Barramundi’s NAV dips slightly as warrant exercise date approaches

Barramundi's undiluted net asset value (NAV) stood at $0.6741 as of November 5, 2025, a slight decrease from $0.6858 on October 31, 2025. The company's share price closed at $0.6950 on November 5, resulting in a 3% premium, compared to a 2% premium with a $0.6970 close on October 31. These NAV figures are unaudited and net of fees and tax.

The undiluted NAV excludes the impact of 85,179,108 warrants (BRMWI) currently on issue, which can be exercised on August 7, 2026. The exercise price for each warrant is $0.70, less dividends 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 dividends anticipated before the August 7, 2026, exercise price announcement.

Barramundi, managed by Fisher Funds, invests in growing Australian companies. Its top five holdings as of November 5, 2025, include CSL (7%), Xero (6%), WiseTech (6%), Car Group (6%), and Macquarie Group (6%).