Barramundi 2026 Annual Report

ANNUAL REPORT
2026
30 JUNE

03 About Barramundi
06 Directors’ Overview
10 Manager’s Report
16 The STEEPP Process
18 Barramundi Portfolio Companies
26 Board of Directors
27 Corporate Governance
Statement
36 Directors’ Statement of
Responsibility
37 Financial Statements
56 Independent Auditor’s Report
60 Shareholder Information
62 Statutory Information
65 Directory
CONTENTSCALENDAR
Next Dividend Payable
Interim Period End (1H27)
25 SEPTEMBER 2026
31 DECEMBER 2026
Annual Shareholders’ Meeting
Ellerslie Event Centre, Auckland
10:30am
30 OCTOBER 2026
2
Barramundi Limited
|

Annual Report
|
2026

This report is dated 15 September 2026 and is signed on behalf of the Board of
Barramundi Limited by Fiona Oliver, Chair, and Dan Coman, Director.
Fiona Oliver, ChairDan Coman, Director
ABOUT BARRAMUNDI
Barramundi Limited (“Barramundi” or “the Company”) is a listed investment
company that invests in growing Australian companies. The Barramundi 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. Barramundi listed on NZX Main Board on
26 October 2006 and may invest in companies that are listed on an Australian stock
exchange (with a primary focus on those outside the top 20 at the time of investment)
or unlisted companies.
INVESTMENT OBJECTIVES
The key investment objectives of Barramundi 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 Australian quality, growth stocks through
a single tax efficient investment vehicle.
INVESTMENT APPROACH
The investment philosophy of Barramundi 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 16 and 17).
3
Barramundi Limited
|

Annual Report
|
2026

4
Barramundi Limited
|

Annual Report
|
2026
Dividends paid during the year ended 30 June 2026 (cents per share)
Total for the year ended 30 June 2026 5.25 cents per share (2025: 6.00 cps)
DIVIDENDS PAID
26 September
2025
1.41
19 December
2025
1.43
27 March
2026
1.28
26 June
2026
1 .13
For the 12 months ended 30 June 2026
AT A GLANCE
-$42 .9M
Net loss
-17.0
%
Gross performance return
-16 .2
%
Total shareholder return
As at 30 June 2026
$0.53
Share price
$0.53
NAV per share
-18 .2
%
Adjusted NAV return

5
Barramundi Limited
|

Annual Report
|
2026
As at 30 June 2026
SECTOR SPLIT
As at 30 June 2026
LARGEST INVESTMENTS
6
%
Macquarie
6
%
BHP
6
%
Xero
6
%
WiseTech
5
%
AUB
Financials 29%
Information Technology 20%
Communication Services 14%
Healthcare 11%
Industrials 10%
Materials 9%
Consumer Discretionary 5%
Cash and FFX 2%
These are the five largest percentage holdings in the Barramundi portfolio
1
. The full Barramundi portfolio and percentage holding
data as at 30 June 2026 can be found on page 15.
1
Percentage holdings have been rounded to the nearest 1%.

DIRECTORS’ OVERVIEW
“We are extremely
disappointed
to report that
Barramundi has
ended the 2026
financial year with a
loss of $42.9m. The
worst performance
by the Company in
its 20-year history.”
Fiona Oliver
Chair
6
Barramundi Limited
|

Annual Report
|
2026

The 2026 financial year was challenging for
the Barramundi portfolio and disappointing
for shareholders, with many portfolio
holdings significantly underperforming the
broader Australian sharemarket. Artificial
intelligence (AI), global trade developments
and geopolitical factors continued to
disrupt markets, individual stocks, and the
Barramundi portfolio.
For the financial year ended 30 June 2026,
Barramundi recorded a net loss after expenses, fees,
and tax of $42.9m, representing an adjusted net asset
value (NAV) return
1
of -18.2%. Barramundi’s gross
performance return
2
was -17.0%, compared with
the Company’s benchmark, the S&P/ASX 200 Index
hedged 70% to NZD, which returned +9.2%.
Barramundi materially underperformed its benchmark.
Several industrial investments, including a quarry
operator and a previously held insurance restoration
provider, contributed positively during the year.
However, these gains were more than offset by
underperformance in the portfolio’s information
technology and classified advertising holdings.
Investments in information technology and classified
advertising significantly weighed on returns amid
investor concerns that advances in AI could disrupt
their businesses. A strong rally in Australian
commodity prices also lifted resource company share
prices, further detracting from Barramundi’s relative
performance, as the portfolio had limited exposure to
the sector until diversified miners BHP and Rio Tinto
were added in late 2025.
Despite these challenges, the board has noted
robust earnings growth across many portfolio
companies, which is supportive of improved portfolio
performance in future.
During the 2026 financial year, Barramundi’s share
price fell from $0.69 to $0.53, resulting in a total
shareholder return
3
of -16.2%, reflecting the change
in share price, dividends paid per share, and the
impact of warrants.
REVENUES AND EXPENSES
The 2026 net loss comprised losses on investments
of $46.0m, dividend, interest, and other income of
$6.6m, less operating expenses and tax of $3.5m.
Overall operating expenses were $1.3m lower than the
previous financial year as the management fee was
$1.3m lower due to a management fee rebate
4
.
DIVIDENDS
We have maintained the Company’s distribution policy
of 2% of NAV per quarter. We recognise that the
regularity of the tax-effective quarterly dividends is
important for many shareholders. Over the 12-month
period to 30 June 2026, Barramundi paid 5.25 cents
per share in dividends.
The next dividend will be 1.07 cents per share,
payable on 25 September 2026 with a record date of
3 September 2026.
Barramundi 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. Full details of the dividend
reinvestment plan
5
can be found in the Barramundi
Dividend Reinvestment Plan Offer Document, a copy
of which is available at barramundi.co.nz/investor-
centre/capital-management-strategies.
WARRANTS
On 7 August 2025, 85.2m new warrants were
allotted. One new warrant was issued to eligible
shareholders for every four shares held on the record
date (6 August 2025). The warrants were exercisable
on 7 August 2026 at $0.65 per warrant. On the
exercise date 0.08m warrants out of a possible 85.2m
warrants were converted into Barramundi ordinary
shares. The new shares were allotted to warrant
holders on 12 August 2026.
SHARE BUYBACKS
Share buybacks
6
are another part of Barramundi’s
capital management programme. Share buybacks only
occur when the share price to NAV discount exceeds
6%. During the 12 months to 30 June 2026 there
were no share buybacks (FY25:3.4m).
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
Gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses,
fees, and tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
3
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.
4
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, down to a minimum management fee of 0.75%pa.
5
Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Barramundi or Computershare
Investor Services Limited.
6
Shares purchased under the buyback programme are held as treasury stock and subsequently utilised under the dividend
reinvestment plan.
7
Barramundi Limited
|

Annual Report
|
2026

DIRECTORS’ OVERVIEW CONTINUED
COMPANY PERFORMANCE
FOR THE YEAR ENDED 30 JUNE202620252024202320225 YEARS
(ANNUALISED)
Total Shareholder Return(16.2%)9.9%7.1%(1.1%)(23.5%)(5.7%)
Adjusted NAV Return(18.2%)3.9%14.5%2 3.1%(16.2%)0.1%
Dividend Return
1
8.2%8.7%8.2%7. 5%7.1%
Net (Loss)/Profit($42.9m)$7.9 m$28 .1m$38.3m($34.6m)
Basic Earnings per Share(12.45)cps2.49cps10.07cps14 .15 c p s(13.99)cps
OPEX Ratio1.1%1.6%1.9%2.1%1.2%
OPEX Ratio (before performance fee)1.1%1.6%1.7%1.7%1.2%
AS AT 30 JUNE20262025202420232022
NAV (as per financial statements)$0.53$0.71$0.76$0.72$0.64
Adjusted NAV$2.60$3.18$3.06$2.68$2.17
Share Price$0.53$0.69$0.69$0.71$0.77
Warrant Price$0.001-$0.035-$0.025
Share Price Discount/(Premium) to NAV
2
0.0%2.8%7.9%1.4%(21.9%)
BARRAMUNDI MANAGEMENT
AGR EEMENT
The current Management Agreement that Barramundi
has with the Manager was renewed in 2021 for a
five-year term to 25 October 2026. At the time of
writing this Directors’ Overview the Barramundi
Board is engaged in a comprehensive review of the
performance of the Manager of its obligations under
the Management Agreement. The outcome from that
review will not be known until after the issuance of
this annual report.
DIRECTOR RETIREMENT
During the 2026 financial year we farewelled two
long serving and hard-working directors, with Carol
Campbell retiring from the Board 31 December 2025
after almost 14 years, and Andy Coupe retiring from
the Board 30 June 2026 after 13 years’ service, the
last 4 years as Chair. Both Andy and Carol made
significant contributions to the governance of the
Company, and we wish them both well for the future.
ANNUAL SHAREHOLDERS’ MEETING
The 2026 annual shareholders’ meeting will be held
on Friday 30 October 2026 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 the meeting invited to cast their vote on the
Company resolutions prior to the meeting.
CONCLUSION
The 2026 financial year has been very disappointing for
Barramundi. Changeable market conditions, like those
experienced over the period, continue to reinforce
a strategy of focusing on well-managed 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 30 October.
On behalf of the board,
Fiona Oliver, Chair
Barramundi Limited
15 September 2026
8
Barramundi Limited
|

Annual Report
|
2026

NON-GAAP FINANCIAL INFORMATION
Barramundi uses the following non-GAAP measures:
• 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 net asset value,
• gross performance return – the Manager’s portfolio performance in terms of stock selection and currency
hedging 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 Barramundi’s assets used to cover operating expenses, excluding tax and
brokerage, and
• dividend return – how much Barramundi pays out in dividends each year relative to its average share price
during the period. (Dividends paid by Barramundi may include dividends received, interest income, investment
gains, and/or return of capital.)
All references to the above measures in this Annual Report are to such non-GAAP measures. The calculations applied
to non-GAAP measures are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy
is available at barramundi.co.nz/about-barramundi/barramundi-policies/.
TOTAL SHAREHOLDER RETURN
PORTFOLIO PERFORMANCE
FOR THE YEAR ENDED 30 JUNE202620252024202320225 YEARS
(ANNUALISED)
Gross Performance Return(17. 0%)6.0%17. 4%26.4%(15.3%)2.0%
Benchmark Index
3
9.2%13.5%13.1%14.8%(5.3%)8.8%
Performance Fee Hurdle
4
9.8%11.7%12.8%11.1%7. 8%
NB: All returns have been reviewed by an independent actuary.
1
Barramundi’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
Index: S&P/ASX 200 index (hedged 70% to NZ$). Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (the change in NZ 90 Day Bank Bill Index +7%).
Share Price/Total Shareholder Return
$4.00
$3.50
$3.00
$2.50
$2.00
$1.50
$1.00
$0.50
$0.00
Oct
2006
Oct
2007
Oct
2011
Oct
2013
Oct
2014
Oct
2015
Oct
2008
Oct
2009
Oct
2010
Oct
2016
Oct
2020
Oct
2012
Oct
2022
Oct
2023
Oct
2024
Oct
2025
Share Price Total Shareholder Return
Oct
2017
Oct
2018
Oct
2019
Oct
2021
9
Barramundi Limited
|

