13.8%)
+8.5%
(2024: +7.9%)
+0.2%
(2024: +19.5%)
(4.2%)
(2024: 6.7%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial
Information Policy which is available on the Marlin website.
# Dividend return – how much Marlin pays out in dividends each year relative to its average share price during the period. (Dividends paid
by Marlin may include dividends received, interest income, investment gains and/or return of capital).
^Share price (discount) / premium to NAV (excluding warrants).

2025 Overview - Continued
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy
which is available on the Marlin website.
^ Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD)
For the year ended
30 June
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV return *
+0.2%+10.9%+7.3%
Gross Performance *
+2.7%+13.7%+10.1%
Benchmark Index ^
+14.9%+15.1%+12.9%

Earnings Per Share
Earnings Per
Share
20252024202320222021
Basic
Earnings per
Share
(cents)
0.1517.5911.63-31.3435.55
Diluted
Earnings Per
Share
(cents)
0.1517.5911.63-31.3438.60

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

Quarter 1, 2026
1 July – 30 September 2025
Net profit
$2.5m
NAV per share
$0.94
Adjusted NAV Return
+1.2%
Benchmark Index
+10.2%
Share price
$0.95
Total shareholder return
5.9%
.

Closing Remarks

Manager’s Review
Sam Dickie

Agenda
1.Review of markets in 2025
2.Company performance
3.Portfolio activity and positioning
4.Outlook
Why Marlin

1. Review of markets in 2025

Global markets: solid returns in Marlin’s 2025 year
MSCI World: +16%
NZ (NZX 50): +8%
AU (ASX 200): +14%
US (S&P 500): +15%
Source: Bloomberg
90
95
100
105
110
115
120
Jun-24Sep-24Dec-24Mar-25Jun-25

-1%
1%
3%
5%
7%
9%
2022202320242025
S&P 500 consensus earnings
Fundamentals: Moderate inflation, GDP rebounding,
growing earnings
US Core PCE Inflation
1%
2%
3%
4%
5%
6%
2022202320242025
100
150
200
250
300
350
2018201920202021202220232024
2025F2026F2027F
US GDP growth rebounds
Source: Bloomberg

Global markets: caution lies under the rally’s hood
Source: Bloomberg
+43%
Higher risk companies outperformed
+40%
AI winners have driven almost all the
gains in the US market
UBS AI winners index versus Global Benchmark
1.6
1.9
2.2
2.5
2.8
3.1
Sep-24Dec-24Mar-25Jun-25Sep-25
80
100
120
140
160
180
Mar-25May-25Jul-25Sep-25
Higher RiskHigher Quality

2. Portfolio Performance

While Marlin posted a small positive return, it was
disappointing in a relative sense
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
Performance for FY25
14.9%
-12.1%
-0.1%
2.7%
Benchmark
index*
Portfolio relative
performance
FX
Marlin -
gross return
0%
2%
4%
6%
8%
10%
12%
14%
16%
Gross Returns (NZD)

Relative performance is volatile over time
-100%
0%
100%
200%
300%
400%
500%
600%
200720092010201120122014201520162017201920202021202220242025
Cumulative gross performance
MarlinBenchmark
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
200820092010201120122013201420152016201720182019202020212022202320242025
Annual relative performance (gross
performance vs market benchmark to
30 June)

STEEPP

Why Marlin
Performance impacted by sector, stock and style
Top 5 performing sectors (price move %)
Telecommunication Services
36%
Banks
34%
Financial Services *
34%
Insurance
30%
Utilities
26%
Bottom 5 performing sectors
Health Care Equipment & Services *
6%
Consumer Durables & Apparel *
4%
Energy
-1%
Household & Personal Products
-2%
Pharmaceuticals, Biotechnology & Life Sciences *
-4%
* Estimated impact using UBS high-quality index underperformance * Sectors owned by Marlin
Split of impact on relative performance

Why Marlin
12 months ended June 2025
Performance by company in FY2025
Notes: Labels are the total return for the stock over the period owned
98%
47%
28%
39%
14%
36%
12%
22%
21%
28%
14%
7%
-3%
41%
2%
9%
-10%
-38%
-17%
-28%
-15%
-37%
-34%
-21%
-21%
-24%
-23%
-54%
-300
-200
-100
0
100
200
300
Contribution NZD (bps)
Contribution (NZD)

Why Marlin
Healthcare – what happened? And where are we now?
Danaher’s Drug Discovery Solutions
0.8
1
1.2
1.4
1.6
1.8
20182019202020212022202320242025
Danaher price-to-earnings ratio vs
broader US market (S&P 500)
Average

Why Marlin
Floor & Décor: taking market share vs abnormal sector headwinds
300
500
700
900
1,100
1,300
1,500
2018201920202021202220232024
Floor & Decor taking market share
from key competitors ($m)
CompetitorsFloor & Decor
3m
4m
5m
6m
7m
8m
199920042009201420192024
Existing home sales (key driver of
flooring demand) at 20-year lows
Average

Why Marlin
META and Netflix: flexing their scale -> driving customer stickiness
26%
27%
28%
29%
30%
31%
32%
33%
2022202320242025
META: share of digital advertising
$0.2
$0.3
$0.4
$0.5
$0.6
$0.7
$0.8
$0.9
Netflix: significantly cheaper on
price per viewing hour

