Kingfish 2026 Annual Report

ANNUAL REPORT
2026
31 MARCH

2
CALENDAR
Next Dividend Payable
26 JUNE 2026
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
7 AUGUST 2026, 10:30AM
Interim Period End (1H27)
30 SEPTEMBER 2026
03About Kingfish
06Directors’ Overview
10Manager’s Report
20The STEEPP Process
22Kingfish Portfolio Companies
28Board of Directors
29Corporate Governance Statement
38Directors’ Statement of Responsibility
39Financial Statements
56Independent Auditor’s Report
60Shareholder Information
61Statutory Information
64Directory
CONTENTS
Andy Coupe
Chair
Dan Coman
Director
This report is dated 22 June 2026 and is
signed on behalf of the Board of Kingfish
Limited by Andy Coupe, Chair, and Dan
Coman, Director.
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ANNUAL REPORT
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3
ABOUT KINGFISH
Kingfish Limited (“Kingfish” or “the Company”) is a listed investment
company that invests in quality, growing New Zealand companies.
The Kingfish portfolio is managed by Fisher Funds Management
Limited (“Fisher Funds” or “the Manager”), a specialist investment
manager with a track record of successfully investing in quality, growth
companies. Kingfish listed on NZX Main Board on 31 March 2004
and may invest in companies that are listed on a New Zealand stock
exchange or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Kingfish are to:
»achieve a high real rate of return, comprising both income and capital
growth, within risk parameters acceptable to the directors; and
»provide access to a diversified portfolio of New Zealand quality growth
stocks through a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Kingfish is summarised by the following
broad principles:
» invest as a medium to long-term investor exiting only on the basis
of a fundamental change in the original investment case;
»invest in companies that have a proven track record of growing
profitability; and
»construct a diversified portfolio of investments based on the
‘STEEPP’ investment criteria (see pages 20 and 21).
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ANNUAL REPORT
2026

-
$
13.6m
Net loss
+1. 3
%
Total shareholder return
- 2 .1
%
Gross performance return
$
1.20
NAV per share
$
1.19
Share price
-3.2
%
Adjusted NAV return
DIVIDENDS PAID
DIVIDENDS PAID DURING THE YEAR ENDED 31 MARCH 2026 (CENTS PER SHARE)
Total dividends of 10.84cps were paid during the financial year (2025: 11.08 cps)
27 June
2025
2.75
cps
26 September
2025
2.73
cps
19 December
2025
2.70
cps
27 March
2026
2.66
cps
FOR THE 12 MONTHS ENDED 31 MARCH 2026
AT A GLANCE
AS AT 31 MARCH 2026
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ANNUAL REPORT
2026

Infratil
17
%


Fisher & Paykel
Healthcare
19
%

Summerset
8
%

Mainfreight
8
%
Auckland
International
Airport
8
%
AS AT 31 MARCH 2026
LARGEST INVESTMENTS
AS AT 31 MARCH 2026
SECTOR SPLIT
Healthcare 32%
Industrials 24%
Financials 17%
Utilities 14%
Consumer Staples 6%
Information Technology 4%
Cash 2%
Materials 1%
These are the five largest percentage holdings in the Kingfish portfolio. The full Kingfish portfolio and percentage
holding data as at 31 March 2026 can be found on page 19.
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"It has been a
challenging year for the
New Zealand listed
equities market, and
in particular Kingfish,
which disappointingly
has recorded a net loss
(after expenses, fees
and tax) of $13.6 million
for the year ended
31 March 2026.”
DIRECTORS’ OVERVIEW
Andy Coupe
Chair
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ANNUAL REPORT
2026

A combination of factors have impacted the markets
over the last 12 months and created disparate behaviour
in individual stocks and sectors, from US imposed
tariffs, conflicts in the Middle East and Ukraine, and
the increasingly relevant influence of AI on business
models. 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.
AI technology continues to evolve rapidly and there is
uncertainty as to how AI software tools may disrupt
incumbent and established systems and industries.
Given the level of AI concerns, it may take some time
for investor fears to subside, particularly when it comes
to companies operating in the information technology
sector, where the perceived risks are greatest.
Disappointingly for the year ended 31 March 2026,
Kingfish recorded a net loss of $13.6 million. The
adjusted net asset value (NAV) return
1
was - 3.2%, while
the total shareholder return
2
was positive at 1.3%, with
quarterly dividend distributions offset by the weaker
share price over the second half of the year. The gross
performance return
3
of -2.1% was below the Company’s
benchmark index
4
, which increased by 5.2% over the
year.
Notwithstanding the year end result, the Manager
believes that Kingfish remains well placed by virtue of
the quality of the portfolio companies, the strength of
their business models, and their attractive long runways
for earnings growth. These factors, when combined
with more favourable valuations, mean the current
environment presents an attractive opportunity for
patient, long-term investors.
There was a decrease in Kingfish Limited’s Net Asset
Value (NAV) for the year, from $470 million down to
$431 million, with the financial year NPAT loss of
$13.6m and the impact of the Company’s distribution
policy accounting for most of the NAV reduction.
Revenues and Expenses
The net loss for the 2026 financial year comprised
losses on investments of $18.9m, dividend and interest
income of $10.5m, less operating expenses and tax of
$5.3m.
Total operating expenses were $2.2m lower than the
prior year, mainly due to lower management fees.
The management agreement fee rebate formula
has reduced the Kingfish annual management fee
from 1.25% pa to 0.85% pa, a saving of $1.9m. This
adjustment occurred because the gross performance
return of the Kingfish portfolio for the year was 4.55
percentage points below the change in the S&P/NZX
Bank Bill 90-day index for the year
5
.
Dividends
Kingfish continues to distribute 2.0% of average net
asset value per quarter, as shareholders are attracted
to receiving the regular distributions. Over the 12-month
period to 31 March 2026, Kingfish paid 10.84 cents per
share in dividends (2025: 11.08 cps). The next dividend
will be 2.49 cents per share, payable on 26 June 2026
with a record date of 4 June 2026.
Dividend Reinvestment Plan
Kingfish has a dividend reinvestment plan (DRP) which
provides ordinary shareholders with the option to
reinvest all or part of any cash dividends in fully paid
ordinary shares. Interest in Kingfish’s DRP remains
high with 38% of shareholders participating in the
plan. Shares issued to DRP participants are at a 3%
discount to market price. Full details of the DRP
6
can be
found in the Kingfish Dividend Reinvestment Plan Offer
Document, a copy of which is available at kingfish.co.nz/
investor-centre/capital-management-strategies.
Warrants
On 1 May 2025, 87.2m new warrants were allotted. One
new warrant was issued to eligible shareholders for
every four shares held on the record date (30 April 2025).
The warrants were exercisable on 1 May 2026 at a final
exercise price of $1.24 per warrant. On the exercise
date 1,218,425 warrants out of a possible 86,961,524
warrants (1.40%) were converted into Kingfish ordinary
shares. The new shares were allotted to warrant holders
on 6 May 2026. The remaining 85,743,099 warrants
which were not exercised lapsed, and all rights in regard
to them expired. The additional funds raised from the
exercise of warrants were invested in Kingfish’s then
current investment portfolio.
1
The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends, (and
other capital management initiatives), and after expenses, fees and tax.
2
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.
3
The gross performance return is the portfolio performance before expenses, fees and tax. It is an appropriate return measure
for assessing the Manager’s performance against an index or benchmark.
4
The benchmark index is the S&P/NZX50G.
5
Subject to a minimum 0.75% pa, the management fee reduces by 0.10% for each 1.0% pa that the gross return (expressed as a
percentage of the gross asset value at the beginning of the financial year) achieved on the portfolio, is less than the change in
the S&P/NZX Bank Bill 90 Day Index over the year.
6
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Kingfish or Computershare
Investor Services Limited.
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ANNUAL REPORT
2026

FIGURE 1: FIVE-YEAR PERFORMANCE SUMMARY
Corporate Performance
For the year ended 31 March20262025202420232022
5 years
(annualised)
Total Shareholder Return1.3%12 .5%3.7%(18.8%)0.02%(0.8%)
Adjusted NAV Return(3.2%)8.9%4.6%(3.6%)(3.5%)0.5%
Dividend Return
1
8.4%8.6%8.5%7.7 %7. 4 %
Net (Loss)/Profit($13.6m)$40.8m$19.9m($19.5m)($ 17. 3 m)
Basic Earnings per Share-3.85cps11.9 0 c ps 5.96cps-6.00cps-5.49cps
OPEX ratio1.1%1.5%1.5%0.9%1.1%
OPEX ratio (before performance fee)1.1%1.5%1.5%0.9%1.1%
As at 31 March20262025202420232022
NAV (as per financial statements)$1.20$1.35$1.3 4$1.4 0$1.5 8
Adjusted NAV$6.94$ 7.17$6.58$6.30$6.53
Share price$ 1.19$1.28$1.25$1.32$1.75
Warrant price$0.00-$0.01-$0.05
Share price discount/(premium) to NAV
2
1.0%5.2%6.5%5.7%(11.6%)
DIRECTORS’ OVERVIEW CONTINUED
Andy Coupe / Chair
Kingfish Limited
22 June 2026
Share Buybacks
The share buyback programme
7
is another part of
Kingfish’s capital management. During the 12 months
to 31 March 2026, the share price was, at times, at a
discount of greater than 6% to the adjusted NAV, and the
Company bought back 0.7m shares (FY25: 4.8m).
Climate Statements
The New Zealand Climate-related Disclosures (CRD)
regime is undergoing significant changes, transitioning
from its initial 2023-2024 implementation phase to
a more targeted, narrow scope. Under the initial CRD
regime, Kingfish was classified as a climate reporting
entity (CRE) and was required to produce annual climate
statements. However, in October 2025 the New Zealand
Government announced its intention to narrow the
scope of mandatory legislative reporting requirements,
such that listed issuers with a market capitalisation of
less than $1 billion and managed investment scheme
managers would no longer be subject to requirements
under the CRD regime. Kingfish ceases to be a CRE
under these proposed changes, which means that from
2026 Kingfish is no longer producing an annual climate
statement.
Annual Shareholders’ Meeting
The 2026 annual shareholders’ meeting will be held on
Friday 7 August at 10:30am at the Ellerslie Event Centre
in Auckland and online. All shareholders are encouraged
to attend, with those who are unable to attend either
form of the meeting invited to cast their vote on
Company resolutions prior to the meeting.
Conclusion
The year ended 31 March 2026 was a challenging period
for the New Zealand share market. Notwithstanding
the changeable market conditions over the period, your
directors remain confident in the Manager’s investment
strategy to focus 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.
We would like to thank you for your continued support
and look forward to seeing many of you at the annual
meeting on 7 August 2026.
On behalf of the board,
7
Shares purchased under the buyback programme are held as treasury stock and subsequently utilised under the DRP.
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ANNUAL REPORT
2026

Non-GAAP Financial Information
Kingfish uses the following non-GAAP measures:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions after
expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted net asset value,
»gross performance return – the Manager’s portfolio performance in terms of stock selection before expenses, fees and tax,
»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,
»OPEX ratio – the percentage of Kingfish’s assets used to cover operating expenses, excluding tax and brokerage, and
»dividend return – how much Kingfish pays out in dividends each year relative to its average share price during the period.
(Dividends paid by Kingfish may include dividends received, interest income, investment gains and/or return of capital.)
All references to adjusted net asset value, gross performance return and total shareholder return in this Annual Report 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.
FIGURE 2: TOTAL SHAREHOLDER RETURN
Share Price/Total Shareholder Return
Total Shareholder ReturnShare Price
$
9.00
$
8.00
$
7.00
$
6.00
$
5.00
$
4.00
$
3.00
$
2.00
$
1.00
$
0.00
Mar
2016
Mar
2019
Mar
2020
Mar
2021
Mar
2022
Mar
2023
Mar
2024
Mar
2025
Mar
2026
Mar
2004
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2 011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2017
Mar
2018
Manager Performance
For the year ended 31 March20262025202420232022
5 years
(annualised)
Gross Portfolio Performance
(before expenses, fees and tax)(2 .1%)10.6%6.3%(2.7%)(2.5%)1.8%
S&P/NZX50G5.2%1.4%1.9%(1.9%)(3.6%)0.6%
Performance fee hurdle/Benchmark Rate
3
10 .1%12 .2%12 .7%10.2%7. 5 %
NB: All returns have been reviewed by an independent actuary.
1
Kingfish’s dividend return is calculated by dividing the dividends paid in a given year by the average share price for that year.
(The dividend policy of paying a quarterly dividend that is 2% of average NAV has been consistently applied.)
2
Share price discount / (premium) to NAV (including warrant price on a pro-rated basis).
3
T he performance fee hurdle is the Benchmark Rate (the change in the NZ 90 Day Bank Bill Index +7%).
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2026

Matt Peek
Senior Portfolio Manager
"We are confident
that Kingfish’s portfolio
companies can
withstand subdued
and potentially volatile
operating conditions"
MANAGER’S REPORT
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ANNUAL REPORT
2026

SUMMARY AND MARKET REVIEW
During the financial year to 31 March 2026 (‘FY26’), the
New Zealand market benchmark
1
rose by 5.2%.
The year was characterised by persistent low levels
of activity in the New Zealand economy, although
there were some signs of modest improvement (from
low levels) in the later part of the 2025 calendar year.
However, this recovery appears short-lived with the
Middle East conflict beginning in March 2026 bringing
significantly higher fuel prices, elevated uncertainty,
and the prospect for higher interest rates.
Ongoing global geopolitical turmoil has led to volatile
share markets. The FY26 financial year was marked
by events typical of President Trump’s second term in
office.
The financial year began with ‘Liberation Day’ on 2
April 2025. I wrote in last year’s annual report that “at
the time of writing there is still much uncertainty about
what the final arrangements may be, and the impact
on the global economy”.
As the year progressed, it became clear that the
tariffs would not disrupt global economic activity to
the extent initially feared, even after some tariffs were
later increased (such as New Zealand’s rate increasing
from 10% to 15%). The impact on Kingfish’s portfolio
companies was also modest.
In a similar vein to calendar 2024, local economic
growth underperformed even after a significant
slowdown in previous years, with both consumers
and businesses hesitant to spend amid uncertainty.
However, despite US tariffs, the global economy
remained resilient in 2025 and outperformed
expectations.
Chart: Global economic activity (real GDP growth)
was better than feared despite US President Trump’s
tariffs, although NZ’s economic weakness persisted
through calendar 2025
Source: Bloomberg
As the 2025 calendar year progressed, the New
Zealand economy began to benefit from a combination
of higher prices for primary sector produce (such as
dairy, beef, and pipfruit) and lower interest rates flowing
through to the mortgage book, reducing the interest
burden on Kiwi households.
By the December 2025 quarter, the Reserve Bank
of New Zealand’s (RBNZ) cuts to interest rates were
feeding through to give households $800 million of
spending power per quarter versus the prior year, and
this dynamic appeared set to continue into 2026 with
2-year mortgage rates down to around 4.5%.
Chart: Mortgage interest which was a key driver of
the NZ economic slowdown had begun to reverse by
late 2025
Source: RBNZ
This drove a modest but discernible uptick in
confidence and economic activity in November and
December, which promised to strengthen in 2026. This
development created improving conditions for several
companies within the Kingfish portfolio, including
Freightways, Mainfreight, and Vulcan Steel.
The Middle East conflict and subsequent closure of
the Strait of Hormuz in March 2026 have abruptly
jeopardised the New Zealand economic recovery.
New Zealand uses around 10 Olympic size swimming
pools worth of petrol and diesel per day. As I write
this in May 2026, the increased oil prices translate to
an additional cost to New Zealand consumers and
businesses of over $20 million per day
2
, which are
funds going offshore rather than being spent in the
New Zealand economy.
The longer the disruption to fuel and supply-chains
continues, the greater the implications for the New
Zealand economy. These include weaker local demand,
potentially coupled with higher interest rates, should
the RBNZ decide that higher interest rates are required
to prevent inflation becoming embedded in the local
economy. At time of writing, the RBNZ is closely
1
S&P/NZX 50 gross index excluding imputation credits.
2
Based on 11 million litres of petrol per day with a $0.90 price increase and 8 million litres of diesel per day with a $1.70 price
increase.
4%
3%
2%
1%
0%
DEC24 MAR25 JUN25 SEPT25 DEC25
WorldNZ
Forecast 2025 real GDP growth
$8b
$6b
$4b
$2b
$0b
$5.8b (6.4%)
$2.3b (3.0%)
$5.0b
(5.3%)
2015 2017 2019 2021 2023 2025
Quarterly interest on NZ residential mortgages
(and average rate)
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ANNUAL REPORT
2026

