KFL – November 2025 monthly update

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A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and adjusted
NAV return in October were +0.7% and +0.6% respectively,
versus the New Zealand shares benchmark S&P/NZX 50
return of +1.9%.
EBOS (-3%) reiterated its new financial year guidance at
its annual meeting, implying growth of around +7% at the
midpoint with earnings expected to be weighted to the second
half in what will be a transitional year with lower earnings
growth than that to which we have become accustomed. The
new CEO reiterated that from the following year the company
is set to enjoy the benefits of the current investment in greater
capacity, with earnings expected to benefit from the multi-
year distribution centre investment program and the new First
Pharmacy Wholesaler Agreement, which increases funding
for Australian pharmaceutical distributors including EBOS’s
Symbion business.
Freightways (+7%) delivered a better-than-expected
September quarter update at its annual meeting with core
operating earnings growing +12% from a year ago primarily
off the back of robust performance in its New Zealand courier
operations. Growth in same customer volumes in its network
courier business have accelerated from +0.6% in the first half
of 2025 to +1.8% in the latest quarter. The company continues
to win meaningful new business which has lifted overall
volume growth in this segment to +4.5%.
Summerset (+9%) provided its usual September quarter
sales update, with total settlements for the quarter up 28%
(excluding care beds ‘conversions’), including a second
consecutive quarter of strong new sales for its core villa
independent living offering. Summerset has continued to
‘convert’ its care offering from residents paying premium
daily fees to Occupational Right Agreements similar to its
retirement village model. The accelerating conversion is
releasing additional capital and will also help improve the
economics of the care offering.
Vista (-11%) shares declined on concerns weaker box office
takings than expected will impact short term performance,
with the US September quarter box office of US$2.37b down
-11% on a year ago, seeing some 2025 full year estimates
revised down modestly. The company provided a guidance
update for its 2025 year, reiterating its profit margin guidance
of 16-18% and implied no change to revenue guidance. Vista's
revenue has only a relatively small exposure to box office, and
the revenue outcome is also likely to depend on timing of one-
off revenues around the end of the period. We note that the
company's 2026 and medium-term prospects hinge far more
on customer uptake of its digital and cloud product suite than
short-term box office outcomes.
Vulcan Steel (-1%) provided a September quarter trading
update at its annual meeting, broadly in line with expectations
for the cyclical economic recovery to accelerate in 2026,
rather than 2025. Volumes increased slightly on the same
period a year ago, with tonnes per trading day at a similar level
to the first half of 2025. Gross margins remain subdued due to
competition in New Zealand; however the company continues
to manage its cost base well. The remainder of the financial
year will also benefit from the contribution from company's
acquisition of Roofing Industries.
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
November 2025
KFL NAV
$
1.35
DISCOUNT
1
0.5
%
as at 31 October 2025
$
0.04
WARRANT PRICE
$
1.33
SHARE PRICE
Matt Peek
Senior Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 October 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
$1.18
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
353m
MARKET CAPITALISATION
$470m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 October 2025
Health Care34%
Industrials24%
Financials14%
Utilities12%
Cash5%
Information Technology5%
Consumer Staples4%
Materials2%
OCTOBER'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
SUMMERSET
+9
%
a2 MILK
+9
%
FREIGHTWAYS
+7
%
MERIDIAN ENERGY
+6
%
VISTA GROUP
-11
%
5 LARGEST PORTFOLIO POSITIONS as at 31 October 2025
FISHER & PAYKEL
HEALTHCARE
19
%
SUMMERSET
14
%
MAINFREIGHT
9
%
INFRATIL
8
%
AUCKLAND
INTERNATIONAL AIRPORT
7
%
The remaining portfolio is made up of another 10 stocks and cash.

TOTAL SHAREHOLDER RETURN to 31 October 2025
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
Mar
2025
33
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return+0.2%+1.4%+16.2%+8.1%+3.1%
Adjusted NAV Return+0.6%+1.1%+1.1%+7.3%+3.4%
Portfolio Performance
Gross Performance Return+0.7%+1.5%+2.4%+8.9%+4.9%
S&P/NZX50G Index+1.9%+5.7%+7.2%+6.1%+2.3%
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 October 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
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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 (Senior 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, Fiona Oliver and
Dan Coman.
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