Institutional Investor Day Presentations

INSTITUTIONAL INVESTOR BRIEFING 6 MARCH 2025
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6 MARCH 2025

INSTITUTIONAL INVESTOR BRIEFING 6 MARCH 2025
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Important Notice and Disclaimer
This presentation has been prepared by Napier Port Holdings Limited
(together with Port of Napier Limited, "Napier Port"). This presentation is
being provided to you on the basis that you are, and you represent and
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Information only; No reliance: This presentation is for information
purposes only and you should not rely on this presentation. This
presentation does not purport to contain all of the information that you may
require or be complete. The historical information in this presentation is, or
is based upon, information that has been released to NZX Limited ("NZX").
This presentation should be read in conjunction with Napier Port's other
periodic and continuous disclosure announcements, which are available at
www.nzx.com.
The information in this presentation does not constitute a personal
recommendation or service or take into account the particular needs of
any recipient. The information in this presentation should be considered
in the context of the circumstances prevailing at the date and time of the
presentation and is subject to change without notice. No person is under
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information about Napier Port. This presentation does not constitute or
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in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject
to investment and other known and unknown risks, some of which are
beyond the control of Napier Port. Napier Port does not guarantee any
particular rate of return or the performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and
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Financial data: All dollar values are in New Zealand dollars (NZ$ or
NZD) unless otherwise stated. Any financial information provided in this
presentation is for illustrative purposes only and is not represented as
being indicative of Napier Port's views on its future financial condition and/
or performance.
Investors should be aware that certain financial data included in this
presentation are 'non-GAAP financial measures'. Investors are cautioned
not to place undue reliance on any non-GAAP financial measures included
in this presentation, they do not have a standardised meaning prescribed
by New Zealand Generally Accepted Accounting Standards and, therefore,
may not be comparable to similarly titled measures presented by other
entities, nor should they be construed as an alternative to other financial
measures determined in accordance with New Zealand Generally
Accepted Accounting Standards.
Past performance: Any past performance information given in this
presentation is given for illustrative purposes only and should not be relied
upon as (and is not), a promise, representation, warranty or guarantee as
to the past, present or the future performance of Napier Port.
Future performance: This presentation contains “forward-looking
statements”, which include all statements other than statements of
historical facts, including, without limitation, any statements preceded
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“aims”, “intends”, “will”, “may”, “anticipates”, “would”, “could” or similar
expressions or the negative thereof. Indications of, and guidance or
outlook on, future earnings or financial position or performance are also
forward-looking statements. Such forward-looking statements involve
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beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from
future results, performance or achievements expressed or implied by such
forward-looking statements. No assurances can be given that the forward-
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INSTITUTIONAL INVESTOR BRIEFING 6 MARCH 2025
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FUTURE READY: FOUNDATIONS, CAPABILITY, TRANSFORMATION
Our
Strategy

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Strategic
Advantages
• Premium cargo base that is diverse,
defensible and resilient
• Ease of access on the main international
shipping route
• Connected to road, rail and shipping
• Strong social license
• Innovative and invested culture
• Strong regional tourism
• Fully consented to enable expansion
• Regional investment across key industries
FUTURE READY: FOUNDATIONS, CAPABILITY, TRANSFORMATION

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Strong track
record of
delivery
Foundation Setting
0-3 Years
Strategy Creation
IPO
6 Wharf commences
Thames Street II Depot
Kaweka Tug
Capability Building
4-6 Years
6W/Te Whiti Wharf port expansion completed
Viewpoint Supply Chain service
Systems and Process Upgrades
Strategic Asset Management
Sustainability, Health & Safety, People & Culture
Pricing and Yield Management - 'Whole of Port’ thinking
Strategy has built
foundations and capability:
• Added value for
cargo customers
and shipping lines
• Major levers: pricing,
volume growth, cost
control
• Embedding social
and environmental
sustainability
• Operational flexibility
and agility (‘Whole of
Port’ thinking)
• Maintained
solid financial
performance and
balance sheet
• Invested responsibly
in infrastructure,
assets, equipment
FUTURE READY: FOUNDATIONS, CAPABILITY, TRANSFORMATION

