Napier Port (NPH) H2 2025 earnings summary

Executive summary

• Achieved record financial results for FY2025, with strong revenue and earnings growth driven by improved trading conditions, regional recovery, and operational execution.

• Advanced key transformation and investment programs, including the Napier Port Transformation (NPT) initiative, DRIDGE joint venture, and operational capability upgrades.

• Maintained a strong balance sheet, supporting ongoing investment and increased returns to shareholders.

Financial highlights

• Revenue rose 11.6% year-over-year to NZD 157.7 million, led by container services revenue growth of NZD 15.2 million (+19.1%).

• 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, fully imputed, with a gross dividend yield of 5.9%.

Outlook and guidance

• Expecting underlying operating activities result of NZD 70–74 million for FY2026, assuming stable trading conditions.

• Investing in core assets and strategic transformation projects to support further growth.

• Medium-term focus on achieving returns on invested capital in line with weighted average cost of capital over the next 5–10 years.

• Anticipate container volume growth and steady bulk volumes in FY2026.

• Cruise vessel calls expected to stabilize short-term and grow medium-term, with 60 forward bookings for FY2026.