Napier Port (NPH) H2 2025 earnings summary

Executive summary

• Achieved record financial results for FY2025, with strong revenue and earnings growth driven by increased container activity, regional recovery, and effective yield and cost management.

• Transformation and investment programs advanced, including the Napier Port Transformation (NPT) initiative, DRIDGE joint venture, and operational capability enhancements.

• Maintained a strong balance sheet, enabling continued investment, increased dividends, and shareholder returns.

• Employee recognition scheme distributed NZD 4,314 per eligible employee in cash and shares.

Financial highlights

• Revenue rose 11.6% year-over-year to NZD 157.7 million, led by container services and higher average revenue per unit.

• Underlying net profit after tax increased 36.5% to NZD 28.3 million; reported NPAT up 24.4% to NZD 30.9 million.

• Operating margin improved from 36.8% to 40.7% year-over-year.

• Underlying operating cash flow increased 14.6% to NZD 53.7 million.

• Total dividends for FY2025 were NZD 0.145 per share, up from NZD 0.09 per share, with a gross yield of 5.9%.

Outlook and guidance

• FY2026 underlying operating activities expected between NZD 70 million and NZD 74 million, assuming stable trading conditions.

• Continued focus on disciplined investment, yield management, and sustainable cost control.

• Cruise vessel visits expected to decrease to 60 bookings for the 2026 season.