Napier Port Holdings Limited/Announcement

2025 Half Year Results

Half Year Results20 May 2025NPHIndustrials

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1

NZX AND MEDIA RELEASE
21 May 2025
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2025
Napier Port delivers strong earnings and special dividend with first half result
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today announced
strong earnings growth for the six months ended 31 March 2025. The result was underpinned by a solid
uplift in container cargo volumes, a marked increase in DLR and transhipment activity, and the
continued benefits of disciplined cost control and effective yield management.
HIGHLIGHTS
• Revenue rose 10.6% to $78.1 million from $70.6 million in the same period last year and was
led by growth in container services revenue
• Result from operating activities
1
increased 21.1% to $33.1 million from $27.4 million in the same
period last year
• Underlying net profit after tax
2
increased 33.4% to $14.8 million from $11.1 million in the same
period a year ago
• Reported net profit after tax increased 40.8% to $20.2 million from $14.3 million in the same
period last year
• Final settlement of Cyclone Gabrielle material damage and business interruption insurance
claim contributes $7.5 million to reported net profit
• Container volumes increased 13.9% on Pan Pac’s return to full pulp and timber operations, an
earlier apple picking season and increased restow and transhipment activity
• Directors declare a fully imputed interim dividend of 4.0 cents per share, increased from the
interim dividend in the prior year of 3.0 cents per share
• An additional one-off fully imputed special dividend of 2.5 cents per share declared
• Increased forecast underlying result from operating activities for the year to 30 September 2025
of between $59 million and $63 million

Chief Executive, Todd Dawson said: “This positive half-year result reflects Napier Port’s strong
operational performance under improved trading conditions. The full resumption of Pan Pac’s pulp and
timber operations has driven a notable increase in dry export container volumes. Meanwhile, favourable
growing conditions led to an earlier apple harvest, boosting refrigerated container throughput.
“Changes to shipping line services also contributed to significantly higher DLR and transhipment
volumes compared to the same period last year. In contrast, bulk cargo volumes were softer, primarily
due to the absence of windthrown logs that had positively impacted last year’s first half result. This
result once again highlights the value of a diverse and resilient cargo base, supported by the operational
agility to deliver capacity and flexibility when needed.
“Strong trade volume, together with effective cost control and yield management, is working well for us
alongside investments in infrastructure and additional customer services we are providing. This positive
operating leverage is supporting a higher level of earnings for Napier Port.” Mr Dawson said.

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings.
For further information please refer to Note 24 of the 2024 Annual Consolidated Financial Statements and the Supplemental
Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring and unrealised fair value revaluation items to provide consistency and comparability of the financial
information over the periods presented. For further information please refer to the Supplemental Selected Financial Information.

2

FINANCIAL RESULTS
Revenue for the half year rose 10.6% to $78.1 million from $70.6 million in the same period last year.
Container services revenue for the half year increased 27.2% to $42.7 million from $33.6 million
following a 13.9% increase in container volumes to 112,000 TEU
3
, compounded by a 11.7% increase
in average revenue per TEU.
Bulk cargo revenue for the half year decreased 2.7% to $25.5 million from $26.2 million as export log
volume decreased 12.7% to 1.36 million tonnes and total bulk cargo volume decreased 9.2% to 1.71
million tonnes.
Cruise revenue for the first half decreased 8% to $8.2 million from $8.9 million. There were 77 cruise
vessel calls in the half year, compared to 88 in the prior year.
Operating expenses were contained to an increase of 4% on the same period last year despite
significantly increased container volumes.
Positive operating leverage was evident as higher container volume, together with contained costs,
increased the result from operating activities by 21.1% to $33.1 million from $27.4 million reported for
the first half of the last financial year.
Underlying net profit after tax increased 33.4% to $14.8 million from $11.1 million in the same period
last year. Reported net profit after tax was $20.2 million, a 40.8% increase on the prior year’s $14.3
million, which included a $7.5 million (pre-tax) contribution from the final settlement of the Cyclone
Gabrielle material damage and business interruption insurance claim.
OUTLOOK AND DIVIDEND
Mr Dawson said: “We’re pleased to deliver a solid half-year result for both our region and our
shareholders. This outcome reflects the dedication of the Napier Port team, who achieved it despite
operating with fewer resources than prior years and some equipment availability challenges in the first
half of the year.”
“Demand for the region’s food and fibre exports has been strong, and we expect to sustain healthy
volume and earnings into the second half of the year. Growing conditions have supported earlier pipfruit
exports, which are progressing well, although the final crop size for export is yet to be determined.
“We anticipate continued momentum in containerised wood pulp and timber volumes, provided sector
market conditions remain stable. However, we remain mindful of ongoing uncertainty in the log export
market, particularly around potential impacts from trade negotiations and broader global market
dynamics.
“One scheduled cruise visit remaining for the 2025 cruise season. We currently have 66 forward
bookings for the upcoming 2026 season commencing in October.
“Our investment programme into infrastructure and capability continues, with renewal and replacement
across several areas, including the container terminal transformation project and construction of a new
trailer suction hopper dredge in partnership with Port Otago, which will see an increased level of capital
investment into our assets in the near term.” Mr Dawson said.
Napier Port has revised its expectations for an underlying result from operating activities for the year to
the end of September 2025 of between $59 million and $63 million, assuming a continuation of current
operating conditions and excluding insurance claim income.
Chair Blair O’Keeffe said: “The Board is pleased to pay a fully imputed interim dividend of 4.0 cents per
share, which is increased from the 3.0 cents per share interim dividend paid last year.
“In addition, to recognise the strong financial position of the Group and improved profitability arising
from the finalisation of the Cyclone Gabrielle insurance claim, a fully imputed one-off special dividend
of 2.5 cents per share has been declared.”

3
Twenty-foot equivalent container unit

3

The record date for the interim and special dividend entitlements is 13 June and the payment date will
be 26 June.
We expect to provide a further update to the market regarding our June quarter trading results during
August.

Conference Call
Napier Port will hold a conference at 11:00am (NZT) (9.00am, AEST) today. To attend to the conference
call participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10047032-ju87y6.html
Registrations can be taken right up to the commencement of the call.
ENDS

For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Corporate Affairs Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz

About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for
Hawke’s Bay and lower North Island’s exports and operate a long-term regional infrastructure asset
that supports the regional economy. Our strategic purpose is to collaborate with the people and
organisations that have a stake in helping our region grow. View Napier Port’s investor centre:
www.napierport.co.nz/investor-centre/

---

FOR THE SIX MONTHS ENDED 31 MARCH 2025

Contents.
+ Trade And Financial Results.
p3.
+ Chair And Chief Executive’s Report.
p4.
+ Overview of the Half Year.
p7.
+ Financial Statements.
p11.
+ Independent Auditor’s Review Report.
p22.
+ Directory.
p23.
p2

Trade and Financial Results
For the six months ended 31 March 2025.
$33.1m
Result from Operations
21.1%
$78.1m
Revenue
10.6%
$8.0m
Interim Dividend
4.0 cents/share
$20.2m
Reported Net Profit
40.8%
112k
TEU Containers Handled
13.9%
1.7m
Tonnes of Bulk Cargo Handled
9.2%
77
Cruise Vessel Calls
12.5%
$5.0m
Special Dividend
2.5 cents/share
Half Year Report For the six months ended 31 March 2025
p3

Chair
and Chief
Executive’s
Report.
+ Trading Overview.
p5.
+ Financial Results.
p6.
+ Outlook and Dividend.
p6.
p4