Annual Report
|
2026

MANAGER’S REPORT
Robbie Urquhart
Senior Portfolio Manager
“FY26 has clearly
been a very
tough year for
the Barramundi
portfolio.”
10
Barramundi Limited
|

Annual Report
|
2026

INVESTMENT SUMMARY AND
SECTOR REVIEW
Barramundi had a very disappointing FY26, falling
-17.0% in gross performance for the year (return
before expenses, fees, and tax). This was well shy
of both the S&P/NZX Bank Bill 90-day index +7%
threshold of +9.8% and the benchmark ASX200 index
(hedged 70% to NZ$) which returned +9.2%.
FY26 was characterised by significant technological
developments in artificial intelligence (“AI”) and
variable market perceptions of what AI means
for companies’ growth. Other themes included
geopolitical instability impacted by an ever-changing
US tariff environment and conflict in the Middle East,
as well as broad and persistent inflationary pressures.
This in turn kept upward pressure on interest rates
globally. These global themes helped drive the
significant dispersion of returns across the ASX200
market during the financial year.
The resources heavy Materials sector, the biggest
sector on the ASX200, was by far the best performing
part of the Australian share market, returning +47%
over the year. Geopolitical tensions and inflation allied
with resilient global economic growth underpinned
the strength in a range of commodity prices over
the year. This includes bulk commodities (e.g. iron
ore, coking coal) and base (e.g. copper) and precious
metals (e.g. gold, silver). The gold price for example
(also benefitting from strong central bank demand)
rose 90% in the year. This backdrop drove the strong
returns across the gold, lithium, coal, copper, and iron
ore miners and explorers.
Disruption to global oil supply (because of the
Middle East conflict) and worries about the impact
global instability would have on economic growth
supported the outperformance of Energy (+9%) and
the defensive Consumer Staples (+10%) and Utilities
(+6%) sectors.
Conversely, poor financial performance from CSL and
Cochlear (both are positions for Barramundi), coupled
with broader headwinds for healthcare companies
globally resulted in Healthcare (-37%) being the worst
performing sector in the year. This was particularly
painful for Barramundi given that Healthcare has
traditionally acted as a defensive buffer during times
of heightened global uncertainty.
Information Technology (-37%) and Communication
Services (-12%) also performed poorly in the year.
In both cases, the share price weakness of sector
constituents was largely driven by investor fears that
AI developments will in time erode the earnings
power of software as well as traditional online
classifieds businesses.
Within these extremes of sector out/under-
performance, the Financials sector fell -2% over the
year. Dominated by the four major Australian banks,
Financials is the largest sector on the ASX200. After a
strong run of share price performance in recent years,
the banks delivered a mixed blend of returns in FY26.
ANZ (+24% in A$) performed the best after its new
CEO’s performance improvement plans (including cost
cuts) were well received by the market. CBA (-7%) on
the other hand fell modestly, more a reflection of the
fact its valuation had become expensive rather than
because of any operational issue at the bank.
THE BARRAMUNDI PORTFOLIO
YEAR IN REVIEW
Reflecting on the blend of sector performance in the
year, we appreciate that there will be times when
commodity prices are buoyant. At these points in the
cycle, mining (and energy) companies will generally
outperform the Barramundi portfolio. While we did
add high-quality diversified miners BHP and Rio Tinto
to the portfolio during the year, many miners don’t fit
our Quality & Growth (STEEPP) investing style. They
are hostages to commodity price cycles and often do
not compound capital over long periods of time.
Separately, we are disappointed in the business
performance of our healthcare companies. Their
management teams could have done a better job,
and on reflection we should have cut our weighting in
healthcare faster and earlier than we did.
In the main, we are happy with the business
performance of our software, classified advertising,
and insurance broking investments – all of which saw
their share prices fall sharply because of AI disruption
fears. We address these fears, and our perspectives of
them in the review below.
FY26 has clearly been a very tough year for the
Barramundi portfolio and the “growth” investment
style more generally and we have sought to address
these headwinds in the changes made to our
portfolio over the year. We have broadened the mix
of companies we have in the portfolio. This has added
to diversification and to our balance of positions while
also preserving potential for portfolio performance
to rebound as (particularly our AI-affected positions)
portfolio companies deliver our expected earnings
growth in coming years.
We have confidence that our portfolio and investment
style will rebound and deliver for shareholders, as it
has over the majority of Barramundi’s 20+ years of
history.
AI disruption fear is largely about the future, not
about current financial performance
The share prices of our key information technology/
software companies Wisetech (-69% in A$) and
Xero (-60%) fell sharply during FY26. Our classified
advertising companies, including SEEK (-42%), CAR
Group (-28%), and REA (-41%), didn’t fare much
bet ter.
11
Barramundi Limited
|

Annual Report
|
2026

MANAGER’S REPORT CONTINUED
These companies have generally been strong
performers for Barramundi over many years mainly
because they retain leadership positions in their
respective markets, have strong economic moats
around them (including network effects, high
switching costs, brand strength), and have been well
run.
The proliferation of new AI large language models
(“LLMs”) and affiliated AI-coded software products
changed the market’s perception of these businesses’
earnings power in the future. Currently, these
companies are all delivering strong growth. Wisetech’s
underlying revenue grew +12% in 1HFY26 and Xero’s
grew 21% over FY26. Although the job market
hasn’t been easy in the last year, online employment
advertising business SEEK grew ‘yield’ – how much it
gets per job advert +17% in the year, an outstanding
achievement.
Investors acknowledge these companies are
performing well now but they worry what AI means
for earnings growth in five years hence (for example,
could an AI start-up create a better product than Xero
at a lower price?).
In Wisetech’s case, we acknowledge that governance
disruption related to controversy in the personal life
of Wisetech’s founder also continued to weigh on the
share price. However, we believe that the major driver
of its share price weakness is the AI disruption fear
rather than the governance challenges. Governance
and succession transition continues to improve with
the founder having been recently replaced by a
capable and credible independent Chair. There are
likely to be a handful of additional executive and
board changes in the coming year, and we think the
governance concerns will continue abating.
Specific to AI disruption, based upon our research
and conversations with the management teams, we
believe that in each case our software & classifieds
companies are continually improving their products
and value proposition to customers – including
investing heavily in AI related capability. They are not
standing still. These companies have large proprietary
databases which help inform how they develop and
deliver products, services, and ultimately value to their
clients. Their products are also highly integrated into
the operations of clients and their daily workflow,
which is a significant barrier to switching.
In Xero’s case, for example, their business customers
require a high degree of accuracy to compile accounts,
file tax returns, and to gain insights into the financial
health of their businesses. Government authorities
are not normally understanding if tax returns are
inaccurate. Xero’s investment in AI capability is
making this work far more efficient for clients, saving
them many hours in completing their accounts and
managing payments and cash flows. The proprietary
nature of Xero’s large database restricts third party
AI models from providing the same degree of insight,
accuracy and client trust.
Wisetech’s heavy investment in technology, including
AI, is also benefitting its logistics customers
who operate in a global trade environment with
tremendous regulatory complexity (e.g. different
customs regulations for different countries).
The customer costs and risks to switch from Xero or
Wisetech’s products to start-up AI equivalents are
material.
In a like vein, earnings of classified advertising
companies, REA, SEEK, and CAR Group should in
our view prove to be resilient to AI threats. These
companies also control the key data required by
customers using their websites. They have strong
brand presence in their respective markets. And like
Xero and Wisetech, they have embraced AI by building
their own AI functionality in augmenting the best that
ChatGPT or other LLMs can provide to enhance their
customers’ experience.
From a portfolio positioning standpoint, we like the
long-term prospects of our software and classifieds
businesses and think they are attractively priced. But
we also acknowledge that it could take some time for
the AI disruption debate to be settled in the market’s
mind. And we acknowledge that given the pace of
change in AI, the breadth of their respective economic
moats or long-term pricing power may be reduced.
However these companies remain very relevant
“quality growth” opportunities.
We have modestly reduced our weighting across these
businesses. That said, we retain meaningful exposure
to benefit from performance if (as expected) they
continue to deliver earnings growth and allay the
market concerns regarding AI disruption.
We have reduced our weighting in healthcare
companies given disappointing performance
Healthcare companies Cochlear (-59%) and CSL
(-51%) both delivered a series of poor financial results
during FY26.
Cochlear’s earnings have been affected by surgeries
being cancelled in their Middle East markets,
and it was impacted by changes in healthcare
reimbursement in the US market. The company had
also rushed to launch a new cochlear implant into the
market which gave them some teething issues. We’ve
done a lot of digging into these dynamics, including
spending time meeting specialists in the US.
We believe the majority of these headwinds will
ultimately prove to be temporary. Cochlear seems
close to resolving the teething issues with its new
product. Within a few months we should see an
improvement in sales outcomes.
12
Barramundi Limited
|