MANAGER’S REPORT CONTINUED
watching developments, but it appears core inflation is
remaining relatively stable and demand is weakening,
which would normally reduce the risk of inflation
becoming embedded in the economy. However, the
short-term interest rates that banks consider when
setting their mortgage rates are up around half a
percent, impacting borrowers.
Chart: New Zealand stock market returns have
struggled to defy the gravity effect of the local
economic environment
Source: Bloomberg
Despite the challenging environment, by late 2025, the
New Zealand stock market had clawed its way to all-
time highs.
In the February 2026 ‘reporting season’, the results
companies announced to the market in aggregate
were reasonable and accompanied by a more
optimistic outlook for 2026. This represented a notable
improvement over recent reporting, where outcomes
often did not meet expectations and projections for the
future were revised downward.
The NZ market benchmark declined -5.8% in March
(similar to weakness in global share markets) due to
the aforementioned uncertainty around economic
activity and interest rates. It is difficult to predict the
direction the situation will take at this point, although
the longer the Strait of Hormuz remains closed the
greater the risks to the global economy.
THE KINGFISH PORTFOLIO YEAR IN
REVIEW
Kingfish underperformed its New Zealand equity
market benchmark, with a gross performance return of
-2.1% versus the S&P/NZX 50 of +5.2%.
Chart: Kingfish underperformed the NZ share market
(S&P/NZX 50 gross index), following two years of
outperformance
During the financial year to 31 March 2026, Kingfish’s
performance was driven by the returns from several
of the portfolio’s underperforming positions, most
notably Vista, EBOS, Summerset, Mainfreight, and
Vulcan Steel.
Mainfreight and Vulcan Steel cater to cyclical
industries and both saw sharp share price declines in
the March 2026 quarter (-16% and -23% respectively)
as a result of the Middle East conflict.
Although its business has been able to deliver growth
despite a subdued New Zealand housing market,
Summerset's share price has tended to reflect these
conditions, which in turn are influenced by mortgage
interest rates. Recent interest rate rises and a slowing
housing market therefore weighed on Summerset’s
share price (-27% in the March quarter).
We have observed continued evidence of all three
companies (Mainfreight, Vulcan Steel and Summerset)
outperforming their competitors operationally, and
we do not believe their underperformance is due to
company-specific issues.
The following commentaries outline the key factors
that have influenced portfolio company performance
during the 2026 financial year.
World (MSCI World)Australia (ASX 200)
31 MAR 24
30 JUN 24
30 SEPT 24
31 DEC 24
31 MAR 25
30 JUN 25
30 SEPT 25
31 DEC 25
31 MAR 26
140
135
130
125
120
115
110
105
100
95
90
NZ (NZX 50)US (S&P 500)
FY25FY26
6.3%
1.9%
10.6%
1.4%
-2.1%
5.2%
FY24 FY25 FY26
Kingfish gross performance return
S&P/NZX 50 gross index
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ANNUAL REPORT
2026

Chart: Portfolio Company Total Shareholder Returns
(year to 31 March 2026)
Source: Bloomberg
Note: Total shareholder return to nearest percent, excluding
imputation credits.
PERFORMANCE HIGHLIGHTS
The a2 Milk Company
The a2 Milk Company (+35% in Kingfish’s FY26) was
again a strong contributor, demonstrating the benefits
of its brand strength in China and disciplined execution.
Despite ongoing demographic headwinds from lower
birth rates, a2 Milk continued to take market share
in infant formula, from 7.7% in 2024 to 8.2% in 2025.
This was supported by particularly strong growth in
its English Label infant nutrition products including its
premium Genesis range. Infant formula growth was
led by the company’s English Label products, which
continue to resonate with Chinese consumers seeking
high-quality products at accessible price points in a
softer economic environment. During the year, the
company upgraded revenue and profit guidance as
sales growth exceeded expectations.
Importantly, a2 Milk also made decisive progress on
its supply chain strategy, acquiring full ownership of
the Pokeno processing facility from manufacturing
partner Synlait, while exiting its stake in Mataura Valley
Milk. This gives the company greater control over
manufacturing and long-term product innovation, plus
capturing additional margin.
Despite this investment, and commencing regular
dividends in April 2025, the company maintains almost
$900 million of cash on its balance sheet.
The company has also been having increased success
in categories adjacent to infant formula such as
nutrition for children, adults and seniors. It has flagged
a move into paediatric supplements which is a large and
attractive market. Collectively this and the company’s
emerging success in Vietnam progress widening its
long-term growth runway.
Port of Tauranga
Port of Tauranga (POT, +20%) continued to demonstrate
its strategic importance within New Zealand’s export
and import supply chains, delivering steady earnings
growth.
Financial performance benefited from stronger price
capture, operational efficiencies and lower interest
costs, which more than offset softer export volumes
in some categories. Management highlighted tangible
productivity improvements, including faster ship
turnaround times and benefits flowing from changes
to the MetroPort rail operating model, following the
transfer of responsibility for the rail services to KiwiRail
from 1 December 2025.
At its 2026 investor day, management acknowledged
that container growth may moderate over time,
reflecting a plateauing of primary sector export
volumes over the next decade and slower population
growth. Against this backdrop, the sector has become
increasingly rational over recent years, with a clear
shift away from competing aggressively on volume and
toward improved pricing discipline and a greater focus
on returns on capital.
Looking ahead, POT reiterated its target to achieve a
7% return on invested capital by its 2027 financial year
on operational assets, supported by staged automation
and disciplined execution of its capital programme over
the next few years.
While regulatory approvals and legal delays have
extended the timeline for the Sulphur Point berth
extension, the long-term investment case for POT
remains underpinned by its strategic position within
New Zealand’s logistics infrastructure, balancing
proximity to core markets, ability to service large
vessels, and longer-term ability to add capacity as the
market demand requires. Management’s intention to
sell non-core land assets highlights their commitment
to using capital wisely and achieving future growth with
satisfactory returns.
Freightways
Freightways (+19%) was among the better-performing
domestically exposed businesses in the portfolio.
In New Zealand, underlying courier volumes improved
progressively through the year from depressed levels,
reflecting stabilising economic activity and market
share gained from competitors. Its “Pricing For Effort”
initiatives and operational efficiencies helped offset
cost pressures, enabling earnings to grow despite only
modest volume growth.
a2 Milk
Port of Tauranga
Freightways
Mercury
Infratil
F&P Healthcare
Contact Energy
Meridian Energy
Auckland Airport
Mainfreight
Delegat
Summerset
Vulcan Steel
EBOS
Vista
+35%
+20%
+19%
+16%
+14%
+13%
+5%
+2%
-1%
-4%
-8%
-27%
-19%
-39%
-55%
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ANNUAL REPORT
2026

