Kingfish ASM Presentation 8 August 2025

ANNUAL MEETING
OF SHAREHOLDERS
Kingfish Limited
8 August 2025

Board of Directors
Kingfish Team
Andy
Coupe
Carol
Campbell
David
McClatchy
Fiona
Oliver
Matt Peek
Portfolio
Manager
Zoie Regan
Senior Investment
Analyst
Wayne Burns
Corporate
Manager
Michael
Bacon
Senior Investment
Analyst

Agenda
•Preliminary matters
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

Chair’s Overview

Kingfish’s Investment Objectives
Achieve a high real rate of return, comprising both income
and capital growth within acceptable risk parameters
Access to a diversified portfolio of New Zealand quality,
growth stocks through a single tax-efficient vehicle
Absolute Returns
Diversified Portfolio

2025 Overview
Net profitDividendNAV per shareShare price
$40.8m
(2024: $19.9m)
11.08cps
(2024: 10.83cps)
$1.35
(2024: $1.34)
$1.28
(2024: $1.25)
Total shareholder
return*
Dividend return
Adjusted NAV
return*
Share price
discount to
NAV ^
+12.5%
(2024: +3.7%)
+8.6%
(2024: +8.5%)
+8.9%
(2024: +4.6%)
5.2%
(2024: 6.5%)
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial Information Policy which is
available on the Kingfish website.
^Share price discount to NAV (including warrant price on a pro-rated basis, when warrants are on issue).

2025 Overview – Continued
Portfolio Performance
For the year ended
31 March
12 months
3 years
(annualised)
5 years
(annualised)
Adjusted NAV
return*
+8.9%
(2024: +4.6%)
+3.2%+8.4%
Gross performance
return *
+10.6%
(2024: +6.3%)
+4.6%+10.2%
Benchmark Index ^
+1.4%
(2024: +1.9%)
+0.4%+4.6%
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP
Financial Information Policy which is available on the Kingfish website.
^ The S&P/NZX50G Index

Earnings per share
Earnings per
Share
20252024202320222021
Basic Earnings
per Share
(cents)
11.905.96-6.00-5.4956.28
Diluted
Earnings per
Share (cents)
11.905.96-6.00-5.4954.65

Use of Shareholders’ Funds

First three Months, FY 2026
1 April – 30 June 2025
Total shareholder return*
3.8%
Adjusted NAV return*
+1.9%
NAV per share 30 June 2025
$1.35
Share price 30 June 2025
$1.29
Net Profit
$9.1m
*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Kingfish Non-GAAP Financial
Information Policy which is available on the Kingfish website.

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

Closing Remarks

Matt Peek
Portfolio Manager
Manager’s Review

Agenda
1.FY2025 review
2.Kingfish portfolio insights
3.Outlook

1. FY2025 review

Manager performance in Financial Year 2025
+10.6%
+1.4%
-
+2%
+4%
+6%
+8%
+10%
+12%
Kingfish gross performance returnS&P/NZX50G index

Key equity markets gained in FY2025 at varying rates
Note: NZ is S&P/NZX50G index, Australia is S&P/ASX200 index, US is S&P 500 index, World is MSCI World index; Source: Bloomberg
FY2025 financial year
90
95
100
105
110
115
120
31 Mar 2430 Jun 2430 Sep 2431 Dec 2431 Mar 25
NZ +1.4%
Aust. +2.8%
World +7.0%
US +8.3%
Indexed

NZ economic recovery yet to play out
Net
-30
0
30
60
Mar 22Mar 23Mar 24Mar 25
“Earlier forecasts were too optimistic
about future economic growth, and that
optimism has been unwound over
successive updates”
NZ Government Budget, May 2025
Outlook
(next v last 12 months)
Activity
(versus a year ago)
FY23FY24FY25
Note: Net result, Source: ANZ Business Outlook survey
Growing disconnect as activity
has failed to improve as expected

2. Kingfish portfolio insights

89%
32%
30%
26%
23%
15%
11%
1%
-1%
-2%
-2%
-3%
-5%
-9%
-31%
-50%
0%
50%
100%
Vista
F&P Healthcare
a2 Milk
Port of Tauranga
Freightways
EBOS
Contact Energy
Summerset
Auckland Airport
Meridian Energy
Vulcan Steel
Infratil
Mercury
Mainfreight
Delegat
Portfolio company performance in FY2025
Source: Bloomberg; Note: Total shareholder return, Mercury since first purchase
Total shareholder return