Annual Report
|
2026

CSL’s tough year, in which it consistently missed key
earnings delivery targets across different divisions,
resulted in the board replacing the CEO, CFO, and a
few other management members. CSL is still a global
market leader in collecting blood and manufacturing
plasma-based therapies to treat patients with a wide
array of often rare conditions. It is in a good position
to grow earnings in the future. However, management
has clearly not been executing well in a number of
key areas. On top of that, CSL’s flu division has been
impacted by a shift in the US administration’s stance
on vaccines more generally.
CSL’s key challenges should be addressed with sound
execution by capable management. We believe the
company is taking the right steps in this regard,
including searching for a new CEO. On reflection, we
should have acted faster in reducing our position in
the company when the company first began missing
earnings. CSL’s shares are attractively priced, however
we have reduced our portfolio weighting and are
looking for new management to improve execution
this coming year.
Also, within Healthcare, Resmed (-25%), which makes
devices that treat sleep apnea, also had a tough year
from a share price perspective. However, Resmed had
a great year operationally. It has grown profits and
cash flow robustly. In shades similar to what we’ve
experienced in software with AI-disruption, Resmed’s
share price has been impacted by market concerns
regarding the development of new weight-loss drugs
(GLP-1s) that are growing in popularity. Investors are
concerned that if these drugs cure obesity (which is
one of the causes of sleep apnea), they may reduce
the use of Resmed’s products. To date, there has been
no evidence to suggest that GLP-1 weight loss drugs
are damaging Resmed’s business. If anything, they
may indeed be supporting the flow of new patients
on to treatment. We are comfortable with our Resmed
position and think its prospects are bright.
FY26 was a good year for our mining, industrial,
and financial positions
We reintroduced diversified miners BHP (+40% in A$
since added) and Rio Tinto (+33% since added) to the
portfolio in the year. Both companies are well-run,
large-scale miners with a significant amount of their
earnings being derived from producing iron ore (input
into steel production) and copper (and aluminium in
Rio’s case). Coal, lithium, and potash round out their
commodity portfolios.
Both companies benefit from scale advantages in their
core commodities. They have high-grade, low-cost
mines, which helps buffer the fall in profits during
cyclical downturns. Iron ore is a mature, largely ex-
growth commodity. However, it provides both miners
with a lot of cash to reinvest in the copper, aluminium,
lithium, and potash divisions which are future facing
growth commodities in their own right.
Helped by the huge increase in spending on AI
infrastructure (including data centre development),
the increased electrification of the global economy
underpins the structural growth in demand for copper
(and aluminium). This provides BHP and Rio Tinto
with a good long-term runway for earnings growth.
Tightness in global copper supply has driven a sharp
increase in copper pricing. This has also helped drive
the increase in BHP and Rio’s share prices in the past
year.
BHP and Rio Tinto add diversification and balance to
our portfolio in one of the largest sectors on the ASX.
We were pleased with the performance of Maas
Group (+30%), which we added to the portfolio
in FY25. Through its construction materials and
electrical division, it is well placed to benefit from
growth in infrastructure and electrification investment
in Australia. During the year, it won a substantial
electrical contract to deliver high voltage electrical
infrastructure to data centres. This puts it in a prime
position to win follow-on work as the data centre
build-out in Australia still has many years to run.
Macquarie (+14%), one of our largest positions in
the portfolio, also delivered strong earnings growth
helped by its commodity and global markets division
which benefitted from global gas and energy price
volatility. By the end of FY26, all four of Macquarie’s
divisions (asset management, commodities & global
markets, digital retail bank, and an investment bank)
were performing strongly.
Cooling products manufacturer PWR (+13%) and
industrial and medical gloves manufacturer Ansell
(+6%) both delivered good results against the
backdrop of a difficult environment (given tariffs and
disruption to trade routes) for companies shipping
goods across the world.
Lastly, our portfolio also benefitted from takeover
activity in the year. Insurance remediation services
provider Johns Lyng (+26%) was acquired by private
equity in late 2025. Towards the end of FY26, outdoor
advertising business oOH!Media (-13%) also received
a number of takeover bids from private equity
suitors. In both cases, we suspect that the private
equity firms, like us, are attracted by the longer-term
structural earnings growth tailwinds that benefit both
businesses. With the listed market being more focused
on shorter-term cyclical earnings headwinds, this has
provided acquirors with the opportunity to bid for
these companies at attractive valuations.
13
Barramundi Limited
|

Annual Report
|
2026

MANAGER’S REPORT CONTINUED
OUTLOOK
At the time of writing, the Australian share market
had started FY27 in a mixed fashion. Geopolitical
instability was driving energy prices higher.
This has reintroduced some volatility into share
markets. Investors are rightly concerned about the
consequences for global growth and inflation should
this continue through the rest of the year.
The sharp rise in AI infrastructure spending by large
global technology companies is also attracting debate
– will the owners of the AI large language models
‘compute capacity’ earn the returns to justify the
extent of the spend on infrastructure? As this macro
debate waxes and wanes, so do the share prices
of different subsectors of the technology industry
including our software investments in Australia.
We note that across both our software and classified
advertising investments, these companies start FY27
being very attractively priced versus history, given
the earnings growth on offer. Although the share
price journey is likely to be volatile given the global
AI dynamics referenced above, this stands these
companies in good stead in terms of their outlook
from a share price perspective. These portfolio
companies are also all investing heavily in adding AI
features to their product suites. As this helps drive
their earnings higher over the course of the year and
the market gets further evidence that their businesses
are not being disrupted by AI, it bodes well for their
share price performance.
The Materials sector is a beneficiary of this strong
investment in AI and affiliated infrastructure. FY27
could prove to be another year of reasonable profit
delivery for the mining companies. This bodes well for
our investments in BHP and Rio Tinto.
Domestically, the Australian economy has been
resilient, helped by the global commodity boom.
Unemployment remains low. That said, the country
faces some challenges in FY27 emanating from the
recent budget delivered by the Government. Changes
in the tax treatment of housing investment, including
capital gains tax, are seen as negative for house prices
and mortgage growth. In addition, the increase in
wage rates is likely to weigh on the profitability of
many small and medium-sized businesses (particularly
those operating in hospitality). These factors could
weigh on growth in the domestic economy in the
coming year.
This in turn could weigh on the major banks’ share
price performance in FY27. The major banks are well
run businesses and are still an important part of our
portfolio. However, we remain underweight in our
positioning compared to their index weight.
As with our software companies, our healthcare
shareholdings enter FY27 being very attractively
priced. The defensive nature of their earnings
positions them well in a global economy that faces
some headwinds. However as alluded to above, the
market will be very focused in FY27 on management’s
ability to deliver against the market’s expectation.
Across our remaining mix of industrial and diversified
financials companies, the earnings and share price
drivers for FY27 differ by company. In aggregate, we
are optimistic on their outlook for FY27. Data centre
operator Next DC has signed the largest contracts in
its history in recent months and raised over A$3bn
in funding to facilitate its growth. It is well set up to
grow earnings strongly through the next few years.
Maas Group, as discussed, is well placed to get follow-
on electrical work which could be a meaningful driver
of its earnings in the next year. Pooled pallet operator
Brambles, having had some short-term challenges
in the US this past year, should benefit as these are
progressively solved in the next six months.
Insurance broker AUB Group, like our software
companies, has been impacted negatively and we
believe wrongly by AI-disruption fears. AUB starts
the year being attractively priced given the earnings
growth on offer. As this is delivered, it should do well
over coming years. Credit Corp and Macquarie – both
also in the Financials sector, enter FY27 in sound
shape with good earnings growth prospects.
Putting this all together, we think Barramundi is well
placed for FY27. Our higher growth companies are
attractively priced with good earnings prospects
ahead of them. The balance of our positioning
across our Mining, Banks, Financials, Healthcare and
Industrials companies relative to the themes impacting
each of those sectors places Barramundi in good stead
for the years ahead.
Robbie Urquhart, Senior Portfolio Manager
Fisher Funds Management Limited
15 September 2026
14
Barramundi Limited
|

Annual Report
|
2026

PORTFOLIO HOLDINGS
SUMMARY AS AT 30 JUNE 2026
Company
%
Holding
Ansell2.2%
ANZ Banking Group5.0%
AUB Group5.4%
BHP Group Limited6.3%
Brambles5.3%
CAR Group4.9%
Cochlear Limited2.0%
Commonwealth Bank3.6%
Credit Corp4.2%
CSL2.2%
Fineos Corporation Holdings3.7%
Maas Group Holdings Limited4.8%
Macquarie Group6.4%
National Australia Bank4.0%
NEXTDC4.9%
oOh! Media3.6%
PWR Holdings4.6%
REA Group1.7%
ResMed4.4%
Rio Tinto Limited3.1%
SEEK4 .1%
Wise Tech Global5.8%
Xero Limited6 .1%
Equity Total98.3%
Australian cash1.0%
New Zealand cash0.8%
Total cash1.8%
Forward foreign exchange contracts - 0.1%
Total 100.0%
The information in the Directors’ Overview and in this Manager’s Report (including all text, data, and charts) has been prepared
as at late August 2026. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Barramundi Limited
and its officers and directors make no representation as to their 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 Barramundi Limited or its portfolio companies, please note that fund performance
can and will vary and that future results may have no correlation with results historically achieved.
15
Barramundi Limited
|

Annual Report
|
2026

16
Barramundi Limited
|

Annual Report
|
2026
STRENGTH OF
THE B USINESS
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.
TR A CK
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
HISTO R Y
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.
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:
STE
THE STEEPP PROCESS
Applying this STEEPP analysis, Fisher Funds constructed a portfolio
for Barramundi which comprised 23 securities as at 30 June 2026.

17
Barramundi Limited
|

Annual Report
|
2026
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
notices 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/
M A N AGEMENT
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/
VALUATION
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.
EPP

18
Barramundi Limited
|

Annual Report
|
2026
WHAT DOES IT DO?
AUB Group operates a general
insurance broking network
across Australia and New
Zealand that is primarily focused
on the small to medium-sized
business market. The broking
network is complemented and
supported by AUB’s ownership
of a range of insurance
underwriting agencies and by
Tysers, a large London-based
wholesale insurance broker. AUB
is also developing a UK general
insurance broking network.
WHY DO WE OWN IT?
We like AUB’s owner-driven
business model where member
firms are strongly incentivised
to grow. The insurance broking
industry remains ripe for
consolidation, allowing AUB
to be an aggregator of smaller
broking firms. The combination
of adding more firms to the
network, long-term organic
growth in the insurance market,
and the benefits of scale should
drive healthy earnings growth
for AUB over time.
-15
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
THE BARRAMUNDI
PORTFOLIO COMPANIES
WHAT DOES IT DO?
Ansell designs, develops,
manufactures, and markets a
wide range of personal protective
equipment (predominantly gloves)
for use in various industrial and
manufacturing activities and in
healthcare. It is essentially an
industrial materials business that
transforms natural rubber latex and
synthetic latex into these value-
added products. It is a leading
player (#1 or #2) in all its key
market segments.
WHY DO WE OWN IT?
Ansell has an attractive
combination of businesses that
benefit when the world economy
grows and those that enjoy
relatively resilient demand even
when economies are weak. We
expect the company’s earnings to
grow over time as better health
and safety standards are adopted
in emerging markets and as it
successfully differentiates its
products from the commodity-end
of the markets it serves through
both branding and product
innovation.
WHAT DOES IT DO?
Australia and New Zealand Banking
Group Limited (ANZ) has significant
retail and business banking
operations in its home markets
of Australia and New Zealand. It
has a leading agricultural banking
business in New Zealand.
WHY DO WE OWN IT?
Along with the other major
Australian banks, ANZ enjoys
a supportive industry structure
and has a wide economic moat.
The major banks’ scale, capital
strength, regulatory expertise,
technology, and brands provide
barriers to entry for potential
competitors, allowing the banks
to earn healthy returns on their
capital.
+6
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
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 Barramundi portfolio. Total share
return is for the year to 30 June 2026 and is based on the closing price for each company plus
any capital management initiatives. For companies that are new additions to the portfolio
during the year, total share return is from the first purchase date to 30 June 2026.
+24
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.

