Kingfish reports $13.6m net loss

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 12 months to 31 March 2025
Currency NZ$
Amount (000s) Percentage change
Loss from continuing
operations
($8,303) -117%
Total revenue (loss) ($8,303) -117%
Net loss from continuing
operations
($13,557) -133%
Total net loss ($13,557) -133%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.49 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00173139
Record Date 4 June 2026
Dividend Payment Date 26 June 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.20 $1.35
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 audited by
PricewaterhouseCoopers and are not subject to a qualification. A copy
of the auditor’s 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@kingfish.co.nz
Date of release through MAP

25 May 2026
Audited financial statements accompany this announcement.

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1
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.
2
Adjusted net asset value return – the net return of the portfolio adjusted for dividends (and other capital management
initiatives), and after expenses, fees and tax.
3
Dividend return - is the dividends paid for the period over the average share price for the period.

4
Gross performance return – The Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax.


For immediate release:

25 May 2026

Kingfish reports $13.6m net loss
• Net loss after tax for year ended 31 March 2026 ($13.6m)
• Total shareholder return
1
+1.3%
• Adjusted NAV return
2
- 3.2%


• Dividend return
3
+8.4% (10.84cps)

NZX-listed investment company Kingfish Limited (NZX: KFL) today announced an after-tax net
operating loss of $13.6m for the year ended 31 March 2026.
The 2026 financial year was characterised by continued below-average growth in the New Zealand
economy, and the New Zealand share market provided little opportunity to participate in the AI driven
sectors of information technology and communications. Global share markets, including New Zealand,
have experienced ongoing geopolitical uncertainty, with the financial year finishing after the start of
the Middle East conflict and the effective closure of the Strait of Hormuz. This saw both the New
Zealand share market and Kingfish portfolio down meaningfully in March, which meant Kingfish's
financial year result swung from a net profit to a net loss.
The portfolio’s adjusted NAV return
2
of -3.2% (-2.1% gross performance
4
) was below the S&P/NZX50G
benchmark which was up +5.2% for the 12-month period.
During the financial year the Company, in accordance with its capital management strategy, bought
back 0.7 million shares in accordance with the buyback policy.
The directors recognise that the regularity of the tax-effective quarterly dividends is important for
many shareholders. In accordance with Kingfish’s quarterly distribution policy (2.0% of average NAV
per quarter), the Company paid a total of 10.84 cents per share to shareholders during the year ended
31 March 2026. This combined with a weaker share price (which moved from $1.28 at the start of the
year down to $1.19 as at 31 March 2026) meant that the total shareholder return
1
was only +1.3%.
On 25 May 2026, the board declared a dividend of 2.49 cents per share, payable on 26 June 2026 with
a record date of 4 June.
Chair Andy Coupe said “Notwithstanding it has been a challenging year for the New Zealand share
market, it is disappointing that Kingfish has recorded a net loss of $13.6m. However, the Kingfish
directors remain confident in the Manager’s investment process of focusing on well-managed, quality
businesses, whose sustainable competitive advantages enable them to adapt and respond to an ever-
changing environment over the medium to long term.”

Portfolio Manager Matt Peek noted, “Unfortunately the financial year saw the Kingfish portfolio
underperform after two positive years. This reflects several sizeable positions that delivered share
price performance below expectations, notably Vista, EBOS, Summerset, and Mainfreight. The
subdued New Zealand economic activity has continued to remain a headwind; however, we remain
confident around the ongoing prospects for the Kingfish portfolio. Activity in the individual businesses
has often met or exceeded our expectations whereas in several cases share price performance has not
tracked in line with fundamentals. While this means returns in 2026 were lower than expected, we
remain positive with respect to how Kingfish is positioned for this financial year and beyond.”


For further information please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352







Non-GAAP Financial Information
The adjusted net asset value, gross performance return and total shareholder return methodologies 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/.


