Port of Tauranga (POT) H1 2026 earnings summary

Executive summary

• Net profit after tax rose 16.6% to $70.2 million for the six months ended 31 December 2025, driven by strong revenue growth, resilient trade volumes, and operational improvements.

• Subsidiary and joint venture earnings grew 27.3% year-over-year, reflecting improved results across most businesses.

• Interim dividend increased 14.3% to 8.0 cents per share, fully imputed, with a payout ratio of 70-90% of full-year underlying earnings.

• Strategic initiatives included commencement of Stage 2 capital dredging, operational improvements, and the successful divestment of Coda 3PL.

• Investments in infrastructure, including a new hybrid tug and capital dredging, support future growth and sustainability.

Financial highlights

• Operating revenue increased 8.5% year-over-year to $244.1 million, with all operating units contributing.

• Operating costs rose 6.9% to $121.8 million, mainly due to higher labor, maintenance, electricity, and IT expenses.

• Results from operating activities up 10.2% to $122.4 million, reflecting pricing initiatives and efficiencies.

• Net finance costs decreased 18.9% due to lower interest rates and higher interest income from loans to equity-accounted investees.

• Net cash inflow from operating activities was $77.8 million, up from $73.6 million year-over-year; free cash flow was $52.6 million.

Outlook and guidance

• Full-year underlying profit guidance for FY26 raised to $142–$152 million, subject to market conditions.

• Strong kiwifruit export season and improved MetroPort model expected to support continued volume growth in the second half.

• Productivity, cost control, and yield improvement remain priorities.

• Terminal berth capacity constraints and the Stella Passage Consent are critical for future growth.

• Anticipated pressure on container terminal capacity, especially for refrigerated cargo.