South Port New Zealand (SPN) H2 2026 earnings summary

Executive summary

• Achieved record results in FY26 with all-time highs in cargo volumes, revenue, and profit, driven by strong regional economic performance, recovery in aluminium smelter volumes, and wind farm project cargo.

• Leadership transition with a new CEO appointed in July 2026 and a new Chair to assume the role in October, positioning for future growth and capital investment.

• Opportunities identified for further cargo growth, especially in wind farm and aquaculture projects.

Financial highlights

• Operating revenue rose 14% year-over-year to $71.85m, with EBITDA up 16% to $29.9m and margin improving to 42%.

• Normalised NPAT up 16.2% to $16.14m; reported NPAT up 21% to $16.1m.

• Net debt reduced by $6.5m to $18.5m, with net debt to EBITDA at 0.6x.

• Dividend increased to 29.0 cps, yielding 4.8% and payout ratio at 47% of NPAT.

• Operating free cash flow up 9% to $18.4m.

Outlook and guidance

• Trade volumes for FY27 expected to remain strong and broadly in line with FY26, but without one-off project cargo revenue.

• Medium- to long-term growth opportunities in wind farms, aquaculture, and large-scale projects.

• Downside risks include increased resource and maintenance costs, and global geopolitical uncertainty.

• Ongoing port planning exercise to optimize infrastructure and guide future capital allocation.