MANAGER’S REPORT CONTINUED
In Australia, its Allied Express large-item delivery
business continued to perform strongly, growing at a
double-digit rate. It benefited from more favourable
local economic conditions, automation investments,
and customer wins. The strong performance of Allied
Express since acquisition portends well for Freightways’
acquisition of Victoria-based VT Freight Express during
the year. This business is similar to its Poste Haste
brand in New Zealand, helps bolster the company’s
presence in Australia, and has plans to grow into New
South Wales to satisfy customer demand. It was also
bought at a reasonable price relative to its earnings.
Overall, it is a solid fit and reflects the discipline of
the company’s acquisition strategy under CEO Mark
Troughear.
Mercury
Mercury (+16%) delivered solid returns and was the best
performing electricity holding for Kingfish, following
its addition just prior to the start of the financial year.
Mercury continues to see performance underpinned by
its strategically valuable Waikato hydro system.
Under new CEO Stew Hamilton, the company outlined
its strategy in June 2025, including a strong focus
on operating efficiency with a plan to hold costs flat
at $370 million over the next three years, despite
inflationary pressures and bringing new wind farms
online.
Mercury made progress advancing its pipeline of new
power stations, including commissioning the new OEC5
unit at its Nga Tamariki geothermal power station. It
also progressed wind farm projects under construction
including stage two of Kaiwera Downs and Kaiwaikawe.
Longer term it has further attractive geothermal and
wind options.
These factors mean the company expects to grow its
underlying earnings base from $900 million to between
$1.15 and $1.25 billion over 5 years.
We continue to view Mercury as a well-positioned
renewable utility with a strategic portfolio of generation
assets, disciplined management, and a high-quality
pipeline of renewable development options.
Infratil
Infratil (+14%) saw further progress at CDC Data Centres
together with some important portfolio management
milestones, particularly the sale of 51%-owned
electricity generator Manawa to Contact Energy.
CDC, Infratil’s most valuable holding, continued
to perform strongly. Its pipeline of data centre
developments continued to grow and customer
demand accelerated very strongly, reflecting
growing confidence in the outlook for AI-driven and
cloud-related workloads. This marks a stark reversal
from a year ago, when hyperscalers such as Microsoft
had paused data centre deployments to reconsider their
requirements and configurations. Importantly, CDC has
demonstrated an ability to navigate critical industry
bottlenecks — including power, cooling and planning
approvals — better than many peers, reinforcing its
standing in the Australian market.
Elsewhere in the portfolio, One NZ continued to
outperform key rival Spark in the New Zealand
telecommunications market, maintaining share while
proactively managing costs in the soft consumer
environment.
Longroad Energy has faced a more uncertain policy
backdrop following changes to renewable energy under
the Trump administration, yet continued to progress
its substantial renewable development pipeline with
attractive long-term economics.
Capital-allocation remains a key consideration for
Infratil, which has a long track record of crystallising
value through asset recycling while reinvesting into
higher-growth opportunities.
The year marked a milestone with Infratil selling its
interest in Manawa (held since 1994) to Contact Energy
at an attractive valuation, with around $186 million
of the proceeds in cash. Infratil also received shares
in Contact as part of the sale so retains an ongoing
interest that it can more easily convert to cash, if
needed.
Fisher & Paykel Healthcare
Fisher & Paykel Healthcare (FPH, +13%) again delivered
resilient operational performance, supported by
continued strength notably in its Hospital business.
In the Hospital division, growth continued to be
driven by strong uptake of newer applications as
FPH’s respiratory therapies are increasingly adopted
as the standard of care across a broader range of
clinical settings. The company continued to highlight
progress in anaesthesia, where adoption is building
steadily, particularly in North America, and increasingly
reflecting the adoption curve previously seen in
Australia as clinical familiarity grows.
FPH continues to drive encouraging rates of change
in clinical practice. While these changes take time,
they remain the ultimate driver of long-term growth,
supporting increasing utilisation of FPH’s therapies as
they become embedded in standard care pathways
and are used more frequently across patient cohorts.
In Homecare, growth moderated as the company
lapped a period of strong product innovation and was
further tempered by competitor releases.
Despite facing US tariffs in relation to some products,
cost discipline and ongoing manufacturing efficiencies,
combined with favourable product mix from newer,
higher value product introductions and higher volumes,
supported further margin improvements and the
company continues to track towards its longer-term
margin targets.
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Overall, FPH continued to deliver strong earnings
growth, underpinned by double digit revenue growth
(consistent with its long-term aspiration of doubling
sales every five to six years), alongside ongoing margin
expansion.
Contact Energy
Contact Energy (+5%) had a busy year, completing the
acquisition of Manawa and delivering its refreshed
medium-term strategy, Contact31+.
Contact31+ laid out a credible medium-term growth
pathway to grow underlying operating earnings
(‘EBITDAF’) from around $1 billion to $1.2-1.3 billion
over 5 years, primarily by continuing to build out its
renewable generation options.
Under Contact31+, the company has added two
previously unannounced generation phases at its
Tauhara and Te Mihi fields (each up to 100 MW).
Geothermal continues to be the company’s highest
value development option, with the company expecting
annual returns of 10-12% or higher and noting recent
developments have resulted in returns of 13%+.
The company also expects to build out solar and
wind developments including in partnerships and
add batteries such as its recent build at Glenbrook to
manage the new intermittent load within its portfolio.
Meridian Energy
Meridian (+2%) had a year shaped by weather
variability, public scrutiny of electricity pricing, and
significant capital investment decisions.
Operationally, Meridian made meaningful progress
across its renewable development pipeline. The
repowering of Te Rere Hau wind farm, commitments
to large-scale battery storage, and continued wind
and solar development all support its ability to meet
structurally rising electricity demand driven by
decarbonisation and electrification.
Hydro conditions normalised following the prior dry
period, improving generation flexibility and reducing
reliance on high-cost thermal generation. Meridian
continues to benefit from its scale and storage
capability, allowing it to balance increasing intermittent
renewable supply across the system.
Strategically, Meridian reiterated its long-term focus on
disciplined capital allocation and return thresholds and
plans to build out around 30% of New Zealand’s new
power requirements over time.
PERFORMANCE LOWLIGHTS
Vista
Vista (-55%) was a notable detractor from Kingfish’s
performance, despite continued progress broadly
in line with management’s long-term strategy. The
company’s 2025 results were affected by revenue that
was lower than originally anticipated, primarily due to
short-term factors such as box office performance
and currency fluctuations not meeting the company's
expectations.
Nevertheless, the company still delivered solid revenue
growth (+10% to $164 million in 2025), increased cloud
deployments and improved profitability (‘EBITDA’ or
core operating earnings up +31%).
Operationally, Vista continued to make headway
migrating customers from legacy on-premise systems
to its cloud platform, increasing recurring revenue and
improving scalability. Around 16% of clients had moved
to its Operational Excellence product suite by the end
of 2025, and this is expected to reach 29% in 2026,
with the full transition complete around 2030.
In response to strong customer demand, management
elected to accelerate investment in cloud migration
systems and launched an embedded payments
offering which the company anticipates will generate at
least an additional $15 million in high margin revenue.
While this decision constrained near-term free cash
flow, it is expected to materially enhance medium-term
revenue growth and margins.
Vista’s share price declined sharply as global investor
sentiment towards software companies deteriorated in
early 2026, reflecting broader nervousness about how
software incumbents will fare given rapid advances in
AI technology.
Vista’s platform remains deeply embedded in its
customers’ daily workflows, with high switching costs
and significant industry-specific intellectual property.
The business continues to build towards its longer-
term targets for materially higher revenue (over $300
million) and strong free cash flow as profit margins
expand further. We believe the share price weakness
has created a meaningful disconnect between market
expectations and intrinsic value.
EBOS
EBOS (-39%) experienced a challenging period as
earnings disappointed relative to market expectations.
The period was also complicated by short-term
earnings pressure coinciding with a change of CEO,
which accentuated the uncertainty and weighed on
investor confidence.
While underlying demand across the portfolio
remained broadly stable, with Community Pharmacy
volumes holding up and market share largely
unchanged, margins were pressured by competitive
dynamics and mix changes. Animal Care continued
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MANAGER’S REPORT CONTINUED
to benefit from prior acquisitions. Higher-than-
expected lease and transition costs associated with
its distribution centre renewal programme further
impacted reported profit, leading to disappointment
relative to expectations.
EBOS maintains market leadership across its
business divisions and is well placed to benefit from
ongoing favourable structural tailwinds, including
ageing demographics, a rise in healthcare spend and
new therapies, and an increasing ‘humanisation’ of
pets. Management expects mid single digit organic
underlying EBITDA growth over the next three years,
broadly in line with historical trends, and retains its
ambition to return to 15% return on capital employed
over the medium term.
While we have been disappointed with EBOS's
performance over the period, the longer-term
prospects of the company remain broadly unchanged
and shares have been trading at a meaningful discount
to what we consider an appropriate valuation.
Vulcan Steel
Vulcan Steel (-27%) endured a difficult year as weak
industrial activity and delayed capital projects weighed
on volumes across steel and aluminium distribution
markets in both New Zealand and Australia.
A key strategic development during the year was
the $88 million acquisition of New Zealand business
Roofing Industries, a leader in the steel roofing and
cladding market. This acquisition has broadened
Vulcan’s product offering and is a strong cultural
and operational fit, reinforcing Vulcan’s disciplined
approach to acquisitions.
Vulcan’s low-cost operating model remains a critical
differentiator, in contrast to its competitors such as
Steel & Tube and Fletcher Building’s New Zealand steel
operations which have struggled to remain profitable.
As activity levels normalise over time, the company
is well positioned to benefit from outsized earnings
recovery given its operating leverage and expanded
asset base.
Summerset
Summerset (-19%) delivered solid operational
performance, continuing to execute strongly on sales,
development and capital management, although this
progress was not reflected in share price performance.
The company achieved strong sales momentum
across both new units and resales, reduced
uncontracted stock levels, and progressed key
developments such as St Johns and Boulcott in New
Zealand and Cranbourne North in Australia. These
outcomes highlighted Summerset’s ability to execute
consistently despite a subdued housing market
backdrop.
Its Australian business has turned a corner, with
increasing cadence of village development and
officially opening its maiden main building at
Cranbourne North. It has seen sales momentum
building across multiple sites.
Summerset has been well served by its broadacre
development strategy and appropriate balance sheet
management (taking on debt only to develop new
villages, with a strong track record of village sell-down
fully covering development costs).
Summerset continues to refine its care model. A key
development over the recent period has been the
rollout of care suites, which are sold under occupation
right agreements. This has helped improve the
economics of the care offering significantly through
providing capital up front, and earning higher returns
through attractive deferred management fees, while
reducing reliance on government funding outcomes.
The company remains well placed to deliver attractive
value creation over time, with opportunities to manage
short-term volatility should market conditions
deteriorate as a result of geopolitical events.
Delegat Group
Delegat (-8%) faced a challenging year, particularly in
the United States as retailers and distributors limited
order volumes in the wake of the US tariff uncertainty.
Despite this, the company’s Oyster Bay brand
continues to trade well, particularly in the US market
where it is clearly outperforming the overall wine
category and still has significant room to grow.
The company has focused on optimising its cost base
and this should see profits begin to improve in line with
the company’s expectation for growing case sales of
3.3 million cases to 3.6 million over the next few years.
Delegat has invested in maturing vineyards and winery
capacity which means cash flow is set to improve
following this period of elevated capital investment.
Mainfreight
Mainfreight (-4%) experienced a challenging year,
with share price performance weighed down by a
weak global freight environment and its US Transport
business. However, the company is making steady
strategic progress across its global network.
Trading conditions in New Zealand and Europe
remained subdued for much of the year, with soft
business activity, cautious customer ordering
behaviour, and competitive pricing constraining
margins.
The company has continued to invest in growing the
business’s capacity, however this long-term thinking
that has served the company well over its history
is not rewarded immediately in an environment
where customers are price sensitive and volumes
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are subdued. This has been the case in particular in
the New Zealand business, where the company has
invested over $400 million in new assets during the
downturn. Europe also continued to contend with
sluggish economic momentum.
By contrast, the Australian business remained a
relative bright spot, with growing customer recognition
translating into ongoing market share gains. The
Australian division now exceeds the profitability of
the New Zealand business, reinforcing the structural
importance of this geography to Mainfreight’s
long-term growth aspirations. We think it can
conceivably grow significantly, given Australia’s scale
and the growing prominence of Mainfreight’s brand
and reputation.
In the United States, progress remains more uneven.
While the Warehousing and Air & Ocean divisions have
matured into solid platforms, the Transport business
continues to face the challenge of building sufficiently
large freight volumes density in a highly competitive
market. Management remains committed to the
opportunity, investing selectively in modern facilities
and service capability, but the earnings payoff from
this strategy remains longer dated, with the operations
losing money in a challenging freight market.
Despite near-term disappointment, Mainfreight
retains the cultural focus, balance sheet strength,
and ambition that have underpinned decades of
value creation. We remain confident that as global
trade flows normalise and activity levels recover, the
company is well positioned to translate its global
footprint into renewed earnings momentum.
Auckland Airport
Auckland Airport (-1%) delivered a steadily improving
operational performance. Passenger volumes
continued to recover, with international traffic in
particular continuing to close the gap with pre-Covid
levels. Airline capacity continued to rebuild, as inbound
route economics strengthened given offshore demand
coupled with the weak New Zealand dollar enhancing
our position as an attractive destination. Outbound
international and domestic travel demand was more
mixed, reflecting a subdued New Zealand economy,
and Air New Zealand continuing to suffer from aircraft
availability issues and the pressure on profitability from
these factors.
Aeronautical revenue benefited from improved
passenger throughput and the progressive reset of
airline charges under the current regulatory framework.
Non-aeronautical revenue also improved, as
carparking income benefited from the full operation of
the new Transport Hub and an increasing shift toward
longer duration stays, and investment property rental
income was bolstered by a 99% occupancy rate and
the opening of the Mānawa Bay outlet centre.
Auckland Airport demonstrated improved cost control
during the period, with operating costs for the first half
of its 2026 financial year declining year on year despite
inflation and passenger growth.
The airport continues to advance its major
infrastructure programme. Notable project
completions included the $465 million international
airfield expansion in September 2025 and the
Transport Hub. Construction of the new integrated
domestic jet terminal, targeted for completion in 2029,
continues to progress, hitting required milestones
during the year.
Auckland Airport looks forward to continued
momentum in aeronautical activity, supported by
recovering airline capacity, network growth across
Asia and the Americas, and infrastructure upgrades
designed to improve operational efficiency and
customer experience. New Zealand’s fundamental
appeal as an attractive destination remains strong over
the longer term.
CONCLUSION AND OUTLOOK
It was disappointing to see Kingfish underperform in
FY26.
We are confident that Kingfish’s portfolio companies
can withstand subdued and potentially volatile
operating conditions, as we have seen over the last
number of years.
It can be frustrating as an investor to see your
companies deliver credible performance in line with
their long-term strategy, but watch the share price fail
to reflect what appears to be sound progress.
At times of uncertainty share prices can reflect a ‘glass
half empty’ view of reality, and at others it can reflect
the ‘glass half full’.
In any given period, the swing in sentiment towards
a company can be the key driver of share price
and returns to investors, rather than the economic
fundamentals of the business.
We regularly revisit and scrutinise our investment
theses and stress test our STEEPP analysis; the
rationale underpinning why we have chosen to invest in
a company.
Does the company still have a winning customer
value proposition? Is its business model uniquely
differentiated from competitors? Is its economic
‘moat’ as wide as historically, and getting wider? Can
the company continue to reinvest capital at attractive
rates of return, and grow its earnings and cash flows
in the future? Is the management team creating a
performance culture and driving the company forward
with the right strategy? Is the price that we are paying
for shares attractive relative to our valuation of the
business?
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Matt Peek / Senior Portfolio Manager
Fisher Funds Management Limited
22 June 2026
When the answers are affirmative it allows us to
continue to remain invested with conviction.
Summerset is a classic recent example of a ‘glass half
empty’ situation. It has a long history of growing its
net tangible asset value per share (‘NTA’) organically
since its listing on the share market almost 15 years
ago. This is a reasonable proxy for the company’s
economic interest in the retirement villages it develops
and operates. Over time, the company’s share price
has tracked this key value driver, with the original issue
price of $1.40 similar to its NTA of $1.73. Growth in NTA
to $13.75 as at 31 December 2025 has been the key
driver of the share price returning around 10-fold, or
around 18% per year
3
.
Chart: Summerset’s share price currently reflects
pessimism around the housing market
Source: Bloomberg
As the chart shows, despite relatively consistent NTA
growth, the share price has recently dipped sharply
as it has from time to time. We remain confident
the company can continue to grow the value of its
business nicely over time, as proxied by NTA, and
expect in time the share price will follow.
The Kingfish portfolio continues to hold an attractive
selection of quality New Zealand companies with
attractive growth prospects. We look forward to the
year ahead and are hopeful that the glass will prove to
be at least ‘half full’ with the passage of time.
JUN12JUN13 JUN14JUN15JUN16JUN17JUN18JUN19JUN20JUN21JUN22JUN23JUN24JUN25
PriceBook value per share
$18
$16
$14
$12
$10
$8
$6
$4
$2
$0
3
To 31 December 2025, assuming dividends reinvested
MANAGER’S REPORT CONTINUED
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PORTFOLIO HOLDINGS SUMMARY
AS AT 31 MARCH 2026
Listed Companies% Holding
Auckland International Airport7.9 %
Contact Energy4.7%
Delegat Group1.2%
EBOS Group5.7%
Fisher & Paykel Healthcare18.5%
Freightways4.0%
Infratil16.5%
Mainfreight7.9 %
Mercury3.7%
Meridian Energy5.5%
Port of Tauranga4.3%
Summerset Group7.9 %
The a2 Milk Company 5.3%
Vista Group3.7%
Vulcan Steel1.4%
Equity Total98.2%
New Zealand dollar cash1.8%
TOTAL100.0%
The information in the Directors’ Overview and in this Manager’s Report (including all text, data and charts) was prepared as
at late May 2026. The information was 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 report 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 report 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 may have no correlation with results historically achieved.
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STRENGTH OF
THE BUSINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company
a market leader? Does it have
a dominant position? A strong
business is one that can
maintain its profit margins by
employing a unique strategy.
TRACK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTORY
How fast has the company
been able to grow its earnings in
the past? How consistent has
earnings growth been? Fisher
Funds prefers to buy companies
that exhibit secular growth
characteristics where they have
the proven ability to provide a high
or improving return on invested
capital.
THE STEEPP PROCESS
Fisher Funds employs an investment analysis model that it calls the STEEPP process to analyse
existing and potential portfolio companies. This analysis gives each company a score against a
number of criteria that Fisher Funds believes need to be present in a successful portfolio company.
All companies are then ranked according to their STEEPP score to broadly determine their portfolio
weighting (or indeed whether they make the grade to be a portfolio company in the first place).
The STEEPP criteria are as follows:
S
T
E
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EARNINGS GROWTH
FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is the
probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds notes
that too many analysts focus on
short-term earnings. As long-term
growth investors, Fisher Funds
thinks about where the company’s
earnings could be in three to five
years.
PEOPLE/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are
they rewarded? Has the board
and management exhibited
good corporate behaviour in the
areas of environmental, social
and governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
VALUATIO N
How much of the future earnings
growth is already reflected in
the share price? Where does the
current share price sit in relation
to Fisher Funds worst to best case
valuation range? A company will
generate a higher score where the
market price currently reflects little
of that company’s upside potential.
E
P
P
Applying this STEEPP analysis, Fisher Funds constructed a portfolio for
Kingfish which comprised 15 securities at the end of March 2026.
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Total share return sourced from Bloomberg and excludes imputation credits.
THE KINGFISH PORTFOLIO COMPANIES
The following is a brief introduction
to each of your portfolio companies,
with a description of why Fisher
Funds believes they deserve a
position in the Kingfish portfolio.
Total share return is for the year to
31 March 2026 and is based on
the closing price for each company
plus any dividends received
(excluding imputation credits).
For companies that are new to the
portfolio in the year, total share
return is from the first purchase date
to 31 March 2026.
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WHAT DOES IT DO?
Auckland International Airport (AIA)
owns and operates New Zealand’s
major gateway as well as 1500
hectares of land surrounding the
airport. AIA operates under a ‘dual
till’ regulatory regime, meaning
that the company’s aeronautical
operations are subject to light-
handed regulation, whereas
the other non-aeronautical
operations are unregulated. Most
of AIA’s revenue is derived from
non-aeronautical operations,
such as retail, parking, hotel
accommodation and property
rental.
WHY DO WE OWN IT?
AIA is well positioned to benefit
from New Zealand’s positive long-
term tourism outlook. AIA has
a robust aeronautical business,
supported by a dominant share of
long-haul international traffic and
refreshed terminal infrastructure.
This is paired with a duty free and
retail business which has a very
attractive return on capital, and
a property landbank which will
support earnings growth for many
years to come.
WHAT DOES IT DO?
Contact Energy is a large electricity
generator, producing approximately
20-25% of New Zealand’s
electricity in an average year.
The vast majority of its electricity
is from hydro and geothermal
resources.
WHY DO WE OWN IT?
Contact Energy has a balanced
portfolio of quality renewable
generation assets across both
islands, and this is matched by
demand from a strong electricity
retailing business plus commercial
and industrial customers. Its
established business provides
solid cash flows which underpin
an attractive level of dividends.
Contact has an attractive pipeline
of generation projects from a
variety of renewable sources
including geothermal in the near
term, plus wind and solar longer
term.
-1
%
+5
%
Total Share ReturnTotal Share Return
-8
%
Total Share Return
WHAT DOES IT DO?
Delegat Group produces and
distributes super-premium wine
internationally under the Oyster
Bay and Barossa Valley Estate
brands. Oyster Bay is a leading
New Zealand wine brand in the UK,
Australia, Canada, and the US.
WHY DO WE OWN IT?
Delegat has invested for continued
growth by expanding its winery
capacity and increasing vineyard
plantings to meet its goals for
growth in case sales towards five
million cases. A large part of the
growth is likely to be driven by
the US market, which remains
relatively immature in penetration
of the sauvignon blanc and pinot
gris varietals.
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KINGFISH PORTFOLIO COMPANIES CONTINUED
WHAT DOES IT DO?
Fisher & Paykel Healthcare is a
leading designer, manufacturer
and distributor of innovative
medical devices for patients who
require acute respiratory and
obstructive sleep apnoea care.
Over 95% of its products are
sold outside New Zealand from
dedicated manufacturing facilities
in Auckland and Mexico.
WHY DO WE OWN IT?
We are attracted to the demand
for Fisher & Paykel Healthcare’s
innovative care products as the
worldwide population ages and the
incidence of chronic respiratory
illness and other health issues
rises. Through its own research
and development, Fisher & Paykel
Healthcare has continued to
develop products that significantly
expand its potential patient base,
while maintaining high returns on
invested capital.
+13
%
Total Share Return
WHAT DOES IT DO?
Freightways operates a range
of nationwide express delivery
operations in New Zealand with
brands including NZ Couriers, Post
Haste and Big Chill, as well as Allied
Express and VT Freight Express in
Australia. The company has also
developed ancillary businesses
on both sides of the Tasman
encompassing document storage,
data services, secure destruction,
and waste renewal.
WHY DO WE OWN IT?
Freightways is one of two dominant
players in the New Zealand
courier market and its information
management business has a trans-
Tasman footprint. The company
has a track record of stable organic
growth and value-accretive
acquisitions that leverage off its
existing infrastructure.
+19
%
Total Share Return
-39
%
Total Share Return
WHAT DOES IT DO?
EBOS is Australasia’s largest
diversified pharmaceutical and
medical care products group,
focusing primarily on wholesale
logistics and distribution of
pharmaceuticals, medical devices,
and other products. The company
typically has a leading market
position in each market segment
it operates in. EBOS also operates
in the animal care sector as a
veterinary wholesaler, distributor
and retailer of animal healthcare
products, pet accessories and
premium foods across Australasia.
WHY DO WE OWN IT?
EBOS’ scale and market position
mean that it is a low-cost operator,
which it complements with a
leading service proposition which
has allowed it to take market
share over time. The sector
has a tailwind from the ageing
population demographic and
the increasing prevalence of
chronic diseases. It has a strong
track record of supplementing
the growth in its core operations
with moves into higher growth
adjacencies and successful
acquisitions.
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WHAT DOES IT DO?
Infratil invests in 'ideas that
matter', with a portfolio of
infrastructure investments
focused on key long-term
structural thematics such as
digital connectivity and the
transition to renewable energy.
It is externally managed by an
experienced management team in
Morrison, which has deep global
expertise in global infrastructure
markets.
WHY DO WE OWN IT?
Infratil has a high-quality portfolio
of growth infrastructure assets
coupled with a strong record of
delivering returns to shareholders.
This has been delivered via smart
capital allocation to 'core' and
'growth' opportunities, balanced by
realising asset value at opportune
times.
+14
%
Total Share Return
WHAT DOES IT DO?
Mainfreight is a global supply chain
logistics company. Its services
primarily span domestic transport,
managed warehousing, and
international air and sea freight.
Its operations span New Zealand,
Australia, the Americas, Europe,
and Asia.
WHY DO WE OWN IT?
Mainfreight is a well-run company
with a special culture that has
delivered strong performance
over time. It has strong positions
in New Zealand and Australia and
continues to open new trade lanes
as it spreads its logistics footprint
ever wider. Growth should come
organically as it takes market share
and works further towards its 100-
year vision of becoming a leading
global logistics provider.
-4
%
Total Share Return
WHAT DOES IT DO?
Mercury is one of the five
key New Zealand electricity
generator-retailers (‘gentailers’).
Mercury’s core economic 'moat'
is its irreplaceable low-cost
hydro assets, with nine power
plants on the Waikato River.
Mercury also has a significant
proportion of wind generation
versus other gentailers and a
modest amount of geothermal
which nicely balances its
generation portfolio.
WHY DO WE OWN IT?
Mercury’s hydro system on the
Waikato River (including some
storage) provides a differentiated
generation profile to other
gentailers and realises higher
pricing due to its proximity to
higher priced and growing upper
North Island power demand.
It also has a strong wind farm
development pipeline, and the
possibility to expand geothermal
generation, which leaves it well
placed for profitable growth.
+16
%
Total Share Return
25
kingsh limited /
ANNUAL REPORT
2026

