Kingfish reports increased NAV, reduced market discount

Kingfish Limited's unaudited undiluted net asset value (NAV) per share was $1.3450 as of September 10, 2025, an increase from $1.3274 on September 3, 2025. The company's share price closed at $1.31 on September 10, 2025, resulting in a market discount of 3%, down from 2% the previous week. The NAV per share is calculated net of fees and tax, with no treasury stock to deduct.

The undiluted NAV calculation excludes the impact of 86,961,524 warrants (KFLWI) on issue, which are exercisable on May 1, 2026. The exercise price of these warrants is $1.35, less any dividends declared with a record date between May 1, 2025, and the exercise announcement. Kingfish has already declared dividends totaling 5.48 cents per share, with two more dividends anticipated before the May 2026 exercise price announcement.

The company's five largest portfolio holdings as of September 10, 2025, include Fisher & Paykel Healthcare (19%), Infratil (14%), Mainfreight (9%), Summerset (9%), and Auckland International Airport (7%). Kingfish is a listed investment company focusing on growth in New Zealand companies, managed by Fisher Funds Management Ltd, aiming to provide competitive returns through capital growth and dividends via a single tax-efficient investment vehicle.