KFL – March 2026 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and adjusted
NAV return in February were +1.2% and +1.1% respectively, versus
the New Zealand shares benchmark S&P/NZX 50 return of +2.2%.
Auckland Airport (+11%) reported a solid first half result,
with revenue up 4% and profit after tax up 6%. The result was
supported by higher aeronautical charges, growing passenger
numbers and lower operating costs. Total passengers increased
2% and the forward outlook remains supported by recently
announced new services. Reflecting confidence in the outlook,
the company lifted its fiscal 2026 profit after tax guidance to
$295-320m, from $280-320m previously.
a2 Milk (+17%) continues to deliver strong results in the China
infant formula market, with growth ahead of expectations seeing
the company lift guidance for revenue and profits in the current
financial year. The company also announced the launch of new
products as it enters the $8 billion China paediatric supplements
category off the back of its strong brand recognition in infant
formula, which looks set to extend its growth runway in the large
and lucrative China market.
Contact Energy (+1%) posted a solid result, as expected by its
monthly operating disclosures, largely driven by high renewable
generation in the period due to strong hydro inflows, in stark
contrast to the 'dry year' which impacted the industry in 2024.
To accelerate its Contact31+ strategy, the company launched
a $525m equity raising, earmarked to fund a 200MW battery
at Glenbrook, its Glorit solar farm, and further geothermal
development at Tauhara. The attractive pricing on offer meant we
participated in the issue, with shares now trading well above the
offer price.
Delegat (-3%) reported Operating NPAT of $29.7m, up 5% on the
prior year. Global case sales grew 3% to 1.7 million, driven by the
continued popularity of the Oyster Bay brand. This was despite
lower case sales in North America than the year before, reflecting
pull forward in orders from the early 2025 tariff announcement,
and the company has seen a return to normal ordering patterns.
EBOS (-7%) delivered a result broadly in line with expectations
and pleasingly management reiterated confidence in a stronger
second half, keeping guidance unchanged. While revenue grew
strongly, core profit growth was modest, held back by competitive
pressure in the Community Pharmacy unit and transition costs
associated with the distribution centre renewal program. The
share price is trading around a 25% discount average price-to-
earnings over the last 10-years (around 15x versus 20x), which we
think appears attractive for what is fundamentally still a business
with both attractive defensive and growth characteristics. We
await the upcoming investor day in April to see if management
can begin to restore investor confidence and close the value gap.
Fisher & Paykel Healthcare (+5%) upgraded its current financial
year's guidance, reflecting stronger-than-expected performance
across its range of hospital products. The company now expects
full-year revenue of around $2.3 billion (up from $2.17-2.27b), and
net profit after tax of $450-470 million (from $410-460m). The
improved outlook is driven by solid sales growth in both hospital
devices and consumables, improved operational efficiency and
slightly better profit margins and was despite an adverse currency
movement. Management highlighted continued progress in
changing clinical practice and reiterated confidence in the
company’s long-term growth strategy.
Freightways (-2%) delivered a strong result, with net profit after
tax rising +17% on revenue up +9% and the express package
division the primary driver. In Australia, its Allied Express
oversized item delivery business showed strong momentum
through improved utilisation and new business wins and bodes
well for its recent acquisition of VT Freight Express, which
broadens its presence in Australia. Management signalled
a positive second-half outlook as New Zealand’s economic
recovery continues to support volume growth, with core business
customer growth rates improving throughout the period.
Port of Tauranga (+1%) delivered a strong first-half result,
showing solid earnings growth and upgrading its expectation for
full year profits despite some softer export volumes. The port
reported net profit after tax up 17% on last year, helped by higher
pricing, better operating efficiency and boosted by lower interest
costs. Total trade volumes were up 1.2% despite log and dairy
exports being weaker due to a slower start to the dairy season
and softer log demand. Management highlighted meaningful
productivity improvements, including faster ship turnaround
rates, and called out benefits from changes to the MetroPort rail
operating model.
Summerset (-8%) delivered its full year 2025 result in line with
expectations, reflecting strong sales execution and ongoing
value creation from development. Underlying profit rose 13% to
$234m. The company's brand is continuing to strengthen, with
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
March 2026
KFL NAV
$
1.31
DISCOUNT
1
2.6
%
as at 28 February 2026
$
0.01
WARRANT PRICE
$
1.27
SHARE PRICE