KINGFISH PORTFOLIO COMPANIES CONTINUED
+20
%
Total Share Return
+2
%
Total Share Return
-19
%
Total Share Return
WHAT DOES IT DO?
Port of Tauranga is the natural
gateway to and from international
markets for many of New
Zealand’s major businesses. It is
close to many important exporters
in the forestry, dairy, meat and fruit
industries. Its network investments
in Northport, Timaru and inland
ports in Ruakura will support
growth and the company’s Hub
Por t strategy.
WHY DO WE OWN IT?
Port of Tauranga is New Zealand's
premier port, dominating
exports and a strong presence
in imports. The company has a
long track record as the most
efficient container port in New
Zealand, while its bulk business
is supported by proximity to key
cargo such as Central North
Island forests.
Future growth will be supported by
capacity extension and increasing
share of out-of-region cargo.
WHAT DOES IT DO?
Summerset is an integrated
retirement village builder, owner
and operator. The company has
retirement villages spread around
New Zealand and is the leading
developer of retirement villages
in New Zealand with a significant
land bank. Summerset has entered
Australia and is in the process of
building out a portfolio of villages
from its land bank there too.
WHY DO WE OWN IT?
Summerset successfully operates a
continuum of care model with aged
care integrated into its villages.
It has developed a strong and
consistent track record of growth
in its build rate and earnings, with
a geographically diverse approach
and focus on broadacre sites
that promote the timely recycling
of capital into new villages.
Summerset is well placed to meet
the growing needs of ageing
populations in both New Zealand
and Australia, where it has an
emerging pipeline.
WHAT DOES IT DO?
Meridian Energy is New
Zealand’s largest electricity
generator, producing
approximately 30% or more of
the country’s electricity in an
average year, sourced 100%
from renewable hydro and
wind resources. The company
also has a retail business in
New Zealand, operating under
the Meridian and Powershop
brands.
WHY DO WE OWN IT?
Meridian is a well-run company,
with a portfolio of long-dated,
quality hydro and wind generation
assets which give it the
advantage of being amongst the
lowest cost marginal electricity
producers. It is also developing
new wind and solar generation
capacity to meet the nation’s
growing power needs.
26
kingsh limited /
ANNUAL REPORT
2026

+35
%
Total Share Return
-55
%
-27
%
Total Share ReturnTotal Share Return
WHAT DOES IT DO?
Vista Group is an innovative
software company primarily
providing operating solutions
to cinema exhibitors. It has
the leading worldwide market
share with clients in around
100 countries. Its integrated
software systems allow cinema
exhibitors to run wide-ranging
functions such as ticketing, food
and beverage sales, staff and
film scheduling, loyalty schemes,
digital signage, as well as external
customer interfaces like websites,
mobile apps and call centres.
Vista Group also has a range
of smaller group businesses
that leverage its depth of data
and cinema industry intellectual
property.
WHY DO WE OWN IT?
We are attracted to Vista’s
core business which provides
sophisticated specialist software
to cinema operators of all sizes
and software and data products
to movie studios. We believe that
this business still has many years
of growth ahead of it as it benefits
from migrating customers to its
next generation cloud-based
offering.
WHAT DOES IT DO?
Vulcan Steel is the leading steel
and aluminium distributor and
value-add processing player in
New Zealand and Australia. Its
business model involves providing
industry-leading customer
service, for which it commands a
premium.
WHY DO WE OWN IT?
Vulcan has grown to command
the leading position in the New
Zealand steel and aluminium
distribution markets. There is
ample runway to take market
share in the fragmented Australian
market from a very low base
using its proven strategy. It is
an impressive business in an
unexciting industry.
WHAT DOES IT DO?
The a2 Milk Company sells ‘a2’-
branded fresh milk, infant milk
formula, and other milk-based
nutritional products internationally.
As the name suggests, its products
contain only A2 beta-casein
protein, on the basis that it is more
comfortably digested than normal
milk (which contains a mix of
both A1 and A2 proteins) and the
company has developed a strong
presence in Australia and China and
is currently also focused on growing
in the US and other Asian markets.
WHY DO WE OWN IT?
The a2 Milk Company has growing
share of the lucrative Chinese
infant formula market. We expect
its business to continue growing
across a range of products and
segments.
27
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ANNUAL REPORT
2026

Andy CoupeDan ComanDavid McClatchyFiona Oliver
Andy Coupe LLB, CFInstD
Chair of the Board
Chair of Remuneration and Nominations Committee
Independent Director
Andy Coupe is a professional company director with a
wide range of governance experience. Prior to that, he
held senior roles in investment banking, with a particular
focus on equity capital markets. Andy is Chair of
Barramundi and Marlin Global. Andy was formerly Chair
of Television New Zealand, Farmright, Solid Energy New
Zealand and the New Zealand Takeovers Panel. Andy
was also previously a director of Briscoe Group. Andy’s
principal place of residence is Hamilton.
Andy was first appointed to the Kingfish board on
1 March 2013.
Dan Coman BCom, FCA ANZ, CMInstD
Chair of Audit and Risk Committee
Independent Director
Dan Coman is an experienced company director who has
a sound understanding of effective board governance
and extensive financial experience. Dan is a director and
Chair of the Audit and Risk Committees of Barramundi
and Marlin Global, and Chair of the Audit and Risk
Committee of Kingfish. Dan was formerly the Deputy
CFO for Insurance Australia Group (IAG) in Australia,
the country's largest insurer. He was accountable for all
finance functions, including group financial planning and
performance, external statutory and regulatory reporting,
financial control, treasury, taxation, and reinsurance.
Previously, Dan was Chief Financial Officer for IAG New
Zealand. Dan’s earlier background provided him with
considerable exposure to the funds management sector,
working for leading companies such as Barclays Wealth
Management and Schroders Investment Management.
Dan’s principal place of residence is Auckland.
Dan was appointed to the Kingfish board on 1 October
2025.
David McClatchy BCom
Chair of Investment Committee
Independent Director
David McClatchy is an experienced company director
who has had extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director
of Barramundi, Marlin Global, and on the Board of
Guardians of NZ Superannuation. Before returning to
New Zealand in 2019, David was Group Chief Investment
Officer for Insurance Australia Group and Director and
Head of IAG Asset Management. Prior to this, David had
a 16-year career with ING as Chief Executive and Chair
of ING Investment Management in Australia and Chief
Investment Officer and Director of ING New Zealand.
David’s principal place of residence is Tauranga.
David was first appointed to the Kingfish board on
1 July 2021.
Fiona Oliver LLB, BA, CFInstD
Independent Director
Fiona Oliver is an experienced director, with governance
roles across a range of business sectors, including
infrastructure (renewable energy, natural gas),
technology, retirement villages, professional and
financial services, and sport. She is a director of
Barramundi and Marlin Global. Fiona is also a director
of Gentrack Group Limited, Clarus Group, Freightways
Limited, Summerset Holdings Limited, and a board
member of the Guardians of the New Zealand
Superannuation Fund. Fiona’s Executive roles included
Chief Operating Officer of Westpac NZ’s investment
arm, BT Funds Management, and General Manager
of AMP NZ’s Wealth Management division. In Sydney
and London, Fiona managed the Risk and Operations
function for AMP’s private capital division. Prior to this,
Fiona was a senior corporate and commercial solicitor
in New Zealand and overseas, specialising in mergers
and acquisitions. Fiona is a Chartered Fellow of the
Institute of Directors and a member of Global Women.
Fiona was awarded the Beacon Award by the New
Zealand Shareholders Association. Fiona’s principal
place of residence is Auckland.
Fiona was first appointed to the Kingfish board on
1 June 2022.
BOARD OF DIRECTORS
28
kingfish limited /
ANNUAL REPORT
2026

FOR THE YEAR ENDED 31 MARCH 2026 AND CURRENT AS AT THE DATE OF THIS ANNUAL REPORT
CORPORATE GOVERNANCE
STATEMENT
Kingfish’s board recognises the importance of good
corporate governance and is committed to ensuring that
the Company meets best practice governance principles
to the extent that they are appropriate for the nature of
Kingfish’s operations as an investment entity limited in
its activities to holding shares in other listed companies.
Strong corporate governance practices encourage
the creation of value for Kingfish shareholders, while
ensuring the highest standards of ethical conduct
and providing accountability and control systems
commensurate with the risks involved.
The board is responsible for establishing and
implementing the Company’s corporate governance
framework and is committed to fulfilling this role in
accordance with best practice, having appropriate
regard to applicable laws, the NZX Corporate
Governance Code (“NZX Code”) and the Financial
Markets Authority's Corporate Governance in New
Zealand - Principles and Guidelines. The board
oversees the management of Kingfish, with the day-
to-day portfolio and administrative management
responsibilities of Kingfish being delegated to Fisher
Funds Management Limited (“Fisher Funds” or “the
Manager”).
The Company's corporate governance policies and
procedures and board and committee charters are
regularly reviewed by the board against the corporate
governance standards recommended by NZX Limited
(“NZX”) and to reflect any changes required by the NZX
Listing Rules, applicable laws, guidance from other
relevant regulators and developments in corporate
governance practices.
REPORTING AGAINST THE NZX CODE
This Corporate Governance Statement reports against
the amended NZX Code which came into effect on 31
March 2026. It is current as at the date of this Annual
Report and has been approved by the board.
Over the financial year ended 31 March 2026,
Kingfish was in compliance with the NZX Code,
with the exception of recommendations 4.4, 5.2 and
5.3. The Company is not in compliance with those
recommendations due to the specific nature of the
Company's business model, as outlined above. In
particular:
» in relation to recommendation 4.4, Kingfish does not
have a formal environmental, social and governance
(ESG) framework. However, the Manager has a
formal ESG framework which governs its stock
selection, which the board is fully supportive of and
committed to;
»in relation to recommendation 5.2, Kingfish does
not have a remuneration policy for executives as
Kingfish delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement and does not
have its own employees or executives; and
» in relation to recommendation 5.3, there is no
Chief Executive Officer remuneration disclosure
as Kingfish delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement and does not
have its own Chief Executive Officer.
These matters are explained below in the commentary
regarding the relevant NZX Code principles. The
alternative governance practices adopted by Kingfish in
respect of those matters (also described below) have the
approval of the board.
WHERE TO FIND CORPORATE GOVERNANCE
MATERIALS ON KINGFISH’S WEBSITE
Kingfish's constitution and each of the Company's
charters, codes and policies referred to in this section
are available on the Kingfish website (kingfish.co.nz)
under the “About Kingfish” and “Policies” sections.
Principle 1 – Ethical standards
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards being
followed throughout the organisation.
CODE OF ETHICS & STANDARDS OF
PROFESSIONAL CONDUCT
Kingfish’s Code of Ethics & Standards of Professional
Conduct details the ethical and professional behavioural
standards required of the directors of the Company and
those employees of the Manager who work on Kingfish
matters.
The Code of Ethics & Standards of Professional Conduct
covers a wide range of areas including: standards of
ethical behaviour, conflicts of interest, proper use of
Company information and assets, compliance with laws
and policies, reporting concerns and receiving gifts.
Any person who becomes aware of a breach or
suspected breach of the Code of Ethics & Standards of
Professional Conduct is required to report it immediately
in accordance with the procedure set out in the Code of
Ethics & Standards of Professional Conduct.
Compliance with the Code of Ethics & Standards of
Professional Conduct is monitored through education
and notification by individuals who become aware of any
breach.
29
kingfish limited /
ANNUAL REPORT
2026

