Port of Tauranga reports FY25 interim results

28 February 2025
NZX
Wellington
Port of Tauranga Limited Interim Results: 31 December 2024
In accordance with the NZ Stock Exchange Listing Rules, please
find attached the following documentation for release to the
market:
1Press Release
2Market Update (includes Interim Consolidated Financial
Statements for six months ended 31 December 2024)
3Investor Presentation
4NZX Results Announcement
5NZX Distribution Notice
Yours sincerely
Simon Kebbell
Chief Financial Officer
+64 7 572 8899
port-tauranga.co.nz
2 Salisbury Avenue
Mount Maunganui
New Zealand
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand

---

Port of Tauranga returns strong first half performance
and lifts profit guidance
Financial results for the six months ended 31 December 2024
Port of Tauranga Limited delivered a strong performance for the six months
ended 31 December 2024, with Group Net Profit After Tax of $60.2 million -
a 27.4% increase on the same period last year.
Earnings and trade volumes recovered well after a particularly challenging
start to the previous 2024 financial year.
Total trade volumes increased 6.9% to 12.4 million tonnes and containers
increased 10.2% to 591,934 TEUs
1
compared with the prior corresponding
period.
Although log exports dropped relative to the high volume of wind-damaged
logs in the previous year, international demand for other key export
commodities saw steady export trade in the first half. Bulk cargo volumes
increased, particularly for imports.
The Port’s continuous focus on service delivery saw further reductions in
vessel wait times, and productivity improvements across the port are being
implemented. Further gains remain challenging due to vessels continuing to
arrive off schedule and berth capacity shortages, which also make it difficult
to accommodate new shipping services. The capacity constraints can be
alleviated with the construction of the Stella Passage development, and an
application is now being prepared under the new fast-track legislation (see
below).
Highlights
Group net profit after tax: $60.2 million (a 27.4% increase from
$47.2 million)
Total trade: 12.4 million tonnes (a 6.9% increase from 11.6 million
tonnes)
Container volumes 591,934 TEUs (a 10.2% increase from 536,928)
1
TEUs = twenty foot equivalent units, a standard measure of shipping containers
Media Release
28 FEBRUARY 2025

Ship visits: 690 (an increase of 2.4% from 674)
Imports: 4.4 million tonnes (a 14.9% increase from 3.9 million tonnes)
Exports: 8.0 million tonnes (a 3.0% increase from 7.8 million tonnes)
Log exports: 3.2 million tonnes (a 10.5% decrease from 3.6 million tonnes)
Direct dairy exports: 0.96 million tonnes (a 1.2% increase)
Subsidiary and associate company earnings: 1.1% increase
Interim dividend: 7.0 cents per share (compared with 6.0 cents per share).
Port of Tauranga Chair, Julia Hoare, said the strong trade and financial results were very
positive amid ongoing depressed economic conditions.
“Whilst the domestic economy remains sluggish, we are seeing what we hope are the early
signs of a recovery, particularly in bulk imports and most export categories,” said Ms.
Hoare.
Port of Tauranga Chief Executive, Leonard Sampson, said the Port had again proven its
resilience thanks to diverse income streams and a constant focus on costs.
“We are preparing for future growth and even greater resilience through our investments
in infrastructure for capacity, such as our Stella Passage resource consent application,” said
Mr. Sampson.
The application in the Environment Court is on hold pending an application under the new
Fast-track Approvals Act. In December, the Port received a second interim decision from
the Court confirming that consent would be granted for part of the Stella Passage project,
subject to revised conditions.
However, that interim decision has been appealed to the High Court by three parties.
Given the urgency of the project, to protect the interests of New Zealand importers and
exporters, we are preparing an application under the new legislation.
Financial results for the six months ending December 2024
Operating revenue was $225.0 million, a 12.5% increase from the $200.0 million reported
in the six months to December 2024. EBITDA (Earnings Before Interest, Tax, Depreciation
and Amortisation) increased 17.9% to $114.3 million. Operating costs increased 7.2% to
$113.9 million.
Subsidiary and associate company earnings remained steady compared with the previous
corresponding period.
The Port of Tauranga Board of Directors has declared a fully imputed interim dividend of
7.0 cents per share.

New developments at Northport
Port of Tauranga and its consortium partners (Northland Regional Council and Tupu Tonu –
Ngāpuhi Investment Fund) have conditionally agreed to buy out minority shareholders in
Marsden Maritime Holdings. Marsden Maritime Holdings currently owns 50% of Northport,
with Port of Tauranga owning the other 50%. The proposal, if successful, would then merge
the Northport and Marsden Maritime Holdings businesses, in which Port of Tauranga
would own 50%.
The proposal is now subject to community consultation with Northland ratepayers and
shareholder vote. Further details can be found on the Port of Tauranga website:
https://www.port-tauranga.co.nz/news/consortium-proposal-to-buy-out-marsden-
maritime-holdings/
Cargo trends
Export log volumes decreased 10.5% to 3.2 million tonnes. However, other forestry product
exports including sawn timber increased in volume.
Direct dairy exports increased 1.2%, while transhipped dairy volumes rebounded strongly,
increasing 81% compared with the first half of last financial year.
The reporting period covered the end of the record-breaking 2024 kiwifruit export season.
Export volumes increased 71% compared with the previous corresponding period.
Bulk cargo imported volumes were boosted by the return of coal shipments after several
years’ hiatus. Genesis Energy recommenced coal imports for Huntly Power Station
following last winter’s energy generation shortages.
Linked to favourable dairy commodity pricing, fertiliser imports increased 62.6% in volume
and stock feed imports increased 35.6% in volume. Oil imports remained steady compared
with the same period last year.
The outlook for 2025
Ms. Hoare said the domestic economic outlook remained challenging in the short-term,
with the international geopolitical situation remaining unpredictable. However, there is
steady demand for New Zealand exports and Port of Tauranga remains well-positioned for
the economic recovery.
Given the strong first half performance and steady export trading conditions, Port of
Tauranga lifts its profit guidance range issued in October, with underlying
2
Group earnings
expected between $115 million and $125 million for the 2025 financial year, compared
2
Underlying earnings excludes such items as revaluaƟons, impairments and one-off non-operaƟng items.

with underlying Group profit of $102.7 million ($90.8 million reported) for the 2024
financial year.
Port of Tauranga’s annual results for the year ended 30 June 2025 will be announced on
Friday, 29 August.
For further details, please contact:
Rochelle Lockley
GM Communications, Port of Tauranga Limited
Ph 021 865 884, email Rochelle.Lockley@port-tauranga.co.nz

---

Scroll down to view the report
Stand for
the future.
Port of Tauranga Limited
Market Update and Interim
Consolidated Financial Statements
February 2025

Port of Tauranga is investing for
the future to ensure New Zealand
has a resilient, efficient and low
carbon gateway to and from
international markets.
Port of Tauranga is connecting
New Zealand and the world.
Stand for
New Zealand.
Lower
emissions
Port of Tauranga intends to
decarbonise its container operations
by introducing automation. Electric
auto stacking cranes will also enable
increased throughput.
Greater
efficiencies
The planned berth extension
at Sulphur Point, together with
automation, will allow Port of
Tauranga to significantly increase
container throughput.
Expanded
capacity
Future plans include development
of the bulk cargo wharves at
Mount Maunganui to increase capacity
and efficiency.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
02

