BRM – December 2025 monthly update

1
A WORD FROM THE MANAGER
Barramundi’s gross performance return for November was -3.4%
and the adjusted NAV return was also -3.4%. This compares to
the S&P/ASX200 Index (70% hedged into NZ$) which was -2.8%
over the month.
Market Backdrop
Helped by bellwether CSL’s (+4.4%) share price performance (see
below), the Healthcare (+2.0%) sector was the best performing
sector in the month. Consumer Staples (+1.5%), Materials
(+1.5%) and Industrials (+0.1%) were the only other sectors that
delivered a positive return. The majority of sectors finished in the
red for the period with Information Technology (-11.7%) and
Financials (-7.4%) underperforming the most.
Portfolio Commentary
Reece (+9%) delivered a solid 1Q26 result. It grew sales +6%
on a constant currency basis, with like-for-like sales up +2%.
Australia and New Zealand delivered low single-digit percentage
growth in like-for-like sales, while the US recorded a low single-
digit percentage decline. Overall sales were supported by stores
opened in the past 12 months, particularly in the US, where
Reece continues to invest, adding a further 10 new stores in
1Q26. The sales result was pleasing given the tough macro
backdrop, particularly in the US. Margins remained under
pressure, with increased competition across the US Waterworks
and Plumbing businesses and costs related to the establishment
of new stores. Reece also announced a new share buyback of
up to $35m. This follows the $365m share buyback completed
in October. This is a further sign of a Board thinking like true
owners. Buying back shares at depressed levels helps create long
term shareholder value.
Wisetech’s (+6%) share price rose after the company re-affirmed
earnings guidance at its Annual General Meeting during the
month. It also confirmed that key business initiatives remain on
track and, as part of this, released a revamped pricing schedule
for its software products, effective 1 December. The new pricing
is expected to initially result in a modest uplift in revenues across
the client base. As part of the governance refresh, the company
also announced the addition of Raelene Murphy to the Board
and noted that she’ll join the Audit & Risk Committee. We will
be meeting the new board members when we attend Wisetech’s
investor day in early December.
At its investor days held in the US, CSL (+4%) showcased how
its core Behring business is well placed to grow sales mid-single
digit (%) through expanding the overall market for its products
(increasing awareness), label expansion (of existing therapies into
new indications), and growing its share of the market. It also
provided detail on how it can increase the yield of plasma per
litre of blood collected from donors via its new Rika collection
device. CSL also expects improved efficiency from changes it is
making to its manufacturing process.
oOh!Media (-7%) provided a soft trading update early in the
month. Its September quarter revenue was up +7% in a soft
overall advertising market (SMI data
2
-7% for the quarter).
However, out of home sector advertising spend weakened
markedly in October. SMI data for October indicates that out
of home advertising spend for the month fell about -6%, while
overall advertising spend (across all formats) plunged by around
-15%. This prompted oOh!Media to give explicit guidance for
2025 for the first time. Unfortunately, this was shy of analysts’
consensus estimates. Revenue growth for 2025 is expected to
be +8-9% on 2024, about 2% below market expectations.
EBITDA growth of +8-10% is forecast, about 8% below market
expectations. oOh!Media’s advertising bookings for November
through to January are showing improved pacing vs October. We
continue to like the structural growth opportunity provided by
the out of home advertising sector, evidenced by its more resilient
performance versus overall advertising spend.
Macquarie’s (-9%) share price fell after its financial result
missed expectations. This was primarily because it impaired its
investment in renewable energy assets by A$150m. Macquarie
has also increased its investment in its commodities trading
systems hence costs were elevated. Commodities trading had
a softer period of performance but pleasingly continues to
expand its customer base which bodes well for future growth.
Its asset management and investment banking divisions are
performing well. Its retail banking division continues to grow
and take market share. Although it was a disappointing period
of performance, Macquarie is well positioned to grow earnings
in future periods, assisted by meaningful performance fees
associated with the recent sale of some large data centres.
SEEK’s share price fell -10% despite it reiterating its guidance
for revenues to grow +10% and profits to grow +32% (mid
points of the FY26 guidance) in FY26. Job advertising volumes
1
Share Price Premium 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).
2
Standard Media Index data
MONTHLY UPDATE
December 2025
as at 30 November 2025
$
0.68
SHARE PRICE
PREMIUM
1
2.6
%

