Marlin Global

No quantitative targets, forward-work metric, or NTA disclosure were extracted, so there is no management benchmark to test the result against. Seasonality is not meaningful for an investment vehicle — the HY25-to-FY25 shape (first-half share of 192% of full-year revenue and 2,439% of full-year NPAT) is a mark-to-market reversal, not a seasonal pattern. The release therefore supports a read that H2 market/portfolio moves wiped out interim gains, but does not support any view on FY26 portfolio direction.

• What drove the H2 reversal — which holdings marked down, and by how much — and how the portfolio is positioned at year-end.
• Why the effective tax rate was 86.7%, and whether that reflects non-deductible losses, imputation timing, or PIE-related adjustments.
• NTA per share at balance date and the share-price discount/premium, neither of which were extracted.
• The full-period dividend (the 1.88c is the final component only) and how sustained distributions interact with a shrinking equity base if FY26 returns stay weak.
• Any concentration, leverage, or FX sensitivity in the portfolio beyond the NZ$1m FX effect on cash.

This briefing cannot assess NAV performance, portfolio composition, or total shareholder return, because the extracted dataset contains only headline P&L, cash, and balance-sheet aggregates.