Training on the requirements of the Code of Ethics &
Standards of Professional Conduct is included as part of
the induction process for new directors and relevant new
employees of the Manager.
The Code of Ethics & Standards of Professional Conduct
is available on Kingfish's website for directors of the
Company and employees of the Manager to access at
any time.
SECURITIES TRADING POLICY
Kingfish’s Securities Trading Policy details the
restrictions on persons nominated by Kingfish (including
its directors and employees of the Manager who work on
Kingfish matters) (“Nominated Persons”) relating to their
trading in Kingfish shares and other securities.
Nominated Persons, with the permission of the board
of Kingfish, may trade in Kingfish shares only during
the trading window commencing immediately after
Kingfish’s weekly disclosure of its net asset value on
NZX’s market announcement platform and ending at the
close of trading two days following the net asset value
disclosure.
Nominated Persons may not trade in Kingfish shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on Kingfish's
website.
Principle 2 – Board composition and performance
To ensure an effective board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
BOARD CHARTER
Kingfish’s board operates under a written charter which
defines the respective functions and responsibilities
of the board, focusing on the values, principles, and
practices that provide the Company's corporate
governance framework.
The board has overall responsibility for all decision
making within Kingfish. The board is responsible for
the direction and control of Kingfish and is accountable
to shareholders and others for Kingfish’s performance
and its compliance with applicable laws and standards.
The board has delegated the day-to-day portfolio and
administrative management responsibilities relating
to Kingfish to the Manager. The responsibilities of
the Manager are clear as they are described in the
Management Agreement and Administration Services
Agreement with Kingfish.
The board uses committees to address certain matters
that require detailed consideration. The board retains
ultimate responsibility for the function of its committees
and determines their responsibilities. The board is
assisted in meeting its responsibilities by receiving
regular reports and plans from the Manager and through
its annual work programme.
CORPORATE GOVERNANCE STATEMENT CONTINUED
Directors have access to key employees of the Manager
who are connected to the activities of Kingfish and can
request any information they consider necessary for
informed decision making.
Individual directors may (with the prior approval of the
Chair) engage and consult with independent external
professional advisors from time to time, with any costs
being met by the Company.
The Kingfish Board Charter is available on Kingfish's
website.
NOMINATION AND APPOINTMENT OF
DIRECTORS
In accordance with Kingfish’s constitution and NZX
Listing Rules, a director must not hold office without
re-election past the third annual shareholders’ meeting
following his or her appointment or three years
(whichever is the longer). A director appointed by the
board must not hold office (without re-election) past the
next annual shareholders’ meeting following his or her
appointment.
Procedures for the nomination, appointment and removal
of directors are contained in Kingfish’s constitution and
the Board Charter. The Remuneration and Nominations
Committee of the board is responsible for identifying and
nominating candidates to fill director vacancies for board
approval. The board uses a skills matrix to help ensure
the correct mix of skills is achieved when considering
appropriate appointments for the board.
WRITTEN AGREEMENT
Kingfish provides a letter of appointment to each
newly appointed director setting out the terms of their
appointment which they are required to sign. The letter
includes information regarding the board’s responsibilities,
expectations of directors and independence, expected time
commitments, indemnity and insurance arrangements,
obligations to declare relevant conflicting interests, and
confidentiality. New directors are required to formally
consent to act as a director.
DIRECTOR INFORMATION
The current board comprises four directors with
diverse backgrounds, skills, knowledge, experience and
perspectives. Information about each Kingfish director,
including a profile of their experience, length of service,
the board’s assessment of their independence, and
attendance at board meetings and committee meetings
held during the financial year ended 31 March 2026 is
available on pages 28 and 33 of this Annual Report and
also on Kingfish's website.
Information in respect of each director's ownership
interests in Kingfish shares is available on page 61 of this
Annual Report.
30
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ANNUAL REPORT
2026

INDEPENDENCE
The board takes into account guidance provided under
the NZX Listing Rules including the factors specified
in the NZX Code in determining the independence
of directors. Director independence is considered
by the board annually having regard to all relevant
factors, including the directors’ interests, position and
relationships, without regard to the Company’s conflict
management arrangements. Directors have undertaken
to inform the board as soon as practicable if they think
their status as an independent director has or may have
changed.
As at 31 March 2026, the board considered that each of
Andy Coupe (Chair), Dan Coman, David McClatchy and
Fiona Oliver are independent directors and therefore the
board has determined that all of the current directors are
independent directors.
DIVERSITY AND INCLUSION
Kingfish has a formal Diversity and Inclusion Policy
applicable to the Company's directors. The board
recognises that having a diverse and inclusive board
will enhance effectiveness in key areas and that
membership of the board is best served by having a mix
of individuals with appropriate expertise and a breadth
of experience, who are each encouraged to regularly
contribute their views. These objectives are recognised
in the Diversity and Inclusion Policy.
All appointments to the board are based on merit and
include consideration of the board’s diversity. The
measurable diversity objective adopted by the board is
to embed gender diversity as an active consideration
in all succession planning for board positions. The
board assesses annually both the objective set out in
the Diversity and Inclusion Policy and the Company's
progress in achieving that objective.
During the financial year to 31 March 2026, Carol
Campbell retired from the board (effective 31 December
2025) after serving as a director since 2012 and Dan
Coman was appointed as an independent director
effective 1 October 2025. Andy Coupe (Chair since 2022
and a director since 2013) announced his retirement
in February 2026 with effect from 30 June 2026. On
24 April 2026 it was announced that Fiona Oliver, an
independent director on the Kingfish board since 2022,
will succeed Andy Coupe as Chair of the board. On
24 April 2026 it was announced that the board had
appointed Simon Flood as an independent director
effective 1 June 2026.
The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
31 March 2026FemaleMaleFemaleMale
Directors1325%75%
NumberProportion
31 March 2025FemaleMaleFemaleMale
Directors2250%50%
The Remuneration and Nominations Committee’s
annual assessment of the board’s diversity and
progress on achieving the diversity objectives of the
board concluded that the board had met the diversity
objectives set out in the Diversity and Inclusion Policy.
The Diversity and Inclusion Policy is available on
Kingfish's website.
BOARD SKILLS MATRIX
The board skills matrix sets out the key skills, expertise
and qualities that the board believes are necessary now
and into the future, taking into account the nature of
Kingfish’s operations. The skills matrix shown below
demonstrates the current alignment between the
board’s desired and actual range of skills and expertise.
Andy
Coupe
Dan
Coman
David
McClatchy
Fiona
Oliver
QualificationsLLB;
CFInstD
BCom;
FCA;
CMInstD
BComLLB;
BA;
CFInstD
Capability
Investment
management
◊◊O◊
Listed
company
governance
OO◊O
Capital
markets/
capital
structure
O◊OO
Audit and
accounting
◊O◊O
Risk
management
experience
OOOO
Environment
and corporate
social
responsibility
◊◊O◊
Investor
and other
stakeholder
relations
O◊◊◊
Geographical
location
HamiltonAucklandTaurangaAuckland
Tenure (years)13.00.55.04.0
GenderMMMF
O = High capability
= Medium capability
The board has limited High Capability to a maximum of
four for each director.
Set out below is a description of the capabilities
adopted by the board in its skills matrix.
31
kingsh limited /
ANNUAL REPORT
2026

Investment
management
Experience in the investment
management industry in governance,
leadership or equity portfolio
management roles other than in
Kingfish Limited, Barramundi Limited
or Marlin Global Limited
Listed
company
governance
Listed company governance
experience other than in Kingfish
Limited, Barramundi Limited or Marlin
Global Limited
Capital
markets/capital
structures
Experience in capital markets
and strong knowledge of capital
management instruments
Audit and
accounting
Audit or accounting experience in a
professional advisory firm or Audit
and Risk committee experience other
than in Kingfish Limited, Barramundi
Limited or Marlin Global Limited
Risk
management
Experience in identification and
mitigation of financial and non-
financial risk
Environmental
and corporate
social
responsibility
Experience in assessing or overseeing
environmental, social, and governance
initiatives, and specifically knowledge
of the implications for and application
of climate related disclosures
obligations on listed companies
Investor
and other
stakeholder
relations
Experience in formal and informal
communications with shareholders
and other stakeholders
DIRECTOR TRAINING
All directors are responsible for ensuring they remain
current in understanding how best to perform their duties
as directors. To ensure ongoing education, directors
are regularly informed of developments that affect the
Company’s industry and business environment.
ASSESSMENT OF BOARD AND DIRECTOR
PERFORMANCE
The Remuneration and Nominations Committee
conducts a formal review of director, committee
and board performance annually, except that every
three years the review is carried out by an external
party. Appropriate strategies for improvement are
recommended to the board as and when required. The
Chair of the board also has discussions with directors
on individual performance as considered appropriate.
INDEPENDENT CHAIR AND SEPARATION OF THE
CHAIR AND CHIEF EXECUTIVE OFFICER
The current Chair of the board is an independent
director, and Fiona Oliver, who will become Chair on 1
July 2026, is also an independent director. Kingfish does
not have a Chief Executive Officer as it delegates its
management personnel requirements to the Manager
pursuant to an Administration Services Agreement. The
Chair of the board is not a director, officer or employee
of the Manager.
INDEPENDENT DIRECTORS
The board has determined that all four current
directors are independent. In reaching that
determination the board considered the particular
matters in table 2.4 of the NZX Code noted below.
»None of the directors are or have previously
been employed in an executive role by either the
Company or the Manager.
»None of the directors have derived any revenue
(other than director fees) from either the Company
or the Manager.
»None of the directors provide or have previously
provided professional services to or been in a
business or contractual relationship (other than as a
director) with the Company or the Manager.
»None of the directors are or have previously been
employed by the external auditor to the Company or
the Manager.
»None of the directors hold a material shareholding
or warrant holding in the Company or the Manager
(or are or have been senior managers of, or persons
associated with, a substantial shareholder or
warrant holder of the Company).
»None of the directors have close family ties or
personal relationships with anyone in the categories
listed above.
The factors specified in table 2.4 of the NZX Code also
include whether a director has held their position for a
period of 12 years or more. As one of the directors of
the Company have been a director for more than 12
years
1
, the board has carefully considered the effect
of the tenure of that director when considering their
independence.
David McClatchy, and Fiona Oliver have been directors
of Kingfish for five and four years respectively, while
Dan Coman has been a director of Kingfish for circa six
months. Andy Coupe has been a Kingfish director for
just over 13 years, having joined the Kingfish board on
1 March 2013. However, Andy will retire from the board
with effect from 30 June 2026 and in view of the other
factors referred to above, the board has determined
that Andy is an independent director. The board’s
view is that Andy’s length of service brings important
knowledge and skills to the board and he is independent
from the Manager. He has also during his time as a
director demonstrated a strong commitment to bringing
independent judgment to bear on issues before the
board, acting in the best interests of the Company, and
representing the interests of shareholders generally.
Principle 3 – Board committees
The board should use committees where this will
enhance its effectiveness in key areas, while still
retaining board responsibility.
The board has three standing committees: the Audit and
Risk Committee, the Remuneration and Nominations
Committee and the Investment Committee.
CORPORATE GOVERNANCE STATEMENT CONTINUED
1
A period of 12 years is referred to here as it is the length of service referred to in the NZX Code which may cause a board to
determine that a director is not independent.
32
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ANNUAL REPORT
2026

