KFL – August 2026 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and adjusted
NAV return in July were +0.7% and +0.6% respectively, versus the
New Zealand shares benchmark S&P/NZX 50 return of +0.6%.
a2 Milk (-6%) provided an update which confirmed next month it
will deliver results to 30 June 2026 "in line with, or slightly ahead
of" its April guidance given its "product availability issues have
now substantially been resolved".
Electricity companies Contact (-2%), Meridian (-2%), and
Mercury (-3%) all released their operating updates, taking these
disclosures through to their June financial year end. Performance
for the year has been strong across the sector, given the majority
of their short-term sales are at fixed prices, and there is ample
water in the hydro lakes, which reduced the need to buy costly
cover from thermal generators as occurred during the dry winter
of 2024. Looking longer term, long-dated wholesale futures prices
have finally eased back to levels similar to the companies’ long
run expectation.
Infratil (-4%) released its quarterly independent valuation update
for CDC Data Centres, confirming Infratil's approximately 50%
stake was deemed to have risen in value from A$7.5 billion to
A$9.2 billion during the quarter. The increase reflects the large
555-megawatt contract announced in May, further leasing activity,
and meaningful progress on new capacity at its Marsden Park
(New South Wales) and Laverton (Victoria) campuses. The future
build pipeline disclosed was extended by 6 years out to 2040
which reveals it expects to build an additional 1.3 gigawatts in
this window. This would take the total to almost 4 gigawatts, from
1 gigawatt contracted today.
Mainfreight (+13%) delivered an impressive trading update at
its annual meeting, a stark contrast to the last couple of annual
meetings that have seen results meaningfully down year-on-year.
Profit before tax was up an impressive 78% on a year ago through
the first 16 weeks of the new financial year. Admittedly there was
a "low bar" given the poor performance last year, but it is also
comfortably the strongest start to the year since the COVID-era
boosted performance of 4 years ago. Profit growth was broad-
based, with all three products and all five geographies delivering
double-digit gains. The most evident improvement was in the
New Zealand business, which has heavily invested in capacity
during the recent downturn (in both Transport and Warehousing),
incurring overhead costs ahead of gaining new business to fill the
capacity. Recent customer wins highlighted in the May result are
now driving stronger performance. The company has also been
matching its sales-led mentality with an apparent stronger focus
on "return on revenue", being profitability from each dollar of
revenue. It is clear that the business is still far from content in the
progress in some areas, particularly the US Transport division, but
continues to strive to become a much larger and more profitable
business in every geography. As shareholders it is pleasing to see
the discipline in driving better performance before its businesses
earn the capital for further expansion.
Summerset (-4%) delivered a solid June quarter trading update,
with total sales of 448 occupation rights, comprising 221 new
sales and 227 resales. New sales were broadly flat on the prior
year, but resale activity remains strong, up 26% versus the
corresponding quarter last year, as its growing portfolio continues
to mature. Encouragingly, the flagship St Johns village in
Auckland continues to perform strongly. Management reaffirmed
its expectation that development margins will remain within the
long-term target range of 20% to 25%. The team also indicated
resale margins should maintain at similar levels to 2025,
suggesting the company continues to achieve modest unit pricing
growth despite house prices tracking sideways so far in 2026.
Summerset modestly reduced its New Zealand construction
programme for 2026 by 50 units to between 600 and 650,
reflecting a desire to control stock levels and manage debt
against a more cautious domestic economic outlook. Continued
progress in Australia means the company is on track to deliver
100 to 150 units there.
1
Share Price Discount to NAV (using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
August 2026
KFL NAV
$
1.28
DISCOUNT
1
5.4
%
as at 31 July 2026
$
1.21
SHARE PRICE
Matt Peek
Senior Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 July 2026
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
15-25 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE FEE
HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$1.10
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
363m
MARKET CAPITALISATION
$440m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 July 2026
Health Care31%
Industrials26%
Financials16%
Utilities14%
Information Technology5%
Consumer Staples5%
Cash2%
Materials1%
JULY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
MAINFREIGHT
+13
%
DELEGAT
+10
%
EBOS GROUP
+6
%
a2 MILK COMPANY
-6
%
PORT OF TAURANGA
-9
%
5 LARGEST PORTFOLIO POSITIONS as at 31 July 2026
FISHER & PAYKEL
HEALTHCARE
19
%
MAINFREIGHT
16
%
AUCKLAND
INTERNATIONAL AIRPORT
9
%
INFRATIL
8
%
SUMMERSET
7
%

33
TOTAL SHAREHOLDER RETURN to 31 July 2026
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+1.0%+1.8%(2.3%)+5.6%(1.5%)
Adjusted NAV Return+0.6%+8.5%+2.2%+5.5%+1.9%
Portfolio Performance
Gross Performance Return+0.7%+9.1%+3.6%+7.1%+3.3%
S&P/NZX50G Index+0.6%+6.2%+6.8%+4.3%+1.7%
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for
using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after
expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into
shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders
exercise their warrants, (if they were in the money), at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP
measures. The calculations applied to non-GAAP measures are described in the Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at
kingfish.co.nz/about-kingfish/kingfish-policies.
PERFORMANCE as at 31 July 2026
Share Price/Total Shareholder Return
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Mar
2004
Share Price Total Shareholder Return
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2016
Mar
2017
Mar
2018
Mar
2020
Mar
2019
Mar
2021
Mar
2023
Mar
2022
Mar
2024
Mar
2025
Mar
2026

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Kingfish Limited and its officers and directors make no representation as to its accuracy or
completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from a financial
adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Kingfish Limited or its portfolio companies, please note that fund
performance can and will vary and that future results June have no correlation with results historically achieved.
Kingfish Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094
Email: enquire@kingfish.co.nz | www.kingfish.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT KINGFISH
Kingfish is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
15 and 25 quality growing New
Zealand companies through a
single, professionally managed
investment. The aim of Kingfish
is to offer investors competitive
returns through capital growth
and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in June 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Kingfish may include dividends
received, interest income, investment gains and/or
return of capital
»Shareholders who prefer to have increased capital rather
than a regular income stream have the opportunity to
participate in the company’s dividend reinvestment plan
(DRP)
»Shares issued to DRP participants are at a 3% discount
to market price
»Kingfish became a portfolio investment entity on
1 October 2007. As a result, dividends paid to New
Zealand tax resident shareholders have not been subject
to further tax
MANAGEMENT
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. Kingfish’s
portfolio is managed by Fisher
Funds Management Limited. Matt
Peek (Senior Portfolio Manager)
and Zoie Regan (Senior Investment
Analyst) have prime responsibility
for managing the Kingfish portfolio.
Together they have significant
combined experience and are
very capable of researching and
investing in the quality New Zealand
companies that Kingfish targets.
Fisher Funds is based in Takapuna,
Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Fiona Oliver (Chair),
David McClatchy, Dan
Coman and Simon Flood.
Share Buyback Programme
»Kingfish has a buyback programme in place allowing it (if
it elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
Warrants
»Warrants put Kingfish in a better position to grow further,
operate efficiently, and pursue other capital structure
initiatives as appropriate
»A warrant is the right, not the obligation, to purchase an
ordinary share in Kingfish at a fixed price on a fixed date
»There are currently no Kingfish warrants on issue