South Port New Zealand (SPN) H1 2026 earnings summary

Executive summary

• Achieved record interim profit, revenue, and cargo volumes, driven by strong regional economic activity, normalization of New Zealand Aluminium Smelter (NZAS) volumes, and higher agricultural imports.

• Channel deepening (Project Kia Whakaū) exceeded expectations, improving vessel safety, capacity, and supporting increased cargo throughput and strategic investment opportunities.

• Infrastructure upgrades, operational enhancements, and strategic investments position the port for continued growth.

• Board and management transitions are underway, with new independent directors appointed and CEO resignation announced.

• Operational discipline, cost control, and lower finance costs contributed to improved profitability.

Financial highlights

• Operating revenue for the half year rose 18% year-over-year to NZD 34.8 million, a new interim record.

• EBITDA increased 23.4% year-over-year to NZD 15.29 million, with margin rising to 44%.

• Reported after-tax profit reached NZD 8.45 million, up 46.8% year-over-year; normalized net profit after tax was NZD 8.56 million, up 36%.

• Interim dividend increased to 8.5 cents per share, up from 7.5 cents last year.

• Net debt reduced to NZD 29 million, with net debt to EBITDA at 1.1x.

Outlook and guidance

• Cargo volumes expected to remain resilient in the second half, supported by strong agriculture, red meat sector, and normal smelter operations, though tempered by geopolitical and global supply chain risks.

• Opportunities in energy and aquaculture sectors are advancing, requiring significant investment.

• Continued focus on disciplined capital allocation and building future capability.

• Strong operating free cash flows anticipated through FY 2026.