This positive half-year result reflects Napier Port’s
strong operational performance under improved
trading conditions. The full resumption of Pan Pac’s
pulp and timber operations has driven a notable
increase in dry export container volumes. Meanwhile,
favourable growing conditions led to an earlier apple
harvest, boosting refrigerated container throughput.
Changes to shipping line services also contributed to
significantly higher DLR and transhipment volumes
compared to the same period last year. In contrast,
bulk cargo volumes were softer, primarily due to
the absence of windthrown logs that had positively
impacted last year’s first half result. This result once
again highlights the value of a diverse and resilient
cargo base, supported by the operational agility to
deliver capacity and flexibility when needed.
Strong trade volume, together with effective cost
control and yield management, is working well for
us alongside the investments in infrastructure and
additional customer services we are providing. This
positive operating leverage is supporting a higher
level of earnings for Napier Port.
Trading Overview
Chair and Chief
Executive’s Report
We are pleased to report strong earnings growth for the six months ended
31 March 2025, underpinned by a solid uplift in container cargo volumes,
a marked increase in DLR (discharge, load, restow) and transhipment
activity, and the continued benefits of disciplined cost control and effective
yield management.
Strong trade volume, together with effective cost control
and yield management, is working well for us alongside
the investments in infrastructure and additional customer
services we are providing.”
Half Year Report For the six months ended 31 March 2025
p5

We are pleased to deliver a solid half-
year result for both our region and our
shareholders. This outcome reflects
the dedication of the Napier Port team,
who achieved it despite operating with
fewer resources than prior years and
some equipment availability challenges,
in the first half of the year.
Demand for the region’s food and
fibre exports has been strong, and
we expect to sustain healthy volume
and earnings into the second half of
the year. Growing conditions have
supported earlier pipfruit exports,
which are progressing well, although
the final crop size for export is yet to
be determined.
We anticipate continued momentum
in containerised wood pulp and timber
volumes, provided sector market
conditions remain stable. However, we
remain mindful of ongoing uncertainty
in the log export market, particularly
around potential impacts from trade
negotiations and broader global
market dynamics.
One scheduled cruise visit remains for
the 2025 cruise season. We currently
have 66 forward bookings for the
upcoming 2026 season commencing
in October.
Our investment programme into
infrastructure and capability continues,
with renewal and replacement across
several areas, including the container
$42.7m
Container Services
Revenue
27.2%
$20.2m
Reported Net Profit
40.8%
$78.1m
Revenue
10.6%
Blair O’Keeffe
Chair
Todd Dawson
Chief Executive Officer
Outlook and Dividend
Revenue for the half year rose 10.6% to $78.1 million
from $70.6 million in the same period last year.
Container services revenue for the half year increased
27.2% to $42.7 million from $33.6 million following a
13.9% increase in container volumes to 112,000 TEU,
compounded by a 11.7% increase in average revenue
per TEU.
Bulk cargo revenue for the half year decreased
2.7% to $25.5 million from $26.2 million as export
log volume decreased 12.7% to 1.36 million tonnes
and total bulk cargo volume decreased 9.2% to 1.71
million tonnes.
Cruise revenue for the first half decreased 8% to $8.2
million from $8.9 million. There were 77 cruise vessel
calls in the half year, compared to 88 in the prior year.
Financial Results
Operating expenses were contained, despite
significantly increased container volumes, to an
increase of 4% on the same period last year.
Positive operating leverage was evident as higher
container volume, together with contained costs,
increased the result from operating activities by 21.1%
to $33.1 million from $27.4 million reported for the first
half of the last financial year.
Underlying net profit after tax increased 33.4% to
$14.8 million from $11.1 million in the same period last
year. Reported net profit after tax was $20.2 million,
a 40.8% increase on the prior year’s $14.3 million,
which included a $7.5 million pre-tax contribution from
the final settlement of the Cyclone Gabrielle material
damage and business interruption insurance claim.
terminal transformation project and
construction of a new trailer suction
hopper dredge in partnership with Port
Otago, which will see an increased
level of capital investment into our
assets in the near term.
We have revised expectations for
an underlying result from operating
activities for the year to the end of
September 2025 of between $59
million and $63 million, assuming
a continuation of current operating
conditions and excluding insurance
claim income.
The Board has resolved to pay a fully
imputed interim dividend of 4.0 cents
per share, which is increased from the
3.0 cents per share interim dividend
paid last year. In addition, to recognise
the strong financial position of the
Group and improved profitability arising
from the finalisation of the Cyclone
Gabrielle insurance claim, a fully
imputed one-off special dividend of
2.5 cents per share has been declared.
The record date for the interim and
special dividend entitlements is 13
June and the payment date will be 26
June.
Nga mihi.
Half Year Report For the six months ended 31 March 2025
p6

Overview
of the
Half Year.
+ Responding to Increased Volume.
p8.
+ Logs on Rail.
p8.
+ Dredge Partnership Builds Resilience.
p9.
+ Sustainability and Emissions.
p10.
p7

During the half year, Napier Port handled a
substantial increase in container activity, driven by a
strong seasonal influx of apples and squash, robust
Pan Pac pulp and timber volumes, and repositioning
of empty containers arriving in Hawke’s Bay.
This volume increase is attributed to a favourable
growing season leading to an early apple harvest,
and Pan Pac operations returning to normal
levels, two years after Cyclone Gabrielle. Initial
expectations were exceeded and port operations
responded well to manage the increase in cargo
volume. A recent operations structure change, which
involved forming dedicated Planning and Execution
functions, proved effective in managing the demand
without significant cost or resource increases.
Additionally, there was a notable rise in transhipment
and DLR work following service changes among
container shipping lines, highlighting future
opportunities for Napier Port. Bulk cargo volumes
remained steady with a constant flow of logs into
the port, and there were 77 cruise vessel calls
during the half-year period, including several double
and triple cruise days.
Responding to Increased Volume
In January, we welcomed the inaugural
log train from Karioi Forest in Manawatu-
Wanganui, marking the commencement
of a new partnership between Ernslaw
One, KiwiRail, and Napier Port. The
new rail service was established
following the closure of Winstone Pulp
International’s Tangiwai Mill, which had
previously processed and supplied pulp
and timber for export through Napier
Port. Operating five days a week, this
rail service replaces 21 logging trucks
per trip with a 19-wagon train capable of
carrying 600 tonnes of logs.
The additional logs are also feeding
throughput of the port’s debarking
operation, which strips the bark off
export logs to comply with phytosanitary
requirements in importing countries.
This initiative benefits both the Ruapehu
and Hawke’s Bay communities by
reducing road wear, enhancing road
safety, supporting local contractors, and
lowering transport emissions. Additionally,
it strengthens the connection between
Central and Lower North Island producers
and global shipping services.
Logs on Rail
600
Tonnes of Logs
per trip
19
Rail
Wagons
per trip
21
Log Trucks
off the Road
per trip
5
Days a
Week
Bulk cargo volumes
remained steady with
a constant flow of logs
into the port, and 77
cruise vessel calls during
the half-year period,
including several double
and triple cruise days.”
Half Year Report For the six months ended 31 March 2025
p8

