South Port New Zealand (SPN) H2 2025 earnings summary

Executive summary

• Achieved record net profit after tax for FY25, driven by strong bulk cargo, stable container volumes, and robust export sector performance, with diversification away from smelter-related cargo.

• Secured a 20-year power purchase agreement with a major customer (NZAS/Tiwai smelter), ensuring long-term cargo stability and future trade volumes.

• Workforce engagement and health and safety initiatives contributed to operational success, with improved employee net promoter scores.

• Increased full-year dividend to 28cps, supported by strong free cash flow and prudent capital management.

• Continued investment in infrastructure and supply chain resilience supports future growth.

Financial highlights

• Reported NPAT reached $13.3m, up 81% year-over-year; normalized NPAT $13.9m, up 39.5%.

• Revenue grew 13% to $63.3m, driven by an 11% increase in cargo volumes.

• EBITDA rose 21% to $25.8m, with margin improving to 41% from 38% in FY24.

• Operating free cash flow doubled to $16.9m.

• Dividend per share increased to 28cps, payout ratio of 55% of NPAT, gross yield of 5.6%.

Outlook and guidance

• Bulk cargo strength expected to continue in FY26, supported by robust agriculture, dairy, and meat sector recovery.

• Container volumes projected to remain steady; Tiwai volumes anticipated to recover if no further interruptions.

• Ongoing aquaculture and renewable energy projects may drive future cargo growth.

• Capital investment cycle easing, freeing up cash flow for FY26.