Recognition of profitable growth execution
Source: Company releases; Note: * 2025 G reflects guidance/aspiration, ** Aspiration following 100% platform transition
$135m
$143m
$150m
~$167-173m
$300m+
-
$100m
$200m
$300m
2022202320242025 G*Aspiration**
Sites on cloud
Revenue
Core profit (EBITDA)
expected to grow strongly
driven by cloud transition
EBITDA/revenue
Costs
Core profit
(EBITDA)
6,000+ (100%)1,600+683
14.4%
9.2%
16-18%
33-37% (was 25-30%+)
Growing revenue from cloud transition plus cost control

0
5
10
15
20
201420162018202020222024
Growth from changing clinical practice
Source: Company releases
Cumulative recommendations under anesthesia guidelines

109
101
79
70
9
FreightwaysOne NZ
(Infratil)
SparkVulcan SteelSteel & Tube
Relative resilience despite tough conditions
Prior period a year ago = rebased to 100
Core earnings (EBITDA) versus prior period
Source: Company releases; Note: One NZ owned 99.9% by Infratil; Mainfreight and One NZ for FY25 (year ended March 2025 versus
March 2024), other companies are June year end and so data reflects 6 month period to December 2024 versus December 2023
Not owned by Kingfish

Portfolio management: FY2025 and FY2026 to date
LargerSmaller
Weighting
changes (net)
Weighting changes from 31 March 2024 to 30 June 2025
Exit
Entry

0%
5%
10%
FY16FY19FY22FY25
Exit of Ryman Healthcare
Reduced confidence
in management and board
Reduced sales implies
weaker execution and brand
Reduced development means
lower growth outlook
Large equity issuance means
valuation upside eroded
Kingfish portfolio weight*
Note: * At financial year end

Kingfish: a concentrated yet balanced portfolio
15
companies
Infrastructure33%
Industrial15%
Retirement9%
Consumer4%
Healthcare28%
Software6%
Cash4%
Cash
As at 30 June 2025

3. Outlook

FY2026 first 4 months performance (to 31 July 2025)
+3.6%
+4.5%
-
+1%
+2%
+3%
+4%
+5%
Kingfish gross performance returnS&P/NZX50G index

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

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,
exceptional management

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2025 Resolutions

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Fiona Oliver
–Auditor remuneration

2025 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote per the digital portal

Resolution 1
Re-election of Fiona Oliver
To re-elect Fiona Oliver as a Director of Kingfish Limited

Resolution 2
Auditor Remuneration
That the Board of Directors be authorised to fix the
remuneration of the auditor for the ensuing year

Conclusion
•Complete and sign voting paper
•Voting papers in the voting boxes
•If you need a voting paper please see Computershare
•Results to NZX

Thank you

---

Kingfish Limited
Phone +64 9 489 7094
Private Bag 93502
Takapuna, Auckland

8 August 2025
Kingfish Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Kingfish Limited Annual Meeting of Shareholders]
Welcome to the 21st Kingfish annual meeting of shareholders, I’m Andy Coupe, Chair of Kingfish.
We’ve again put in place the virtual meeting option for those who are unable to attend in-person,
and we welcome those who have joined the meeting via the Computershare virtual meeting
platform.
We are duly convened as a Notice of Meeting has been circulated to shareholders and I can confirm
that a quorum is present, so I declare the meeting open.
Please note that the exits are at the back and front of the room. Please ensure you turn your cell
phones off or put them on mute.
For those here in-person there will be a light lunch at the conclusion of the meeting. We look
forward to meeting many of you after the meeting.

[Slide: Introductions]
Let me introduce the front table.
Firstly, the directors. To my right is Carol Campbell (Chair of the Audit & Risk Committee), next to her
is David McClatchy (Chair of the Investment Committee) and next to him is Fiona Oliver.
Next to Fiona is Matt Peek the Kingfish Portfolio Manager, and next to Matt is Wayne Burns the
Corporate Manager.
Also here today, in the audience, are Senior Investment Analysts Zoie Regan and Michael Bacon.
We are also pleased to have here today representatives from our share registrar, Computershare,
auditor, PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors, Bell Gully.

[Slide: Agenda]
The agenda for today.
Firstly, preliminary matters
• The minutes of the 2024 annual shareholders’ meeting held on 8 August 2024 are
available at the registration desk and are also on the Kingfish website.
• The 2025 annual report has been circulated to shareholders – additional copies are
available at the registration desk and can also be found on the Kingfish website.

Today I’ll give a brief summary of the Kingfish 2025 financial year and an update of the year to date,
and then Kingfish’s Portfolio Manager, Matt Peek will review the Kingfish portfolio.
There are two resolutions for you to consider and vote on today, which are as set out in the Notice
of Meeting.
If you’re attending the meeting online there’s a Q&A icon at the top right of your screen.

