Marlin Global 2026 Annual Report

ANNUAL REPORT
30 JUNE
2026

MARLIN GLOBAL LIMITED
ANNUAL REPORT
2026
l

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03About Marlin
06Directors’ Overview
10Manager’s Report
18The STEEPP Process
20Marlin Portfolio Companies
31Board of Directors
32Corporate Governance Statement
43Directors’ Statement of Responsibility
44Financial Statements
62Independent Auditor’s Report
66Shareholder Information
68Statutory Information
71Directory
CONTENTS
Fiona Oliver, ChairDan Coman, Director
This report is dated 16 September 2026 and
is signed on behalf of the Board of Marlin
Global Limited by Fiona Oliver, Chair, and Dan
Coman, Director.
CALENDAR
Next Dividend Payable
25 September 2026
Annual Shareholders’
Meeting, Ellerslie Event
Centre, Auckland 10:30am
6 November 2026
Interim Period End (1H 27)
31 December 2026

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ABOUT MARLIN GLOBAL
INVESTMENT OBJECTIVES
INVESTMENT APPROACH
Marlin Global Limited (“Marlin” or “the Company”) is a listed investment company
that invests in quality, growing companies based outside New Zealand and Australia.
The Marlin 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. Marlin listed on NZX
Main Board on 1 November 2007 and may invest in companies that are listed on
any approved stock exchange (excluding New Zealand or Australia) or unlisted
companies not incorporated in New Zealand or Australia.
The investment philosophy of Marlin 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 18 and 19).
The key investment objectives of Marlin 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 international quality, growth stocks
through a single tax efficient investment vehicle.

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DIVIDENDS paid during the year ended 30 June 2026 (cents per share)
Total for the year ended 30 June 2026 7.35 cents per share (2025: 8.01 cps)
DIVIDENDS PAID
26 SEPTEMBER 2025
19 DECEMBER 2025
27 MARCH 2026
26 JUNE 2026
1.88
cps
1.89
cps
1.88
cps
1.70
cps
AT A GLANCE
For the 12 months ended 30 June 2026
Net loss
-
$
1 7. 3 m
As at 30 June 2026
Share price
$
0.77
Gross
performance
return
-6.3
%
NAV per share
$
0.80
Total
shareholder
return
-7. 6
%
Adjusted NAV
return
-8.5
%

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LARGEST INVESTMENTS
As at 30 June 2026
As at 30 June 2026
SECTOR SPLIT
Amazon
7
%
Microsoft
7
%
Meta
Platforms
5
%
Mastercard
6
%
Nvidia
5
%
Information Technology 26%
Consumer Discretionary 20%
Healthcare 19%
Financials 13%
Communication Services 12%
Industrials 8%
Cash and FFX 2%
As at 30 June 2026
GEOGRAPHICAL SPLIT
These are the five largest percentage holdings in the Marlin portfolio
1
. The full Marlin portfolio and percentage holding data
as at 30 June 2026 can be found on page 17.
1
Percentage holdings have been rounded to the nearest 1%.
North America 74%
Western Europe 10%
Asia Pacific 9%
South & Central America 4%
Cash and FFX 2%
Central Asia 1%

Fiona Oliver
Chair
DIRECTORS’ OVERVIEW
“We are
disappointed to
report that Marlin
has ended the
FY26 year with a
loss of $17.3m.”
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Global equity markets delivered exceptional growth
this year, with the MSCI World Index up circa 20%,
driven in large part by artificial intelligence (AI) and
semiconductor stocks. This strong performance
surprised many investors, given ongoing geopolitical
uncertainty from US tariffs, the Middle East
conflict, and concerns about disrupted oil supplies.
Regrettably, for the second consecutive year, the
actively managed Marlin portfolio underperformed
the market indices. This reflected several factors,
including Marlin’s overweight exposure to sectors
such as healthcare, its underweight position in
US financials, and its limited or no exposure to
semiconductor stocks.
The effect of politics and geopolitical disruption on
global equity markets is always difficult to predict.
However, over the 12 months to 30 June 2026, global
equity markets recorded strong double-digit gains,
supported by resilient corporate earnings, significant
investment in AI infrastructure, and steady economic
growth. The period also saw notable volatility and a
sharp market rotation in the last month of FY26, as
investors shifted capital from mega-cap technology and
AI-linked stocks into value, financials, and consumer
defensive sectors. This broadened the global rally and
helped drive record levels of equity issuance.
The year’s main geopolitical shock was an energy-
related disruption, as the escalating Middle East
conflict threatened the movement of oil and other
goods through the Strait of Hormuz. While this briefly
prompted a flight to quality in international equity
markets, sentiment recovered quickly after an initial
ceasefire was negotiated in mid-2026.
Investor interest in physical AI and AI-related hardware
remained strong, but scrutiny increased around the
potential future impact of AI on companies, particularly
software-as-a-service businesses which materially
underperformed over the reporting period.
Despite the Manager broadening portfolio holdings
and diversification, Marlin recorded a net loss of
$17.3m. Total Shareholder Return
1
was -7.6%, Adjusted
NAV Return
2
was -8.5%, and Gross Performance
Return
3
of -6.3% was well behind the Company’s
benchmark index
4
, which rose +30.5% despite periods
of market volatility.
Revenues and Expenses
The 2026 result comprised a loss on investments of
$13.8m, dividend, interest, and other income
of $1.2m, less operating expenses and tax of $4.7m.
Overall operating expenses and tax were in line with
the prior year, however, it is worth noting that:
a. management fees were $0.7m lower due to a
management fee rebate
5
, and
b. there was a slightly lower tax expense in the
current year.
Dividends
The directors recognise that the regularity of the tax-
effective quarterly dividends is important for many
shareholders and have maintained the Company’s
distribution policy of 2% of NAV per quarter. Over the
12-month period to 30 June 2026, Marlin paid 7.35
cents per share in dividends. The next dividend will be
1.62 cents per share, payable on 25 September 2026
with a record date of 3 September 2026.
Marlin has a dividend reinvestment plan which
provides 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
6
can be
found in the Marlin Dividend Reinvestment Plan Offer
Document, a copy of which is available at marlin.co.nz/
investor-centre/capital-management-strategies/.
Warrants
On 23 April 2026, 57.3m new warrants were allotted.
One new warrant was issued to eligible shareholders
for every four shares held on the record date (22 April
2026). The warrants are exercisable on 23 April 2027
at $0.87 per warrant, adjusted down for dividends
declared during the period commencing from the
allotment of the warrants, up to the announcement of
the 23 April 2027 exercise price.
1 Total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any
warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the Company’s dividend reinvestment
plan, and that shareholders exercise their warrants (if they were in the money) at warrant expiry date.
2 The adjusted net asset value return is the underlying performance of the investment portfolio adjusted for dividends (and other capital
management initiatives) and after expenses, fees, and tax.
3 Gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees, and
tax. It is an appropriate return measure for assessing the Manager’s performance against an index or benchmark.
4 The benchmark index is the S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZ$).
5 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.
6 Participation forms for the Dividend Reinvestment Plan (DRP) can be obtained by contacting either Marlin or Computershare Investor Services
Limited.
7 Shares purchased under the buyback programme are held as treasury stock and subsequently reissued to shareholders under the dividend
reinvestment plan.
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DIRECTORS' OVERVIEW CONTINUED
Company Performance
For the year ended 30 June202620252024202320225 years
(annualised)
Total Shareholder Return(7.6%)2.8%13.8%(11.1%)(27.6%)( 7. 0 % )
Adjusted NAV Return(8.5%)0.2%19.5%13.8%(25.6%)(1.5%)
Dividend Return
1
8 .1%8.5%7. 9 %7. 3 %7. 0 %
Net (Loss)/Profit($17.3m)$0.3m$ 3 7. 2 m$23.6m($60.4m)
Basic Earnings per Share(7.65)cps0 .15 c p s17. 5 9 c p s11.63cps(31.34)cps
OPEX Ratio1.2%1.5%2.2%1.7%1.1%
OPEX Ratio (before performance fee)1.2%1.5%1.7%1.7%1.1%

As at 30 June20262025202420232022
NAV (as per financial statements)$0.80$0.95$1.03$0.93$0.89
Adjusted NAV$3.24$3.54$3.53$2.95$2.60
Share Price$0.77$0.91$0.96$0.92$1.12
Warrant Price$0.009-$0.03$0.01-
Share Price Discount/(Premium) to NAV
2
3.8%4.2%5.8%1.1%(25.8%)

