KFL – June 2025 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and
adjusted NAV return in May were +5.3% and +5.1%
respectively, versus the New Zealand shares benchmark
S&P/NZX 50 return of +4.3%.
Contact Energy (+3%) saw the Commerce Commission
clear its $1.9 billion acquisition of Manawa Energy. The
transaction is expected to complete in July following a
shareholder vote in June and customary approvals.
Longtime EBOS (+1%) shareholder Sybos Holdings (owned
by private investor the Zuellig Group) sold around 27
million of its EBOS shares, representing around 13% of
the company, to diversify its assets and redeploy capital.
We took advantage of the attractive discount offered to
increase Kingfish’s holding in EBOS at $35.50, with the
shares finishing the month at $37.05, over +4% above the
purchase price.
Fisher & Paykel Healthcare (FPH, +7%) delivered a strong
2025 financial year result, with revenue rising +14% year-
over-year in constant currency terms to $2.02 billion
and net profit lifting +30% in constant currently terms to
$377 million. The result beat expectations for both. Sales
were driven by robust demand for its hospital hardware,
supported in part by product innovation, and strong uptake
of new applications like anaesthesia. It also benefited from
the strongest flu season in 15 years and ongoing COVID-
related hospitalisations. Gross profit margins improved
around 1.3 percentage points to 62.9%, boosted by
efficiency gains and lower freight costs. Performance in its
homecare division was also solid, with double-digit revenue
growth supported by the launch of new obstructive sleep
apnea masks like Solo and Nova, although competitor
launches of new masks tempered the growth rate in the
second half. Looking ahead to the new financial year,
FPH guided to revenue of $2.15-2.25 billion and net profit
of $390-440 million. While a more moderate outlook for
respiratory illness versus the prior year may temper the
growth rate in the coming year, FPH remains steadfast
in its ambition to double revenues every 5-6 years and
remains confident in reaching a 65% gross margin in
coming years.
Infratil (unchanged) reported earnings at the upper
end of its market guidance for the 2025 financial year,
showing +9% growth, or +6% on a like-for-like basis.
Management is expecting +9% like-for-like growth in
2026. Its telecommunications business One NZ increased
underlying core operating earnings by +1%, with a -6%
reduction in expenses making up for weaker revenues.
Longroad Energy remains confident in delivering on its
medium-term plan of $600 million in earnings by 2027,
even as near-term growth faces headwinds from the
potential removal of tax subsidies for renewable energy
in the US. Infratil plans to recycle $1 billion of capital from
selling stakes in portfolio companies over the next few
years, to fund growth opportunities within the portfolio.
This may include the Contact shares it will receive through
the takeover of Manawa Energy, of which it owns 51%.
Mainfreight (+27%) reported its 2025 full year result
slightly better than expected, having earlier in the month
provided a trading update suggesting it would beat analyst
expectations. The result included a mix of performances by
region and product, reflecting diverging market conditions.
However, the general tone was relatively positive, despite
remaining cautious due to subdued economic activity in
some regions (such as New Zealand) and the ongoing
uncertainty in freight markets as a result of tariffs.
1
Share Price Discount to NAV (including warrant price on a pro-rated basis and using the net asset value per share, after expenses, fees and tax, to four decimal places).
MONTHLY UPDATE
June 2025
KFL NAV
$
1.37
DISCOUNT
1
1.6
%
as at 31 May 2025
$
0.04
WARRANT PRICE
$
1.34
SHARE PRICE

2
KEY DETAILS
as at 31 May 2025
FUND TYPE
Listed Investment Company
INVESTS IN
Growing New Zealand
companies
LISTING DATE
31 March 2004
FINANCIAL YEAR END
31 March
TYPICAL PORTFOLIO SIZE
15-25 stocks
INVESTMENT CRITERIA
Long-term growth
PERFORMANCE
OBJECTIVE
Long-term growth of capital and
dividends
TAX STATUS
Portfolio Investment Entity (PIE)
MANAGER
Fisher Funds Management
Limited
MANAGEMENT FEE RATE
1.25% of gross asset value
(reduced by 0.10% for every
1% of underperformance
relative to the change in the
NZ 90 Day Bank Bill Index
with a floor of 0.75%)
PERFORMANCE FEE
HURDLE
Changes in the NZ 90 Day Bank
Bill Index + 7%
PERFORMANCE FEE
10% of returns in excess of
benchmark and high-water mark
HIGH WATER MARK
$1.23
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
348m
MARKET CAPITALISATION
$466m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 May 2025
Australia remains the key growth driver with robust +7%
growth in profit before tax. Air & Ocean freight forwarding
has seen limited impact of tariffs other than the China-US
route, which is only around 10% of that business unit. In
fact, after a soft April and May there has been a flurry of
activity given tariff pauses that may benefit the business,
plus Mainfreight is well placed to assist customers looking
to transition to new routes. Warehousing across the
board demonstrated continued growth and is poised to
benefit from lower costs from non-core leased facilities
being exited in the new financial year. Transport in the
US remains the key area that management are unhappy
with and remains a longer duration project. It feels
that management are increasingly confident about the
environment being conducive enough to resuming its
growth trajectory after a challenging couple of years.
1
%
25
%
10
%
INDUSTRIALS
8
%

UTILITIES
MATERIALS
3
%
4
%
36
%
HEALTHCARE
INFORMATION
TECHNOLOGY
13
%

FINANCIALS
Matt Peek
Portfolio Manager
Fisher Funds Management Limited
CONSUMER
STAPLES
CASH

