Annual Shareholders Meeting - Presentation and Address

NAPIER PORT HOLDINGS LIMITED
ANNUAL SHAREHOLDERS MEETING:
ADDRESS TO
ACCOMPANY
PRESENTATION
10:30AM, WEDNESDAY, 17 DECEMBER 2025
Kia ora, good morning everyone,
and welcome to Napier Port’s Annual
Shareholders Meeting.
My name is Blair O’Keeffe. I am the Chair
of the Napier Port board and I’ll be running
today’s meeting. Also presenting today will be
Todd Dawson, Chief Executive, and Kristen
Lie, Chief Financial Officer.
2025 Highlights
I’m pleased to report that 2025 has been
another milestone year for Napier Port,
building on the strong recovery and growth
we achieved last year. A more stable trading
environment, combined with our continued
operational focus, has contributed to a very
strong operational and financial performance.
Across the region, key primary sectors
have performed well, supported by a
favourable growing season and improved
operating conditions. Our diverse trade base,
infrastructure and skilled team have ensured
Napier Port continues to deliver for our
customers,community and shareholders.
This year we achieved new financial highs
for total revenue, results from operations, net
profits and dividends paid to shareholders.
We have also remained vigilant in our
commitment to safety and wellbeing and are
pleased to report another year without any
serious harm incidents.
During the year, we’ve continued to
make strong progress on our long-term
transformation and investment programme.
Cornerstone projects under the Napier Port
container terminal transformation initiative,
the joint-venture dredge with Port Otago,
and preparations for next-generation plant
and mooring systems are all advancing
– strengthening our capability today and
positioning Napier Port for the future.
Our cargo base is diverse and resilient, with
container growth this year helping to balance
softer bulk and cruise volumes. This diversity
is a strength that serves our business well,
and provides a solid platform for future
growth.
Looking ahead, operating conditions
permitting, Napier Port is well-positioned for
sustained volume and earnings momentum.
We have a strong balance sheet, an ongoing
focus on performance and capability, and a
clear strategy for long-term value creation for
our shareholders, customers and region.
Todd will now take us through the year’s
results.
Napier Port Chair,
Blair O’Keeffe

Napier Port Chief Executive,
Todd Dawson
Strong Annual Result
Thank you, Blair.
Good morning everyone. Thank you
for taking the time to attend our Annual
Shareholders Meeting today.
This year has been one of strong
performance and increased container activity
– achieving record revenue, supported by
more stable trading conditions across our
region and customer base.
Good growing conditions contributed to an
early and strong apple harvest and ongoing
recovery in fresh produce.
Pan Pac’s pulp and timber operations
returned to full production, lifting volumes
through the port.
We also saw higher restow and transhipment
activity as shipping lines adjusted their
rotations around the New Zealand coast.
Cruise activity eased from last year’s peak
but remained solid, with 78 vessel calls
bringing welcome tourism into the region.
With the uplift in container volumes and a
shifting mix across trades, activity on port
increased throughout the year.
This momentum brought its own pressures
at times – including compressed shipping
schedules, weather-related disruptions and
some crane availability and maintenance
challenges.
By applying our whole-of-port approach to
resource planning, we were able to manage
these fluctuations effectively and maintain
service levels during peak periods. Teams
flexed operations in real time, reallocating
personnel and equipment, adjusting berth
plans, and working closely with customers
as volumes moved between cargo types and
services.
This coordinated model is now well
embedded across the port and delivers
ongoing value by improving reliability,
responsiveness and overall operational
performance.
At the same time, we have continued to
invest in strengthening our capability.
This includes preparing for the Napier Port
Transformation programme and the phased
introduction of battery-electric autonomous
trucks, continued standardisation and
optimisation of plant and equipment, and
further work to support crane performance
and operational reliability ahead of next
season.
Together, these operational improvements
and capability investments are helping
us convert higher activity into greater
levels of performance and efficiency – and
underpinning the record financial result
delivered this year.
Having delivered another strong year for
Hawke’s Bay and for shareholders, we are
strongly motivated by what we see as Napier
Port’s growing capability under normal
operating conditions, and confident in the
momentum we are building for the years
ahead.

