Kingfish NAV declines but discount to share price narrows

Kingfish Limited announced its undiluted Net Asset Value (NAV) at $1.3410 per share as of November 19, 2025, a decrease from $1.3683 on November 12, 2025. The company's share price closed at $1.3340 on November 19, resulting in a 1% discount. This is an improvement from the 3% discount observed on November 12, when the share price closed at $1.3300. The NAV calculation is unaudited and net of fees and tax, excluding the impact of future warrant exercises.

As of November 19, 2025, there are 86,961,524 warrants on issue, exercisable on May 1, 2026, at $1.35 less any dividends declared between May 1, 2025, and the exercise price announcement. Dividends totaling 5.48 cents per share have been declared to date, with two more expected before the May 2026 exercise price announcement.

Kingfish's five largest portfolio holdings as of November 19, 2025, include Fisher & Paykel Healthcare (19%), Infratil (13%), Summerset (10%), Mainfreight (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. It aims to provide competitive returns through capital growth and dividends via a diversified portfolio.