Napier Port Holdings Ltd · NZX:NPH
Napier Port — HY2026 Earnings Presentation
30 slides from Napier Port's earnings presentation, May 20, 2026
Slide 1: Half Year Results to 31 March 2026
HALF YEAR ~ RESU LTS ae TO 31 MARCH 2026 INVESTOR PRESENTATION - 20 MAY 2026
Slide 2: Important Notice and Disclaimer
IMPORTANT NOTICE AND DISCLAIMER This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier Past performance: Any past performance information given in this presentation is given for illustrative purposes only Port"). This presentation is being
Slide 3: Presenting Today
PRESENTING TODAY BLAIR O'KEEFFE TODD DAWSON KRISTEN LIE CHAIR CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER 3
Slide 4: HY2026 Overview
HY2026 OVERVIEW BLAIR O’KEEFFE, CHAIR Strong underlying earnings growth reflecting operational performance and strength of our diversified cargo base Strategic investment programme progressing well, enhancing capacity, resilience, sustainability and long-term efficiency Confidence in regional resili
Slide 5: Consolidation of Higher Container Services Activity
CONSOLIDATION OF HIGHER CONTAINER SERVICES ACTIVITY TRADE OVERVIEW FY2026 HALF YEAR Variance Volume HY2026 HY2025 kT / TEU / calls % Total cargo (kT) 2,454 2,450 +4 +0.1 Containerised cargo (TEU) 116,000 112,000 +4,000 +3.5 Bulk cargo (kT) 1,684 1,710 -26 -1.5 - Logs exports (kT) 1,282 1,355 -73 -5.
Slide 6: Continued Positive Momentum in Revenue and Earnings Growth
CONTINUED POSITIVE MOMENTUM IN REVENUE AND EARNINGS GROWTH FINANCIAL RESULTS OVERVIEW FY2026 HALF YEAR HY2026 HY2025 Variance $M $M $M % Revenue 84.9 78.1 +6.8 +8.8 Result from operating activities 37.3 33.1 +4.2 +12.5 Net profit after tax – underlying¹ 17.9 14.8 +3.1 +21.5 Cash flow from operations
Slide 7: Strategic Investment Programme on Track
STRATEGIC INVESTMENT PROGRAMME ON TRACK ENHANCING CAPACITY, CAPABILITY AND OPERATING EFFICIENCY • Crane Major Maintenance Programme • Frontline crane major component replacements & servicing • Improved reliability and consistency of vessel operations • Major overhaul works continuing through to end
Slide 8: Strategic Investment Programme on Track
STRATEGIC INVESTMENT PROGRAMME ON TRACK ENHANCING CAPACITY, CAPABILITY AND OPERATING EFFICIENCY • Napier Port Transformation (NPT) • Introduction of new horizontal transport model in container terminal • Battery electric autonomous truck and trailer operation to replace existing heavy plant movement
Slide 9: Revenue Growth Supported by Diversity of Cargo
REVENUE GROWTH SUPPORTED BY DIVERSITY OF CARGO ANOTHER MILESTONE REVENUE RESULT • 8.8% total revenue growth half year-on-half year (HoH) • Benefiting from a diversified and resilient cargo base • Container services revenue increased $7.2m (+16.7%) to $49.9m • Bulk cargo revenue increased $1.5m (+5.9
Slide 10: Consolidation of Higher Container Volume
CONSOLIDATION OF HIGHER CONTAINER VOLUME CONTINUED PROGRESS WITH YIELD MANAGEMENT STRATEGIES • Container Services revenue increased $7.2m (+16.7%) to $49.9m HoH • Including $1.3m increase in Depot operations • Total TEU volume increased 4,000 (+3.5%) HoH • Full containers up 1,000 TEU, empties up 6,
Slide 11: Bulk Cargo Revenue Growth Despite Lower Volume
BULK CARGO REVENUE GROWTH DESPITE LOWER VOLUME SOFTER LOG EXPORTS OFFSET POSITIVE UPLIFT IN FERTILISER VOLUMES • Bulk revenue increased $1.5m (+5.9%) to $27m HoH • Volume decreased by 0.03 million tonnes (-1.5%) to 1.68 million tonnes HoH • Export logs decreased by 0.07 million tonnes (-5.4%) to 1.2
Slide 12: Cruise Revenue Lower on Fewer Visits
CRUISE REVENUE LOWER ON FEWER VISITS CRUISE YIELD PER VISIT UPLIFT • Cruise revenue decreased $1.8m (-21.8%) to $6.4m HoH • Vessel visits decreased from 77 to 54 • Approx. 86,000 passengers visited the region • Larger vessels and higher passengers per vessel on average • Average revenue per vessel i
Slide 13: Continued Growth in Operating Result and Margin
CONTINUED GROWTH IN OPERATING RESULT AND MARGIN YIELD, MARGIN AND MIX IMPROVEMENTS • Result from operating activities up $4.2m (+12.5%) to $37.3m • Total opex increased $2.7m (+6%) to $47.6m HoH, as revenue increased $6.8m • Opex -2% compared to 2H 2025 • Operating margin of 43.9%, up from 42.5% HoH
Slide 14: Growth in Underlying Net Profit on Higher Operating Result
GROWTH IN UNDERLYING NET PROFIT ON HIGHER OPERATING RESULT • Underlying NPAT¹ increased by $3.2m (+21.5%) to $17.9m • Reported NPAT decreased by $2.2m (-10.8%) to $18m • Prior year 1H period included $7.5m insurance income (pre-tax) as final settlement of Cyclone Gabrielle claim REPORTED NET PROFIT
Slide 15: Capital Expenditure