Napier Port Chief Executive, Todd Dawson Continued
Positioning For Growth
As we look ahead, our focus is on positioning
Napier Port for sustainable long-term growth.
During the year we completed our refreshed
10-year strategy out to 2035, providing clear
direction for how we continue to support our
customers and strengthen our role in the
wider supply chain.
In the near term, we expect to see continued
momentum across our existing cargo base,
supported by more stable trading conditions
and strong engagement with our customers.
Our investments in infrastructure, plant and
equipment, upgraded systems, our people
and the mix of container, bulk and cruise
services gives us a solid foundation for the
next phase of growth.
We are also extending our reach through
delivery to customers of more integrated
supply-chain solutions.
Our Viewpoint Supply Chain service
continues to expand its network and
customer base across the North Island,
supported by the Manawatū Inland Port and
our strong partnership with KiwiRail.
The collaboration with Ernslaw One and
KiwiRail to move logs by rail from Karioi
Forest provides a reliable channel to market
following the WPI mill closure, while also
giving customers a more efficient, lower-
carbon transport option and strengthening
resilience across the wider supply chain.
We are also progressing the construction
of our joint-venture dredge with Port Otago.
Once operational, it will enhance berth
availability, support future vessel demand and
strengthen our long-term port resilience and
strategic position by deepening our channels
to consented depth levels.
Another focus area is evolving and
strengthening how we work to support future
customer needs. This includes improving
the systems, processes and customer
touchpoints that underpin day-to-day
operations, and preparing for new technology
and ways of working that will enhance our
reliability, efficiency, scalability and service
quality.
Finally, we will continue to take a disciplined
approach to capital and cost management,
making sure our investments are well-
sequenced, our cost to serve remains tightly
managed, and we preserve the balance
sheet strength needed to support future
opportunities.
Together, these priorities position Napier Port
to grow alongside and with our customers,
strengthen its role in the wider supply chain,
and continue delivering long-term value for
the region.
Integrated Sustainability
Good momentum continued towards
embedding sustainability across Napier Port
this past year. The way we make decisions,
invest and work with customers and partners,
all have sustainability ‘built in’, and this year’s
progress reflects that integration right across
the business.
We achieved Toitū Enviromark Gold
accreditation, recognising the strength of our
environmental management system and our
commitment to continual improvement.
We also completed our fifth climate change
report, and our second report that aligns
with the New Zealand Climate Standards,
supported by independent, third-party
emissions verifications.
Current and planned investments in efficient,
lower-emission equipment are an important
part of our emissions reduction pathway
helping position Napier Port for its future
operating model as it becomes sensible and
economic for the port to do so.
It is pleasing to see improvements in both
employee engagement and customer
satisfaction this year, reflecting the work
underway to strengthen our Napier Port
culture and build shared values across the
organisation. As part of this, we progressed
our culture refresh, a core foundation of
our refreshed 10-year strategy, that brings
greater clarity to the values and behaviours
that guide how we work and deliver for our
customers and region.
Finally, in recognition of our people’s
contribution to the year’s performance, our
Employee Recognition Scheme delivered a
payment of $4,314 per full-time employee,
paid in a mix of cash and Napier Port shares.
I will now hand over to our Chief Financial
Officer, Kristen Lie