BRM NAV
$
0.66
$
0.02
WARRANT PRICE

SECTOR SPLIT
as at 30 November 2025
KEY DETAILS
as at 30 November 2025
FUND TYPE
Listed Investment Company
INVESTS IN
Growing Australian companies
LISTING DATE
26 October 2006
FINANCIAL YEAR END
30 June
TYPICAL PORTFOLIO SIZE
20-35 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
$0.66
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
343m
MARKET CAPITALISATION
$232m
GEARING
None (maximum permitted 20%
of gross asset value)
have stabilised and support SEEK’s outlook for volumes to be
flat FY26 on FY25, while price increases already implemented
support its outlook for double-digit (%) yield growth for FY26.
The share price weakness can possibly be attributed to strong
inflation data which may mean no further interest rate cuts will
be implemented by the Reserve Bank which could dampen the
extent of Australia’s economic growth in the next year.
In a perplexing market reaction, Xero’s (-16%) share price fell
sharply after it delivered what we thought were reasonable
financial results during the month. Xero delivered overall
sales growth of +20% over the 1HFY26, in line with market
expectations. Costs were contained (as expected) and cost
outlook guidance was a tad better than expected. Free cash
flow rose 54% in the period, and key growth metrics were
largely met. The market has possibly focused on the maiden
result for Melio, a US-based payments business that Xero has
recently acquired. Strategically, the acquisition makes sense
and pleasingly Xero has completed the acquisition earlier than
expected and integration is underway. Melio is at an early stage
of development and as such is loss-making. This is therefore
Robbie Urquhart
Senior Portfolio Manager
Fisher Funds Management Limited
expected to weigh on Xero’s profit growth for the next couple
of years. In acquiring Melio, Xero is clearly signalling its intent
to focus on growing its presence in the US market. This has
not historically been a happy hunting ground for Xero, and the
market remains sceptical about its prospects there. Xero’s current
management team (many of whom are based in the US) has been
in place for a couple of years now. This team has a solid history
of delivering growth in other software businesses prior to joining
Xero and has been methodical about laying the groundwork for
success in the US. Integrating Melio into Xero’s core software
product suite makes sense to us and, we think, strengthens
Xero’s chances of long-term success in the US.
2
Financials23%
Information Technology21%
Health Care19%
Communication Services16%
Industrials10%
Materials 6%
Consumer Discretionary 4%
Cash & Derivatives 1%

NOVEMBER’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in Australian dollar terms
XERO
-16
%
NEXTDC
-14
%
AUDINATE
-11
%
SEEK
-10
%
CBA
-11
%
5 LARGEST PORTFOLIO POSITIONS as at 30 November 2025
WISETECH
7
%
CSL
8
%
XERO
6
%
CAR GROUP
6
%
MACQUARIE
5
%
The remaining portfolio is made up of another 20 stocks and cash.
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(3.3%)(6.2%)+4.4%+7.8%+1.5%
Adjusted NAV Return(3.4%)(8.0%)(9.9%)+7.2%+6.5%
Portfolio Performance
Gross Performance Return(3.4%)(7.6%)(8.4%)+9.6%+8.6%
Benchmark Index^(2.8%)(2.4%)+6.2%+10.8%+10.8%
PERFORMANCE to 30 November 2025
3
TOTAL SHAREHOLDER RETURN to 30 November 2025
^Benchmark Index: S&P/ASX 200 Index (hedged 70% to NZD)
Non–GAAP Financial Information
Barramundi 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 and currency hedging 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 Barramundi Non–GAAP Financial Information Policy. A copy of the policy is available at barramundi.co.nz/about-barramundi/barramundi-policies.
Share Price/Total Shareholder Return
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Oct
2006
Oct
2007
Oct
2011
Oct
2013
Oct
2014
Oct
2015
Oct
2008
Oct
2009
Oct
2010
Oct
2016
Oct
2020
Oct
2012
Oct
2022
Share Price Total Shareholder Return
Oct
2017
Oct
2018
Oct
2019
Oct
2021
Oct
2023
Oct
2024
Oct
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 Barramundi 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 Barramundi 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.
Barramundi Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7074
Email: enquire@barramundi.co.nz | www.barramundi.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 BARRAMUNDI
Barramundi 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 20 and 35 quality
growing Australian companies
through a single, professionally
managed investment. The aim of
Barramundi is to offer investors
competitive returns through capital
growth and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in
August 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Barramundi 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
»Barramundi 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
M A N AGEMENT
The Manager has authority delegated
to it from the Board to invest according
to the Management Agreement and
other written policies. Barramundi’s
portfolio is managed by Fisher Funds
Management Limited. Robbie Urquhart
(Senior Portfolio Manager), Terry Tolich
and Delano Gallagher (Senior Investment
Analysts) have prime responsibility for
managing the Barramundi portfolio.
Together they have significant combined
experience and are very capable of
researching and investing in the quality
Australian companies that Barramundi
targets. Fisher Funds is based in
Takapuna, Auckland.
BOARD
The Board of Barramundi
comprises independent
directors Andy Coupe (Chair),
Carol Campbell, David
McClatchy, Fiona Oliver and
Dan Coman.
Share Buyback Programme
»Barramundi 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
»Barramundi announced a new issue of warrants on
30 June 2025
»The warrant term offer document was sent to all
Barramundi shareholders in mid-July 2025
»Warrants were allotted to all eligible Barramundi
shareholders on 7 August 2025
»The new warrants (BRMWI) commenced trading on the
NZX Main Board from 8 August 2025
»The Exercise Price of each warrant is $0.70, 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
Barramundi
»The Exercise Date for the Barramundi warrants is
7 August 2026