Share Buybacks
The share buyback programme
7
is another part of
Marlin’s capital management programme. Share
buybacks only occur when the share price discount
to NAV exceeds 6%. During the 12 months to 30 June
2026, there were no buybacks, (FY25: 1.3m).
Director Retirement
During the 2026 financial year we farewelled two
long serving and hard-working directors, with Carol
Campbell retired 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 meeting will be held on Friday 6
November 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 either form of the meeting invited to cast
their vote on the Company’s resolutions prior to the
meeting.
Conclusion
Marlin has not performed well during the 2026 financial
year. Marlin has not performed well during the 2026
financial year. The board is disappointed with the
performance and is working closely with the Manager
to be assured that the portfolio is positioned to
remedy this situation in the future. We appreciate your
continued support and look forward to seeing many of
you at our annual meeting on 6 November.
On behalf of the board,
Fiona Oliver, Chair
Marlin Global Limited
16 September 2026
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Total Shareholder Return
Non-GAAP Financial Information
Marlin 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 Marlin’s assets used to cover operating expenses excluding tax and brokerage,
and
• dividend return – how much Marlin pays out in dividends each year relative to its average share price over the
period. (Dividends paid by Marlin 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 Marlin Non-GAAP Financial Information Policy. A copy of the
policy is available at marlin.co.nz/about-marlin/marlin-policies/.
Portfolio Performance
For the year ended 30 June202620252024202320225 years
(annualised)
Gross Performance Return(6.3%)2.7%22.9%16.4%(24.9%)0.7%
Benchmark Index
3
30.5%14.9%15.2%15.3%(12.8%)11.7%
Performance Fee Hurdle
4
7. 8 %9.7%10.8%9 .1%5.8%
NB: All returns have been reviewed by an independent actuary.
1
Marlin’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 Large Mid Cap/S&P Small Cap Index (hedged 50% to NZ$). Returns shown gross in NZ$ terms.
4
The performance fee hurdle is the Benchmark Rate (the change in the NZ 90 Day Bank Bill Index +5%).
Share Price/Total Shareholder Return
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Share Price Total Shareholder Return
Nov
2007
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2011
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2013
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2014
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2015
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2008
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2009
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2010
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2016
Nov
2020
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2012
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2022
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2023
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2025
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2017
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2018
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2019
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Ashley Gardyne
Senior Portfolio Manager
MANAGER’S REPORT
“. . . we believe
Marlin is well
positioned to
deliver improved
returns in the
years ahead.”
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Investors became increasingly focused on
identifying the direct beneficiaries of AI infrastructure
spending, resulting in extraordinary capital flows into
semiconductors, data-centre infrastructure, power-
related assets, and companies perceived to be critical
to the AI value chain.
Semiconductor stocks delivered the strongest
returns in over 20 years, with investors extrapolating
several years of AI-related demand growth into
current valuations. The Philadelphia Semiconductor
Index (SOX) was up 40% in the nine-month period
from June 2025 to March 2026 as the large hyper-
scalers like Amazon and Microsoft ramped their
capital expenditure to meet increasing demand for AI
computing power. This exuberance increased in the
final quarter, with the SOX nearly doubling in just three
months. The result was a 157% gain for the year, the
second-best period of performance for the index since
it began in 1994. It is worth noting the largest return
was the 219% gain in the 12 months to March 2000,
which was the peak of the dot-com bubble.
Chart 2: Semiconductor stock returns – Trailing
12m returns versus history
The last 12 months were characterised by one of the
more unusual market environments in recent history.
It is rare to see three major market regimes collide in a
single year: geopolitical conflict, a turning interest-rate
cycle, and a potentially transformational technology
shift in AI. As it turned out, geopolitics and interest
rates set the backdrop, but AI dominated market
leadership and the subsequent underperformance of
quality stocks became the defining story of the year.
Geopolitical developments, in particular escalating
tensions between the US and Iran, generated
significant market volatility and contributed to the
largest monthly oil price spike in four decades. Oil
prices ramped from US$65 a barrel to over $110 in
just over one month and have remained elevated as
tensions in the region persist. This led to rising inflation
and higher interest rates. While the 10-year interest
rate in the US briefly fell below 4% early in 2026, it now
sits around 4.7%.
Chart 1: Surge in oil price reignites inflation
concerns
Geopolitical uncertainty, rising inflation, and higher
interest rates are typically negative for equities.
However, these events were overshadowed by AI
exuberance which produced, in our view, one of the
narrowest and most speculative market environments
since the dot-com era.
The past year was difficult for the Marlin portfolio. Markets were dominated by a narrow surge
in AI-linked and cyclical stocks, while many high-quality businesses were left behind. Marlin
was on the wrong side of this extreme rotation, with additional headwinds from the portfolio’s
sector positioning and some stock-specific issues. Against this backdrop, we have undertaken a
comprehensive review of our portfolio, while also reviewing and looking for improvements to how
we implement our investment process. We remain confident that owning quality businesses with
durable competitive advantages is the right way to compound shareholder wealth over the long
term. The underperformance of quality stocks has now reached levels last seen during the dot-
com bubble — and history shows that periods like this do not last. With the valuation levels of our
portfolio companies looking increasingly attractive, we believe Marlin is well positioned to deliver
improved returns in the years ahead.
Marlin delivered gross performance of -6.3% for shareholders, significantly less than the +30.5%
gain for the market benchmark over the 12-month reporting period.
1998 2002 2006 2010 2014 2018 2022 2026
280%
240%
200%
160%
120%
80%
40%
0%
-40%
-80%
SOX Index - 12 Month Rolling Return
Brent Crude Oil and U.S. Inflation (CPI)
$130
$120
$110
$100
$90
$80
$70
$60
$50
Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
Oil ($/bbl) - LHS Inflation (%YOY) - RHS
4.5%
4.0%
3.5%
3.0%
2.5%
2.0%
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As investors focused narrowly on AI stocks, market
breadth deteriorated to levels more extreme than at
the peak of the dot-com era, with fewer than 30% of
companies outperforming the index in the June quarter.
Headline index returns therefore overstated the health
of the broader market.
Another key feature of markets in FY26 was the stark
performance gap between high and low-quality
businesses. For the 12 months ended 30 June 2026,
high-quality companies underperformed lower-quality
businesses by 40%, as measured by the Morgan
Stanley quality indices. We have not seen this level
of underperformance since the late stages of the
technology bubble in the late 1990s, when investor
enthusiasm also became disconnected from business
quality and long-term earnings power.
Chart 3: Quality companies underperformed by a
record amount in 2026
Source: Morgan Stanley, Bloomberg
This divergence took several forms.
Companies perceived as direct AI beneficiaries saw
extraordinary gains, in some cases embedding profit
expectations that would require unprecedented,
sustained growth to justify. At the same time,
many high-quality businesses with long histories of
compounding earnings, strong competitive positions,
and proven management teams attracted relatively
little investor interest. These “have-nots” spanned
healthcare, software, and consumer companies. Many
delivered solid operational performance yet still saw
meaningful share price pressure – as momentum
focused investors sold blue-chips in these sectors to
buy AI-beneficiaries.
We remain constructive on the long-term economic
benefits of AI and hold a number of high-quality
beneficiaries of this trend across both semiconductors
and data-centre providers. At the same time, we are
being very selective with our positioning and believe
MANAGER’S REPORT CONTINUED
the market is increasingly failing to distinguish between
durable winners with strong economics and more
speculative participants whose valuations rely on overly
optimistic assumptions.
The narrow rally in AI-related stocks, and the resulting
40% underperformance of high-quality versus
low-quality stocks, was the defining feature of the
year. For fundamental investors, these periods are
uncomfortable, because strong companies can
underperform despite continuing to grow and execute
their strategies well. These periods have typically
proven temporary, and over the long term, share prices
tend to reconnect with the fundamentals that matter
most: a firm’s competitive positioning, its cash flow
generation, and ability to grow sustainably through the
cycle.
Performance
Marlin had a very disappointing 12 months to June
2026. For the year to 30 June 2026, Marlin’s portfolio
delivered a gross performance return of -6.3%,
compared with the market benchmark which gained
30.5%.
Three factors drove the result: (i) the underperformance
of higher-quality stocks discussed above; (ii) our high
exposure to specific sectors like healthcare, and more
limited exposure to semiconductors; and (iii) several
stock-specific issues.
Our underweight to semiconductors was a particular
headwind, given the sector’s historic returns this year.
We remain constructive on the structural AI buildout,
but our exposure is deliberately concentrated in
businesses with durable economics: enablers such
as ASML, TSMC, and Nvidia, and platforms such as
Amazon, Alphabet, Meta, and Tencent. These have
lagged the more speculative parts of the market, but in
our view offer a significantly better risk-adjusted way to
participate in AI over the long term.
Healthcare also detracted, as investors remained
concerned about US policy and regulatory changes
affecting surgical procedures, hospital spending, and
drug R&D. We believe these concerns are not reflected
in underlying fundamentals: procedure volumes for
medical device companies remain resilient; demand
for innovative treatments such as minimally invasive
heart valves, robotic surgery, and continuous glucose
monitors continues to grow; and pharmaceutical
R&D spending is beginning to recover as the industry
emerges from a post-COVID investment lull.
Despite improved performance post year-end,
healthcare remains historically inexpensive relative to
the broader market, reinforcing our confidence in the
sector’s long-term outlook.
50%
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10%
0%
-10%
-20%
-30%
-40%
-50%
FY06
FY07
FY08
FY09
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F Y11
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FY20
FY21
FY22
FY23
F Y24
FY25
FY26
High Quality vs Low Quality Performance
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Chart 4: US medical device sector price-to-
earnings ratio vs the S&P500
Finally, the market penalised several companies that
are reinvesting their profits today to drive tomorrow’s
growth. These companies include Meta, Tencent,
Netflix, Mercado Libre, and Uber. We think this is short-
sighted and expect share prices to follow fundamentals
as returns on this spending become clearer.
The underlying fundamentals across our portfolio
holdings remain sound. While some stocks faced
specific challenges, most portfolio companies
continued to deliver solid operational updates; a picture
partly obscured by the market’s singular focus on near-
term AI momentum.
Process improvements
Our STEEPP process, which focuses on high-quality
growth companies with strong management teams,
has delivered solid returns for investors over Fisher
Funds’ 28-year history. There have been periods where
our investment style has fallen out of favour; each time
it has proven finite, and quality stocks have gone on to
rebound strongly.
That said, we are constantly looking for ways to
improve our process.
During the year, we undertook several detailed reviews
of our portfolio, but also of our investment process and
how we staff our research efforts. These reviews have
led to several changes.
Firstly, we have added two new analysts to the research
team managing the Marlin portfolio, bringing the total
team size to seven. This has allowed us to move to a
sector specialist research model, with each analyst
covering key sectors including technology, healthcare,
consumer, industrials, and financials. This is providing
us with greater coverage of opportunities across global
markets, deeper industry expertise, as well as the
ability to add further diversification to the portfolio.
Second, in recent months we have been moving
faster to exit positions where the thesis has changed,
or where the valuation has become stretched.
Several of this year’s detractors were amongst our
better performers in prior years, a sign we held on to
some positions for too long. We have also increased
the cadence of new stocks entering the portfolio.
Over time, our newer holdings have delivered more
outperformance than legacy positions and we believe
more regularly refreshing the portfolio can lift returns.
Finally, we have become more sector-aware in
our portfolio construction. Our focus remains
on high-quality businesses that we believe are
underappreciated by the market – but we are trying
to identify these businesses across a wider range of
sectors and geographies.
As a result of these process improvements, it was a
year of elevated change within the portfolio; adding nine
new stocks to the portfolio and exiting four companies.
We expect this elevated rate of change to continue in
the year ahead. Early signs are encouraging: several
new additions in non-traditional sectors, including Old
Dominion, Keyence, and TSMC, were among our top
contributors to performance for the year.
Performance highlights and lowlights
Positive contributors
The top performers in the Marlin portfolio were ASML,
Alphabet, Old Dominion, Keyence, and TSMC.
ASML (+150% in local currency) and TSMC (+ 41%)
were among the portfolio’s strongest contributors
as the AI infrastructure buildout accelerated through
the year. TSMC, the world’s dominant outsourced
chipmaker, and ASML, which manufactures the
advanced lithography equipment essential to producing
those chips, sit at the heart of the AI supply chain.
TSMC ran near 100% utilisation for much of the year
given strong demand for its advanced chips, while
ASML reported its strongest bookings quarter on
record during the year. We added meaningfully to
ASML during a period of weakness in the first half of
the year, before reducing our position after its share
price rose 90%.
Alphabet (+104%) was one of the portfolio’s standout
performers as Google cemented its position as
a leader in the AI race. Its cloud business growth
accelerated meaningfully, winning major deals with
Meta and OpenAI, while Google’s internally developed
TPU chips proved an important alternative to Nvidia
GPUs, with Meta and Anthropic both signing deals to
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50%
40%
30%
20%
10%
0%
-10%
-20%
Medical device P/E vs S&P
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MANAGER’S REPORT CONTINUED
use them. Google’s core search advertising business
also reaccelerated as AI-enhanced features drove
increased engagement and monetisation. Over the
year, Google launched Gemini 3 to high acclaim and
entered discussions with Apple to integrate Gemini into
a revamped Siri. We added significantly to the position
during a period of weakness earlier in the year.
Old Dominion (+27%) benefitted as green shoots
emerged following the longest freight recession in
more than 20 years. A tightening trucking market
provided the catalyst: fewer drivers due to new limits
on foreign workers, a lower supply of new trucks, and
increased bankruptcies constrained supply, while
stabilising volumes reinforced industry momentum.
As the most efficient operator in the industry, Old
Dominion is well placed to benefit from any sustained
recovery, with meaningful operational leverage
expected to drive a strong rebound in profitability as
volumes return.
Keyence (+39%), the global leader in industrial
automation and inspection equipment, was added to
the portfolio early in the year. It performed strongly as
key end markets recovered, particularly electronics
and automotive, while progress on shareholder
disclosure and buybacks was well received. The
company’s large direct sales force, intellectual property
portfolio, broad product range, and disciplined culture
create a durable competitive advantage, positioning it
well for the continued shift toward factory automation.
Detractors from performance
The biggest detractors from portfolio performance
were Boston Scientific, Zoetis, Gartner, Salesforce,
and Floor & Décor.
Boston Scientific (-59%), a market-leading medical
device manufacturer, was one of the portfolio’s best
performers last year but had to navigate a more
challenging environment this year. New entrants have
started to erode its first-mover advantage in pulse-
field ablation even as the category grows rapidly. Its
leading Watchman product for atrial fibrillation has also
seen growth slow due to operating theatre capacity
constraints and mixed clinical data. We reduced our
position to reflect these near-term headwinds. Boston
has a strong pipeline of minimally invasive devices that
should continue to take share from traditional surgical
approaches, and we remain positive on the longer-
term thesis, but acknowledge that the path back to
strong growth will take time.
Zoetis (-54%), the leading global animal health
company, disappointed as weaker consumer spending
reduced vet visits, while a lull in its new-product
pipeline added to the pressure. With no immediate
signs of improving pet-owner spending and key
product launches not expected until late 2027, we are
holding Zoetis at a below-average position size. Zoetis
has several potential blockbuster drugs in its pipeline,
dominant market positions, and a track record of
innovation, but we want to see the competitive and
spending dynamics stabilise before adding to the
position.
Microsoft (-24%) and Salesforce (-42%) declined
amid a broad software sell-off driven by fears that
AI agents will disintermediate enterprise software
platforms. We believe this underestimates the
importance of structured data, embedded workflows,
and enterprise-grade security in deploying AI
effectively. Microsoft controls the productivity and
collaboration layer across most large enterprises,
making Microsoft 365 the natural deployment layer
for AI copilots. Salesforce remains the system of
record for customer data across sales, service and
marketing for over 150,000 businesses, and any AI
agent automating these functions must integrate with
its platform. Both reported accelerating AI-related
revenue during the year, with Salesforce’s Agentforce
reaching ~$0.8bn in annualised revenue.
Gartner (-61%) was the portfolio’s weakest performer.
A series of negative earnings results elevated fears
that AI is disrupting the research and consulting
industry. While management attributed the weakness
to macro factors, we felt the AI risks had heightened
and progressively reduced the position before exiting
entirely. Gartner’s proprietary data and independent
positioning have historically underpinned its moat, but
these proved insufficient to offset slowing demand for
its research and advisory services.
Portfolio additions and exits
We have made several changes to the Marlin portfolio
in the last year. As discussed above, we now have a
larger number of portfolio companies, spread across a
wider range of geographies and sectors.
Overall, we believe these changes have improved the
quality of the portfolio.
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New portfolio additions
Uber is the dominant ride-share player globally,
operating in over 70 countries with 199 million
customers. Its scale and self-reinforcing network
effects (more riders -> more drivers -> more riders)
underpin its moat. The business continues to steadily
grow rider numbers (and trips per rider), while
rapidly expanding its Uber Eats business. The strong
growth and attractive unit economics are resulting in
considerable margin and profit expansion.
Old Dominion is North America’s second largest
less-than-truckload (LTL) carrier and widely regarded
as the industry benchmark, with on-time deliveries
above 99% and 15 consecutive #1 quality rankings. Its
service culture has supported sustained market share
gains and industry-leading margins. With the freight
sector in its longest recession in decades as COVID-
era over-earning unwinds, we used the weakness to
build a position.
Mercado Libre is the largest e-commerce platform
in Latin America, with a fast-growing fintech business
offering payments and credit to consumers and
merchants. It is taking share from incumbents through
faster shipping and lower prices, underpinned by the
region’s largest distribution network, and leverages
its e-commerce customer base to efficiently acquire
underserved financial services customers. With
e-commerce and banking penetration in Latin America
well below developed markets, the growth runway
remains long.
Keyence is a global leader in industrial automation
and inspection equipment — cameras, sensors,
and microscopes that help manufacturers improve
productivity and quality control across automotive,
food, and other end markets. Its large direct
salesforce, IP portfolio, and broad product range
position it well for growth in global factory automation.
Tyler Technologies is the leading provider of
essential software to over 15,000 US local and
state governments — from property tax and court
management to 911 dispatch. With two-thirds of local
governments still running legacy or unsupported
systems, security concerns and rising maintenance
costs are driving a long conversion cycle towards
modern platforms. Tyler is the only vendor offering
a full suite across most client needs. We previously
owned Tyler in 2019-2020 and used the indiscriminate
software sell-off to reinstate the position.
Equifax is one of the three leading global credit
bureaus, collecting data from multiple sources to
help banks make lending decisions and employers
run automated background and income verification
checks. Penetration of these data services continues
to grow. Several key end markets, including mortgages
and employee verifications, are currently cyclically
depressed, which we expect to improve over the next
few years.
Capital One is a leading US credit card issuer that has
grown market share from 4% in 2010 to 14% today.
Following its merger with Discover, it is now the third-
largest card issuer in the US. Operating entirely as a
digital bank and fully in the cloud, Capital One delivers
superior credit underwriting and cost advantages over
traditional banks. The Discover merger strengthens its
market position, drives meaningful earnings growth,
and supports higher capital returns.
TSMC is the global leader in outsourced
semiconductor manufacturing and a critical enabler
of the AI supply chain. Its scale, process technology
leadership, advanced packaging capabilities, and
trusted ecosystem create very high barriers to entry.
HDFC Bank is India’s largest private-sector bank and
one of the highest-quality bank franchises globally,
with 100 million customers and market share that has
doubled from 7% to 14% since 2016. It has sustained
industry-leading returns and consistently low non-
performing loans.
Portfolio exits
We exited KKR and Gartner, having previously
reduced both to minimum sizes due to AI-disruption
risks to their core businesses. While both remain
quality franchises, we redeployed capital into what we
believe are higher-quality opportunities.
We exited Costco due to its elevated valuation and will
monitor for a more attractive re-entry point.
We exited UnitedHealth Group during the year. The
company was one of our worst performers in the June
quarter, as earnings were cut 50%, shaking investors’
confidence in this historically stable business. We had
trimmed our position size significantly into the result
and subsequently as we reviewed our investment
thesis. Following a ~40% increase in share price from
the start of August, we exited our position.
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Portfolio positioning
The Marlin portfolio comprised 31 companies as at 30
June 2026, diversified across a range of sectors.
Chart 9: Marlin portfolio – Sector split
Chart 10: Marlin portfolio – Geographical split