Container Volumes Drive Cargo
Growth
Thank you Todd, and good morning
everyone.
I am pleased to be able to provide a financial
report to accompany our audited financial
statements for the 2025 financial year.
It has been another strong year of financial
performance, with revenue growth supported
by the mix of activity moving through the port.
We handled just over 5.1 million tonnes
of total cargo, an increase on last year as
activity continued to stabilise across our
trades following the relative volatility in
recent years. Within this, we saw increased
container activity, offsetting lower bulk cargo
and cruise activity, when compared year on
year.
We processed 250,000 TEU (twenty-foot
container equivalent units) of containerised
cargo and 3.4 million tonnes of bulk cargo,
supported by more consistent export flows
throughout the year and a strong primary
sector export season.
We welcomed 78 cruise vessels, marking our
second-largest cruise season on record.
These volumes, together with our operating
approach across the port, have translated
into a new milestone revenue result.
Revenue Growth On Volume and
Yield
Revenue grew strongly, with total revenue
increasing $16.3 million, or 11.6%, to $157.7
million.
The increase was led by container services,
which grew by $15.2 million, supported
by 9.1% higher TEU volumes and higher
average revenue per unit.
Bulk cargo revenue increased by $2.3
million, despite modestly lower log volumes,
reflecting changes in cargo mix, tariff
increases and higher marine services
revenue.
And cruise revenue was slightly lower,
decreasing $0.8 million, due to fewer vessel
calls compared with last year.
Across all three service areas, revenue
performance was supported by higher
average revenue per unit, driven by cargo
mix changes, tariff adjustments, and
contributions from supporting service areas
such as our Port Pack and our container
depot operations.
These revenue improvements reflect the
benefits of our ongoing investment in
infrastructure and services, and the stronger
operating leverage we have built into the
business over recent challenging years.
New Milestone Operating
Result and Net Profit
Our benchmark financial operating result
metric, the result from operating activities,
increased to $64.2 million, up 23.5%
from $52.0 million last year. This builds
on a significant growth year in 2024, and
represents 72% growth over two years.
In the year, revenue growth of $16.3 million
exceeded the increase in operating expenses
of $4.2 million, reflecting cost discipline and
the strong ability to convert higher activity into
higher operating profits.
Revenue increased by $16.3 million, while
operating expenses rose by only $4.2 million,
reflecting cost discipline and the strong ability
to convert higher activity into higher operating
profits.
During the year, we reached a final
settlement for our Cyclone Gabrielle
insurance claim, which added $7.5 million to
our pre-tax profits during the year.
Driven by the strong operating result,
underlying net profit after tax, excluding the
effect of abnormal insurance receipts, tax law
changes, and asset write-downs, increased
36.5% to $28.3 million.
Reported statutory net profit after tax
increased 24.4% to $30.9 million. Over two
years, this represents growth of 86%.
Overall, the 2025 financial results
demonstrate solid revenue growth, disciplined
cost management, and healthy growing
profitability.
Capital Management
Finally, an update on our capital management
and debt profile, which remains in a strong
position.
With a strong underlying net cash flow
from operations exceeding investment and
financing cashflows, we ended the financial
year with gross debt of $107 million, reflecting
a $2.5 million reduction.
In the short-term, we expect that our gross
debt balance will rise modestly as we
fund our current programme of plant and
equipment replacements, and the strategic
investments that we have outlined today.
We expect higher debt levels to be
comfortably manageable. At the year end, we
had available $73 million of undrawn banking
facilities, providing flexibility to support our
future investment programme, and our Total
Debt to EBITDA, or debt coverage, ratio was
1.50 times, demonstrating a conservative
balance sheet and the benefits of growing
operating cashflow.
During the year, we renewed and extended
our lending arrangements with our banks.
These updated facilities provide improved
terms and introduce sustainable loan
provisions that support investment in eligible
assets under our Sustainable Finance
Framework.
Our financial position has supported the
Board’s decision to pay fully imputed total
dividends of $29 million, or 14.5 cents per
share, for the 2025 financial year. This
includes a special dividend of 5.0 cents per
share paid in June, and the 8.0 cents per
share final 2025 dividend that shareholders
will have received yesterday.
I will now hand back to Todd for concluding
remarks.
Napier Port Chief Financial Officer,
Kristen Lie

