BRM – March 2026 monthly update

1
A WORD FROM THE MANAGER
Barramundi’s gross performance return for February was -3.3% and
the adjusted NAV return was -3.4%. This compares to the S&P/ASX200
Index (70% hedged into NZ$) which was +4.9% over the month.
In the main, broader market trends and Artificial Intelligence (“AI”)
worries observed in January continued to be a key driver of share price
performances across different sectors of the market.
Materials (+9%) (buoyed by strong commodity prices) and Financials
(+9%) (helped by good results from the major banks) were the best
performing sectors. In contrast, Healthcare (-13%) and Information
Technology (-9%) were the worst performing sectors. As discussed
below, although the financial results from our information technology
(and classified advertising) companies were good and in some cases
better than expected, it was insufficient to offset the AI disruption fears
of the market.
AI disruption fears also likely led to investors buying shares in mining
companies, banks and consumer staples (+6% in the month). They are
perceived to be less at risk from AI disruption. This also contributed to
the share price return dispersion across sectors in the month.
In discussions with our software and classified advertising management
teams during the month they highlighted at length how they were
working and investing in AI capability with urgency – staying ahead of
technological change and not resting on their laurels.
Should this strong earnings growth that was evident in their February
results persist, ultimately the share prices will respond.
Portfolio Commentary
CBA (+18% in A$), NAB (+13%) and ANZ (+9%) all rose strongly
following good financial updates. The banks are benefitting from strong
credit growth in both housing and business. Deposit growth likewise
has been strong, and net interest margins remain healthy. Robust
economic growth in Australia has translated into low levels of bad debts
which also bolstered profit growth. Although bank valuations remain
elevated, the strong current domestic backdrop is supportive for their
near-term earnings.
Diversified miners BHP (+16%) and Rio Tinto (+10%) also performed
well after delivering solid earnings growth boosted by strong
commodity prices and disciplined cost control.
Brambles (+12%) delivered a better than expected half year result. The
subdued macro backdrop meant the company’s like-for-like volumes
were down -2%. This was more than offset by price growth and net
wins both of which were up +2% to deliver total revenue up +2% in
constant currency (“CC”). EBIT rose +7% CC driven by revenue growth
and the benefits of productivity initiatives and tight cost control. NPAT
and EPS were up +11% and +13% respectively, the latter boosted
by Brambles’ ongoing share buyback. Brambles continues to make
encouraging progress on its Serialisation+ pallet pilot in Chile. This
bodes well for its eventual introduction in the major North American
pallet market (45% of revenue).
PWR Engineering (+8%) delivered a strong 1H26 result. The core
Motorsport and A&D2 divisions were the standout performers.
Motorsport revenues increased +40% supported by new regulations in
Formula 1. A&D revenues grew +31% supported by a large US contract
win and entry into the aviation maintenance, repair and overhaul
(“MRO”) supply market where it has signed a deal to supply cooling
products to the likes of Delta Airlines in the USA. MRO is a welcome
addition divisionally to PWR and provides an additional long term,
steady stream of revenue.
Wisetech (-18%) modestly exceeded market expectations in delivering
12% underlying revenue growth in its core software product suite.
Overall revenue grew +76%, bolstered by the acquisition of software
business e2Open. Pleasingly it delivered US$50m of annualised
cost synergies from the integration of e2Open 18 months ahead of
schedule. Wisetech also outlined how its key AI products have seen a
four-fold increase in adoption by customers within a few months of
their release. By embedding AI into its software and arguably through
identifying further cost efficiencies in the e2Open integration, Wisetech
announced it would be making 30% of its staff redundant – this will
significantly boost underlying earnings growth in 2027.
Xero (-11%) didn’t report financial results in the month but held
an investor presentation, providing a detailed overview of how it is
embedding within Xero both AI and the functionality from its recent
acquisition of US-focused payments business, Melio. Again, as with
Wisetech, Xero is running hard to stay ‘match fit’ in an AI-centric world.
Share prices of our classified advertising businesses SEEK (-21%) and to
a lesser extent CAR Group (-4%) also performed poorly in the month on
AI disruption risk fears. In both cases, their financial results were strong.
CAR delivered underlying earnings growth of +12% in H1FY26 and re-
affirmed full year earnings growth guidance of a similar amount noting
particularly strong growth from its Brazillian and Korean divisions. CAR
has established an AI hub to continue developing AI capabilities within
each of its core markets and lifting customer experience further as well
as improving the cost efficiency of its business.
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).
MONTHLY UPDATE
March 2026
as at 28 February 2026
$
0.62
SHARE PRICE
PREMIUM
1
4.6
%