MANAGER’S REPORT CONTINUED
Outlook
We are optimistic about the medium-term outlook for
the Marlin portfolio. After another unusually difficult
year, many high-quality companies are attractively
valued compared to the rest of the market. History
shows that periods of extreme style divergence like we
are seeing today rarely persist.
We saw early signs of that shift in July, with a sell-off
in semiconductors and renewed interest in higher-
quality businesses. It is too early to call a lasting
change in leadership, but it’s consistent with our view:
enthusiasm for parts of the AI trade had run ahead of
fundamentals, and many quality companies had been
over-sold.
We will continue to increase the number of portfolio
holdings modestly with the help of our expanded team,
adding investments across a broader range of sectors
and geographies.
Importantly, the fundamentals of the businesses we
own remain sound – and we expect them to continue
compounding revenue, earnings, and shareholder
value in the years ahead.
Ashley Gardyne, Senior Portfolio Manager
Fisher Funds Management Limited
16 September 2026
Information Technology 26%
Consumer Discretionary 20%
Healthcare 19%
Financials 13%
Communication Services 12%
Industrials 8%
Cash and FFX 2%
North America 74%
Western Europe 10%
Asia Pacific 9%
South & Central America 4%
Cash and FFX 2%
Central Asia 1%
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Headquarters Company%
Holding
ChinaTencent Holdings4.9%
FranceHermes International3.5%
JapanKeyence Corp3.0%
Ireland Icon1.6%
United
Kingdom
Greggs Plc2.0%
United StatesAlphabet3.6%
Amazon.Com6.8%
ASML Holding NV2.7%
Boston Scientific2.8%
Capital One Financial
Corporation
1.7%
Danaher Corporation3.6%
Dexcom Inc3.6%
Edwards Lifesciences
Corp.
2.3%
Equifax Inc2.2%
Floor & Décor Holdings4 .1%
HDFC Bank Limited1.0%
Intuitive Surgical Inc3.0%
Mastercard5.7%
MercadoLibre Inc3.9%
Meta Platforms Inc5.4%
Microsoft7. 0 %
MSCI Inc3 .1%
Netflix3.0%
Nvidia Corp4.9%
Old Dominion Freight
Line Inc
2.2%
salesforce.com1.3%
Taiwan Semiconductor
Manufacturing Co
1.7%
Tradeweb Markets Inc1.9%
Tyler Technologies Inc0.5%
Uber Technologies Inc3.2%
Zoetis Inc2.2%
Equi t y Tot a l98.4%
New Zealand dollar
cash
0.7%
Total foreign cash2.1%
Tot a l Ca s h2.8%
Forward Foreign
Exchange
-1. 2%
TOTAL100.0%
Portfolio Holdings Summary
as at 30 June 2026
The information in the Directors’ Overview and in this
Manager’s Report (including all text, data, and charts) has
been prepared as at mid-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 Marlin Global 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 Marlin Global Limited or its portfolio
companies, please note that fund performance can and will
vary and that future results may have no correlation with results
historically achieved.
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STRENGTH OF
THE BUSINESS
What is the company’s
competitive advantage? Is it
sustainable? Is the company
a market leader? Does it have
a dominant position? A strong
business is one that can maintain
its profit margins by employing a
unique strategy.
TR ACK
RECORD
How has the company performed
in the past? Has the company
performed under the same
management team? Has it grown
organically or by acquisition? How
did the company react during a
downturn? Fisher Funds prefers to
buy established companies that
have executed well in the past.
EARNINGS
HISTORY
How fast has the company
been able to grow its earnings
in the past? How consistent has
earnings growth been? Fisher
Funds prefers to buy companies
that exhibit secular growth
characteristics where they have
the proven ability to provide
a high or improving return on
invested capital.
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 Marlin which comprised 31 securities as at 30 June 2026.
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EARNINGS
GROWTH FORECAST
What is the company’s earnings
growth forecast over the next
three to five years? What is
the probability of achieving the
forecast? What does Fisher Funds
expect the company’s earnings
potential to be? Fisher Funds
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/
MANAGEMENT
Who are the management team
and how long have they been in
their roles? Who are the directors,
what is their history with the
company, and what do they bring
to the board? What is the depth of
management in the organisation
and is there a succession plan for
the key executive roles? Do the
management team own shares
in the business and how are they
rewarded? Has the board and
management exhibited good
corporate behaviour in the areas
of environmental, social, and
governance considerations?
For Fisher Funds, the quality of
the company management and
its corporate governance is of
paramount importance.
PRICE/
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