This initiative aims to protect the shipping
channels and harbour access of both
ports for future generations, enhancing
safety and resilience.”
In December, we announced a partnership
with Port Otago to form a joint venture for
the construction of a $36 million state-of-
the-art trailing suction hopper dredge, built
by Dutch shipbuilders Damen Shipyards. This
initiative aims to protect the shipping channels
and harbour access of both ports for future
generations, enhancing safety and resilience.
This builds on a long-standing collaborative
relationship between our two ports and led to
the formation of a new Limited Partnership.
This dredge enables Napier Port to utilise its
current resource consents, valid until 2053, by
incrementally deepening the shipping channels
from their current depth of 12.5 meters at low
water to the consented depth of 14.5 metres.
This will accommodate larger, deeper-draft
vessels and strengthen the port’s capacity for
future growth.
The partnership will utilise Port Otago’s 150
years of expertise in dredging operations. This
collaboration enhances New Zealand’s maritime
infrastructure, with shared ownership of the
dredge improving operations at both ports and
reducing duplication of investment within the
sector.
By the end of the half-year period, production
had commenced on the dredge at Shipyard189
in Haiphong, Vietnam, marked by the official
steel cutting ceremony.
Dredge Partnership Builds Resilience
$36m
Joint
Investment
14.5m
Deepen the
shipping
channel to
Berth larger vessels coming to NZ
Half Year Report For the six months ended 31 March 2025
p9

These initiatives not only help protect the
local environment but also foster a culture
of sustainability within the Napier Port
team and the wider community.”
8.2%
Increase in half
year emissions
11.5%
Increase in
emissions per
cargo tonne
Total unaudited Scope 1 emissions increased 11.7%,
largely due to a 13.9% increase in container volumes,
which drove higher emissions from fuel use by cranes,
forklifts and trucks.
Scope 2 includes indirect emissions from purchased
electricity and decreased 17%. This decline is largely
attributed to lower use of reticulated electricity for
reefer cargo, with more diesel generation required
due to the increased volume and storage distribution
of reefer cargo across the port.
There were minor movements across Scope 3
categories and a complete dataset for FY25 will be
reported in the annual report.
On a relative metric basis, emissions per cargo tonne
increased by 11.5%, as relatively emissions-intensive
container cargo represented a higher proportion of
total cargo tonnes handled by Napier Port.
Napier Port is dedicated to driving sustainability
through various initiatives that engage our team
and support local environmental efforts. Through
our Employee Recognition Scheme, employees are
recognised for their contributions to sustainability,
with opportunities to participate in activities like
the Litter Intelligence Survey in partnership with
Sustainable Coastlines, regular beach clean-ups,
and volunteer days at the Seabird Sanctuary through
our sponsorship of the Cape Sanctuary, a wildlife
conservation project focused on restoring native
species and ecosystems. These initiatives not only
help protect the local environment but also foster a
culture of sustainability within the Napier Port team
and the wider community.
Sustainability
and Emissions
Total emissions in the half year increased
8.2% compared to the corresponding
period in the previous year.
Half Year Report For the six months ended 31 March 2025
p10

Financial
Statements.
+ Consolidated Income Statement.
p12.
+ Consolidated Statement of Comprehensive Income.
p12.
+ Consolidated Statement of Changes In Equity.
p13.
+ Consolidated Statement of Financial Position.
p15.
+ Consolidated Statement of Cash Flows.
p16.
+ Notes to the Consolidated Financial Statements.
p18.
+ Independent Auditor’s Review Report.
p22.
p11

Napier Port Holdings Limited
Consolidated Income Statement
For the Six Months Ended 31 March 2025Note
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Revenue 578,092 70,582
Employee benefit expenses23,174 21,959
Property and plant expenses6,889 7,449
Other operating expenses14,880 13,807
Operating expenses44,943 43,215
Result from operating activities33,149 27,367
Depreciation, amortisation and impairment expenses9,666 8,760
Other (income) and expenses6 (127)
Net Cyclone Gabrielle insurance proceeds4(7,460)(7,136)
Profit before finance costs and tax30,937 25,870
Net finance costs62,772 3,304
Profit before income tax28,165 22,566
Income tax expense78,002 8,246
Profit for the period attributable to the
shareholders of the Company
20,16314,320
Earnings Per Share:
Basic earnings per share ($)0.100.08
Diluted earnings per share ($)0.100.08
Napier Port Holdings Limited
Consolidated Statement of
Comprehensive Income
For the Six Months Ended 31 March 2025Note
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Profit for the period attributable to the
shareholders of the Company
20,163 14,320
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges526 (1,673)
Cash flow hedges transferred to profit or loss6(839)(1,270)
Deferred tax on changes in fair value of cash flow
hedges
88 824
Items that will not be reclassified to profit or loss:
Cash flow hedges transferred to property, plant and
equipment
157 -
Deferred tax on changes in fair value of cash flow
hedges
(44)-
Revaluation of sea defences- 17,682
Deferred tax on revaluation of sea defences- (2,184)
Other comprehensive income for the period, net
of tax
(112)13,379
Total comprehensive income for the period
attributable to the shareholders of the Company
20,05127,699
The above income statement should be read in conjunction with the accompanying notes.The above statement of comprehensive income should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2025
p12

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the Six Months Ended 31 March 2025
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained Earnings
$’000
Total Equity
$’000
Balance at 1 October 2024246,107 113,017 987 609 58,406 419,126
Profit for the period- - - - 20,163 20,163
Other comprehensive income-- (112)- - (112)
Total comprehensive income for the period-- (112)- 20,163 20,051
Dividends17 - - - (11,993)(11,976)
Fair Share loans - employee repayments70 - - - - 70
Fair Share transfers12 - - (12)- -
Share based payments-- - 130 - 130
Transfers from treasury stock - employee recognition scheme215 - - - - 215
Long term incentive plan vesting195 - - (195)- -
Total transactions with owners in their capacity as owners509 - - (77)(11,993)(11,561)
Total movement in equity509 - (112)(77)8,170 8,490
Balance at 31 March 2025 (Unaudited)246,616 113,017 875532 66,576 427,616
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2025
p13

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity (Continued)
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained Earnings
$’000
Total Equity
$’000
Balance at 1 October 2023246,150 97,519 5,077 766 46,668 396,180
Profit for the period- - - - 14,320 14,320
Other comprehensive income- 15,498 (2,119)- - 13,379
Total comprehensive income for the period- 15,498 (2,119)- 14,320 27,698
Dividends11 - - - (7,098)(7,087)
Fair share loans - employee repayments17 - - - - 17
Share-based payments- - - 138 - 138
Total transactions with owners in their capacity as owners28 - - 138 (7,098)(6,932)
Total movement in equity28 15,498 (2,119)138 7,222 20,766
Balance at 31 March 2024 (Unaudited)246,178 113,017 2,958 904 53,890 416,947
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Half Year Report For the six months ended 31 March 2025
p14

As at 31 March 2025Note
31 March 2025
Unaudited
$’000
30 September
2024 Audited
$’000
EQUITY
Share capital246,616 246,107
Reserves114,424 114,613
Retained earnings66,576 58,406
427,616 419,126
NON-CURRENT LIABILITIES
Loans and borrowings8104,088 110,690
Deferred tax liability26,314 25,470
Derivative financial instruments410 848
Provision for employee entitlements594 617
131,406 137,625
CURRENT LIABILITIES
Taxation payable5,664 6,576
Lease liabilities26 2
Derivative financial instruments236 80
Trade and other payables16,143 15,445
22,069 22,103
581,091578,854
As at 31 March 2025Note
31 March 2025
Unaudited
$’000
30 September
2024 Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment538,017 535,916
Intangible assets713 606
Investment properties13,630 13,630
Derivative financial instruments1,832 2,901
Investment in joint venture250 250
554,442 553,303
CURRENT ASSETS
Cash and cash equivalents1,539 1,783
Restricted cash348 137
Derivative financial instruments1,731 1,304
Trade and other receivables23,031 18,827
Cyclone Gabrielle insurance receivable4-3,500
26,649 25,551
581,091 578,854
The above statement of financial position should be read in conjunction with the accompanying notes.
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 20 May 2025.
Chairman Director
Napier Port Holdings Limited
Consolidated Statement of Financial Position
Half Year Report For the six months ended 31 March 2025
p15

