Barramundi Ltd. · NZX:BRM
Barramundi — Shareholder Meeting (October 2026)
36 slides from Barramundi's shareholder meeting presentation, Oct 30, 2026
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS 30 October 2026
Slide 2: Board of Directors and Barramundi Team
Board of Directors Fiona Oliver David McClatchy Dan Coman Simon Flood Barramundi Team Robbie Urquhart Terry Tolich Delano Gallagher Wayne Burns Snr Portfolio Snr Investment Snr Investment Corporate Manager Manager Analyst Analyst
Slide 3: Agenda
Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
Slide 4: Chair's Overview
eee is Chair's Overview ~— Barramundi »
Slide 5: 2026 Barramundi - key financial data
2026 Barramundi - key financial data Net (loss) / profit Dividend Share price -$42.9m 5.25cps $0.53 (2025: $7.9m) (2025: 6.00cps) (2025: $0.69) Share price Total shareholder return* Dividend return # discount to NAV^ -16.2% +8.2% 0.0% (2025: +9.9%) (2025: +8.7%) (2025: 2.8%) *These metrics are Non-G
Slide 6: 1, 3 and 5 year portfolio performance
1, 3 and 5 year portfolio performance for the period ending 30 June 2026 For the year ended 12 months 3 years (annualised) 5 years (annualised) 30 June Adjusted NAV return* -18.2% -0.9% +0.1% Gross Performance * -17.0% +1.1% +2.0% Benchmark Index^ +9.2% +11.9% +8.8% *These metrics are Non-GAAP measu
Slide 7: Movements in Shareholders' Funds
Movements in Shareholders’ Funds 12 Months to 30 June 2026 ($m) 250 241 240 230 220 210 200 -43 190 6 186 180 -18 170 160 Net Dividends Reinvested Loss Opening Dividends Paid Closing NAV NAV
Slide 8: Capital management
Capital management • Is regularly reviewed by the Board • Four capital management strategies - dividends, a dividend reinvestment plan, share buybacks, and warrants • In the interests of shareholders to have efficiency in how shares are traded relative to net asset value • To help support this effic
Slide 9: Retained Earnings v Dividend
Retained Earnings v Dividend ZS 22 =f 2727272727278 Wr" ae vA aril Retained Earnings —dividenas 40,000,000 30,000,000 20,000,000 10,000,000 -10,000,000 -20,000,000 -30,000,000 -40,000,000 -50,000,000 -60,000,000 + -70,000,000 -80,000,000 Barramund
Slide 10: New management agreement being negotiated
New management agreement being negotiated • Barramundi’s performance has been poor • Board commissioned independent advice has shown that some of Barramundi’s peer group have similarly underperformed • Board talking to the Manager about a new management agreement – not concluded • Board also took in
Slide 11: New risk management framework
New risk management framework Previous position Position from today Tracking error of 0-8% ex-ante (6% Unconstrained over cycle) Minimum 25 stock holdings and +5% Some stock limits maximum stock weight No Sector (GICS) limits +10% vs GICS index (ASX200) Manager - managed currency Board discretion he
Slide 12: 2027 Financial Year to Date – Key Data
2027 Financial Year to Date – Key Data 30 June – 30 September 2026 Net Profit $4.5m Share Price 30 September 2026 $0.44 Gross performance return * 3.0% Benchmark Index # 1.3% *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAAP Finan
Slide 13: Close
Close eS, Barramundi o
Slide 14: Manager's Review
Manager’s Review 30 October 2026
Slide 15: Barramundi returns significantly worse than benchmark
Barramundi returns significantly worse than benchmark Performance for FY26 ** ASX 200 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 16: AI-disruption fear significantly impacted returns
AI-disruption fear significantly impacted returns Key themes driving negative stock selection in FY26
Slide 17: Performance by portfolio company in FY2026
Performance by portfolio company in FY2026 Notes: Labels are the total return for the stock over the period owned
Slide 18: Crux of AI disruption fear
Crux of AI disruption fear ➢ AI will replace the business entirely (e.g. AI agents will replace human insurance brokers) ➢ AI increases competition (AI-led coding = lower barrier to entry) ➢ AI reduces earnings growth runways (e.g. less pricing power for companies) ➢ Who in the supply chain captures
Slide 19: AI debate remains fierce – delivering on earnings is key
AI debate remains fierce – delivering on earnings is key Economic moats: not only about technology CAR share price back at FY23 levels >10% p.a. growth expected ➢ Proprietary data that is hard to replicate ➢ Scale & distribution ➢ Brand & trust ➢ Network effects ➢ Switching costs can be onerous ➢ Co
Slide 20: Valuation is attractive – if earnings growth is delivered
Valuation is attractive – if earnings growth is delivered PEG ratios for positions in AI-fear crosshairs vs ASX200 Index Source: Bloomberg, Fisher Funds
Slide 21: Healthcare: Turning a corner?
Healthcare: Turning a corner? Management ‘Macro’ headwinds GLP-1 Fears ✗ ～ ✓ ～ ✗ ✓ ✓ ✓ ✗
Slide 22: Investment process & oversight
Investment process & oversight Barramundi investment team Investment team oversight & debate ➢ Day-to-day research & analysis ➢ Investment committee (new positions) ➢ Company engagements ➢ Quarterly portfolio reviews ➢ Competitor, customer, supplier calls ➢ Portfolio & risk metrics analysis ➢ Indust
Slide 23: Positioning changes over the year by sector
Positioning changes over the year by sector BRM change in sector weight 30 Jun ‘25 – 30 Sept ‘26
Slide 24: Additions & exits
Additions & exits Additions have added diversification ‘High grading’ and M&A driven exits
Slide 25: Portfolio companies
Portfolio companies COMMUNICATION CAR CARSALES MATERIALS SERVICES SEK SEEK LTD REA REA GROUP AUB AUB GROUP HUB HUB24 LTD ANZ AUST AND NZ BANKING GROUP NAB NATIONAL AUSTRALIA BANK INFORMATION WBC WESTPAC BANKING CORP TECHNOLOGY CBA COMMONWEALTH BANK OF AUSTRALIA MQG MACQUARIE GROUP LTD CCP CREDIT COR
Slide 26: BRM up +3.0% for Q1 in FY27
BRM up +3.0% for Q1 in FY27 Performance in FY27* to date *Period from 30/06/2026-30/09/2026 **ASX 200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 27: Domestic economic headwinds – portfolio well positioned
Domestic economic headwinds – portfolio well positioned ➢ Geopolitical tensions and rising global bond yields continue to weigh on markets ➢ Sticky inflation, RBA rate rises and impacts of Govt budget act as handbrake on domestic economy ➢ Barramundi’s relative performance helped by international fo
Slide 28: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU
Slide 29: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 30: Annual Meeting 2026 Resolutions
Annual Meeting 2026 Resolutions
Slide 31: Matters of Business
Matters of Business • Annual Report • Resolutions: – Elect Simon Flood – Auditor remuneration
Slide 32: 2026 Annual Meeting Resolutions
2026 Annual Meeting Resolutions • Introduce and propose • Discussion, questions • Lodge your vote
Slide 33: Election of Simon Flood
Resolution 1 Election of Simon Flood To elect Simon Flood as a Director of Barramundi Limited
Slide 34: 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 35: 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 36: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU