Kingfish announces $16.4m Interim Result

Kingfish Limited results announcement


Results for announcement to the market
Name of issuer Kingfish Limited
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency NZ$
Amount (000s) Percentage change
Revenue/ (Loss) from
continuing operations
$20,005 -56.9%
Total Revenue/ (Loss) $20,005 -56.9%
Net profit/(loss) from
continuing operations
$16,395 -61.7%
Total net profit/(loss) $16,395 -61.7%
Interim/Final Dividend
Amount per Quoted Equity
Security
$NZ 2.70 cents per share
Imputed amount per Quoted
Equity Security
$NZ 0.00269112
Record Date 5 December 2025
Dividend Payment Date 19 December 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.3403 $1.4138
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A
copy of the auditor’s review report applicable to the financial
statements is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
W.A. Burns
Contact person for this
announcement
W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@kingfish.co.nz
Date of release through MAP

24 November 2025
Reviewed interim financial statements accompany this announcement.

---

1
Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the
net value of converting any warrants into shares (if any), 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.

2
Adjusted net asset value return – the percentage change in the underlying value of the investment portfolio adjusted for
dividends (and other capital management initiatives) and after expenses, fees and tax,
3
Gross performance return – The portfolio performance in terms of stock selection, before expenses, fees and tax.

The total shareholder return, adjusted net asset value and gross performance return methodologies are described in the Kingfish Non-GAAP
Financial Information Policy. A copy of the policy is available at http://www.kingfish.co.nz/about-kingfish/kingfish-policies/

For immediate release:
24 November 2025

Kingfish announces $16.4m Interim Result

• Net profit for the six months ended 30 September 2025 $16.4m
• Total shareholder return
1
+9.2%
• Adjusted NAV return (after expenses, fees & tax)
2
+3.5%
• Dividends paid during the period (cents per share) 5.48 cps

NZX listed investment company Kingfish Limited (NZX: KFL) has reported a first half profit (for the six
months ended 30 September 2025) of $16.4m.
Key elements of the half year result include profits on investments of $14.1m, plus dividend and
interest income of $5.9m, less operating expenses and tax of $3.6m.

Chair of Kingfish, Andy Coupe said: “The New Zealand economy continues to endure difficulties, with
activity across many sectors reduced from the levels of previous years. More recently we've seen
this decline plateau, with some isolated 'green shoots' and a continued shift to more stimulatory
interest rate settings. Against this backdrop Kingfish has delivered positive returns, albeit
disappointing returns, to shareholders over the six months ended 30 September 2025.”

The portfolio’s gross performance return
3
before fees and expenses for the six months was +4.3%
and the adjusted net asset value (NAV) return
2
was +3.5%, compared to the S&P/NZX50G Index
which was +8.3% over the same period.

Kingfish investors continued to receive distributions consistent with the company distribution policy
(2% of average NAV per quarter) with 5.48 cents per share paid to shareholders during the six
months ended 30 September 2025. On 24 November 2025, the Board declared a dividend of 2.70
cents per share to be paid to shareholders on 19 December 2025 with a record date of 5 December
2025.

Portfolio Manager, Matt Peek said: “Kingfish delivered positive returns over the period, although did
not match the level of the New Zealand benchmark index. While 10 out of the 15 Kingfish portfolio
companies delivered positive returns, including six posting double-digit returns, overall performance
in the period was held back by declines among some of the larger positions in the portfolio. We are
encouraged that New Zealand trading conditions are no longer deteriorating for many of our
companies and more generally Kingfish's portfolio companies remain well positioned for growth."

For further information, please contact:

Corporate Manager
Kingfish Limited
Tel: (09) 484 0352




About Kingfish
Kingfish is a listed investment company that invests in growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds,
a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Kingfish is to offer
investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single
tax-efficient investment vehicle. Kingfish listed on the NZX Main Board on 31 March 2004. /Ends

---

KINGFISH LIMITED
INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
CONTENTS
Page
Statement of Comprehensive Income1
Statement of Changes in Equity2
Statement of Financial Position3
Statement of Cash Flows4
Notes to the Interim Financial Statements5

KINGFISH LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
6 months6 months
endedended
30-Sept-2530-Sept-24
unauditedunaudited
Notes$000$000
Interest income273 244
Dividend income5,676 5,270
Net change in fair value of investments
2
14,056 40,922
Total income20,005 46,436
Operating expenses
3
3,601 3,655
Net profit before tax16,404 42,781
Total tax expense9 11
Net profit after tax attributable to shareholders
16,395 42,770
Total comprehensive income after tax attributable to shareholders16,395 42,770
Basic earnings per share54.70c 12.54c
Diluted earnings per share54.68c 12.54c
The accompanying notes form an integral part of these interim financial statements.
Page 1 of 10