Each committee operates under a charter approved by
the board. The charter of each committee is reviewed
annually.
DIRECTOR, BOARD AND COMMITTEE MEETING
ATTENDANCE
A total of eight board meetings, three Audit and
Risk Committee meetings, one Remuneration and
Nominations Committee meeting, and two Investment
Committee meetings were held in the financial year
ended 31 March 2026. Director attendance at board
meetings and committee meetings is shown below.
DirectorBoard
Audit and
Risk
Committee
Remuneration
and
Nominations
Committee
Investment
Committee
Carol
Campbell
(period
1 April
2025 to 31
December
2025)
#
7/ 73/31/11/1
Dan
Coman
(period
1 October
2025 to
31 March
2026)
#
4/41/10/01/1
Andy
Coupe
8/83/31/12/2
David
McClatchy
8/83/31/12/2
Fiona
Oliver
8/83/31/12/2
#
The meeting attendance for Carol Campbell and Dan
Coman pertain to the meetings that were held while they were
directors during the relevant period.
AUDIT AND RISK COMMITTEE
The Audit and Risk Committee Charter sets out the
objectives of the Audit and Risk Committee, which
are to provide assistance to the board in fulfilling its
responsibilities in relation to the Company’s financial
reporting, internal controls structure, risk management
systems and the external audit function. The Audit and
Risk Committee Charter is available on Kingfish's website.
The Audit and Risk Committee focuses on audit and risk
management and specifically addresses responsibilities
relating to financial reporting and regulatory compliance.
The Audit and Risk Committee is accountable for ensuring
the performance and independence of the Company's
external auditor, including that the external auditor or lead
audit partner is changed at least every five years.
The Audit and Risk Committee also reviews the
appropriateness of any non-audit services and
recommends to the board which services, other
than the statutory audit, may be provided by
PricewaterhouseCoopers as external auditor.
The external auditor has a clear line of direct
communication at any time with either the Chair of the
Audit and Risk Committee or the Chair of the board, both
of whom are independent directors. During the financial
year ended 31 March 2026, the Audit and Risk Committee
held private sessions with the external auditor.
The Audit and Risk Committee currently comprises all of
the directors, each of whom are non-executive and are
also considered to be independent. The board considers
that one member of the committee has an adequate
accounting and finance background based on the NZX’s
Governance Guidance Note. The committee is chaired by
Dan Coman.
The Audit and Risk Committee may invite the Corporate
Manager and/or other employees of the Manager and
such other persons, including the external auditor, to
attend meetings as it considers necessary to provide
appropriate information and explanations.
REMUNERATION AND NOMINATIONS
COMMITTEE
The Remuneration and Nominations Committee
Charter sets out the objectives of the Remuneration and
Nominations Committee, which are to set and review
the level of directors’ remuneration, ensure a formal,
rigorous and transparent procedure for the appointment
of new directors to the board, and evaluate the balance
of skills, knowledge and experience on the board.
The Remuneration and Nominations Committee also
assesses the performance of individual directors, the
board and board committees.
The Remuneration and Nominations Committee
currently comprises all of the directors, each of whom
are considered to be independent. Andy Coupe is Chair
of the Remuneration and Nominations Committee.
Following Andy Coupe’s retirement (effective 30
June 2026) Fiona Oliver will become Chair of the
Remuneration and Nominations Committee. The board
does not consider it necessary to have a separate
nomination committee given that all directors are
members of the Remuneration and Nominations
Committee. It is considered more efficient to combine
the functions of remuneration and nomination
committees into a single committee of the Company.
The Remuneration and Nominations Committee may
invite the Corporate Manager and/or other employees
of the Manager and such other persons, including the
external auditor, to attend meetings as it considers
necessary to provide appropriate information and
explanations.
The Remuneration and Nominations Committee Charter
is available on Kingfish's website.
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INVESTMENT COMMITTEE
The Investment Committee Charter sets out the
objectives of the Investment Committee, which are
to oversee the investment management of Kingfish
to ensure the portfolio is managed in accordance
with the investment mandate and with the long-term
performance objectives of Kingfish. The Investment
Committee Charter is available on Kingfish's website.
The Investment Committee currently comprises
all of the directors, each of whom are considered
to be independent. David McClatchy is Chair of the
Investment Committee.
CONTROL TRANSACTION RESPONSE PROTOCOL
The board has adopted a formal Control Transaction
Response Protocol (previously the Takeover Response
Protocol) as an internal framework that sets out the
process to be followed if there is a control transaction,
such as a takeover or scheme of arrangement for
Kingfish.
Principle 4 – Reporting and disclosure
The board should demand integrity in financial and
non-financial reporting, and in the timeliness and
balance of corporate disclosures.
CONTINUOUS DISCLOSURE
Kingfish is committed to promoting investor
confidence by providing complete and equal access
to information in accordance with the NZX Listing
Rules. Kingfish has a Continuous Disclosure Policy
designed to ensure this occurs and a copy of the
policy is available on Kingfish's website. The Corporate
Manager is responsible for overseeing and co-
ordinating required disclosures to the market.
CHARTERS AND POLICIES
Kingfish’s key corporate governance documents,
including its Code of Ethics & Standards of
Professional Conduct, board and committee charters
and other policies, are available on Kingfish's website
under the “About Kingfish” and “Policies” sections.
FINANCIAL REPORTING
Kingfish believes its financial reporting is balanced,
clear and objective. Kingfish is committed to ensuring
integrity and timeliness in its financial and non-
financial reporting and ensuring the market and
shareholders are provided with an objective view on
the performance of the Company.
The Audit and Risk Committee oversees the quality
and integrity of external financial reporting, including
the accuracy, completeness and timeliness of financial
statements. The Audit and Risk Committee reviews
half-yearly and annual financial statements and
makes recommendations to the board concerning
accounting policies, areas of judgement, compliance
with accounting standards, stock exchange and legal
requirements, and the results of the external audit.
ESG FRAMEWORK
The NZX Code recommends that an issuer provide
non-financial disclosure at least annually, including
considering environmental, social sustainability and
governance factors and practices. As at 31 March 2026,
Kingfish did not have a formal environmental, social
and governance (ESG) framework. Kingfish considers
that, given the nature of its activities (as an investment
company solely investing in shares of other listed
companies), it is not appropriate to maintain an ESG
framework independent to that of the Manager. Kingfish
will continue to assess the relevance of adopting an ESG
framework. However, the Manager has a formal ESG
framework which governs its stock research, selection
and reporting, which the Kingfish board is fully supportive
of and committed to. Details of the Manager’s ESG
framework can be found on the Manager’s website at
fisherfunds.co.nz/responsible-investing.
CLIMATE RELATED DISCLOSURES
The New Zealand Climate-related Disclosures (CRD)
regime is undergoing significant changes, transitioning
from its initial 2023-2024 implementation phase into
a more targeted, narrow scope. Under the initial CRD
regime, Kingfish was classified as a climate reporting
entity (CRE) and was required to produce annual
climate statements within four months of its balance
date that identify and report on matters concerning
the impact of climate change on the Company’s
businesses and disclose greenhouse gas emissions.
However, in October 2025 the New Zealand
Government announced its intention to narrow the
scope of mandatory legislative reporting requirements,
such that listed issuers with a market capitalisation
of less than $1 billion and managed investment
scheme managers would no longer be subject to
requirements under the CRD regime. Kingfish would
cease to be a CRE under these proposed changes.
The Financial Markets Authority has confirmed that
until the legislative amendments are effected to reflect
the Government’s proposed changes to the reporting
thresholds, it will take a ‘no action’ approach to the
2025/2026 reporting period, beginning on 1 November
2025, for affected entities who are expecting their
climate reporting obligations to cease once legislation
is passed. NZX has also issued a class waiver from
the NZX Listing Rules to reflect these changes.
Accordingly, Kingfish is no longer required to prepare
an annual climate statement for the year ended
31 March 2026.
On that basis, the Kingfish board has determined
Kingfish will not produce an annual climate statement
for the year ended 31 March 2026.
Principle 5 – Remuneration
The remuneration of directors and executives should
be transparent, fair and reasonable.
CORPORATE GOVERNANCE STATEMENT CONTINUED
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DIRECTORS’ REMUNERATION
The Company's Director Remuneration Policy sets
out the structure of the remuneration for directors,
the review process and reporting requirements. The
Director Remuneration Policy is available on Kingfish's
website.
Directors’ fees are determined by the board on
the recommendation of the Remuneration and
Nominations Committee within the aggregate amount
approved by shareholders. The current directors’ fee
pool limit of $185,500 (plus GST if any) was approved
by shareholder resolution passed at the 2023 Annual
Shareholders’ Meeting. The director remuneration
information below reflects the increase in fees
approved by shareholders in 2023.
Each year, the Remuneration and Nominations
Committee reviews the level of directors’ fees. The
Remuneration and Nominations Committee considers
the skills, performance, experience and level of
responsibility of directors when undertaking the review
and is authorised to obtain independent advice on
market conditions.
The table below sets out the remuneration received by
each director from Kingfish for the financial year ended
31 March 2026. No director received fees or payments
for any other services to the Company. No retirement
payments were made or agreed to be made to any
current or former director during the financial year
ended 31 March 2026.
Directors’ remuneration* for the 12 months ended
31 March 2026
Andy Coupe (Chair)$58,500
(1)
Dan Coman$20,750
(2)
Carol Campbell$33,000
(3)
David McClatchy$44,000
(4)
Fiona Oliver$39,000
(5)
*excludes GST
(1)
$11,700 of this amount was applied to the purchase of 8,511
shares under the Kingfish Share Purchase Plan. (Andy Coupe
held in excess of the 50,000 share threshold set out in the
Kingfish Share Purchase Plan but had elected to continue in
the plan and had elected to apply 20% of his director fees to
the purchase of Kingfish shares.)
(2)
Included in this amount is $1,250 that Dan Coman
received since being appointed Chair of the Audit and Risk
Committee. Dan Coman was appointed a Kingfish director
on 1 October 2025 and therefore he was not subject to the
Kingfish Share Purchase Plan during 2025. However, he will
be subject to the Kingfish Share Purchase Plan in 2026.
(3)
Included in this total amount is $3,750 that Carol Campbell
received while she was Chair of the Audit and Risk
Committee. $4,400 of this total amount was applied to the
purchase of 3,174 shares under the Kingfish Share Purchase
Plan. (Carol Campbell held in excess of the 50,000 share
threshold set out in the Kingfish Share Purchase Plan but
had elected to continue in the plan.)
(4)
Included in this total amount is $5,000 that David McClatchy
received as Chair of the Investment Committee. $4,400
of this total amount was applied to the purchase of 3,217
shares under the Kingfish Share Purchase Plan.
(5)
$3,900 of this amount was applied to the purchase of 2,806
shares under the Kingfish Share Purchase Plan.
Details of remuneration paid to directors are also
disclosed in note 3 and note 10 to the audited financial
statements for the financial year ended 31 March 2026.
The directors’ fees disclosed in the audited financial
statements include a portion of non-recoverable GST
expensed by Kingfish.
DIRECTORS’ SHAREHOLDING -
SHARE PURCHASE PLAN
The Kingfish Share Purchase Plan was introduced by the
board in 2012 and requires each director to allocate 10% of
their annual director’s fees to the purchase (on market) of
Kingfish shares. Once an individual director’s shareholding
reaches 50,000 shares, the director can elect whether
or not to continue in the plan. The intention of the Share
Purchase Plan is to further align the interests of directors
with those of Kingfish shareholders.
EXECUTIVE REMUNERATION
Kingfish delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Kingfish does not have a Chief Executive Officer and it
does not have a remuneration policy for executives. In
addition, the board does not consider it appropriate to
make disclosures about remuneration of the Manager’s
personnel or include those personnel in the application
of the Company's remuneration policies. Kingfish does
not set the remuneration policies applicable to the
Manager's personnel. The fees paid to Fisher Funds for
administration services are set by the Administration
Services Agreement and described in note 3 and note 10
to Kingfish’s audited financial statements for the financial
year ended 31 March 2026.
Principle 6 – Risk management
Directors should have a sound understanding of
the material risks faced by the issuer and how to
manage them. The board should regularly verify that
the issuer has appropriate processes that identify
and manage potential and material risks.
RISK MANAGEMENT FRAMEWORK
The board has overall responsibility for Kingfish’s system
of risk management and internal control. Kingfish has
in place policies and procedures to identify areas of
significant business risk and implements procedures to
manage those risks effectively.
Key risk management tools used by Kingfish include the
Audit and Risk Committee function, outsourcing of certain
functions to service providers, internal controls, financial
and compliance reporting procedures and processes,
and business continuity planning. Kingfish also maintains
insurance policies that it considers adequate to meet its
insurable risks.
The board is actively involved in tracking the development
of existing risks and the emergence of new risks to
Kingfish’s business. The Audit and Risk Committee and
board receive regular reports on the operation of risk
management policies and procedures from the Manager.
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ANNUAL REPORT
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As part of the robust risk assessment process,
significant risks are discussed at each board meeting,
and/or as required.
In addition to Kingfish’s policies and procedures in
place to manage business risks, the Manager has its
own comprehensive risk management policy. The
board is informed of any changes to the Manager's risk
management policies.
Kingfish provides shareholders and warrant holders
with regular communications covering the performance
of the Company and of the underlying stocks invested
in by the Company. These types of communications
include monthly updates, quarterly newsletters and
annual reports. Numerous NZX announcements are
also made, including weekly and month-end NAV per
share updates, as well as interim and annual financial
statements.
HEALTH AND SAFETY
The Manager operates under a Health and Safety Policy.
Under this policy, Fisher Funds assumes responsibility
for the health and safety of its employees.
Principle 7 – Auditors
The board should ensure the quality and
independence of the external audit process.
Kingfish’s Audit and Risk Committee makes
recommendations to the board on the appointment of the
external auditor. The Audit and Risk Committee monitors
the independence and effectiveness of the external
auditor and approves and reviews any non-audit services
performed by the external auditor. An External Auditor
Independence Policy, which documents the framework
of Kingfish’s relationship with its external auditor, was
adopted by the board in 2018. This policy includes
procedures:
a. to sustain communication with Kingfish’s external
auditor;
b. to ensure that the ability of the external auditor to
carry out its statutory audit role is not impaired, or
could reasonably be perceived to be impaired;
c. to address what, if any, services (whether by type
or level) other than its statutory audit roles may be
provided by the external auditor to Kingfish; and
d. to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided
by the external auditor to Kingfish other than in its
statutory audit role.
The Audit and Risk Committee meets with the external
auditor, without representatives of the Manager present,
to approve its terms of engagement, audit partner
rotation
2
(at least every five years) and the audit fee, as
well as to review and provide feedback in respect of the
annual audit plan.
Kingfish’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2008 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is eligible to be automatically reappointed as auditor
under Part 11, Section 207T of the Companies Act at
the Annual Shareholders' Meeting, except in the limited
circumstances set out in the Act.
The Audit and Risk Committee has assessed PwC to be
independent and has received written confirmation of this
fact from PwC.
PwC, as external auditor of Kingfish’s 31 March 2026
audited annual financial statements, will attend this
year’s Annual Shareholders' Meeting and will be
available to answer questions about the conduct of
the audit, preparation and content of the auditor’s
report, accounting policies adopted by Kingfish, and its
independence in relation to the conduct of the audit.
Kingfish does not have an internal audit function;
however, the Company regularly reviews all areas of
risk management and focuses on all operating and
compliance risk obligations as described above in relation
to Principle 6. Kingfish delegates day-to-day portfolio
and administrative management responsibilities relating
to Kingfish to the Manager, and the Corporate Manager
is responsible for managing operational and compliance
risks across Kingfish’s business and reporting on those
matters to the board.
Principle 8 – Shareholder rights and relations
The board should respect the rights of shareholders
and foster constructive relationships with
shareholders that encourage them to engage with
the issuer.
INFORMATION FOR SHAREHOLDERS
The board recognises the importance of providing
shareholders with comprehensive, timely and equal
access to information about its activities. The board
aims to ensure that shareholders have available to
them all information necessary to assess Kingfish’s
performance.
Kingfish’s website, kingfish.co.nz, provides information
to shareholders and investors about the Company.
Kingfish’s ‘Investor Centre’ part of its website contains
a range of information, including periodic and
continuous disclosures to NZX, annual reports and
content related to the Annual Shareholders’ Meeting.
The website also contains information about Kingfish’s
directors, copies of key corporate governance
documents and general company information.
The board recognises that other stakeholders may
have an interest in Kingfish’s activities. While there
are no specific stakeholder interests that are currently
identifiable, Kingfish will continue to review policies in
consideration of future interests.
CORPORATE GOVERNANCE STATEMENT CONTINUED
2
The current PwC audit partner was appointed in 2024 and rotation will therefore occur no later than the end of 2029.
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2026

COMMUNICATING WITH SHAREHOLDERS
Kingfish communicates regularly with its shareholders
through its monthly and quarterly updates. The
Company receives questions from shareholders from
time to time and has processes in place to ensure
shareholder communications are responded to within
a reasonable timeframe. The Company’s website
sets out Kingfish’s appropriate contact details for
communications from shareholders. Kingfish also
provides options for shareholders to receive and send
communications by post or electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993, Kingfish’s
Constitution or the NZX Listing Rules, Kingfish will
refer decisions to shareholders for approval. Kingfish’s
policy is to conduct voting at its shareholder meetings
by way of poll and on the basis of one share, one vote.
NOTICE OF ANNUAL SHAREHOLDERS' MEETING
The 2026 Kingfish Notice of Annual Shareholders'
Meeting will be sent to shareholders at least 20
working days prior to the meeting and will be published
on Kingfish's website.
This year’s Annual Shareholders' Meeting will be held
at 10.30am on 7 August 2026, at the Ellerslie Event
Centre in Auckland and online. Full participation
of shareholders is encouraged at the Annual
Shareholders' Meeting and shareholders are also
encouraged to submit questions in writing prior to the
meeting if they are unable to attend either form of the
meeting.
MANAGEMENT AGREEMENT RENEWAL
The Management Agreement between Kingfish and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
March 2029.
NZX WAIVERS
There were no new waivers granted by NZX to the
Company in the financial year ended 31 March 2026.
CAPITAL RAISINGS
Kingfish Warrant Issue (KFLWI)
On 1 May 2025, eligible Kingfish shareholders were
issued (for free) one warrant for every four shares held
based on a record date of 30 April 2025.
Each warrant gave shareholders the right, but not the
obligation, to subscribe for one additional ordinary
share in Kingfish on the exercise date, subject to
payment of the exercise price. The exercise date was
1 May 2026.
The final exercise price for the KFLWI warrant was
$1.24.
On the exercise date 1,218,425 warrants out of a
possible 86,961,524 warrants (1.40%) were converted
into Kingfish ordinary shares.
The new shares were allotted to warrant holders on
6 May 2026.
The remaining 85,743,099 warrants which were not
exercised lapsed, and all rights in regard to them
expired.
The additional funds raised from the exercise of
warrants were invested in Kingfish’s then current
investment portfolio of stocks.
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ANNUAL REPORT
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FOR THE YEAR ENDED 31 MARCH 2026
We present the financial statements for Kingfish Limited for the year ended 31 March 2026.
We have ensured that the financial statements for Kingfish Limited present fairly the financial position of the
Company as at 31 March 2026 and its financial performance and cash flows for the year ended on that date.
We have ensured that the accounting policies used by the Company comply with generally accepted
accounting practice in New Zealand and believe that proper accounting records have been kept. We have
ensured compliance of the financial statements with the Financial Markets Conduct Act 2013.
We also consider that adequate controls are in place to safeguard the Company’s assets and to prevent and
detect fraud and other irregularities.
The Kingfish board authorised these financial statements for issue on 25 May 2026.

