Kingfish Ltd. · NZX:KFL
Kingfish — Shareholder Meeting (August 2025)
38 slides from Kingfish's shareholder meeting presentation, Aug 8, 2025
Slide 1: Annual Meeting of Shareholders
Kingfish Limited ANNUAL MEETING OF SHAREHOLDERS 8 August 2025
Slide 2: Board of Directors and Kingfish Team
Board of Directors Andy Carol David Fiona Coupe Campbell McClatchy Oliver Kingfish Team Matt Peek Zoie Regan Michael Wayne Burns Portfolio Senior Investment Bacon Corporate Manager Analyst Senior Investment Manager Analyst
Slide 3: Agenda
Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
Slide 4: Chair's Overview
Chair’s Overview
Slide 5: Kingfish's Investment Objectives
Kingfish’s Investment Objectives Absolute Returns Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters Diversified Portfolio Access to a diversified portfolio of New Zealand quality, growth stocks through a single tax-efficient vehicle
Slide 6: 2025 Overview
2025 Overview Net profit Dividend NAV per share Share price $40.8m 11.08cps $1.35 $1.28 (2024: $19.9m) (2024: 10.83cps) (2024: $1.34) (2024: $1.25) Share price Total shareholder Adjusted NAV Dividend return discount to return* return* NAV ^ +12.5% +8.6% +8.9% 5.2% (2024: +3.7%) (2024: +8.5%) (2024:
Slide 7: 2025 Overview – Continued
2025 Overview – Continued Portfolio Performance For the year ended 3 years 5 years 12 months 31 March (annualised) (annualised) Adjusted NAV return* +8.9% +3.2% +8.4% (2024: +4.6%) Gross performance return * +10.6% +4.6% +10.2% (2024: +6.3%) Benchmark Index ^ +1.4% +0.4% +4.6% (2024: +1.9%) *These m
Slide 8: Earnings per share
Earnings per share Earnings per 2025 2024 2023 2022 2021 Share Basic Earnings per Share 11.90 5.96 -6.00 -5.49 56.28 (cents) Diluted Earnings per 11.90 5.96 -6.00 -5.49 54.65 Share (cents)
Slide 9: Use of Shareholders' Funds
Use of Shareholders’ Funds 12 months to 31 March 2025 ($m) 550 -6 450 41 Net Dividends Warrants Exercised Profit Reinvested Opening Dividends Buybacks Closing NAV Paid NAV
Slide 10: First Three Months, FY 2026
First three Months, FY 2026 1 April – 30 June 2025 Total shareholder return* Adjusted NAV return* 3.8% +1.9% NAV per share 30 June 2025 Share price 30 June 2025 $1.35 $1.29 Net Profit $9.1m *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish N
Slide 11: Warrants
Warrants • Capital Management Programme • 87.0m KFLWI warrants issued 1 May 2025 with an initial exercise price of $1.35 • Exercise date 1 May 2026
Slide 12: Closing Remarks
Closing Remarks
Slide 13: Manager's Review
Manager’s Review Matt Peek Portfolio Manager
Slide 14: Agenda
Agenda 1. FY2025 review 2. Kingfish portfolio insights 3. Outlook
Slide 15: 1. FY2025 review
1. FY2025 review
Slide 16: Manager performance in Financial Year 2025
Manager performance in Financial Year 2025 +12% +10.6% +10% +8% +6% +4% +2% +1.4% - Kingfish gross performance return S&P/NZX50G index
Slide 17: Key equity markets gained in FY2025 at varying rates
Key equity markets gained in FY2025 at varying rates Indexed 120 115 110 US +8.3% World +7.0% 105 Aust. +2.8% 100 NZ +1.4% 95 90 31 Mar 24 30 Jun 24 30 Sep 24 31 Dec 24 31 Mar 25 FY2025 financial year Note: NZ is S&P/NZX50G index, Australia is S&P/ASX200 index, US is S&P 500 index, World is MSCI Wor
Slide 18: NZ economic recovery yet to play out
NZ economic recovery yet to play out Net “Earlier forecasts were too optimistic about future economic growth, and that 60 optimism has been unwound over successive updates” Outlook NZ Government Budget, May 2025 (next v last 12 months) 30 Growing disconnect as activity has failed to improve as expec
Slide 19: 2. Kingfish portfolio insights
2. Kingfish portfolio insights
Slide 20: Portfolio company performance in FY2025
