Marlin Global (MLN) investor relations material

Opening remarks and agenda

• The meeting was opened with confirmation of quorum and a welcome to both in-person and virtual attendees.

• Preliminary matters were addressed, followed by the Chair's overview, Manager's review, Q&A, and annual meeting resolutions.

• Directors, key management, and advisors were introduced, and the agenda included financial review, portfolio update, and voting on three resolutions.

• Minutes of the previous AGM and the annual report were made available to shareholders.

Financial performance review

• Net profit after tax for the year was $0.3m, a significant decrease from $37.2m in 2024.

• Dividend per share increased to $0.0801, an 8.5% yield, up from $0.0759 in 2024.

• Adjusted NAV return was 0.2% for 2025, compared to 19.5% in 2024, lagging the benchmark over one, three, and five years.

• Shareholders' funds decreased from NZD 223 million to NZD 212 million, mainly due to dividends and buybacks.

• Share price closed at $0.91, down from $0.96 in 2024, with a reduced discount to NAV.

• The first quarter of the new financial year saw continued underperformance, with a 1.2% Adjusted NAV return versus a 10.2% benchmark rise.

Board and executive committee updates

• Carol Campbell, Chair of the Audit and Risk Committee, is retiring after 14 years; Dan Coman was appointed as a new Director.

• Board members include Andy Coupe, Fiona Oliver, Dan Coman, Carol Campbell, and David McClatchy.

• Senior management is led by Sam Dickie (Snr Portfolio Manager) and Chris Waters (Snr Investment Analyst).

• The Board engaged with the fund manager to address underperformance but does not intervene in stock selection.