SPH Notice - Allan Gray Australia Pty Ltd

Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
Note: This form must be completed in accordance with the instructions at the end of the
form.
To New Zealand Stock Exchange
and
To KMD Brands Ltd
Relevant event being disclosed: Movement of 1% or more in the substantial holding
Date of relevant event: 11 February 2026
Date this disclosure made: 12 February 2026
Date last disclosure made: 10 October 2024
Substantial product holder(s) giving disclosure
Full name(s): Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.

Summary of substantial holding
Class of quoted voting products: Ordinary shares

Summary for Allan Gray Group
For this disclosure,—
(a) total number held in class: 115,309,047
(b) total in class: 711,667,484
(c) total percentage held in class: 16.203%
For last disclosure,—
(a) total number held in class: 126,485,108
(b) total in class: 711,667,484
(c) total percentage held in class: 17.773%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure: See Annexure B

Details after relevant event
Details for Allan Gray Australia Pty Ltd (Allan Gray Australia) and its related bodies
corporate as set out in Table 1 of Annexure A (together Allan Gray Group), as investment
manager for the funds or investment mandates listed at Table 2 of Annexure A.
Nature of relevant interest(s): As investment manager for the funds or investment
mandates listed at Table 2 of Annexure A that hold KMD Brands Ltd. shares as set out in
Annexure B.
For that relevant interest,—
(a) number held in class: 115,309,047
(b) percentage held in class: 16.203%
(c) current registered holder(s): See Annexure B
(d) registered holder(s) once transfers are registered: See Annexure B
Additional information
Address(es) of substantial product holder(s): C/- Allan Gray Australia, Level 2 Challis
House, 4 Martin Place Sydney, NSW 2000, Australia
Contact details: Elizabeth Lee, Company Secretary, Telephone +61 2 8224 8632, Email:
elizabeth.lee@allangray.com.au
Nature of connection between substantial product holders: Related bodies corporate, as set
out in Table 1 of Annexure A
Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: N/A
Certification
I, Elizabeth Lee, Company Secretary, Allan Gray Australia certify that, to the best of
my knowledge and belief, the information contained in this disclosure is correct and that I
am duly authorised to make this disclosure by all persons for whom it is made.

ANNEXURE A OF 1 PAGE REFERRED TO IN THE ABOVE FORM
KMD Brands Ltd

Table 1 – Related bodies corporate
The following entities are associates of Allan Gray Australia Pty Ltd (AGA) and each other by virtue of being related bodies corporate.
Orbis Allan Gray Limited Orbis Investment Advisory Pty Limited
Orbis Holdings Limited Allan Gray (Holdings) Pty Ltd
Orbis Investment Management Limited (OIML) Orbis Investment Management (Hong Kong) Limited
Orbis Asset Management Limited (OAML) Orbis Client Services (Canada) Limited
Orbis Administration Limited Orbis Holdings (UK) Limited
Pictet Overseas Trust Corporation and Pictet Trustee Company SA Orbis Investment Management (Europe) LLP
Allan & Gill Gray Foundation (Guernsey) Orbis Investment Management (Luxembourg) S.A
EmCap Limited (Guernsey) (EMCAP)