KINGFISH LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
ShareRetainedTotal
CapitalEarningsEquity
Notes$000$000$000
Balance at 1 April 2024 (audited)418,207 39,414 457,621
Comprehensive income
Net profit after tax
-
42,770
42,770
Total comprehensive income for the
period ended 30 September 2024
- 42,770 42,770
Transactions with shareholders
Share buybacks
4 (b)
(3,733) - (3,733)
Shares issued for warrants exercised
4 (c)
1,324 - 1,324
Dividends paid
4 (d)
-
(18,108) (18,108)
Shares issued from treasury stock
under dividend reinvestment plan
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for
the period ended 30 September 2024
4,388 (18,108) (13,720)
Balance at 30 September 2024
(unaudited)
422,595 64,076 486,671
Balance at 1 April 2025 (audited)427,649 42,249 469,898
Comprehensive income
Net profit after tax
-
16,395 16,395
Total comprehensive income for the
period ended 30 September 2025
- 16,395 16,395
Transactions with shareholders
Share buybacks
4 (b)
(935) - (935)
Warrant issue costs
4 (c)
(20) - (20)
Dividends paid
4 (d)
-
(19,121) (19,121)
Shares issued from treasury stock
under dividend reinvestment plan
New shares issued under dividend
reinvestment plan
Total transactions with shareholders for
the period ended 30 September 2025
6,065 (19,121) (13,056)
Balance at 30 September 2025
(unaudited)
433,714 39,523 473,237
The accompanying notes form an integral part of these interim financial statements.
6,062 - 6,062
958 - 958
3,269 -
4 (e)
3,269
3,528 - 3,528
Attributable to shareholders of the Company
4 (e)
4 (e)
4 (e)
Page 2 of 10

KINGFISH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2025
30-Sept-2531-Mar-25
unauditedaudited
Notes$000$000
SHAREHOLDERS' EQUITY
473,237469,898
Represented by:
ASSETS
Current Assets
Cash and cash equivalents 18,257 15,339
Receivables 1,422 1,093
Investments at fair value through profit or loss
2
454,261 454,163
Total Current Assets 473,940 470,595
TOTAL ASSETS473,940 470,595
LIABILITIES
Current Liabilities
Trade and other payables 703 697
Total Current Liabilities 703 697
TOTAL LIABILITIES703 697
NET ASSETS473,237 469,898

These interim financial statements have been authorised for issue for and on behalf of the Board by:
R A CoupeC A Campbell
ChairmanChair of the Audit and Risk Committee
24 November 202524 November 2025
The accompanying notes form an integral part of these interim financial statements.
Page 3 of 10