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+104
%
+9
%
+150
%
Total Share ReturnTotal Share ReturnTotal Share Return
MARLIN PORTFOLIO
COMPANIES
The following is a brief introduction to each of your portfolio companies, with a description of
why Fisher Funds believes they deserve a position in the Marlin 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.
Total shareholders return in local currency sourced from Bloomberg.
UNITED STATES
What does it do?
Alphabet is the holding company
which owns the world’s leading
internet search provider, Google.
Google is the world’s most visited
website and the largest global
advertising platform by advertising
revenue. It also operates the third
largest cloud computing business,
Google Cloud Platform.
Why do we own it?
Alphabet benefits from wide
moats built on its dominant
position in online search, a deep
intellectual property portfolio, and
strong global brands. We believe
Alphabet is well positioned for
growth as advertising budgets
continue to shift from television
and other off-line budgets to
digital channels, while rising
AI-related demand drives further
growth in Google Cloud.

UNITED STATES
What does it do?
Amazon is the dominant
e-commerce platform in the
Western Hemisphere. Alongside
the e-commerce platform, the
company offers marketing and
logistics services to vendors
and subscriptions to customers,
which include everything from
free shipping to music and video.
Amazon’s Amazon Web Services
business is the largest global
cloud computing platform, helping
clients with data storage and
computing power.
Why do we own it?
Amazon sits at the intersection
of several powerful secular
tailwinds — the continued shift
to e-commerce, the migration
of advertising spend online, and
rising adoption of public cloud
and AI infrastructure. Its scale
and network advantages across
logistics, retail, and cloud create
reinforcing moats that are difficult
for competitors to replicate. With a
long runway across each of these
markets, Amazon is positioned
well for durable long-term growth.
NETHERLANDS
What does it do?
ASML is the leading manufacturer
of lithography machines used to
produce semiconductor chips.
Described by some as the most
complex machines ever built,
these lithography machines can
be as large as a bus, contain over
100,000 parts and cost hundreds
of millions of dollars.
Why do we own it?
ASML has 100% market share
in the cutting-edge lithography
machines that are used to
manufacture the most advanced
semiconductor chips, such as
those used in smartphones and
laptops. Advances in areas such
as AI and autonomous driving
will require increasing amounts of
these advanced semiconductor
chips, which will drive ongoing
demand for ASML’s lithography
machines.

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MARLIN PORTFOLIO
COMPANIES
-59
%
+3
%
Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Boston Scientific is a leading
manufacturer of innovative medical
devices used to treat a range of
medical conditions to over 30
million patients each year. Boston
Scientific focuses on minimally
invasive therapies, which generally
improve patient outcomes versus
traditional surgery and reduce the
overall cost of treatment for health
systems.
Why do we own it?
Boston Scientific is well positioned
with market-leading positions
in several fast-growing medical
device markets. With a strong
pipeline of new product launches
and a track record of investment
in innovation, we expect Boston
Scientific to sustain its above-
market growth through time.
UNITED STATES
What does it do?
Capital One is a leading US credit
card issuer. Capital One has
grown market share from 4% in
2010 to 14% today, and following
the recent merger with Discover,
Capital One is the third largest
credit card issuer in the US. Since
day one, Capital One has been
an information and data focused
company. It operates almost
entirely as a digital bank with
limited branches and is the only
bank fully operating in the cloud.
Why do we own it?
US credit cards are an attractive
segment within banking, with
high barriers to entry and strong
returns. Capital One’s digital
technology advantage drives
strong credit card underwriting
and cost advantages versus
traditional banks. The merger
with Discover will strengthen its
moat, deliver meaningful earnings
growth, and support higher capital
returns to shareholders.
-5
%
Total Share Return
UNITED STATES
What does it do?
Danaher is a leading player in the
Life Sciences and Diagnostics
industries where it provides its
customers with the cutting-edge
tools to help them to diagnose
disease and discover and
manufacture new drug therapies
to treat those diseases.
Why do we own it?
An aging population and rising
healthcare spend are driving
sustained investment in the
diagnosis and treatment of
chronic disease. With a leading
portfolio of tools and services
spanning diagnostics, life sciences
research, and biopharma
manufacturing, Danaher is
well positioned to capture this
investment. Underpinned by its
renowned culture of continuous
improvement embedded in
its Danaher Business System,
we expect Danaher to keep
gaining share as it becomes an
increasingly indispensable partner
to its customers.

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+17
%
-31
%
Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Edwards Lifesciences is the global
market leader in the treatment of
heart valve disease, which impacts
millions of people worldwide
and carries a poor prognosis if
left untreated. Edward’s main
products allow for the treatment of
this disease without the need for
risky open-heart surgery.
Why do we own it?
Edwards Lifesciences continues
to lead the industry in innovation,
investing in the development of
new products which both improve
medical outcomes for patients and
help doctors treat a wider range
of previously untreated patients
using a lower risk approach. With
a dominant market share and
continued investment in research
and development, Edwards
Lifesciences has a long runway for
growth.
UNITED STATES
What does it do?
Equifax is one of the three
largest credit agencies globally,
collecting data from multiple
sources to form a database of
individual consumers and small
businesses, including credit
history, employment history,
payment history, and other
identity information. This data
and associated analytics are
then sold to businesses such
as financial institutions to make
decisions such as whether, and
on what terms, to approve auto
loans or credit card applications,
or whether to allow a consumer or
a business to open a new utility or
telephone account, or providing
background checks for potential
employers.
Why do we own it?
Following a multi-year and multi-
billion-dollar investment in cloud
capability, we believe Equifax
is well set to boost innovation
and drive higher sales from
new products. Equifax should
also benefit from falling interest
rates. Mortgage applications
are currently well below historic
levels. As rates fall, the level
of applications is expected to
increase, all of which require credit
data from Equifax.
MARLIN PORTFOLIO COMPANIES CONTINUED
Total shareholders return in local currency sourced from Bloomberg.
-19
%
Total Share Return
UNITED STATES
What does it do?
Dexcom is a leading player in
continuous glucose monitoring
(CGM) devices for people with
diabetes, which impacts hundreds
of millions of people globally.
Why do we own it?
Dexcom benefits from high
barriers to entry in CGM devices
due to high upfront investment
and specialist know-how. It takes
years to innovate and develop
a new sensor before receiving
regulatory clearance. Compared
to finger prick testing, CGM
devices achieve better health
outcomes from continuous
glucose readings vs. a static one-
off, similar or better accuracy, and
more convenience. Only ~6-7%
of the diabetic population globally
use a CGM device, so Dexcom is
well positioned for many years of
growth.

