Record profit shows resilience and infrastructure strength

NZX Announcement

NZX: SPN: South Port New Zealand

22 August 2025


Record profit highlights resilience and infrastructure strength

South Port (NZX: SPN) has delivered a record net profit after tax for FY25, underpinned by
strong bulk and stable container volumes, which more than offset reduced activity at the
Tiwai wharf. Meanwhile, investment in infrastructure, supply chain resilience and a
diversified cargo base continue to position the Company strongly for growth going forward.
FY25 Highlights
 Bulk cargo volumes: up 12.5% to 3.0 MT; revenue per MT up 4% to $13.80
 Container volumes: up 1% to 52,300 TEU; revenue per TEU up 29%
 Tiwai volumes: down 20% to 811k tonnes
 Total revenue: up 13% to $63.3m from $56.1m in pcp
 EBITDA: up 21% to $25.8m from $21.3m in pcp
 EBITDA margin: up 300bps to 41% from 38% in pcp
 Record NPAT: up 81% to $13.3m from $7.4m in pcp
 Operating free cash flow: up 97% to $16.9m from $8.6m in pcp
 Debt/EBITDA: 1.0x down from 1.6x in pcp
 Dividend per share: 28.0 cps (fully imputed), payout ratio of 55% of NPAT
Divisional Overview
Bulk Cargo
Bulk cargo was the standout performer in FY25, driven by strong agricultural demand.
Fertiliser volumes increased 23% to 353k tonnes, and stock food surged 74% to 563k
tonnes due to a high dairy payout and a wet spring. Forestry exports also rebounded
strongly, up 27% to 983k tonnes. Woodchip vessels, in particular, benefited from increased
draft post-Kia Whakaū dredging, improving supply chain economics and backloading
opportunities.
Containers
Container volumes were steady at 52,300 TEU despite disrupted global shipping schedules.
Agricultural imports and manufacturing exports helped maintain activity. The introduction of
the MSC Wallaby Service (replacing Capricorn) ensured continuity of services. Higher
container handling activity and increased rates lifted container revenue per TEU by 29%.
Tiwai Wharf
Cargo volumes at Tiwai dropped 20% to 811k tonnes, impacted by the 50MW demand
response call agreed between NZAS and Meridian Energy. Despite lower volume, revenue

remained stable due to a fixed-fee structure. Following improved hydro storage levels,
NZAS could begin the process of resuming normal operations in June 2025. Importantly,
NZAS reaffirmed its 20-year electricity supply agreement, highlighting its ongoing
commitment to the region.
Financial Performance
South Port’s total revenue increased 13% to $63.3m, underpinned by record volumes and
the full-year implementation of the Kia Whakaū infrastructure levy. Bulk revenue grew by
$8.3m to $30.3m, while container revenue also lifted by $3.3m to $13.9m supported by rate
and activity increases. Tiwai revenue was consistent despite a drop in volumes, due to fixed
contractual components.
Operating costs increased by 7%, reflecting inflationary pressures, additional compliance,
and increased maintenance in the marine and infrastructure sectors. Despite this, operating
leverage improved on stronger volumes, resulting in a 21% rise in EBITDA to $25.8m and
a higher EBITDA margin of 41% (FY24: 38%).
A record NPAT result, up 81% to $13.3m, reflecting the strong operational result and lower
interest and tax costs.
Return on assets improved to 18.6% from 15.9%, and operating free cash flow almost
doubled to $16.9m. Gross debt reduced by $5m to $31m, leaving headroom for future
investment and reducing the debt/EBITDA ratio to 1.0x.
Capital Management and Dividend
South Port’s capital management continues to reflect prudent long-term planning. Following
a multi-year period of heavy investment, including dredging, petroleum berth rebuild, a new
tug and Island Harbour infrastructure upgrades, FY25 saw modest PPE growth of 3%.
Maintenance capex was held flat at $4.3m, aligned with depreciation.
The Board declared a final dividend of 20.5 cps, bringing the total dividend to 28.0 cps (fully
imputed), 1cps above FY24. This equates to a 55% payout ratio on reported NPAT and 44%
of OFCF, and a gross yield of 5.6% based on the 30 June 2025 share price of $7.01.
Outlook
Looking to FY26, South Port anticipates continued strength in bulk cargo due to a strong
dairy outlook and ongoing recovery in the meat sector. Forecast milk prices support
continued import demand for agricultural inputs. Container volumes are expected to hold
steady, while volumes at Tiwai should recover to normal levels barring further demand
response interruptions.
Several aquaculture and renewable energy projects (such as the Kaiwera Downs stage 2
wind farm and several offshore aquaculture initiatives) are in progress. Planning is
underway to determine infrastructure and land requirements to both service these projects
and secure potential future cargo growth. With short term infrastructure investment
moderating and operating free cash flow increasing, South Port is well-positioned to support
regional growth while continuing to deliver resilient financial returns.
South Port will host a conference call at 10.30am (NZT) to discuss the results. To participate
in the conference call, use the Teams link below.

