2026 Nine Month Results

1





NZX AND MEDIA RELEASE
12 August 2026
UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS TO 30 JUNE 2026
Napier Port continues strong earnings growth in third
quarter
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports
continued underlying earnings growth for the third quarter and nine months ending 30 June 2026. The
result was supported by favourable growing conditions and continued progress with yield and
productivity strategies.
HIGHLIGHTS
3rd Quarter to 30 June 2026
• Revenue for the third quarter increased 15.3% to $49 million from $42.5 million in the same
period last year
• The result from operating activities
1
increased 24.3% to $22 million from $17.7 million
• Underlying net profit after tax
1
increased 38.9% to $11.7 million from $8.4 million
9 Months to 30 June 2026
• Revenue for the nine months rose 11.1% to $134 million from $120.6 million in the same period
last year and was led by growth in container services revenue
• The result from operating activities increased 16.6% to $59.3 million from $50.9 million as
higher revenue converted to strong earnings growth
• Underlying net profit after tax increased 27.8% to $29.6 million from $23.2 million
• Reported net profit after tax increased 3.7% to $29.7 million from $28.6 million. The prior year
period included the proceeds from the final settlement of Cyclone Gabrielle insurance claims
Strategic Projects
• Key strategic projects including our container terminal transformation, dredge vessel
construction and mooring technology projects, remain on-track to deliver improved capacity,
service capabilities and operating efficiencies from FY2027
Earnings guidance
• Napier Port expects an underlying result from operating activities for the full year to 30
September 2025 around the top end of the previously communicated range of between $70
million and $74 million, assuming a continuation of current operating conditions

Chief Executive Todd Dawson said: “Napier Port has continued to deliver strong financial performance
in the third quarter and across the nine-month period, following a consolidation of the increased trade
activity we saw developing during 2025. We have seen growth in both refrigerated and non-refrigerated
container cargo volumes – highlighted by apples, meat, fertiliser and paper products.


1
Result from operating activities, underlying net profit after tax, and underlying net cash flow from operating activities are
alternative non-NZ GAAP measures. For further information please refer to Note 10 of the 2026 Nine Month Consolidated
Financial Statements.

2


“During the year to date we have seen additional container shipping line calls at Napier Port
demonstrating the consistency and attractiveness of our diverse and resilient cargo base. Container
line schedules and services are continuously evolving across the New Zealand coastal network and we
are positively positioning our port for further growth through strategic investments in our operating
capacity, service capability and operating efficiency.

“These projects, including dredge vessel construction, new mooring technology, and our container
terminal transformation are progressing according to plan and are expected to be operational and fully
embedded during the next financial year.

“Partially offsetting increased container activity, we have seen a reduction in bulk log exports as ongoing
geopolitical challenges create higher costs for exporters. This has been partially mitigated by higher
volumes of bulk fertiliser imports and exports.”

FINANCIAL RESULTS
Container services
Container services revenue for the quarter increased 21.9% to $35.8 million from $29.4 million in the
same period last year. For the nine months, container services revenue increased 18.8% to $85.7
million from $72.2 million on higher container cargo volumes and higher revenue per TEU
2
.
Average revenue per TEU for the nine months increased 17.7% to $439 from $373 in the same period
last year. This improvement in yield was driven by container and cargo mix, tariff and levy increases,
and a higher Depot contribution.
Container volumes for the quarter decreased 2.5% to 79,000 TEU due to lower empty container
volumes, as a higher proportion of empty container repositioning activity took place in the first half of
the year. For the nine months, total container volumes increased 1% to 196,000 TEU from 194,000
TEU in the same period last year.
Container vessel calls have increased by 11.9% to 217 for the nine-month period as additional
container services have called at Napier Port.
Bulk cargo
Bulk cargo revenue for the quarter decreased 0.6% to $12.2 million from $12.3 million in the same
period last year, as bulk volumes decreased 4.6% to 0.74 million tonnes. For the nine months, bulk
cargo revenue increased by 3.8% to $39.2 million from $37.7 million, while volumes decreased 2.5%
to 2.43 million tonnes.
Log export volume for the quarter decreased by 5% to 0.64 million tonnes, and for the nine-month
period decreased by 5.2% to 1.92 million tonnes.
Average revenue per tonne for the nine months increased 6.4% to $16.14 from $15.16 in the same
period last year, driven by changes to cargo mix and vessels, together with tariff and levy increases.
Cruise services
The cruise season completed in April with 55 vessel calls and over 88,000 passengers visiting the
region, contributing $6.5 million to revenue. This compares to 78 vessel calls contributing $8.3 million
to revenue in the prior comparative period.
There are currently 50 cruise vessel bookings for the upcoming 2027 season.