Andy Coupe Dan Coman

David McClatchy Fiona Oliver
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
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ANNUAL REPORT
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FINANCIAL
STATEMENTS CONTENTS
40Statement of Comprehensive Income
41Statement of Changes in Equity
42Statement of Financial Position
43Statement of Cash Flows
44Notes to the Financial Statements
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ANNUAL REPORT
2026

Notes
2026
$000
2025
$000
Interest income 447 540
Dividend income 10,102 9, 874
Net change in fair value of investments 2 (18,852) 3 7, 8 19
Total (loss)/income (8,303) 48,233
Operating expenses3 5,235 7, 4 0 1
Net (loss)/profit before tax (13,5 38) 40,832
Total tax expense4 19 22
Net (loss)/profit after tax attributable to shareholders (13,55 7) 4 0,810
Total comprehensive (loss)/income after tax attributable to shareholders (13,55 7) 4 0,810
Basic (losses)/earnings per share6 (3.85c) 11.9 0 c
Diluted (losses)/earnings per share6 (3.85c) 11.9 0 c
The accompanying notes form an integral part of these financial statements.
FOR THE YEAR ENDED 31 March 2026
STATEMENT OF COMPREHENSIVE INCOME
KINGFISH LIMITED
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ANNUAL REPORT
2026

The accompanying notes form an integral part of these financial statements.
FOR THE YEAR ENDED 31 March 2026
STATEMENT OF CHANGES IN EQUITY
KINGFISH LIMITED
Attributable to shareholders of the
Company
Notes


Share
Capital
$000
Retained
Earnings/
(Accumulated
Deficits)
$000
Total
Equity
$000
Balance at 31 March 2024 418,207 39,414 4 5 7, 6 2 1
Comprehensive income
Net profit after tax - 4 0,810 4 0,810
Total comprehensive income for the year ended 31 March 2025 - 4 0,810 4 0,810
Transactions with shareholders
Share buybacks5 (b) (6,005) - (6,005)
Shares issued for warrants exercised (net of exercise costs)5 (c) 1,324 - 1,324
Dividends paid 5 (d) - (3 7,9 7 5 ) (3 7,9 7 5 )
Shares issued from treasury stock under dividend
reinvestment plan5 (e) 6,089 - 6,089
New shares issued under dividend reinvestment plan5 (e) 8,034 - 8,034
Total transactions with shareholders for
the year ended 31 March 2025 9,442 (3 7,9 7 5 ) (28,533)
Balance at 31 March 2025 4 2 7, 6 4 9 42,249 469,898
Comprehensive loss
Net loss after tax - (13,55 7) (13,55 7)
Total comprehensive loss for the year ended 31 March 2026 - (13,55 7) (13,55 7)
Transactions with shareholders
Share buybacks5 (b) (935) - (935)
Warrant issue costs5 (c) (20) - (20)
Dividends paid
5 (d) - (38,120) (38,120)
Shares issued from treasury stock under dividend
reinvestment plan 5 (e) 958 - 958
New shares issued under dividend reinvestment plan5 (e) 13 ,14 6 - 13 ,14 6
Total transactions with shareholders for the year ended 31 March 2026 13 ,149 (38,120) (24 ,971)
Balance at 31 March 2026 440,798 (9,428) 4 31,370
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ANNUAL REPORT
2026

Notes
2026
$000
2025
$000
SHAREHOLDERS' EQUITY 431,370 469,898
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 9 7, 0 16 15 , 3 3 9
Receivables 7 2 ,974 1,093
Investments at fair value through profit or loss 2 422,093 4 5 4 ,16 3
Total Current Assets 432,083 470,595
TOTAL ASSETS 432,083 470,595
LIABILITIES
Current Liabilities
Trade and other payables 8 713 697
Total Current Liabilities 713 697
TOTAL LIABILITIES 713 697
NET ASSETS 4 31,370 469,898
These financial statements have been authorised for issue for and on behalf of the Board by:

R A Coupe / Chair D F Coman / Chair of the Audit and Risk Committee
25 May 2026 25 May 2026
The accompanying notes form an integral part of these financial statements.
AS AT 31 March 2026
STATEMENT OF FINANCIAL POSITION
KINGFISH LIMITED
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FOR THE YEAR ENDED 31 March 2026
Notes
2026
$000
2025
$000
Operating Activities
Sale of investments 60,253 97,217
Interest received 447 542
Dividends received 5,496 5,648
Purchase of investments (42,444) (5 7, 0 3 1)
Operating expenses (7,085) ( 7, 3 6 9)
Taxes paid (19) (22)
Net cash inflows from operating activities9 16,6 4 8 38,985
Financing Activities
Share buybacks (935) (6,005)
Proceeds from warrants exercised (net of exercise costs) - 1,324
Warrant issue costs (20) -
Dividends paid (net of dividends reinvested) (24,016) (23,852)
Net cash (outflows) from financing activities (24 ,971) (28,533)
Net (decrease)/increase in cash and cash equivalents held (8,323) 10,452
Cash and cash equivalents at beginning of the year 15 , 3 3 9 4,887
Cash and cash equivalents at end of the year9 7, 0 16 15 , 3 3 9
The accompanying notes form an integral part of these financial statements.
STATEMENT OF CASH FLOWS
KINGFISH LIMITED
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ANNUAL REPORT
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FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS
KINGFISH LIMITED
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Kingfish Limited ("Kingfish" or "the Company") is listed on the NZX Main Board, is registered in New
Zealand under the Companies Act 1993 and is an FMC Reporting Entity under the Financial Markets
Conduct Act 2013.
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
These financial statements have been prepared in accordance with the requirements of Part 7 of
the Financial Markets Conduct Act 2013, the NZX Main Board listing rules and Generally Accepted
Accounting Practice in New Zealand (NZ GAAP). They comply with New Zealand equivalents to
International Financial Reporting Standards (NZ IFRS) as appropriate to for-profit entities, and
International Financial Reporting Standards Accounting Standards (IFRS Accounting Standards).
The financial statements have been prepared on the historical cost basis, except for financial assets at
fair value through profit or loss.
The functional and presentation currency used to prepare the financial statements is New Zealand
dollars, rounded to the nearest one thousand dollars. Where relevant, prior year comparatives have
been reclassified to conform with current year financial statement presentation. Where there has been
a material restatement of comparative information the nature of, and the reason for the restatement is
disclosed in the relevant notes.
On 10 September 2024 the Company registered for GST, effective from 1 September 2024. From
this date, revenue, expenses and liabilities are recognised net of GST except to the extent that GST is
not recoverable from the Inland Revenue. In these circumstances, GST is recognised as part of the
expense or the cost of the asset. Prior to 1 September 2024, operating expenses include GST where it
is charged by other parties as it could not be reclaimed.
Material Accounting Policies
Accounting policies that summarise the recognition and measurement basis used and are relevant
to an understanding of the financial statements, are provided throughout the notes to the financial
statements and are designated by a symbol.
The accounting policies adopted have been consistently applied to all years presented, unless
otherwise stated.
There are no new accounting standards, amendments to standards and interpretations that have a
material impact on these financial statements. Except for NZ IFRS 18, Presentation and Disclosure
in Financial Statements, which is effective for annual periods beginning on or after 1 January 2027
and where an assessment has not been completed yet, the same applies for any new standards,
amendments to standards and interpretations that have been issued but are not yet effective.
Financial Reporting by Segments
The Company operates in a single operating segment, being New Zealand financial investment.
The Company is managed as a whole and is considered to have a single operating segment. There is
no further division of the Company or internal segment reporting used by the Directors when making
strategic, investment or resource allocation decisions.
There has been no change to the operating segment during the year.
Critical Judgements, Estimates and Assumptions
The preparation of financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities,
income and expenses. Judgements are designated by a symbol in the notes to the financial
statements. There were no material estimates or assumptions required in the preparation of these
financial statements.
Authorisation of Financial Statements
The Kingfish Board of Directors authorised these financial statements for issue on 25 May 2026.
No party may change these financial statements after their issue.
j
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NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
j
Given that the investment portfolio is managed, and performance is evaluated, on a fair value
basis in accordance with a documented investment strategy, Kingfish has classified all its
investments at fair value through profit or loss.
Investments are initially recognised at fair value and are subsequently revalued to reflect changes
in fair value. Net changes in the fair value of investments are recognised in the Statement of
Comprehensive Income.
Investments at fair value through profit or loss comprise New Zealand listed equity investment
assets.
All purchases and sales of investments are recognised at trade date, which is the date the
Company commits to purchase or sell the investment and transaction costs are expensed
as incurred. When an investment is sold, any gain or loss arising on the sale is included in the
Statement of Comprehensive Income. Realised gains or losses are calculated as the difference
between the sale proceeds and the carrying amount of the item.
The fair value of listed equity investments traded in active markets are based on last sale prices
at balance date, except where the last sale price (which may have been prior to balance date) falls
outside the bid-ask spread at close of business on balance date for a particular investment, in
which case the bid price will be used to value the investment. All investments were valued at last
sale price (31 March 2025: All investments were valued at last sale price).
Dividend income from investments is recognised in the Statement of Comprehensive Income
when the Company's right to receive payments is established (ex-dividend date).
Investments recognised at fair value are categorised according to a fair value hierarchy that
shows the extent of judgement used in determining their fair value. Where unadjusted quoted
prices are used, the investments are categorised as Level 1. When significant inputs derived from
observable market data are used, the investments are categorised as Level 2. If significant inputs
are not based on observable market data, they are categorised as Level 3.
j
All New Zealand investments held by Kingfish are categorised as Level 1. There have been no
transfers between levels of the fair value hierarchy during the year (2025: none). There were no
financial instruments classified as Level 2 or 3 at 31 March 2026 (2025: none).
Investments at fair value through profit or loss
2026
$000
2025
$000
New Zealand investments 422,093 4 5 4 ,16 3
Total investments at fair value through profit or loss 422,093 4 5 4 ,16 3
Net change in fair value of investments
New Zealand investments (18,852) 3 7, 8 19
Net change in fair value of investments through profit or loss (18,852) 3 7, 8 19
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NOTE 3 OPERATING EXPENSES
2026
$000
2025
$000
Net management fees (note 10(a)(i)) 4,013 6,080
Administration services (note 10(a)(i)) 152 15 6
Directors' fees (note 10(b)) 209 203
Custody, accounting and brokerage 327 442
Investor relations and communications 193 203
NZX fees 76 76
Professional fees 52 70
Fees paid to the auditor:
Statutory audit and review of financial statements 62 60
Regulatory fees 42 35
Other operating expenses 109 76
Total operating expenses 5,235 7, 4 01

NOTE 4 TAXATION
Kingfish is a Portfolio Investment Entity ("PIE") for tax purposes.
Taxation expense comprises both current and deferred tax. Current tax is the expected tax
payable on the taxable income for the year, using tax rates enacted or substantively enacted at
balance date, and any adjustment to tax payable in respect of previous years. Current tax for
current and prior periods is recognised as a liability (or asset) to the extent that it is unpaid (or
refundable). Deferred tax (if any) is recognised as the difference between the carrying amounts of
assets and liabilities in the financial statements and the amounts used for taxation purposes. A
deferred tax asset is only recognised to the extent it is probable it will be utilised.
j
A deferred tax asset of $15,588,220, resulting largely from tax losses of $55,492,811, at 31 March
2026 (2025: tax asset of $15,281,646, tax losses of $54,417,379) has not been recognised, as
the tax structure of the Company is unlikely to lead to the utilisation of a deferred tax asset. This
unrecognised deferred tax asset is reviewed annually.
FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 4 TAXATION CONTINUED
Taxation expense is determined as follows:
2026
$000
2025
$000
Net (loss)/profit before tax (13,5 38) 40,832
Non-taxable realised gain on investments (23,473) (19,427 )
Non-taxable unrealised loss/(gain) on investments 42,432 (18,3 4 0)
Imputation credits 2 , 611 2,517
Non-deductible expenditure 268 367
Ta xa b l e i n c o m e 8,300 5,949
Tax at 28% 2,324 1,666
Imputation credits (2 , 611) (2,517)
Deferred tax not recognised 306 873
Total tax expense 19 22
Taxation expense comprises:
Current tax 19 22
19 22
Current tax balance
Opening balance - -
Current tax expense (19) (22)
Tax paid 19 22
Current tax receivable - -
Imputation credits
The imputation credits available for subsequent reporting periods total $623,410 (31 March 2025:
$720,445). This amount represents the balance of the imputation credit account at the end of
the reporting period, adjusted for imputation credits that will arise from the receipt of dividends
recognised as a receivable at 31 March 2026.
NOTE 5 SHAREHOLDERS' EQUITY
a. Share Capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
shares and warrants are shown in equity as a deduction.
When shares are acquired by the Company, the amount of consideration paid is recognised
directly in equity. Acquired shares are classified as treasury stock and presented as a deduction
from share capital. When treasury stock is subsequently sold or reissued, the cost of treasury
stock is reversed and the realised gain or loss on sale or reissue, net of any directly attributable
incremental transaction costs, is recognised within share capital.
Kingfish has 358,844,193 fully paid ordinary shares on issue (31 March 2025: 348,300,808). All
ordinary shares are classified as equity, rank equally and have no par value. All shares carry an
entitlement to dividends and one vote is attached to each fully paid ordinary share.
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NOTE 5 SHAREHOLDERS' EQUITY CONTINUED
b. Buybacks
Kingfish maintains an ongoing share buyback programme. For the year ended 31 March 2026,
Kingfish acquired 746,735 shares valued at $935,077 (31 March 2025: 4,774,166 shares valued at
$6,004,687) under the programme which allows up to 5% of the ordinary shares on issue (as at
the date 12 months prior to the acquisition) to be acquired. Shares acquired under the buyback
programme are held as treasury stock and subsequently reissued to shareholders under the
dividend reinvestment plan. There were no shares held as treasury stock at balance date (31 March
2025: Nil).
c. Warrants
On 1 May 2025, 86,961,524 new Kingfish warrants were allotted and quoted on the NZX Main Board.
One new warrant was issued to all eligible shareholders for every four shares held on record date
(30 April 2025). Warrant holders can elect to exercise some or all of their warrants on the exercise
date, 1 May 2026. Costs of $20,203 incurred in issuing these warrants have been recognised as a
deduction from share capital.
On 26 July 2024, 1,067,092 new Kingfish warrants valued at $1,344,536 less exercise costs of
$20,186 (net $1,324,350) were exercised at $1.26 per warrant, and the remaining 82,038,052
warrants lapsed.
d. Dividends
Dividend distributions to the Company's shareholders are recognised as a liability in the financial
statements in the period in which the dividends are declared by the Kingfish Board.
Kingfish has a distribution policy where 2% of average net asset value is distributed each quarter.
Dividends paid during the year comprised:
2026
$000
Cents per
share
2025
$000
Cents per
share
27 Jun 2025 9,558 2.75 27 Jun 2024 9,007 2.65
26 Sep 2025 9,563 2.73 27 Sep 2024 9,101 2.66
19 Dec 2025 9,533 2.70 20 Dec 2024 9,783 2.85
27 Mar 2026 9,466 2.66 28 Mar 2025 10,08 4 2.92
3 8 ,120 10.8 4 3 7,9 7 5 11.0 8

