Australian sharemarket sector volatility impacts BRM

Barramundi Limited results announcement


Results for announcement to the market
Name of issuer Barramundi Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing
operations
-$13,533 -220%
Total Revenue -$13,533 -220%
Net profit/(loss) from
continuing operations
-$15,446 -273%
Total net profit/(loss) -$15,446 -273%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.28 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00078111
Record Date 5 March 2026
Dividend Payment Date 27 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.6328 $0.7393
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review report applicable to the financial
statements is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@barramundi.co.nz
Date of release through MAP

16 February 2026
Reviewed interim financial statements accompany this announcement.

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1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the
net value of converting any warrants into shares (if any), 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.

2
Adjusted net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted
for dividends (and other capital management initiatives) and after expenses, fees and tax.
3
Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses,
fees and tax.
4
Benchmark index: S&P/ASX 200 Index (hedged 70% to NZD).
5
In accordance with the Management Agreement, the management fee rate has reduced from 1.25%pa to 0.75%pa for the
period, (i.e. a 50 basis point reduction), because the 6 month gross performance of Barramundi (as calculated for the
fulcrum fee rebate) was 7.4 percentage points below the S&P/NZX Bank Bill 90 day index rate for the six months of positive
1.6%.

The total shareholder return adjusted net asset value and gross performance return methodologies are described in the Barramundi Non-
GAAP Financial Information Policy. A copy of the policy is available at http://www.barramundi.co.nz/about-barramundi/barramundi-
policies/




For immediate release:

16 February 2026

Australian sharemarket sector volatility impacts Barramundi interim result

• Net loss for the six months ended 31 December 2025 -$15.4m
• Total shareholder return
1
1.6%
• Adjusted NAV return (after expenses, fees & tax)
2
-6.6%
• Dividends paid during the period (cents per share) 2.84 cps

NZX listed investment company Barramundi Limited (NZX: BRM) today announced a first half loss for
the 6 months ended 31 December 2025 of $15.4m.
Key elements of the half year result include losses on investments of $17.4m, dividend, interest and
other income of $3.8m, less operating expenses and tax of $1.9m.

Chair of Barramundi, Andy Coupe said: “We acknowledge that it has been a tough period for the
Barramundi portfolio and a very disappointing result for shareholders, with a number of the stocks
in the portfolio significantly underperforming the wider Australian sharemarket. The impact of
artificial intelligence (AI), global trade and politics has been disruptive to markets and stocks, and the
Barramundi portfolio.”
The portfolio’s gross performance return
3
for the six months was -5.8% and the adjusted net asset
value (NAV) return
2
was -6.6%, compared to the S&P/ASX 200 Index (hedged 70% to the NZD)
4
which
was +5.6% over the same period.

The lower return delivered by the portfolio meant the management fee for the period was reduced
from 1.25%pa to 0.75%pa. The fulcrum fee
5
mechanism is a particular feature of Barramundi Limited
which reduces the management fee when actual returns fall below the change in the S&P/NZX Bank
Bill 90-day rate.

Barramundi investors continued to receive distributions consistent with the company distribution
policy (2% of average NAV per quarter) with 2.84 cents per share paid to shareholders during the six
months ended 31 December 2025. On 16 February 2026, the Board declared a dividend of 1.28 cents
per share to be paid to shareholders on 27 March 2026 with a record date of 5 March 2026.

Senior Portfolio Manager, Robbie Urquhart said: “This was a disappointing 6 months with
Barramundi materially lagging the benchmark index. A number of our industrial company
investments including a quarry operator and insurance restoration provider delivered well for
Barramundi in the period. This was more than offset by our information technology and classified
advertising positions. They weighed on performance because of investor concerns that
advancements in AI will disrupt their businesses, fears that we think are overblown. A strong rally in
commodity prices also boosted share prices of resource companies which also hurt our relative
returns given we have up until recently not been invested in the sector. We added high quality
diversified miners BHP and Rio Tinto to the portfolio late in the period and pleasingly they
contributed positively to our portfolio returns.
We are optimistic on the outlook for our portfolio and our information technology companies in
particular. These software businesses remain critical to their clients. They are embedding AI
functionality into their own products, enhancing the value they provide clients. We believe this
broad, indiscriminate sell-off is not differentiating between well-positioned and vulnerable
businesses. As such we think our companies provide attractive long-term upside for Barramundi
shareholders.”

For further information, please contact:

Corporate Manager
Barramundi Limited
Tel: (09) 489 7074




About Barramundi
Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher
Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to
offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a
single tax-efficient investment vehicle. Barramundi listed on the NZX Main Board on 26 October 2006. /Ends

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PwC New Zealand, PwC Tower, 15 Customs Street West, Private
Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000

pwc.co.nz
Independent auditor’s review report
To the shareholders of Barramundi Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Barramundi Limited (the Company), which comprise the statement
of financial position as at 31 December 2025, and the statement of comprehensive income, the statement of changes in
equity and the statement of cash flows for the six months ended on that date, and selected explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial
statements of the Company do not present fairly, in all material respects, the financial position of the Company as at 31
December 2025, and its financial performance and cash flows for the six months then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to
International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review
of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor’s responsibilities for the review of the interim financial statements
section of our report.
We are independent of the Company in accordance with Professional and Ethical Standard 1 International Code of Ethics
for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New
Zealand Auditing and Assurance Standards Board (PES 1), as applicable to audits and reviews of public interest entities.
We have also fulfilled our other ethical responsibilities in accordance with PES 1.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these
interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors
determine is necessary to enable the preparation and fair presentation of the interim financial statements that are free
from material misstatement, whether due to fraud or error.

11 PwC – Independent Auditor’s Review Report
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s Shareholders, as a body, for our review procedures, for this report, or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel
Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
16 February 2026