Teams link here:
https://events.teams.microsoft.com/event/1f84eb00-5a97-43df-b28c-
a86ea234e37a@e9f8ec9f-400a-4b31-a692-e17deaacd55a

For further information contact:

Mr Nigel Gear
Chief Executive
South Port New Zealand Ltd
Tel: (03) 212 8159
Email: ngear@southport.co.nz

Mr Philip Cory-Wright
Chair
South Port New Zealand Ltd
Mobile: 021 767 828
Email: philip@cory-wright.co.nz

---

FY25 Financial Result
22 August 2025

Disclaimer
This presentation has been prepared by South Port New Zealand Limited (South Port) for general information purposes only as at the date of
this presentation. This presentation does not contain all of the information that you may require or be complete. No person is obliged to
update this presentation.
Nothing in this presentation should be construed as an invitation for subscription, purchase, financial advice, nor a recommendation of shares
in South Port.
To the maximum extent permitted by law, neither South Port nor any of its directors, employees or any other person accept any responsibility
or liability (whether in tort or otherwise) to you or any other person in relation to this presentation.
Certain financial data included in this presentation may be '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 under New Zealand Generally
Accepted Accounting Standards (GAAP) 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 GAAP.
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 South Port.
This presentation may contain "forward-looking statements", about South Port and the environment in which South Port operates. Forward-
looking statements are inherently uncertain, involve known and unknown risks and other factors beyond the control of South Port that could
cause the actual results, performance or achievements of South Port to be materially different from those expressed or implied by such
forward-looking statements. No assurances can be given that any forward-looking statements referred to in this presentation will be realised.
SPN FY25 Annual Result Investor Presentation - 22.08.252

Key Messages
•Record normalised NPAT in FY25 driven by Southland's export sector
•Tiwai smelter 20-year power agreements with major gentailers provides:
oCertainty aroundSouth Port's anchor customer
oCreates new cargo opportunities
•Balance of export and import cargoes provides stable earnings platform
•Engaged workforce – reflected through positive engagement in health and safety
•Increased 28cps full year dividend whilst retaining funds to enable positioning for
cargo growth
SPN FY25 Annual Result Investor Presentation - 22.08.253

History of Resilience
SPN FY25 Annual Result Investor Presentation - 22.08.254
-
500, 000
1,0 00,000
1,5 00,000
2,0 00,000
2,5 00,000
3,0 00,000
3,5 00,000
4,0 00,000
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Tonnes
Cargo Split
Imp ortsExports

Quality Return on Investment
0%
20%
40%
60%
80%
100%
120%
0
0.05
0.1
0.15
0.2
0.25
0.3
CPS
Dividend
Dividend
% of OFCF
$15.9
$15.6
$17.4
$18.0
$17.8
$18.9
$21.2
$22.8
$21.3
$25.8
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
EBITDA + EBITDA Margin
EBITDA
EBITDA Margin
SPN FY25 Annual Result Investor Presentation - 22.08.255

