Highlights:

  • Net profit for the six months ended 31 December 2025: NZD 6.5 million.
  • Total shareholder return for the period: 7.1%.
  • Adjusted NAV return after expenses, fees, and tax: 3.0%.

NZX-listed investment company Marlin Global Limited (NZX:MLN) has reported a net profit of NZD 6.5 million for the six months ended 31 December 2025. The results highlight continued shareholder distributions and portfolio returns despite underperformance relative to international benchmarks.

Profit and Returns Overview

For the half-year period, Marlin recorded profits on investments of NZD 8.7 million and additional income from dividends, interest, and other sources of NZD 0.6 million. After deducting operating expenses and tax of NZD 2.9 million, the net operating profit after tax reached NZD 6.5 million.

Dividends for Shareholders

Marlin continued to provide distributions consistent with its quarterly policy of 2% of average NAV. Shareholders received a total of 3.77 cents per share during the six-month period. A further dividend of 1.88 cents per share has been declared, payable on 27 March 2026 with a record date of 5 March 2026.

Portfolio Performance Insights

Marlin’s portfolio recorded a gross return of 4.5% for the six months, while the adjusted NAV return was 3.0%. This compares to the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD), which rose 14% over the same period.

Senior Portfolio Manager Sam Dickie noted that underperformance was influenced by sector positioning and stock-specific issues. High-quality stocks underperformed lower-quality or higher-risk stocks by 25%, marking the largest discrepancy since 1999. Temporary overweight in healthcare and underweight in banks, telcos, materials, and utilities also contributed to relative performance differences.

Outlook and Market Position

Despite short-term challenges, Marlin identifies investment opportunities in companies with strong secular growth and durable competitive advantages. The company remains focused on delivering diversified, tax-efficient exposure to international growth companies for New Zealand investors.

Marlin Global Limited’s half-year results show a net profit of NZD 6.5 million with continued dividends for shareholders. While portfolio performance lagged behind global benchmarks, management highlights opportunities in quality companies and remains committed to delivering long-term returns through strategic international investments.

FAQs

Q1: What is Marlin Global’s net profit for H1 2025/26?
A1: Marlin Global reported a net operating profit after tax of NZD 6.5 million for the six months ended 31 December 2025.

Q2: How much dividend did shareholders receive?
A2: Shareholders received 3.77 cents per share during the period, with an additional dividend of 1.88 cents per share declared for payment on 27 March 2026.

Q3: How did Marlin’s portfolio perform compared to the benchmark?
A3: The portfolio’s adjusted NAV return was 3.0%, underperforming the S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) which returned 14% over the same period.