KFL – February 2026 monthly update

1
A WORD FROM THE MANAGER
The Kingfish portfolio gross performance return and
adjusted NAV return in January were -2.2% and -2.4%
respectively, versus the New Zealand shares benchmark
S&P/NZX 50 return of -0.9%.
Portfolio
a2 Milk (-8%) saw its share price respond negatively after
China reported its official births data for 2025, which
revealed a sharper than expected drop in the number
of newborns to 7.9 million, almost one million less than
expected. On the other hand, multiple large competitors
in the China infant formula market including Nestle
and Danone have instigated an international recall of
infant formula due to a contaminated ingredient which
has been linked to the death of several babies globally.
Chinese consumers are highly sensitive to product quality
issues and a2 not being subject to the scare provides an
opportunity for the company to potentially accelerate its
market share gains.
Electricity companies Contact (+1%), Meridian (+1%) and
Mercury (-2%) all provided regular performance updates.
Strong hydro inflows to their catchments over the second
half of 2025 had positioned the companies well with ample
water in their systems (national renewable generation
share hit 97% for a third straight month in December).
The resulting lower cost base from the limited need to
purchase thermal generation in market to service retail and
commercial customers on fixed price contracts should
support solid earnings in the period.
Summerset (-6%) delivered a record sales outcome in
2025, achieving 1,560 total sales of occupation rights
driven by strong demand for both new units (+16% on a
like for like basis) and resales (+16%) across its retirement
villages. This compares favourably to REINZ data with
+8% growth in national property sales. December quarter
trading highlighted that the company’s flagship sites
at Boulcott and St Johns performed especially well. Its
expansion into Australia is gaining traction, with half of
the new homes at Chirnside Park, its second Australian
village, already presold. Summerset’s robust quarter helped
reduce both uncontracted resale and new sales stock, and
the business delivered 637 new units in New Zealand and
56 in Australia, meeting its annual development targets.
Summerset’s sales update suggests the company is
well positioned to deliver a solid 2025 financial result (to
be reported in February) and the outlook for 2026 looks
positive given the company's strong pipeline of committed
sales contracts heading into 2026.
Software company Vista (-28%) saw a meaningful decline
in its share price on no company-specific news. Reports
of AI-based software development tool Claude Cowork
creating productivity gains for software developers drove
a broad-based selloff in software companies globally,
with fears that new AI native software tools may be able
to disrupt incumbent systems. Vista provides the mission
critical software to its clients to manage their cinemas and
related businesses on a daily basis. It has deep industry
domain knowledge, proprietary data, integrations with
operating systems, and customer trust which means it
is positioned well with functionality and value-add that
newly stood up tools will struggle to create. That said, we
acknowledge AI technology is evolving rapidly, and it may
take time for these fears to subside.
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
February 2026
KFL NAV
$
1.29
DISCOUNT
1
1.2
%
as at 31 January 2026
$
0.01
WARRANT PRICE
$
1.28
SHARE PRICE
Matt Peek
Senior Portfolio Manager
Fisher Funds Management Limited

2
KEY DETAILS
as at 31 January 2026
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
$1.15
PERFORMANCE FEE CAP
1.25%
SHARES ON ISSUE
356m
MARKET CAPITALISATION
$454m
GEARING
None (maximum permitted 20%
of gross asset value)
SECTOR SPLIT
as at 31 January 2026
Health Care35%
Industrials26%
Financials15%
Utilities12%
Information Technology4%
Consumer Staples4%
Cash2%
Materials2%
JANUARY'S SIGNIFICANT RETURNS IMPACTING
THE PORTFOLIO during the month
PORT OF TAURANGA
+4
%
SUMMERSET
-6
%
EBOS
-7
%
a2 MILK
-8
%
VISTA GROUP
-28
%
5 LARGEST PORTFOLIO POSITIONS as at 31 January 2026
FISHER & PAYKEL
HEALTHCARE
20
%
SUMMERSET
15
%
MAINFREIGHT
10
%
INFRATIL
9
%
AUCKLAND
INTERNATIONAL AIRPORT
8
%
The remaining portfolio is made up of another 10 stocks and cash.

33
TOTAL SHAREHOLDER RETURN to 31 January 2026
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
1 Month3 Months1 Year3 Years
(annualised)
5 Years
(annualised)
Company Performance
Total Shareholder Return(2.3%)(2.7%)+3.2%+5.9%(0.9%)
Adjusted NAV Return(2.4%)(2.2%)(3.5%)+4.6%+1.2%
Portfolio Performance
Gross Performance Return(2.2%)(1.8%)(2.4%)+6.2%+2.7%
S&P/NZX50G Index(0.9%)(0.9%)+3.3%+3.9%+0.4%
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 January 2026

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),
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