2
KEY DETAILS
as at 28 February 2026
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
$1.15
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
356m
MARKET CAPITALISATION
$452m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 28 February 2026
Health Care34%
Industrials25%
Financials15%
Utilities13%
Consumer Staples6%
Information Technology3%
Cash2%
Materials2%
Matt Peek
Senior Portfolio Manager
Fisher Funds Management Limited
independent research now showing that Summerset holds the
number one position for consideration amongst its core audience
(since April 2025). Its Australian business is beginning to show
meaningful sales traction with Cranbourne North now the third
highest village across the entire portfolio, benefiting from the
recent completion of the main building. Committed sales have
started the year strongly, setting 2026 up for stronger settlements
as the year progresses. Despite broader market house price
inflation remaining subdued (+0.8%), Summerset lifted prices
by +2.7% on average. The outlook for the New Zealand housing
market remained mixed, but the company has demonstrated
it can continue to perform well in an environment of no or low
house price growth.
Vista (+2%) delivered record total revenue of $164.3m (+10%)
and core earnings of $28.2m (+31%), a credible result particularly
for profit in light of headwinds from the US box office coming
in well short of expectations and adverse currency moves over
the year. The company now has over 1,500 sites live on the Vista
Cloud platform, representing roughly 35% of its enterprise client
base. This is expected to increase to around 2,000 in the 2026
year with good line of sight from contracted and committed
customers. The launch of Vista's payments offering in early 2026
is progressing ahead of expectations. The company continues to
credibly build towards its medium-term plan of revenue well over
$300m and free cash flow of around $75m in 2030.
Vulcan Steel (-3%) reported a first-half result in line with subdued
expectations. Positively, signs of a cyclical recovery in activity
are becoming clearer with tonnes per day in the steel distribution
segment up around 4% on the previous six-month period. New
Zealand saw a double-digit percentage organic increase in core
profit - the first increase in several years - which positions the
company well for the future, given it is still early in the cyclical
upswing and there is latent capacity in the business. Roofing
Industries contributed $3.2m of net profit in the first three months
of ownership, indicating the business continues to trade well and
is generating an attractive return on the price paid. This suggests
it will contribute strongly to performance, particularly as Vulcan
is yet to accrue any of the strategic benefits from the acquisition,
and the business is growing revenue at close to a double-digit
rate despite the challenging New Zealand economic conditions.

33
TOTAL SHAREHOLDER RETURN to 28 February 2026
FEBRUARY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
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(0.4%)(3.0%)+2.0%+5.2%+0.8%
Adjusted NAV Return+1.1%(1.5%)(0.6%)+5.3%+2.2%
Portfolio Performance
Gross Performance Return+1.2%(1.1%)+0.8%+6.9%+3.7%
S&P/NZX50G Index+2.2%+1.7%+8.9%+4.9%+2.3%
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 28 February 2026
5 LARGEST PORTFOLIO POSITIONS as at 28 February 2026
A2 MILK COMPANY
+17
%
AUCKLAND
INTERNATIONAL
AIRPORT
+11
%
FISHER & PAYKEL
HEALTHCARE
+5
%
EBOS GROUP
-7
%
SUMMERSET GROUP
-8
%
FISHER & PAYKEL
HEALTHCARE
20
%
SUMMERSET
15
%
AUCKLAND
INTERNATIONAL
AIRPORT
9
%
INFRATIL
8
%
MAINFREIGHT
8
%

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
4
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),
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