Group Net Profit After Tax
millions
$60.2
a 27.4% increase from $47.2 million
Total trade
million tonnes
12.4
a 6.9% increase from 11.6 million tonnes
Container volumes
TEUs
1
591,934
a 10.2% increase from 536,928
Ship visits
690
an increase of 2.4% from 674
Imports
million tonnes
4.4
a 14.9% increase from 3.9 million tonnes
Exports
million tonnes
8.0
a 3.0% increase from 7.8 million tonnes
Log exports
million tonnes
3.2
a 10.5% decrease from 3.6 million tonnes
Direct dairy exports
million tonnes
0.96
a 1.2% increase
Subsidiary and associate
company earnings
1.1%
increase
Interim dividend
7.0c
compared with 6.0 cents per share
Highlights
and challenges
Six months ended 31 December 2024
Contents
03
Highlights and challenges
04
Chair and Chief Executive’s review
06
Update: Stella Passage project progress
07
Update: New crane at container terminal
08
Interim consolidated financial statements
09
Consolidated income statement
09
Consolidated statement of comprehensive
income
10
Consolidated statement of changes in equity
11
Consolidated statement of financial position
12
Consolidated statement of cash flows
13
Notes to the interim consolidated
financial statements
18
Independent auditor’s review report
19
Company directory
1 TEUs = twenty foot equivalent units,
a standard measure of shipping containers
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
03

Leonard Sampson
Chief Executive
Julia Hoare
Chair
Port of Tauranga Limited has delivered
a strong performance for the six
months ended 31 December 2024,
with Group Net Profit After Tax of
$60.2 million, a 27.4% increase on the
same period last year.
Chair and Chief Executive’s review
to shareholders
Earnings and trade volumes recovered well after a particularly challenging
start to the previous 2024 financial year.
Total trade volumes increased 6.9% to 12.4
million tonnes and containers increased
10.2% to 591,934 TEUs compared with the
prior corresponding period.
Although log exports dropped relative to
the high volume of wind-damaged logs in
the previous year, international demand for
other key export commodities saw steady
export trade in the first half. Bulk cargo
volumes increased, particularly for imports.
The Port’s continuous focus on service
delivery saw further reductions in vessel
wait times, and productivity improvements
across the port are being implemented.
Further gains remain challenging due to
vessels continuing to arrive off schedule
and berth capacity shortages. The capacity
constraints can be alleviated through our
planned Stella Passage development.
Our financial results
Operating revenue was $225.0 million,
a 12.5% increase from the $200.0 million
reported in the six months to December
2024. EBITDA (Earnings Before Interest, Tax,
Depreciation and Amortisation) increased
17.9% to $114.3 million. Operating costs
increased 7.2% to $113.9 million.
Subsidiary and associate company earnings
remained steady compared with the
previous corresponding period.
The Port of Tauranga Board of Directors has
declared a fully imputed interim dividend of
7.0 cents per share.
Our strategic projects
Port of Tauranga and its consortium
partners (Northland Regional Council and
Tupu Tonu – Ngāpuhi Investment Fund)
have conditionally agreed to buy out
minority shareholders in Marsden Maritime
Holdings. Marsden Maritime Holdings
currently owns 50% of Northport, with
Port of Tauranga owning the other 50%.
The proposal would then merge Northport
and Marsden Maritime Holdings, in which
Port of Tauranga would own 50%. It is now
subject to community consultation with
Northland ratepayers and shareholder vote.
Further details can be found on the Port of
Tauranga website.
04
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025

Our long-running Stella Passage development
resource consent application in the Environment
Court is on hold pending an application under the
new Fast-track Approvals Act. In December, we
received a second interim decision from the Court
confirming that consent would be granted for part
of the Stella Passage project subject to revised
conditions. However, that interim decision has
been appealed to the High Court by three parties.
Given the urgency of the project, to protect the
interests of New Zealand importers and exporters,
we are preparing an application to be lodged
under the new legislation. Read more on page 06.
Ruakura Inland Port, near central Hamilton,
has been open for 18 months and played a
critical role as part of a road bridge implemented
by KiwiRail during the Auckland rail network
shutdown in January.
The inland port, which is a joint venture with
Tainui Group Holdings, has recently expanded
to include a new empty container depot leased
to ContainerCo.
We have dismantled our two oldest ship-to-shore
container cranes and commissioned a new crane
that has just been put into service after being
assembled on site. Read more on page 07.
Cargo trends
Export log volumes decreased 10.5% to 3.2 million
tonnes. However, other forestry product exports
including sawn timber increased in volume.
Direct dairy exports increased 1.2%, while
transhipped dairy volumes rebounded strongly,
increasing 81% compared with the first half of last
financial year.
The reporting period covered the end of the
record-breaking 2024 kiwifruit export season.
Export volumes increased 71% compared with
the previous corresponding period.
Bulk cargo imported volumes were boosted by the
return of coal shipments after several years’ hiatus.
Genesis Energy recommenced coal imports for
Huntly Power Station following last winter’s energy
generation shortages.
Linked to favourable dairy commodity pricing,
fertiliser imports increased 62.6% in volume and
stock feed imports increased 35.6% in volume.
Oil imports remained steady compared with the
same period last year.
Our people
We launched a major project to modify the gantry
access ways for our refrigerated storage areas,
where powered containers are stacked up to three
high, to mitigate working at height and straddle-
versus-person risk for technicians.
Our environment
Port of Tauranga is one of 29 signatories to the
new Mount Maunganui Industry Environmental
Accord, which aims to improve air quality
through a range of initiatives over and above
compliance measures.
Our community
In September we announced a new, long-term
partnership with Mount Maunganui Lifeguard Service.
The two organisations share a strong connection
to the sea and the Mount Maunganui community.
The sponsorship complements our support of the
Port of Tauranga Rescue Centre at Omanu Beach.
The centre opened in 2022 and serves as a hub for
the 19 surf life saving clubs in the eastern region,
from Hot Water Beach through to Gisborne.
Port of Tauranga
is one of 29
signatories to
the new Mount
Maunganui Industry
Environmental
Accord.
The outlook for 2025
Port of Tauranga is expected to continue to
recover from the economic downturn, although
domestic conditions remain challenging in the
short-term and the international geopolitical
situation remains unpredictable. We are, however,
seeing steady demand for New Zealand exports.
Given the strong first half performance and
steady export trading conditions, Port of Tauranga
lifts its profit guidance range issued in October,
with underlying
1
Group earnings expected
between $115 million and $125 million for the
2025 financial year, compared with underlying
Group profit of $102.7 million ($90.8 million
reported) for the 2024 financial year.
Port of Tauranga’s annual results for the year
ended 30 June 2025 will be announced on
Friday, 29 August.
Julia Hoare
Chair
Leonard Sampson
Chief Executive
Chair and Chief Executive’s review
to shareholders
1 Underlying earnings excludes such items as revaluations, impairments and one-off non-operating items.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
05

