KFL undiluted NAV as at 24/9/25 - $1.3401

KFL undiluted NAV as at 24/9/25 - $1.3401

Date 24/9/2025 17/9/2025
KFL undiluted NAV $1.3401 $1.3465
Share price close $1.30 $1.30
Discount 3% 3%

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 24 September 2025, 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 5.48 cents per share have been declared to date and there are two more dividends expected to be declared in the remaining period up to the announcement of the 1 May 2026 exercise price.

The five largest portfolio holdings at 24 September 2025 are approximately as follows:

Fisher & Paykel Healthcare 19%
Infratil 14%
Mainfreight 9%
Summerset 9%
Auckland International Airport 7%

BACKGROUND
Kingfish is a listed investment company that invests in quality growing New Zealand companies. The Kingfish portfolio is managed by Fisher Funds Management Ltd, 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 NZX Main Board on 31 March 2004 and may invest in companies that are listed on a New Zealand stock exchange or unlisted companies.

Contact
Corporate Manager
Kingfish Limited
Tel +64 9 4840352

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