KINGFISH LIMITED
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
6 months6 months
endedended
30-Sept-2530-Sept-24
unauditedunaudited
Notes$000$000
Operating Activities
Sale of investments30,557 44,444
Interest received273 246
Dividends received3,214 2,283
Purchase of investments(14,440) (33,142)
Operating expenses (3,621) (3,628)
Taxes paid(9) (11)
Net cash inflows from operating activities615,974 10,192
Financing Activities
Proceeds from warrants exercised (net of exercise costs)-
1,324
Warrant issue costs(20) -
Share buybacks(935) (3,630)
Dividends paid (net of dividends reinvested)(12,101)
(11,311)
Net cash (outflows) from financing activities(13,056) (13,617)
Net increase/(decrease) in cash and cash equivalents held2,918 (3,425)
Cash and cash equivalents at beginning of the period15,339 4,887
Cash and cash equivalents at the end of the period18,257 1,462
The accompanying notes form an integral part of these interim financial statements.
Page 4 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 1Basis of Accounting
Reporting Entity
The Company’s registered office is Level 1, 67-73 Hurstmere Road, Takapuna, Auckland.
Basis of Preparation
Material Accounting Policies
Critical Judgements, Estimates and Assumptions
Authorisation of Interim Financial Statements
No party may change these interim financial statements after their issue.
Note 2Investments at Fair Value through Profit or Loss
Kingfish Limited ("Kingfish" or "the Company") is listed on the NZX Main Board, is registered in New Zealand
under the Companies Act 1993 and is an FMC Reporting Entity under the Financial Markets Conduct Act
2013.
The interim financial statements do not include all of the information required for full year financial statements
and should be read in conjunction with the Company’s annual financial report for the year ended 31 March
2025.
These interim financial statements cover the unaudited results from operations for the six months ended 30
September 2025.
The Company has applied consistent accounting policies in the preparation of these interim financial
statements as for the 2025 full year financial statements. Accounting policies that are relevant to an
understanding of the financial statements are designated by a symbol.
Given that the investment portfolio is managed, and performance is evaluated, on a fair value basis in
accordance with a documented investment strategy, Kingfish has classified all of its investments at fair value
through profit or loss.
The Kingfish Board of Directors authorised these interim financial statements for issue on 24 November
2025.
The fair value of investments traded in active markets are based on last sale prices at balance date, except
where the last sale price falls outside the bid-ask spread for a particular investment, in which case the bid
price will be used to value the investment. All investments were valued at last sale price (31 March 2025: All
investments were valued at last sale price).
The interim financial statements have been prepared in accordance with Generally Accepted Accounting
Practice in New Zealand (NZ GAAP). They comply with the International Accounting Standard 34 Interim
Financial Reporting and New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting.
On 10 September 2024 the Company registered for GST, effective from 1 September 2024. From this date,
revenue, expenses and liabilities are recognised net of GST except to the extent that GST is not recoverable
from the Inland Revenue. In these circumstances, GST is recognised as part of the expense or the cost of the
asset. Prior to 1 September 2024, operating expenses include GST where it is charged by other parties as it
could not be reclaimed.
The preparation of interim financial statements requires the directors to make judgements, estimates and
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and
expenses. Judgements are designated by a symbol in the notes to the interim financial statements.
There were no material estimates or assumptions required in the preparation of these interim financial
statements.
j
j
Page 5 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 2Investments at Fair Value through Profit or Loss (continued)
30-Sept-2531-Mar-25
Investments at Fair Value through Profit or Lossunauditedaudited
$000$000
New Zealand investments454,261 454,163
Total investments at fair value through profit or loss454,261 454,163
unauditedunaudited
Net Change in Fair Value of Investments$000$000
Gains on New Zealand investments14,056 40,922
Net change in fair value of investments 14,056 40,922
unauditedunaudited
Note 3Operating Expenses$000$000
Management fees (note 7(a)(i))2,989 2,951
Administration services (note 7(a)(i))76 79
Directors' fees (note 7(b))100 103
Custody, accounting and brokerage147 211
Investor relations and communications126 132
NZX fees36 38
Professional fees34 57
Fees paid to the auditor:
Statutory audit and review of financial statements 30 32
Regulatory expenses23 16
Other operating expenses40 36
Total operating expenses3,601 3,655
Note 4Shareholders' Equity
a. Share Capital
b. Buybacks
c. Warrants
On 1 May 2025, 86,961,524 new Kingfish warrants were allotted and quoted on the NZX Main Board. One
new warrant was issued to all eligible shareholders for every four shares held on record date (30 April 2025).
Warrant holders can elect to exercise some or all of their warrants on the exercise date, 1 May 2026.
On 26 July 2024, 1,067,092 new Kingfish warrants valued at $1,344,536 less exercise costs of $20,186 (net
$1,324,350) were exercised at $1.26 per warrant, and the remaining 82,038,052 warrants lapsed.
6 months
ended
30-Sep-25
6 months
ended
30-Sep-24
6 months
ended
30-Sep-25
6 months
ended
30-Sep-24
All New Zealand investments held by Kingfish are categorised as Level 1 in the fair value hierarchy. There
have been no transfers between levels of the fair value hierarchy during the period (30 September 2024:
None).
Kingfish has 353,072,219 fully paid ordinary shares on issue (31 March 2025: 348,300,808). All ordinary
shares rank equally and have no par value. All shares carry an entitlement to dividends and one vote is
attached to each fully paid ordinary share.
Kingfish maintains an ongoing share buyback programme. In the six-month period to 30 September 2025,
Kingfish acquired 746,735 shares valued at $935,077 (30 September 2024: 3,032,282 shares valued at
$3,733,607) under the programme which allows up to 5% of the ordinary shares on issue (as at the date 12
months prior to the acquisition) to be acquired. Shares acquired under the buyback programme are held as
treasury stock and subsequently utilised under the dividend reinvestment plan. There were no shares held as
treasury stock at balance date (30 September 2024: 282,379).
j
Page 6 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 4Shareholders' Equity (continued)
d. Dividends
2025Cents per2024Cents per
$000share$000share
27 Jun 20259,558 2.75 27 Jun 20249,007 2.65
26 Sep 20259,563 2.73 27 Sep 20249,101 2.66
19,121 5.48 18,108 5.31
e. Dividend Reinvestment Plan
Note 5Earnings per Share
unauditedunaudited
Basic earnings per Share