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Total Share Return
-27
%
UNITED STATES
What does it do?
Floor & Décor is a leading
specialty hard flooring retailer
in the US. Its warehouse format
stores, which are roughly the size
of a Bunnings, only offer hard
surface flooring. The company
offers the industry’s broadest in-
stock assortment at everyday low
prices. Floor & Décor has almost
300 stores across 40 states.
Why do we own it?
The company has potential
to dominate the niche hard
surface flooring category, which
historically grew mid-single digits
year over year. There is significant
runway for future store growth
with the potential to almost double
its footprint to around 500 stores.
Given the company’s size and
scale, Mom and Pop retailers,
which have 50% market share,
cannot compete on price or
service with Floor & Décor.
Total Share ReturnTotal Share Return
-15
%
+4
%
UNITED KINGDOM
What does it do?
Greggs is a vertically integrated
food-on-the-go operator in the
UK. The company operates more
than 2,500 stores and is the leader
in the UK take-away sandwich and
savoury market.
Why do we own it?
Greggs has the potential to
continue to gain share of the
fragmented UK market given
the strength of Gregg’s value
proposition. We see plenty of
opportunity for Greggs to continue
rolling out stores, while also
implementing strategic initiatives
(e.g. evening trade, delivery, click
and collect) to increase sales
turnover at established stores.
INDIA
What does it do?
HDFC Bank is the largest private
sector bank in India and one of
the highest quality banks globally.
With 100 million customers, it
has grown market share from 7%
to 14.4% since 2016, sustaining
industry-leading returns. The
bank is a disciplined underwriter;
gross non-performing assets are
consistently amongst the lowest in
the industry.
Why do we own it?
Following the 2023 merger with its
parent, HDFC Ltd, the bank has
successfully navigated a period of
balance sheet consolidation. We
expect HDFC Bank to leverage
its industry-leading scale and
strong domestic brand to continue
gaining share of the Indian
banking market.

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MARLIN PORTFOLIO COMPANIES CONTINUED
Total shareholders return in local currency sourced from Bloomberg.
Total Share Return
-30
%
FRANCE
What does it do?
Hermès is a 189 year old French
family-owned luxury design brand
that sells leather goods, clothes,
silk scarves, homeware and
jewellery. The company is known
for its iconic Birkin and Kelly bags
where resale values often exceed
retail values given high demand.
Why do we own it?
High quality (controlled through
a vertically integrated supply
chain) and product exclusivity
give Hermès a durable moat. The
company is run by a long-term
oriented management team and
has a long growth runway, making
Hermès an attractive investment.
Total Share Return
+17
%
IRELAND
What does it do?
Known as a contract research
organisation (CRO), Icon provides
specialised services in clinical trial
management for pharmaceutical
and biotechnology companies.
Why do we own it?
The rising complexity and
regulatory burden of clinical
trial management is pushing
pharmaceutical and biotechnology
companies worldwide to
outsource to specialist CROs
like ICON. Its global footprint and
breadth of clinical management
capabilities place it among a small
handful of players able to service
the largest, most complex global
trials. Growth is underpinned
by the continued shift to
outsourcing, a growing volume
of drugs entering the pipeline,
and increasingly demanding trial
requirements from regulators such
as the FDA.
Total Share Return
-26
%
UNITED STATES
What does it do?
Intuitive Surgical is the pioneer and
leading manufacturer of soft-tissue
surgical robotics, used to assist
surgeons to perform minimally
invasive surgical procedures.
Since Intuitive first launched its
‘da Vinci’ robot over twenty years
ago, there are now over 11,000
systems placed around the
world, performing over two million
procedures annually.
Why do we own it?
Robotic systems aid and enhance
the surgeon’s capabilities, and
both increase comfort and reduce
fatigue as the surgeons can sit at
a console versus standing over
patients for hours a day. This
enhanced capability of robotics
creates better clinical outcomes
than the equivalent open surgery.
We expect that as robotic
technology continues to evolve,
penetration will further increase.
Barriers to entry for robotic
surgery are substantial, and we
expect that Intuitive will maintain
a high market share in the future
even as competitors come to
market.

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Total Share Return
+39
%
JAPAN
What does it do?
Keyence is a leader in the
development of industrial
automation and inspection
equipment globally. It develops
advanced cameras, sensors,
and microscopes that help
manufacturers improve
productivity and ensure quality
control across end markets
such as automotive and food
production.
Why do we own it?
Keyence’s large direct salesforce,
intellectual property portfolio,
broad product range, and
disciplined culture underpin its
competitive moat. This positions
the company well to benefit from
increasing factory automation
globally.
Total Share ReturnTotal Share Return
-8
%
-14
%
UNITED STATES
What does it do?
MasterCard is the second largest
payment network in the world,
operating in 210 countries and
supporting more than 2 billion
cards across its network.
Why do we own it?
MasterCard’s growth outlook is
underpinned by the secular shift
to electronic payments and away
from cash, particularly in emerging
markets where MasterCard
has significant presence.
These structural growth drivers
combined with increasing margins
and high cash flow generation
(allowing for substantial share
buybacks) supports a strong
growth outlook over the medium
to long term.
LATIN AMERICA
What does it do?
MercadoLibre is the largest
e-commerce player in Latin
America, while also offering
payments solutions for retailers
and credit for consumers and
businesses via its fast-growing
fintech business.
Why do we own it?
It is taking market share off
incumbents in e-commerce given
its faster shipping and lower
product prices, underpinned by
the largest distribution centre
network. It leverages its moat
in the e-commerce business to
acquire under-served customers
efficiently in the fintech business.
This strong competitive position,
combined with a long growth
runway (given ecommerce and
banking penetration in Latin
America lag other developed
markets) makes MercadoLibre an
attractive investment.

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Total Share ReturnTotal Share Return
-21
%
-24
%
UNITED STATES
What does it do?
Previously known as Facebook,
it has rebranded to Meta
Platforms Inc, which is the
parent organisation of Facebook.
Facebook owns four of the most
dominant social networking and
messaging platforms in the world
– the Facebook App, Instagram,
Messenger and WhatsApp. It
monetises these platforms by
selling advertising slots to millions
of businesses globally.
Why do we own it?
The average US user spends over
an hour a day on Facebook and
Instagram combined. This depth
of engagement, paired with Meta’s
unmatched ability to deliver an
audience of over 4 billion users
to advertisers, has made it one
of the most valuable advertising
platforms in the world. We see
significant growth ahead as Meta
continues to capture share of
advertising budgets shifting from
TV to digital, and as it uses AI to
both deepen user engagement
and sharpen ad targeting,
strengthening its value proposition
to advertisers over time.
UNITED STATES
What does it do?
Microsoft is a dominant software
business that develops, licenses,
sells and supports software
products, and is viewed by many
IT departments as their most
critical vendor. Products and
services include many well-
known franchises such as the
Windows operating system, Office
productivity applications, Azure
cloud services, LinkedIn and
Xbox.
Why do we own it?
Microsoft Azure is well positioned
to benefit from enterprises
continuing to shift computing
and storage workloads to the
cloud, as well as the rapid growth
in AI-related compute demand.
Microsoft should also benefit
from embedding generative
AI into its core productivity
software, supported by its broad
distribution, deep enterprise
relationships and critical role within
corporate IT environments.
Total shareholders return in local currency sourced from Bloomberg.
Total Share Return
-2
%
UNITED STATES
What does it do?
MSCI is a leading provider of indexes,
benchmarks, index data, analytics,
sustainability and climate data, and
private asset investment tools for the
global financial industry. Its products
help investors define investment
universes, benchmark performance,
measure portfolio risk, construct ETFs
and build custom portfolios. MSCI
serves 6.7k clients in more than 100
countries, with around $21tn in assets
benchmarked to MSCI indexes. Its
flagship indexes include the All-
Country World Index (ACWI), the
World Index (all Developed Markets),
and the Emerging Market Index.
Why do we own it?
MSCI has attractive growth tailwinds,
including the growth of ETFs,
increasing investment in themes
(for example, robotics or space
exploration), indexation of other asset
classes (such as fixed income and
private assets), and greater focus on
ESG & climate. MSCI is one of the
most important global index providers
and has market-leading products to
capture each of these tailwinds. MSCI
benefits from competitive advantages
driven by strong brand, switching
barriers, scale, and network effects,
which all result in high customer
retention rates. MSCI has a long-
tenured management team with
material ownership in the business,
aligning them well with shareholders.

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Total Share Return
-45
%
UNITED STATES
What does it do?
Netflix is the world’s leading
streaming service with almost
350 million members in over 190
countries. Members pay a monthly
subscription fee to access TV
series, documentaries, feature
films and mobile games across
a wide range of genres and
languages.
Why do we own it?
Netflix’s scale in creating original
content and ability to spread this
cost over a huge global audience
base gives it a significant cost
advantage versus peers. This
advantage will likely get stronger
with time, and drive subscriber
growth for many years to come
– there are 750 million potential
subscribers globally (ex-China).
Its superior value proposition as
the cheapest streaming service
per hour viewed, underpins the
company’s ability to continue
raising prices at a rate above
inflation.
Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Nvidia is a computer chip
designer specialising in GPUs
(graphics processing units) with
~80% share of the accelerated
compute market. Its GPUs are
used in datacentres (circa 90%
of its earnings), robotics, gaming,
professional visualisation and
autonomous driving. Demand
for its GPUs in the datacentre
is driven by an increasing
proportion of high performance or
accelerated computer processing
e.g. simulations, machine learning,
training and inferencing large
artificial intelligence models.
Why do we own it?
Nvidia’s long-standing investment
in chip hardware, software and
networking has created a deep
ecosystem and meaningful
switching costs for customers,
and we expect Nvidia to remain
the dominant platform for
accelerated computing. Demand
for accelerated computing is
likely to remain structurally high,
driven by growth in AI training,
inference and other data-intensive
workloads. Nvidia also benefits
from continuity of leadership,
with co-founder Jensen Huang
continuing to lead the company
alongside an experienced
management team.
UNITED STATES
What does it do?
Old Dominion Freight Line (ODFL)
is the second largest less-than-
truckload (LTL) carrier in North
America. LTL is defined as
shipments that don’t fill a whole
truck. Due to having multiple
customers, each requiring
additional handling and sorting,
LTL operators can charge
higher prices than the more
commoditised full-truckload (FTL)
industry.
Why do we own it?
ODFL’s reputation as the industry
standard is underpinned by
unmatched service quality: its
on-time delivery rate consistently
exceeds 99% and damage claims
rates are impressively low (0.1
%). For an unprecedented 15
consecutive years, ODFL has
been named the #1 national
LTL carrier in quality by Mastio
& Company—based on 28
customer satisfaction metrics.
This, plus the strong corporate
culture of “helping the World Keep
Promises”, or going the extra mile
for the customer, has driven strong
market share gains and industry
leading profit margins. The freight
sector is experiencing the worst
recession in decades, following
significant COVID over-earning.
This gave us an opportunity to add
the company to the portfolio.
+31
%
+27
%