19
Barramundi Limited
|

Annual Report
|
2026
-14
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
-28
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Brambles is a supply-chain
logistics company operating in
more than 50 countries. The
group specialises in the pooling
of unit-load equipment and
associated services, primarily
the outsourced management of
pallets (CHEP).
WHY DO WE OWN IT?
Although Brambles is a capital-
intensive business, it generates
attractive returns on capital. It is
difficult for potential competitors
to replicate the scale of Brambles’
pallet pool and its extensive
service centre network. Moreover,
there is considerable intellectual
property in managing the flow
of pallets through the supply
chain and keeping control of the
assets. We expect sound growth
from Brambles to continue as
the penetration of pooled pallets
continues to increase in developed
markets and as modern supply
chains are established in emerging
markets.
WHAT DOES IT DO?
CAR owns a network of leading
classified advertising websites
in Australia and internationally,
including in South Korea, the
United States, and Brazil. This
geographic breadth diversifies
its earnings base and provides it
with a broad runway for future
earnings growth.
WHY DO WE OWN IT?
CAR benefits from a wide
network-effect moat across its
key markets, making it hard for
competition to encroach on its
dominance. Management has
developed a credible track record
in replicating CAR’s success
in the Australian market in its
overseas markets. The company
is consequently in a strong
position to capitalise on a range
of attractive growth prospects in
the future.
WHAT DOES IT DO?
BHP is among the most
competitive mining companies
in the world, with particularly
advantageous positions in copper,
iron ore, and potash markets.
WHY DO WE OWN IT?
BHP enjoys significant cost
advantages over its competitors.
Its large mining operations deliver
scale benefits and high-grade ore
bodies enhance the sales value of
its products. This advantage sees
the company earning superior
profits over the commodity price
cycle and faring better than peers
in periods of weakness.
The iron ore industry is mature
(i.e. demand by steel makers for
iron ore is not growing rapidly).
However, the competitive
environment in iron ore
production is rational. This,
coupled with the fact that BHP’s
iron ore assets are at the lower
end of the global cost curve,
enables BHP to deliver a strong
level of profits from this division.
Copper, BHP’s largest division in
terms of earnings, is a key input
for infrastructure that will help
with the global transition to
more electrification in countries
fed by energy that is sourced
from renewable energy sources.
Potash is a fertiliser for crops
which benefit from rising demand
driven by increasing populations
and a rising middle class in many
countries. These divisions support
the long-term earnings growth of
the business which we also like.
+40
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
BARRAMUNDI PORTFOLIO COMPANIES CONTINUED

20
Barramundi Limited
|

Annual Report
|
2026
WHAT DOES IT DO?
As Australia’s largest bank,
Commonwealth Bank of
Australia (CBA) operates a
leading banking franchise in
both Australia and New Zealand
and has a strong presence in all
spheres of retail and business
banking. CBA has built a very
profitable portfolio of assets
and positioned itself to benefit
from key growth areas in the
Australian economy. The bank
also enjoys an enviable scale
advantage in gathering deposits,
giving it an important source of
stable and low-cost funding.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, capital
strength, technology, and
brands constitute significant
barriers to entry for potential
competitors, allowing the banks
to earn healthy returns on their
capital. CBA’s significant share
in core Australian lending and
deposit gathering should ensure
it continues to profit and grow
over time.
WHAT DOES IT DO?
Cochlear is the global leader
in the severe and profound
hearing-impaired device market.
Cochlear implants allow people
who cannot hear to receive and
process sound and speech.
WHY DO WE OWN IT?
Cochlear has helped over
750,000 recipients of Cochlear
Implants hear again. Yet there
remains a significant, unmet,
and addressable need that
is expected to continue to
underpin long-term growth of
the business. It has a long-term
focused culture of excellence.
It spends 12-14% of revenues
on research and development
each year, looking for the
next advancement in helping
people hear again. This too will
contribute to its future growth
longer term.
WHAT DOES IT DO?
Credit Corp purchases and then
collects, on its own account,
portfolios of defaulted debt.
These are primarily bought
from banks. The company
has successfully replicated
its Australasian debt buying
operation in the US. It has also
leveraged its understanding
of the sub-prime market to
build an Australasian consumer
lending business that focuses on
credit impaired borrowers. The
company has recently begun
building a sub-prime lending
business in the UK.
WHY DO WE OWN IT?
We like Credit Corp’s leading
market position and strong
reputation with Australia’s major
banks, which have allowed it a
healthy share of the PDL market.
The business enjoys a scale
advantage versus competitors,
has a conservative balance sheet,
and is tightly managed. The
Australian PDL business is mature
but the company’s Australian and
UK consumer lending businesses
and its US PDL operation provide
growth opportunities.
-7
%
-59
%
TOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURN
-1
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
BARRAMUNDI PORTFOLIO COMPANIES CONTINUED
Total share returns in Australian dollar terms sourced from Bloomberg.

21
Barramundi Limited
|

Annual Report
|
2026
-51
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
CSL is a global leader in the
development and manufacture
of plasma derived therapies,
influenza vaccines, and iron
deficiency and nephrology
therapies.
WHY DO WE OWN IT?
CSL’s therapies address
conditions for which drug trials
are typically difficult to conduct,
giving existing companies with
approved therapies a tremendous
advantage. As a result, CSL enjoys
healthy returns on capital and
strong earnings growth over
very long product lifecycles.
In addition to owning several
leading therapies, CSL has
both historically and currently
continued to invest significant
resources in plasma supply and
research and development, which
should help drive earnings growth
in the future.
-2
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Fineos is a leading provider of
policy administration systems
software to the Life, Accident &
Health (LA&H) insurance industry.
Its Claims product is used by 7 of
the top 10 LA&H insurers in the
US and 6 of the top 10 insurers
in Australia, as well as the ACC
in NZ.
WHY DO WE OWN IT?
LA&H insurers are in the early
stages of switching from legacy
mainframe centric systems to fully
digital solutions like those offered
by Fineos. Fineos’s core Claims
product is best in class, mission-
critical software. Given the quality
of its software, and the credibility
of its large customer base, it is
well positioned to keep winning
contracts and increase penetration
within existing clients.
+30
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
MAAS is a diversified industrial
business. It operates four distinct
business units: construction
materials, civil construction and
hire, residential property and
commercial property. It operates
quarries and concrete plants across
New South Wales, Victoria and
Melbourne, and supplies aggregate
and concrete to the Australian
building industry. It also provides
construction, equipment hire and
electrical transmission services to
major civil and AI infrastructure and
renewable projects across Australia.
WHY DO WE OWN IT?
The location and remaining life
of the quarries provide MAAS
with a reasonable ‘moat’ and a
sustainable competitive advantage.
MAAS has broadened its growth
optionality by expanding into
adjacent markets, leveraging its
electrical infrastructure capabilities.
MAAS is led by a well-regarded
and experienced management
team, and has deep knowledge of
the regional markets that MAAS
plays in. There is shareholder
alignment across the business with
many of the team on the long-term
incentive scheme and through
that owning shares in MAAS.
The MAAS team genuinely think
like owners and run the company
in order to maximise long term
shareholder value.

22
Barramundi Limited
|

Annual Report
|
2026
+14
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Macquarie Group is a global
financial services company
spanning four divisions. The
majority of its profit comes
from its asset management and
commodity & global markets
divisions. Macquarie also runs an
Australian investment bank as
well as a small and fast-growing
retail bank.
WHY DO WE OWN IT?
Macquarie’s strong
entrepreneurial culture and
people development, helped by
its scale in its commodity & global
markets division in particular, has
been key to its 50+ consecutive
years of profitability – an
enviable track record. Macquarie
develops expertise and focuses its
resources on long-term structural
growth areas of the economy (for
example, the growth in green,
renewable energy and digital
infrastructure). As such, it is well
positioned to continue growing
its earnings for many years to
come.
WHAT DOES IT DO?
National Australia Bank (NAB)
operates a leading banking
franchise in both Australia and
New Zealand and has a strong
presence in retail and especially
business banking.
WHY DO WE OWN IT?
The big four Australian banks
enjoy a supportive industry
structure and wide economic
moats. Their scale, technology
and brands constitute significant
barriers to entry for potential
competitors, allowing the banks
to earn healthy returns on their
capital.
-1
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Next DC is an Australian data
centre business. It currently
operates 17 data centres across
Australia. It has a further 11
new data centre developments
underway across Australia,
Malaysia, Japan and New Zealand.
Its unique proposition is to create
a valuable ecosystem within
its data centres by assembling
a community of customers for
whom it makes commercial sense
to be in close data proximity.
WHY DO WE OWN IT?
Next DC benefits from the strong
secular growth trends in cloud
computing, data use, connectivity
and Artificial Intelligence use.
Assisted by these tailwinds, Next
DC’s earnings should multiply as
the capacity of its existing data
centres becomes fully utilised and
as the capacity of its new data
centres comes on-stream over the
next couple of years.
+3
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
Total share returns in Australian dollar terms sourced from Bloomberg.
BARRAMUNDI PORTFOLIO COMPANIES CONTINUED

23
Barramundi Limited
|

Annual Report
|
2026
WHAT DOES IT DO?
oOh!Media is Australasia’s
largest Out of Home advertising
company. It has over 30,000
digital and static advertising
billboards and screens that
can be mainly found in or on
roadsides, retail centres, airports,
train stations, bus stops and
office towers. This extensive
network enables advertisers to
get their messages to a large
number of people as they move
about in the course of their daily
lives.
WHY DO WE OWN IT?
The audiences for traditional
broadcast media such as free-
to-air TV and print are shrinking
and fragmenting as they are
disrupted by new digital media.
Against this backdrop, Out of
Home advertising remains a very
effective broadcast medium
as it cannot be avoided by
audiences. At the same time,
increasing digitalisation of
Out of Home sites is enabling
more dynamic, real-time
messaging by advertisers and
more sophisticated audience
measurement is confirming to
them the returns they are getting
on this spend. These factors
should enable the Out of Home
format to capture an increasing
share of the total advertising pie,
to the benefit of oOh!Media.
-13
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
-41
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
REA operates the leading online
classified real estate advertising
portal in Australia. It also holds
significant holdings in similar
businesses in the United States
and India.
WHY DO WE OWN IT?
In Australia, REA operates in a
largely duopolistic market. It
benefits from a strong network
moat. Close to 100% of real
estate agents in Australia
advertise for sale and for rent,
residential and commercial
properties on its portals. Its
residential property platform,
realestate.com.au, has the largest
and most engaged audience in
Australia with 146m visits per
month, 3.6x more compared to
its nearest competitor. REA is a
strong business with attractive
growth prospects.
+13
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
PWR is recognised as a world
leader in performance cooling. It
manufacturers cooling solutions
for global high end motorsport
teams such as Formula One and
Nascar, high-priced limited run
supercar manufacturers, and more
recently emerging technologies
like vertical take-off and landing
aircraft.
WHY DO WE OWN IT?
PWR has a culture of innovation
and invests a meaningful
proportion of its revenues back
into researching and developing
new cooling solutions each year.
We think this not only keeps PWR
at the forefront of its existing
markets but has the potential to
broaden PWR’s customer base
to include companies in other
industries.