For the Six Months Ended 31 March 2025
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers69,543 62,613
Net Cyclone Gabrielle insurance proceeds10,960 2,747
GST received1,437 944
Cash was applied to:
Payments to suppliers and employees(39,270)(37,367)
Income taxes paid(8,027)(3,645)
Net cash flows generated from operating activities34,643 25,292
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and equipment1 3
Cash was applied to:
Acquisition of property, plant and equipment and
intangible assets
(13,575)(7,371)
Net cash flows used in investing activities(13,574)(7,368)
For the Six Months Ended 31 March 2025
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Repayment of fair share loans by employees88 28
Cash was applied to:
Repayment of bank loans and borrowings(6,500)(9,000)
Dividends paid(11,993)(7,098)
Repayment of lease liabilities(94)(105)
Finance costs paid(2,814)(3,201)
Net cash flows used in financing activities(21,313)(19,376)
Net decrease in cash and cash equivalents(244)(1,453)
Cash and cash equivalents at beginning of the period1,783 1,104
Cash and cash equivalents at end of the period1,539 (349)
The above statement of cash flow should be read in conjunction with the accompanying notes.
Napier Port Holdings Limited
Consolidated Statement of Cash Flows
Half Year Report For the six months ended 31 March 2025
p16

Reconciliation of profit for the period to
cash flows from operating activities
For the Six Months Ended 31 March 2025
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Profit for the period20,163 14,320
Adjust for non-cash items:
Fair value gains on investment property- (129)
Depreciation and amortisation9,057 8,130
Impairment of assets609 631
Net loss on disposal of property, plant and equipment23 2
Share-based payments130 138
Other non-cash items- (27)
Deferred tax887 1,596
10,706 10,341
Other adjustments:
Finance costs classified as financing activities2,772 3,304
(Decrease)/ Increase in non-current provision(24)18
2,748 3,322
For the Six Months Ended 31 March 2025
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Movements in working capital:
Increase in trade and other receivables(4,204)(3,464)
Decrease/ (increase) in Cyclone Gabrielle insurance
receivable
3,500 (4,388)
Increase in trade and other payables2,642 2,158
(Decrease)/ increase in current taxation payable(912)3,003
1,026 (2,691)
Net cash flows generated from operating activities34,643 25,292
Half Year Report For the six months ended 31 March 2025
p17

1. Reporting entity
The interim financial statements presented are
those of Napier Port Holdings Limited and its
subsidiaries (together ‘the Group’). The Group’s
subsidiaries are Port of Napier Limited, a 100%
owned, NZ incorporated, port operating company,
and Napier Port IC Limited, a 100% owned, Cook
Islands incorporated, captive insurance company.
Napier Port Holdings Limited is incorporated
under the Companies Act 1993 and domiciled
in New Zealand. Napier Port Holdings Limited’s
shares are publicly traded on the New Zealand
Stock Exchange (NZX) and has bonds quoted on
the NZX Debt Market (NZDX).
2. Basis of preparation
The financial statements have been prepared in
accordance with the Financial Markets Conduct
Act 2013.
Statement of compliance
The interim financial statements have been
prepared in accordance with New Zealand
equivalents to International Accounting Standard
34, Interim Financial Reporting (NZ IAS 34),
and International Accounting Standard 34,
Interim Financial Reporting. The Group is a
for-profit entity for NZ GAAP purposes. These
interim financial statements do not include all
the information normally included in an annual
financial report. Accordingly, these should be read
in conjunction with the Group’s annual financial
statements for the year ended 30 September
2024.
Napier Port Holdings Limited
Notes To The Consolidated Financial Statements
For the six months ended 31 March 2025
Basis of measurement
The interim financial statements have been
prepared on a historical cost basis, except for sea
defences, investment properties and derivative
financial instruments, which are measured at
fair value. The basis of fair value measurement
is consistent with the Group’s annual financial
statements. The interim financial statements are
presented in New Zealand Dollars (NZD) and all
values are rounded to the nearest thousand dollars
($’000), unless otherwise stated.
Reclassification of costs
Certain costs incurred by the Group have
been reclassified in the prior period to provide
comparable information to the current period.
As a result, property and plant expenses have
decreased by $0.3 million, and other operating
expenses has increased by this amount for the six
months ended 31 March 2024. There is no change
to the reported result from operating activities for
that period.
3. Summary of material accounting
policy information
The principal accounting policies adopted are
consistent with those followed in the preparation of
the Group’s Consolidated Financial Statements for
the year ended 30 September 2024.
4. Uncertainties, 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,
and income and expenses. Actual results may
differ from these estimates.
Changes in accounting estimates
During the period, the Group reviewed the useful
lives and residual values of its property, plant
and equipment, which resulted in changes to
the estimated useful lives and residual values of
certain assets.
The estimated useful lives of cranes were
amended to between 33,000-39,000 operating
hours, from 33,000-36,000 operating hours, while
certain other mobile plant assets’ estimates of
useful lives were extended.
The residual values for mobile plant and
equipment, including cranes, reduced from a
range of 0-20% of cost to 0-15% of cost. The
estimated useful life of maintenance dredging
assets were amended from 8 years to a range of
4-8 years.
The changes in estimates have been accounted
for prospectively from the respective dates of
change. The estimated impact of these changes
for the current reporting period is an increase
in depreciation, amortisation and impairment
expenses of approximately $0.5 million.
Cyclone Gabrielle and insurance matters
During February 2023, Cyclone Gabrielle struck
New Zealand causing widespread damage and
disruption to the Hawke’s Bay region and its
infrastructure which negatively impacted the
Group’s trading.
The Group has an insurance policy that
responded to the material damage and business
interruption losses of the Group arising from
Cyclone Gabrielle. During the period, the Group
has settled, in full, its claims and received all
proceeds due from its insurers.
The Group’s accounting policy is to recognise
insurance recovery income when it is virtually
certain insurance proceeds will be received and
the amount receivable can be reliably estimated.
In relation to the Group’s insurance claims for
material damage and business interruption
losses, for the six months ended 31 March
2025 the Group has recognised total insurance
recovery income of $7,500,000 (31 March
2024: $7,243,000) in the Consolidated Income
Statement.
Half Year Report For the six months ended 31 March 2025
p18