Update
Port of Tauranga’s proposed Stella Passage development will see current cargo
storage land on both sides of the harbour converted into useable berths, with
some associated dredging and reclamation.
In December, Port of Tauranga received
a second interim decision of the Environment
Court confirming that resource consent would
be granted for part of the project, involving up
to 285 metres of additional berth to the south
of the Port’s existing container berths.
The Court decision required some specific
amendments to the proposed conditions,
however noted that the physical effects of the
project are expected to be minor in the short
term and negligible in the long-term.
The Court’s decision has been appealed by
three parties.
In the meantime, Port of Tauranga is preparing
an application under the new Fast-track
Approvals Act that commenced on 7 February.
The entirety of the Stella Passage development,
which includes a second stage to the container
berth extension as well as proposed works at
the Mount Maunganui wharves, has been listed
in the legislation.
The extension is urgently required national
infrastructure and Port of Tauranga remains
keen to move as quickly as possible to
commence construction.
Detailed planning and consultation began
in 2019 and an application was filed with
the Environment Court in 2021.
A three-week Environment Court hearing
in March 2023 was followed by an interim
decision released in December 2023 requiring
Port of Tauranga to undertake further
engagement with local iwi and hapū and
the Bay of Plenty Regional Council.
Stella Passage
project progress
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
06

Update
A new crane has joined the line up at the Tauranga Container Terminal
as part of Port of Tauranga’s infrastructure renewal programme.
The oldest two cranes in our fleet have been
dismantled – the first in July 2023 and the
second in October 2024 – after more than
30 years’ service and more than 1.8 million
lifts each.
The new ship-to-shore gantry crane is the
same size as the last crane commissioned,
in 2020. It is Super Post Panamax in class,
with an outreach of 50.5 metres to service
ships up to 19 containers wide and a height
of 105 metres boom up.
The $20 million crane came in parts from
the Liebherr factory in Ireland, was assembled
on site over 12 weeks, before being skidded
out on to the berth in a 48-hour operation.
It is expected to make three million moves
in the next 25-plus years.
Port of Tauranga now has a fleet of eight
all-electric cranes and the next purchase
will align with the construction of the new
container berth.
New crane at
container terminal
Port of Tauranga
now has a fleet of
eight all-electric
cranes.
(Right) The crane was assembled at the terminal
before being moved on to the berth.
(Left) The new crane arrived in parts from the
Liebherr factory in Ireland.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
07

Interim Consolidated
Financial Statements
Contents
Consolidated Income Statement 09
Consolidated Statement of Comprehensive Income 09
Consolidated Statement of Changes in Equity 10
Consolidated Statement of Financial Position 11
Consolidated Statement of Cash Flows 12
Notes to the Interim Consolidated Financial Statements 13
Independent auditor’s review report 18
Company directory 19
for the six months ended 31 December 2024
Port of Tauranga Limited and Subsidiaries
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
08

Port of Tauranga Limited and Subsidiaries
Consolidated Income Statement
for the six months ended 31 December 2024
Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Comprehensive Income
for the six months ended 31 December 2024
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Audited)
Year Ended
30 June 2024
Group
NZ$000
Profit for the period60,19847, 24190,849
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value
(4,086)(2,550)587
Cash flow hedge – reclassified to profit or loss(1,762)(1,296)(3,114)
Share of net change in cash flow hedge reserves
of Equity Accounted Investees
(284)(216)(218)
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax0052,006
Share of net change in revaluation reserves of
Equity Accounted Investees
7119,340
Total other comprehensive (loss)/income(6,061)(4,061)58,601
Total comprehensive income54,13743,180149,450
These statements are to be read in conjunction with the notes on pages 13 to 17.
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Audited)
Year Ended
30 June 2024
Group
NZ$000
Total operating revenue (refer to note 6)224,998200,01141 7, 3 7 5
Contracted services for port operations(45,810)(47, 28 5)(95,668)
Employee benefit expenses(32,340)(28,001)(57,891)
Direct fuel and power expenses(8,832)(7,904)(18,761)
Maintenance of property, plant and equipment(9,537)(8,345)(16,553)
Other expenses( 1 7, 3 8 0 )(14,735)(29,708)
Operating expenses(113,899)(106,270)(218,581)
Results from operating activities111,09993,741198,794
Depreciation and amortisation(21,759)(22,087)(43,770)
Reversal of previous revaluation deficit of property,
plant and equipment
00622
Impairment of property, plant and equipment00(28)
(21,759)(22,087)(43,176)
Operating profit before finance costs, share of profit
from Equity Accounted Investees and taxation
89,34071,654155,618
Finance income341215657
Finance expenses (refer to note 7)(10,945)(11,248)(23,128)
Net finance costs(10,604)(11,033)(22,471)
Share of profit from Equity Accounted Investees 3,2433,2504,945
3,2433,2504,945
Profit before income tax81,97963,871138,092
Income tax expense(21,781)(16,630)(47, 243 )
Profit for the period 60,19847, 24190,849
Basic earnings per share (cents)8.97.013.5
Diluted earnings per share (cents)8.86.913.3
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
09

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Changes in Equity
for the six months ended 31 December 2024
Share
Capital
Group
NZ$000
Share Based
Payment Reserve
Group
NZ$000
Hedging
Reserve
Group
NZ$000
Revaluation
Reserve
Group
NZ$000
Retained
Earnings
Group
NZ$000
Total
Equity
Group
NZ$000
Balance at 30 June 202375,3605,38711,5091,932,456109,0042,133,716
Profit for the period000047, 24147, 241
Total other comprehensive income00(4,062)10(4,061)
Total comprehensive income00(4,062)147, 24143,180
Decrease in share capital(815)0000(815)
Dividends paid during the period0000(59,875)(59,875)
Equity settled share based payment accrual0697000697
Shares, previously subject to call option, issued4,722(4,722)0000
Shares issued upon vesting of management long term incentive plan300(510)002100
Total transactions with owners in their capacity as owners4,207(4,535)(4,062)1(12,424)(16,813)
Balance at 31 December 202379,5678527,4 471,932,45796,5802,116,903
Profit for the period000043,60843,608
Total other comprehensive income001,31761,345062,662
Total comprehensive income001,31761,34543,608106,270
Decrease in share capital(4)0000(4)
Dividends paid during the period0000(40,814)(40,814)
Equity settled share based payment accrual0802000802
Total transactions with owners in their capacity as owners(4)80200(40,814)(40,016)
Balance at 30 June 202479,5631,6548,7641,993,80299,3742,183,157
Profit for the period000060,19860,198
Total other comprehensive income00(6,132)710(6,061)
Total comprehensive income00(6,132)7160,19854,137
Increase in share capital88000088
Dividends paid during the period0000(59,183)(59,183)
Equity settled share based payment accrual0918000918
Shares, previously subject to call option, issued1,382(1,382)0000
Shares issued upon vesting of management long term incentive plan4(174)001700
Total transactions with owners in their capacity as owners1,474(638)(6,132)711,185(4,040)
Balance at 31 December 202481,0371,0162,6321,993,873100,5592,179,117
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
10

