South Port New Zealand Limited · NZX:SPN
South Port New Zealand — Shareholder Meeting (October 2025)
42 slides from South Port New Zealand's shareholder meeting presentation, Oct 29, 2025
Slide 1: FY25 Annual Shareholders Meeting
FY25 Annual Shareholders Meeting 29 October 2025
Slide 2: Chair Delivery
CHAIR DELIVERY • Introduction • Key Messages • Financial Results • Capital Management • Dividend • Looking Forward • Outlook
Slide 3: Board of Directors
BOARD OF DIRECTORS > southport.co.nz
Slide 4: Executive Leadership Team
EXECUTIVE LEADERSHIP TEAM
Slide 5: Key Messages
KEY MESSAGES • 40% increase to a Record normalised NPAT in FY25 • Tiwai smelter 20-year power agreements with major gentailers • Attractive balance of cargoes, export 47% and import 53% • Engaged workforce • Increased 28cps full year dividend
Slide 6: Key Messages
KEY MESSAGES Market Demand Regulatory Changes Competitive Landscape Economic Factor 2 Community « » Land and Assets Iwi « » Employees Environmental Stewardship « foro) » Equity & Debt Providers ud Stakeholders « » Technology Media/Public Perception « SOCIAL RESOURCE LICENCE REQUIREMENTS southport.co
Slide 7: Key Messages: Demand Drivers
im DEMAND DRIVERS southport.co.nz
Slide 8: FY25 Result Summary
FY25 RESULT SUMMARY • Record Reported NPAT of $13.3m – Up 81% • Normalised profit up 40% to $13.9m – also a record • Revenue of $63.3m - up 13% – driven by strong cargo volumes (tonnage up 11% on FY24) • EBITDA of $25.8m - up 21% • EBITDA Margin 41% (FY24 – 38%) • Strong Operating FCF of $16.9m (FY2
Slide 9: Infrastructure Investment Cycle
INFRASTRUCTURE INVESTMENT CYCLE Capital Expenditure 25,000,000 • Significant growth capex period FY21 to FY24 20,000,000 15,000,000 • Maintenance capex remains consistent – $ aligned with annual depreciation spend ~$4.5m 10,000,000 5,000,000 • Infrastructure maintenance peaked in FY21 at - $4.6m FY1
Slide 10: Dividend
DIVIDEND FOR THE YEAR ENDED 30 JUNE 2025 Dividend 90% 83% 0.285 80% 73% 70% 63% 0.28 59% 60% • Final Dividend of 20.50c taking the full year 50% 44% CPS 0.275 Dividend to 28.00c (an increase of 1cps) 40% 30% 20% 0.27 • Represents a gross return of 5.6% (net 10% 4.0%)* 0% 0.265 FY21 FY22 FY23 FY24 FY
Slide 11: CEO Delivery
CEO DELIVERY • Trade Details • Dredging Journey • Health & Safety • Environment • Iwi • Community • Staff
Slide 12: Group Volumes
GROUP VOLUMES FOR THE YEAR ENDED 30 JUNE 2025 • Strong volume recovery supported by Group Volumes record bulk volumes 4,000,000 3,500,000 • Bulk, Island Harbour – 62% of total trade 3,000,000 2,500,000 • Containers – 15% of total trade Tonnes 2,000,000 1,500,000 • New Zealand Aluminium Smelter (NZAS
Slide 13: Bulk Cargo
BULK CARGO Bulk Cargo Volumes 2,500,000 2,000,000 • Strong recovery in bulk volumes driven by 1,500,000 Tonnes improved agriculture and forestry 1,000,000 demand 500,000 - • Balanced trade of imports and exports - FY16 FY17 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY18 improves opportunity for backloading
Slide 14: Bulk Cargo
BULK CARGO Agricultural Inputs increased by 48% 1,000,000 900,000 800,000 700,000 • High dairy payout and wet spring led to 600,000 Tonnes 500,000 an increase of stock food imports 400,000 300,000 200,000 • Increased fertiliser application, returning 100,000 to more normal volumes due to improved -
Slide 15: Containers