24
Barramundi Limited
|

Annual Report
|
2026
+33
%
-25
%
TOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Rio Tinto is among the most
competitive mining companies
in the world, with particularly
advantageous positions in the
copper, iron ore and aluminium
markets.
WHY DO WE OWN IT?
Rio Tinto enjoys significant cost
advantages over its competitors. Its
large mining operations spanning
iron ore, copper, aluminium and
lithium deliver scale benefits and
high-grade ore bodies that enhance
the sales value of its produce.
This advantage sees the company
earning superior profits over the
commodity cycle and faring better
than peers in periods of weakness.
The iron ore industry is mature (i.e.
demand by steel makers for iron ore
is not growing rapidly). However,
the competitive environment in
iron ore production is rational.
This coupled with the fact that Rio
Tinto’s iron ore assets are at the
lower end of the global cost curve
enables Rio Tinto to deliver a strong
level of profits from this division.
Copper, aluminium and lithium are
key inputs for infrastructure and
these commodities benefit from the
increased need for electrification
globally, in part helped by the
strong structural growth in artificial
intelligence related infrastructure
(including data centres and affiliated
electrical energy generation). These
divisions support the long-term
earnings growth of the business
which we also like.
WHAT DOES IT DO?
ResMed manufactures cloud-
connected devices and
consumables that are used to
treat sleep-disordered breathing
(“SDB”) and other respiratory
disorders (COPD, neuro-muscular,
asthma). It has developed
software platforms that use the
data from its devices to improve
patient outcomes and healthcare
ecosystem productivity. ResMed
also has a portfolio of Software-
as-a-Service businesses that
enable healthcare providers to
manage patients and deliver
services to them.
WHY DO WE OWN IT?
ResMed is the global leader in
the treatment of SDB. It has a
strong competitive position based
on its scale, intellectual property
and customer captivity. There is
a long growth runway in SDB.
The addressable market is large
(potentially 20%+ of adults have
SDB), growing (ageing & obesity)
and under-penetrated (even in
the US less than 20% of SDB
sufferers are treated). As the
number of people on treatment
rises, ResMed not only benefits
from the initial sale of a device
but from a recurring stream of
consumable sales that grows as
its installed device base increases.
As a result, the company is highly
cash generative. It is led by a
very capable and experienced
management team.
-42
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
SEEK is the leading online
employment marketplace in
Australia, New Zealand and
Southeast Asia.
WHY DO WE OWN IT?
In Australia and New Zealand,
SEEK has a strong competitive
position by virtue of being
“front of mind” for job seekers.
Domestically, successful
development of new products
like its talent search platform
will provide high-value new
revenue streams. Its international
investments give SEEK exposure
to faster-growing, less mature
employment markets.
BARRAMUNDI PORTFOLIO COMPANIES CONTINUED
Total share returns in Australian dollar terms sourced from Bloomberg.

25
Barramundi Limited
|

Annual Report
|
2026
-69
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
WiseTech Global is a logistics
software business servicing
global logistics customers. Their
software offers clients a complete
suite of logistics services. A
strong lead in freight forwarding
software confers a key technology
advantage over competing
software systems, increases
customer switching costs and has
established a network benefit to
participants using its technology.
WHY DO WE OWN IT?
While increasing trade flows are
supportive, their software helps
them manage greater supply
chain complexity and comply with
strict regulation in an efficient
manner. WiseTech is a leader in an
industry with low penetration of
a digital technology solution that
has been enhanced with artificial
intelligence related features. In
helping customers streamline the
efficiency of logistics transactions,
the tracking of freight
movements, record keeping
and the complex regulatory
requirements that have to be
met when moving goods across
borders, WiseTech’s products
provide a valuable service to its
clients. The logistics industry is
relatively early in automating
business processes (and using
artificial intelligence), meaning
there is a long runway of earnings
growth ahead for WiseTech
should it retain its leading market
position.
-60
%
TOTAL SHARE RETURNTOTAL SHARE RETURN
WHAT DOES IT DO?
Xero is the market leading
provider of accounting and
payments software for small-to
medium businesses and their
accountants in NZ, Australia, the
UK, with a growing presence in
the US. It also has a presence in
other markets such as SE Asia
and South Africa.
WHY DO WE OWN IT?
Xero’s software is trusted by
customers. As a result, Xero
has a significant share of the
accounting software market
and is growing subscriber
numbers strongly. Xero has
many years of growth ahead
as businesses continue to
digitise their accounting and
payments processes. With a
disciplined focus on costs and
cash generation, Xero’s revenue
growth should translate strongly
into free cash-flow growth in
the future. Xero’s software is
integral to business operations.
Switching costs are therefore
high and this acts as a strong
competitive advantage. Xero’s
scale places it in a strong
position to embed artificial
intelligence related features into
its software in a robust, secure
way. These features in turn
stand to increase the efficiency
of businesses using Xero’s
software, further enhancing
the value Xero can offer its
customers.

DAVID McCL ATCH Y 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
Kingfish, 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 Barramundi board on
1 July 2021.
SIMON FLOOD BCom
Independent Director
Simon Flood brings a wealth of experience in business
leadership and a global perspective on capital markets
and investment management. He has held senior
investment management and leadership roles in
London, Hong Kong, and Singapore with Mercury
Asset Management / Merrill Lynch Investment
Managers, Lion Global Investors and Axa Investment
Managers. Simon has also worked as an Executive
Director at UK-based, technology focused venture
capital firm Imprimatur Capital.
Since returning to New Zealand in 2015, Simon has
been appointed to several governance positions
across a variety of sectors. He is currently Chairman
of Queenstown Airport, a recent appointee to the
Tertiary Education Commission, and several South
Island organisations. Simon is a director of Kingfish and
Marlin Global. Simon holds a Bachelor of Commerce
from the University of Canterbury.
Simon was first appointed to the Barramundi board on
1 June 2026.
FIONA OLIVER LLB, BA, CFInstD
Chair of the Board
Chair of the Remuneration and Nominations
Committee
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 Chair of Kingfish
and Marlin Global. Fiona is also a director of Gentrack
Group Limited, Clarus Group (resigned as at 30 June
2026), 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 Barramundi board on
1 June 2022.
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 Kingfish and Marlin Global, and chair of the Audit
and Risk Committee of Barramundi. 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 first appointed to the Barramundi board on 1
October 2025.
BOARD OF DIRECTORS
Fiona OliverDavid McClatchyDan ComanSimon Flood
26
Barramundi Limited
|

Annual Report
|
2026

FOR THE YEAR ENDED 30 JUNE 2026 AND CURRENT AS AT THE DATE
OF THIS ANNUAL REPORT
CORPOR ATE
GOVERNANCE STATEMENT
Barramundi’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 Barramundi’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 Barramundi
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 Barramundi, with the day-to-day
portfolio and administrative management responsibilities
of Barramundi 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 30 June 2026,
Barramundi 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, Barramundi
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, Barramundi
does not have a remuneration policy for
executives as Barramundi 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
Barramundi 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 Barramundi
in respect of those matters (also described below) have
the approval of the board.
WHERE TO FIND CORPORATE
GOVERNANCE MATERIALS ON
BARRAMUNDI’S WEBSITE
Barramundi’s constitution and each of the Company’s
charters, codes and policies referred to in this section are
available on the Barramundi website (barramundi.co.nz),
under the “About Barramundi” 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
Barramundi’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 Barramundi 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.
27
Barramundi 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 Barramundi’s website for
directors of the Company and employees of the
Manager to access at any time.
SECURITIES TRADING POLICY
Barramundi’s Securities Trading Policy details the
restrictions on persons nominated by Barramundi
(including its directors and employees of the Manager
who work on Barramundi matters) (“Nominated
Persons”) relating to their trading in Barramundi
shares and other securities.
Nominated Persons, with the permission of the board
of Barramundi, may trade in Barramundi shares only
during the trading window commencing immediately
after Barramundi’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 Barramundi
shares when they have price sensitive information that
is not publicly available.
The Securities Trading Policy is available on
Barramundi’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
Barramundi’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 Barramundi. The board is responsible
for the direction and control of Barramundi and
is accountable to shareholders and others for
Barramundi’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 Barramundi
to the Manager. The responsibilities of the Manager
are clear as they are described in the Management
Agreement and Administration Services Agreement
with Barramundi.
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.
Directors have access to key employees of the Manager
who are connected to the activities of Barramundi 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 Barramundi Board Charter is available on
Barramundi’s website.
NOMINATION AND APPOINTMENT
OF DIRECTORS
In accordance with Barramundi’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 Barramundi’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
Barramundi 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, post the retirement of Andy Coupe
30 June 2026, comprises four directors with diverse
backgrounds, skills, knowledge, experience and
perspectives. There were five directors as at 30 June
2026 due to handover arrangements, which reduced to
four directors effective 1 July 2026. Information about
each Barramundi 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 30 June 2026 is available on pages 26 and 31 of
this Annual Report and also on Barramundi’s website.
Information in respect of each director’s ownership
interests in Barramundi shares is available on page 62
of this Annual Report.
CORPORATE GOVERNANCE STATEMENT CONTINUED
28
Barramundi Limited
|

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 30 June 2026, the board considered that each
of Fiona Oliver (Chair from 1 July 2026), Dan Coman,
David McClatchy, Simon Flood and Andy Coupe (who
retired from the board 30 June 2026) are independent
directors and therefore the board has determined that
all of the current directors are independent directors.
DIVERSITY AND INCLUSION
Barramundi 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 30 June 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) retired from the
board (effective 30 June 2026) and Simon Flood was
appointed as an independent director effective 1 June
2026. Following Andy Coupe’s retirement Fiona Oliver,
an independent director on the Barramundi board since
2022, succeeded Andy Coupe as Chair of the board.
The board’s gender composition as at the two most
recent annual balance dates was as follows:
NumberProportion
30 June 2026FemaleMaleFemaleMale
Directors1420%80%
NumberProportion
30 June 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
Barramundi’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 Barramundi’s operations. The skills matrix
shown below demonstrates the current alignment
between the board’s desired and actual range of skills
and expertise.
Dan
Coman
Simon
Flood
David
McClatchy
Fiona
Oliver
Qualifications
BCom;
FCA;
CMInstD
BComBComLLB;
BA;
CFInstD
Capability
Investment
management
◊OO◊
Listed
company
governance
O◊◊O
Capital
markets/
capital
structure
◊OOO
Audit and
accounting
O◊◊O
Risk
management
experience
OOOO
Environment
and corporate
social
responsibility
◊◊O◊
Investor
and other
stakeholder
relations
OO◊◊
Geographical
location
AucklandChrist-
church
TaurangaAuckland
Tenure (years)
0.80.15.04.0
Gender
MMMF
O = High capability
= Medium capability
The board has limited High Capability to a maximum
of four for each director.
29
Barramundi Limited
|

