Barramundi Ltd. · NZX:BRM
Barramundi — Shareholder Meeting (October 2025)
37 slides from Barramundi's shareholder meeting presentation, Oct 31, 2025
Slide 1: Annual Meeting of Shareholders
ANNUAL MEETING OF SHAREHOLDERS 31 October 2025
Slide 2: Board of Directors and Barramundi Team
Board of Directors Andy Coupe Carol Campbell David McClatchy Fiona Oliver Dan Coman Barramundi Team Robbie Urquhart Terry Tolich Delano Gallagher Wayne Burns Snr Portfolio Snr Investment Snr Investment Corporate Manager Manager Analyst Analyst
Slide 3: Agenda
Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
Slide 4: Chair's Overview
eee is Chair's Overview ~— Barramundi »
Slide 5: Barramundi's Investment Objectives
Barramundi’s Investment Objectives Absolute Returns Achieve a high real rate of return, comprising both income and capital growth within acceptable risk parameters. Diversified Portfolio Access to a diversified portfolio of Australian quality, growth stocks in a single tax-efficient vehicle.
Slide 6: 2025 Overview
2025 Overview Net profit / (loss) Dividend NAV per share Share price $7.9m 6.00cps $0.71 $0.69 (2024: $28.1m) (2024: 5.88cps) (2024: $0.76) (2024: $0.69) Share price Total shareholder Adjusted NAV Dividend # (discount) to return* return* NAV^ +9.9% +8.7% 3.9% (2.8%) (2024: +7.1%) (2024: +8.2%) (2024
Slide 7: 2025 Overview - Continued
2025 Overview - Continued Portfolio Performance For the year 3 years 5 years ended 12 months (annualised) (annualised) 30 June Adjusted NAV return* +3.9% +13.5% +11.0% Gross Performance * +6.00% +16.3% +13.5% Benchmark Index^ +13.5% +13.8% +12.3% *These metrics are Non-GAAP measures calculated in ac
Slide 8: Earnings Per Share
Earnings Per Share Earnings Per 2025 2024 2023 2022 2021 Share Basic Earnings per Share 2.49 10.07 14.15 -13.99 24.82 (cents) Diluted Earnings Per Share 2.49 9.92 14.15 -13.99 23.43 (cents)
Slide 9: Movements in Shareholders' Funds
Movements in Shareholders’ Funds 12 Months to 30 June 2025 ($m)
Slide 10: Quarter 1, FY2026
Quarter 1, FY2026 30 June – 30 September 2025 Net Profit NAV per share $3.4m $0.70 Adjusted NAV Return* Benchmark Index +1.4% +6.4% Share price Total shareholder return* $0.70 +4.1% *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Barramundi Non-GAA
Slide 11: Warrants
WARRANTS • Capital Management Programme • Pro rata issue of circa 85.2m warrants 7 August 2025 to eligible shareholders • Initial exercise price $0.70 • Exercise date 7 August 2026
Slide 12: Closing Remarks
Closing Remarks Barramundi }
Slide 13: Manager's Review
Manager’s Review 31 October 2025
Slide 14: Barramundi posted a positive return (gross) in FY25
Barramundi posted a positive return (gross) in FY25 Performance for FY25 ** ASX200 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 15: Financials were the best performing sector in FY25
Financials were the best performing sector in FY25 ASX 200 index rose 13.5% over the year to 30 June 2025 40% 29% 28% 30% 26% 24% 21% 20% 13% ASX200 return 10% 5% 1% 0% -2% -10% -5% -8% ASX Sector Return ASX Total Return
Slide 16: Slide 16
Slide 17: Outperformance over time, but not every year
Outperformance over time, but not every year Barramundi Annual Performance Relative to the Benchmark* 15.00% 10.00% Relative Performance (%) 5.00% 0.00% -5.00% -10.00% -15.00% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Financial Year *Gross performance relative to the benchmark index return
Slide 18: Our portfolio provides balance across STEEPP factors