2
Twenty-foot equivalent container unit

3

Operating results
The result from operating activities for the third quarter increased 24.3% to $22 million from $17.7 million
in the prior year period, as the third quarter revenue increase of $6.5 million exceeded the increase in
operating expenses of $2.2 million.
The result from operating activities for the nine months increased 16.6% to $59.3 million from $50.9
million. Positive operating leverage was demonstrated with the increase in revenue of $13.3 million
compared to the increase in operating expenses of $4.9 million.
Driven by the higher operating result, underlying net profit after tax for the third quarter increased by
38.9% to $11.7 million from $8.4 million in the same period last year. For the nine months this increased
by 27.8% to $29.6 million from $23.2 million.
Reported net profit after tax for the third quarter increased 37.9% to $11.7 million from $8.5 million in
the same period last year, and for the nine months increased 3.7% to $29.7 million from $28.6 million
as the prior year period included income from the $7.5 million final settlement of Cyclone Gabrielle
insurance claims.
CAPITAL MANAGEMENT
Over the nine-month period, Napier Port has invested $44.2 million in capital assets, including dredge
vessel construction, container terminal transformation, mooring plant and equipment, mobile plant
replacement, major maintenance and site asset management works.
Napier Port is investing approximately $120 million
3
across the 2025 to 2027 financial years towards
asset replacement and capacity and growth projects. Of this sum, $70 million has been deployed as at
30 June 2026.
Underlying net cash flow from operating activities increased by $3.6m, or 8.1%, to $48.7 million from
$45.0 million in the same period last year. Reported operating cash flow decreased by $5.2m, or 9.6%,
to $48.7 million from $53.9 million in the same period last year due to the prior period $11 million receipt
of insurance claim proceeds.
Napier Port ended June 2026 with total drawn debt of $136.5 million, up from $107 million at the end of
the 2025 financial year, with undrawn bank facilities of $43.5 million, and with a total Debt to EBITDA
ratio of 1.88 times.

ENDS

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/10056325-
ubpu3b.html
Registrations can be taken right up to the commencement of the call.
For more information:

Investors Media
Kristen Lie Chris Lonergan
Chief Financial Officer Communications Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: chrisl@napierport.co.nz

3
Future capital investment is subject to change and approvals

4

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:
https://www.napierport.co.nz/investor-centre/

---

FOR THE NINE MONTHS ENDED 30 JUNE 2026

CONTENTS
+ CONSOLIDATED INCOME STATEMENT P3
+ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME P3
+ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY P4
+ CONSOLIDATED STATEMENT OF FINANCIAL POSITION P5
+ CONSOLIDATED STATEMENT OF CASH FLOWS P6
+ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS P8
+ DIRECTORY P13
P2
NINE MONTH FINANCIAL STATEMENTS

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.
Napier Port Holdings Limited
Consolidated Income Statement
For the nine months ended 30 June 2026Note
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
Revenue 5133,950 120,616
Employee benefit expenses37,466 35,583
Property and plant expenses11,910 11,348
Contract services10,410 7,991
Occupancy expenses7,261 7,762
Other operating expenses7,586 7,051
Result from operating activities1059,317 50,881
Depreciation, amortisation and impairment expenses14,299 14,495
Other (income) and expenses397 (50)
Net Cyclone Gabrielle insurance proceeds-(7,460)
Operating profit44,621 43,896
Investing (income) and expenses(147)(37)
Profit before financing and income tax44,768 43,933
Net finance costs63,294 4,027
Profit before income tax41,474 39,906
Income tax expense711,801 11,289
Profit for the period attributable to the shareholders
of the Company
29,673 28,617
Earnings Per Share:
Basic earnings per share ($)0.150.14
Diluted earnings per share ($)0.150.14
Napier Port Holdings Limited
Consolidated Statement of Comprehensive Income
For the nine months ended 30 June 2026Note
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
Profit for the period attributable to the shareholders
of the Company
29,673 28,617
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges990 189
Cash flow hedges transferred to profit or loss6(91)(1,066)
Deferred tax on changes in fair value of cash flow hedges(252)246
Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges related to
property, plant and equipment
(593)128
Deferred tax on changes in fair value of cash flow hedges166 (36)
Changes in fair value of marketable securities909 111
Revaluation of sea defences-2,151
Deferred tax on revaluation of sea defences-714
Other comprehensive income for the period, net of tax1,129 2,437

