KFL – August 2025 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and
adjusted NAV return in July were +1.2% and +1.1%
respectively, versus the New Zealand shares benchmark
S&P/NZX 50 return of +1.8%.
It was a relatively quiet month in terms of newsflow,
ahead of many of the portfolio’s June and December
year end companies reporting results in August.
Fisher & Paykel Healthcare (FPH, +2%) hosted an
investor day over in Melbourne featuring discussions
with Australian clinicians across the neonatal,
emergency, anaesthesia, and ward hospital settings
where its respiratory support products are used. This
demonstrated FPH's progress in changing clinical
practice, as well as providing the opportunity to speak to
members of the wider management team.
Australia has been an early-adopter market for the
company and so it provided proof-of-concept that
its therapies can continue to see greater penetration
throughout the hospital.
The day was well attended and while there was little by
way of new news (product announcements or business
forecasts), it was a good reminder of Fisher & Paykel
Healthcare’s strong business, quality management
team, with a genuine long-term horizon and runway for
further earnings growth.
Mainfreight (-10%) provided a 17-week trading update
at its Annual Shareholders Meeting. This showed an
unexpectedly large fall in Profit Before Tax of -24%
versus the corresponding week of the prior year, with a
decline in all three products: Transport, Warehousing,
and Air & Ocean freight forwarding. The company didn't
provide its usual regional breakdown of performance.
Mainfreight referenced the shorter trading weeks in
April and May and tariff uncertainty during the period,
and alluded to trading improving into June and July,
although did not provide any figures to quantify this. The
company pointed to new business wins of $65 million in
the period, although this has been offset by downtrading
of existing customers to the tune of $38 million. Market
conditions have been competitive, with revenue growth
of around +1.5% a sharp deceleration from the +14%
in the six months to March 2025, and across all three
products.
This prolongs the period where the company's longer
term organic growth strategy has been overshadowed
by tough market conditions.
Summerset (+2%) delivered a strong June quarter
trading update, with total unit sales up +21% on the
same period last year, driven by a record for new sales.
Summerset is making solid progress selling down its St
Johns project in Auckland with both settled sales and
contracting rates continuing to progress well.
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
August 2025
KFL NAV
$
1.36
DISCOUNT
1
0.7
%
as at 31 July 2025
$
0.05
WARRANT PRICE
$
1.34
SHARE PRICE
Matt Peek
Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 July 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
$1.21
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
350m
MARKET CAPITALISATION
$469m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 July 2025
1
%
23
%
11
%
INDUSTRIALS
6
%

UTILITIES
MATERIALS
4
%
4
%
38
%
HEALTHCARE
INFORMATION
TECHNOLOGY
13
%

FINANCIALS
CONSUMER
STAPLES
CASH
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+3.9%+10.5%+13.5%+3.3%+4.7%
Adjusted NAV Return+1.1%+6.4%+6.9%+6.2%+3.9%
Portfolio Performance
Gross Performance Return+1.2%+6.9%+8.5%+7.7%+5.4%
S&P/NZX50G Index+1.8%+7.7%+3.4%+3.7%+1.8%
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 July 2025

TOTAL SHAREHOLDER RETURN to 31 July 2025
JULY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
5 LARGEST PORTFOLIO POSITIONS as at 31 July 2025
INFRATIL
+10
%
VULCAN STEEL
+7
%
EBOS GROUP
+6
%
DELEGAT GROUP
+7
%
MAINFREIGHT
-10
%
FISHER & PAYKEL
HEALTHCARE
19
%
EBOS GROUP
13
%
SUMMERSET
9
%
INFRATIL
9
%
MAINFREIGHT
9
%
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
The remaining portfolio is made up of another 10 stocks and cash.
Mar
2025
33

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