Annual Report
|
2026

Set out below is a description of the capabilities
adopted by the board in its skills matrix.
Investment
management
Experience in the investment
management industry in governance,
leadership or equity portfolio
management roles other than in
Barramundi Limited, Kingfish Limited
or Marlin Global Limited
Listed company
governance
Listed company governance
experience other than in Barramundi
Limited, Kingfish 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 Barramundi Limited, Kingfish
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
DIR ECTOR TR A INING
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 CH A IR AND
SEPARATION OF THE CHAIR AND
CHIEF EXECUTIVE OFFICER
The current Chair of the board is an independent
director. Barramundi 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 DIR ECTOR S
The board has determined that all five directors as
at 30 June 2026, and 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. Post Andy Coupe’s
retirement 30 June 2026, none of the remaining
directors of the Company have been a director for
more than 12 years
1
.
David McClatchy and Fiona Oliver have been directors
of Barramundi for five and four years respectively,
while Dan Coman has been a director of Barramundi
for nine months and Simon Flood has been a director
of Barramundi for one month. Andy Coupe has been
a Barramundi director for just over 13 years, having
joined the Barramundi 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
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.
CORPORATE GOVERNANCE STATEMENT CONTINUED
30
Barramundi Limited
|

Annual Report
|
2026

that Andy’s length of service has brought important
knowledge and skills to the board and he has been
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.
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 nine 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 30 June 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
July 2025 to
31 December
2025)
#
5/52/20/01/1
Dan
Coman
(period 1
October
2025 to 30
June 2026)
#
7/ 71/11/12/2
Andy
Coupe
9/93/31/12/2
Simon
Flood
(period 1
June 2026
to 30 June
2026)
#
1/10/00/00/0
David
McClatchy
9/93/31/12/2
Fiona
Oliver
9/93/31/12/2
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
Barramundi’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 30 June 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.
REMUNER ATION AND NOMINATIONS
COMMIT TEE
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 meeting attendance for Carol Campbell, Dan Coman, and Simon Flood pertain to the meetings that were held while they
were directors during the relevant period.
31
Barramundi Limited
|

Annual Report
|
2026

The Remuneration and Nominations Committee
currently comprises all of the directors, each of
whom are considered to be independent. Fiona
Oliver is 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 Barramundi’s website.
INVESTMENT COMMITTEE
The Investment Committee Charter sets out the
objectives of the Investment Committee, which
are to oversee the investment management of
Barramundi to ensure the portfolio is managed in
accordance with the investment mandate and with
the long-term performance objectives of Barramundi.
The Investment Committee Charter is available on
Barramundi’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 TR ANSACTION
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
Barramundi.
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
Barramundi is committed to promoting investor
confidence by providing complete and equal access
to information in accordance with the NZX Listing
Rules. Barramundi has a Continuous Disclosure
Policy designed to ensure this occurs and a copy of
the policy is available on Barramundi’s website. The
Corporate Manager is responsible for overseeing and
co-ordinating required disclosures to the market.
CHARTERS AND POLICIES
Barramundi’s key corporate governance documents,
including its Code of Ethics & Standards of
Professional Conduct, board and committee charters
and other policies, are available on Barramundi’s
website under the “About Barramundi” and “Policies”
sections.
FINANCIAL REPORTING
Barramundi believes its financial reporting is balanced,
clear and objective. Barramundi 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 30 June 2026,
Barramundi did not have a formal environmental,
social and governance (ESG) framework. Barramundi
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.
Barramundi 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
Barramundi 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, Barramundi 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.
CORPORATE GOVERNANCE STATEMENT CONTINUED
32
Barramundi Limited
|

Annual Report
|
2026

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. Barramundi 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, Barramundi is no longer
required to prepare an annual climate statement for
the year ended 30 June 2026.
On that basis, the Barramundi board has determined
Barramundi will not produce an annual climate
statement for the year ended 30 June 2026.
Principle 5 – Remuneration
The remuneration of directors and executives
should be transparent, fair and reasonable.
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
Barramundi’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 Barramundi for the financial
year ended 30 June 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 30 June 2026.
Directors’ remuneration* for the 12 months
ended 30 June 2026
Andy Coupe
(Chair to 30 June 2026)
$58,500
(1)
Carol Campbell$22,000
(2)
Dan Coman$31,750
(3)
Simon Flood$3,250
(4)
David McClatchy$44,000
(5)
Fiona Oliver$39,000
(6)
* excludes GST
(1) $11,700 of this amount was applied to the purchase of
15,856 shares under the Barramundi Share Purchase Plan.
(Andy Coupe held in excess of the 50,000 share threshold
set out in the Barramundi 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 Barramundi
shares.)
(2) Included in this total amount is $2,500 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 5,914 shares under the Barramundi
Share Purchase Plan. (Carol Campbell held in excess of the
50,000 share threshold set out in the Barramundi Share
Purchase Plan but had elected to continue in the plan.)
(3) Included in this amount is $2,500 that Dan Coman
received since being appointed Chair of the Audit and
Risk Committee. Dan Coman was appointed a Barramundi
director on 1 October 2025 and therefore he was not
subject to the Barramundi Share Purchase Plan during
2025. However, he will be subject to the Barramundi Share
Purchase Plan in 2026.
(4) Simon Flood was appointed a Barramundi director on 1
June 2026. He will participate in the Barramundi Share
Purchase Plan in 2026.
(5) 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
5,993 shares under the Barramundi Share Purchase Plan.
(6) $3,900 of this amount paid to Fiona Oliver was applied to
the purchase of 5,228 shares under the Barramundi Share
Purchase Plan.
Details of remuneration paid to directors are also
disclosed in note 4 and note 11 to the audited financial
statements for the financial year ended 30 June 2026.
The directors’ fees disclosed in the audited financial
statements include a portion of non-recoverable GST
expensed by Barramundi.
Director fees exceeded the approved fee pool during
the year as a result of a transitional period during which
five directors were serving on the Board. Accordingly,
the Company relied on the exception provided under
NZX Listing Rule 2.11.3 in respect of the temporary
excess over the approved director fee pool.
DIRECTORS’ SHAREHOLDING -
SHARE PURCHASE PLAN
The Barramundi 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 Barramundi shares. Once an individual
33
Barramundi Limited
|

Annual Report
|
2026

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
Barramundi shareholders.
EXECUTIVE REMUNERATION
Barramundi delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Barramundi 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. Barramundi
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 4 and note
11 to Barramundi’s audited financial statements for the
financial year ended 30 June 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 Barramundi’s
system of risk management and internal control.
Barramundi 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 Barramundi
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. Barramundi 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 Barramundi’s business. The Audit and
Risk Committee and board receive regular reports
on the operation of risk management policies and
procedures from the Manager. As part of the robust
risk assessment process, significant risks are discussed
at each board meeting, and/or as required.
In addition to Barramundi’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.
2
The current PwC audit partner was appointed in 2024 and rotation will therefore occur no later than the end of 2029.
Barramundi 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.
Barramundi’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 Barramundi’s relationship with its external
auditor, was adopted by the board in 2018. This policy
includes procedures:
(a) to sustain communication with Barramundi’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 Barramundi; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Barramundi 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.
Barramundi’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.
CORPORATE GOVERNANCE STATEMENT CONTINUED
34
Barramundi Limited
|

Annual Report
|
2026

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 Barramundi’s 30 June
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 Barramundi, and its
independence in relation to the conduct of the audit.
Barramundi 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. Barramundi delegates day-to-day portfolio
and administrative management responsibilities relating
to Barramundi to the Manager, and the Corporate
Manager is responsible for managing operational and
compliance risks across Barramundi’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 Barramundi’s
performance.
Barramundi’s website, barramundi.co.nz, provides
information to shareholders and investors about
the Company. Barramundi’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 Barramundi’s directors, copies of key
corporate governance documents and general company
information.
The board recognises that other stakeholders may
have an interest in Barramundi’s activities. While there
are no specific stakeholder interests that are currently
identifiable, Barramundi will continue to review policies
in consideration of future interests.
COMMUNICATING W ITH
SHAREHOLDERS
Barramundi 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 Barramundi’s appropriate
contact details for communications from shareholders.
Barramundi also provides options for shareholders
to receive and send communications by post or
electronically.
SHAREHOLDER VOTING RIGHTS
When required by the Companies Act 1993,
Barramundi’s Constitution or the NZX Listing Rules,
Barramundi will refer decisions to shareholders for
approval. Barramundi’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 Barramundi Notice of Annual Shareholders’
Meeting will be sent to shareholders at least 20
working days prior to the meeting and will be
published on Barramundi’s website.
This year’s Annual Shareholders’ Meeting will be held
at 10.30am on 30 October 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.
M A N AGEMENT AGR EEMENT
RENEWAL
The Management Agreement between Barramundi and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
October 2026.
NZX WAIVERS
There were no new waivers granted by NZX to the
Company in the financial year ended 30 June 2026.
CAPITAL RAISINGS
Barramundi Share Issue (Warrant Conversion BRMWI)
On 7 August 2025, eligible Barramundi shareholders
were issued (for free) one warrant for every four shares
held based on a record date of 6 August 2025.
Each warrant gave shareholders the right, but not the
obligation, to subscribe for one additional ordinary
share in Barramundi on the exercise date, subject to
payment of the exercise price. The exercise date was 7
August 2026 and the final exercise price for the BRMWI
warrant was $0.65.
On the exercise date 83,274 warrants out of a possible
85,179,108 warrants (0.10%) were converted into
Barramundi ordinary shares and the new shares were
allotted to warrant holders on 12 August 2026.
The remaining 85,095,834 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 Barramundi’s then current
investment portfolio of stocks.
35
Barramundi Limited
|

Annual Report
|
2026

We present the financial statements for Barramundi Limited for the year ended 30 June 2026.
We have ensured that the financial statements for Barramundi Limited present fairly the financial position of the
Company as at 30 June 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 Barramundi board authorised these financial statements for issue on 24 August 2026.
Fiona Oliver Dan Coman
David McClatchy Simon Flood
FOR THE YEAR ENDED 30 JUNE 2026
DIRECTORS’ STATEMENT
OF RESPONSIBILITY
36
Barramundi Limited
|

Annual Report
|
2026

FINANCIAL
STATEMENTS CONTENTS
38 Statement of Comprehensive Income
39 Statement of Changes in Equity
40 Statement of Financial Position
41 Statement of Cash Flows
42 Notes to the Financial Statements
56 Independent Auditor’s Report
37
Barramundi Limited
|

Annual Report
|
2026

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2026
NOTES 2026 2025
$000$000
Interest income 374 582
Dividend income 4,539 4,266
Net change in fair value of investments2 (45,953) 7,75 3
Other income/(loss)3 1,666 (146)
Total (loss)/income (39,374) 12,455
Operating expenses4 2,703 3,990
Net (loss)/profit before tax (42,077) 8,465
Total tax expense5 8 41 554
Net (loss)/profit after tax attributable to shareholders (42,918) 7,911
Total comprehensive (loss)/income after tax attributable to shareholders (42,918) 7,911
Basic (losses)/earnings per share7 (12.45c) 2.49c
Diluted (losses)/earnings per share7 (12.45c) 2.49c
38
Barramundi Limited
|