Total comprehensive income for the period
attributable to the shareholders of the Company
30,80231,054
P3
NINE MONTH FINANCIAL STATEMENTS

The above statement of changes in equity should be read in conjunction with the accompanying notes.
Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the nine months ended 30 June 2026
Share Capital
$’000
Revaluation Reserve
$’000
Hedging Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained Earnings
$’000
Total Equity
$’000
Balance at 1 October 2025245,911 116,311 (285)651 64,313 426,900
Profit for the period----29,673 29,673
Other comprehensive income-909 220 --1,129
Total comprehensive income for the period-909 220 -29,673 30,802
Dividends34 ---(26,459)(26,425)
Acquisition of treasury shares
(1,151)----(1,151)
Long term incentive plan vesting transfers207 --(207)--
Share-based payments---225-225
Fair Share loans - employee repayments41 ----41
Fair Share plan settlement transfers24 --(24)--
Transfers from treasury stock - employee recognition scheme364 ----364
Total transactions with owners in their capacity as owners(481)--(5)(26,459)(26,945)
Total movement in equity(481)909 220 (5)3,214 3,857
Balance at 30 June 2026 (Unaudited)245,430 117,220 (65)646 67,527 430,758
Balance at 1 October 2024246,107 113,017 987 609 58,406 419,126
Profit for the period----28,617 28,617
Other comprehensive income-2,976 (539)--2,437
Total comprehensive income for the period-2,976 (539)-28,617 31,054
Dividends35 ---(24,975)(24,940)
Acquisition of treasury shares(750)----(750)
Long term incentive plan vesting transfers195 --(195)--
Share-based payments---199 -199
Fair Share loans - employee repayments84 --- -84
Fair Share plan settlement transfers13 --(13)--
Transfers from treasury stock - employee recognition scheme214 ----214
Total transactions with owners in their capacity as owners(209)--(9)(24,975)(25,193)
Total movement in equity(209)2,976 (539)(9)3,642 5,861
Balance at 30 June 2025 (Unaudited)245,898115,99344860062,048424,987
P4
NINE MONTH FINANCIAL STATEMENTS

Napier Port Holdings Limited
Consolidated Statement of Financial Position
As at 30 June 2026Note
30 June 2026
Unaudited
$’000
30 September 2025
Audited
$’000
EQUITY
Share capital245,430 245,911
Reserves117,801 116,676
Retained earnings67,527 64,313
430,758 426,900
NON-CURRENT LIABILITIES
Loans and borrowings8137,424 109,650
Deferred tax liability24,503 23,879
Derivative financial instruments241 1,267
Provision for employee entitlements723 648
162,891 135,444
CURRENT LIABILITIES
Taxation payable2,924 6,183
Lease liabilities- 26
Derivative financial instruments391 493
Trade and other payables27,222 24,615
30,537 31,317
624,186593,661
Note
30 June 2026
Unaudited
$’000
30 September 2025
Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment567,607 542,830
Intangible assets655 720
Investment properties13,680 13,630
Derivative financial instruments396 1,881
Investment in joint venture250 250
582,588 559,311
CURRENT ASSETS
Cash and cash equivalents2,665 3,463
Marketable securities7,464 3,518
Derivative financial instruments1,429 2,370
Trade and other receivables24,675 19,622
Other current assets5,365 5,377
41,598 34,350
624,186593,661
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 11 August 2026.
Chairman Director
The above statement of financial position should be read in conjunction with the accompanying notes.
P5
NINE MONTH FINANCIAL STATEMENTS