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Total Share ReturnTotal Share Return
UNITED STATES
What does it do?
Salesforce is the dominant
provider of cloud customer
relationship management (CRM)
technology globally. 90% of
Fortune 500 companies use
Salesforce’s business-critical
software offerings, such as
Slack (communications) and
Tableau (data visualisation), as
well as its latest AI agent offering
AgentForce.
Why do we own it?
Salesforce is well-positioned to
continue penetrating deeper into
its enterprise accounts; both
through its existing product suite,
but increasingly through its AI and
data offerings. Salesforce is using
its position as a trusted enterprise
partner to build early traction with
Agentforce, its agentic AI offering.
We expect this early momentum
to translate into accelerating
growth over the coming years as
adoption broadens through its
customer base.
TAIWAN
What does it do?
Taiwan Semiconductor (TSMC)
is the world’s largest and most
advanced semiconductor chip
manufacturer, producing the
cutting-edge semiconductors
that power AI, smartphones,
self-driving cars, and robotics for
customers like Apple and Nvidia.
TSMC has over 90% market share
in the manufacturing of the most
advanced chips.
Why do we own it?
We own TSMC because its
scale, technical know-how, and
deep customer relationships
have created a wide moat, with
competitors’ years behind on
the leading-edge manufacturing
processes. The rising cost
and complexity of each new
generation of chips makes the
gap increasingly harder to close.
The result is an exceptionally
high-quality business with strong
returns on capital and a long
runway of profitable growth ahead
as the world consumes ever more
advanced chips.
-42
%
+41
%
MARLIN PORTFOLIO COMPANIES CONTINUED
CHINA
What does it do?
Tencent is China’s largest online
gaming company with over 50%
market share and also owns
WeChat, the leading social network
and messaging platform with over
a billion users. The WeChat app
is deeply ingrained into daily life
in China with the average user
spending an hour a day on the
platform doing everything from
messaging, social feeds, news
feeds, e-commerce, hailing cabs,
ordering food, booking travel,
paying utility bills and watching
videos. Tencent also has leading
positions in a range of adjacencies
including digital payments (WeChat
Pay), music & video streaming, and
cloud computing.
Why do we own it?
While Tencent’s core business is
its gaming business, the WeChat
platform is allowing it to create
significant value in adjacent areas
such as advertising, consumer
AI, and financial services, which
we do not think is fairly reflected
in the current share price. The
digital advertising opportunity in
China is large and rapidly growing,
and WeChat is ideally placed
to capitalise given its share of
online time and ability to connect
businesses with users.
Total Share Return
-14
%
Total shareholders return in local currency sourced from Bloomberg.

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Total Share ReturnTotal Share ReturnTotal Share Return
UNITED STATES
What does it do?
Tradeweb is a leading
global operator of electronic
marketplaces for rates, credit,
equities and money markets.
Its platform facilitates electronic
trading, improving price discovery
and streamlining post-trade
workflows. Tradeweb serves more
than 3,000 clients globally and
operates across more than 85
countries.
Why do we own it?
We own Tradeweb for its
dominant position in a structurally
growing, oligopolistic market
where accelerating electronic
adoption, strong network effects,
and a proven track record of
innovation support a long runway
of sustained revenue and market
share growth.
UNITED STATES
What does it do?
Tyler Technologies is the leading
provider of essential software
to over 15,000 local and state
governments in the US. Tyler is
the only company that can offer
a full suite of products covering
property tax systems and court
management systems through-to
911 dispatch systems.
Why do we own it?
It is estimated that two-thirds of
local governments use in-house
systems or outdated software
products that are no longer
supported. Security issues and
rising maintenance costs are
driving a shift to modern systems,
creating a long growth runway. We
previously owned Tyler and took
advantage of the indiscriminate
sell-off in software names to add it
back to the portfolio.
UNITED STATES
What does it do?
Uber is the world’s largest on-
demand mobility and delivery
platform, connecting consumers
with rides, food delivery, grocery
and retail delivery, and freight
services. Its platform operates in
over 70 countries with 199 million
customers. Its scale and self-
reinforcing network effects (more
riders -> more drivers -> more
riders) underpin its moat.
Why do we own it?
We initiated a position in late
December after a 20% share
price fall driven by concerns
that autonomous vehicle (AV)
companies such as Tesla and
Waymo would reduce reliance
on Uber’s demand-aggregation
platform. We think the AV market
will be fragmented, and that AV
fleet owners and manufacturers
will require Uber’s dominant
platform to drive volume and
utilisation.
-27
%
-18
%
-9
%

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UNITED STATES
What does it do?
Zoetis is the global leader in animal
health, owning many of the leading
brands of drugs used to treat cats,
dogs and livestock.
Why do we own it?
Zoetis was first to market and
continues to hold the dominant
position across several of the
largest animal health therapy
categories, including dermatology
and osteoarthritis pain. As these
franchises mature, we expect a
strong pipeline, including a first-in-
category chronic kidney disease
product, to sustain Zoetis’s growth
over the next several years.
Total Share Return
-54
%
Total shareholders return in local currency sourced from Bloomberg.
MARLIN PORTFOLIO COMPANIES CONTINUED

