Slides
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Annual Meeting of Shareholders MARLIN GLOBAL LIMITED 7 November 2025
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Board of Directors Marlin Team Andy Coupe Carol Campbell David McClatchy Fiona Oliver Chris Waters Snr Investment Analyst Wayne Burns Corporate Manager Sam Dickie Snr Portfolio Manager Charles Barty Investment Analyst Dan Coman
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Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
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Chair’s Overview
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Marlin’s Investment Objectives Absolute Returns Diversified Portfolio Access to a diversified portfolio of international quality, growth stocks in a single tax-efficient vehicle. Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters.
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2025 Overview Net profit Dividend NAV per share Share price $0.3m (2024: $37.2m) 8.01cps (2024: 7.59cps) $0.95 (2024: $1.03) $0.91 (2024: $0.96) Total shareholder return * Dividend return # Adjusted NAV return * Share price (discount) to NAV +2.8% (2024: +13.8%) +8.5% (2024: +7.9%) +0.2% (2024: +19.5%) (4.2%) (2024: 6.7%) *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website. # Dividend return – how much Marlin pays out in dividends each year relative to its average share price during the period. (Dividends paid by Marlin may include dividends received, interest income, investment gains and/or return of capital). ^Share price (discount) / premium to NAV (excluding warrants).
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2025 Overview - Continued *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website. ^ Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD) For the year ended 30 June 12 months 3 years (annualised) 5 years (annualised) Adjusted NAV return * +0.2% +10.9% +7.3% Gross Performance * +2.7% +13.7% +10.1% Benchmark Index ^ +14.9% +15.1% +12.9%
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Earnings Per Share Earnings Per Share 2025 2024 2023 2022 2021 Basic Earnings per Share (cents) 0.15 17.59 11.63 -31.34 35.55 Diluted Earnings Per Share (cents) 0.15 17.59 11.63 -31.34 38.60
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Movements in Shareholders’ Funds 12 Months to 30 June 2025 ($m)
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Quarter 1, 2026 1 July – 30 September 2025 Net profit $2.5m NAV per share $0.94 Adjusted NAV Return +1.2% Benchmark Index +10.2% Share price $0.95 Total shareholder return 5.9% .
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Closing Remarks
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Manager’s Review Sam Dickie
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Agenda 1. Review of markets in 2025 2. Company performance 3. Portfolio activity and positioning 4. Outlook Why Marlin
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1. Review of markets in 2025
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Global markets: solid returns in Marlin’s 2025 year MSCI World: +16% NZ (NZX 50): +8% AU (ASX 200): +14% US (S&P 500): +15% Source: Bloomberg 90 95 100 105 110 115 120 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25
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-1% 1% 3% 5% 7% 9% 2022 2023 2024 2025 S&P 500 consensus earnings Fundamentals: Moderate inflation, GDP rebounding, growing earnings US Core PCE Inflation 1% 2% 3% 4% 5% 6% 2022 2023 2024 2025 100 150 200 250 300 350 2018 2019 2020 2021 2022 2023 2024 2025F 2026F 2027F US GDP growth rebounds Source: Bloomberg
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Global markets: caution lies under the rally’s hood Source: Bloomberg +43% Higher risk companies outperformed +40% AI winners have driven almost all the gains in the US market UBS AI winners index versus Global Benchmark 1.6 1.9 2.2 2.5 2.8 3.1 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 80 100 120 140 160 180 Mar-25 May-25 Jul-25 Sep-25 Higher Risk Higher Quality
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2. Portfolio Performance
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While Marlin posted a small positive return, it was disappointing in a relative sense * S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) Performance for FY25 14.9% -12.1% -0.1% 2.7% Benchmark index* Portfolio relative performance FX Marlin - gross return 0% 2% 4% 6% 8% 10% 12% 14% 16% Gross Returns (NZD)
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Relative performance is volatile over time -100% 0% 100% 200% 300% 400% 500% 600% 2007 2009 2010 2011 2012 2014 2015 2016 2017 2019 2020 2021 2022 2024 2025 Cumulative gross performance Marlin Benchmark -15% -10% -5% 0% 5% 10% 15% 20% 25% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annual relative performance (gross performance vs market benchmark to 30 June)
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S T E E P P
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Why Marlin Performance impacted by sector, stock and style Top 5 performing sectors (price move %) Telecommunication Services 36% Banks 34% Financial Services * 34% Insurance 30% Utilities 26% Bottom 5 performing sectors Health Care Equipment & Services * 6% Consumer Durables & Apparel * 4% Energy -1% Household & Personal Products -2% Pharmaceuticals, Biotechnology & Life Sciences * -4% * Estimated impact using UBS high-quality index underperformance * Sectors owned by Marlin Split of impact on relative performance
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Why Marlin 12 months ended June 2025 Performance by company in FY2025 Notes: Labels are the total return for the stock over the period owned 98% 47% 28% 39% 14% 36% 12% 22% 21% 28% 14% 7% -3% 41% 2% 9% -10% -38% -17% -28% -15% -37% -34% -21% -21% -24% -23% -54%-300 -200 -100 0 100 200 300Contribution NZD (bps) Contribution (NZD)
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Why Marlin Healthcare – what happened? And where are we now? Danaher’s Drug Discovery Solutions 0.8 1 1.2 1.4 1.6 1.8 2018 2019 2020 2021 2022 2023 2024 2025 Danaher price-to-earnings ratio vs broader US market (S&P 500) Average
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Why Marlin Floor & Décor: taking market share vs abnormal sector headwinds 300 500 700 900 1,100 1,300 1,500 2018 2019 2020 2021 2022 2023 2024 Floor & Decor taking market share from key competitors ($m) Competitors Floor & Decor 3m 4m 5m 6m 7m 8m 1999 2004 2009 2014 2019 2024 Existing home sales (key driver of flooring demand) at 20-year lows Average
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Why Marlin META and Netflix: flexing their scale -> driving customer stickiness 26% 27% 28% 29% 30% 31% 32% 33% 2022 2023 2024 2025 META: share of digital advertising $0.2 $0.3 $0.4 $0.5 $0.6 $0.7 $0.8 $0.9 Netflix: significantly cheaper on price per viewing hour
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3. Portfolio activity and positioning
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Changes to the Marlin portfolio Why Marlin ExitsAdditions
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Marlin portfolio: higher quality, higher growth Why Marlin 23% 4% Portfolio Benchmark Current Return on Invested Capital 11% 5% Portfolio Benchmark Two year forward consensus sales growth
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4. Outlook
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Why Marlin Global economy been resilient, but risks remain × Equity valuations elevated × Labour market cooling × Geopolitical instability ✓ US economy robust ✓ Strong corporate earnings ✓ AI capex super cycle ✓ Central banks are cutting interest rates
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Thank You
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General Questions from Shareholders (not relating to resolutions)
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Annual Meeting 2025 resolutions
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Matters of Business • Annual Report • Resolutions: –Re-elect Fiona Oliver –Elect Dan Coman –Auditor remuneration
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2025 Annual Meeting Resolutions • Introduce and propose • Discussion, questions • Lodge your vote
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Resolution 1 Re- election of Fiona Oliver To re-elect Fiona Oliver as a Director of Marlin Global Limited
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Resolution 2 Election of Dan Coman To elect Dan Coman as a Director of Marlin Global Limited
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Resolution 3 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year
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Conclusion • Complete and sign voting paper • Voting papers in the voting boxes • If you need a voting paper please see Computershare • Results to NZX
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Thank You