Our People
•Our people are instrumental to the success of the
business
•Employees play an important rolein driving
improvements andefficiencies in the workplace
•Their commitment to the Company values helps to
create a positive workplace culture
SPN FY25 Annual Result Investor Presentation - 22.08.256

Business Performance

SPN FY25 Annual Result Investor Presentation - 22.08.25
7

FY25 Result Summary
•Record Reported NPAT of $13.3m – Up 81%
•Revenue of $63.3m - up 13% – driven by strong
cargo volumes (tonnage up 11% on FY24)
•EBITDA of $25.8m - up 21%
•EBITDA Margin 41% (FY24 – 38%)
•Strong Operating FCF of $16.9m (FY24 – $8.6m)
•Increased Dividend to 28cps
SPN FY25 Annual Result Investor Presentation - 22.08.258

Operating Performance
Cargo Volumes
+10.6%
To 3.55m
Bulk Volumes
+12.5%
To 3.01m
Tiwai Volumes
-20.1%
To 0.81m
Bluff Volumes
+24.8%
To 2.74m
SPN FY25 Annual Result Investor Presentation - 22.08.259

Financial Performance
Operating Revenue
+12.7%
To $63.28m
EBITDA
+21.2%
To $25.83m
Reported NPAT
+80.6%
To $13.32m
Normalised NPAT
+39.5%
To $13.89m
Total Assets
$110m
+$7m
Net Debt
$25m
(FY24 - $33m)
ROE
21.0%
(FY24 - 12.3%)
Dividend
28cps
(FY24 – 27cps)
SPN FY25 Annual Result Investor Presentation - 22.08.2510

Group Volumes
For the year ended 30 June 2025
•Strong volume recovery supported by record
bulk volumes across the Island Harbour
offsetting volume decline from Tiwai
•Bulk - Island Harbour, 62% of total trade
•Containers - 15% of total trade
•New Zealand Aluminium Smelter (NZAS) -
Tiwai wharf 23%of total trade
•NZAS impacted by Meridian 50MW demand
response call, reducing volumes across the
Tiwai wharf
SPN FY25 Annual Result Investor Presentation - 22.08.2511
-
500, 000
1,0 00,000
1,5 00,000
2,0 00,000
2,5 00,000
3,0 00,000
3,5 00,000
4,0 00,000
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Group Volumes
Bulk
Tiwai
Containers

Bulk Cargo
•Strong recovery in bulk volumes driven by
improved agriculture and forestry demand
•Imports supported by continued strong
demand for agriculture imports
•Exports driven by forestry products – logs
and woodchips
•Balanced trade of imports and exports -
improves opportunity for backloading
•Average revenue per MT increased due to mix
of higher value bulk cargo and implementation
of Kia Whakaū (infrastructure) levy
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
FY21FY22FY23FY24FY25
Revenue per MT
Thousands
Bulk Cargo Revenue
RevenueRevenue per MT
SPN FY25 Annual Result Investor Presentation - 22.08.2512
-
500, 000
1,0 00,000
1,5 00,000
2,0 00,000
2,5 00,000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Bulk Cargo Volumes
Bulk Cargo Imp orts
Bulk Cargo Exports

Bulk Cargo
•High dairy payout and wet spring led to an increase of
stock food imports andpotentially achange in feed
application going forward
•Increased fertiliser application, returning tomore
normal volumes due to improved market conditions.
Previous season impacted by poor market returns,
particularly in the sheep and beef sector
•Woodchip exporters have used the increased draft to
fill vessels, allowing improvement in supply chain costs
and therefore increasing volumes through the port
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
FY20FY21FY22FY23FY24FY25
Tonnes
Agricultural Inputs increased by 48%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY20FY21FY22FY23FY24FY25
Tonnes
Forestry Exports increased by 27%
SPN FY25 Annual Result Investor Presentation - 22.08.2513