BOARD OF DIRECTORS
Fiona OliverDavid McClatchyDan ComanSimon Flood
DAVID MCCLATCHY BCom
Chair of Investment Committee
Independent Director
David McClatchy is an experienced company director
who has had extensive investment management
experience across New Zealand and international
markets over the last 35 years. David is a director of
Kingfish, Barramundi 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 Marlin 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
Barramundi. Simon holds a Bachelor of Commerce
from the University of Canterbury.
Simon was first appointed to the Marlin board on
1 June 2026.
FIONA OLIVER LLB, BA, CFInstD
Chair of the Board
Chair of 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 Barramundi.
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 Marlin 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 Barramundi, and chair of the Audit and
Risk Committee of Marlin Global. 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 Marlin board on
1 October 2025.
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For the year ended 30 June 2026 and
current as at the date of this Annual Report
CORPORATE
GOVERNANCE STATEMENT
Marlin’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 Marlin’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 Marlin
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 Marlin, with the day-
to-day portfolio and administrative management
responsibilities of Marlin 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, Marlin
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, Marlin 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, Marlin does
not have a remuneration policy for executives
as Marlin 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 Marlin 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 Marlin in
respect of those matters (also described below) have
the approval of the board.
Where to find corporate governance materials
on Marlin’s website
Marlin’s constitution and each of the Company’s
charters, codes and policies referred to in this section
are available on the Marlin website (marlin.co.nz), under
the “About Marlin” 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
Marlin’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 Marlin matters.
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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.
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 Marlin’s website for directors
of the Company and employees of the Manager to
access at any time.
Securities Trading Policy
Marlin’s Securities Trading Policy details the restrictions
on persons nominated by Marlin (including its directors
and employees of the Manager who work on Marlin
matters) (“Nominated Persons”) relating to their trading
in Marlin shares and other securities.
Nominated Persons, with the permission of the board
of Marlin, may trade in Marlin shares only during the
trading window commencing immediately after Marlin’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 Marlin shares
when they have price sensitive information that is not
publicly available.
The Securities Trading Policy is available on Marlin’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
Marlin’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 Marlin. The board is responsible for the
direction and control of Marlin and is accountable to
shareholders and others for Marlin’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 Marlin to the Manager. The responsibilities
of the Manager are clear as they are described in the
Management Agreement and Administration Services
Agreement with Marlin.
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
Marlin 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 Marlin Board Charter is available on Marlin’s
website.
Nomination and appointment of directors
In accordance with Marlin’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.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
Procedures for the nomination, appointment and
removal of directors are contained in Marlin’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
Marlin 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 Marlin 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 31 and 37 of this Annual Report and also on
Marlin’s website.
Information in respect of each director’s ownership
interests in Marlin shares is available on page 68 of this
Annual Report.
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
Marlin 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 Marlin 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.
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The Diversity and Inclusion Policy is available on
Marlin’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 Marlin’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
QualificationsBCom;
FCA;
CMInstD
BComBComLLB, BA,
CFInstD
Capability
Investment
management
Listed
company
governance
Capital
markets/
capital
structure
Audit and
accounting
Risk
management
experience
Environment
and corporate
social
responsibility
Investor
and other
stakeholder
relations
Geographical
location
AucklandChrist-
church
TaurangaAuckland
Tenure (years)0.80 .15.04.0
GenderMMMF
O = High capability
= Medium capability
The board has limited High Capability to a maximum of
four for each director.
Set out below is a description of the capabilities
adopted by the board in its skills matrix.
Investment
management
Experience in the investment
management industry in governance,
leadership or equity portfolio
management roles other than in Marlin
Global Limited, Kingfish Limited or
Barramundi Limited
Listed
company
governance
Listed company governance
experience other than in Marlin
Global Limited, Kingfish Limited or
Barramundi 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 Marlin Global Limited, Kingfish
Limited or Barramundi Limited
Risk
management
Experience in identification and
mitigation of financial and non-financial
risk
Environmental
and corporate
social
responsibility
Experience in assessing or overseeing
environmental, social, and governance
initiatives, and specifically knowledge
of the implications for and application
of climate related disclosures
obligations on listed companies
Investor
and other
stakeholder
relations
Experience in formal and informal
communications with shareholders
and other stakeholders
Director training
All directors are responsible for ensuring they remain
current in understanding how best to perform their
duties as directors. To ensure ongoing education,
directors are regularly informed of developments
that affect the Company’s industry and business
environment.
Assessment of board and director performance
The Remuneration and Nominations Committee
conducts a formal review of director, committee
and board performance annually, except that every
three years the review is carried out by an external
party. Appropriate strategies for improvement are
recommended to the board as and when required. The
Chair of the board also has discussions with directors
on individual performance as considered appropriate.
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CORPORATE GOVERNANCE STATEMENT CONTINUED
Independent Chair and separation of the Chair
and Chief Executive Officer
The current Chair of the board is an independent
director. Marlin 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
M a nag e r.
Independent directors
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 Marlin for five and four years respectively, while Dan
Coman has been a director of Marlin for nine months
and Simon Flood has been a director of Marlin for one
month. Andy Coupe has been a Marlin director for
just over 13 years, having joined the Marlin board on 1
March 2013. However, Andy will retire from the board
with effect from 30 June 2026 and in view of the other
factors referred to above, the board has determined
that Andy is an independent director. The board’s
view is that Andy’s length of service 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.
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.
MARLIN GLOBAL LIMITED
ANNUAL REPORT
2026
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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
#
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.
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 Marlin’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.
Remuneration and Nominations Committee
The Remuneration and Nominations Committee
Charter sets out the objectives of the
Remuneration and Nominations Committee,
which are to set and review the level of directors’
remuneration, ensure a formal, rigorous and
transparent procedure for the appointment of
new directors to the board, and evaluate the
balance of skills, knowledge and experience on
the board. The Remuneration and Nominations
Committee also assesses the performance
of individual directors, the board and board
committees.
The Remuneration and Nominations Committee
currently comprises all of the directors, each
of whom are considered to be independent.
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.
MARLIN GLOBAL LIMITED
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2026
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CORPORATE GOVERNANCE STATEMENT CONTINUED
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 Marlin’s website.
Investment Committee
The Investment Committee Charter sets out the
objectives of the Investment Committee, which
are to oversee the investment management
of Marlin to ensure the portfolio is managed in
accordance with the investment mandate and
with the long-term performance objectives of
Marlin. The Investment Committee Charter is
available on Marlin’s website.
The Investment Committee currently comprises
all of the directors, each of whom are considered
to be independent. David McClatchy is Chair of
the Investment Committee.
Control Transaction Response Protocol
The board has adopted a formal Control
Transaction Response Protocol (previously the
Takeover Response Protocol) as an internal
framework that sets out the process to be
followed if there is a control transaction, such as a
takeover or scheme of arrangement for Marlin.
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
Marlin is committed to promoting investor confidence
by providing complete and equal access to
information in accordance with the NZX Listing Rules.
Marlin has a Continuous Disclosure Policy designed to
ensure this occurs and a copy of the policy is available
on Marlin’s website. The Corporate Manager is
responsible for overseeing and co-ordinating required
disclosures to the market.
Charters and policies
Marlin’s key corporate governance documents,
including its Code of Ethics & Standards of
Professional Conduct, board and committee charters
and other policies, are available on Marlin’s website
under the “About Marlin” and “Policies” sections.
Financial reporting
Marlin believes its financial reporting is balanced,
clear and objective. Marlin 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, Marlin did not have a formal environmental,
social and governance (ESG) framework. Marlin
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.
Marlin 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 Marlin
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, Marlin was classified as a climate reporting
entity (CRE) and was required to produce annual
climate statements within four months of its balance
date that identify and report on matters concerning
the impact of climate change on the Company’s
businesses and disclose greenhouse gas emissions.
However, in October 2025 the New Zealand
Government announced its intention to narrow
the scope of mandatory legislative reporting
requirements, such that listed issuers with a market
capitalisation of less than $1 billion and managed
investment scheme managers would no longer be
MARLIN GLOBAL LIMITED
ANNUAL REPORT
2026
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subject to requirements under the CRD regime.
Marlin 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, Marlin is no longer
required to prepare an annual climate statement for
the year ended 30 June 2026.
On that basis, the Marlin board has determined Marlin
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 Marlin’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 Marlin 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 11,460 shares under the Marlin Share Purchase
Plan. (Andy Coupe held in excess of the 50,000 share
threshold set out in the Marlin 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 Marlin
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 4,232 shares under the Marlin
Share Purchase Plan. (Carol Campbell held in excess of
the 50,000 share threshold set out in the Marlin 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 Marlin
director on 1 October 2025 and therefore he was not
subject to the Marlin Share Purchase Plan during 2025.
However, he will be subject to the Marlin Share Purchase
Plan in 2026.
(4) Simon Flood was appointed a Marlin director on 1 June
2026. He will participate in the Marlin 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 4,288 shares under the Marlin Share
Purchase Plan.
(6) $3,900 of this amount paid to Fiona Oliver was applied
to the purchase of 3,742 shares under the Marlin 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 Marlin.
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.
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2026
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Directors’ shareholding − Share Purchase Plan
The Marlin 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 Marlin shares. Once an individual director’s
shareholding reaches 50,000 shares, the director
can elect whether or not to continue in the plan. The
intention of the Share Purchase Plan is to further
align the interests of directors with those of Marlin
shareholders.
Executive remuneration
Marlin delegates its management personnel
requirements to Fisher Funds pursuant to an
Administration Services Agreement. For this reason,
Marlin 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. Marlin 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 Marlin’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 Marlin’s system
of risk management and internal control. Marlin 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 Marlin 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. Marlin
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 Marlin’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 Marlin’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.
Marlin 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.
Marlin’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 Marlin’s relationship with its external auditor,
was adopted by the board in 2018. This policy includes
procedures:
(a) to sustain communication with Marlin’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 Marlin; and
(d) to provide for the monitoring and approval by the
Audit and Risk Committee of any service provided by
the external auditor to Marlin other than in its statutory
audit role.
CORPORATE GOVERNANCE STATEMENT CONTINUED
MARLIN GLOBAL LIMITED
ANNUAL REPORT
2026
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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.
Marlin’s current external auditor,
PricewaterhouseCoopers (“PwC”), was appointed by
shareholders at the 2008 annual meeting in accordance
with the provisions of the Companies Act 1993. PwC
is eligible to be automatically reappointed as auditor
under Part 11, Section 207T of the Companies Act at
the Annual Shareholders’ Meeting, except in the limited
circumstances set out in the Act.
The Audit and Risk Committee has assessed PwC to be
independent and has received written confirmation of this
fact from PwC.
PwC, as external auditor of Marlin’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 Marlin, and its
independence in relation to the conduct of the audit.
Marlin 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. Marlin delegates day-to-day
portfolio and administrative management responsibilities
relating to Marlin to the Manager, and the Corporate
Manager is responsible for managing operational and
compliance risks across Marlin’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 Marlin’s
performance.
Marlin’s website, marlin.co.nz, provides information
to shareholders and investors about the Company.
2
The current PwC audit partner was appointed in 2024 and rotation will therefore occur no later than the end of 2029.
Marlin’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 Marlin’s directors, copies
of key corporate governance documents and general
company information.
The board recognises that other stakeholders may
have an interest in Marlin’s activities. While there are
no specific stakeholder interests that are currently
identifiable, Marlin will continue to review policies in
consideration of future interests.
Communicating with shareholders
Marlin 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 Marlin’s appropriate contact details
for communications from shareholders. Marlin also
provides options for shareholders to receive and send
communications by post or electronically.
Shareholder voting rights
When required by the Companies Act 1993, Marlin’s
Constitution or the NZX Listing Rules, Marlin will refer
decisions to shareholders for approval. Marlin’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 Marlin Notice of Annual Shareholders’
Meeting will be sent to shareholders at least 20
working days prior to the meeting and will be
published on Marlin’s website.
This year’s Annual Shareholders’ Meeting will be
held at 10.30am on 6 November 2026, at the Ellerslie
Event Centre in Auckland and online. Full participation
of shareholders is encouraged at the Annual
Shareholders’ Meeting and shareholders are also
encouraged to submit questions in writing prior to the
meeting if they are unable to attend either form of the
meeting.
Management Agreement Renewal
The Management Agreement between Marlin and
Fisher Funds is subject to renewal every five years. The
Management Agreement is next subject to renewal in
October 2027.
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2026
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CORPORATE GOVERNANCE STATEMENT CONTINUED
NZX waivers
There were no new waivers granted by NZX to the
Company in the financial year ended 30 June 2026.
Capital raisings
Marlin Share Issue (MLNWH)
On 23 April 2026, eligible Marlin shareholders were
issued (for free) one warrant for every four shares held
based on a record date of 22 April 2026.
Each warrant gives shareholders the right, but not the
obligation, to subscribe for one additional ordinary
share in Marlin on the exercise date, subject to
payment of the exercise price. The exercise date is
23 April 2027.
The warrant exercise price is $0.87 less any dividends
declared with a record date during the period
commencing on the date of allotment of the warrants
(23 April 2026) and up to the announcement of the
final exercise price. The final exercise price will be
calculated and advised to warrant holders at least six
weeks before the exercise date.
The warrants commenced trading on the NZX Main
Board on 24 April 2026 under the code MLNWH.
Further information in relation to the Marlin warrant
issue can be found in the Warrant Terms Offer
Document dated 16 February 2026 which is available
on Marlin’s website under “Investor Centre” and
“Warrant Terms” sections.
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We present the financial statements for Marlin Global Limited for the year ended 30 June 2026.
We have ensured that the financial statements for Marlin Global 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 Marlin 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
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2026
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45Statement of Comprehensive Income
46Statement of Changes in Equity
47Statement of Financial Position
48Statement of Cash Flows
49Notes to the Financial Statements
62Independent Auditor's Report
FINANCIAL
STATEMENTS CONTENTS
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2026
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The accompanying notes form an integral part of these financial statements.
Notes 2026 2025
$000 $000
Interest income 47 109
Dividend income 1,10 5 1,10 8
Net change in fair value of investments 2 (13,875) 4,582
Other income3 49 76
Total (loss)/income (12,674) 5,875
Operating expenses4 2,607 3,377
Net (loss)/profit before tax (15,281) 2,498
Total tax expense5 2,045 2,16 7
Net (loss)/profit after tax attributable to shareholders (17, 3 2 6 ) 331