e. Dividend Reinvestment Plan
Kingfish has a dividend reinvestment plan which provides ordinary shareholders with the option to
reinvest all or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-day
volume weighted average share price from the date the shares trade ex-entitlement. During the year
ended 31 March 2026, 11,290,120 ordinary shares totalling $14,104,782 (31 March 2025: 11,464,775
ordinary shares totalling $14,123,182) were issued in relation to the plan for the quarterly dividends
paid which comprised:
(i) 10,543,385 ordinary shares totalling $13,146,422 issued under the dividend reinvestment plan (31
March 2025: 6,569,500 ordinary shares totalling $8,034,390); and
(ii) 746,735 ordinary shares totalling $958,360 of shares were utilised from treasury stock under the
dividend reinvestment plan (31 March 2025: 4,895,275 ordinary shares totalling $6,088,792).
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Kingfish before the next record date.
FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 6 EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the
Company by the weighted average number of ordinary shares on issue during the year. Diluted
earnings per share assumes conversion of all dilutive potential ordinary shares in determining the
denominator. Potential ordinary shares include outstanding warrants.
Basic (losses)/earnings per share20262025
Net (loss)/profit after tax attributable to shareholders ($'000) (13,55 7) 4 0,810
Weighted average number of ordinary shares on issue net of treasury
stock ('000) 351,913 342,938
Basic (losses)/earnings per share (3.85c) 11.9 0 c
Diluted (losses)/earnings per share
Net (loss)/profit after tax attributable to shareholders ($'000) (13,55 7) 4 0,810
Weighted average number of ordinary shares on issue net of treasury
stock ('000) 351,913 342,938
Diluted effect of warrants ($'000)
1
- -
351,913 342,938
Diluted (losses)/earnings per share (3.85c) 11.9 0 c
1
The warrants were not assumed to be exercised because they were antidilutive as the warrant exercise price
(less dividends paid) of $1.24 was greater than the share price of $1.19 on 31 March 2026. There were no
warrants on issue on 31 March 2025.
NOTE 7 RECEIVABLES
Receivables are classified as financial assets at amortised cost and are initially recognised at
fair value, and subsequently measured at amortised cost less any provision for impairment.
Receivables are assessed on a case-by-case basis for impairment.
j
The receivables' carrying values are a reasonable approximation of fair value.
2026
$000
2025
$000
Related party receivable (note 10(a)(ii)) 1,901 -
Dividends receivable 1,049 999
GST receivable 4 4
Unsettled investment sales - 34
Prepayments 20 56
Total receivables 2 ,974 1,093
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NOTE 8 TRADE AND OTHER PAYABLES
Trade and other payables are classified as other financial liabilities and are initially recognised at
fair value, and subsequently measured at amortised cost.
j
The trade and other payables' carrying values are a reasonable approximation of fair value.
2026
$000
2025
$000
Related party payable (note 10(a)(i)) 484 520
Other payables and accruals 229 17 7
Total trade and other payables 713 697
NOTE 9 CASH AND CASH FLOW RECONCILIATION
Cash and Cash Equivalents
Cash and cash equivalents are classified as financial assets at amortised cost and comprise cash
on deposit at banks.
2026
$000
2025
$000
Cash - New Zealand dollars 7, 0 16 15 , 3 3 9
Cash and cash equivalents 7, 0 16 15 , 3 3 9
Reconciliation of Net (Loss)/Profit after Tax to Net Cash Flows
from Operating Activities
Net (loss)/profit after tax (13,55 7) 4 0,810
Items not involving cash flows
Unrealised losses/(gains) on revaluation of investments 42,432 (18,3 4 0)
42,432 (18,3 4 0)
Impact of changes in working capital items
Increase/(decrease) in trade and other payables 16 (543)
Increase in receivables (1, 8 81) (420)
(1,865) (963)
Items relating to investments
Amounts paid for purchases of investments (47,000) (6 0, 874)
Amounts received from sales of investments net of realised gains 36,672 7 7, 7 3 8
Movement in unsettled purchases of investments - 580
Movement in unsettled sales of investments (34) 34
(10,362) 17, 4 7 8
Net cash inflows from operating activities 16,6 4 8 38,985
FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 10 RELATED PARTY INFORMATION
Parties are considered to be related if one party has the ability to control or exercise significant
influence over the other party in making financial or operational decisions.
a. Fisher Funds Management Limited
Fisher Funds Management Limited ("Fisher Funds" or "the Manager") is an entity that provides key
management personnel services to Kingfish by virtue of its management agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and
payable monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the
Manager's interests with those of the Kingfish shareholders. For every 1% underperformance (relative
to the change in the NZ 90 Day Bank Bill Index) the management fee percentage is reduced by 0.1%,
subject to a minimum 0.75% per annum management fee.
Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST of excess
returns over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank
Bill Index plus 7%) subject to achieving the High Water Mark ("HWM"). The total performance fee
amount is subject to a cap of 1.25% of the adjusted net asset value (prior to performance fees) and is
settled fully in cash.
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset
value per share (after adjustment for capital changes and distributions) at the end of any previous
calculation period in which a performance fee was payable, multiplied by the number of shares at the
end of the period.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it is
paid within 60 days of the balance date.
Performance fees paid to the Manager are recognised as an expense in the Statement of
Comprehensive Income when incurred.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable
monthly in arrears.
(i) Fees earned and payable:
2026
$000
2025
$000
Fees earned by the Manager for the year ended 31 March
Management fees 4,013 6,080
Administration services 152 15 6
Operating expenses 4 ,16 5 6,236
For the year ended 31 March 2026, the Manager did not achieve a return in excess of the performance
fee hurdle return (31 March 2025: No excess returns were generated). Accordingly, the Company has
not expensed a performance fee for the year ended 31 March 2026 (31 March 2025: Nil).
Fees payable to the Manager at 31 March
Management fees 471 507
Administration services 13 13
Related party payables 484 520
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NOTE 10 RELATED PARTY INFORMATION CONTINUED
(ii) Related Party Receivables
2026
$000
2025
$000
Fees receivable from the Manager 31 March
Management fee credit note1,901 -
Related party receivable1,901-
Fisher Fund's management fee was calculated and invoiced at 1.25% of gross asset value,
with a balance date adjustment to reduce the management fee to 0.85% as the gross return
underperformed the NZ 90 Day Bank Bill Index by 4 percentage points (31 March 2025: No
adjustment as there was no underperformance). The Company has an outstanding management
fee credit of $1,900,741 to offset against future management fee expenses (31 March 2025: Nil).
(iii) Investment transactions with related parties
Off-market transactions between Kingfish and other funds managed by Fisher Funds take place
for the purposes of rebalancing portfolios without incurring brokerage costs. These transactions
are conducted after the market has closed at last sale price. There were no purchases for the year
ended 31 March 2026 (31 March 2025: $976,992) and sales totalled $258,391 (31 March 2025:
$102,417).
b. Directors
Kingfish considers its Board of Directors ("Directors") key management personnel. Kingfish does not
have any employees.
During the financial year the Directors earned fees for their services of $209,014 inclusive of
unclaimable GST (31 March 2025: $203,011). The Directors' fee pool was $185,500 exclusive of GST,
if any, for the year ended 31 March 2026 (31 March 2025: $185,500). There were no Director fees
payable at the end of the financial year (31 March 2025: Nil).
The Directors held shares in the Company at 31 March 2026 which total 0.04% of total shares on
issue (31 March 2025: 0.05%). The Directors held 0.03% of total warrants in the Company as at 31
March 2026 (31 March 2025: Nil, as there were no warrants on issue).
Dividends of $13,220 (31 March 2025: $19,612) were also received by Directors or their associates as
a result of their shareholding during the financial year.
NOTE 11 FINANCIAL RISK MANAGEMENT
The Company is subject to a number of financial risks which arise as a result of its investment
activities, including market risk, credit risk and liquidity risk.
The Management Agreement between Kingfish and Fisher Funds details permitted investments.
Financial instruments currently recognised in the financial statements also comprise cash and cash
equivalents, receivables and trade and other payables.
Market Risk
All equity investments present a risk of loss of capital, often due to factors beyond the Company's
control such as competition, regulatory changes, commodity price changes and changes in general
economic climates domestically and internationally. The Manager moderates this risk through
careful stock selection, diversification and daily monitoring of the market positions. For corporate
governance purposes there is also regular reporting to the Board of Directors and Investment
Committee. In addition, the Manager has to meet the criteria of authorised investments within the
prudential limits defined in the Management Agreement.
The maximum market risk resulting from financial instruments is determined as their fair value.
Kingfish considers that the market prices of the investments factor in climate change impacts and,
as such, no adjustment has been made to balances or transactions in these financial statements as
a result of climate change.
FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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Price Risk
Price risk is the risk of gains or losses from changes in the market price of investments. The
Company is exposed to the risk of fluctuations in the underlying value of its listed portfolio
companies. The following companies individually comprise more than 10% of Kingfish’s total
investment assets at 31 March 2026, and therefore fluctuations in the value of these portfolio
companies will have a greater impact on the overall investments balance.
2026 2025
Fisher and Paykel Healthcare Corporation Limited19%18%
Infratil Limited17%14%
Interest Rate Risk
Interest rate risk is the risk of movements in local interest rates. The Company is exposed to the risk
of gains or losses or changes in interest income from movements in local interest rates. There is no
hedge against the risk of movements in interest rates.
The Company may use short-term fixed rate borrowings to fund investment opportunities. There
were no borrowings at 31 March 2026 (31 March 2025: Nil).
Currency Risk
Currency risk is the risk that the fair value or future cash flows of an investment will fluctuate
because of changes in foreign exchange rates. The Company generally holds assets denominated in
New Zealand dollars and is therefore not directly exposed to currency risk. The portfolio companies
that Kingfish invests in may be affected by currency risk that may impact on the market value of the
underlying portfolio company.
Sensitivity Analysis
The table below summarises the impact on net operating profit after tax and shareholders' equity
to reasonably possible changes in the carrying value of financial instruments to market risk
exposure at 31 March as follows:
2026
$000
2025
$000
Price risk
1
Investments at fair value
through profit or loss
(listed) Carrying value 422,093 4 5 4 ,16 3
Impact of a 20% change in market prices: +/- 84,419 90,833
Interest rate risk
2
Cash and cash
equivalents Carrying value 7, 0 16 15 , 3 3 9
Impact of a 1% change in interest rates: +/- 70 15 3
An increase/(decrease) in market prices and interest rates would increase/(decrease) profit after tax
and shareholders' equity.
1
A variable of 20% is considered appropriate for market price risk sensitivity analysis based on historical price
movements.
2
A variable of 1% was selected as this is a reasonably expected movement based on historical volatility. The
percentage movement for the interest rate sensitivity relates to an absolute change in interest rate rather than
a percentage change in interest rate.
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NOTE 11 FINANCIAL RISK MANAGEMENT CONTINUED
Credit Risk
Credit risk is the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company. In the normal course of its business, the Company is exposed to
credit risk from transactions with its counterparties.
Listed securities are held by an independent custodian, Apex Investment Administration (NZ)
Limited. All transactions in listed securities are paid for on delivery according to standard settlement
instructions and are normally settled within three business days. Dividends receivables are due
from listed New Zealand companies and are normally settled within a month after the Ex-Dividend
date.
The Company measures credit risk and expected credit losses using probability of default, exposure
at default and loss given default. Management considers both historical analysis and forward
looking information in determining any expected credit loss. At balance date, cash at bank was held
with counterparties with a credit rating of S&P AA- or equivalent. Receivables are normally settled
within three business days. Management considers the probability of default to be close to zero as
the counterparties have a strong capacity to meet their contractual obligations in the near term. As
a result, no loss allowance has been recognised based on 12-month expected credit losses as any
such impairment would be wholly insignificant to the Company.
The maximum credit risk of financial assets is deemed to be their carrying amount as reported in
the Statement of Financial Position.
Other than cash at bank, short-term unsettled trades and dividends receivable, there are no
significant concentrations of credit risk. The Company does not expect non-performance by
counterparties, therefore no collateral or security is required.
Liquidity Risk
Liquidity risk is the risk that the assets held by the Company cannot readily be converted to cash
in order to meet the Company's financial obligations as they fall due. The Company endeavours to
invest the proceeds from the issue of shares in appropriate investments while maintaining sufficient
liquidity (through daily cash monitoring) to meet working capital and investment requirements. All
trade and other payables have contractual maturities of 3 months or less.
Liquidity to fund investment requirements can be augmented through the procurement of a debt
facility from a registered bank to a maximum value of 20% of the gross asset value of the Company.
There were no such debt facilities at 31 March 2026 (31 March 2025: Nil).
There have been no subsequent events to suggest any issues with satisfying working capital and
investment requirements.
Capital Risk Management
The Company’s objective is to prudently manage shareholder capital (share capital, reserves,
retained earnings, accumulated deficits) and borrowings (if any).
In order to maintain or adjust the capital structure, the Company may adjust the amount of
dividends paid to shareholders, return capital to shareholders, undertake share buybacks, issue new
shares and secure borrowings in the short term.
The Company was not subject to any externally imposed capital requirements during the year.
Since announcing a long-term distribution policy in June 2009, the Company continues to pay 2% of
average net asset value each quarter in dividends.
FOR THE YEAR ENDED 31 MARCH 2026
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
KINGFISH LIMITED
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NOTE 12 NET ASSET VALUE
The net asset value of Kingfish as at 31 March 2026 was $1.20 per share (31 March 2025:
$1.35) calculated as the net assets of $431,369,602 divided by the number of shares on issue of
358,844,193 (31 March 2025: net assets of $469,898,340 and shares on issue of 348,300,808).
NOTE 13 COMMITMENTS AND CONTINGENT LIABILITIES
There were no unrecognised contractual commitments or contingent liabilities as at 31 March 2026
(31 March 2025: Nil).
NOTE 14 SUBSEQUENT EVENTS
On 1 May 2026, 1,218,425 new Kingfish warrants valued at $1,510,847 were exercised at $1.24 per
warrant, and the remaining 85,743,099 warrants lapsed.
On 25 May 2026, the Board declared a dividend of 2.49 cents per share. The record date for this
dividend is 4 June 2026 with a payment date of 26 June 2026.
For recent share price, net asset value and performance, please visit
kingfish.co.nz/investor-centre/portfolio-performance (note, this information is unaudited).
There were no other events which require adjustment to or disclosure in these financial statements.
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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.

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.
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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.
We 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.
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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.
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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
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SHAREHOLDER INFORMATION
SPREAD OF SHAREHOLDERS AS AT 15 MAY 2026
Holding Range# of Shareholders# of Shares% of Total
1 to 999458171,2260.05
1,000 to 4,9999122,549,8980.71
5,000 to 9,9998355,965,1221.66
10,000 to 49,9992, 3615 6 , 6 8 2 ,12 215 .74
50,000 to 99,9996894 7, 6 6 5 , 8 0 513.24
100,000 to 499,999684133,254,2823 7. 0 0
500,000 +94113 ,7 74 ,16 331.60
TOTAL6,033 360,062,618100%
20 LARGEST SHAREHOLDERS AS AT 15 MAY 2026
Holder Name# of Shares% of Total
NEW ZEALAND DEPOSITORY NOMINEE LIMITED <A/C 1 CASH
ACCOUNT>13,153,0913.65
STEPHEN JAMES THORNTON & BERNARDINA ALEIDA MARIA
SCHOLTEN & MACALISTER MAZENGARB TRUST COMPANY LIMITED
<THE THORNTON-SCHOLTEN FAMILY A/C>5 ,9 3 7, 2 111.65
CUSTODIAL SERVICES LIMITED <A/C 4>5, 313,9371.4 8
ASB NOMINEES LIMITED <ACCOUNT 340941 - ML>3,599,6971.0 0
DAVID HUGH BROWN3,026,0000.84
FNZ CUSTODIANS LIMITED2,806,2150.78
LEVERAGED EQUITIES FINANCE LIMITED2,552,3010.71
SEATON STUART JAMES BENNY2 , 5 0 7, 3 6 00.70
ENE TRUSTEES LIMITED2,500,0000.69
FORSYTH BARR CUSTODIANS LIMITED <1-CUSTODY>2,444,5390.68
CUSTODIAL SERVICES LIMITED <A/C 6>2,055,9380.57
COLIN DAVID CRAIG BENNETT1,838,7820.51
ASB NOMINEES LIMITED <146873 A/C>1,831,1280.51
MURRAY JOHN LOMBARD ALDRIDGE & LESLEY ANN ALDRIDGE1,811,9270.50
PAUL HUGHES & TAJRENA ALEXI & CR TRUSTEES LIMITED <PHTA
INVESTMENT A/C>1,800,0000.50
COLIN DAVID CRAIG BENNETT & CLARICE AI LING BENNETT <C D C &
C A L BENNETT FAMILY A/C>1,568,7090.44
NEIL BARRY ROBERTS1,475,0000.41
BRIAN MAXWELL CURRIE1,455,0050.40
STEPHEN THOMAS WRIGHT & JANICE ALISON WRIGHT1,4 49,55 40.40
CHARLES WATSON HARREX & MARIE HELEN HARREX1,4 41,45 30.40
TOTAL6 0 , 5 6 7, 8 4 716.82%
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