South Port NZ Limited - Interim Report to 31 December 2025

10/03/2026 10:15 NZDT, GENERALP

NZX Announcement

NZX: SPN: South Port New Zealand Ltd

INTERIM REPORT

South Port reported a net profit after tax for the period of $8.45 million, up 46.8% on the prior corresponding period.

The result reflected stronger economic performance in the region and was underpinned by increased bulk cargo volumes, stronger container activity and improved performance at Tiwai Wharf, alongside cost control and lower finance costs.

KEY HIGHLIGHTS

- Record interim cargo volumes, up 17.8% to 1.99 million tonnes

- Operating revenue increased 17.6% to $34.75 million, reflecting volume growth and improved revenue mix

- EBITDA increased 23.4% to $15.29 million, with EBITDA margin improving to 44%, returning to levels consistent with prior peak periods

- Reported NPAT increased 46.8% to $8.45 million, supported by higher EBITDA and lower finance costs

- Interim dividend of 8.5 cents per share declared

- Balance sheet strengthened, with net debt reduced to $29 million and net debt to EBITDA of 1.1x

- Continued progress on targeted, high-return strategic investments

BUSINESS UPDATE

Cargo volumes increased 17.8% in HY26, supported by improved agricultural input demand and stronger export activity. Imports were driven by fertiliser, acid, stock food, project cargo and cement, while exports benefited from woodchip and fertiliser volumes. A more balanced mix of imports and exports also supported backloading opportunities.

There has been a structural shift in the application of stock feed in the region, with supplementary feed now being used across the full season.

Container volumes (TEU) increased 20.4% in HY26, reflecting increased agricultural and manufactured exports, as well as higher vessel calls.

Tiwai Wharf volumes increased 30.0% following a recovery from the prior period, which had been impacted by a 50MW demand response event.

INTERIM DIVIDEND

The South Port interim dividend of 8.50 cents per share for the half-year ending 31 December 2025 is due to be paid today.

Nigel Gear

Chief Executive

South Port New Zealand Limited