33
TOTAL SHAREHOLDER RETURN to 31 May 2025
MAY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
5 LARGEST PORTFOLIO POSITIONS as at 31 May 2025
MAINFREIGHT
+27
%
FREIGHTWAYS
+10
%
FISHER & PAYKEL
HEALTHCARE
+7
%
PORT OF TAURANGA
+7
%
VULCAN STEEL
-10
%
FISHER & PAYKEL
HEALTHCARE
19
%
MAINFREIGHT
13
%
SUMMERSET
11
%
INFRATIL
9
%
EBOS GROUP
8
%
Share Price/Total Shareholder Return
$9.00
$8.00
$7.00
$6.00
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
Mar
2004
Share Price Total Shareholder Return
Mar
2005
Mar
2006
Mar
2007
Mar
2008
Mar
2009
Mar
2010
Mar
2011
Mar
2012
Mar
2013
Mar
2014
Mar
2015
Mar
2016
Mar
2017
Mar
2018
Mar
2020
Mar
2019
Mar
2021
Mar
2023
Mar
2022
Mar
2024
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+8.1%+1.6%+21.8%+0.3%+5.9%
Adjusted NAV Return+5.1%(1.8%)+11.9%+6.3%+5.7%
Portfolio Performance
Gross Performance Return+5.3%(1.6%)+13.6%+7.8%+7.4%
S&P/NZX50G Index+4.3%(1.4%)+4.6%+3.2%+2.7%
Non-GAAP Financial Information
Kingfish uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:
»adjusted net asset value – the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees and tax,
»adjusted NAV return – the percentage change in the adjusted NAV,
»gross performance return – the Manager’s portfolio performance in terms of stock selection, before expenses, fees and tax, and
»total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It
assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP
measures are described in the Kingfish Non-GAAP Financial Information Policy. A copy of the policy is available at kingfish.co.nz/about-kingfish/kingfish-policies.
PERFORMANCE as at 31 May 2025
The remaining portfolio is made up of another 10 stocks and cash.
Mar
2025

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by
necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Kingfish Limited and its officers and directors make no representation as to its accuracy or
completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from a financial
adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Kingfish Limited or its portfolio companies, please note that fund
performance can and will vary and that future results June have no correlation with results historically achieved.
Kingfish Limited
Private Bag 93502, Takapuna, Auckland 0740
Phone: +64 9 489 7094
Email: enquire@kingfish.co.nz | www.kingfish.co.nz
4
Computershare Investor Services Limited
Private Bag 92119, Auckland 1142
Phone: +64 9 488 8777
Email: enquiry@computershare.co.nz | www.computershare.com/nz
ABOUT KINGFISH
Kingfish is an investment
company listed on the New
Zealand Stock Exchange. The
company gives shareholders
an opportunity to invest in a
diversified portfolio of between
15 and 25 quality growing New
Zealand companies through a
single, professionally managed
investment. The aim of Kingfish
is to offer investors competitive
returns through capital growth
and dividends.
CAPITAL MANAGEMENT STRATEGIES
Regular Dividends
»Quarterly distribution policy introduced in June 2009
»Under this policy, 2% of average NAV is targeted to be
paid to shareholders quarterly
»Dividends paid by Kingfish may include dividends
received, interest income, investment gains and/or
return of capital
»Shareholders who prefer to have increased capital rather
than a regular income stream have the opportunity to
participate in the company’s dividend reinvestment plan
(DRP)
»Shares issued to DRP participants are at a 3% discount
to market price
»Kingfish became a portfolio investment entity on
1 October 2007. As a result, dividends paid to New
Zealand tax resident shareholders have not been subject
to further tax
MANAGEMENT
The Manager has authority
delegated to it from the Board
to invest according to the
Management Agreement and
other written policies. Kingfish’s
portfolio is managed by Fisher
Funds Management Limited. Matt
Peek (Portfolio Manager) and
Michael Bacon and Zoie Regan
(Senior Investment Analysts) have
prime responsibility for managing
the Kingfish portfolio. Together
they have significant combined
experience and are very capable
of researching and investing in the
quality New Zealand companies
that Kingfish targets. Fisher Funds
is based in Takapuna, Auckland.
BOARD
The Board of Kingfish
comprises independent
directors Andy Coupe (Chair),
Carol Campbell, David
McClatchy and Fiona Oliver.
Share Buyback Programme
»Kingfish has a buyback programme in place allowing it (if
it elects to do so) to acquire its shares on market
»Shares bought back by the company are held as treasury
stock
»Shares held as treasury stock are available to be utilised
for the dividend reinvestment plan
Warrants
»Kingfish announced a new issue of warrants on 14 March
2025
»The warrant term offer document was sent to all Kingfish
shareholders in late March 2025
»Warrants were allotted to all eligible Kingfish shareholders
on 1 May 2025
»The new warrants (KFLWI) commenced trading on the
NZX Main Board from 2 May 2025
»The Exercise Price of each warrant is $1.35, adjusted
down for the aggregate amount per Share of any cash
dividends declared on the shares with a record date during
the period commencing on the date of allotment of the
warrants and ending on the last Business Day before the
final Exercise Price is announced by Kingfish
»The Exercise Date for the Kingfish warrants is 1 May 2026