About Kingfish
Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by
Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The
aim of Kingfish 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. Kingfish listed on the NZX Main Board on 31 March
2004 and may invest in companies that are listed on the NZX Main Board, NZX Alternative Market or unlisted companies.
/Ends

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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000
pwc.co.nz
Independent auditor’s report
To the shareholders of Kingfish Limited
Our opinion
In our opinion, the accompanying financial statements of Kingfish Limited (the Company), present fairly, in all
material respects, the financial position of the Company as at 31 March 2026, its financial performance, and its cash
flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting
Standards (NZ IFRS) and International Financial Reporting Standards Accounting Standards (IFRS Accounting
Standards).
What we have audited
The Company's financial statements comprise:
• the statement of financial position as at 31 March 2026;
• the statement of comprehensive income for the year then ended;
• the statement of changes in equity for the year then ended;
• the statement of cash flows for the year then ended; and
• the notes to the financial statements, comprising material accounting policy information and other explanatory
information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
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) and the International Code of Ethics for
Professional Accountants (including International Independence Standards) issued by the International Ethics
Standards Board for Accountants (IESBA Code), as applicable to audits of financial statements of public interest
entities. We have also fulfilled our other ethical responsibilities in accordance with PES 1 and the IESBA Code.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.

16 PwC - Independent auditor’s report
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the current year. Given the nature of the Company, we have one key audit matter:
Valuation and existence of investments at fair value through profit or loss. This matter was addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on this matter.
Description of the key audit matter How our audit addressed the key audit matter
Valuation and existence of investments at fair value
through profit or loss
Investments at fair value through profit or loss (the
investments) are comprised of listed investments valued at
$422.1 million and represent 98% of total assets at 31 March
2026.
Further investment disclosures are included in note 2 of the
financial statements.
This was an area of focus for our audit as investments
represent the majority of the net assets of the Company.
Valuation
Listed investments (categorised as level 1 in the fair value
hierarchy) are in actively traded companies listed on the NZX
Main Board and the fair value of these investments are
based on quoted market prices at 31 March 2026.
Existence
Holdings of listed investments are held by Apex Investment
Administration (NZ) Limited (the Custodian) on behalf of the
Company.
We assessed the processes employed by the Manager, for
recording and valuing investments including the relevant
controls operated by the third-party service organisation,
Apex Investment Administration (NZ) Limited (the
Administrator). Our assessment of the processes included
obtaining internal control reports over investment accounting
provided by the Administrator.
We evaluated the evidence provided by the internal controls
reports over the design and operating effectiveness of the
relevant controls operated by the Administrator for the period
1 April 2025 to 31 March 2026.
We agreed the price for all listed investments held at 31
March 2026 to independent third-party pricing sources.
We obtained confirmation from the Custodian of all listed
investment holdings held by the Company as at 31 March
2026.
Our audit approach
Overview
Materiality Overall materiality: $2.156 million, which represents approximately 0.5% of net assets.
W
e used this benchmark because, in our view, the objective of the Company is to provide
investors with a total return on its assets, taking account of both capital and income returns.
Key audit matter As reported above, we have one key audit matter, being valuation and existence of
investments at fair value through profit or loss.
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the
financial statements. In particular, we considered where management made subjective judgements; for example, in
respect of significant accounting estimates that involved making assumptions and considering future events that are
inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls,
including among other matters, consideration of whether there was evidence of bias that represented a risk of
material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the
financial statements as a whole, taking into account the structure of the Company, the accounting processes and
controls, and the industry in which the Company operates.

17 PwC - Independent auditor’s report
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise
due to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit
procedures, and to evaluate the effect of misstatements, both individually and in the aggregate, on the financial
statements as a whole.
Other information
The Directors are responsible for the other information. The other information comprises the information included
in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual
Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
audit opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing so, consider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein,
we are required to communicate the matter to the Directors and use our professional judgement to determine the
appropriate action to take.
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the financial
statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of
accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these financial statements.

18 PwC - Independent auditor’s report
A further description of our responsibilities for the audit of the financial statements is located at the External
Reporting Board’s website at:
https://www.xrb.govt.nz/assurance-standards/auditors-responsibilities/audit-report-2/
This description forms part of our auditor’s report.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our audit work has been undertaken so that
we might state those matters which we are required to state to them in an auditor’s 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 audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Samuel Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 May 2026