South Port NZ Limited - Interim Report to 31 December 2025

INTERIM
REPORT
FOR THE SIX MONTH PERIOD
ENDED 31 DECEMBER 2025

FINANCIAL PERFORMANCE
South Port delivered a record after-tax profit of $8.45m for the first
six months of FY26 (1H25 $5.76M).
Port activity benefited from stronger economic activity within the
region, higher imports of agricultural inputs to support the farming
sector and a recovery of smelter-related volumes.
Customers are leveraging the deeper draft conditions to achieve
significant productivity gains through more efficient vessel
movements and increased payloads, reducing overall port-call costs.
CARGO
Total cargo throughput increased to 1,992,000 tonnes, up
301,000 tonnes (17.8%) from the prior interim period. Growth was
driven by higher fertiliser imports (+86,000 t), fertiliser exports
(+16,000 t), sulphuric acid imports (+9,000 t), alumina imports
(+114,000 t), aluminium exports (+34,000 t), and project cargo
(+7,000 t). Log volumes decreased by 15,000 tonnes.
Large vessel calls rose to 154, a 17.5% increase (1H25 131),
reflecting higher fertiliser and container activity. Container
volumes grew by 20.4% to 24,800 TEU (1H25 20,600 TEU).
South Port also recorded 24 calls from the MSC Wallaby Service,
up from 15 in the prior period.
NEW ZEALAND ALUMINIUM SMELTERS LTD
(NZAS)
NZAS returned its third potline to full operation, after volumes
for the smelter in the previous year were impacted by a Meridian
Energy demand-response event in February 2025.
South Island hydro storage lake levels are at 113% of the historic
mean (HY25 97%)
*
.
AGRICULTURAL INPUTS
Over the past 18 months, the Southland region has experienced
a structural shift towards increased use of supplementary feed to
support milk solid production. This trend is expected to continue
through to the end of the financial year.
Coastal shipments from Bluff to Napier have increased, with
product sourced from the Ballance Agri-Nutrients’ Awarua plant
following the closure of its Mount Maunganui facility. Discussions
with Ballance on the long term potential of this coastal trade are
ongoing.
WIND FARM EQUIPMENT
Two vessels carrying equipment for stage two of Mercury’s
Kaiwera Downs wind farm arrived in October, with cargo stored
on Port ahead of transport to site. A further three vessels are
scheduled for the first quarter of CY26. This cargo means that the
previously unused land at the western tip of the Island Harbour is
fully utilised following its recent paving.
The Contact Energy Southland Wind Farm, accepted into the fast
track consenting process, is now before an expert panel with a
decision expected in the second quarter of CY26. The proposal
includes up to 55 turbines of approximately 7MW each.
MEDITERRANEAN SHIPPING COMPANY
(MSC) EAGLE SERVICE
In an exciting development for Southland exporters, MSC
announced the introduction of the Eagle Service, providing a
rapid direct service from New Zealand to the U.S. East Coast with
further links through Panama to Europe. The service commences
mid February, with South Port connecting via transshipment
through the Wallaby Service at CentrePort Wellington.
INTERIM REPORT
*
Transpower market operations weekly report 01-Feb-26
2

OPERATIONAL EVENTS:
IMPROVED MONITORING
Enhancements in the marine area include deployment of high
tech wave buoys in Foveaux Strait, delivering real time wave and
current data into the Port’s NCOS under keel clearance system.
The Board has also approved acquisition of the TZ Coastal AIS
monitoring system, providing real time vessel tracking, playback,
alarms, geofencing, guard zones, and proximity breach alerts.
BENEFITS OF INCREASED DRAFT
Deeper draft conditions continue to benefit shipping companies
calling at the Port. Of the 154 large vessel calls (308 vessel
movements), 25% of the vessels took advantage of the deeper
draft conditions at both low and high tide, an impressive statistic
illustrating improved productivity at the Port.
INFRASTRUCTURE:
PURCHASE OF FORESHORE ROAD STORES
In October 2025, the Company purchased the Foreshore Road
facility, previously used for cold storage, near Bluff Township. The
4,000 m² facility will be converted to dry storage to complement
Island Harbour capacity, supported by an additional 2,400 m² of
hard stand for cargo handling activities.
HEALTH & SAFETY
The safety and wellbeing of our staff remains a key priority.
One of the key initiatives underway includes the development of
overlapping duty agreements with all port operators. Engagement
with stakeholders in this process has been positive and will help
clarify roles and responsibilities across the Port.
BOARD AND SENIOR MANAGEMENT
TRANSITION
As advised at the company’s ASM in October 2025, South
Port’s long-serving Chief Executive Nigel Gear announced his
resignation. The Company is undertaking a recruitment process
for his replacement.
The Board is also managing a Board transition process. On 4
December 2025, Michelle Henderson advised her intention to
step down from the South Port Board effective 27 January 2026,
to become General Manager of NZAS at Tiwai Point. The Board
congratulates Michelle and acknowledges her contribution,
including her leadership as Chair of the Board Health & Safety
Committee.
To ensure a smooth transition process, the Board has moved to
appoint two new independent directors, Peter Barker and Jacqui
Nelson.
Peter joins us following a career as a senior finance executive
including as CFO of Computershare, VP of Finance for BHP and
interim CFO of AdBri (formerly Adelaide Brighton Cement). He is
currently a Non-Executive Director of Downer.
Jacqui joins us following a career as a senior executive at Contact
Energy culminating in positions as Chief Generation Officer and
Chief Development Officer. She is currently a Non-Executive
Director of Todd Corporation.
3

