Napier Port Holdings Ltd · NZX:NPH
Napier Port — FY2025 Earnings Presentation
34 slides from Napier Port's earnings presentation, November 2025
Slide 1: Napier Investor Presentation
NAPIER INVESTOR PRESENTATION
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: Welcome and Introduction
WELCOME AND INTRODUCTION BLAIR O’KEEFFE, CHAIR Step-up in financial performance with strong earnings growth Continued regional recovery across key sectors, supported by a favourable growing season and improved operating conditions Progressing transformation and investment in operational capability a
Slide 5: FY2025 Overview
FY2025 OVERVIEW
Slide 6: Container Volumes Lead Growth
CONTAINER VOLUMES LEAD GROWTH TRADE OVERVIEW Variance Volume FY2025 FY2024 kT / TEU / calls % Total cargo (kT) 5,062 4,987 +75 +1.5 Containerised cargo (TEU) 250,000 230,000 +20,000 +9.1 Bulk cargo (kT) 3,413 3,472 -59 -1.7 - Logs exports (kT) 2,699 2,866 -167 -5.8 Cruise vessels (calls) 78 89 -11 -
Slide 7: Strong Operating Leverage on Container Volume Growth
STRONG OPERATING LEVERAGE ON CONTAINER VOLUME GROWTH FINANCIAL RESULTS OVERVIEW FY2025 FY2024 Variance $M $M $M % Revenue 157.7 141.4 +16.3 +11.6 Result from operating activities 64.2 52.0 +12.2 +23.5 Net profit after tax – underlying¹ 28.3 20.7 +7.6 +36.5 Cash flow from operations – underlying¹ 53.
Slide 8: Transformation Building on Strategic Advantages
TRANSFORMATION BUILDING ON STRATEGIC ADVANTAGES DELIVERING SAFER, SMARTER AND MORE EFFICIENT OPERATIONS • Operational performance • Whole-of-port planning delivering more coordinated and dynamic services • Investment in existing MH cranes, mobile plant replacements, and supporting future reliability
Slide 9: Positioning for Growth
POSITIONING FOR GROWTH EXPANDING OUR REACH AND PARTNERSHIPS FOR GROWTH • Resilient and growing trade base • Diverse cargo mix across container, bulk and cruise • Supporting customers with new solutions • Refreshed 2035 strategy guiding long-term value creation • Performance, partnerships and innovat
Slide 10: Integrated Sustainability
INTEGRATED SUSTAINABILITY EMBEDDING SUSTAINABILITY INTO HOW WE OPERATE • Strategy refresh - integrated sustainability • Progress and certification • Achieved Toitū Enviromark Gold accreditation, recognising mature environmental management • ‘NZ Climate Standards’ report and audit • Sustainable Finan
Slide 11: Financial & Operating Performance
FINANCIAL & OPERATING PERFORMANCE
Slide 12: Container Services Drive Revenue Growth
CONTAINER SERVICES DRIVE REVENUE GROWTH NEW RECORD REVENUE RESULT • 11.6% total revenue growth year-on-year (YoY) to a new high of $157.7m • Financial resilience in diversity of trades • Container services increased $15.2m (+19.1%) to $94.7m • Bulk cargo revenue increased $2.3m (+4.7%) to $51.5m • C
Slide 13: Strong Container Services Revenue Growth
STRONG CONTAINER SERVICES REVENUE GROWTH CONTAINER SERVICES REVENUE RISES ON VOLUME AND YIELD • Container services revenue increased $15.2m (+19.1%) to $94.7m YoY • Total TEU volume increased 20,000 (+9.1%) to 250,000 • Reefers up 3,000 TEU on record apple exports • Dry containers up 6,000 TEU with
Slide 14: Bulk Cargo Revenue Growth on Steady Log Exports
BULK CARGO REVENUE GROWTH ON STEADY LOG EXPORTS YIELD OFFSETS LOWER VOLUME POST PRIOR YEAR VOLUME FROM WINDTHROWN FORESTS • Bulk cargo revenue increased $2.3m (+4.7%) to $51.5m YoY • Total volume decreased by 0.06 million tonnes (-1.7%) to 3.41 million tonnes • Export logs decreased by 0.17 million
Slide 15: Solid Cruise Season Despite Short-Term Industry Challenges
SOLID CRUISE SEASON DESPITE SHORT-TERM INDUSTRY CHALLENGES POSITIVE INDUSTRY STEPS TO PROMOTE CRUISE IN NZ BEING WELL RECEIVED • Cruise revenue decreased $0.8m (9%) to $8.3m YoY • Vessel visits decreased from 89 to 78, and smaller vessels on average • 107,000 passengers visiting the region – down 22
Slide 16: Opex Controlled on Higher Containers, Revenue
OPEX CONTROLLED ON HIGHER CONTAINERS, REVENUE • Total opex increased $4.2m (+4.7%) to $93.6m YoY • $1.5m directly associated with higher volume • Employee benefit expenses increased $2.1m (+4.5%) • Property and plant expenses increased $0.1m (+0.4%) • Other operating expenses increased $2.1m (+7.1%)
Slide 17: New Milestone Operating Result
NEW MILESTONE OPERATING RESULT OPERATING LEVERAGE DRIVEN BY GROWTH IN VOLUME AND YIELD GAINS • Result from operating activities up $12.2m (+23.5%) to $64.2m • Overall increase driven by volume growth across containers, strong yield management and operating leverage • Compound annual growth rate of 9
Slide 18: Compounding Net Profit Growth on Volume and Strategy Execution
