Marlin delivers $6.5m First Half Profit

Marlin Global Limited results announcement

Results for announcement to the market
Name of issuer Marlin Global 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
$9,351 -17%
Total Revenue $9,351 -17%
Net profit/(loss) from
continuing operations
$6,462 -20%
Total net profit/(loss) $6,462

-20%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 1.88 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00161200
Record Date 5 March 2026
Dividend Payment Date 27 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.9387 $1.0241
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@marlin.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 Large Mid Cap/S&P Small Cap Index (hedged 50% to the NZD).

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.marlin.co.nz/about-marlin/marlin-policies/








For immediate release:


16 February 2026


Marlin delivers $6.5m First Half Profit

• Net profit for the six months ended 31 December 2025 $6.5m
• Total shareholder return
1
7.1%
• Adjusted NAV return (after expenses, fees & tax)
2
3.0%
• Dividends paid during the period (cents per share) 3.77 cps

NZX-listed investment company Marlin Global Limited (NZX: MLN) today announced a net operating profit
after tax of $6.5m for the six-month period ended 31 December 2025.

Key elements of the half year result include profits on investments of $8.7m, dividend, interest and other
income of $0.6m, less operating expenses and tax of $2.9m.

Marlin’s Chair, Andy Coupe, noted that “while it has been a positive period for international markets the
board is disappointed with the Marlin portfolio performance, which has significantly underperformed against
its equity benchmark. The underperformance has been the result of certain stock specific issues, as well as
the certain sector overweight and underweight positions in the Marlin portfolio.”

The portfolio’s gross performance return
3
for the six months was +4.5% and the adjusted net asset value
(NAV) return
2
was +3.0%, compared to the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the
NZD)
4
which was +14.0% over the same period.

Marlin investors continued to receive distributions consistent with the company distribution policy (2% of
average NAV per quarter) with 3.77 cents per share paid to shareholders during the six months ended 31
December 2025. On 16 February 2026, the Board declared a dividend of 1.88 cents per share to be paid to
shareholders on 27 March 2026 with a record date of 5 March 2026.

Senior Portfolio Manager, Sam Dickie, said: “Marlin’s portfolio performance was not where we want it to be.
The underperformance was driven by our style, sectors we don’t own significantly outperforming, and
several stock specific issues. Higher quality stocks (Marlin's style) unperformed higher risk or lower quality
stocks, or what we consider to be lower quality stock, by 25% over the six-month period which was the most
acute underperformance since 1999.

We were overweight some sectors that are temporarily out of favour (healthcare) and underweight some
low growth sectors that have performed well recently (banks, telcos, materials, utilities). Some of that is to
be expected. Several of those outperforming sectors don't lend themselves to the characteristics we seek in
stocks - like strong secular growth and durable moats. Quality companies are the most out of favour in 30
years and we see compelling investment opportunities in our part of the market - which make us optimistic
about the outlook for the Marlin portfolio”.

For further information, please contact:

Corporate Manager
Marlin Global Limited
Tel: (09) 484 0352


About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is
managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin
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. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any
approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia.
/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 Marlin Global Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Marlin Global 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