BRM – May 2026 monthly update

1
A WORD FROM THE MANAGER
Barramundi’s gross performance return for April was +4.4% and
the adjusted NAV return was +4.3%. This compares to the S&P/
ASX200 Index (70% hedged into NZ$) which was +2.6% over
the month.
Investor optimism that the Iran war may be nearing its end saw
the Energy sector give back some of its strong Q1 gains, declining
3% in April. Healthcare (-9%) was also a laggard, dragged down
by Cochlear’s earnings downgrade (see below), and generally
softer healthcare related data observed internationally. After a
torrid run in recent months, the Information Technology sector
(+13%) rebounded strongly and was the best performing sector –
helped in part by a meaningful update from NextDC (see below).
The mining heavy Materials (+4%) sector also delivered another
strong monthly performance.
Portfolio Commentary
NEXT DC (+28%) announced it had signed a record 250MW
deal with a leading hyperscale customer which will become the
anchor tenant of its S4 data centre facility in Sydney. This grows
NEXT DC’s total contracted MW to 667MW from 417MW in
Dec’25 (+60% growth). To put the size of the latest deal into
perspective, NEXT DC had signed a total of 245MW in the 15
years to June ‘25. Contracted MW signed in the last 12 months
will convert to billed MW over the next three years and supports
EBITDA growth from $217m in FY25 to $1bn+ by FY30/31. NEXT
DC also announced a $1.5bn equity raise, an additional $700m
hybrid security, and $750m wholesale notes offer. This increases
NEXT DC’s cash and undrawn facilities to $6.6b in June ‘26 and
will be used to fund the buildout of its data centres, including S4.
We took up our full pro-rata entitlement in the equity offer.
Fineos (+26%) provided its quarterly update, announcing that
it had signed two new contracts. In Australia it signed one with
the Motor Accidents Insurance Board of Tasmania. The second
contract win was with a North American insurer for Fineos’ Policy,
Billing and Claims modules. This is a further proof point that
insurers are looking for the best-in-class fully integrated solution.
Late in April oOh!media (+24%) received an unsolicited, non-
binding indicative offer from Pacific Equity Partners (“PEP”) to
acquire 100% of the company at $1.40 per share by way of a
scheme of arrangement. The offer price is well above the 85c at
which the stock was trading prior to the approach. oOh!media is
the largest player in the ANZ out of home advertising segment.
We attribute weakness in its share price over recent months
to a soft advertising market, a reflection of generally subdued
macroeconomic conditions. However, the out of home segment
of the ad market has continued to grow while ad spend generally
has declined. We believe the structural factors driving out of
home advertising growth still have considerable room to run. At
the end of April oOh!media’s share price was $1.17, 16% below
PEP’s opening gambit so the market remains to be convinced a
deal will be consummated.
BHP (+7%) and Rio Tinto (+4%) both delivered reasonable
quarterly production updates during the month. Iron ore
shipments from both miners were resilient in Q1 in the face of a
weather affected period with two cyclones impacting operations
in the Pilbara. Copper production was ahead of expectation
helped by strong mine performance (at Escondida) which helped
offset planned grade declines. Copper production at Oyu Tolgoi
(for Rio Tinto) also continued to ramp up as planned. BHP for its
part also pleasingly resolved an iron ore pricing dispute in the
month that had dragged on for months with the central buying
organisation in China, the China Minerals Resources Group
(“CMRG”).
Economic disruption (or expected disruption) caused by the war
in Iran resulted in both Westpac (-2%) and National Australia
Bank (-4%) announcing an increase in their collective provisions
ahead of releasing financial results in May. The impact of rising
interest rates and economic disruption to bank earnings will be a
key focus for investors when these results are released in May.
Resmed (-7%) delivered its Q3 FY26 result the day after the
end of the month. This continued the company’s run of solid
quarterly performances. The combination of a sound +8%
constant currency increase in revenue and further gross margin
expansion produced a +20% lift in underlying NPAT. This was
slightly ahead of consensus expectations. The retirement of the
company’s longstanding CFO was also announced. His external
replacement seems well credentialled, in our view. Resmed also
announced the US$340m acquisition of Noctrix Health, a young
company ($24m pa revenue) that has commercialised a device for
the treatment of Restless Legs Syndrome. This is the third most
common cause of poor sleep, after insomnia and obstructive
sleep apnea, giving it a large addressable market.
The purchase is consistent with Resmed developing a presence in
the broader sleep health market.
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
May 2026
as at 30 April 2026
$
0.56
SHARE PRICE
PREMIUM
1
2.7
%

BRM NAV
$
0.55
$
0.00
WARRANT PRICE

SECTOR SPLIT
as at 30 April 2026
KEY DETAILS
as at 30 April 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
$0.64
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
349m
MARKET CAPITALISATION
$197m
GEARING
None (maximum permitted 20%
of gross asset value)
During the month Cochlear (-44%) delivered a profit
downgrade, lowering its FY26 underlying NPAT guidance range
by 19-28%. The war in the Middle East has led to surgeries
being cancelled in the region but also weighed on consumer
sentiment in the US. The weaker US consumer sentiment,
alongside a tougher reimbursement environment with higher
Medicare deductibles and increased administrative hurdles
from private insurers has led to cancelled or delayed surgeries.
Conditions also deteriorated across other regions, with hospital
capacity constraints and budgetary issues in Western Europe,
and withdrawal of government funding in China’s special access
zone. We view many of these issues as largely cyclical, albeit they
could take time to resolve.
Robbie Urquhart
Senior Portfolio Manager
Fisher Funds Management Limited
Portfolio Changes
We reduced our weighting in healthcare companies CSL and
Cochlear in the month and increased our weighting in NEXT DC
(primarily through participating in the capital raising).
2
Financials27%
Information Technology22%
Communication Services14%
Health Care12%
Industrials 9%
Materials 9%
Consumer Discretionary 5%
Cash & Derivatives 2%

APRIL’S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month in Australian dollar terms
NEXT DC
+28
%
FINEOS CORPORATION
+26
%
OOH! MEDIA
+24
%
COCHLEAR
-44
%
MACQUARIE GROUP
+16
%
5 LARGEST PORTFOLIO POSITIONS as at 30 April 2026
MACQUARIE GROUP
6
%
WISETECH
7
%
XERO
6
%
BHP GROUP
6
%
CAR GROUP
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+1.3%(10.3%)(7.5%)+0.9%(4.2%)
Adjusted NAV Return+4.3%(9.7%)(10.6%)+0.0%+1.3%
Portfolio Performance
Gross Performance Return+4.4%(9.3%)(8.9%)+2.1%+3.3%
Benchmark Index^+2.6%+0.1%+13.5%+11.3%+9.4%
PERFORMANCE to 30 April 2026
3
TOTAL SHAREHOLDER RETURN to 30 April 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