COMPOUNDING NET PROFIT GROWTH ON VOLUME AND STRATEGY EXECUTION • Underlying NPAT¹ increased by $7.6m (+36.5%) to $28.3m • Reported NPAT increased by $6.1m (+24.4%) to $30.9m • Increase driven by operating result • Partially offset by lower contribution from business interruption insurance claim, hig
Slide 19: Capital Expenditure
CAPITAL EXPENDITURE INVESTING TO DEVELOP CAPABILITY AND CAPACITY • FY2025 capital expenditure of $33.1m1 • $16.4m strategic development spend – dredge construction, container terminal transformation project, mooring plant & equipment • $16.1m replacement spend – plant replacement and major maintenan
Slide 20: Robust Cash Flow and Liquidity
ROBUST CASH FLOW AND LIQUIDITY GROWTH IN UNDERLYING CASHFLOWS FY2025 FY2024 Var $M $M $M Operating cash flows 63.6 53.8 +9.8 Investing cash flows (28.4) (13.0) -15.4 Dividends (25.0) (13.1) -11.9 Other financing cash flows (6.0) (6.5) +0.5 Increase in cash and cash equivalents 1.7 0.7 Reduction in t
Slide 21: Capital Management
CAPITAL MANAGEMENT BALANCE SHEET WELL POSITIONED FOR STRATEGIC INVESTMENT • Total gross drawn debt of $107m at September 2025, down from $109.5m at September 2024, and up from $103m at March half year • Bank funding renewed and extended • Incorporating sustainable loan provisions • Shift to Net Debt
Slide 22: Sustainability & Emissions Reporting
SUSTAINABILITY & EMISSIONS REPORTING EMISSIONS INCREASED ON INCREASED CONTAINER ACTIVITY AND MEASUREMENT CHANGES • Total emissions (audited) increased 106% • Scope 1 increased 4.8% • Higher fuel usage on higher generator hours and container volumes • Scope 2 increased 18.7% • 39% higher electricity
Slide 23: Conclusion and Outlook
CONCLUSION AND OUTLOOK LOOKING FORWARD TO FY2026 New milestone financial results on improved operating conditions – well positioned for further growth Investing in core operating assets and progressing strategic transformation projects Strong balance sheet available to invest in developing operation
Slide 24: FY2025 Final Dividend
FY2025 FINAL DIVIDEND Final dividend of 8.0 cps declared Fully imputed Record date: 3 December 2025 Payment date: 16 December 2025 24
Slide 25: Questions
pe ernes 40 Ahuriri = Tae QUESTIONS
Slide 26: Appendices
APPENDICES The following appended financial information provides a summary of financial information for the year ended 30 September 2025 (FY2025) compared to the corresponding period in 2024 (FY2024). Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Slide 27: Revenue
REVENUE NZ$000 FY2025 FY2024 Container services 94,694 79,479 Bulk cargo 51,476 49,165 Cruise 8,253 9,065 Sundry revenue 532 565 Revenue from port operations 154,955 138,274 Revenue from property operations 2,789 3,077 Total operating income 157,744 141,351 27
Slide 28: Operating Expenses
OPERATING EXPENSES Employee benefit expenses NZ$000 FY2025 FY2024 Wages & salaries 43,733 42,186 Other employee benefit expenses 3,801 3,285 Total employee benefit expenses 47,534 45,470 Property and plant expenses NZ$000 FY2025 FY2024 Plant expenses 5,596 5,411 Site expenses 2,677 2,653 Fuel & powe
Slide 29: Operating Expenses
OPERATING EXPENSES Other operating expenses NZ$000 FY2025 FY2024 Administration expenses 8,181 7,490 Occupancy expenses 10,330 10,185 Contract services 10,632 9,464 Other staff expenses 1,629 1,581 Total other operating expenses 30,773 28,720 29
Slide 30: Capital Expenditure
CAPITAL EXPENDITURE NZ$000 FY2025 FY2024 Development capex Mooring plant and equipment 3,261 - Dredge 5,419 - Container terminal transformation 7,707 - Other development capex - 2,160 Total development capex 16,388 2,160 Replacement capex 16,112 12,585 Compliance and other capex 630 563 Total capex
Slide 31: Reconciliation of Underlying Net Profit After Tax
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX¹ NZ$000 FY2025 FY2024 Reported net profit after tax 30,882 24,830 Adjustments: Fair value movements on investment properties - (129) Cyclone Gabrielle related expenses 40 304 Cyclone Gabrielle material damage and business interruption insurance incom
Slide 32: Reconciliation of Underlying Net Cash Flows from Operating Activities
RECONCILIATION OF UNDERLYING NET CASH FLOWS FROM OPERATING ACTIVITIES¹ NZ$000 FY2025 FY2024 Reported net cash flows from operating activities 63,617 53,780 Adjustments Cyclone Gabrielle related expenses 40 304 Cyclone Gabrielle material damage and business interruption insurance income (11,000) (9,6
Slide 33: 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 interest costs capitalised during construction • The payment
Slide 34: 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