KFL – December 2025 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and adjusted
NAV return in November were +0.5% and +0.4% respectively,
versus the New Zealand shares benchmark S&P/NZX 50
return of -0.4%.
a2 Milk (+2%) upgraded its financial guidance at its annual
meeting, lifting expected revenue growth from ‘high single-
digit' to 'low double-digits', propelled by momentum in its core
infant formula business. Commensurately, net profit guidance
increased to 'slightly up' on last year versus 'similar' to last
year. The company announced it intends to pay a $300 million
special dividend following the acquisition of the Pokeno
facility and sale of its interest in Mataura Valley Milk.
Contact Energy (+3%) unveiled its refreshed Contact31+
medium term strategy at its Capital Markets Day in Taupo,
which also included a visit to the $712 million Te Mihi Stage 2
geothermal development which is scheduled to come online in
late 2027. The update outlined 5-year core operating earnings
(EBITDA) growth trajectory of around 4-6% per year to reach
$1.2-1.3 billion in the 2031 financial year from $980 million in
the current year, although this is subject to approval of several
development projects. Contact has a veritable plethora of
development options, although favours additional geothermal
projects where it sees highest returns of 10-12%, noting its
last two projects have returned over 13%. It is now planning a
100 megawatt Tauhara 3 geothermal power station, although
this is likely to be somewhat long dated (beyond 2031). The
company also sees opportunities to develop further battery
capacity itself, plus is also looking to develop its solar and
wind projects in partnerships.
Fisher & Paykel Healthcare (+1%) delivered a record first-
half result, surpassing $1 billion in revenue for the first time
(up +14% on a year ago), with net profit rising strongly +39%
to $213 million due to lower cost growth. Sales growth
was broad-based, although the Hospital division led with
+15% constant-currency revenue growth, driven by strong
consumables demand and hardware sales. Homecare sales
rose +8% on slightly softer than average Obstructive Sleep
Apnea mask performance, with several competitors having
benefitted from launching new masks recently. Gross profit
margins improved despite the tariff headwind, thanks to
manufacturing efficiencies and cost control. Guidance for
the full year was upgraded to $2.17-2.27 billion revenue
and $410-460 million profit. The upgrade in profit guidance
reflects benefits from both foreign exchange tailwinds and
better than expected cost control, although management
flagged uncertainty around Northern Hemisphere respiratory
hospitalisations and noted the strength in hardware sales
may be lumpy. Overall, the result reflects robust demand,
operational discipline, and ongoing clinical adoption of the
company's therapies.
Meridian (-5%) hosted its Investor Day in Palmerston North,
which also incorporated a visit to its $700 million project to
replace the old Te Rere Hau wind farm turbines with new
kit, which will greatly improve output. The day reiterated it
expects New Zealand's power demand to continue to grow
meaningfully over the next decade, driven by decarbonising
the country through replacement of gas fired process heat
(increasingly necessary given gas shortages) and charging of
a growing fleet of electric vehicles. Meridian has a meaningful
renewables pipeline of solar and wind projects that it can build
over time (5-15 terawatt hours depending on time horizon,
versus current national usage of around 40 terawatt hours).
It can absorb these into its portfolio given its significant
hydro generation and storage. With the unfortunate recent
steep reductions in domestic gas available, and increasing
intermittent solar and wind build, it increasingly sees its
hydro plants as well placed to balance the system and likely
to capture higher peak pricing over time. The company is
looking to expand its hydro capacity where possible, including
enhancing generation capacity through superior turbines and
checking the feasibility of whether existing storage lakes can
be managed differently with the same infrastructure.
1
Share Price Discount to NAV (including warrant price on a pro-rated basis and using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
December 2025
KFL NAV
$
1.35
DISCOUNT
1
1.0
%
as at 30 November 2025
$
0.04
WARRANT PRICE
$
1.33
SHARE PRICE

