Barramundi's undiluted NAV holds steady, warrants loom

Barramundi Limited's undiluted net asset value (NAV) stood at $0.7125 as of September 17, 2025, a slight decrease from $0.7138 on September 10, 2025. The company's share price closed at $0.71 on both dates, resulting in a 1% discount to NAV in both periods. This NAV is unaudited and net of fees and tax.

The undiluted NAV figure does not account for the potential impact of 85,179,108 outstanding warrants, which can be exercised on August 7, 2026. The exercise price for these warrants is $0.70, adjusted for dividends declared between August 7, 2025, and the exercise date. To date, $0.0141 per share in dividends has been declared, with three more dividends anticipated before the exercise date.

Barramundi, a listed investment company managing a portfolio of Australian companies through Fisher Funds, lists its top five holdings as of September 17, 2025, as CSL (8%), Seek (7%), WiseTech (6%), Macquarie Group (5%), and Xero (5%). The company focuses on capital growth and dividends, having been listed on the NZX Main Board since October 26, 2006.