South Port New Zealand (SPN) AGM 2025 summary

Opening remarks and agenda

• Directors, leadership team, and key stakeholders were introduced, with special acknowledgments to past and present board members and representatives from Environment Southland.

• Apologies were received, and proxy votes representing 77.35% of shares were confirmed.

Financial performance review

• FY2025 saw record operational and financial results, with cargo volumes up over 10% to 3.55 million tons.

• Normalised profit rose 40% to NZD 13.9 million, the highest in history, and operating revenue grew 13% to NZD 63.3 million.

• Bulk cargo revenue increased 38%, EBITDA rose 21% to NZD 25.8 million, and operating free cash flow nearly doubled to NZD 16.9 million.

• Net debt reduced from NZD 33 million to NZD 25 million while maintaining consistent maintenance investment.

Board and executive committee updates

• CEO Nigel Gear announced his intention to step down in Q2 2026 after eight years in the role.

• Clare Kearney, the first female director, retired after nine years of service, with tributes paid to her contributions.

• John Schol was re-elected to the board, and Derek Nind was newly elected as director.