2
KEY DETAILS
as at 30 November 2025
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
15-25 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE FEE
HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$1.18
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
353m
MARKET CAPITALISATION
$470m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 30 November 2025
Mainfreight (+12%) reported its first half result similar to
expectations with Profit Before Tax (PBT) of $132 million
down -18% on a year ago, although an improvement on the
-24% decline in the first 17 weeks unveiled in July. Shares
were up as management confidently ‘expect [the large] New
Zealand and Australia businesses to all trade better through
our second half’. The company is delivering strong underlying
performance in its Australian operations, off the back of
consistent market share gains which points to ongoing growth
there. In New Zealand it has invested heavily in new facilities
for the long term during the recent tough economic times,
which along with weak activity levels has weighed on profits
(PBT -7% on a year ago). The company referenced several
larger New Zealand customer wins coming through to set the
business up well as the economy recovers, which the team
are increasingly confident about. There are still clearly some
work-on areas like its Transport operations in the US, which
is losing money and dragged the US region to a US$2 million
overall loss for the half, but to have the core Australasian
businesses on track is a positive.
Health Care35%
Industrials24%
Financials13%
Utilities12%
Information Technology5%
Consumer Staples5%
Cash4%
Materials2%
Matt Peek
Senior Portfolio Manager
Fisher Funds Management Limited

33
TOTAL SHAREHOLDER RETURN to 30 November 2025
NOVEMBER'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
5 LARGEST PORTFOLIO POSITIONS as at 30 November 2025
MAINFREIGHT
+12
%
DELEGAT
+9
%
SUMMERSET
+8
%
MERIDIAN ENERGY
-5
%
FREIGHTWAYS
-5
%
FISHER & PAYKEL
HEALTHCARE
19
%
SUMMERSET
13
%
MAINFREIGHT
10
%
INFRATIL
9
%
AUCKLAND
INTERNATIONAL AIRPORT
7
%
Share Price/Total Shareholder Return
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Mar
2004
Share Price Total Shareholder Return
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2016
Mar
2017
Mar
2018
Mar
2020
Mar
2019
Mar
2021
Mar
2023
Mar
2022
Mar
2024
The remaining portfolio is made up of another 10 stocks and cash.
Mar
2025
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(0.1%)+2.0%+8.3%+7.8%+0.6%
Adjusted NAV Return+0.4%+3.7%(1.2%)+6.6%+2.2%
Portfolio Performance
Gross Performance Return+0.5%+4.1%(0.2%)+8.2%+3.6%
S&P/NZX50G Index(0.4%)+4.3%+3.2%+5.3%+1.1%
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»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 NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax, and
»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.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at
kingfish.co.nz/about-kingfish/kingfish-policies.
PERFORMANCE as at 30 November 2025

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been 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 Kingfish Limited and its officers and directors make no representation as to its accuracy or
completeness. The update 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 update contains data relating to the historical performance of Kingfish Limited or its portfolio companies, please note that fund
performance can and will vary and that future results June have no correlation with results historically achieved.
Kingfish Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094
Email: enquire@kingfish.co.nz | www.kingfish.co.nz
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Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT KINGFISH
Kingfish is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
15 and 25 quality growing New
Zealand companies through a
single, professionally managed
investment. The aim of Kingfish
is to offer investors competitive
returns through capital growth
and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in June 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Kingfish may include dividends
received, interest income, investment gains and/or
return of capital
»Shareholders who prefer to have increased capital rather
than a regular income stream have the opportunity to
participate in the company’s dividend reinvestment plan
(DRP)
»Shares issued to DRP participants are at a 3% discount
to market price
»Kingfish became a portfolio investment entity on
1 October 2007. As a result, dividends paid to New
Zealand tax resident shareholders have not been subject
to further tax
MANAGEMENT
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. Kingfish’s
portfolio is managed by Fisher
Funds Management Limited. Matt
Peek (Senior Portfolio Manager)
and Michael Bacon and Zoie Regan
(Senior Investment Analysts) have
prime responsibility for managing
the Kingfish portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in the
quality New Zealand companies
that Kingfish targets. Fisher Funds
is based in Takapuna, Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Andy Coupe (Chair),
Carol Campbell, David
McClatchy, Fiona Oliver and
Dan Coman.
Share Buyback Programme
»Kingfish has a buyback programme in place allowing it (if
it elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
Warrants
»Kingfish announced a new issue of warrants on
14 March 2025
»The warrant term offer document was sent to all Kingfish
shareholders in late March 2025
»Warrants were allotted to all eligible Kingfish shareholders
on 1 May 2025
»The new warrants (KFLWI) commenced trading on the
NZX Main Board from 2 May 2025
»The Exercise Price of each warrant is $1.35, adjusted
down for the aggregate amount per Share of any cash
dividends declared on the shares with a record date during
the period commencing on the date of allotment of the
warrants and ending on the last Business Day before the
final Exercise Price is announced by Kingfish
»The Exercise Date for the Kingfish warrants is 1 May 2026