5. Revenue and segment reporting
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Disaggregation of revenue
Container services42,741 33,594
Bulk cargo25,482 26,193
Cruise8,192 8,903
Sundry income290 298
Port operations76,705 68,988
Property operations1,387 1,594
Operating income78,092 70,582
Accounting Policies:
Port Operations
Port operations represents a series of services
including marine, berthage and port infrastructure
services to the Group’s customers which are
accounted for as a single performance obligation.
Revenue is recognised over-time using the
percentage of completion method.
Revenue is measured based on the service
price specified in the relevant tariffs or specific
customer contract. The contract price for the
services performed reflects the value transferred
to the customer.
Property Operations
Property lease income is recognised on a straight-
line basis over the period of the lease term.
Operating Segments
The Group determines its operating segments
based on internal information that is regularly
reported to the Chief Executive, who is the
Group’s Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment
being Port Services. This consists of providing
and managing port services and cargo handling
infrastructure through Napier Port. Within the
Port Services reportable segment the following
operating segments have been identified: marine
services, general cargo services, container
services, port pack services and depot services.
These have been aggregated on the basis
of similarities in economic characteristics,
customers, nature of services and risks.
The Group operates in one geographic area, that
being New Zealand. During the period the Group
had two customers which comprised 21% of total
revenue (March 2024: 25%).
6. Net finance costs
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Interest income(19)(24)
Finance income(19)(24)
Interest and finance charges on borrowings3,535 4,108
Gain realised on cash flow hedges transferred from other
comprehensive income
(839)(1,270)
Loss realised on fair value hedges240 546
Unrealised change in fair value of fair value hedges204 (3,204)
Unrealised change in fair value of loans and borrowings
subject to fair value hedges
(204)3,204
Lease imputed interest2 4
Less: Interest capitalised to property, plant & equipment(147)(60)
Finance expenses2,791 3,328
Net finance costs2,7723,304
Half Year Report For the six months ended 31 March 2025
p19

7. Income tax expense
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
Reconciliation between income tax expense and tax
expense calculated at the statutory income tax rate:
Profit before income tax28,165 22,566
Income tax at 28%7,885 6,318
Adjustment to prior year tax9 (73)
Tax effect of non-deductible items108 20
Tax effect of non-assessable items- (37)
Removal of tax depreciation on commercial buildings- 2,018
Income tax expense8,002 8,246
The income tax expense is represented by:
Current tax on profits for the year7,837 6,751
Adjustments for current tax of prior periods(722)(101)
Current income tax expense7,115 6,650
Deferred income tax expense for the period156 1,568
Adjustments for deferred tax of prior periods731 28
Deferred income tax expense887 1,596
Income tax expense8,002 8,246
8. Loans and borrowings
31 March 2025
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities3,0003,000
Fixed rate NZD Bonds100,000101,088
Total non-current103,000104,088
30 September 2024
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities9,5009,500
Fixed rate NZD Bonds100,000101,190
Total non-current109,500 110,690
Half Year Report For the six months ended 31 March 2025
p20

9. Related party transactions
Transactions with owners
31 March 2025
Unaudited
$’000
31 March 2024
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional
Council
Rates, levies, consents and
services
187 197
Cost recoveries-(60)
Lease income(24)(22)
Receivable by the Group-12
Payable by the Group(275)(294)
Hawke’s Bay Regional
Investment Company
Dividends6,600 3,905
10. Commitments and
contingencies
Capital expenditure commitments
At balance date there were commitments in
respect of contracts for capital expenditure
totalling $17.3 million (31 March 2024 $1.1
million).
Contingent liabilities
There were no material contingent liabilities
at balance date (31 March 2024: nil).
11. Events subsequent to balance date
Subsequent to the balance sheet date, a fully
imputed dividend of $8.0 million (4.0 cents per
share) and a special interim dividend of $5.0 million
(2.5 cents per share), were approved by the Board
of Directors.
Half Year Report For the six months ended 31 March 2025
p21

The Auditor-General is the auditor of Napier Port
Holdings Limited (the “Company”) and its subsidiaries
(together the “Group”). The Auditor-General has
appointed me, Stuart Mutch, using the staff and
resources of Ernst & Young, to carry out the review of
the interim financial statements of Group on his behalf.
Conclusion
We have reviewed the interim financial statements
of the Group on pages 12 to 21, which comprise the
consolidated statement of financial position as at 31
March 2025 and the consolidated income statement,
statement of comprehensive income, statement of
changes in equity and 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
financial statements of the Group do not present
fairly, in all material respects, the financial position
of the Group as at 31 March 2025, and its financial
performance and cash flows for the six months
ended on that date, in accordance with New Zealand
Equivalent to International Accounting Standard
34: Interim Financial Reporting and International
Accounting Standard 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 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.
Ernst & Young provides agreed upon procedures
to the Group which are compatible with those
independence requirements. We have no other
relationship with, or interest in, the Group.
Directors’ responsibilities for the interim
financial statements
The Directors are responsible, on behalf of the
Group, for the preparation and fair presentation of
these interim financial statements in accordance
with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting
and International Accounting Standard 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
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 financial statements, whether in printed
or electronic form.
Auditor’s responsibilities for the review
of the interim financial statements
Our responsibility is to express a conclusion on the
interim 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 financial statements,
taken as a whole, are not prepared, in all material
respects, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim
Financial Reporting and International Accounting
Standard 34: Interim Financial Reporting.
A review of the interim 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 financial statements.
Stuart Mutch
Partner
Ernst & Young
On Behalf Of The Auditor-General
Wellington, New Zealand
20 May 2025
To the Shareholders of Napier Port Holdings Limited
Independent Auditor’s Review Report
Half Year Report For the six months ended 31 March 2025
p22

Directory
Directors
Blair O’Keeffe (Chair)
Stephen Moir
John Harvey
Vincent Tremaine
Kylie Clegg
Debbie Birch
Dan Druzianic
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
David Kriel – General Manager Commercial
Jo-Ann Young – Corporate Affairs Manager
David Broad – General Manager Assets and
Infrastructure
Chris Wylie – General Manager Port
Optimisation
Registered Office
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
Bond Supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street
Auckland 1010
Bankers
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank of
China (New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
Solicitors
Bell Gully
171 Featherston Street
Wellington
New Zealand
Auditors
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
Share Registry
For enquiries about share transactions, dividend payments, or to
change your address, please get in touch with:
MUFG Corporate Markets
PO Box 91976
Victoria Street West
Auckland 1142
Phone: +64 9 375 5998 or 0800 041 040
Email: napierport@cm.mpms.mufg.com
Copies of our latest annual report are available at
napierport.co.nz/investor-centre
Financial Calendar
31 March 2025 - Half year balance date
21 May 2025 - Interim results announcement
26 June 2025 - Interim dividend payment
30 September 2025 - Financial year end
November 2025 - Annual results announcement
18 December 2025* - Final dividend payment
19 December 2025 - Annual meeting
* Subject to board approval
Half Year Report For the six months ended 31 March 2025
p23

---

DRAFT

2
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 warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
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 any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority 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 affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
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 by, followed by or that include the
words "targets", "believes", "expects", "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 known and unknown risks,
uncertainties and other important factors 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-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
BLAIR O'KEEFFE
CHAIR

4
HY2025 OVERVIEW
Fundamentals are strong – cargo diversity, infrastructure and
capability, operating leverage, track record of delivery and
resilience
Confidence retained amidst continued volatility in the global trade
environment
Robust earnings growth with strong container cargo recovery by
key customers
BLAIR O’KEEFFE, CHAIR