Net profit after tax attributable to shareholders ($'000)
16,395 42,770
Weighted average number of ordinary shares on issue net of treasury
stock ('000)
Basic earnings per share4.70c 12.54c
Diluted earnings per Share
Net profit after tax attributable to shareholders ($'000)
16,395 42,770
Weighted average number of ordinary shares on issue net of treasury
stock ('000)349,134 341,146
Diluted effect of warrants on issue ($'000)
1
1,416 -
350,550 341,146
Diluted earnings per share4.68c 12.54c
Kingfish has a dividend reinvestment plan which provides ordinary shareholders with the option to reinvest all
or part of any cash dividends in fully paid ordinary shares at a 3% discount to the five-day volume weighted
average share price from the date the shares trade ex-entitlement. During the period ended 30 September
2025, 5,518,146 ordinary shares totalling $7,020,019 (30 September 2024: 5,651,347 ordinary shares
totalling $6,797,531) were issued in relation to the plan for the quarterly dividends paid which comprised:
349,134 341,146
1
Warrants on issue during the period were assumed to be dilutive, as the part period exercise price for the
warrants at 30 September 2025 of $1.30 (exercise price $1.35 less dividends) was less than the average
share price for the period of $1.32. There were no outstanding warrants on issue at 30 September 2024.
6 months
ended
30-Sep-25
6 months
ended
30-Sep-24
Kingfish has a distribution policy whereby 2% of the average net asset value is distributed each quarter.
Dividends paid during the period comprised:
To participate in the dividend reinvestment plan, a completed participation notice must be received by
Kingfish before the next record date.
(i) 4,771,411 ordinary shares totalling $6,061,659 were issued under dividend reinvestment plan (30
September 2024: 2,780,335 ordinary shares totalling $3,269,495); and
(ii) 746,735 ordinary shares totalling $958,360 were utilised from treasury stock under dividend reinvestment
plan (30 September 2024: 2,871,012 ordinary shares totalling $3,528,036).
Page 7 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 6
unauditedunaudited
$000$000
Net profit after tax16,395 42,770
Items not involving cash flows
Unrealised (gains) on revaluation of investments(1,573) (21,266)
(1,573) (21,266)
Impact of changes in working capital items
Increase/(decrease) in trade and other payables6 (540)
(Increase) in receivables(329) (1,640)
(323) (2,180)
Items relating to investments
Amount paid for purchases of investments(16,606) (35,800)
Amount received for sales of investments net of realised gains18,074 24,788
Movement in unsettled purchases of investments(15) 580
Movement in unsettled sales of investments22
1,300
1,475 (9,132)
Net cash inflows from operating activities15,974 10,192
Note 7Related Party Information
a. Fisher Funds Management Limited
The HWM is the dollar amount by which the net asset value per share exceeds the highest net asset value
per share (after adjustment for capital changes and distributions) at the end of any previous calculation period
in which a performance fee was payable, multiplied by the number of shares at the end of the period.
Performance fee: Fisher Funds may earn an annual performance fee of 10% plus GST of excess returns
over and above the performance fee hurdle return (being the change in the NZ 90 Day Bank Bill Index plus
7%) subject to achieving the High Water Mark ("HWM"). The total performance fee amount is subject to a cap
of 1.25% of the adjusted net asset value (prior to performance fees) and is settled fully in cash.
6 months
ended
30-Sep-25
6 months
ended
30-Sep-24
Parties are considered to be related if one party has the ability to control or exercise significant influence over
the other party in making financial or operational decisions.
Reconciliation of Net Profit after Tax to Net Cash Flows from Operating
Activities
In return for the performance of its duties as Manager, Fisher Funds is paid the following fees:
Fisher Funds Management Limited (“Fisher Funds” or “the Manager”) is an entity that provides key
management personnel services to Kingfish by virtue of its management agreement and administration
agreement.
Management fee: 1.25% (plus GST) per annum of the gross asset value, calculated weekly and payable
monthly in arrears. The fee reduces if the Manager underperforms, thereby aligning the Manager's interests
with those of the Kingfish shareholders. For every 1% underperformance (relative to the change in the NZ 90
Day Bank Bill Index) the management fee percentage is reduced by 0.1%, subject to a minimum 0.75% per
annum management fee.
In accordance with the terms of the Management Agreement, when a performance fee is earned, it is paid
within 60 days of the balance date.
Administration fee: Fisher Funds provides corporate administration services and a fee is payable monthly in
arrears.
Page 8 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 7Related Party Information (continued)
a. Fisher Funds Management Limited (continued)
6 months6 months
(i) Fees Earned and Payableendedended
30-Sept-2530-Sept-24
unauditedunaudited
$000$000
Fees earned by the Manager for the period
ended 30 September
Management fees2,989 2,951
Administration services76 79
Operating expenses
3,065 3,030
30-Sept-2531-Mar-25
unauditedaudited
$000$000
Fees payable to the Manager
Management fees491 507
Administration services13 13
Related party payables
504 520
(ii) Investment Transactions With Related Parties
b. Directors
Off-market transactions between Kingfish and other funds managed by Fisher Funds take place for the
purposes of rebalancing portfolios without incurring brokerage costs. These transactions are conducted after
the market has closed at last sale price (on an arm’s length basis). There were no purchases for the period
ended 30 September 2025 (30 September 2024: $822,429) and sales totalling $258,391 (30 September
2024: Nil).
The Directors held shares in the Company as at 30 September 2025 which total 0.06% of total shares on
issue (31 March 2025: 0.05%). The Directors held warrants in the Company as at 30 September 2025 which
total 0.05% of total warrants on issue (31 March 2025: Nil).
Dividends of $11,339 (30 September 2024: $9,175) were also received by Directors as a result of their
shareholding during the period.
Kingfish considers its Board of Directors ("Directors") key management personnel. Kingfish does not have
any employees.
During the period, the Directors earned fees for their services of $100,240 inclusive of unclaimable GST
(September 2024: $103,363 including GST). The Directors' fee pool for the year ending 31 March 2026 is
$185,500 (exclusive of GST, if any), (31 March 2025: $185,500 (exclusive of GST, if any)). There were no
Directors fees payable at the end of the period (31 March 2025: Nil).
For the six months ended 30 September 2025, the Manager did not achieve a return in excess of the
performance fee hurdle return and the HWM (30 September 2024: No excess returns were generated).
Accordingly, the Company has not expensed a performance fee for the six months ended 30 September
2025 (30 September 2024: Nil).
Page 9 of 10

