Port of Tauranga (POT) H1 2025 earnings summary

Executive summary

• Net profit after tax rose 27.4% to $60.2M for the six months ended December 2024, driven by higher trade and container volumes.

• Total trade increased 6.9% to 12.4M tonnes, with container volumes up 10.2% to 591,934 TEU.

• Interim dividend increased to 7.0c per share from 6.0c, reflecting strong financial performance.

• Operating revenue grew 12.5% to $225.0M, and EBITDA increased 17.9% to $114.3M year-over-year.

• Strategic projects include Stella Passage development and a conditional agreement to acquire minority interests in Marsden Maritime Holdings.

Financial highlights

• Net profit after tax: $60.2M, up from $47.2M in the prior year period.

• Operating revenue: $225.0M, up from $200.0M year-over-year.

• EBITDA: $114.3M, up 17.9% year-over-year.

• Interim dividend declared at 7.0c per share, up from 6.0c.

• Net debt to net debt plus equity ratio rose to 24.5% from 17.1% year-over-year.

Outlook and guidance

• FY2025 underlying earnings guidance raised to $115M–$125M, excluding revaluations and one-off items.

• Export volumes expected to remain steady in H2 FY25; log volume forecast at 6.3M JAS for FY25.

• Infrastructure investment and capital dredging to commence in FY25 to support future growth.

• Expect to handle approximately 1.2M TEU for FY25.

• Domestic conditions remain challenging and international geopolitical risks persist.