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Financial Position
as at 31 December 2024
(Unaudited)
31 December 2024
Group
NZ$000
(Unaudited)
31 December 2023
Group
NZ$000
(Audited)
30 June 2024
Group
NZ$000
Assets
Property, plant and equipment2,484,0812 , 427, 2 972,491,506
Right-of-use assets51,45853,35052,393
Intangible assets20,65821,70121,027
Investments in Equity Accounted Investees218,455212,685217,129
Receivables and prepayments16,89618,1331 7, 27 2
Derivative financial instruments6,23010,83411,869
Total non-current assets2,797,7782,744,0002,811,196
Cash and cash equivalents1 7,03220,36618,728
Receivables and prepayments78,77765,0776 7, 8 9 0
Inventories2,4001,8292,004
Derivative financial instruments25230340
Total current assets98,23487, 5 0288,962
Total assets2,896,0122,831,5022,900,158
Equity
Share capital81,03779,56779,563
Share based payment reserve 1,0168521,654
Hedging reserve2,6327, 4 478,764
Revaluation reserve1,993,8731,932,4571,993,802
Retained earnings100,55996,58099, 374
Total equity2,179,1172,116,9032,183,157
(Unaudited)
31 December 2024
Group
NZ$000
(Unaudited)
31 December 2023
Group
NZ$000
(Audited)
30 June 2024
Group
NZ$000
Liabilities
Loans and borrowings (refer to note 10)16 7, 3 74193,901192,962
Derivative financial instruments5,2356,7997, 24 4
Employee benefits1,9271,5211,635
Deferred tax liabilities131,857113,035135,292
Lease liabilities54,56755,62255,091
Total non-current liabilities360,960370,878392,224
Loans and borrowings (refer to note 10)300,000295,000270,000
Derivative financial instruments3626882
Trade and other payables46,51141,96640,170
Revenue received in advance137136212
Employee benefits2,5101,6744,090
Income tax payable5,6673,3829,146
Lease liabilities1 ,0741,0271,049
Contingent consideration026828
Total current liabilities355,935343,721324,777
Total liabilities716,895714,5997 1 7, 0 01
Total equity and liabilities2,896,0122,831,5022,900,158
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
11

Port of Tauranga Limited and Subsidiaries
Consolidated Statement of Cash Flows
for the six months ended 31 December 2024
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Audited)
Year Ended
30 June 2024
Group
NZ$000
Cash flows from operating activities
Receipts from customers224,277208,88641 7, 7 9 0
Interest received341215621
Payments to suppliers and employees(113,346)(112,461)(215,796)
Taxes paid(26,454)(28,689)(44,075)
Interest paid(11,263)(11,411)(22,703)
Net cash inflow from operating activities73,55556,540135,837
Cash flows from investing activities
Proceeds from sale of property, plant and equipment0717
Dividends from Equity Accounted Investees3,8765,38112,819
Purchase of property, plant and equipment(16,331)(21,771)(42,612)
Purchase of intangible assets0(13)(80)
Interest capitalised on property, plant and equipment(456)(419)(845)
Investment in Equity Accounted Investees (2,138)(1,285)(2,135)
Payment of contingent consideration(568)(520)(521)
Total net cash used in investing activities(15,617)(18,620)(33,357)
Cash flows from financing activities
Proceeds from borrowings20,00035,11110,226
Proceeds from staff loan19400
Repayment of borrowings(20,000)00
Repurchase of shares(125)(801)(801)
Repayment of lease liability(520)(495)(994)
Dividends paid(59,183)(59,875)(100,689)
Net cash used in financing activities(59,634)(26,060)(92,258)
Net increase in cash held(1,696)11,86010,222
Add opening cash brought forward18,7288,5068,506
Ending cash and cash equivalents1 7,03220,36618,728
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
(Audited)
Year Ended
30 June 2024
Group
NZ$000
Reconciliation of profit for the period
to cash flows from operating activities
Profit for the period60,19847, 24190,849
Items Classified as investing/financing activities:
(Gain)/loss on sale of property, plant and equipment00(17)
00(17)
Adjustments for non-cash and non-operating items
Depreciation and amortisation expense21,76022,08743,770
(Decrease)/Increase in deferred taxation balances(1,238)(2,159)7, 59 6
Share of profits retained by Equity Accounted
Investees
(3,244)(3,250)(4,945)
Other1,0918341,208
18,3691 7, 51 247,6 2 9
Less movements in working capital(5,012)(8,213)(2,624)
Net cash flows from operating activities73,55556,540135,837
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
12

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2024
1 Reporting entity
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in
New Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock
Exchange (NZX). It is an FMC reporting entity for the purposes of the Financial Markets Conduct
Act 2013. The Parent Company, which is designated as profit-oriented for financial reporting
purposes, is an issuer in terms of the Financial Reporting Act 2013.
The unaudited interim financial statements (the financial statements) for Port of Tauranga
Limited comprise the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity
Accounted Investees (together referred to as the Group).
2 Basis of preparation
These financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard
(NZ IAS) 34 Interim Financial Reporting. They do not include all information required for full annual
financial statements and should be read in conjunction with the annual financial statements and
related notes included in Port of Tauranga Limited’s Integrated Annual Report for the year ended
30 June 2024.
3 Significant accounting policies
The accounting policies adopted are consistent with those followed in the preparation of the
Group’s annual financial statements for the year ended 30 June 2024.
4 Accounting estimates and judgements
The preparation of the financial statements in conformity with NZ IAS 34 requires management
to make judgements, estimates and assumptions that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates.
In preparing these financial statements, the significant judgements made by management
in applying the Group’s accounting policies and the key sources of estimation and uncertainty,
were the same as those applied to the Group’s consolidated financial statements for the year
ended 30 June 2024.
5 Segment information
The Group determines and presents operating segments based on the information that is
internally provided to the Chief Executive, who is the Group’s Chief Operating Decision Maker
(CODM), as defined by NZ IFRS 8 Operating Segments.
The Group operates in three main reportable segments, being:
• Port operations: This consists of providing and managing port services, and cargo handling
facilities through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port
terminals and bulk operations have been aggregated together within the Port Operations
segment, due to the similarities in economic characteristics, customers, nature of products
and processes, and risks.
• Property services: This consists of managing and maintaining the Port of Tauranga Limited’s
property assets.
• Marshalling services: This consists of the contracted terminal operations and marshalling
activities of Quality Marshalling (Mount Maunganui) Limited.
The three main business segments are managed separately as they provide different services
to customers and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of
profitability, assets and liabilities are aggregated and are not reported to the CODM at a segment
level, but rather at a port level, as all business decisions are made at a “whole port level”.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
13