Our portfolio provides balance across STEEPP factors Higher earnings growth vs ASX200… …And paying less for this growth 20% 4.0× Earnings per share growth per year (FY1-FY3) 15% Price/Earnings-to-Growth Ratio 3.0× 10% 2.0× 5% 0% 1.0× Barramundi ASX 200 Barramundi ASX 200 * Source: Bloomberg, Fisher
Slide 19: Boards allocating capital to drive long term share value
Boards allocating capital to drive long term share value A$365m (FY26) “If you do it at the right price, A$200m (FY26) there’s nothing better than buying in your own business.” Warren Buffett A$750m (FY26) ~A$365m completed US$400m (FY25) US$400m (FY26) - new
Slide 20: Performance by company in FY2025
Performance by company in FY2025 3.0% 66% Contribution AUD (bps) 2.0% 32% 36% 9% 50% 33% 15% 15% 38% 15% 1.0% 23% 9% 14% 16% 36% 10% 9% 1% 0.0% -9% -9% -6% -1.0% -18% -26% -36% -44% -53% -2.0% -43% -18% -3.0% Contribution (AUD) Notes: Labels are the total return for the stock over the period owned
Slide 21: Long-term focus & consistency of execution
Long-term focus & consistency of execution Brambles’ Free Cash Flow (US$m) $1,200 18% growth p.a. $900 Free Cash Flow (US$m) $600 $300 $0 FY20 FY21 FY22 FY23 FY24 FY25 Financial Year Source: Brambles
Slide 22: Increasing the pace of software development
Increasing the pace of software development
Slide 23: Exits
Exits “Fury over James Hardie deal “Domino’s CEO shock exit” won’t die” (Australian Financial Review) (Australian Financial Review) “the facts are PE will pay much “profits plunge as CEO admits more than public markets” performance ‘not good enough’” (The Australian) (Australian Financial Review)
Slide 24: Portfolio management: FY2025 and FY2026 to date
Portfolio management: FY2025 and FY2026 to date Target weight changes (net) Smaller Larger
Slide 25: A balanced blend of companies
A balanced blend of companies CAR CARSALES OML OOH!MEDIA CONSUMER REA REA GROUP INFORMATION SERVICES SEK SEEK LTD TECHNOLOGY DMP DOMINO'S PWH PWR HOLDINGS ANZ AUST AND NZ BANKING GROUP XRO CAR OMLREA CONSUMER AUB AUB GROUP WTC DISCCRETIONARY CBA COMMONWEALTH BANK OF AUSTRALIA SEK CCP CREDIT CORP NXT
Slide 26: BRM up +2.0% for Q1 in FY26
BRM up +2.0% for Q1 in FY26 Performance in FY26* to date *Period from 30/06/2025-30/09/2025 **ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
Slide 27: Outlook: market valuations reflective of resilient economy
Outlook: market valuations reflective of resilient economy ➢ Australia’s economy remains resilient and unemployment is low – similar theme for the US ➢ Inflationary pressures temper expectations for further interest rate cuts in Australia ➢ Rebound in the ASX200 from the April lows reflects these im
Slide 28: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU
Slide 29: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 30: Annual Meeting 2025 Resolutions
Annual Meeting 2025 Resolutions
Slide 31: Matters of Business
Matters of Business • Annual Report • Resolutions: – Re-elect Fiona Oliver – Elect Dan Coman – Auditor remuneration
Slide 32: 2025 Annual Meeting Resolutions
2025 Annual Meeting Resolutions • Introduce and propose • Discussion, questions • Lodge your vote per the digital portal
Slide 33: Re-election of Fiona Oliver
Resolution 1 Re-election of Fiona Oliver To re-elect Fiona Oliver as a Director of Barramundi Limited
Slide 34: Election of Dan Coman
Resolution 2 Election of Dan Coman To elect Dan Coman as a Director of Barramundi Limited
Slide 35: Auditor Remuneration
Resolution 3 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year
Slide 36: Conclusion
Conclusion • Complete and sign voting paper • Voting papers in the voting boxes • If you need a voting paper please see Computershare • Results to NZX
Slide 37: Thank You
Barramundi ) LANDING TOMORROW’ "S TROPHIES THANK YOU