Port of Tauranga (POT) H2 2025 earnings summary

Executive summary

• Net profit after tax rose to $173.4 million for FY25, including a $49.2 million one-off gain from the Northport sale, with underlying earnings up 23.2% to $126.0 million.

• Total trade volume increased 7% to 25.3 million tonnes, with container volumes up 5.3% to 1.21 million TEU and strong growth in key export commodities.

• Ordinary dividends increased 13.6% to 16.7 cents per share, reflecting robust financial performance.

• Marsden Maritime Holdings acquisition completed, forming Northport Group Limited and unlocking development potential.

• Ongoing delays in the Stella Passage development are constraining capacity, forcing the port to turn away new shipping services and impacting national trade efficiency.

Financial highlights

• Revenue grew 11.4% to $464.7 million compared to FY24.

• Group underlying earnings rose 23.2% to $126.0 million, excluding one-off items.

• EBITDA grew 15.1% to $234.5 million; subsidiary and associate earnings up 15.6% to $10.9 million.

• Operating costs rose 8.1% to $236.3 million.

• Final dividend of 9.7 cents per share, total ordinary dividend for FY25 at 16.7 cents per share, up 13.6%.

Outlook and guidance

• Solid export demand expected to continue into FY26, with modest domestic and import growth anticipated.

• Productivity, cost control, and yield improvement initiatives remain a priority.

• Capital dredging project to commence Q2 FY26; Sulphur Point berth extension and automation capex pushed to FY27.

• FY26 earnings guidance to be provided at the ASM in October.

• Global trade tensions, tariff uncertainty, and shipping sector challenges may limit momentum.