Table 2 - Funds
An entity within the Group acts as investment manager for some or all of the assets in the following funds.
No Fund name Registered holder / Persons entitled to be registered holder
1. Allan Gray Australia Equity Fund Citibank N.A., Sydney Branch
2. Allan Gray Australia Balanced Fund Citibank N.A., Sydney Branch
3. Allan Gray Australia Stable Fund Citibank N.A., Sydney Branch
4. AMP Capital Specialist Australian Share Fund BNP Paribas Fund Services Australasia Pty Ltd
5. AMP Super Fund BNP Paribas Fund Services Australasia Pty Ltd
6. Future Directions Australian Equity Fund BNP Paribas Fund Services Australasia Pty Ltd
7. Morningstar Australian Shares High Alpha Fund JP Morgan Chase Bank
8. Construction and Building Unions Superannuation Fund JP Morgan Chase Bank
9. HESTA Superannuation Fund JP Morgan Chase Bank
10. AustralianSuper JP Morgan Chase Bank
11. Accident Compensation Corporation JP Morgan Chase Bank
12. Hostplus Pooled Superannuation Trust Citibank N.A., Sydney Branch
13. Russell Investments Australian Opportunities Fund State Street Australia Ltd
14. Equipsuper Northern Trust Corporation
15. Non-Government Schools Superannuation Fund State Street Australia Ltd
16. REST Superannuation Fund State Street Australia Ltd
17. Orbis Global Equity Fund (Australia Registered) Citibank N.A., Sydney Branch
18. Orbis Emerging Markets Equity Fund (Australia Registered) Citibank N.A., Sydney Branch
19. Orbis Global Equity LE Fund (Australia Registered) Citibank N.A., Sydney Branch
20. Orbis Global Real Return Fund Citibank N.A., Sydney Branch
21. Orbis Global Equity Fund Limited Citibank N.A., Sydney Branch
22. Orbis Optimal SA Fund Limited Citibank N.A., Sydney Branch
23. Institutional Global Equity Fund Citibank N.A., Sydney Branch
24. Orbis Optimal LP Citibank N.A., Sydney Branch
25. Orbis International Equity LP Citibank N.A., Sydney Branch
26. Orbis Institutional Global Equity LP Citibank N.A., Sydney Branch
27. Orbis Institutional International Equity LP Citibank N.A., Sydney Branch
28. Orbis Institutional U.S. Equity LP Citibank N.A., Sydney Branch
29. Orbis Institutional Emerging Markets Equity LP Citibank N.A., Sydney Branch
30. Orbis SICAV – Global Equity Fund Citibank N.A., Sydney Branch
31. Orbis SICAV – Emerging Markets Fund Citibank N.A., Sydney Branch
32. Orbis SICAV – Global Balanced Fund Citibank N.A., Sydney Branch
33. Orbis SICAV – International Equity Citibank N.A., Sydney Branch
34. Orbis OEIC Global Equity Fund Citibank N.A., Sydney Branch
35. Orbis Institutional Global Equity (OFO) Citibank N.A., Sydney Branch
36. OEIC Global Balanced Fund Citibank N.A., Sydney Branch
37. OEIC Global Cautious Fund Citibank N.A., Sydney Branch
38. Orbis SICAV Global Cautious Fund Citibank N.A., Sydney Branch

ANNEXURE B OF 1 PAGE REFERRED TO IN THE ABOVE FORM
KMD Brands Ltd

Table 3 - Trades giving rise to a change in relevant interest

Ordinary Shares
Date of change
Person whose relevant interest
changed
Nature of
change
Number of
securities Consideration Currency
10 Oct 2024 to 11 Feb
2026 AGA and its associates listed in Table 1 Buys 11,016,146 2,635,274 AUD
10 Oct 2024 to 11 Feb
2026 AGA and its associates listed in Table 1 Sells 22,192,207 5,191,916 AUD

All trades occur on market, via in-specie, under a dividend reinvestment plan, or pursuant to a capital
raising (as applicable).

Table 4 – current registered holder(s)

Ordinary Shares

Holder of relevant interest Registered holder of securities / Person entitled to be registered as holder Number of securities held
AGA and its associates listed in Table 1 BNP Paribas Fund Services Australasia Pty Ltd 7,295,926
AGA and its associates listed in Table 1 Citibank N.A., Sydney Branch 61,446,760
AGA and its associates listed in Table 1 JP Morgan Chase Bank 32,624,927
AGA and its associates listed in Table 1 Northern Trust Corporation 9,887,876
AGA and its associates listed in Table 1 State Street Australia Ltd 4,053,558
Total

115,309,047

An entity within the Group acts as investment manager for the funds set out in Table 2 and the above
registered holders hold all or some of the assets within those funds.