Marlin delivers $6.5m First Half Profit
16/02/2026 17:23 NZDT, HALFYRP
Results for announcement to the market
Name of issuer Marlin Global Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZ$
Amount (000s) Percentage change
Revenue from continuing operations $9,351 -17%
Total Revenue $9,351 -17%
Net profit/(loss) from continuing operations $6,462 -20%
Total net profit/(loss) $6,462 -20%
Interim/Final Dividend
Amount per Quoted Equity Security $NZ 1.88 cents per share
Imputed amount per Quoted Equity Security $NZ 0.00161200
Record Date 5 March 2026
Dividend Payment Date 27 March 2026
Current period Prior comparable period
Net tangible assets per Quoted Equity Security $0.9387 $1.0241
A brief explanation of any of the figures above necessary to enable the figures to be understood The financial statements attached to this report have been reviewed by PricewaterhouseCoopers and are not subject to a qualification. A copy of the auditor’s review report applicable to the financial statements is attached to this announcement.
Authority for this announcement
Name of person authorised to make this announcement W.A. Burns
Contact person for this announcement W.A. Burns
Contact phone number (09) 4840352
Contact email address enquire@marlin.co.nz
Date of release through MAP 16 February 2026
Reviewed interim financial statements accompany this announcement.
For immediate release:
16 February 2026
Marlin delivers $6.5m First Half Profit
•Net profit for the six months ended 31 December 2025 $6.5m
•Total shareholder return* 7.1%
•Adjusted NAV return (after expenses, fees & tax)** 3.0%
•Dividends paid during the period (cents per share) 3.77 cps
NZX-listed investment company Marlin Global Limited (NZX: MLN) today announced a net operating profit after tax of $6.5m for the six-month period ended 31 December 2025.
Key elements of the half year result include profits on investments of $8.7m, dividend, interest and other income of $0.6m, less operating expenses and tax of $2.9m.
Marlin’s Chair, Andy Coupe, noted that “while it has been a positive period for international markets the board is disappointed with the Marlin portfolio performance, which has significantly underperformed against its equity benchmark. The underperformance has been the result of certain stock specific issues, as well as the certain sector overweight and underweight positions in the Marlin portfolio.”
The portfolio’s gross performance return*** for the six months was +4.5% and the adjusted net asset value (NAV) return** was +3.0%, compared to the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the NZD)**** which was +14.0% over the same period.
Marlin investors continued to receive distributions consistent with the company distribution policy (2% of average NAV per quarter) with 3.77 cents per share paid to shareholders during the six months ended 31 December 2025. On 16 February 2026, the Board declared a dividend of 1.88 cents per share to be paid to shareholders on 27 March 2026 with a record date of 5 March 2026.
Senior Portfolio Manager, Sam Dickie, said: “Marlin’s portfolio performance was not where we want it to be. The underperformance was driven by our style, sectors we don’t own significantly outperforming, and several stock specific issues. Higher quality stocks (Marlin's style) unperformed higher risk or lower quality stocks, or what we consider to be lower quality stock, by 25% over the six-month period which was the most acute underperformance since 1999.
We were overweight some sectors that are temporarily out of favour (healthcare) and underweight some low growth sectors that have performed well recently (banks, telcos, materials, utilities). Some of that is to be expected. Several of those outperforming sectors don't lend themselves to the characteristics we seek in stocks - like strong secular growth and durable moats. Quality companies are the most out of favour in 30 years and we see compelling investment opportunities in our part of the market - which make us optimistic about the outlook for the Marlin portfolio”.
For further information, please contact:
Corporate Manager
Marlin Global Limited
Tel: (09) 484 0352
*Total shareholder return – the return combines the share price performance, the warrant price performance (if any), the net value of converting any warrants into shares (if any), and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money), at warrant expiry date.
**Adjusted net asset value return – the percentage change in the the underlying value of the investment portfolio adjusted for dividends (and other capital management initiatives) and after expenses, fees and tax.
***Gross performance return – The portfolio performance in terms of stock selection & currency hedging, before expenses, fees and tax.
****Benchmark Index: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to the NZD).
The total shareholder return adjusted net asset value and gross performance return methodologies are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy is available at http://www.marlin.co.nz/about-marlin/marlin-policies/
About Marlin Global
Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient investment vehicle. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or unlisted international companies not incorporated in New Zealand or Australia. /Ends