KINGFISH LIMITED
NOTES TO THE INTERIM FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2025
Note 8Net Asset Value
Note 9Subsequent Events
There were no other events which require adjustment to or disclosure in these interim financial statements.
For recent share price, net asset value and performance, please visit https://kingfish.co.nz/investor-
centre/portfolio-performance/ (note, this information is unaudited).
On 24 November 2025, the Board declared a dividend of 2.70 cents per share. The record date for this
dividend is 5 December 2025 with a payment date of 19 December 2025.
The unaudited net asset value per share of Kingfish as at 30 September 2025 was $1.34 (31 March 2025:
audited net asset value of $1.35) calculated as the net assets of $473,236,594 divided by the number of
shares on issue of 353,072,219 (31 March 2025: net assets of $469,898,340 and shares on issue of
348,300,808).
Page 10 of 10

PwC New Zealand, PwC Tower, 15 Customs Street West, Private
Bag 92162, Auckland 1142, New Zealand
T: +64 (9) 355 8000

pwc.co.nz
Independent auditor’s review report
To the shareholders of Kingfish Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Kingfish Limited (the Company), which comprise the
statement of financial position as at 30 September 2025, and the statement of comprehensive income, the
statement of changes in equity and the statement of cash flows for the six months ended on that date, and selected
explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim
financial statements of the Company do not present fairly, in all material respects, the financial position of the
Company as at 30 September 2025, and its financial performance and cash flows for the six months then ended, in
accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)).
Our responsibilities are further described in the Auditor’s responsibilities for the review of the interim financial
statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New Zealand relating
to the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements.
Other than in our capacity as auditor we have no relationship with, or interests in, the Company.
Responsibilities of the Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the
Directors determine is necessary to enable the preparation and fair presentation of the interim financial statements
that are free from material misstatement, whether due to fraud or error.

12 PwC – Independent Auditor’s Review Report
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the
interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance
engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and consequently does not enable us to obtain assurance that we might
identify in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our review procedures, for this report, or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is Samuel
Shuttleworth.
For and on behalf of:
PricewaterhouseCoopers Auckland
24 November 2025