P W Cory-Wright
Chair
N G Gear
Chief Executive
OUTLOOK
Global conflict continues to influence international supply chains.
While vessel transits through the Red Sea have increased recently,
volumes remain 60% below pre-conflict levels.
Dairy export pricing declined through late CY25, prompting
Fonterra to adjust its farm gate milk price forecast to $8.50–$9.50
per kgMS (previously $8.00–$11.00). To date, the Port has not
observed any reduction in import volumes for dairy industry inputs
but will continue monitoring over the next six months.
From left: Nigel Gear, Chief Executive, Philip Cory-Wright, Chair.
The overall trade outlook, however, remains positive, with cargo
volumes recovering from previous reduced levels in FY25, and the
recorded increases at 1H26 are expected to remain stable through
to year end.
There are emerging opportunities in the energy and aquaculture
sectors, several of which are progressing through the fast-track
consenting process. The Company will continue to monitor the
timing of these opportunities to ensure we have the necessary
resources in place to support these developments.
The Company will continue advancing infrastructure upgrades
to strengthen existing operations, accommodate future cargo
growth opportunities and unlock further efficiency gains from the
entrance channel deepening.
DIVIDEND
The Directors have declared a fully imputed interim dividend of
8.50 cents per share (2025: 7.50 cents), payable on 10 March
2026. Final distribution decisions will reflect the year end result,
market conditions, future capex requirements, and trading
outlook.

STATEMENT OF COMPREHENSIVE INCOME
Total operating revenues
from Port services 34,755 29,566 63,282
Total operating expenses (18,042) (16,125) (35,599)
Operating profit before
administrative and 16,713 13,441 27,683
finance costs
Administrative expenses (4,116) (3,506) (7,126)
Operating profit before
financing costs 12,597 9,935 20,557
Financial income 41 22 65
Financial expenses (971) (1,855) (2,907)
Net financing costs (930) (1,833) (2,842)
Other income 7 - 63
Surplus before income tax 11,674 8,102 17,778
Income tax (3,220) (2,344) (4,460)
Net surplus after income tax 8,454 5,758 13,318
Other comprehensive income - – -
Total comprehensive
surplus/(loss) after income tax 8,454 5,758 13,318
Basic earnings per share $0.322 $0.219 $0.508
Diluted earnings per share $0.321 $0.219 $0.506
STATEMENT OF CASH FLOWS
Cash flows from operating
(note 7) 7,628 7,039 23,672
Cash flows from investing (6,399) (3,479) (7,974)
Cash flows from financing (4,926) (2,614) (11,933)
Net Increase/(Decrease)
in Cash
(3,697) 946 3,765
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
UnauditedUnauditedAudited
UnauditedUnauditedAudited
STATEMENT OF FINANCIAL POSITION
TOTAL EQUITY 69,703 60,922 66,573
Non-Current Assets
Property, plant & equipment 98,219 93,660 94,548
Right-of-use assets 95 191 146
Deferred tax asset - 57 -
Financial assets - - -
Total non-current assets 98,314 93,908 94,694
Current Assets
Cash and cash equivalents 2,378 3,255 6,075
Trade and other receivables 12,407 11,426 8,898
Financial assets - 63 -
Total current assets 14,785 14,744 14,973
Total assets 113,099 108,652 109,667
Non-Current Liabilities
Employee entitlements 54 60 59
Loans and borrowings 31,518 38,304 31,008
Deferred tax liability 323 1,042 499
Lease liabilities 5 88 55
Contract liability 2,180 108 2,246
Financial liabilities 7 25
Total non-current liabilities 34,087 39,602 33,892
Current Liabilities
Loans and borrowings – – –
Trade and other payables 4,854 5,305 4,532
Employee entitlements 2,224 1,611 1,983
Provision for taxation 1,797 1,103 2,355
Lease liabilities 107 109 115
Contract liability 133 - 133
Financial liabilities 194 - 84
Total current liabilities 9,309 8,128 9,202
Total liabilities 43,396 47,730 43,094
TOTAL NET ASSETS 69,703 60,922 66,573
Net asset backing per share $2.66 $2.32 $2.54
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
UnauditedUnauditedAudited
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2025
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
5

FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
01 Activities of South Port New Zealand Ltd
South Port New Zealand Ltd is primarily involved in providing and
managing port and warehousing services.
02 Accounting Policies
South Port New Zealand Ltd is a Financial Markets Conduct
(FMC) reporting entity for the purposes of the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013.
These financial statements comply with these Acts and have
been prepared in accordance with the New Zealand equivalents
to international Financial Reporting Standards (NZ IFRS) and
other applicable Financial Reporting Standards, as appropriate
for profit orientated entities. These financial statements
comply with International Financial Reporting Standards (IFRS)
as appropriate for condensed interim financial statements.
They comply with New Zealand equivalents to International
Accounting Standards 34 (NZ IAS 34) Interim Financial
Reporting, and International Accounting Standards 34. There
has been no change in accounting policies. All policies have
been applied on a consistent basis with the most recent annual
report.
03 Taxation
Income tax expense comprises current and deferred tax at the
company tax rate of 28%. Income tax expense is recognised in
the Statement of Comprehensive Income except to the extent
that it relates to items recognised directly in equity, in which
case it is recognised in equity.
04 Segmental Reporting
South Port New Zealand Ltd operates in the Port Industry in
Southland, New Zealand, and therefore only has one
reportable segment and one geographical area based on
the information as reported to the chief operating decision
maker on a regular basis. South Port engaged with one major
customer who contributed individually greater than 10% of
its total revenue for the period ended 31 December 2025. This
customer contributed $5.75 million for the six months ended 31
December 2025 (2024: $4.45 million).
05 Amalgamation of Subsidiary
The amalgamation of Awarua Holdings Ltd with South Port
New Zealand Ltd was completed on 18 June 2025, as disclosed
in the FY25 annual financial statements. There have been
no further impacts arising from this transaction during the
current interim reporting period.
NOTES TO THE FINANCIAL STATEMENTS
6

DIRECTORS
Philip Cory-Wright
Chair
Cassandra Crowley
Nicola Greer
Michelle Henderson
(Resigned 27 January 2026)
Derek Nind
John Schol
CORPORATE
EXECUTIVES
Nigel Gear
Chief Executive
Geoff Finnerty
Port General Manager
Lara Stevens
Chief Financial Officer
Jamie May
Commercial Manager
Hayden Mikkelsen
Container Operations Manager
Frank O’Boyle
Infrastructure and
Environmental Manager
Helen Young
People and Safety Manager
Surplus after taxation 8,454 5,758 13,318
Add/(less) items classified
as investing/financing activities – – –
Add/(less) non-cash items 2,708 3,137 5,517
Add/(less) movement in working
capital (3,534) (1,856) 4,837
Net cash provided by operating
activities
7,628 7,039 23,672
07 Net Cash Flow from Operating Activities
Total equity at beginning
of the period 66,573 60,232 60,232
Profit/(loss) after income tax 8,454 5,758 13,318
Other comprehensive income – – –
Total comprehensive surplus 8,454 5,758 13,318
Share based payment reserve 54 48 106
Distributions to shareholders (5,378) (5,116) (7,083)
Total equity at end of the period 69,703 60,922 66,573
31/12
2024
$000’s
Year to
30/06/25
$000’s
31/12
2025
$000’s
Unaudited
06 Statement of Changes In Equity
UnauditedAudited
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
7

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Island Harbour, PO Box 1,
Bluff 9842, New Zealand
+64 3 212 8159
reception@southport.co.nz
southport.co.nz
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