To send in a question, please select the Q&A tab on the right half of your screen at anytime. Type
your question into the field and press send. Your question will be immediately submitted.
We’ve set aside a time at the end of Matt’s presentation for general questions relating to the
operations and management of the business.
We will then move to the formal business of the meeting
Questions relating to the two resolutions will be dealt with in conjunction with each of the
resolutions.
Should you require any assistance, you can type your query and one of the Computershare team will
assist with the chat function and reply to your query.


[Slide: Chair’s Overview]
On behalf of the board, it is now my pleasure to present the Chair’s Overview at this meeting.

[Slide: Kingfish’s Investment Objective]
We typically start our annual meetings with a quick reminder of what we are here to achieve, being.
• to achieve a high real rate of return, comprising both income and capital growth, within
risk parameters acceptable to the directors; and
• to provide access to a diversified portfolio of New Zealand quality, growth stocks
through a single tax-efficient investment vehicle.

Matt will speak to the portfolio over the past financial year and the growth characteristics of the
stocks that form the portfolio in his manager review.



[Slide: 2025 Overview]
Those of you who have had a chance to review the annual report will be aware of many of the
following performance numbers.
• Kingfish recorded a NPAT of $40.8m. (A healthy increase from the prior year.
• The Total shareholder return, being the performance of the share price and warrant
price plus dividends paid to shareholders, was +12.5%.
• Kingfish’s regular dividends continued to contribute to the Total Shareholder Return
with 11.08 cents per share paid in dividends during the year, which is equivalent to a
dividend return, not a dividend yield, of +8.6%. These returns are calculated based on
the average share price for the year.
• The overall net asset value (NAV) per share increased from $1.34 (as at 31 March
2024) to $1.35 (as at 31 March 2025).
• The adjusted NAV return, which represents the net return to an investor after capital
allocation decisions and after expenses, fees and tax, was +8.9% for the year.

[Slide: 2025 Overview - Continued]
This table compares the Adjusted NAV return to the benchmark index return over the periods of 1, 3
and 5 years.
The Kingfish portfolio has outperformed the benchmark index over all these periods. So, while
returns have been volatile over the last 3 years, we are pleased that the portfolio has achieved its
objectives over the longer term, and we believe it represents a very reasonable outcome for most
shareholders.
Matt will discuss the New Zealand share market dynamics and a more detailed description of how
the portfolio performed and how it is positioned shortly in the Manager’s Review.


[Slide: Basic and Diluted Earnings per Share]
This chart shows the earnings per share performance over the last 5 years.
Looking at the 2021 years spectacular return compared to the following year; it’s a potent reminder
of the volatility that equity markets can experience from time to time.


[Slide: Use of Shareholders’ Funds]
Turning now to Shareholders’ Funds
This chart shows that the Kingfish NAV increased by a net $12m to $470m over the year.
The movements during the year as represented by the blue, yellow and red columns were:
- the $41m net profit,
- less $38m dividends paid and $6m of share buybacks,
- but adding back $14m for dividends reinvested by shareholders and $1m for shares issued
when warrants were exercised.

[Slide: First three months, FY 2026]
The first three months of the new financial year show the ongoing impact from pressures and
concerns regarding US tariff announcements, and the ongoing geo-political issues.
This slide provides a snapshot of the first three months of the current financial year:
• The Total shareholder return for the three months was +3.8% - comprising a small
share price increase from $1.28 to $1.29 and the June dividend.
• The 30 June NAV per share was $1.35, unchanged from 31 March.
• The adjusted NAV return for the first three months of the 2026 financial year was up
slightly +1.9%.
• This performance translates to a net profit of $9.1m for the three months to 30 June.

[Slide: Warrants]
As part of the Kingfish capital management programme, we made a pro rata warrant issue to eligible
shareholders in May.
87.0m warrants were issued, with an exercise date of 1 May 2026.

The initial exercise price for the warrants is $1.35, which will be adjusted down for the quarterly
dividends that have record dates between the allotment of the warrants and the announcement of
the final exercise price. (That announcement will occur six weeks before the exercise date).
As I described last year, we have based the exercise price (less dividends) on the NAV per share at
the time of issue rather than on the share price at the time of issue. This is consistent with all the
capital management initiatives that aim to avoid large discounts or premiums in share price to NAV.
However, directors will continue to monitor warrant outcomes, and review exercise price
methodology.

[Slide: Closing Remarks]
The past twelve months have been challenging. However, while the New Zealand share market
returns were subdued, Kingfish delivered relatively strong performance.
The investment strategy of focussing on quality growth stocks, as detailed in the prospectus so many
years ago, has not changed. We remain confident that over the medium term the strategy will bring
its rewards.
In closing my annual meeting address, and on behalf of the board, I’d like to thank you for your
continued support of Kingfish.
I will now hand over to Matt Peek, Portfolio Manager of Kingfish.

ENDS