South Port New Zealand (SPN) H1 2026 earnings summary

Executive summary

• Achieved record interim results in profit, revenue, and cargo volumes, driven by strong regional economic activity and normalization of New Zealand Aluminium Smelter volumes.

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

• Strategic investments and operational improvements, including cost control and lower finance costs, have positioned the port for continued growth.

• Cargo trends expected to continue in the second half, though tempered by maintenance and global uncertainties.

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 8.6 million, up 36%.

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

• Interim dividend increased to NZD 0.085 per share, fully imputed.

Outlook and guidance

• Positive cargo trends and resilient volumes expected in H2, supported by agriculture, red meat sector, and aluminium smelter activity.

• Strong operating free cash flows anticipated through FY 2026.

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

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