Looking Ahead To FY2026
Looking ahead, we remain confident in
Napier Port’s outlook and ability to deliver
sustained performance and long-term value.
International trading conditions remain mixed,
but the fundamentals of the region’s core
food-and-fibre export sectors continue to be
solid. We are seeing improved stability across
the supply chain, easing inflation, and more
favourable macro-economic conditions, all of
which support confidence for cargo owners
as we move through the new financial year.
Across the port, we continue to invest in the
capability and reliability of our core operations
– including the renewal and replacement
of key plant and equipment and ongoing
delivery of our long-term asset programme.
These investments, alongside investment
in our people and systems, ensure we are
well positioned to perform consistently,
support growth where it occurs, and build
the capability needed to prepare for the next
phase of our transformation.
Alongside this, we are modernising our
operating systems, preparing the port for
future operating modes, and ensuring we
have the capacity and resilience required to
support growing regional demand.
Trading for the new financial year to date is
broadly in line with our expectations. Cruise
visits to date, plus remaining bookings, sit
at 59 calls for the season after weather
impacted one call earlier this month. We
are seeing steady log export volumes and
encouraging signs from early crop indicators,
alongside continued investment in the
horticulture sector, which provide confidence
as we head into the new season.
We expect the momentum in our earnings
performance to carry through into FY2026,
supported by stable trading conditions and
the ongoing investment we are making in our
assets, people and systems.
We are reaffirming our guidance for the
2026 financial year provided alongside our
annual results, for an underlying result from
operating activities of between $70 million
and $74 million, assuming current market
conditions continue.
With a strong balance sheet, Napier Port
is well positioned to continue investing in
its core operations, support our customers,
and maintain a growing dividend profile for
shareholders.
Finally, I would like to acknowledge and thank
my entire Napier Port team, as well as our
board, for their commitment and contribution
throughout the year.
I will now hand back to Blair.
It is my pleasure today to conclude the
Annual Shareholders Meeting for the 2025
financial year.
On behalf of the Board, I extend our thanks
to all shareholders, our community, and the
cargo owners who entrust their product to
Napier Port.
And to the entire Napier Port team who – led
by an excellent Senior Management Team
– continue to bring their best to work every
day, facing whatever the day brings with an
unflappable commitment and resolve.
Thank you for coming today and thank you
for your continued support of Napier Port.
No reira tēnā koutou, tēnā koutou, tēnā
koutou katoa.
Napier Port Chief Executive,
Todd Dawson
Napier Port Chair,
Blair O’Keeffe

---

ANNUAL SHAREHOLDERS MEETING 2024

2
BLAIR O’KEEFFE
CHAIR

3
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Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
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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
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presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
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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
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Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are 'non-GAAP financial measures'.
Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation,
they do not have a standardised meaning prescribed by New Zealand Generally Accepted Accounting Standards and,
therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed
as an alternative to other financial measures determined in accordance with New Zealand Generally Accepted
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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
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Notice.
IMPORTANT NOTICE AND DISCLAIMER

4
DIRECTORS
VINCENT TREMAINE
JOHN HARVEY
STEPHEN MOIRDEBBIE BIRCH
DAN DRUZIANIC
KYLIE CLEGG
HAMISH STEVENS

AGENDA
General Business and Questions
Ordinary Resolutions
Chief Executive’s address
Chief Financial Officer's address
Chair’s address
Questions on Presentations, Annual Report, Financial
Statements
Close of Meeting

2025 HIGHLIGHTS
•Continued regional recovery across key sectors
•Step up in financial performance with new milestone revenue and earnings
•Reported net profit after tax of $30.9 million, up 24.4%
•Fully imputed final dividend of $16 million or 8 cps declared
(total 2025 dividends of $29 million or 14.5 cps)
•No incidents of serious harm during the year
•Solid progress across our transformation and investment programme
•Confidence in our region, our diverse trade base and strategic direction

7
TODD DAWSON
CHIEF EXECUTIVE

STRONG ANNUAL RESULT
Whole-of-port planning delivering coordinated and
adaptable operations
Increased container activity and strong yield
management
Strong revenue, earnings and cash flow performance
Supported by a favourable growing season and
improved operating conditions

9
POSITIONING FOR GROWTH
TRANSFORMATION BUILDING ON STRATEGIC ADVANTAGES
Strengthening systems and ways of working to
support future customer needs
Maintaining disciplined capital and cost management,
supporting sustainable returns
Investing in transformation and future capability
Extending our reach through integrated supply-chain
solutions