5
CONTAINER VOLUMES STEP UP
VolumeHY2025HY2024
Variance
kT / TEU / calls%
Total cargo (kT)2,4502,527-77-3.0
Containerised cargo (TEU)112,00098,000+14,000+13.9
Bulk cargo (kT)
- Logs exports (kT)
1,710
1,355
1,883
1,552
-173
-197
-9.2
-12.7
Cruise vessels (calls)7788-11-12.5
TRADE OVERVIEW FY2025 HALF YEAR
•Container volumes significantly higher on Pan Pac’s return to full pulp and timber operations, an earlier apple harvest and
increased restow and transhipment activity
•Lower bulk volumes following lower logs exports
•Solid cruise season given sector near-term headwinds

6
STRONG OPERATING LEVERAGE ON CONTAINER VOLUME GROWTH
•Strong revenue and earnings growth in half year
•Led by container services revenue growth of $9.1m (+27.2%)
•Continued ARPU
2
growth across all main service areas – reflects focus on yield, margin and mix, and positioning for
achieving medium term ROIC targets
•Continued focus on operational flexibility with cost discipline
•Strong operating leverage effect demonstrated in earnings
HY2025
$M
HY2024
$M
Variance
$M%
Revenue78.170.6+7.5+10.6
Result from operating activities33.127.4+5.7+21.1
Net profit after tax – underlying¹14.811.1+3.7+33.4
Cash flow from operations – underlying¹
25.824.5+1.3+5.0
FINANCIAL RESULTS OVERVIEW FY2025 HALF YEAR
1- Refer to appendices for reconciliations of underlying metrics
2- ARPU – Average Revenue Per Unit

7
FUTURE READY: STRATEGIC PROJECTS
•Strategic pathway outlined to investors in March 2025 – available on NZX and
in Napier Port's website investor centre
•Viewpoint Supply Chain
•Increasing cargo customer relationships and geographical reach to
facilitate growing port cargo volume
•Napier Port Transformation (NPT) – focuses on operating as a sustainable
business for the long term – operationally, economically, environmentally and
socially
•Battery electric autonomous trucks for horizontal container transport
•Progressing towards formal contracts during 2H FY2025
•TSHD Dredge joint investment with Port Otago
•Maintaining and deepening our channels and berths towards our
consented depth
•Construction in progress with targeted vessel delivery end CY2026
GROWING CAPABILITY AND CAPTURING OPPORTUNITIES

8
Container services
$42.7m
Bulk cargo
$25.5m
Cruise
$8.2m
Other
$1.7m
$70.6
$9.1
($0.7)
($0.7)
($0.2)
$78.1
HY2024ContainersBulkCruiseOtherHY2025
$60
$62
$64
$66
$68
$70
$72
$74
$76
$78
$80
IncreaseDecreaseTotal
REVENUE GROWTH SUPPORTED BY DIVERSITY OF TRADES
•10.6% total revenue growth half year-on-half year (HoH)
•Financial resilience in diversity of trades
•Container services revenue increased $9.1m (+27.2%) to $42.7m
•Bulk cargo revenue decreased $0.7m (-2.7%) to $25.5m
•Cruise revenue down $0.7m (-8.0%) to $8.2m
HY2025 REVENUE COMPOSITION
Millions
HY2025 REVENUE PROGRESSION
RECORD FIRST HALF REVENUE

9
Reefers
21k
(+2.9%)
Dry
38k
(+20.5%)
Empty
41k
(-1.1%)
Tranships & DLRs
12k
(+135.3%)
$200
$220
$240
$260
$280
$300
$320
$340
$360
$380
$400
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
HY2023HY2024HY2025
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
CONTAINER REVENUE UP ON VOLUMES AND YIELD
•Container Services revenue increased $9.1m (+27.2%) to $42.7m HoH
•Including $3.8m increase in other container services revenue; Port Pack and Depot operations
•Total TEU volume increased 14,000 (+13.9%) HoH
•Full containers up 7,000 TEU, empties flat, and tranships and DLRs up 7,000 TEU
•Average revenue per TEU increased 11.7% to $381 per TEU from $341 per TEU HoH
•Port Pack and Depot contributions, tariff and mix changes
•Container exports with a USA destination were 2.8% of total TEU in FY2024
HY2025 TEUs (VERSUS HY2024)
Millions
CONTAINER SERVICES REVENUE AND ARPU
SUPPORTED BY SIGNIFICANT UPLIFT IN OTHER CONTAINER SERVICES REVENUE

10
$8.00
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$16
$18
$20
$22
$24
$26
$28
HY2023HY2024HY2025
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
BULK CARGO – STEADY BUT SUBDUED LOG EXPORTS
•Bulk revenue decreased $0.7m (-2.7%) to $25.5m HoH
•Volume decreased by 0.17 million tonnes (-9.2%) to1.71 million tonnes HoH
•Export logs decreased by 0.2 million tonnes (-12.7%) to 1.36 million tonnes HoH
•Average revenue per tonne increased 7.1% to $14.90/T from $13.91/T HoH
•Changes to cargo mix and vessels, tariff and levy increases
LOG EXPORT VOLUME
Millions
BULK CARGO REVENUE AND ARPU
Millions (tonnes)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY2023FY2024HY2025
Q1Q2Q3Q4

11
-
10
20
30
40
50
60
70
80
90
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
HY2023HY2024HY2025
Visits
Revenue (LHS)Visits (RHS)
Container services
54.7%
(+7.1%)
Bulk cargo
32.6%
(-4.5%)
Cruise
10.5%
(-2.1%)
Other
2.1%
(-0.5%)
SOLID CRUISE SEASON IN FACE OF INDUSTRY HEADWINDS
•Cruise revenue decreased $0.7m (-8.0%) to $8.2m HoH
•Vessel visits decreased from 88 to 77
•Approx. 107,000 passengers visited the region
•Smaller vessels on average
•Average revenue per vessel increased 5.2%
HY2025 REVENUE COMPOSITION (VERSUS HY2024)
Millions
CRUISE REVENUE AND VISITS
CRUISE REVENUE 10.5% OF HALF YEAR REVENUE

12
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
1H20242H20241H2025
Employee benefit expensesProperty and plant expensesOther operating expenses
$43.2m
$46.2m
$44.9m
OPEX CONTROLLED ON HIGHER CONTAINERS, REVENUE
•Total opex increased $1.7m (+4.0%) to $44.9m HoH,
•-2.7% compared to 2H 2024
•Employee benefit expenses increased $1.2m (+5.5%)
•Property and plant expenses decreased $0.6m (-7.5%)
•Other operating expenses increased $1.1m (+7.8%)
•Higher stevedoring, administration and insurance costs
TOTAL OPERATING EXPENSES BY HALF YEAR
Millions
SUPPORTING MARGIN AND OPERATING LEVERAGE

13
$27.4
$1.2
($0.6)
$6.6
($1.1)
($0.2)
$33.1
$20
$22
$24
$26
$28
$30
$32
$34
$36
IncreaseDecreaseTotal
SIGNIFICANTLY HIGHER OPERATING RESULT
•Result from operating activities up $5.8m (+21.1%) to $33.1m
•Operating margin of 42.4%, up from 38.8% HoH
YIELD, MARGIN AND MIX IMPROVEMENTS
OPERATING MARGIN
$21.9m
$27.4m
$33.1m
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
44.0%
$-
$5
$10
$15
$20
$25
$30
$35
HY2023HY2024HY2025
Result from Operating Activities (LHS)Margin (RHS)
Millions
Millions
RESULT FROM OPERATING ACTIVITES
1- Fuel, electricity and contract services

