South Port New Zealand (SPN) investor relations material

Executive summary

• Achieved record results in FY26 with all-time highs in cargo volumes, revenue, and profit, driven by strong economic performance in Southland, higher agricultural activity, recovery at the aluminum smelter, and wind farm project cargo.

• Leadership transition with a new CEO appointed in July 2026 and a new Chair to assume the role in October, positioning for future growth and capital investment.

• Opportunities identified for further cargo growth, especially in wind farm and aquaculture projects.

Financial highlights

• Operating revenue rose 14% year-over-year to $71.85m, with EBITDA up 16% to $29.9m and margin up to 42%.

• Record after-tax profit of $16.11m, up 21% from the prior year; normalized NPAT up 16.2% to $16.14m.

• Net debt reduced by $6.5m to $18.5m, with net debt to EBITDA ratio improving to 0.6x from 1.0x.

• Operating free cash flow increased by $1.5m (9%) to $18.4m despite higher maintenance CapEx and tax payments.

• Dividend per share increased to 29.0cps, representing a gross yield of 4.8% and payout ratio at 47% of NPAT.

Outlook and guidance

• Trade volumes in FY27 expected to remain strong and broadly in line with FY26, but without one-off project cargoes; medium- to long-term opportunities in wind farms, aquaculture, and large-scale projects.

• Anticipates significant CapEx investment in the short to medium term, including potential replacement of tug and mobile harbor crane.

• Ongoing port planning exercise to optimize infrastructure and support future growth.

• Downside risks include increased resource requirements, higher maintenance, and geopolitical uncertainty.