5 Segment information (continued)
(Unaudited) Six months ended 31 December 2024
Port Operations
Group
NZ$000
Property Services
Group
NZ$000
Marshalling Services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter Segment
Group
NZ$000
Group
NZ$000
Revenue (external)199,85623,5211,30400224,681
Inter segment revenue04410,3570(10,401)0
Total segment revenue199,85623,56511,6610(10,401)224,681
Other income and expenditure:
Share of profit from Equity Accounted Investees0003,24303,243
Interest income0003410341
Other income000551(234)317
Interest expense000(10,945)0(10,945)
Depreciation and amortisation expense00(591)(21,168)0(21,759)
Other unallocated expenditure00(8,950)(115,584)10,635(113,899)
Income tax expense00(594)(21,187)0(21,781)
Total other income and expenditure00(10,135)(164,749)10,401(164,483)
Total segment result199,85623,5651,526(164,749)060,198
(Unaudited) Six months ended 31 December 2023
Revenue (external)1 7 7,6 0320,5581,52700199,688
Inter segment revenue1949,9440(10,039)0
Total segment revenue1 7 7,6 0 420,65211,4710(10,039)199,688
Other income and expenditure:
Share of profit from Equity Accounted Investees0003,25003,250
Interest income0002150215
Other income000548(225)323
Interest expense000(11,248)0(11,248)
Depreciation and amortisation expense00(490)(21,597)0(22,087)
Other unallocated expenditure00(8,487)(107,750)10,264(106,270)
Income tax expense00(621)(16,009)0(16,630)
Total other income and expenditure00(9,895)(152,591)10,039(152,447)
Total segment result1 7 7,6 0 420,6521,576(152,591)047, 241
*
Operating costs are not allocated to individual business segments within the Parent Company.
Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2024
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
14

6 Operating revenue
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue135,213118,390
Multi cargo revenue40,41536,398
Marine services revenue25,53224,342
201,160179,130
Other revenue
Rental revenue23,52120,558
Other income317323
Total operating revenue224,998200,011
7 Finance expenses
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Interest expense on borrowings9,85010,292
Less:
Interest capitalised to property, plant and equipment(456)(419)
9,3949,873
Interest expense on lease liabilities1,3631,287
Ineffective portion of change in fair value of cash flow hedge13611
Change in fair value of hedged risk5277
Total finance expenses10,94511,248
8 Dividends
The following dividends were paid by the Group:
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Final dividend of 8.7 cents per share (2023: 8.8 cents per share)59,18359,877
Total dividends paid59,18359,877
Refer to note 13.
9 Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 December 2024, the Group acquired assets with a cost of
$16.787 million.
10 Loans and borrowings
(Unaudited)
31 December 2024
Carrying Value
Group
NZ$000
(Unaudited)
31 December 2023
Carrying Value
Group
NZ$000
Commercial papers190,000195,000
Standby revolving cash advance facility80,000100,000
Fixed rate bonds1 97, 3 74193,901
Total loans and borrowings4 6 7, 3 74488,901
Current300,000295,000
Non-current 16 7, 3 74193,901
Total loans and borrowings4 6 7, 3 74488,901
As at 31 December 2024 the Group’s current liabilities exceed the Group’s current assets. Despite
this fact, the Group does not have any liquidity or working capital concerns as $320 million (2023:
$280 million) of the term standby revolving cash advance facility remains undrawn. Within the
term facility, $100 million matures 31 December 2025, $70 million matures 31 December 2026,
$50 million matures 31 December 2027, $50 million matures 30 September 2028 and $130 million
matures 31 December 2030.
Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2024
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
15

11 Related party transactions and balances
Related party transactions and balances with related parties:
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Transactions and balances with Equity Accounted Investees
Services provided to Port of Tauranga Limited305310
Services provided by Port of Tauranga Limited1,6542,427
Accounts receivable by Port of Tauranga Limited483167
Accounts payable by Port of Tauranga Limited8627
Advances by Port of Tauranga Limited1,4001,400
Services provided by Quality Marshalling (Mount Maunganui)
Limited
601419
Accounts receivable by Quality Marshalling (Mount Maunganui)
Limited
17993
Services provided to Timaru Container Terminal Limited1 ,6741,538
Services provided by Timaru Container Terminal Limited119342
Accounts receivable by Timaru Container Terminal Limited9032
Accounts payable by Timaru Container Terminal Limited19134
During the six months ended 31 December 2024, the Group entered into transactions with
companies in which Group Directors hold directorships. These directorships have not resulted in
the Group having significant influence or control over the operations, policies, or key decisions of
these companies.
No related party debts have been written off or forgiven during the period.
Controlling entity
Quayside Securities Limited owns 54.14% (as at 31 December 2023: 54.14%) of the issued ordinary
shares in Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate
Controlling Party. Transactions with the Ultimate Controlling Party during the period include
services provided to Port of Tauranga Limited $0.179 million (six months ended 31 December
2023: $0.114 million).
11 Related party transactions and balances (continued)
Transactions with Directors and Members of the Executive Leadership Team
The Group does not provide any non-cash benefits to Directors in addition to their Directors’ fees.
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Directors
Directors’ fees recognised during the period514442
Members of the Executive Leadership Team
Salaries and short-term employee benefits recognised during
the period
2,6062,291
Share based payments recognised during the period287(72)
12 Commitments
(Unaudited)
Six Months Ended
31 December 2024
Group
NZ$000
(Unaudited)
Six Months Ended
31 December 2023
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for
at the reporting date but not provided for
5,71120,546
Over the last 12 months, Port of Tauranga Limited and subsidiaries have made $13.8 million in
payments towards new crane infrastructure.
Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2024
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
16

Port of Tauranga Limited and Subsidiaries
Notes to the Interim Consolidated Financial Statements
for the six months ended 31 December 2024
13 Subsequent events
Interim dividend
An interim dividend of 7.0 cents per share has been declared subsequent to reporting date.
Consortium Scheme Implementation Agreement with Marsden Maritime Holdings Limited
On 25 February 2025, it was announced that a Consortium, comprising the Northland Regional
Council (NRC), Port of Tauranga Limited (POTL) and Tupu Tonu - Ngāpuhi Investment Fund (TT),
had conditionally agreed to buy out minority shareholders in Marsden Maritime Holdings (MMH) 
in order to simplify the NZX Group’s ownership structure through delisting its shares and bringing
full control of Northport under a single ownership umbrella. Currently MMH owns 50% of
Northport, and POTL the other 50%.
The conditional  Scheme Implementation Agreement (SIA) with MMH provides for the Consortium
to acquire those shares not already held by NRC at a price of $5.60 per share (scheme). The MMH
Board has unanimously recommended that MMH shareholders vote in favour of the scheme,
subject to no superior proposal (as defined in the SIA) being received, and as long as the scheme
price falls within or above a valuation range of an Independent Adviser.
Although key acquisition details have been agreed with MMH, the Consortium’s obligation
to proceed with the scheme is conditional on NRC obtaining Council approval following
a community consultation process which commences immediately and is expected to be
completed by late April 2025.
Should all conditions be met and minority shareholders approve the scheme then the ownership
structure of the combined MMH and Northport would be as follows:
– NRC 43%
– POTL 50%
– TT 7%
The initial shareholding contributions and funding to complete this transaction for POTL would be
$39.689 million (excluding transaction costs and any wash up adjustments).
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
17