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FUTURE READY: FOUNDATIONS, CAPABILITY, TRANSFORMATION

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Capturing
Opportunities
• Growing cargo volumes
• Increasing yield through product
mix, pricing for capital returns,
and providing value
• Long-term horizon positive for
key cargoes
• The port that finds solutions for
customers and shipping lines
• Building on our existing
relationships with cargo
owners, shipping lines, KiwiRail,
transport operators, regional
and national authorities
• Balance sheet capacity available
to support growth and business
development
• Transformation - scalable,
efficient, resilient to respond to
customer needs
• Strategic asset management
underpinning operational
capability and reliability,
disciplined deployment of capital
into infrastructure and plant
• Napier Port Transformation (NPT)
- cost, efficiency, productivity,
and workforce development
FUTURE READY: FOUNDATIONS, CAPABILITY, TRANSFORMATION

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napierport.co.nz Napier Port Napier Port
YOUR TRADE
GATEWAY
TO GLOBAL
MARKETS
Over five million tonnes of cargo flow
across our wharves each year, connecting
Hawke’s Bay to the world.
TO CENTRAL
AMERICA
TO NORTH,
CENTRAL AND
SOUTH AMERICA
TO WEST
COAST
OF SOUTH
AMERICA
TO SOUTH EAST ASIA,
INDIA, MIDDLE EAST ,
AFRICA AND EUROPE
NAPIER
AUSTRALIA
CHINA
JAPAN
HONG KONG
BRISBANE
MELBOURNE
NINGBO
TOKYO
SINGAPORE
SHANGHAI
Driving Regional
Trade and Global
Connectivity
MAP
Trade Positioning
and Supply Chains
• Diversified trade portfolio
• Strategic export location
• Strong national connectivity
Core Cargo & Trade
Demand
• High value trade sectors
• Supports demand from
global shipping lines
CUSTOMER & CARGO
Global Connectivity
• Extensive trade links
• Strong transshipment
connections
Port Infrastructure
& Future Readiness
• Dredging & berth availability
• Operational capability
• Future-proofing to ensure
long-term viability
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CUSTOMERS & CARGO

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Containerised
Cargo
Market Strength & Trade:
• High demand cargo
• Expanding food & fibre industry
• Customer-centric & flexible approach
Food & Fibre Fundamentals
& Infrastructure Readiness
• Sustained industry growth
• Infrastructure investment
• Latent capacity for increased volumes
• Global fruit and vegetable consumption
is expected to grow 19–60% by 2050,
driving export opportunities.¹
Expanding Trade
Networks
& Transshipments
• Shipping expansion &
new trade lanes
• Adapting to increase
transshipment volumes
• Enhanced inland logistics
& supply chains
Supporting Balanced Trade
& Business Opportunities
• Adapting to industry shifts
• Enabling regional trade
expansion
• Building a more balanced
import/export mix
CUSTOMERS & CARGO
1. Source: Food and Agriculture Organization of the United Nations (FAO)

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Viewpoint
Supply Chain
Integrated Supply
Chain Solutions
• Comprehensive landside logistics
• Seamless end-to-end connectivity
• Optimised freight movements &
cost efficiency
• Customer-centric & easy-to-use
service model
Expanding Cargo
Volumes & Market Reach
• Sustained growth since inception
• Strengthening import & export flows
• Supporting food & fibre exports
with flexible logistics
Viewpoint has transformed our logistics
management. The real-time tracking
feature has significantly reduced our
response times and improved efficiency.”
The support we receive from the
Viewpoint team is exceptional. They are
always available to help us navigate any
challenges, making our partnership with
Napier Port invaluable.”
CUSTOMERS & CARGO
Strategic Infrastructure
& Regional Connectivity
• KiwiRail partnership: utilising rail
capacity for growth
• Viewpoint supporting Manawatu
Inland Port & scalable rail
connections