Container Volumes
•Container volumes saw slight improvement over
previous periods due to additional agricultural
imports and increased manufactured exports
•Supply chain remains disrupted, particularlydue to
conflict in the Middle East
•Introduction of Mediterranean Shipping Company
(MSC) Wallaby Service to replace the Capricorn
Service maintaining importantservice to the port
•MSC hasbeen calling since 2008, Move Ocean calling
monthly since 2023
•Revenue per TEU impacted by increased rates and
container handling activity on the Island Harbour
$-
$50
$100
$150
$200
$250
$300
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
FY21FY22FY23FY24FY25
Revenue per TEU
Thousands
Container Revenue
RevenueRevenue per MT
SPN FY25 Annual Result Investor Presentation - 22.08.2514
-
100, 000
200, 000
300, 000
400, 000
500, 000
600, 000
700, 000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Container Volumes (MT)
Container Import Tonnes
Container Export T onnes

•Dairy volumes slightly down due to wet spring
•Recovery in meat sector and lift in volumes due
to market conditions
•IncreasedAluminium productspacked on
Island Harbour despite decreased production
at Tiwai
•Processed forestry exports remain consistent
Containers
SPN FY25 Annual Result Investor Presentation - 22.08.2515
-
50, 000
100, 000
150, 000
200, 000
250, 000
300, 000
350, 000
400, 000
450, 000
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Container Volumes (MT)
Meat
Dairy
Manufactured

Tiwai Wharf
•Decreased volumes across Tiwai wharf in FY25
•50MW demand response call resulted in the reduction
of aluminium production, impacting imports of raw
material and exports of finished product
•The demand response initiated in February was
expected to last until 31 August however, due to
improved rainfall, it was agreed that NZAS could begin
the process to ramp up production starting 16 June
•Revenue per MT increased, noting thata portion of
income is fixed at the Tiwai wharf regardless of
tonnage handled
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
FY21FY22FY23FY24FY25
Revenue per MT
Thousands
Tiwai Revenue
RevenueRevenue per MT
SPN FY25 Annual Result Investor Presentation - 22.08.2516
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Tiwai Volumes
Tiwai Wharf Imports
Tiwai Wharf Exports

•May 2024, NZAS signed 20-year electricity
supply contracts - secured out to 2044
•NZAS has been, and remains, an important
customer of South Port, working together for
54 years
•South Port has naturally diversified its reliance
on Tiwai over the last 15 years. 2010 – 60% of
our cargo, 23% in 2025
•The commitment will continue to see
consistent cargo volumes and vessels calling at
the Port
Tiwai Point 20-year Commitment
SPN FY25 Annual Result Investor Presentation - 22.08.2517

Financial Performance

SPN FY25 Annual Result Investor Presentation - 22.08.2518

Group Revenue
For the year ended 30 June 2025
•Record revenue supported by strong recovery in Bulk
Cargo and increase in revenue per tonne in containers
•Bulk Cargo – 38% increase in revenue driven by stock
food imports and forestry exports
•Kia Whakaū infrastructure levy implemented in 2023
reflected for a full year in FY25 with improved volumes
•Containers – similar TEU handled, but revenue per
container has grown by over 6% in FY25
•Smelter activity down 20% in FY25, but total revenue is
consistent with FY24 = improved revenue per tonne
•Other revenue - 12% below FY24 levels due to reduced
cold storage activity and less cruise vessels piloted
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
Group Revenue
Bulk
Containers
Tiwai
Other
SPN FY25 Annual Result Investor Presentation - 22.08.2519

EBITDA
For the year ended 30 June 2025
•Increase in EBITDA margin from FY24 to FY25 reflects
greater operating leverage as fixed costs spread over
higher levels of activity
•Total operating costs up 7% YoY as a result of increased
maintenance, and additional compliance costs (CRD,
H&S, other)
•EBITDA margin below FY22 level (44%) as more
compliance costs are now being incurred by the
business
•Being an infrastructure business, an increase in cargo
does not reflect the same level of increase in cost
structure meaning sizable gains in EBITDA YoY
$15.9
$15.6
$17.4
$18.0
$17.8
$18.9
$21.2
$22.8
$21.3
$25.8
35%
36%
37%
38%
39%
40%
41%
42%
43%
44%
$-
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
EBITDA + EBITDA Margin
EBITDA
EBITDA Margin
SPN FY25 Annual Result Investor Presentation - 22.08.2520