To the Shareholders of Port of Tauranga Limited
Report on Interim Consolidated Financial Statements for the six months ended 31 December 2024
The Auditor-General is the auditor of Port of Tauranga Limited (the “Group”). The Auditor-General has
appointed me, Glenn Keaney, using the staff and resources of KPMG, to carry out the review of the interim
consolidated financial statements of the Group on his behalf.
Conclusion
We have reviewed the interim consolidated financial statements of the Group on pages 9 to 17, which
comprise the Consolidated Statement of Financial Position as at 31 December 2024, and the Consolidated
Income Statement, Consolidated Statement of Comprehensive Income, Consolidated Statement of
Changes in Equity and Consolidated Statement of Cash Flows for the six months ended on that date,
and the notes, including a summary of significant accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the interim
consolidated financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 31 December 2024, and its financial performance and cash flows for the six
months ended on that date, in accordance with NZ IAS 34 Interim Financial Reporting.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ SRE 2410 (Revised)”). Our responsibilities are
further described in the Auditor’s Responsibilities for the Review of the Interim Consolidated Financial
Statements section of our report.
We are independent of the Group in accordance with the independence requirements of the Auditor-
General’s Auditing Standards, which incorporate the independence requirements of Professional and
Ethical Standard 1 International Code of Ethics for Assurance Practitioners issued by the New Zealand
Auditing and Assurance Standards Board.
In addition to the audit we have carried out engagements in the areas of Agreed Upon Procedures
in relation to the long term incentive plan vesting calculation and GHG pre-assurance services, which
are compatible with those independence requirements. Other than the audit and these engagements,
we have no relationship with or interests in the Group.
The Directors’ responsibilities for the Interim Consolidated Financial Statements
The Directors are responsible, on behalf of the Group, for the preparation and fair presentation of these
interim consolidated financial statements in accordance with NZ IAS 34 Interim Financial Reporting and
for such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim consolidated financial statements that are free from material misstatement,
whether due to fraud or error.
The Directors are also responsible for the publication of the interim consolidated financial statements,
whether in printed or electronic form.
Auditor’s Responsibilities for the Review of the Interim Consolidated Financial Statements
Our responsibility is to express a conclusion on the interim consolidated financial statements based on our
review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim consolidated financial statements, taken as a whole, are not prepared,
in all material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
A review of the interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently
does not enable us to obtain assurance that we would become aware of all significant matters that might
be identified in an audit. Accordingly, we do not express an audit opinion on these interim consolidated
financial statements.

Glenn Keaney
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
27 February 2025
Independent auditor’s review report
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
18

Company directory
Directors
J C Hoare
Chair
A M Andrew
D J Bracewell
S A Campbell*
A R Lawrence
(retired 31 August 2024)
D W Leeder
Sir Robert McLeod KNZM
(retired 31 October
2023 and reappointed 1 July 2024)
J B Stevens
F S Whineray
Executive
L E Sampson
Chief Executive
M J Dyer
GM Corporate Services
B J Hamill
GM Commercial
S R Kebbell
Chief Financial Officer and Company Secretary
P M Kirk
GM Health and Safety
D A Kneebone
GM Property and Infrastructure
R A Lockley
GM Communications
Registered office
Salisbury Avenue
Mount Maunganui
Private Bag 12504

Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899

Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
Auditors
KPMG

Tauranga
(On behalf of the Auditor-General)
Solicitors
Holland Beckett Law
Tauranga
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
China Construction Bank (New Zealand) Limited
Credit rating agency
S&P Global (Standard & Poor’s) Australia
Port of Tauranga Limited’s rating: A-/Stable/A-2
Share registry
For enquiries about share transactions, change
of address or dividend payments contact:
MUFG Corporate Markets

PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998

Facsimile 09 375 5990
Email enquiries.nz@cm.mpms.mufg.com
Website www.mpms.mufg.com
Copies of the Integrated Annual Report and
Market Update (which replaced the Interim
Report) are available from our website.
Financial calendar
21 March 2025Interim dividend payment
30 June 2025Financial year end
29 August 2025Annual results
announcement
3 October 2025Final dividend payment
31 October 2025Annual Meeting
27 February 2026Half year results
announcement
International Standard Serial Numbers
ISSN 2744-6530 (Print)
ISSN 2744-6549 (Online)
*Mr S Campbell was appointed to the Board as part of the Institute of Directors’ Future Director Programme, for 12 months commencing 1 October 2024.
Port of Tauranga Limited – Market Update and Interim Consolidated Financial Statements February 2025
19

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half Year XSpecial
DRP
applies
Record date07/03/2025
Ex-Date (one business day before the
Record Date)
06/03/2025
Payment date (and allotment date for
DRP)
21/03/2025
Total monies associated with the
distribution
1
$47,618,754.05
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.09722222
Gross taxable amount
3
$0.09722222
Total cash distribution
4
$0.07000000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01235294
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
Partial imputation
1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This shouldinclude any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please state
imputation rate as % applied
6
100%
Imputation tax credits per financial
product
$0.02722222
Resident Withholding Tax per financial
product
$0.00486111
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for determining
market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if not
available at this time)
[dd/mm/yyyy]
Specify source of financial products to
be issued under DRP programme (new
issue or to be bought on market)
DRP strike price per financial product
$
Last date to submit a participation notice
for this distribution in accordance with
DRP participation terms
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this announcementSimon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP28/02/2025
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2024
Previous Reporting Period6 months to 31 December 2023
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$224,99812.49%
Total Revenue$224,99812.49%
Net profit/(loss) from
continuing operations
$60,19827.43%
Total net profit/(loss)$60,19827.43%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.07000000
Imputed amount per Quoted
Equity Security
$0.07000000
Record Date07/03/2025
Dividend Payment Date21/03/2025
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.20$3.11
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
to make this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP28/02/2025
Unaudited consolidated financial statements accompany this announcement.

---

Half Year Result to 31 December 2024
28 February 2025

2
The information in this presentation is for information purposes and has been prepared by
Port of Tauranga Limited with due care and attention. However, neither the Company, nor any
of its Directors, officers, employees, contractors or agents, shall have any liability whatsoever
to any person, for any loss of damage resulting from the use or reliance on this presentation.
The information contained in this presentation is not intended to be relied upon as advice to
investors and does not take into account the investment objectives, financial situation or
needs of any particular investor.
Past performance is not indicative of future performance and no guarantee of future returns
is implied or given.
The information contained in this presentation should be considered in conjunction with the
Company’s latest audited financial statements which are available in the investor section of
our website.
Disclaimer

4
$56,341
$62,725
$47,241
$60,198
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
FY22FY23FY24FY25
$000s
For the six months ended December 2024
Group Net Profit after tax

5
6.5
6.8
6.0
7.0
0
2
4
6
8
FY22FY23FY24FY25
Cents per share
Interim dividend

6
For the six months ended December 2024
Total trade increased 6.9%
13.05
12.72
11.63
12.44
10.50
11.00
11.50
12.00
12.50
13.00
13.50
FY22FY23FY24FY25
tonnes (millions)