Annual Report
|
2026

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY
NOTES
SHARE
CAPITAL
(ACCUMULATED
DEFICITS)
TOTAL
EQUIT Y
$000$000$000
Balance as at 1 July 2024 215,998 (135) 215,863
Comprehensive income
Net profit after tax - 7,911 7,911
Total comprehensive income for the year ended
30 June 2025 - 7,911 7,911
Transactions with shareholders
Share buybacks6 (b) (2,315) - (2,315)
Shares issued for warrants exercised
(net of exercise costs)
6 (c) 31,467 - 31,467
Dividends paid6 (d) - (19,318) (19,318)
New shares issued under dividend reinvestment plan6 (e) 4,585 - 4,585
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 2,435 - 2,435
Reduction to share issue costs settled with
treasury stock
- - -
Total transactions with shareholders for the
year ended 30 June 2025
36,172 (19,318) 16,854
Balance as at 30 June 2025 252 ,170 (11,542) 240,628
Comprehensive loss
Net loss after tax - (42,918) (42,918)
Total comprehensive loss for the year ended
30 June 2026 - (42,918) (42,918)
Transactions with shareholders
Warrant issue costs6 (c) (16) - (16)
Dividends paid6 (d) - (18,082) (18,082)
New shares issued under dividend reinvestment plan6 (e) 6,448 - 6,448
Total transactions with shareholders for the
year ended 30 June 2026
6,432 (18,082) (11,650)
Balance as at 30 June 2026 258,602 (72,542) 186,060
39
Barramundi Limited
|

Annual Report
|
2026

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2026
NOTES 2026 2025
$000$000
SHAREHOLDERS' EQUITY186,060240,628
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 3,399 22,005
Receivables 8 1,719 637
Financial assets at fair value through profit or loss 2 182,722 219,10 0
Total Current Assets 187, 8 4 0 241,742
TOTAL ASSETS 187, 8 4 0 241,742

LIABILITIES
Current Liabilities
Trade and other payables 9 351 444
Financial liabilities at fair value through profit or loss 2 835 60
Current tax payable5 430 451
Total Current Liabilities 1,616 955

Non-current Liability
Deferred tax liability 5 164 159
Total Non-current Liability 164 159
TOTAL LIABILITIES 1,780 1,114
NET ASSETS 186,060 240,628
These financial statements have been authorised for issue for and on behalf of the Board by:
F Oliver / Chair D F Coman / Chair of the Audit and Risk Committee
24 August 2026 24 August 2026
40
Barramundi Limited
|

Annual Report
|
2026

The accompanying notes form an integral part of these financial statements.
BARRAMUNDI LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2026
NOTES 2026 2025
$000 $000
Operating Activities
Sale of investments 7 7, 24 0 5 7, 3 4 0
Interest received 411 553
Dividends received 4,241 4,176
Other income/(loss) 1,627 (49)
Purchase of investments (65,862) (59,021)
Operating expenses (3,854) (4,309)
Taxes paid (858) (652)
Net settlement of forward foreign exchange contracts (19,935) 1,453
Net cash (outflows) from operating activities10 (6,990) (509)

Financing Activities
Proceeds from warrants exercised (net of exercise costs) - 31,467
Warrant issue costs (16) -
Share buybacks - (2,341)
Dividends paid (net of dividends reinvested) (11, 6 3 4) (12,298)
Net cash (outflows)/inflows from financing activities (11,650) 16,828
Net (decrease)/increase in cash and cash equivalents held (18,640) 16,319
Cash and cash equivalents at beginning of the year 22,005 5,780
Effects of foreign currency translation on cash balance 34 (94)
Cash and cash equivalents at end of the year10 3,399 22,005
41
Barramundi Limited
|

Annual Report
|
2026

BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Barramundi Limited (“Barramundi” or “the Company”) is listed on the NZX Main Board, is registered
in New Zealand under the Companies Act 1993 and is a 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
and liabilities at fair value through profit or loss.
The functional and reporting 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.
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.
Foreign Currency Transactions and Translations
Foreign currency transactions are converted into New Zealand dollars using exchange rates
prevailing at transaction date. Foreign currency assets and liabilities are translated into New Zealand
dollars using the exchange rates prevailing at the balance date.
Foreign exchange gains or losses relating to the financial assets and liabilities at fair value through
profit or loss are presented in the Statement of Comprehensive Income within “Net change in fair
value of investments”.
Foreign exchange gains and losses relating to cash and cash equivalents, receivables, and trade and
other payables are presented in the Statement of Comprehensive Income within “Other income/
(loss)”.
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 standards and no new amendments to or interpretations of standards that have
been effective for the reporting period that have a material effect on these financial statements.
In May 2024, the XRB introduced NZ IFRS 18 Presentation and Disclosure in Financial Statements
(effective for annual reporting periods beginning on or after 1 January 2027). This standard replaces
NZ IAS 1 Presentation of Financial Statements and primarily introduces a defined structure for the
statement of comprehensive income, and disclosure of management-defined performance measures
(a subset of non-GAAP measures) in a single note together with reconciliation requirements. The
Company has not early adopted this standard and is yet to assess its impact.
There are no other new standards and no other new amendments to or interpretations of standards
that have been issued but are not yet effective that are expected to materially impact these financial
statements.
42
Barramundi Limited
|

Annual Report
|
2026

Financial Reporting by Segments
The Company operates in a single operating segment, being Australian 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; none of these judgements are considered critical to these financial statements. There
were no material estimates or assumptions required in the preparation of these financial statements.
Authorisation of Financial Statements
The Barramundi Board of Directors authorised these financial statements for issue on
24 August 2026.
No party may change these financial statements after their issue.
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, Barramundi has classified all of 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 change in the fair value of financial assets and liabilities is recognised in the
Statement of Comprehensive Income.
Financial assets at fair value through profit or loss comprise Australian investment assets and
forward foreign exchange contracts with a positive value.
Financial liabilities at fair value through profit or loss comprise forward foreign exchange contracts
with a negative value.
Forward foreign exchange contracts can be used as economic hedges for investments against
currency risk. They are accounted for on the same basis as those investments and are recognised
at their fair value.
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 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.
The fair value of forward foreign exchange contracts is determined by using valuation techniques
based on spot exchange rates and forward points supplied by a reputable pricing vendor.
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 in an active market, 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
43
Barramundi Limited
|

Annual Report
|
2026

NOTE 2 INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS CONTINUED
j
All Australian investments held by Barramundi are categorised as Level 1 and all forward foreign
exchange contracts are classified as Level 2 in the fair value hierarchy. There have been no
transfers between levels of the fair value hierarchy during the year (30 June 2025: None). There
were no financial instruments classified as Level 3 as at 30 June 2026 (30 June 2025: None).
20262025
Investments at Fair Value through Profit or Loss$000$000
Financial Assets:
Australian investments
1
182,701 218,991
Forward foreign exchange contracts 21 109
Total financial assets at fair value through profit or loss 182,722 219,100
Financial Liabilities:
Forward foreign exchange contracts 835 60
Total financial liabilities at fair value through profit or loss 835 60

Net Change in Fair Value of Investments
(Losses)/gains on Australian investments (4 8 ,10 9) 8,382
Foreign exchange gains/(losses) on Australian investments 22,953 (2,982)
(Losses)/gains on forward foreign exchange contracts (20,797) 2,353
Net change in fair value of investments through profit or loss (45,953) 7,753
1
Australian investments in the previous year included the placement of new shares by Xero Limited. The settlement
of the new Xero Limited shares occurred on 30 June 2025, with allotment (and normal trading in the shares)
occurring on 1 July 2025. The value of this investment at 30 June 2025 was $975,963.
No stocks were valued at the bid price as at 30 June 2026 (30 June 2025: Nil).
The notional value of forward foreign exchange contracts held as at 30 June 2026 was
$126,541,232 (30 June 2025: $161,572,700).
NOTE 3 OTHER INCOME/(LOSS)
20262025
$000 $000
Foreign exchange gains/(losses) on cash and cash equivalents and
outstanding settlements
1,666 (146)
Total other income/(loss) 1,666 (146)
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
44
Barramundi Limited
|

Annual Report
|
2026

NOTE 4 OPER ATING EXPENSES
20262025
$000$000
Management fees (net of rebate) (note 11(a)(i)) 1,625 2,948
Administration services (note 11(a)(i)) 139 14 4
Directors' fees (note 11(b)) 200 190
Custody, accounting and brokerage 279 261
Investor relations and communications 161 164
NZX fees 62 71
Professional fees 44 52
Fees paid to the auditor:
Statutory audit and review of financial statements 52 50
Regulatory fees 35 35
Other operating expenses 106 75
Total operating expenses 2,703 3,990
NOTE 5 TAXATION
Barramundi is a Portfolio Investment Entity (“PIE”) for tax purposes.
Most of Barramundi’s investment gains are exempt from tax, as they relate to tax exempt
investments listed on the ASX. Consequently, the tax expense may not align with accounting profit.
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.
20262025
$000$000
Taxation expense is determined as follows:
Net (loss)/profit before tax (42,077) 8,465
Non-taxable realised loss/(gain) on financial assets and liabilities 884 (17,9 92)
Non-taxable unrealised loss on financial assets and liabilities 24,331 12,60 6
Fair Dividend Rate hedge loss/(gain) 18,948 (2,256)
Fair Dividend Rate income 916 1,127
Exempt dividends subject to Fair Dividend Rate (97) (99)
Imputation credits 52 42
Non-deductible expenses and other 231 211
Taxable income for tax purposes 3,18 8 2,104
45
Barramundi Limited
|

Annual Report
|
2026

20262025
$000$000
Tax at 28% 893 589
Imputation credits (52) (42)
Forfeiture of foreign tax credits - 7
Total tax expense 841 554
Taxation expense comprises:
Current tax 837 542
Deferred tax 4 12
Total tax expense 841 554
Current tax balance
Opening balance (451) (558)
Current tax movements (837) (542)
Tax paid and other items 858 649
Current tax (payable) (430) (451)
Deferred tax balance
Opening balance (159) (150)
Accrued dividends (5) (9)
Deferred tax (liability) (164) (159)
Imputation credits
The imputation credits available for subsequent reporting periods total $460,998 (30 June 2025:
$473,833). 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 as at 30 June 2026.
NOTE 6 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.
Barramundi has 351,528,669 fully paid ordinary shares on issue (30 June 2025: 340,710,757). All
ordinary shares 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.
b. Buybacks
Barramundi maintains an ongoing share buyback programme. For the year ended 30 June 2026,
Barramundi acquired no shares (30 June 2025: 3,375,044 shares valued at $2,315,444) 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 as at balance date (30 June 2025: Nil).
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
NOTE 5 TAXATION CONTINUED
46
Barramundi Limited
|