Normalised Net Profit after Tax
For the year ended 30 June 2025
•Record Normalised NPAT of $13.9m
•NPAT increase reflects EBITDA increase supported
further by lower debt and tax
•Significantly reduced tax provision for FY25 as FY24
included a $2.3m tax adjustment relating to the
removal of tax depreciation on buildings
•MTM adjustment on interest rate swaps $0.8m loss
•Average CAGR revenue over the last 5 years = 5.8%
$10.5
$11.2
$11.5
$10.0
$13.9
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
Normalised NPAT
SPN FY25 Annual Result Investor Presentation - 22.08.2521

Balance Sheet
For the year ended 30 June 2025
$m
FY25FY24%chg
Cash6.12.3163%
PPE94.591.93%
Trade and other receivables8.98.29%
Total Assets109.7103.46%
Debt31.035.713%
Trade and other payables4.54.0-14%
Total Liabilities43.143.10%
Equity66.660.210%
•Gross debt reduced by ~$5m to $31m during FY25,
down 13%. Leaving $19m headroom for future
investment
•Modest growth in PPE during FY25 (3%), after several
years of significant infrastructure investment
•Return on Assets of 18.6% (FY24 – 15.9%) reflects
sound financial discipline ensuring all growth capex
generates at minimum a WACC return
•Net debt to EBITDA of 1.0x (down from 1.6x at 30
June 2024) – long-term target range of <2.0x
SPN FY25 Annual Result Investor Presentation - 22.08.2522

Operating Free Cash Flow
For the year ended 30 June 2025
•Growth in OFCF aligned with stronger operating
result
•Underlying operating cash flows increased
$10.9m to $23.7m driven by increased volumes
through the port and new charges implemented
•Same level of maintenance capex spend as FY24
($4.3m)
•Reduced interest paid offset by increased
operating costs
$11.2
$9.8
$12.0
$8.6
$16.9
0%
5%
10%
15%
20%
25%
30%
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
Operating FCF + OFCF Margin
OFCF
OFCF Margin
SPN FY25 Annual Result Investor Presentation - 22.08.2523

Infrastructure Investment Cycle
•Significant growth capex period FY21 to FY24:
•Upgrade fuel berth + new access corridor
•Channel dredging
•New tug
•Pave log storage areas
•Maintenance capex remains consistent – aligned
with annual depreciation spend ~$4.5m
•Infrastructure maintenance peaked in FY21 at
$4.6m, annual infrastructure spend now circa $2m
after significant upgrades to key assets
SPN FY25 Annual Result Investor Presentation - 22.08.2524
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
$
Capital Expenditure
Maintenance Capex
Growth Capex
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
$
Maintenance Expenditure
Infrastructure MaintenanceOther Maintenance

Capital Management
•Sensible allocation of maintenance capex to preserve asset
integrity, minimising downtime and sustain performance
•Assessment of long-term investments, ensuring capital is
directed toward projects with strong strategic alignment
and value creation
•Evaluate growth capex opportunities with a focus on
adequate returns, scalability and risk management
•Commitment tosustainable shareholder returns by
balancing reinvestment needs with disciplined capital
distribution
•Aim for shadow investment grade credit rating to reinforce
financial credibility – indicates a healthy balance sheet,
prudent debt management, and a stable cash flow profile
Operating cash flowDebt facility headroom
Maintenance Capex
Sustainable
shareholder returns
Growth Capex
Long-term investment requirements
Source of funding
Available funds
SPN FY25 Annual Result Investor Presentation - 22.08.2525

Dividend
For the year ended 30 June 2025
•Final Dividend of 20.50c taking the full year
Dividend to 28.00c (an increase of 1cps)
•Represents a gross return of 5.6% (net 4.0%)
•Interim Dividend of 7.5c paid
•The Board maintains a consistent dividend policy
that balances the port’s long-term expansion
requirements with near-term operating free cash
flow considerations.
63%
73%
59%
83%
44%
0.265
0.27
0.275
0.28
0.285
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
FY21
FY22
FY23
FY24
FY25
CPS
Dividend
% of free cash flo w
cps
SPN FY25 Annual Result Investor Presentation - 22.08.2526