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Log Export Growth
• NZ’s 2nd largest log export port & key finishing port
• Visible plantings and strong supply profile
• High proportion of forestry estate sourced wood (c50%)
• High demand: Strong log debarking throughput
• Competing in a contestable export market
Bulk Cargo
Bulk Commodity Trends
& Market Dynamics
• Fertiliser market: Stable with
expected coastal growth
• Bulk fuel, tallow & chemicals:
Steady with economic-driven growth
• Emerging bulk export opportunities
CUSTOMERS & CARGO
20162018202020222024202620282030
Million Tonnes
10,000
8,000
6,000
4,000
2,000
-
Napier Port Log Exports and Hawke’s Bay Adjusted Forestry Plantings
202520262027202820292030
0.0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
Million Tonnes
Contestable Wood Volume
Source: Forme Forestry Industry Consultants
Source: Forme Forestry Industry Consultants, NPH

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Cruise Industry
Short-Term Challenges
• Australasian downturn: Geopolitical,
biosecurity & cost pressures
• Industry planning cycle: 2-Year cycle
driving short-term fluctuations
Long-Term Growth
& Confidence
• Fleet expansion: Larger ships
supporting future itineraries
• Global recovery: Strong
bookings & passenger rebound
• Sustainability: Investment in
greener ships & experiences
Future Opportunities
• Enhanced infrastructure: investing
in facilities & passenger experience
• Itinerary development:
Strengthening cruise line partnerships
• Seatrade global 2025: Collaborating
to drive growth
CUSTOMERS & CARGO

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Napier Port's asset
management approach
integrates engineering,
strategic, and economic
considerations to deliver
resilient, sustainable,
long-term infrastructure
and enduring
shareholder value.
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY
Engineering
Strategy
Economics
ASSET
MANAGEMENT

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Discussion Points
• How do we create enduring value through the
management of our asset portfolio - Asset
Management
• What are we investing in and why
• What benefits do we expect to realise from these
investments
• When do we expect investment to occur
• How do we integrate Sustainability and Environmental
management into our investment strategies
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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OUR PURPOSE
Together We Build A Thriving Region By Connecting You To The World
OUR STRATEGIC GOALS
Customer
Connection
Harnessing Data
And Technology
Networked
Infrastructure
Collaborative
Partnerships
OUR ORGANISATIONAL
FOCUS AREAS
Aligning what we do in asset management with our strategic focus areas ensures that our
investment strategy is guided by and underpins our strategic objectives.
OUR ASSET
MANAGEMENT GOALS
Our SIX asset management goals define what success looks like.
Achieving each ensures that we create ensuring value.
OUR LONG-TERM
ASSET MANAGEMENT
COMMITMENTS
Asset Management Policy ensures accountability exists throughout the organisation to deliver.
OUR ASSET
MANAGEMENT OBJECTIVES
NINE identified objectives translate into key strategic projects, each delivering
incremental benefit and propelling us on path towards continuous improvement.
ALIGNMENT WITH
THE BROADER ASSET
MANAGEMENT CONTEXT
Our approach to asset management is globally recognised as best practice for capital
infrastructure entities reflected by the alignment with SEVEN international standards.

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Our approach to
creating enduring value:
Asset Management
What is Asset Management -
“A systematic approach taken by
organisations to realise the maximum
value from its asset portfolio”
NAPIER PORTS ASSET
MANAGEMENT GOALS
Assets and infrastructure are resilient to events and asset
planning considers climate change adaptation scenarios.
Opportunities to enhance the sustainability performance
of existing assets and infrastructure are realised, and
investments in new assets consider sustainability outcomes.
An asset management culture is created that fosters trust,
ownership and accountability, effective communication and
feedback, and recognition and celebration of successes.
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5
6
Asset management plans adapt to changing demands,
maximising the use of existing assets and making strategic
investments in new ones.
Assets and infrastructure operate reliably, meet operational
needs, and benefit from continuous improvement.
The capabilities of data and technology assets enable asset
management to efficiently meet business requirements
and provide insights to support continual improvement.
1
2
3
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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What are we investing in?
Two distinct investment categories drive our decision making
Maintaining our
Existing Capability
Growing our
Capability
Marine InfrastructureTrailing Suction Hopper Dredge
Buildings, Civil Structures, UtilitiesCranes
Mobile Plant & EquipmentMooring Systems
Floating PlantNew Operating Modes
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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What benefits do we
expect to realise from
these investments?
Reduced
safety risk
Increased shareholder
and enterprise value
Lower carbon
emissions and
environmental effects
Enhanced productivity
and operational
performance
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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Vessel
Navigation
Marine
Channels &
Navigation
Instrumentation
Pilotage &
Towing
Floating Plant
Mooring &
Berthage
Wharves
& Marine
Infrastructure
Cargo
Marshalling
Mobile Plant
& Ancillary
Equipment
Corporate
Operations
Asset Management
Support Functions
Cargo Storage
& Processing
Building, Civil
Structures
& Utilities
Networks
Primary
Activity
Support