Total comprehensive (loss)/income after tax attributable to shareholders (17, 3 2 6 ) 331
Basic (losses)/earnings per share7 (7.65c) 0 .15 c
Diluted (losses)/earnings per share7 (7.65c) 0 .15 c
STATEMENT OF
COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
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ANNUAL REPORT
2026
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STATEMENT OF
CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
Attributable to shareholders of the Company
Notes
Share
Capital
Retained
Earnings/
(Accumulated
Deficits)
Tot al
Equity
$000$000 $000
Balance as at 1 July 2024 200,380 22,524 222,904

Comprehensive income
Net profit after tax - 331 331
Total comprehensive income for the year ended 30 June 2025 - 331 331

Transactions with shareholders
Share buybacks6 (b) (1,175 ) - (1,175 )
Shares issued for warrants exercised (net of exercise costs)6 (c) 976 - 976
Dividends paid6 (d) - (17,517 ) (17,517 )
New shares issued under dividend reinvestment plan6 (e) 5,355 - 5,355
Shares issued from treasury stock under dividend
reinvestment plan
6 (e) 1,202 - 1,202
Total transactions with shareholders for the year ended
30 June 2025
6,358 (17,517) (11,15 9 )
Balance as at 30 June 2025 206,738 5,338 212,076

Comprehensive loss
Net loss after tax - ( 17, 3 2 6 ) ( 17, 3 2 6 )
Total comprehensive loss for the year ended 30 June 2026 - (17, 3 2 6 ) (17, 3 2 6 )

Transactions with shareholders
Warrant issue costs6 (c) (17 ) - (17 )
Dividends paid6 (d) - (16,639) (16,639)
New shares issued under dividend reinvestment plan6 (e) 6,429 - 6,429
Total transactions with shareholders for the year ended
30 June 2026
6,412 (16,639) (10,227)
Balance as at 30 June 2026 213,150 (28,627) 184,523
The accompanying notes form an integral part of these financial statements.
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2026
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Notes 2026 2025
$000 $000
SHAREHOLDERS’ EQUITY184,523212,076
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 10 5,277 3 ,18 4
Receivables 8 1,127 502
Financial assets at fair value through profit or loss 2 18 2,19 2 211, 25 0
Total Current Assets 188,596 214,936
TOTAL ASSETS 188,596 214,936
LIABILITIES
Current Liabilities
Trade and other payables 9 366 356
Financial liabilities at fair value through profit or loss 2 2,523 472
Current tax payable5 1,18 4 2,032
Total Current Liabilities 4,073 2,860
TOTAL LIABILITIES 4,073 2,860
NET ASSETS 184,523 212,076
These financial statements have been authorised for issue for and on behalf of the Board by:

F Oliver D F Coman
Chair Chair of the Audit and Risk Committee
24 August 2026 24 August 2026
STATEMENT OF
FINANCIAL POSITION
AS AT 30 JUNE 2026
MARLIN GLOBAL LIMITED
The accompanying notes form an integral part of these financial statements.
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STATEMENT OF
CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
Notes 2026 2025
$000 $000
Operating Activities
Sale of investments 15 4,741 131,562
Interest received 48 111
Dividends received 1,10 9 1,111
Other income 36 78
Purchase of investments (136,136) (114,080)
Operating expenses (3,228) (4,720)
Ta xe s pa id (2,892) (1,129)
Net settlement of forward foreign exchange contracts (1,371) (5,769)
Net cash inflows from operating activities10 12,307 7,16 4
Financing Activities
Proceeds from warrants exercised (net of exercise costs) - 976
Warrant issue costs (17 ) -
Share buybacks - (1,175 )
Dividends paid (net of dividends reinvested) (10,210) (10,960)
Net cash (outflows) from financing activities (10,227) (11,15 9 )
Net increase/(decrease) in cash and cash equivalents held 2,080 (3,995)
Cash and cash equivalents at beginning of the year 3 ,18 4 7,18 0
Effects of foreign currency translation on cash balance 13 (1)
Cash and cash equivalents at end of the year10 5,277 3 ,18 4



The accompanying notes form an integral part of these financial statements.
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NOTES TO THE
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
NOTE 1 BASIS OF ACCOUNTING
Reporting Entity
Marlin Global Limited (“Marlin” 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 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
the 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”.
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.
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NOTE 1 BASIS OF ACCOUNTING CONTINUED
Financial Reporting by Segments
The Company operates in a single operating segment, being international 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 Marlin 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, Marlin 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 international 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.
j
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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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
All international investments held by Marlin 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).
Investments at Fair Value through Profit or Loss
2026 2025
$000$000
Financial Assets:
International investments 181,9 63 2 0 7, 3 6 8
Forward foreign exchange contracts 229 3,882
Total financial assets at fair value through profit or loss 18 2 ,19 2 211,250

Financial Liabilities:
Forward foreign exchange contracts 2,523 472
Total financial liabilities at fair value through profit or loss 2,523 472

Net Change in Fair Value of Investments
(Losses)/gains on international investments (18,055) 5,872
Foreign exchange gains on international investments 11, 25 5 1,547
Losses on forward foreign exchange contracts ( 7, 0 7 5 ) (2,837)
Net change in fair value of investments through profit or loss (13,875) 4,582
The fair value of 19 stocks (out of 31) valued at $121,661,817 was determined using the bid price
(30 June 2025: 12 stocks (out of 26) valued at $94,547,567).
The notional value of forward foreign exchange contracts held as at 30 June 2026 was $89,804,463
(30 June 2025: $103,485,510).
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NOTE 3 OTHER INCOME
2026 2025
$000$000
Foreign exchange gains on cash and cash equivalents
and outstanding settlements
49 76
Total other income 49 76
NOTE 4 OPERATING EXPENSES
2026 2025
$000$000
Management fees (net of rebate) (note 11(a)(i)) 1,532 2,278
Administration services (note 11(a)(i)) 138 143
Directors' fees (note 11(b)) 199 189
Custody, accounting and brokerage 282 319
Investor relations and communications 154 168
NZX fees 61 73
Professional fees 53 51
Fees paid to the auditor:
Statutory audit and review of financial statements 51 50
Regulatory fees 33 33
Other operating expenses 104 73
Total operating expenses 2,607 3,377
NOTE 5 TA X ATION
Marlin is a Portfolio Investment Entity (“PIE”) for tax purposes.
Investment returns are taxed under the Foreign Investment Fund rules using the Fair Dividend Rate
method, which deems a 5% return on the investment’s opening value rather than actual returns. As a
result, 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.
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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2026 2025
$000$000
Taxation expense is determined as follows:
Net (loss)/profit before tax (15,281) 2,498
Non-taxable realised (gain) on financial assets and liabilities (25,323) (34,037)
Non-taxable unrealised loss on financial assets and liabilities 32,088 26,685
Fair Dividend Rate hedge loss 6 , 811 2,867
Fair Dividend Rate income 9,929 10,582
Exempt dividends subject to Fair Dividend Rate (1,10 8 ) (1,110 )
Non-deductible expenses and other
189 254
Taxable income 7, 3 0 5 7,73 9
Tax at 28% 2,045 2 ,167
Taxation expense comprises:
Current tax 2,045 2,16 7
Total tax expense 2,045 2 ,167
Current tax balance
Opening balance (2,032) (993)
Current tax movements (2,045) ( 2,16 7 )
Tax paid and other items 2,893 1,12 8
Current tax (payable) (1,18 4) (2,032)
Imputation credits
The imputation credits available for subsequent reporting periods total $1,185,614 (30 June 2025:
$2,032,070). 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.
Marlin has 231,275,420 fully paid ordinary shares on issue (30 June 2025: 223,736,794). 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
Marlin maintains an ongoing share buyback programme. For the year ended 30 June 2026, Marlin
did not acquire any shares (30 June 2025: 1,256,041 shares valued at $1,175,059) 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).
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NOTE 6 SHAREHOLDERS’ EQUITY CONTINUED
c. Warrants
On 23 April 2026, 57,341,670 new Marlin warrants were allotted and quoted on the NZX Main Board
from 24 April 2026. One new warrant was issued to all eligible shareholders for every four shares held
on record date (22 April 2026). The warrants are exercisable at $0.87 per warrant, adjusted down for
dividends declared during the period up to 23 April 2027. Warrant holders can elect to exercise some
or all of their warrants on the exercise date. The net cost of issuing the warrants of $16,533 was
deducted from share capital.
On 21 May 2025, 1,024,695 warrants valued at $983,707, less exercise costs of $8,087 (net
$975,620), were exercised at $0.96 per warrant, and the remaining 52,704,997 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 Marlin Board.
Marlin 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 4,206 1.8827 Sep 2024 4,477 2.07
19 Dec 2025 4,261 1.8920 Dec 2024 4,310 1.98
27 Mar 2026 4,273 1.8828 Mar 2025 4,492 2.05
26 Jun 2026 3,899 1.7027 Jun 2025 4,238 1.91
16,639 7. 3 5 17,517 8.01
e. Dividend Reinvestment Plan
Marlin 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, 7,538,626 ordinary shares totalling $6,429,391 (30 June 2025: 7,384,164
ordinary shares totalling $6,556,274) were issued in relation to the plan for the quarterly dividends
paid which comprised:
(i) 7,538,626 ordinary shares totalling $6,429,391 were issued under the dividend reinvestment plan
(30 June 2025: 6,041,438 ordinary shares totalling $5,354,629); and
(ii) No ordinary shares were utilised from treasury stock under the dividend reinvestment plan (30
June 2025: 1,342,726 ordinary shares totalling $1,201,645).
To participate in the dividend reinvestment plan, a completed participation notice must be received
by Marlin before the next record date.
FOR THE YEAR ENDED 30 JUNE 2026
MARLIN GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
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