BRM NAV
$
0.60
$
0.00
WARRANT PRICE

SECTOR SPLIT
as at 28 February 2026
KEY DETAILS
as at 28 February 2026
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
$0.65
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
346m
MARKET CAPITALISATION
$216m
GEARING
None (maximum permitted 20%
of gross asset value)
SEEK delivered an outstanding financial result in which a modestly soft
employment market (volumes -2% in ANZ) was strongly offset by +17%
yield growth. Pricing increases contributed some of this increase. The
majority of the increase in yield was because customers are prepared
to pay more for products that with the help of AI, are enabling them
to find better suited candidates for vacant roles more quickly and
efficiently than they have in the past. The benefits of SEEK’s meaningful
investment in technology over many years is evident in this yield uplift.
The value clients see in their products can also be seen through SEEK’s
increase in placement share from 35% to 36.3% in ANZ. Allied with
strong cost control, SEEK’s after tax profit grew +35% in the period.
AUB’s (-16%) delivered a good financial result in which underlying
profit grew +8.4% in constant currency (“CC”). Organic growth is
estimated to have contributed +6.0% of this and acquisitions +2.4%.
AUB also upgraded its full year profit guidance modestly, helped by the
inclusion of an impending acquisition of a UK retail insurance broker. Its
share price reaction in the month was largely in response to emerging
AI disruption fears after OpenAI approved the first AI app from an
insurance provider on ChatGPT.
CSL’s (-19%) result was a mixed bag, with the Seqirus and Vifor
businesses ahead of expectations but the core Behring business behind
expectations. Despite this, management reiterated guidance for FY26,
supported by an increased investment in its US sales team to drive Ig
Robbie Urquhart
Senior Portfolio Manager
Fisher Funds Management Limited
growth and Albumin contract wins in China. Importantly the new CEO
(announced on the eve of the result) and CFO have acknowledged
recent results have fallen short of expectations and are implementing
measures to improve execution.
The market punished Cochlear (-26%) for a weaker than expected
1H26 result. New implant sales were down -2% as patients delayed
surgeries in anticipation of the launch of Cochlear’s new implant, the
Nexa System, which was delayed. Product registrations of the Nexa
System in different geographies were also slower than anticipated.
These were received by the end of October across all key markets. Since
then, sales of new implants in those markets rose +10% in the last
two months of 2025. The company now expects net profit to be at the
lower end of its $435-460m range provided in August 2025. We added
to our Cochlear position in the month.
2
Financials28%
Information Technology18%
Health Care16%
Communication Services13%
Industrials10%
Materials 9%
Consumer Discretionary 5%
Cash & Derivatives 1%

FEBRUARY’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in Australian dollar terms
CBA
+18
%
CSL
-19
%
SEEK
-21
%
AUDINATE
-30
%
COCHLEAR
-26
%
5 LARGEST PORTFOLIO POSITIONS as at 28 February 2026
BHP GROUP
6
%
MACQUARIE
6
%
WISETECH
6
%
ANZ GROUP
6
%
CSL
5
%
The remaining portfolio is made up of another 19 stocks and cash.
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(2.3%)(6.0%)(2.8%)+2.6%(0.0%)
Adjusted NAV Return(3.4%)(7.8%)(9.1%)+3.6%+4.4%
Portfolio Performance
Gross Performance Return(3.3%)(7.6%)(7.5%)+5.9%+6.4%
Benchmark Index^+4.9%+8.4%+18.0%+13.5%+11.8%
PERFORMANCE to 28 February 2026
3
TOTAL SHAREHOLDER RETURN to 28 February 2026
^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
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 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),
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