7
Connecting New Zealand and the World
Facilitating New Zealand's Trade
40% of New Zealand exports (tonnes)
22% of New Zealand imports (tonnes)
33% of New Zealand’s total trade
Source: StatsNZ: Overseas Cargo Statistics
51% of New Zealand exports by value
18% of New Zealand imports by value
34% New Zealand’s total trade by value
33.1%
11.2%
8.1%
12.1%
3.8%
6.6%
5.1%
4.8%
4.5%
2.5%
2.8%
4.0%
1.4%
0
2
4
6
8
10
12
tonnes (millions)
Total New Zealand tonnes by port
for the six months ended December 2024
Total ImportsTotal Exports
34.3%
0
5
10
15
20
25
NZD CIF (Billions)
New Zealand's largest port by cargo value
for the six months ended December 2024
Total ImportsTotal Exports

8
•33% of New Zealand imports (TEU)
•48% of New Zealand exports (TEU)
•40% of New Zealand’s total container trade (TEU)
Source: FIGS transport.govt.nz – six months to December 2024 – overall TEU, exclude transhipment and restows
ExportImport
Total FY25 (6)%
Port of Tauranga257,932176,274434,20640%
Ports of Auckland88,262216,086304,34828%
Lyttelton69,74858,654128,40212%
Napier Port42,18622,21864,4046%
Port Otago45,05717,97663,0336%
Centreport13,64315,95729,6003%
South Port9,0097,58516,5942%
Port Nelson8,5219,63518,1562%
Timaru4,3389,47413,8121%
Total (TEU)538,696533,8591,072,555
NZ Ports Overall TEU - for the six months ended December 2024
0
50,000
100,000
150,000
200,000
250,000
300,000
Port of
Tauranga
Ports of
Auckland
Lyttelton Napier Port Port Otago Centreport South Port Port NelsonTimaru
TEU
New Zealand sea port container volume
for the six months ended December 2024
ExportImport
New Zealand’s largest container terminal

9
For the six months ended December 2024
Breakbulk volume increased 1.2%
5,965,208
5,626,658
5,925,983
5,997,296
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
5,500,000
6,000,000
6,500,000
FY22FY23FY24FY25

10
For the six months ended December 2024
Total bulk cargo by commodity
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
FY22FY23FY24FY25
breakbulk tonnes
Coal
All Other Goods
Steel
Salt
Liquid Bulk
Cement
Grain
Fertilisers
Other Wood
Product
Kiwifruit
Proteins & Feeds
Oil Products
Logs

11
For the six months ended December 2024
Log exports decreased 10.5%
FY 2024 period included circa 600,000 of windthrow logs from Cyclone Gabrielle
3,087,763
3,009,325
3,582,708
3,206,788
FY22FY23FY24FY25
JAS (tonnes)
For the six months ended December 2024

12
•3% downturn in total NZ forestry exports for the half year from
11.68M tonnes to 11.3M tonnes.
•Early signs the Chinese government stimulus package will kick
start construction activity, providing optimism for increased
demand.
•Inventory levels in China increasing through Chinese New Year
holiday period – approximately 4M cubic metres.
•New Zealand domestic residential construction starting to pick
up with interest rates easing.
•Paper production volumes uncertain with mill closures
announced due to high input costs and soft market conditions
impacting profitability.
•At Wharf gate log prices remain steady.
Forestry outlook

13
For the six months ended December 2024
Container volumes increased 10.2 %
622,272
637,729
536,928
591,934
FY22FY23FY24FY25
TEU
Total TEU

14
For the six months ended December 2024
Transhipped TEU volume increased by 20.8%
132,400
160,100
119,848
144,771
FY22FY23FY24FY25
TEU

15
For the six months ended December 2024
Export TEU volume increased by 7.6%
266,016
254,661
233,967
251,678
FY22FY23FY24FY25
TEU

16
For the six months ended December 2024
Import TEU volume increased by 6.8%
223,856
222,968
183,115
195,485
FY22FY23FY24FY25
TEU

17
•High rail costs impacting MetroPort demand.
•Core train programme reduced 16% from 64 to 54 trains per week.
•15% increase in capacity utilisation compared with previous corresponding period.
MetroPort containers decreased 3.6 %
105,160
97,264
67,475
65,033
FY22FY23FY24FY25
rail containers

18
•Containerised volume increased 85%
to 20,503 TEU compared to the
previous corresponding period.
•~95% of kiwifruit harvest shipped via
Port of Tauranga.
•Kiwifruit exports were valued at $3.5
billion for the 2024 season, increased
by43%comparedwith2023
(StatsNZ).
For the six months ended December 2024
Export kiwifruit volume increased 70.2%
814,648
571,602
476,264
810,690
FY22FY23FY24FY25
cubic meters (m3)

19
Kiwifruit outlook
•2024 season was a record crop and a significant
increase in volume from a low 2023 crop.
•The industry handled the big increase in crop
well both onshore and in markets aided by good
fruit quality so goes into 2025 with confidence.
•2025 has been a favorable growing season with
earliest ever start to season expected – red
supply has started last week of February and
Gold volumes are expected early.
•The February 2025 crop estimate is a gross crop
of 200 million tray equivalents –circa 3%
increase on 2024.
•Growth over the next 10 years is forecast to be a
modest 4 million tray equivalents per year.
-
50
100
150
200
250
20202021202220232024 (F) 2025 (F) 2026 (F) 2027 (F) 2028 (F) 2029 (F) 2030 (F)
Tray equivalent (TE)
Kiwifruit export annual volume growth by variety
Green OrganicGreenRubyRedSunGold OrganicSunGold

20
For the six months ended December 2024
Export dairy volume increased 4.7%
•Transhipment dairy tonnes increased 80.6% compared to previous corresponding period.
1,025,913
993,358
949,689
960,684
72,356
141,880
45,327
80,920
FY22FY23FY24FY25
tonnes
Transhipment LoadExport

21
•Favourable weather conditions increasing milk
production in August / September compared
with previous year.
•Positive volume growth through the first half of
the season, particularly in transhipment.
•Global dairy trade prices expected to hold due
to supply constraints from other key export
regions (US and EU).
•Outlook shows continued resilience despite
China economic downturn. Increasing demand
to other regions in Asia, South America.
Dairy outlook

22
For the six months ended December 2024
Export meat volumes up 10.9%
•Overall NZ export volume has
decreased, transhipment
volume through Port of
Tauranga has more than
doubled since FY23 (H1).
•Meat and wool sector export
revenue for 2025 (to June)
forecast ~$11.4B, similar to
previous year, while forecast
to grow 4% in 2026.
192,555
201,503
205,782
197,338
74,490
72,559
116,141
159,830
FY22FY23FY24FY25
tonnes
Transhipment LoadExport

23
•Sustained supply originating in Australia
and NZ to meet demand of the US and
European markets.
•Despite higher export prices, NZ volume
forecast to decline through rising input
costs and fewer livestock slaughtered.
•Tighter global supply expected from a
slow down in production with shifts into
herd rebuilding phases in South
America and the US.
Meat outlook