Dredging Journey

SPN FY25 Annual Result Investor Presentation - 22.08.2527

Scope of Work to Deepen Channel by 1.0m
Dredging Journey
SPN FY25 Annual Result Investor Presentation - 22.08.2528

Dredging Timeline
AUGUST 2022
MAINTENANCE
DREDGING IN
CHANNEL BEGINS!
AUGUST 2023
CAPITAL DREDGING
IN CHANNEL
RECOMMENCES TO
ACHIEVE 1m
OCTOBER 2024
NEW DRAFT
DECLARED
APRIL 2023
SUCTION DREDGING
IN SWINGING BASIN
AND BERTH POCKETS
BEGINS
SPN FY25 Annual Result Investor Presentation - 22.08.2529

Dredging Costs
DescriptionActual
$m
Backhoe Dredging$8.7
Trailer hopper and suction
dredge
$2.1
Sweep Vessel (blading)$0.7
Consent$1.3
PROJECT TOTAL$12.8
OCTOBER 2023
FINAL PROJECT COSTS
DescriptionEstimate
$m
Drill, blast and dredge
campaign
$11.2
Trailer hopper and suction
dredge
$2.5
Consent$0.6
Contingency$2.8
PROJECT TOTAL$17.1
AUGUST 2017
DRILL AND BLAST
ALLOWANCE
SPN FY25 Annual Result Investor Presentation - 22.08.2530

•Very successful campaign – completed on
time and under budget
•Additional 1 metre of draft allows the port to
load more volume on vessels calling
•We can now fill both log and woodchip
vessels, creating opportunity of one load to
one discharge port supply chain
•Customers already taking advantage of the
deeper draft and the Port is benefiting from
increased revenue
•Increased safety of transit through the
channel
Dredging Benefits for South Port
and our Customers
SPN FY25 Annual Result Investor Presentation - 22.08.2531

Looking Forward

SPN FY25 Annual Result Investor Presentation - 22.08.2532

Open Ocean
•Government strategy targeting 3 Billion export
earnings. 1.5 Billion from open ocean aquaculture
•Ngāi Tahu’s Hananui project – listed under fast-track
approvals consent process
•Sanford has a consent lodged with Environment
Southland
•Ocean Farms New Zealand commenced the consent
process to install farm facilities at 4 deep-water
locations offshore from Southland
On Land
•Impact Marine – listed under fast-track approvals
consent process. Developing an on-land salmon farm
and processing facility including a hatchery, smolt and
grow out facilities in Bluff
Aquaculture
SPN FY25 Annual Result Investor Presentation - 22.08.2533

•Stage two of Mercury NZ’s Kaiwera Downs wind farm
underway. 5 shipments of equipment expected to
arrive at the Port over the fourth quarter of CY25
In the Planning / Consent Stage
Contact Energy
•Southland wind farm – listed under fast-track
approvals consent process
•Located east of Wyndham and, if constructed, will
have the capacity to produce up to 300MW from 55
turbines
Manawa Energy / Pioneer Energy Partnership
•Partnership to construct and operate the Kaihiku
Wind Farm has also been listed under the fast-track
consent process
•Located north of Clinton and, if constructed expected
generation capacity of approximately 300MW
Windfarms
SPN FY25 Annual Result Investor Presentation - 22.08.2534

•Over the last 65 years we have fully developed the
400,000m2 Island Harbour
•The Foreshore has 80,000m2 of bare land remaining
available for development
•Significant investment required to meet the needs of
aquaculture industry
•Wharf developments
•Land side infrastructure
•Long-term infrastructure planning is necessary to
address future land requirements
Long-term Investment Horizon
SPN FY25 Annual Result Investor Presentation - 22.08.2535

