Barramundi's undiluted NAV edges up, warrants remain a factor

Barramundi Limited reported its undiluted net asset value (NAV) at $0.7046 as of October 8, 2025, an increase from $0.7032 on October 1, 2025. The company's share price closed at $0.70 on both dates, resulting in a 1% discount on October 8, 2025, compared to 0% on October 1, 2025. This NAV per share is unaudited, net of fees and tax, and currently excludes treasury stock deductions.

The undiluted NAV figure does not account for the potential future exercise of 85,179,108 warrants (BRMWI) which are exercisable on August 7, 2026. The exercise price for these warrants is $0.70, reduced by dividends per share declared between August 7, 2025, and the exercise date announcement. Dividends totaling 1.41 cents per share have been declared to date, with three more expected before the exercise price announcement.

Barramundi, a listed investment company focusing on Australian growth companies, has its portfolio managed by Fisher Funds. Its top five holdings as of October 8, 2025, include CSL (8%), WiseTech (7%), Xero (6%), Macquarie Group (6%), and Brambles (5%). The company aims to provide competitive returns through capital growth and dividends via a diversified, tax-efficient investment vehicle.