Activity
Asset

Class
MARGINS
MARGINS
COMBINED
Maintaining
our Existing
Capability
Investment decision
making takes a value chain
approach - embedding asset
management practices within
value creating activities.
Asset management plans
• Marine & Wharf Infrastructure
• Floating Plant
• Mobile Plant & Equipment
• Buildings Civil Structures & Utilities
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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Growing our Capability
Enhancing our strategic relevance within the supply chain
TSHD
Dredge
Cranes
New Operating
Modes
Mooring
Systems
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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Why we’re choosing
to deploy capital in
specific areas
Deepening our channel ensures our strategic relevance is
maintained by being able to meet the emerging needs of
global shipping - ownership allows us to achieve this at a
favourable cost when compared to alternatives.
Next generation mooring systems enable us to augment
our existing systems, allowing us to extract the greatest
benefit from our infrastructure investments .
Long-life asset investments need to consider
future scenarios and embed adaptive strategies
within procurement decision making - for cranes,
we need to account for vessel growth.
New modes of operation are set to
further enhance operational efficiency.
An end-to-end view of cargo flows
informs our investment decision making
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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An indicative timeline for delivery
202520262027202820292030
Vessel
Navigation
Marine
channels &
navigation
instrumentation
Pilotage &
Towing
Floating Plant
Mooring &
Berthage
Wharves
& Marine
Infrustructure
Cargo
Marshalling
Mobile Plant
& Ancillary
Equipment
Corporate
Operations
Asset Management
Support Functions
Cargo Storage
& Processing
Building,
Civil
Structures
& Utilities
Networks
Primary
Activity
Support

Activity
Asset

Class
MARGINS
MARGINS
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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Integrating
Sustainability
at every step
STRATEGIC

OBJECTIVES
2025-2028
FOCUS AREAS
Engagage &
Communicate
Ensure our people,
customers and community
are well informed and
engaged.
Learning & Innovative
Thinking
Encourage lifelong learning
and innovative thinking.
Sustainable Sourcing
Responsible sourcing and
sustainability criteria for the
procurement of materials, assets,
and supply services.
Strategic Planning &
Investment
Optimise use of land, terminal,
footprint, infrastructure assets
and support sustainability criteria-
based assessments for projects.
Good Neighbour
Improve the living environment
for communities in and around
the port managing nuisance,
traffic and communication.
Thriving Communities
Work collaboratively with
community partners to provide
pathways for engagement,
education, volunteering support,
grants and initiatives.
PEOPLE
Manakitanga
Climate Action &
Energy
Take action to reduce
our carbon footprint and
support our national zero
emission future by 2050.
Water
Management
Manage and improve
stormwater, wastewater
and groundwater.
PROSPERITY
Ohanga Ora
PARTNERSHIP
Rangapu
PLANET
Kaitiakitanga
Safe, Secure and Well
Equity, Diversity and
inclusion
Learning and
Innovative Thinking
Integrated Culture
and Leadership
Empowerment and
Shaping our Future
Engage and
Communicate
Healthy Reefs and
Oceans
Climate Action and
Energy
Water management
Waste and Circular
Economy
Clean and Safe
Shipping
Business Resilience
Better Customer
Outcomes
Ethical and Evolving
Supply Chains
Technology and a
Digital Future
Strategic Planning and
Investment
Sustainable Sourcing
Good Neighbour
Thriving Communities
Cultural Connections
Customer Stakeholder
Connections
Research and Advocacy
Sustainable Tourism
CONTINUOUS IMPROVEMENT PLANS
ACTIONS, PROJECTS AND PERFORMANCE MEASUREMENTS
SUSTAINABILITY
STRATEGY ON A PAGE
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY

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A progressive
approach to
emissions reduction
Reducing emissions alongside our asset replacement strategy
Seven Battery
Electric forklifts
(due April/May)
Hybrid and/or electric
crane technology
under evaluation
Five Kalmar Eco
Reachstackers
(total of eight)
ASSETS AND INFRASTRUCTURE & SUSTAINABILITY
Current Initiatives:

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Napier Port Transformation (NPT) focuses
on operating as a sustainable business for
the long term - operationally, economically,
environmentally and socially.
This positions ourselves operationally for
future growth and meets growing demands
of cargo customers and shipping lines.
Transforming
Napier Port for
the future
NAPIER PORT TRANSFORMATION

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Current operating model has longer-
term constraints - high capital and
labour intensity due to equipment use
Motivations for
Transformation
Future-proofing customer needs
requires efficient use of space and
improved vessel productivity
Mature, commercially available
technology enables consideration
of various operating systems
NAPIER PORT TRANSFORMATION

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NAPIER PORT TRANSFORMATION
A Horizontal
Transport Solution:
Battery electric autonomous
trucks for horizontal
container transport

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NAPIER PORT TRANSFORMATION
NPT Project:
What benefits do
we expect to realise
Maintain high
standards of service
Reduce
operating costs
Improve vessel
productivity
Expand container
terminal capacity
Phased
and
Scalable
Improve container
terminal operational
efficiency

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Progress Overview
Current Status of NPT
Progress to Date
Site visits to Thailand and China
reviewing autonomous truck
operations at container terminals
Design validation underway
with horizontal container trials
underway and ongoing
Pre-contracting phase with
a preferred supplier and
due diligence in progress
Investment
decision to
proceed
NAPIER PORT TRANSFORMATION
Research, modelling, and
simulations underway,
alongside ongoing engagement
with international ports
PRESENTNEXT STEPS

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Autonomous
Truck Operations
NAPIER PORT TRANSFORMATION

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FINANCIAL OVERVIEW
Earnings
Current earnings guidance
• FY2025 Underlying Result from
Operations of $55-59 million
• Currently tracking towards top of range
FY20 to FY25 Result from Operations
CAGR estimate of c. 7.6%
Future earnings
• Target to earn WACC level returns on
invested capital in period 5-10 years
post 6 Wharf construction (FY2022)

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Capital
Management
Forecast capital expenditure range
• FY25-27 average c. $40 million p.a.
• Includes provision for:
• c. $80m replacement maintenance capital
• Includes 2x cranes, mobile plant fleet
replacements, wharf major maintenance
• c. $40m capacity & growth
• $11m dredge investment
• Approx. $20-25 million transformation project –
infrastructure, mobile plant, and technology
• Targeting: 10%-15% IRR, 15% - 17%
reduction in total Scope 1 carbon emissions
• Excludes potential further supply chain investment
• Note – dependent upon approvals and subject to
timing changes
FINANCIAL OVERVIEW
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Capital
Management
Cyclone Gabrielle material damage and
business interruption insurance claim
• Final total settlement of $24m – balance of $7.5m
of income in FY2025
Investment property holding under
review – hold, develop, or trade
• Whakatu 12.3 ha, BV of $13.6m
Risk Reserve Investment Fund
• Initial fund target size of $25m, to be established
over 5 or more years from FY2025
Dividend policy remains unchanged:
• 70-90% FCF
1
FY25-27:
• Debt to EBITDA ratio expected to rise within 2.0x
to 3.0x target range
FINANCIAL OVERVIEW
1 - Refer full Dividend Policy statement including full considerations for paying
a dividend and definitions – as detailed in our most recent annual investor
presentation available on the NZX reporting platform and Napier Port’s website.
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