3. Portfolio activity and
positioning

Changes to the Marlin portfolio
Why Marlin
ExitsAdditions

Marlin portfolio: higher quality, higher growth
Why Marlin
23%
4%
PortfolioBenchmark
Current Return on Invested Capital
11%
5%
PortfolioBenchmark
Two year forward consensus sales
growth

4. Outlook

Why Marlin
Global economy been resilient, but risks remain
×Equity valuations elevated
×Labour market cooling
×Geopolitical instability
✓US economy robust
✓Strong corporate earnings
✓AI capex super cycle
✓Central banks are cutting interest rates

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

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

Resolution 2
Election of Dan Coman
To elect Dan Coman as a Director of
Marlin Global 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

---

Marlin Global Limited
Phone +64 9 484 0365
Private Bag 93502
Takapuna, Auckland


7 November 2025
Marlin Global Limited Annual Meeting
Chair’s Address from Andy Coupe

[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 18th Marlin annual meeting of shareholders, I’m Andy Coupe, the Chair of Marlin.
We have 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. 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 Sam Dickie, the Marlin Senior Portfolio Manager.
Next to Sam is Wayne Burns the Corporate Manager.
Also here today in the audience we have Senior Investment Analyst Chris Waters, and Investment
Analyst Charles Barty.
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 are available at the registration desk and
are also available on the Marlin 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 Marlin website.

Today I’ll give a brief summary of the 2025 financial year, which clearly has been disappointing, and
an update of the year to date. Following that, Sam Dickie will review the Marlin portfolio
performance.
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 Sam’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 at this meeting.

[Slide: Marlin Investment Objectives]
Once again, I’m going to start our annual meeting with a quick reminder of Marlin’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 international quality, growth stocks
through a single tax-efficient investment vehicle.

Sam will speak to the portfolio 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. As I’ve already mentioned, it is clearly disappointing in both
absolute terms and on a relative basis, as the following slide will show.
• Marlin recorded a NPAT of $0.3m.
• The total shareholder return or TSR, being the performance of the share price and
warrant price plus dividends paid to shareholders, was 2.8%.
• Marlin’s regular dividends continued to contribute to the Total Shareholder Return
with 8.01 cents per share paid in dividends during the year, which is equivalent to a
dividend return, not a dividend yield, of +8.5%. These returns are calculated based on
the average share price for the year.
• The net asset value (NAV) per share decreased from $1.03 (as at 30 June 2024) to
$0.95 (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 +0.2% for the year.

[Slide: 2025 Overview - Continued]
This chart compares the Adjusted NAV return and the gross performance return relative to the
benchmark index return over the periods of 1, 3 and 5 years.
Disappointingly, the Marlin portfolio performance is below the benchmark index returns over the
three time periods. The significant impact of the last 12 months underperformance on medium term
performance is demonstrated by the fact that at last year’s annual shareholder meeting I was able to
tell you that the 5-year annualised performance was comfortably ahead of the benchmark index on
both a gross and adjusted NAV basis.
Your directors have long experience in equity and investment markets, and we understand how the
sectoral exposure of the portfolio has been a significant, albeit not the only detractor from
performance. Sam will talk to that in his review. Nevertheless, you won’t be surprised to be told that
Marlin’s recent under-performance has been the catalyst for the board to engage with Fisher Funds
to better understand what actions, if any, the manager is undertaking in order to turn around the
performance. However the respective roles of the board and the manager are clearly specified in the
Management Agreement. Therefore the engagement with the manager does not involve the board
having any input in stock or sector selection.
In his review Sam will discuss the international share market dynamics and provide a more detailed
description of the portfolio’s performance. Sam will also address how he and his team will approach
management of the portfolio going forward.

[Slide: Earnings Per Share]
This chart shows the earnings per share.
Unsurprisingly given the NPAT, the result is very significantly lower than all but one of the previous
four years.

[Slide: Use of Shareholder Funds]
Turning now to Shareholders’ Funds
This chart shows the Marlin NAV of $223m decreased by a net $11m to $212m.
The movements during the year as represented by the grey, purple and green columns were:
- $16m dividends paid and $1m of share buybacks,
- but adding back $7m for dividends reinvested by shareholders via the DRP
- and $1m of new shares issued for warrants exercised in May.


[Slide: Quarter 1, 2026]
Underscoring my earlier comments about the board engaging with the manager over recent
underperformance, while the first quarter of Marlin’s 2026 financial year has seen ongoing global
share market volatility, the Marlin portfolio has continued to underperform the benchmark index
• The unaudited net profit for the three months was $2.5m.
• NAV per share was $0.94, (which is after Marlin’s September dividend of 1.88 cents per
share).
• Marlin’s adjusted NAV return for those first three months was +1.2%.
• The benchmark index for the three months was up +10.2%, and
• Total shareholder return for the quarter was +5.9%, which includes the September
dividend.

Closing remarks
The past twelve months have been challenging. However, the investment strategy of focussing on
quality growth stocks, as originally explained 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 Marlin.
I will now hand over to Sam Dickie, Senior Portfolio Manager of Marlin.

ENDS