The above statement of financial position should be read in conjunction with the accompanying notes.
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from bank loans and borrowing29,500 -
Repayment of fair share loans by employees75 119
Cash was applied to:
Repayment of bank loans and borrowing-(2,500)
Acquisition of treasury shares(1,151)(750)
Dividends paid(26,459)(24,975)
Repayment of lease liabilities(26)(195)
Finance costs paid(4,354)(3,976)
Net cash flows used in financing activities(2,415)(32,277)
Net (decrease)/increase in cash and cash equivalents(798)856
Cash and cash equivalents at beginning of the year3,463 1,783
Cash and cash equivalents at end of the year2,665 2,639
Napier Port Holdings Limited
Consolidated Statement of Cash Flows
For the nine months ended 30 June 2026
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers130,035 116,070
Net Cyclone Gabrielle insurance proceeds-10,960
Cash was applied to:
Payments to suppliers and employees(66,349)(60,257)
Income taxes paid(14,521)(12,969)
Net GST (paid)/ received(483)77
Net cash flows from operating activities48,682 53,881
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and equipment71 1
Dividend income78 9
Interest income36 40
Cash was applied to:
Investment in marketable securities(3,037)(1,734)
Acquisition of property, plant and equipment and intangible assets(44,213)(19,064)
Net cash flows used in investing activities(47,065) (20,748)
P6
NINE MONTH FINANCIAL STATEMENTS

The above statement of cash flows should be read in conjunction with the accompanying notes.
For the nine months ended 30 June 2026
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
Profit for the period29,673 28,617
Adjust for non-cash items:
Fair value gains on investment property(50)-
Depreciation and amortisation14,299 13,886
Impairment of assets-609
Net loss on disposal of property, plant and equipment397 26
Share-based payments225 199
Deferred tax538 541
15,409 15,261
Other adjustments:
Finance costs classified as financing activities3,294 4,028
Investment income classified as investing activities(113)(49)
Increase in non-current provision75 -
3,2563,979
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
Movements in working capital:
Increase in trade and other receivables(5,053)(6,340)
Decrease in Cyclone Gabrielle insurance receivable-3,500
Increase in trade and other payables8,656 11,085
Decrease in current taxation payable(3,259)(2,221)
344 6,024
Net cash flows generated from operating activities48,682 53,881
P7
NINE MONTH FINANCIAL STATEMENTS
Reconciliation of profit for the period to cash flows from operating activities

Napier Port Holdings Limited
Notes to the Consolidated Financial Statements
For the nine months ended 30 June 2026
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 2025.
Basis of measurement
The interim financial statements have been
prepared on a historical cost basis, except for
sea defences, investment properties, marketable
securities, and derivative financial instruments
which are measured at fair value, and assets held
for sale, which are measured at fair value less
costs to sell.
Functional and presentation currency
The financial statements are presented in New
Zealand Dollars (NZD), which is the Group’s
functional and presentation currency and are
rounded to the nearest thousand dollars ($’000),
unless otherwise stated.
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 2025 except as
noted below.
New and amended standards
The Group has adopted NZ IFRS 18, Presentation
and Disclosure in Financial Statements, for the
current reporting period.
There are no other new accounting standards and
interpretations that are issued but not yet adopted
that are expected to have a material impact on the
Group.
NZ IFRS 18 Presentation and Disclosure in
Financial Statements
NZ IFRS 18 sets out new requirements for the
presentation and disclosure of information in
general purpose financial statements. Certain
information reported in the prior comparative
period of the consolidated income statement
and consolidated statement of cash flows has
been restated to comply with the requirements of
NZ IFRS 18. The restated consolidated income
statement under NZ IFRS 18 for the nine months
ended 30 June 2025 reconciles to the previously
reported consolidated income statement prepared
under the previously applicable reporting standard
NZ IAS 1, Presentation of Financial Statements,
as follows:
Reconciliation of consolidated
income statement
As previously
reported
$’000
Adjustments
$’000
Restated
$’000For the nine months ended 30 June 2025
Revenue 120,636(20)120,616
Employee benefit expenses35,583 -35,583
Property and plant expenses11,348 -11,348
Contract services-7,991 7,991
Occupancy expenses-7,762 7,762
Other operating expenses22,829 (15,778)7,051
Result from operating activities50,876 5 50,881
Depreciation, amortisation and impairment expenses14,495 -14,495
Other (income) and expenses(59)9 (50)
Net Cyclone Gabrielle insurance proceeds(7,460)-(7,460)
Operating profit43,896
Investing (income) and expenses-(37)(37)
Profit before financing and income tax43,900 33 43,933
Net finance costs3,994 33 4,027
Profit before income tax39,906 -39,906
Income tax expense11,289 -11,289
Profit for the period attributable to the
shareholders of the Company
28,617-28,617
Revenue and expenses related to investments held by the Group have been reclassified to the
investing category in the consolidated income statement. Foreign exchange differences which
relate primarily to operating costs have also been reclassified to operating costs from finance costs.
Expenses previously classified as other operating expenses have been further disaggregated in the
consolidated income statement.
P8
NINE MONTH FINANCIAL STATEMENTS
Notes to the consolidated financial statements

