South Port New Zealand (SPN) H2 2025 earnings summary

Executive summary

• Achieved record profit and NPAT, with normalised NPAT up 39.5% to $13.9 million and reported NPAT up 81%, driven by strong export and agricultural sector performance and stable cargo mix.

• Secured 20-year power purchase agreements with a major customer (Tiwai smelter/NZAS), ensuring long-term cargo stability and profit certainty.

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

• Increased full-year dividend to $0.28 per share, up $0.01, well covered by cash flow and supporting sustainable shareholder returns.

Financial highlights

• EBITDA increased 21% to $25.8 million, with margin up to 41% from 38% in FY24.

• Revenue grew 13% to $63.3 million, supported by infrastructure levy and higher cargo volumes.

• Normalised net income after tax reached a record $13.9 million, up 39% from the prior year.

• Net debt reduced by $5 million to $25 million; net debt to EBITDA ratio at 1.0x, indicating strong financial health.

• Operating free cash flow doubled to $16.9 million.

Outlook and guidance

• No specific forecast provided, but business expected to remain on a steady growth trajectory, with volumes supported by robust agriculture and red meat sectors.

• Container volumes anticipated to be consistent; NZAS volumes to recover if no further demand response calls.

• Long-term growth prospects supported by agricultural, energy, and aquaculture sector developments.

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

• Continued focus on planning and stakeholder engagement for future expansion.