CONTAINERS Container Volumes (MT) 700,000 600,000 • Container volumes saw slight 500,000 improvement over previous period 400,000 Tonnes 300,000 • Supply chain remains disrupted 200,000 100,000 • Introduction of Mediterranean Shipping - FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Company (MSC)
Slide 16: Resource Requirements – Dredging Journey
RESOURCE REQUIREMENTS – DREDGING JOURNEY
Slide 17: Dredging Journey: Scope of Work to Deepen Channel by 1.0m
DREDGING JOURNEY Scope of Work to Deepen Channel by 1.0m
Slide 18: Dredging Timeline
Be OCTOBER 2024 APRIL 2023 SUCTION DREDGING IN SWINGING BASIN AND BERTH POCKETS NEW DRAFT BEGINS DECLARED AUGUST 2022 AUGUST 2023 MAINTENANCE CAPITAL DREDGING DREDGING IN IN CHANNEL CHANNEL BEGINS! RECOMMENCES TO ACHIEVE 1m
Slide 19: Dredging Costs
AUGUST 2017 DRILL AND BLAST ALLOWANCE OCTOBER 2023 FINAL PROJECT COSTS Description Estimate Description Actual $m $m Drill, blast and dredge $11.2 Backhoe Dredging $8.7 campaign Trailer hopper and suction $2.5 Trailer hopper and suction $2.1 dredge dredge Consent $0.6 Sweep Vessel (blading) $0.7 Con
Slide 20: Dredging Benefits for South Port & Customers
DREDGING BENEFITS FOR SOUTH PORT & CUSTOMERS • Very successful campaign – completed on time and under budget • Additional 1 meter of draft allows the port to load more volume on vessels calling • We can now fill both log and woodchip vessels • Customers already taking advantage of the deeper draft •
Slide 21: Social Licence
[xe} tu SOCIAL LICENCE southport.co.nz
Slide 22: Health & Safety
HEALTH & SAFETY
Slide 23: Health & Safety – Cold Store
HEALTH & SAFETY – COLD STORE • Reduce the risk of operating in the Environmental Load in/out area • Redesign of the cold store environmental load-in area • Process mapped, optimal layouts reviewed, introduction of physical barriers in consultation with staff • Installation of new fast doors • Instal
Slide 24: Environment: Kia Whakaū Post Dredging Monitoring
ENVIRONMENT Kia Whakaū Post Dredging Monitoring • Prior to dredging – Barren Seashell environment with little/no habitat • Post dredging – 3 months later, stable subtidal environment
Slide 25: Environment
ENVIRONMENT • 2nd publication of the Climate Related Disclosures • Preparation of our transition plan to disclose how we are addressing climate related risks and opportunities • Limited assurance of scope 1 & 2 of our green house gas emissions
Slide 26: Iwi – Awarua Rūnaka
IWI – AWARUA RŪNAKA • Important partner of the port • Collaborated in a number of areas with the Rūnaka • Working to establishing a closer / more formal relationship
Slide 27: Community
COMMUNITY
Slide 28: Staff
STAFF
Slide 29: Stepping Down
STEPPING DOWN • 2nd quarter CY2026 • 8 years completed in the role • A great deal achieved during this time • Entering a new period of growth
Slide 30: Looking Forward
LOOKING FORWARD » southport.co.nz
Slide 31: Tiwai Point 20-Year Commitment
TIWAI POINT 20-YEAR COMMITMENT • May 2024, NZAS signed 20-year electricity supply contracts - secured out to 2044 • NZAS has been, and remains, an important customer of South Port, working together for 54 years • South Port has naturally diversified its reliance on Tiwai over the last 15 years. 2010
Slide 32: Aquaculture: Open Ocean