14
$14.3
$5.8
$0.3
-$0.9
$0.5
-$0.1
$0.2$20.2
$10
$12
$14
$16
$18
$20
$22
IncreaseDecreaseTotal
NET PROFIT GROWTH ON HIGHER OPERATING RESULT
•Underlying NPAT¹ increased by $3.7m (+33.4%) to $14.8m
•Excludes $7.5m insurance income (pre-tax) – Cyclone Gabrielle claim fully settled in 1H FY2025
•Reported NPAT increased by $5.8m (+40.8%) to $20.2m
1- Refer to appendices for reconciliations of underlying metrics
Millions
REPORTED NET PROFIT AFTER TAX

15
12.3
15.3
11.6
$-
$2
$4
$6
$8
$10
$12
$14
$16
FY2023FY2024HY2025
DevelopmentReplacementOther
•Capital expenditure of $11.6m
1
•$4.3m site – paving, breakwater reinstatement, maintenance dredging, other major maintenance
•$3.7m plant – mobile plant (empty container handlers, truck and trailers, cranes) and floating plant major maintenance
•$2.1m dredge build
•Near term future capex – mobile plant replacements, dredge build, container terminal transformation project
•FY2025 total estimated range $25m – $29m (dependent on approvals and timing)
HIGHER LEVEL OF CAPITAL EXPENDITURE IN NEAR TERM
1- Includes accounting accruals including capitalised overhead and finance costs. HY2025 cash spend $13.6m
Millions
CAPITAL EXPENDITURE

16
CASH FLOW & LIQUIDITY
•Growth in operating cash flow aligned with operating result
•Supported by MDBI insurance cash proceeds of $11.0m
•Underlying operating cash flows¹ increased $1.2m to $25.8m HoH
•FY2024 final dividend of $12.0m (6.0 cps) paid December 2024
•Total drawn debt reduced to $103.0m at end of period, down from $109.5m at the end of FY2024
HY2025
$M
HY2024
$M
Var
$M
Operating cash flows34.625.3+9.3
Investing cash flows(13.6)(7.4)-6.2
Dividends(12.0)(7.1)-4.9
Reduction in total gross debt(6.5)(9.0)+2.5
Other financing cash flows(2.8)(3.3)+0.5
Decrease in cash and cash equivalents(0.2)(1.5)
1- Refer to appendices for reconciliations of underlying metrics

17
CAPITAL MANAGEMENT
•Forecast capital expenditure across FY25 – FY27 average approx.
$40 million p.a. (subject to changes and approvals)
•c. $80m replacement maintenance capital
•c. $40m capacity & growth
•Risk reserve fund investments from April 2025
•Debt to EBITDA of 1.54x at 31 March
•1.79x excluding MDBI insurance settlement
•Long-term target range of 2.0x – 3.0x
•Total bond and bank facilities of $180m
•Weighted average term to debt maturity of 2.2 years

18
0.0000
0.0005
0.0010
0.0015
0.0020
-
1.0
2.0
3.0
4.0
5.0
HY2023HY2024HY2025
TCO2e per total cargo tonne
TCO2e (000s)
Scope 1Scope 2Scope 3TCO2e / total tonne (RHS)
EMISSIONS REPORTING
•Total (unaudited) emissions for half year increased 8.2% HoH
•Scope 1 increased 11.7%
•Correlated to higher container volumes
•Higher generator use for reefer containers
•Scope 2 decreased 16.9%
•15.5% lower electricity usage, partly linked to
higher generator use
•Small emission factor reduction
•Minor movements across Scope 3 categories
•Relative metric basis: emissions per cargo tonne increased
by 11.5% due to increased container activity
EMISSIONS BY HALF YEAR
HIGHER EMISSIONS ON HIGHER CONTAINER ACTIVITY

19
CONCLUSION AND OUTLOOK
Strong container services performance, record HY result
Demonstrated diversified revenues and resilient cargo base,
positive operating leverage supporting earnings growth
Progressing strategic investments to grow capability and
support future relevance and returns
POSITIVE RESULTS SUPPORT INVESTMENTS IN FUTURE AND INCREASED SHAREHOLDER RETURNS
Global trade challenges expected to negatively impact export
markets – extent uncertain
Subdued log export outlook in near term
66 forward cruise bookings for the 2026 season
Revised earnings guidance for FY2025 underlying result
from operating activities of between $59m and $63m
Progressing towards future earnings target of WACC level
returns on invested capital

20
HY2025 INTERIM AND SPECIAL DIVIDEND
Declared interim dividend of 4.0 cps (2024: 3.0 cps)
Additional (one-off) special dividend of 2.5 cps
Record date: 13 June 2025
Fully imputed
Payment date: 26 June 2025

QUESTIONS

22
APPENDICES
The following appended financial information provides a summary of financial information for the
half year period ended 31 March 2025 (HY2025) compared to the corresponding half year period in
2024 (HY2024).
Reconciliations provided are extracted from and should be read in conjunction with the Supplemental
Selected Financial Information document released with NPH’s 2025 Half Year Report on the NZX
announcements platform and the Napier Port website Investor Centre.

23
REVENUE
NZ$000
HY2025
HY2024
Container services
42,741

33,594

Bulk cargo
25,482

26,193

Cruise
8,192

8,903

Sundry revenue
290

298

Revenue from port operations
76,705

68,988

Revenue from property operations
1,387

1,594

Total operating income
78,092

70,582

24
OPERATING EXPENSES
Employee benefit expenses
NZ$000HY2025HY2024
Wages & salaries21,465 20,368
Other employee benefit expenses1,709 1,591
Total employee benefit expenses23,174 21,959
Property and plant expenses
NZ$000HY2025 HY2024
Plant expenses2,546 2,763
Site expenses1,313 1,434
Fuel & power3,030 3,252
Total property and plant expenses6,889 7,449

25
OPERATING EXPENSES
Other operating expenses
NZ$000
HY2025
HY2024
Administration expenses
3,930

3,466

Occupancy expenses
5,233

5,014

Contract services
4,947

4,512

Other staff expenses
770

815

Total other operating expenses
14,880

13,807

26
NZ$000
HY2025
HY2024
Development capex
Dredge
2,069

-

Terminal transformation
407

-

Other development capex
187

1,713

Total development capex
2,663

1,713

Replacement capex
8,778

5,034

Compliance and other capex
197

226

Total capex including capitalised finance costs
11,638

6,972

Movement in fixed asset creditors
1,937

399

Capex per cash flow
13,575

7,371

CAPITAL EXPENDITURE

27
NZ$000
HY2025
HY2024
Reported net profit after tax
20,163
14,320
Adjustments:
Fair value movements on investment properties
-
(129)
Cyclone Gabrielle related expenses
40
108
Cyclone Gabrielle material damage and business interruption insurance income
(7,500)
(7,243)
Restructuring costs
(33)
-
Tax impact of adjustments
2,098
1,998
Tax impact of removal of tax depreciation on commercial buildings
-
2,018
Underlying net profit after tax
14,768
11,072
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX¹
1- Underlying net profit after tax is a non-NZ GAAP measure – refer to the Supplemental Selected Financial Information released with NPH’s 2025 Half Year Report on the NZX announcements
platform for further information related to this measure

28
NZ$000
HY2025
HY2024
Reported net cash flows from operating activities
34,643
25,292
Adjustments
Cyclone Gabrielle related expenses
40
108
Cyclone Gabrielle material damage and business interruption insurance income
(11,000)
(2,855)
Tax impact of adjustments
2,098
1,998
Underlying net cash flows from operating activities
25,781
24,543
RECONCILIATION OF UNDERLYING NET CASH FLOWS FROM
OPERATING ACTIVITIES¹
1- Underlying net cash flows from operating activities is a non-NZ GAAP measure – refer to the Supplemental Selected Financial Information released with NPH’s 2025 Half Year Report on the
NZX announcements platform for further information related to this measure