Annual Report
|
2026

c. Warrants
On 7 August 2025, 85,179,108 new Barramundi warrants were allotted and on 8 August 2025
quoted on the NZX Main Board. One new warrant was issued to all eligible shareholders for every
four shares held on record date (6 August 2025). Warrant holders can elect to exercise some or all
of their warrants on the exercise date, 7 August 2026. The cost of issuing the warrants of $16,418 is
deducted from share capital.
On 25 October 2024, 50,119,078 new Barramundi warrants valued at $31,575,019 less exercise
costs of $115,489 (net $31,459,530) were exercised at $0.63 per warrant, and the remaining
19,365,132 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 Barramundi Board.
Barramundi has a distribution policy where 2% of average NAV is distributed each quarter.
Dividends paid during the year comprised:
2026
$000
CENTS PER
SHARE
2025
$000
CENTS PER
SHARE
26 Sep 2025 4,804 1.4127 Sep 2024 4,325 1.53
19 Dec 2025 4,907 1.4320 Dec 2024 5,197 1.56
27 Mar 2026 4,428 1.2828 Mar 2025 5,13 0 1.53
26 Jun 2026 3,943 1.1327 Jun 2025 4,666 1.38
18,082 5.25 19,318 6.00
e. Dividend Reinvestment Plan
Barramundi 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 30 June 2026, 10,817,912 ordinary shares totalling $6,448,331 (30 June 2025:
10,626,880 ordinary shares totalling $7,020,099) were issued in relation to the plan for the quarterly
dividends paid.
(i) 10,817,912 ordinary shares totalling $6,448,331 were issued under the dividend reinvestment
plan (30 June 2025: 6,968,836 ordinary shares totalling $4,585,034); and
(ii) No ordinary shares were utilised from treasury stock under the dividend reinvestment plan (30
June 2025: 3,658,044 ordinary shares totalling $2,435,065).
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Barramundi before the next record date.
47
Barramundi Limited
|

Annual Report
|
2026

NOTE 7 (LOSSES)/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.
20262025

Basic (losses)/earnings per share
Net (loss)/profit after tax attributable to shareholders ($'000) (42,918) 7,911
Weighted average number of ordinary shares on issue net of
treasury stock ('000)
344,834 318,293
Basic (losses)/earnings per share (12.45c) 2.49c
Diluted (losses)/earnings per share
Net (loss)/profit after tax attributable to shareholders ($'000) (42,918) 7,911
Weighted average number of ordinary shares on issue net of
treasury stock ('000)
344,834 318,293
Diluted effect of warrants on issue ($'000)
1
- -
344,834 318,293
Diluted (losses)/earnings per share (12.45c) 2.49c
1
The warrants were not assumed to be exercised because they were antidilutive as the warrant exercise price
(less dividends paid) of $0.65 was greater than the share price of $0.53 on 30 June 2026. There were no
warrants on issue on 30 June 2025.
NOTE 8 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.
20262025
$000$000
Interest receivable 8 45
Dividends receivable 584 565
GST receivable 4 9
Related party receivable (note 11(a)(ii)) 1,08 4 -
Prepayments 39 18
Total receivables 1,719 637
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
48
Barramundi Limited
|

Annual Report
|
2026

NOTE 9 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.
20262025
$000$000
Dividends payable 98 134
Related party payables (note 11(a)(i)) 203 261
Unsettled investment purchases - 2
Other payables and accruals 50 47
Total trade and other payables 351 444
NOTE 10 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.
20262025
$000$000
Cash - New Zealand Dollars 1,540 4,939
Cash - Australian Dollars 1,859 17, 0 6 6
Cash and cash equivalents 3,399 22,005
Reconciliation of Net (Loss)/Profit after Tax to
Net Cash Flows from Operating Activities
Net (loss)/profit after tax (42,918) 7,911

Items not involving cash flows:
Unrealised (gains)/losses on cash and cash equivalents (34) 94
Unrealised losses on revaluation of investments 24,331 12,60 6
Unrealised losses/(gains) on forward foreign exchange contracts 863 (9 01)
25,16 0 11,799
Impact of change in working capital items
(Decrease) in trade and other payables (excluding share buyback payable) (92) (252)
(Increase) in receivables (1,082) (35)
Change in current and deferred tax (16) (98)
(1,19 0) (385)
49
Barramundi Limited
|

Annual Report
|
2026

NOTE 10 CASH AND CASH FLOW RECONCILIATION CONTINUED
20262025
$000$000
Items relating to investments
Amount paid for purchases of investments (6 6,10 8) (59,165)
Amount received from sales of investments net of realised gains 78,064 39,333
Movement in unsettled purchases of investments 2 (2)
11,9 5 8 (19,834)
Net cash (outflows) from operating activities (6,990) (509)
NOTE 11 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 Barramundi by virtue of its management agreement and
administration agreement.
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
Management fee: The management fee is 1.25% 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 Barramundi 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. Prior
to 1 April 2026, the management fee was 1.25% per annum plus GST. Accordingly, comparative
information for the prior period reflects the fee inclusive of GST, where applicable.
Performance fee: Fisher Funds may earn an annual performance fee of 10% 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”). Prior to 1 April 2026, the
performance fee was 10% plus GST of excess returns over and above the performance fee hurdle
return. Accordingly, comparative information for the prior period reflects the performance fee
inclusive of GST, where applicable. The total performance fee 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.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
50
Barramundi Limited
|

Annual Report
|
2026

(i) Fees Earned and Payable:
20262025
$000$000
Fees earned by the Manager for the year ended 30 June
Management fees 1,625 2,948
Administration services 139 14 4
Operating expenses 1,764 3,092
For the year ended 30 June 2026, the Manager did not achieve a return in excess of the
performance fee hurdle and the HWM (30 June 2025: Nil). Accordingly, the Company has not
expensed a performance fee for the year ended 30 June 2026 (30 June 2025: Nil).
20262025
Fees payable to the Manager at 30 June
$000$000
Management fees 190 248
Administration services 13 13
Related party payables 203 261
(ii) Related Party Receivables
20262025
$000$000
Fees receivable from the Manager at 30 June
Management fee credit note 1,08 4 -
Related party receivable 1,084 -
Fisher Funds’ management fee was calculated and invoiced at 1.25% of the gross asset value,
with a balance date adjustment to reduce the management fee to 0.75% of the gross asset value
(the minimum value) as the gross return underperformed the NZ 90 Day Bank Bill Index by 19.6
percentage points (30 June 2025: did not underperform). As a result of the management fee
adjustment which had been accrued in the financial statements during the year, Fisher Funds raised
a credit note for $1,084,108 at balance date which will be used by the Company to cover future
monthly management fees (30 June 2025: Nil).
(iii) Investment Transactions with Related Parties
Off-market transactions between Barramundi 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. For the year ended 30 June 2026, there was
one purchase totalling $1,215,975 (30 June 2025: Nil) and no sales (30 June 2025: Nil).
b. Directors
Barramundi considers its Board of Directors (“Directors”) key management personnel. Barramundi
does not have any employees.
During the financial year the Directors earned fees for their services of $199,666 inclusive of
unclaimable GST (30 June 2025: $189,957). The Directors’ fee pool was $185,500 exclusive of GST
for the year ended 30 June 2026 (30 June 2025: $185,500). There were no Directors’ fees payable
at the end of the financial year (30 June 2025: Nil). Director fees exceeded the approved fee pool
during the year as a result of a transitional period during which five directors were serving on the
Board. Accordingly, the Company relied on the exception provided under NZX Listing Rule 2.11.3 in
respect of the temporary excess over the approved director fee pool.
51
Barramundi Limited
|

Annual Report
|
2026

NOTE 11 RELATED PARTY INFORMATION CONTINUED
The Directors held shares in the Company as at 30 June 2026 which total 0.10% of total shares on
issue (30 June 2025: 0.17%). The Directors held warrants in the Company as at 30 June 2026 which
total 0.09% of the warrants on issue (30 June 2025: Nil, as there were no warrants on issue).
Dividends of $17,185 (30 June 2025: $31,382) were also received by Directors or their associates as a
result of their shareholding during the year.
NOTE 12 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 Barramundi and Fisher Funds details permitted investments.
Financial instruments currently recognised in the financial statements also comprise cash and cash
equivalents, forward foreign exchange contracts, 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 conditions both 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 market risk of the Company is concentrated in Australia.
Barramundi 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.
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. No
companies comprise more than 10% of Barramundi’s total investment assets as at 30 June 2026
(30 June 2025: Nil).
Interest Rate Risk
Interest rate risk is the risk of movements in interest rates. Surplus cash is held in interest bearing
Australian and New Zealand bank accounts. The Company is therefore exposed to the risk of
changes in interest income from movements in both Australian and New Zealand 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 as at 30 June 2026 (30 June 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 holds assets denominated in Australian
dollars and it is therefore exposed to currency risk as the value of these assets in Australian dollars
will fluctuate with changes in the relative value of the New Zealand dollar. The Company mitigates
this risk by entering into forward foreign exchange contracts as and when the Manager deems
it appropriate. At any time during the year the portfolio may be hedged by an amount deemed
appropriate by the Manager.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
52
Barramundi Limited
|

Annual Report
|
2026

Sensitivity Analysis
The table below summarises the impact on net profit after tax and shareholders’ equity to
reasonably possible changes arising from market risk exposure as at 30 June as follows:
20262025
$000$000
Price risk
1

Australian investmentsCarrying value 182,701 218,991
Impact of a 20% change in market prices: +/- 36,540 43,798
Interest rate risk
2

Cash and cash equivalentsCarrying value 3,399 22,005
Impact of a 1% change in interest rates: +/- 34 220
Currency risk
3

Cash and cash equivalentsCarrying value 1,859 17, 0 6 6
Impact of a +10% change in exchange rates (170) (1,556)
Impact of a -10% change in exchange rates 207 1,901
Australian investmentsCarrying value 182,701 218,991
Impact of a +10% change in exchange rates (16,609) (19,908)
Impact of a -10% change in exchange rates 20,300 24,332
Net forward foreign exchange contractsCarrying value (814) 49
Impact of a +10% change in exchange rates 11, 5 0 4 14,688
Impact of a -10% change in exchange rates (14,060) (17,9 5 3)
Net foreign currency payables/receivablesCarrying value 584 563
Impact of a +10% change in exchange rates (53) (51)
Impact of a -10% change in exchange rates 65 63
An increase/(decrease) in market prices and interest rates would increase/(decrease) profit after
tax and shareholders’ equity. For changes in exchange rate a decrease in profit after tax and
shareholders’ equity is denoted with brackets.
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.

3
A variable of 10% was selected as this is a reasonably expected movement based on historical trends in
exchange rate movements.
53
Barramundi Limited
|

Annual Report
|
2026

NOTE 12 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.
Australian investments 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 receivable are due from
listed Australian companies and are normally settled within a month after the Ex-Dividend date. The
Company has cash and forward foreign exchange contracts with banks registered in New Zealand
and Australia which carry a minimum short-term credit rating of S&P A+ (30 June 2025: A+).
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 A+ or equivalent (30 June 2025: A+). 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, interest receivable 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 three 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 as at 30 June 2026 (30 June 2025: Nil).
All derivative financial liabilities held by the Company have contractual maturities of three months or
less.
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,
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 August 2009, the Company continues to pay 2%
of average net asset value each quarter in dividends.
BARRAMUNDI LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
FOR THE YEAR ENDED 30 JUNE 2026
54
Barramundi Limited
|

Annual Report
|
2026