6. Net finance costs
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
Interest and finance charges on borrowings5,351 5,156
Gain realised on cash flow hedges transferred from other
comprehensive income
(91)(1,066)
(Gain)/loss realised on fair value hedges(1,026)132
Unrealised change in fair value of fair value hedges1,880 (93)
Unrealised change in fair value of loans and borrowings subject to fair
value hedges
(1,880)93
Lease imputed interest- 4
Less: Interest capitalised to property, plant & equipment(940)(199)
Net finance costs3,2944,027
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, income and expenses. Actual results may differ from
these estimates.
In preparing these financial statements, the significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation and uncertainty, are
consistent with those applied to the Group’s consolidated financial statements for the year ended
30 September 2025.
5. Revenue and segment reporting
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
(Restated)
Disaggregation of revenue
Container services85,749 72,161
Bulk cargo39,171 37,738
Cruise6,539 8,253
Sundry income393 394
Port operations131,852 118,546
Property operations2,098 2,070
Operating income133,950120,616
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 25% of total revenue (2025: two customers 21%).
P9
NINE MONTH FINANCIAL STATEMENTS
Notes to the consolidated financial statements

7. Income tax expense
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
Reconciliation between income tax expense and tax expense
calculated at the statutory income tax rate:
Profit before income tax41,474 39,906
Income tax at 28%11,613 11,173
Adjustment to prior year tax(14)2
Tax effect of non-deductible items188 110
Tax effect of non-assessable items(36)(3)
Other50 7
Income tax expense11,801 11,289
The income tax expense is represented by:
Current tax on profits for the year11,796 11,471
Adjustments for current tax of prior periods(534)(722)
Current income tax expense11,262 10,748
Deferred income tax expense for the period19 (183)
Adjustments for deferred tax of prior periods520 724
Deferred income tax expense539 541
Income tax expense11,80111,289
8. Loans and borrowings
30 June 2026
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities36,50036,500
Fixed rate NZD Bonds100,000100,924
Total non-current136,500137,424
30 September 2025
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities7,0007,000
Fixed rate NZD Bonds100,000102,650
Total non-current107,000 109,650
P10
NINE MONTH FINANCIAL STATEMENTS
Notes to the consolidated financial statements

10. Management-defined performance measures
The Group uses certain management-defined performance measures in its public communications
to communicate management’s view of aspects of the Group’s operating performance. These
measures are not defined by IFRS accounting standards, which means they may not be directly
comparable to similar measures used by other entities.
The relevant measures and the reconciliation between each measure and the most directly
comparable total or subtotal specifically required by IFRS are as follows. The tax effect of each
reconciling item is determined using the statutory tax rate of 28%.
Result from operating activities
The Group uses ‘Result from operating activities’ on the face of the consolidated income statement
as it considers this metric provides the result from core operating activities for comparison from
period to period.
The result from operating activities is intended to be calculated as operating income less
operating expenses. The measure excludes income and expenses related to finance costs, taxes,
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.
The result from operating activities measure includes certain non-cash income and expenses
related to core operating activities such as accrued income and expenses and share-based
payments.
9. Related party transactions
Transactions with owners
30 June 2026
Unaudited
$’000
30 June 2025
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional CouncilRates, levies, consents and services437377
Lease income(33)(37)
Accounts payable by the Group(495)(418)
Hawke’s Bay Regional
Investment Company
Dividends14,575 13,750
30 June 2026
Reconciliation
$’000
Income tax
expense
$’000
Operating profit44,621
Depreciation, amortisation and impairment expenses14,299(4,004)
Other (income) and expenses397(111)
Result from operating activities59,317(4,115)
30 June 2025
Reconciliation
$’000
Income tax
expense
$’000
Operating profit43,896
Depreciation, amortisation and impairment expenses14,495(4,059)
Net Cyclone Gabrielle insurance proceeds(7,460)2,089
Other (income) and expenses(50)14
Result from operating activities50,881(1,956)
P11
NINE MONTH FINANCIAL STATEMENTS
Notes to the consolidated financial statements

