HY26: Record half driven by higher cargo volumes and smelter recovery

About this update from South Port New Zealand Limited

NZX Announcement NZX: SPN: South Port New Zealand Ltd 13 February 2026 HY26: Record half driven by higher cargo volumes and smelter recovery South Port today reported a record interim result for the six months ended 31 December 2025, capturing higher cargo volumes across the Port, a recovery in smelter-related activity and continued operational discipline. Reported net profit after tax for the period was $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. The HY26 performance highlights South Port's ability to capture favourable operating conditions while continuing to focus on controllable drivers of value, including operational efficiency, pricing optimisation and targeted capital allocation aligned to long-term value creation. 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. Revenue per container increased, supported by higher rates and increased container handling activity on the Island Harbour. Tiwai Wharf volumes in...

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