Outlook
•Volumes expected to remain strong supported by:
•The agriculture sector continuing toimprove on the back of a strong dairy payout in FY25,
and forecasted again for FY26.Also a positive red meat sector
•Container volumes are expected to remain consistent
•NZAS volumes expected to increase, returningto a more normal cargo flow,on the proviso that there are
no demand response calls in the coming 12 months
•Capital investment cycle is slowly freeing up free cash flow in FY26
•Opportunities are evolving in the energy and aquaculture sectors which will require significant investment
•Continued focus on capital allocation to build capability to meet future cargo requirements and drive returns
Outlook
It has been a challenging year with several macro-economic and climatic conditions that have materially influenced cargo
volumes handled across the wharf during the past 12 months.
Despite these challenges and fluctuations, the Port has been in an excellent position to meet the demands placed on our
infrastructure and operations which has been a highlight for the year.
The agricultural sector, particularly the dairy industry has been strong, which is reflected in the volumes of bulk and
containerised cargo being handled through the Port.
The strength of the dairy sector is forecasted to continue in FY26 with Fonterra indicating a Farmgate Milk Price range of $8.00
to $11.00 per kilogram of milk solids, with a midpoint of $10.00, which is positive sign for both the Southland region and the
Port.
The macro-economic conditions offshore are expected to remain difficult. Supply chains continue to be disrupted, particularly
around regions where conflict is present, impacting container services calling to New Zealand.
The Company however remains confident about the resilience of the business.
There are a number of projects connected to both the aquaculture and energy sectors currently in the consenting stages that
will provide short to longer term opportunities for the Port, in addition to existing projects such as the Kaiwera Downs stage 2
wind farm components that will be shipped through the Port in FY26.
The business strategy to invest in our infrastructure has proved to be successful and will continue to be an important part of
our planning to ensure we can meet our customers’ requirements looking forward.
These opportunities combined with the wide range of cargoes being handled at the Port provides the Company with an
optimistic outlook for the future.
SPN FY25 Annual Result Investor Presentation - 22.08.2536

Summary
•Record result
•Tiwai underpins South Port going forward
•Port diversity provides resilience
•Engaged workforce
•Sustainable dividend
•Positioning for future growth
SPN FY25 Annual Result Investor Presentation - 22.08.2537

Q&A

SPN FY25 Annual Result Investor Presentation - 22.08.2538

---

GROUP
NOTEGROUP
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
Share-based
Payment Reserve
Retained EarningsTotal Equity
In Thousands of New Zealand Dollars
Balance 1 July 2023 9,418 — 50,485 59,903
Profit/(loss) after income tax — — 7,376 7,376
Total comprehensive income — — 7,376 7,376
Contributions by and distributions to owners
Equity settled share-based payment accrual 36 36
Dividends paid during the period — — (7,083) (7,083)
Balance as at 30 June 2024 9,418 36 50,778 60,232
Balance 1 July 2024 9,418 36 50,778 60,232
Profit/(loss) after income tax — — 13,318 13,318
Total comprehensive income — — 13,318 13,318
Contributions by and distributions to owners
Equity settled share-based payment accrual — 106 — 106
Dividends paid during the period — — (7,083) (7,083)
Balance as at 30 June 2025 9,418 142 57,013 66,573
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
NOTE
In Thousands of New Zealand Dollars 2025 2024

Total operating revenues from port services 5 63,282 56,128
Total operating expenses 7 (35,599) (33,187)
Operating profit before administrative and finance costs 27,683 22,941
Administrative expenses (7,126) (6,615)
Operating profit before financing costs 20,557 16,326

Financial income 65 58
Financial expenses (2,907) (3,016)

Net financing costs 6 (2,842) (2,958)

Other income 5 63 65
Surplus before income tax 17,778 13,433

Income tax 10 (4,460) (6,057)

Net surplus after income tax 13,318 7,376

Other comprehensive income — —
Total other comprehensive surplus/(loss) after income tax — —
Total comprehensive surplus/(loss) after income tax 13,318 7,376

Basic earnings per share 17 $0.508 $0.281
Diluted earnings per share 17 $0.506 $0.281
Share Capital
15
24
15
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
The accompanying notes form part of these financial statements
Section
07
82
South Port
ANNUAL REPORT 2025
FINANCIALS