24
For the six months ended December 2024
Total vessel calls increased 2.4%
311
328
338
337
373
371
336
353
FY22FY23FY24FY25
vessel calls
All Other VesselsContainer Vessels

25
Cruise season visits to Mount Maunganui
Cruise vessels 2024/2025
•Busy start to the cruise season, we expect a total of 91 vessel calls for the year to June 2025 vs 109 FY
2024.
•84 visits currently forecast for the 2025/2026 season.
28
26
30
91
22/2323/2424/2524/25 (Full Year Forecast)
cruise vessel visits

26
Source: FIGS, Ministry of Transport
New Zealand port productivity
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q22023 Q32023 Q42024 Q12024 Q22024 Q32024 Q4
Crane Rate
New Zealand ports - crane rate
(containers per hour / elapsed crane time) 2018 - 2025
AucklandLytteltonNapierOtagoPOTLWellington
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
2018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q22020 Q32020 Q42021 Q12021 Q22021 Q32021 Q42022 Q12022 Q22022 Q32022 Q42023 Q12023 Q22023 Q32023 Q42024 Q12024 Q22024 Q32024 Q4
Vessel Rate
New Zealand ports - vessel rate
(containers per hour / elapsed labour time) 2018 - 2025
AucklandLytteltonNapierOtagoPOTLWellington

27
For the six months ended December 2024
Container storage income
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24
$000’s
$4.824 million
$6.306million
$6.431 million

28
$7,341
$7,383
$4,861
$4,913
$0
$5,000
$10,000
FY22FY23FY24FY25
000s
For six months ended December 2024
Subsidiaries and associates net profit after tax up 1.1%

29
•Reported profit down 10.7% to
$3.280 million.
•Breakbulk volumes down 11.6% to
1.132 million tonnes.
•Log volumes down 6.3% to 0.858
million tonnes.
•Container volumes 8,672 TEU.
•Strong contribution once again from
NorthTugz.

30
•Reported profit up 71.8% to $1.208
million.
•Bulk trade volumes up 10.2% to
0.883 million tonnes.
•Log volumes up 13.9% to 0.158
million tonnes.
•Vessel calls increased by 0.5% to
213.

31
•Reported an operating loss of -
$0.884 million vs a loss of -$0.642
million in the prior corresponding
period.
•3PL and Distribution Centre
segments making losses due to
challenging trading environment
with lower consumer demand and
corresponding reductions in
import volumes.
•Management strategic review of
the business is underway.

32
•Loss of -$0.229 million up 22.4%
from prior corresponding period
loss of -$0.295 million.
•TCT is highly seasonal with profits
earned over the second six-
months.
•New mobile harbour crane
commissioned in December 2024.
•Container volumes up 7.5% to
40,200 TEU.

33
•Profit of $1.517 million down 3.7%
on the prior corresponding period.
•QM negatively impacted by lower
MetroPort volumes as they operate
the rail CT site. POTL rail TEU
volumes down 3.2% for the period.
•Quality Marshalling is the operator
of the Ruakura Inland Port.

34
•Opened on 1 August 2023.
•Ruakura Inland Port (RIP) made a small
loss of -$0.097 million for the period up
from the prior corresponding period
loss of -$0.208 million.
•Forecasting that RIP will be profitable
over the second six months of FY25
and will have a reduced loss for the full
year.
•Competitive KiwiRail pricing still the key
to unlocking this asset.
•9,936 railed TEU through the site for
the first six months up from 3,601
recorded in the prior corresponding
period.

35
Ruakura Inland Port
0
2,000
4,000
6,000
8,000
10,000
JulAugSepOctNovDec
cumulative TEU
Previous year FY24Current year FY25
•Forecast to exceed 21,000 TEU in second year of operation
For the six months ended December 2024

36
A resilient upper North Island supply chain

37
Population growth driving imports

38
Current Post-Panamax vessels calling New Zealand circa 25 years old
Container vessel trends
Larger container vessels will continue to cascade from Post-
Panamax to New-Panamax (12,000 -15,000 TEU).
92% of order book as of December 2024 is for vessels 8,000 TEU
or larger – represents largest orderbook in history (8.3M TEU).
Required vessel draught 15 -15.5 metres.

39
Consented capital dredging expected to commence FY26
New Zealand’s hub port
Australia
•Melbourne14.0m
•Sydney13.8m
•Brisbane14.0m
•Perth14.5m
New Zealand
•Auckland12.5m
•Tauranga14.7m
(consented to 16m HW )
•Napier12.4m
•Centreport12.4m
•Lyttelton13.2m
•Otago13.5m
•NorthPort14.5m

40
Berth consent - update
•Second Environment Court decision received
16 December 2024:
•Stage 1 Sulphur Point (285-metre berth extension)
granted.
•Appealed by three of the parties to the consent 19
December 2024.
•Confirmed switch to Fast-track process
December 2024.
•Consultation commenced January 2025 – Fast-
track application to be lodged March 2025.
•Request for priority in the process as no
further berth capacity at container terminal.

41
Port of Tauranga – Terminal development

42
•Timing linked to berth consent.
•Detailed modelling and emulation
undertaken.
•~75% reduction in emissions relative to
straddle operation.
•Initial stage two ASC blocks proposed.
•Staged bolt-on introduction relative to
volume growth requirements.
Terminal automation project

43
24.5%
18.0%
18.1%
17.1%
0%
5%
10%
15%
20%
25%
FY22FY23FY24FY25
For the six months ended December 2024
Net debt / net debt + equity

44
Parent capital expenditure / investment 2020 – 2026
38,228
23,796
18,612
44,322
34,691
35,000
130,000
40,000
2,850
21,450
2,135
9,000
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
FY20FY21FY22FY24FY24FY25FFY26F
$000s
Ruakura Inland PortMMHCapex

45
•Consortium consisting of
POT, NRC and Tupu Tonu
(TT).
•Offer to buyout MMH
minorities at $5.60 per
share.
•POT has agreed to exchange
its 50% shareholding in
Northport for shares in a
new holding company.
•If successful proposed
ownership structure:
•POT – 50%
•NRC – 43%
•TT – 7%
Conditional offer subject to Northland Regional Council (NRC) public consultation
Marsden Maritime Holdings (MMH) - Scheme Implementation
Agreement
Northport
Marsden Point

46
Outlook 2025
•Export volumes expected to remain steady
for second half FY25.
•Expect to handle circa 1.2 million TEU.
•Log volume expected to be circa 6.3M JAS
FY25.
•Service delivery, safety, productivity, cost
control and margin improvement remain a
focus.
•Infrastructure investment remains a
priority to improve resilience and capacity.
•Capital dredging expected to commence
this year.
•FY2025 profit range lifted - underlying
earnings
1
now expected to be in the range
of $115 million to $125 million.
1
Underlying earning excludes such items as revaluations, impairments and one off non-operating items.

47
Sponsorships and
community partnerships
Tertiary Scholarships via
Turirangi Te Kani Memorial
Nga Matarae Charitable Trust

Thank you
48