KFL undiluted NAV as at 21/1/26 - $1.3027

KFL undiluted NAV as at 21/1/26 - $1.3027
Date21/1/202614/1/2026
KFL undiluted NAV$1.3027$1.3427
Share price close$1.2840 $1.3000
Discount1%3%
The five largest portfolio holdings at 21 January 2026 are approximately as follows:
Fisher & Paykel Healthcare20%
Infratil14%
Summerset10%
Mainfreight10%
Auckland International Airport8%
BACKGROUND
Contact
Corporate Manager
Kingfish Limited
Tel +64 9 4840352
KingfishisalistedinvestmentcompanythatinvestsinqualitygrowingNewZealandcompanies.TheKingfishportfoliois
managedbyFisherFundsManagementLtd,aspecialistinvestmentmanagerwithatrackrecordofsuccessfullyinvesting
ingrowthcompanyshares.TheaimofKingfishistoofferinvestorscompetitivereturnsthroughcapitalgrowthand
dividends,andaccesstoadiversifiedportfolioofinvestmentsthroughasingletaxefficientinvestmentvehicle.Kingfish
listedonNZXMainBoardon31March2004andmayinvestincompaniesthatarelistedonaNewZealandstock
exchange or unlisted companies.
The above net asset value (NAV) is unaudited and net of fees and tax.
The NAV per share is calculated after deducting treasury stock (shares acquired under the Kingfish buyback programme) -
currently nil.
* The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (KFLWI). At 21 January 2026,
86,961,524 warrants are on issue and may be exercised on 1 May 2026. The actual exercise price of each warrant is $1.35
less the dividends per share declared by the company with a record date between 1 May 2025 and the announcement of
the 1 May 2026 exercise price. Dividends totalling 8.18 cents per share have been declared to date and there is one more
dividend expected to be declared in the remaining period up to the announcement of the 1 May 2026 exercise price.
Kingfish Limited
Phone +64 9 489 7094
Private Bag 93502
Takapuna, Auckland