OF SOUTH PORT NEW ZEALAND LIMITED AS AT 30 JUNE 2025
On behalf of the Board
21 August 2025
The accompanying notes form part of these financial statements
In Thousands of New Zealand Dollars 2025 2024
TOTAL EQUITY 66,573 60,232
NON-CURRENT ASSETS
Property, plant and equipment 11 94,548 91,876
Right-of-use assets 25 146 239
Financial assets 14 — 321
Total non-current assets 94,694 92,436
CURRENT ASSETS
Cash and cash equivalents 12 6,075 2,310
Trade receivables and prepayments 13 8,898 8,220
Financial assets 14 — 398
Total current assets 14,973 10,928

Total assets 109,667 103,364
NON-CURRENT LIABILITIES
Employee entitlements 19 59 47
Loans and borrowings 18 31,008 35,750
Deferred tax liability 10(d) 499 1,097
Lease liabilities 25 55 163
Contract liability 5 2,246 —
Financial liabilities 21 25 —
Total non-current liabilities 33,892 37,057
CURRENT LIABILITIES
Trade and other payables 20 4,532 4,036
Employee entitlements 19 1,983 1,451
Provision for taxation 10(c) 2,355 482
Lease liabilities 25 115 106
Contract liability 5 133 —
Financial liabilities 21 84 —
Total current liabilities 9,202 6,075

Total liabilities 43,094 43,132
TOTAL NET ASSETS 66,573 60,232
Net asset backing per share 17 $2.54 $2.30
NOTEGROUP
Philip Cory-Wright
Chair
Nicola Greer
Chair, Audit and Risk Committee
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Section
07
83
South Port
ANNUAL REPORT 2025
FINANCIALS

The accompanying notes form part of these financial statements
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2025
In Thousands of New Zealand Dollars 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided by (applied to):
Receipts from customers 64,916 54,410
Payments to suppliers and employees (35,523) (35,040)
Interest received 65 58
Interest paid (2,168) (2,483)
Income taxes paid (3,183) (4,954)
Net goods and services tax paid (435) 795
Net cash flow from operating activities 26 23,672 12,786
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided by (applied to):
Proceeds from disposal of non-current PPE 69 203
Acquisition of PPE (8,043) (10,283)

Net cash used in investing activities (7,974) (10,080)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided by (applied to):
Dividend paid (7,083) (7,083)
Drawdown/(repayment) of borrowings (4,742) 5,750
Lease liabilities paid (108) (98)
Net cash used in financing activities (11,933) (1,431)
NET INCREASE (DECREASE) IN CASH HELD 3,765 1,275
Add cash at beginning of year 2,310 1,035
TOTAL CASH AT END OF YEAR 12 6,075 2,310
NOTEGROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
Section
07
84
South Port
ANNUAL REPORT 2025
FINANCIALS

---

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



Results for announcement to the market
Name of issuer South Port New Zealand Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$63,410 12.7%
Total Revenue $63,410 12.7%
Net profit/(loss) from
continuing operations
$13,318 80.5%
Total net profit/(loss) $13,318 80.5%
Final Dividend
Amount per Quoted Equity
Security
$0.20500000
Imputed amount per Quoted
Equity Security
$0.07972222
Record Date 03/11/2025
Dividend Payment Date 11/11/2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.54 $2.30
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

22/08/2025

Audited financial statements accompany this announcement.

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer South Port New Zealand Limited
Financial product name/description Fully Paid Shares
NZX ticker code SPN
ISIN (If unknown, check on NZX
website)
NZSPNE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 03/11/2025
Ex-Date (one business day before the
Record Date)
31/10/2025
Payment date (and allotment date for
DRP)
11/11/2025
Total monies associated with the
distribution
1

$5,378,154.09
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.28472222
Gross taxable amount
3
$0.28472222
Total cash distribution
4
$0.20500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.03617647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed X
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.07972222
Resident Withholding Tax per
financial product
$0.01423611
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
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
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

22/08/2025






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.