Portfolio company performance in FY2025 Total shareholder return 100% 89% 50% 32% 23% 26% 30% 11% 15% 1% 0% -1% -9% -5% -3% -2% -2% -50% -31% Vulcan Steel a2 Milk EBOS Mercury Auckland Airport Summerset Freightways F&P Healthcare Delegat Mainfreight Infratil Contact Energy Meridian Energy Port of Ta
Slide 21: Recognition of profitable growth execution
Recognition of profitable growth execution Growing revenue from cloud transition plus cost control $300m+ $300m Core profit (EBITDA) expected to grow strongly driven by cloud transition $200m ~$167-173m Revenue $135m $143m $150m Core profit $100m (EBITDA) Costs - 2022 2023 2024 2025 G* Aspiration**
Slide 22: Growth from changing clinical practice
Growth from changing clinical practice Cumulative recommendations under anesthesia guidelines 20 15 10 5 0 2014 2016 2018 2020 2022 2024 Source: Company releases
Slide 23: Relative resilience despite tough conditions
Relative resilience despite tough conditions Core earnings (EBITDA) versus prior period 109 101 Prior period a year ago = rebased to 100 79 70 9 Freightways One NZ Spark Vulcan Steel Steel & Tube (Infratil) Not owned by Kingfish Source: Company releases; Note: One NZ owned 99.9% by Infratil; Mainfre
Slide 24: Portfolio management: FY2025 and FY2026 to date
Portfolio management: FY2025 and FY2026 to date Weighting changes (net) Exit Entry Smaller Larger Weighting changes from 31 March 2024 to 30 June 2025
Slide 25: Exit of Ryman Healthcare
Exit of Ryman Healthcare Kingfish portfolio weight* Reduced confidence 10% in management and board 5% Reduced sales implies weaker execution and brand 0% FY16 FY19 FY22 FY25 Reduced development means lower growth outlook Large equity issuance means valuation upside eroded Note: * At financial year e
Slide 26: Kingfish: a concentrated yet balanced portfolio
Kingfish: a concentrated yet balanced portfolio Cash Infrastructure 33% Industrial 15% Retirement 9% Consumer 4% Healthcare 28% 15 Software 6% companies Cash 4% As at 30 June 2025
Slide 27: 3. Outlook
3. Outlook
Slide 28: FY2026 first 4 months performance
FY2026 first 4 months performance (to 31 July 2025) +5% +4.5% +4% +3.6% +3% +2% +1% - Kingfish gross performance return S&P/NZX50G index
Slide 29: Tariff situation perspectives
Tariff situation perspectives • Landscape has been fluid/uncertain • Limited impact on Kingfish: – Initial uncertainty reduced volumes for some companies – Some companies set to pay tariffs – Offsets and opportunities • Ultimately just one of many considerations
Slide 30: Outlook
Outlook • NZ economy at low levels of activity, recovery yet to emerge • Despite this, government and RBNZ settings not very stimulatory • Volatile geopolitical landscape appears set to continue (e.g. tariffs, flow-on impacts) • Maintain consistent strategy: wide moats, long growth runways, exceptio
Slide 31: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 32: Annual Meeting 2025 Resolutions
Annual Meeting 2025 Resolutions
Slide 33: Matters of Business
Matters of Business • Annual Report • Resolutions: – Re-elect Fiona Oliver – Auditor remuneration
Slide 34: 2025 Annual Meeting Resolutions
2025 Annual Meeting Resolutions • Introduce and propose • Discussion, questions • Lodge your vote per the digital portal
Slide 35: Re-election of Fiona Oliver
Resolution 1 Re-election of Fiona Oliver To re-elect Fiona Oliver as a Director of Kingfish Limited
Slide 36: Auditor Remuneration
Resolution 2 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year
Slide 37: Conclusion
Conclusion • Complete and sign voting paper • Voting papers in the voting boxes • If you need a voting paper please see Computershare • Results to NZX
Slide 38: Thank you
Thank you