10
INTEGRATED SUSTAINABILITY
EMBEDDING SUSTAINABILITY INTO HOW WE OPERATE
Completed our fifth Climate Related Disclosures
report; second aligned with the NZ Climate Standards
Employee Recognition Scheme payment of $4,314
per employee
Achieved Toitū Enviromark Gold accreditation
Sustainability considerations now embedded
Improved employee engagement and customer
satisfaction metrics

11
KRISTEN LIE
CHIEF FINANCIAL OFFICER

12
Logs
66%
Woodpulp
6%
Apples &
pears
7%
Timber
5%
Meat
4%
Fresh
produce
3%
Other
9%
250
CONTAINERS
THOUSAND TEU
+9.1%
CONTAINER VOLUMES DRIVE CARGO GROWTH
78
CRUISE VESSELS
5.1
TOTAL CARGO HANDLED
FY25 EXPORT
CARGO BY
WEIGHT
MILLION TONNES
3.4
OF BULK EXPORTS
MILLION TONNES
+1.5%
-1.7%
TEU = Twenty-footcontainer equivalent unit
-11

13
Container
services
$94.7m
Bulk cargo
$51.5m
Cruise
$8.3m
Other
$3.3m
FY25
REVENUE
REVENUE GROWTH ON VOLUME AND YIELD
$157.7
MILLION
TOTAL REVENUE
11.6%
YEAR-ON-YEAR
REVENUE GROWTH
+$15.2m
+$2.3m
-$0.8m
-$0.4m

14
37.2
16.6
52.0
24.8
64.2
30.9
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Result from Operating ActivitiesNet Profit After Tax (reported)
Millions
FY2023FY2024FY2025
NEW MILESTONE OPERATING RESULT AND
NET PROFIT

15
STRONG FINANCIAL POSITION
•Continued robust operating cashflow growth to
$63.6m (+$9.8m)
•Total drawn debt reduced by $2.5m to $107m
•Debt to EBITDA ratio of 1.50x – down from
1.80x in the prior year
•Final dividend paid increased to $16m (+$4m),
and total dividends (including $5m special) for
FY2025 increased to $29m (+$11m) – fully
imputed
CAPITAL MANAGEMENT

16
TODD DAWSON
CHIEF EXECUTIVE

LOOKING AHEAD TO FY2026
Investing in core operating assets and progressing
strategic transformation
Strong balance sheet to invest in capability and
capacity, and to support growing dividends
Earnings growth momentum set to continue
Fundamentals of ‘food and fibre’ remain strong;
international trading conditions mixed
Guidance for FY2026 for underlying result from
operating activities between $70m and $74m
FY2026 trading to date in line with expectations

QUESTIONS ON PRESENTATIONS

ORDINARY BUSINESS

20
VOTING INSTRUCTIONS
Question
box
Voting Card

21
RESOLUTION 1
To elect Hamish Stevens as a Director of the Company

22
RESOLUTION 1
To elect Hamish Stevens as a Director of the Company
ForOpenAgainstAbstain
Proxies159,112,442
(99.11%)
1,277,619
(0.80%)
145,434
(0.09%)
30,705

23
RESOLUTION 2
To re-elect Kylie Clegg as a Director of the Company

24
RESOLUTION 2
To re-elect Kylie Clegg as a Director of the Company
ForOpenAgainstAbstain
Proxies159,197,654
(99.15%)
1,326,620
(0.83%)
31,010
(0.02%)
10,916

25
RESOLUTION 3
To re-elect Dan Druzianic as a Director of the Company

26
RESOLUTION 3
To re-elect Dan Druzianic as a Director of the Company
ForOpenAgainstAbstain
Proxies157,987,694
(98.40%)
1,330,466
(0.83%)
1,239,245
(0.77%)
8,795

27
THANK YOU
STEPHEN MOIR

28
RESOLUTION 4
To authorise directors to fix the Auditors
remuneration for the ensuing year

29
RESOLUTION 4
ForOpenAgainstAbstain
Proxies159,216,685
(99.18%)
1,266,081
(0.79%)
58,004
(0.04%)
25,430
To authorise directors to fix the Auditors
remuneration for the ensuing year

VOTING

GENERAL BUSINESS

MEETING CLOSED