29
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1

•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on
development projects and the interest costs capitalised during construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)

and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants in its banking facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting 40%
of the total expected dividend for the financial year, and a final dividend paid in December. Napier Port
intends to impute dividends to the maximum extent possible
1- Non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

30
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to our website at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
- Annual Reports
- Sustainability Strategy and Action Plan
- Climate Change Related Disclosure (TCFD)Reports
- Investment Key Facts
- Investing in Napier Port
- Investor Day 2025 Presentation
- Log Supply Chain Case Study
•Key policies and governance documents

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2025
Previous Reporting Period 6 months to 31 March 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$78,092 10.6%
Total Revenue $78,092 10.6%
Net profit/(loss) from
continuing operations
$20,163 40.8%
Total net profit/(loss) $20,163 40.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06500000
Imputed amount per Quoted
Equity Security
$0.02527778
Record Date 13 June 2025
Dividend Payment Date 26 June 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.14 $2.08
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying 2025 Half Year Report for further
information.
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DD: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP 21 May 2025

Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice

Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE0005S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 13/06/2025
Ex-Date (one business day before the
Record Date)
12/06/2025
Payment date (and allotment date for
DRP)
26/06/2025
(Payment to be aggregated with special dividend payable
on the same date)
Total monies associated with the
distribution
$8,000,000
(200,000,000 ordinary shares @ 4.0 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.05555556
Total cash distribution $0.040
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.00705882
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.01555556
Resident Withholding Tax per
financial product
$0.00277778

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

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

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Jo-Ann Young, Corporate Affairs Manager
Contact phone number DDI: 06 833 4521
Contact email address jo-anny@napierport.co.nz
Date of release through MAP

21 May 2025

---

Distribution Notice

Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE0005S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year Special X
DRP applies No
Record date 13/06/2025
Ex-Date (one business day before the
Record Date)
12/06/2025
Payment date (and allotment date for
DRP)
26/06/2025
(Payment to be aggregated with interim dividend payable
on the same date)
Total monies associated with the
distribution
$5,000,000
(200,000,000 ordinary shares @ 2.5 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03472222
Total cash distribution $0.025
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.00441176
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.00972222
Resident Withholding Tax per
financial product
$0.00173611

---

Napier Port Holdings Limited
2025 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2025) and half
year ended 31 March 2025 (HY2025) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q2
FY2025
Actual
Q2
FY2024
Actual
HY2025
Actual
HY2024
Actual
Exports

Wood pulp & timber 9 6 18 12

Canned food / other food & beverage 2 2 3 3

Other dry 2 2 5 4

Total dry 13 10 26 20

Apples & pears 6 3 7 4

Meat 4 4 7 8

Fresh & other chilled produce 5 6 6 7

Total reefer 14 13 19 18

Empty 2 2 4 5

Total exports 30 25 49 43

Imports

Dry 6 6 12 12

Reefer 1 1 2 2

Empty 24 20 36 36

Total imports 31 26 51 50

Other container movements (‘DLRs
and Tranships’)
7 5 12 5

Total Container Services volume 68 56 112 98

Vessels

Container ship calls 63 66 124 124

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q2
FY2025
Actual
Q2
FY2024
Actual
HY2025
Actual
HY2024
Actual

Log exports 629 736 1,355 1,552

Other exports 35 30 50 56

Imports 133 107 305 275

Total Bulk Cargo volume 796 873 1,710 1,883

Vessels

Charter vessel calls 58 55 121 119

1.3 Cruise Services
Cruise Services

Q2
FY2025
Actual
Q2
FY2024
Actual
HY2025
Actual
HY2024
Actual
Vessels

Cruise vessel calls 53 68 77 88

---

Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the half year period ended 31 March 2025 (HY2025) compared to the corresponding half year period
in 2024 (HY2024).
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1

Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for HY2025. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to finance
costs, taxes, the depreciation, amortisation, impairment, and retirement of operating and other assets, and the income and expenses
arising from fair value changes, non-recurring and abnormal, and joint-venture and other investment activity.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-
recurring, non-core and abnormal items, and unrealised fair value movements as described in section 1.1 below. Tax expense has
been adjusted to reflect the tax implications of the adjustments. A reconciliation to reported net profit after tax is included in section
1.2 below.
5.
Underlying net cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating activities
adjusted for certain non-recurring, non-core and abnormal items and the tax implications of these adjustments on the basis that cash
taxes would be paid in the corresponding reporting period. A reconciliation to reported cash flows from operating activities is
included in section 1.3 below.
NZ$000
HY2025
HY2024
Financial period
6 months ending
31 Mar 25
6 months ending
31 Mar 24
Financial performance:
Revenue
(2)
78,092
70,582
Result from operating activities
(3)
33,149
27,367
Net profit after tax
20,163
14,320
Underlying net profit after tax
(4)
14,768
11,072
Balance sheet and cash flow items:
Dividends paid
12,000
7,100
Total assets
581,091
584,969
Cash and cash equivalents
1,539
-
Total liabilities
153,475
168,022
Total debt
104,088
119,334
Net cash flows from operating activities
34,643
25,292
Underlying net cash flows from operating activities
(5)
25,781
24,543

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustments that Napier Port considers appropriate are explained below:
(i) removal of unrealised fair value movements on investment properties as this relates to
non-core activity;
(ii) removal of expenses and material damage and business interruption insurance income
attributable to the extraordinary Cyclone Gabrielle event that occurred during February
2023;
Insurance income receivable for insured business interruption losses indemnifies the
Group for reduced operating profits following Cyclone Gabrielle. The recognition of
business interruption insurance income does not necessarily match the accounting period
of the reduced operating profits, as this income recognition is determined according to the
Group’s accounting policy for recognising insurance recovery income and is dependent
upon the timing of the lodgement of claims with insurers and the timing of their review
processes. The adjustment removes this timing effect and the potential variability in
income recognition;
(iii) removal of non-recurring restructuring costs; and
(iv) removal of the one-off deferred tax charge relating to the removal of tax depreciation on
commercial buildings.

1.2 Reconciliation of underlying net profit after tax

NZ$000
HY2025
HY2024
Reported net profit after tax
20,163
14,320
Adjustments:
Fair value movements on investment properties
-
(129)
Cyclone Gabrielle related expenses
40
108
Cyclone Gabrielle material damage and business interruption insurance income
(7,500)
(7,243)
Restructuring costs
(33)
-
Tax impact of adjustments
2,098
1,998
Tax impact of removal of tax depreciation on commercial buildings
-
2,018
Underlying net profit after tax
14,768
11,072

1.3 Reconciliation of underlying net cash flows from operating activities

NZ$000
HY2025
HY2024
Reported net cash flows from operating activities
34,643
25,292
Adjustments
Cyclone Gabrielle related expenses
40
108
Cyclone Gabrielle material damage and business interruption insurance income
(11,000)
(2,855)
Tax impact of adjustments
2,098
1,998
Underlying net cash flows from operating activities
25,781
24,543

SPH Notice - Accident Compensation Corporation (ACC)SPH Notice - Accident Compensation Corporation (ACC)

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.

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