Barramundi NAV dips slightly as warrants loom

Barramundi's undiluted net asset value (NAV) per share was $0.6395 as of November 19, 2025, a decrease from $0.6751 on November 12, 2025. The company's share price closed at $0.6560 on November 19, resulting in a 3% premium over its NAV, compared to a 1% premium on November 12. These NAV figures are unaudited and are net of fees and tax.

The undiluted NAV calculation excludes the potential 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, reduced by dividends declared between August 7, 2025, and the August 7, 2026 exercise price announcement. Dividends totaling 1.41 cents per share have been declared to date, with three more expected before the exercise price announcement.

Barramundi, managed by Fisher Funds, invests in growing Australian companies, aiming to provide competitive returns through capital growth and dividends via a diversified portfolio. Its top five holdings as of November 19, 2025, include CSL (8%), WiseTech (6%), Car Group (6%), Xero (6%), and Macquarie Group (5%).