AQUACULTURE Open Ocean • Government strategy target $3 Billion earnings • Ngāi Tahu’s Hananui project – listed under fast- track approvals consent process • Sanford has a consent lodged with Environment Southland • Ocean Farms New Zealand commenced the consent process On Land • Impact Marine – liste
Slide 33: Aquaculture: Increase in Volumes
AQUACULTURE Increase in Volumes • Current volumes 3,000 to 5,000 MT • Current projected volumes, up to 40,000 MT Significant Investment Required • Wharf infrastructure • Land side infrastructure • Vessel maintenance infrastructure Potential Capex Outlook • Significant town wharf upgrades - $45M + in
Slide 34: Windfarms – Projects & Volumes
WINDFARMS – PROJECTS & VOLUMES Underway Mercury NZ’s Kaiwera Downs (stage 1 & 2) • Capacity 198 MW In the Planning / Consent Stage Contact Energy Southland wind farm • Capacity to produce up to 300 MW Manawa Energy / Pioneer Energy – Kaihiku Wind Farm • Capacity to produce up to 300 MW Potential Cap
Slide 35: Data Centres
DATA CENTRES Datagrid New Zealand $2 billion investment proposed A hyperscale data centre and subsea cable between Australia and New Zealand Data centre to be located at Makarewa – 49 hectares of land purchased Looking to access 280 MW of electricity for the first phase of the project & 1 gigawatt u
Slide 36: Investment Considerations & Future Land Use
INVESTMENT CONSIDERATIONS & FUTURE LAND USE Sources of Capital • Aim for shadow investment grade credit rating to reinforce financial credibility – indicates a healthy balance sheet, prudent debt management, and a stable cash flow profile Allocation of capital • Targeting future growth opportunities
Slide 37: Investment Considerations – Short to Longer Term Horizon
INVESTMENT CONSIDERATIONS – SHORT TO LONGER TERM HORIZON Summary Potential Capex Outlook • Aquaculture (5-10yrs): $45M* • Containers (1-5yrs): $15M* Based on current knowledge most • Bulk Cargo (1-5yrs): $13M# growth over the next 5 years can be • Paving – Project cargo (1-5yrs) $03M* achieved with
Slide 38: Outlook
OUTLOOK • Volumes expected to remain strong supported by: • The agriculture sector continuing to improve on the back of a strong dairy payout in FY25, and forecasted again for FY26. Also a positive red meat sector • Container volumes are expected to remain consistent • NZAS volumes expected to incre
Slide 39: Questions
QUESTIONS > southport.co.nz
Slide 40: Operating Free Cashflow
OPERATING FREE CASHFLOW FOR YEAR ENDED 30 JUNE 2025 • Growth in OFCF aligned with stronger operating result Operating FCF + OFCF Margin $20.0 30% $18.0 $16.9 • Underlying operating cash flows $16.0 25% increased $10.9m to $23.7m $14.0 $12.0 20% $11.2 $12.0 Millions $9.8 $10.0 $8.6 15% • Same level o
Slide 41: Source & Use of Funds
SOURCE & USE OF FUNDS FOR YEAR ENDED 30 JUNE 2025 SOURCE OF FUNDS $m FY25 FY24 Change Trade & other Equity payables Other Debt 31.00 35.70 - 4.70 Equity 66.60 60.20 6.40 Trade & other payables 4.50 4.00 0.50 Debt Other 7.40 2.50 4.90 Total Source of Funds 109.50 102.40 7.10 USE OF FUNDS Cash 6.10 2.
Slide 42: Containers: Introduction of MSC Eagle Service
CONTAINERS Introduction of MSC Eagle Service • Transshipment options through Centreport to USA and Europe • Fastest transit times into some of these markets • Opportunity for Southland Exporters to utilise this service NZAS Potential • RFP for additional electricity • Potential to restart potline 4
South Port New Zealand — Shareholder Meeting (October 2025) on 6ix