11. Commitments & contingencies
Capital expenditure commitments
At balance date there were commitments in respect of contracts for capital expenditure
totalling $9.9 million (30 June 2025: $10.2 million).
30 June 2026
Pre-tax
amount
$’000
Income tax
expense
$’000
After-tax
amount
$’000
Net profit after tax29,673
Fair value gain on investment property(50)-(50)
Underlying net profit after tax29,623
30 June 2025
Pre-tax
amount
$’000
Income tax
expense
$’000
After-tax
amount
$’000
Net profit after tax28,617
Net Cyclone Gabrielle insurance proceeds(7,460)2,089(5,371)
Restructuring costs(93)26(67)
Underlying net profit after tax23,179
10. Management-defined performance measures (continued)
Underlying net profit after tax
The Group uses ‘Underlying net profit after tax’ as a performance measure as it considers that this
metric provides the net profit after tax of the Group that is comparable from period to period.
Reported net profit after tax is adjusted for certain non-recurring, non-core and abnormal items,
and unrealised fair value movements. The adjustments that the Group considers appropriate are as
follows:
(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 for insured business interruption losses indemnified 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 the
income recognition was 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; and
(iii) removal of non-recurring restructuring costs.
P12
NINE MONTH FINANCIAL STATEMENTS
Notes to the consolidated financial statements

Directory
Directors
Blair O’Keeffe (Chair)
John Harvey
Vincent Tremaine
Kylie Clegg
Debbie Birch
Dan Druzianic
Hamish Stevens
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
David Kriel – General Manager Commercial
David Broad – General Manager Assets and
Infrastructure
Chris Wylie – General Manager Port Optimisation
Laura Chandler – General Manager People,
Capability and Engagement
Fleur Murray – General Manager Corporate Affairs
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
30 September 2026 - Financial year end
November 2026 - Annual results announcement
16 December 2026 - Annual meeting
31 March 2027 - 2027 half year balance date
May 2027 - 2027 half year results announced
P13
NINE MONTH FINANCIAL STATEMENTS

---

Napier Port Holdings Limited
2026 Third Quarter Trade Volume Data
The below trade volume data provides a summary of third quarter (Q3 FY2026) and nine
months ended 30 June 2026 (9 Months FY2026) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q3
FY2026
Actual
Q3
FY2025
Actual
9 Months
FY2026
Actual
9 Months
FY2025
Actual
Exports



Wood pulp & timber 9 8 26 26

Canned food / other food & beverage 2 2 5 5

Other dry 3 2 8 7

Total dry 14 13 40 38


Apples & pears 15 14 22 21

Meat 4 3 10 10

Fresh & other chilled produce 3 4 10 10

Total reefer 22 21 43 40


Empty 1 2 5 7

Total exports 37 36 87 85

Imports



Dry 8 6 21 19

Reefer 1 1 2 3

Empty 26 31 70 68

Total imports 35 38 93 89


Other container movements (‘DLRs
and Tranships’)
7 7 16 19

Total Container Services volume 79 81 196 194

Vessels



Container ship calls 78 70 209 194

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q3
FY2026
Actual
Q3
FY2025
Actual
9 Months
FY2026
Actual
9 Months
FY2025
Actual

Log exports 642 676 1,924 2,030

Other exports 16 7 86 58

Imports 85 96 417 401

Total Bulk Cargo volume 743 779 2,427 2,489

Vessels

Charter vessel calls 55 61 177 182


1.3 Cruise Services
Cruise Services

Q3
FY2026
Actual
Q3
FY2025
Actual
9 Months
FY2026
Actual
9 Months
FY2025
Actual
Vessels



Cruise vessel calls 1 1 55 78