CAPITAL EXPENDITURE STRATEGIC INVESTMENTS ON TRACK • Capital expenditure of $29.6m1 • $19.2m strategic development spend – dredge construction, container terminal transformation project, mooring plant & equipment • $10.3m replacement spend – reachstacker replacement, plant major maintenance (cranes,
Slide 16: Cash Flow & Liquidity
CASH FLOW & LIQUIDITY HY2026 HY2025 Var $M $M $M Operating cash flows 23.8 34.6 -10.8 Investing cash flows (30.1) (13.6) -16.5 Dividends (16.0) (12.0) -4.0 Increase (reduction) in total gross debt 23.5 (6.5) +30.0 Other financing cash flows (2.9) (2.8) -0.1 Decrease in cash and cash equivalents (1.7
Slide 17: Capital Management
CAPITAL MANAGEMENT BALANCE SHEET TO SUPPORT STRATEGIC INVESTMENT • Total gross drawn debt $130.5m at end of period, up from $107.0m at the end of FY2025 • Weighted average term to debt maturity of 2.8 years • Total bond and bank facilities of $180m • $49.5m undrawn at period end • Total Debt to EBIT
Slide 18: Emissions Reporting
EMISSIONS REPORTING HIGHER EMISSIONS ON HIGHER CONTAINER ACTIVITY IN CARGO MIX • Total (unaudited) emissions increase • Scope 1 increased 0.7% • Higher fuel usage on higher generator hours • Scope 2 decreased 7.8%1 • Lower electricity usage, partly linked to higher generator use EMISSIONS BY HALF YE
Slide 19: Conclusion and Outlook
CONCLUSION AND OUTLOOK STRONG PERFORMANCE AND MOMENTUM SUPPORTING FUTURE GROWTH AND RETURNS Strong container services with ongoing underlying growth in higher yielding refrigerated cargo Diversified cargo base and focus on yield and operating leverage supporting earnings growth Strengthened containe
Slide 20: HY2026 Interim Dividend
HY2026 INTERIM DIVIDEND Declared interim dividend of 5.25 cps (2025: 4.0 cps interim and 2.5 cps special) Fully imputed - 7.29 cps gross equivalent Record date: 11 June 2026 Payment date: 24 June 2026 20
Slide 21: Questions
QUESTIONS
Slide 22: Appendices
APPENDICES The following appended financial information provides a summary of financial information for the half year period ended 31 March 2026 (HY2026) compared to the corresponding half year period in 2025 (HY2025). Reconciliations include management-defined performance measures, which are not de
Slide 23: Revenue
REVENUE NZ$000 HY2026 HY2025 Container services 49,900 42,741 Bulk cargo 26,990 25,482 Cruise 6,410 8,192 Sundry revenue 223 290 Revenue from port operations 83,523 76,705 Revenue from property operations 1,390 1,374 Total operating income 84,913 78,079 23
Slide 24: Operating Expenses
OPERATING EXPENSES Employee benefit expenses NZ$000 HY2026 HY2025 Wages & salaries 22,485 21,465 Other employee benefit expenses 1,942 1,709 Total employee benefit expenses 24,426 23,174 Property and plant expenses NZ$000 HY2026 HY2025 Plant expenses 2,230 2,546 Site expenses 1,374 1,313 Fuel & powe
Slide 25: Operating Expenses
OPERATING EXPENSES Other operating expenses NZ$000 HY2026 HY2025 Administration expenses 4,280 3,937 Occupancy expenses 4,942 5,213 Contract services 6,215 4,947 Other staff expenses 819 770 Total other operating expenses 16,256 14,867 25
Slide 26: Capital Expenditure
CAPITAL EXPENDITURE NZ$000 HY2026 HY2025 Development capex Mooring plant and equipment 7,723 187 Dredge 3,445 2,069 Container terminal transformation 8,018 407 Other development capex 48 - Total development capex 19,234 2,663 Replacement capex 10,339 8,778 Compliance and other capex 10 197 Total cap
Slide 27: Reconciliation of Underlying Net Profit After Tax
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX NZ$000 HY2026 HY2025 Reported net profit after tax 17,988 20,163 Adjustments: Fair value movements on investment properties (50) - Cyclone Gabrielle related expenses - 40 Cyclone Gabrielle material damage and business interruption insurance income -
Slide 28: Reconciliation of Underlying Net Cash Flows from Operating Activities
RECONCILIATION OF UNDERLYING NET CASH FLOWS FROM OPERATING ACTIVITIES NZ$000 HY2026 HY2025 Reported net cash flows from operating activities 23,816 34,636 Adjustments Cyclone Gabrielle related expenses - 40 Cyclone Gabrielle material damage and business interruption insurance income - (11,000) Tax i
Slide 29: Dividend Policy
DIVIDEND POLICY • The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow1 • Free Cash Flow1 is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on development projects and the interest costs capitalised during construction • The paym
Slide 30: Further Information on Napier Port
FURTHER INFORMATION ON NAPIER PORT To learn more about Napier Port and what it does please refer to our website at www.napierport.co.nz See our website Investor Centre for: • Share price information • Links to NZX results and market announcements • Key calendar dates • Publications, including: - Ann