Marlin Global (MLN) investor relations material

Opening remarks and agenda

• The 19th annual meeting was duly convened with notice circulated and a quorum present; in-person and virtual attendance were accommodated.

• Agenda covered FY26 results, a portfolio review, shareholder Q&A and two formal resolutions: elect Simon Flood as director and authorize the board to set auditor remuneration.

Financial performance review

• FY26 reported NPAT was a NZD 17.3m loss; TSR was -7.6%, including 7.35 cents per share in dividends, equivalent to an 8.1% dividend return based on average share price.

• Portfolio returns trailed the benchmark over one, three and five years; FY26 portfolio underperformance versus the benchmark was 37%.

• NAV fell NZD 28m, from NZD 212m at 30 June 2025 to NZD 184m at 30 June 2026; portfolio loss reduced NAV NZD 17m, dividends NZD 17m, and reinvested dividends added NZD 6m.

• September-quarter FY27 net profit was NZD 6.1m; portfolio gross performance was +4% versus benchmark +1.1%, and the share-price discount to NAV narrowed from 18% at quarter-end to 11% during the meeting week.

• First-quarter FY27 portfolio return was +4% versus a market decline of 1%; 5% outperformance continued through October and November.

Board and executive committee updates

• Simon Flood stood for election as director, citing investment and portfolio-management experience in New Zealand, London and Asia.

• Portfolio manager Ashley Gardyne, who held the role from 2016 to 2021, returned five months before the meeting; Fisher Funds CEO Simon Power said Paul Huxford would join as CIO in 12 days.

• The chair thanked former chair Andy Coupe and recently retired director Carol Campbell for their governance contributions.