South Port Delivers Record FY26 Result

NZX Announcement

NZX: SPN: South Port New Zealand

21 August 2026


South Port NZ Delivers Record FY26 Result and Positions for Future Growth

South Port New Zealand Limited (NZX: SPN) today announced a record financial result for the
year ended 30 June 2026, driven by strong cargo growth, higher agricultural activity, improved
New Zealand Aluminium Smelter (NZAS) throughput, and wind farm project cargo.

Chair of South Port, Philip Cory-Wright, said the company had achieved another outstanding
year, delivering record cargo volumes and earnings, while continuing to invest in infrastructure
and future growth opportunities.

"This result reflects the strength of the Southland economy, the efficiency of our diversified trade
base, and the commitment, skill and care of our people. On behalf of the Board, I thank all staff
for the crucial contribution they have made to the Company’s success, and for the pride they take
in supporting our customers, our community and each other." said Cory-Wright.

FY26 Highlights
• Bulk cargo volumes: up 9.7% to 3.3 MT; revenue per MT up 8%
• Container volumes: up 18.5% to 62,000 TEU; revenue per TEU up 6%
• Tiwai volumes: up 16.1% to 942k tonnes
• Total revenue: up 14% to $71.8m from $63.3m in FY25
• EBITDA: up 16% to $29.9m from $25.8m in FY25
• EBITDA margin: up 100bps to 42% from 41% in FY25
• Record NPAT: up 21% to $16.1m from $13.3m in FY25
• Operating free cash flow: up 9% to $18.4m from $16.9m in FY25
• Debt/EBITDA: 0.6x down from 1.0x in FY25
• Dividends per share: 29.0 cps (fully imputed), payout ratio of 47% of NPAT

South Port reported a record after-tax profit of $16.11 million, up 21.0% on FY25. Normalised net
profit after tax (NPAT) increased 16.2% to $16.14 million.

Total cargo volumes rose 11.5% to a record 3.96 million tonnes, while container throughput
reached an all-time high of 62,000 TEU, an increase of 18.5% on the previous year.

"These results demonstrate the benefits of a balanced cargo mix, strong customer relationships,
and disciplined investment in the infrastructure required to support regional industry," said Cory-
Wright.

Chief Executive Officer Derek Nind said bulk cargo remains South Port’s core trade, and it
continues to deliver excellent growth, supported by the strength of the agricultural industry,
forestry activity, project cargo associated with renewable energy developments, and stable
operations at the New Zealand Aluminium Smelter.

"As Southland continues to grow, South Port's role as critical regional infrastructure becomes
increasingly important. Our focus is on ensuring we have the infrastructure, capability and
planning in place to support that growth when it occurs," said Nind.

During FY26, South Port continued to invest in improving operational efficiency and customer
support, including the purchase of an additional storage facility, the Bluff Freight Centre, to
support growing dairy export volumes.

The Company also continued progress on strategic initiatives including long-term port master
planning, environmental sustainability, and strengthening relationships with Awarua Rūnaka and
the wider Southland community.

FY26 was a year of significant leadership transition with long-serving Chief Executive Officer
(CEO) Nigel Gear finishing in May 2026 after more than 30 years with the company, including
8.5 years as CEO. The Board appointed Derek Nind as Chief Executive Officer, effective July
2026, bringing extensive port sector experience and a strong Southland connection.

Following 16 years as a Director, Chair Philip Cory-Wright will retire from the South Port Board
in October, and Nicola Greer will assume the role as Chair at this time.

Outlook

Whilst current market conditions make it challenging to provide a firm forecast for FY27, the
Company expects trade volumes to remain broadly in line with FY26, supported by a resilient,
diversified cargo base. As we turn to FY27, the Company is however cognisant of downside risk
due to the absence of project cargo (wind farm) imports and as we look to invest more in our
people and infrastructure. A further update will be provided at the ASM in October.

Reflecting the company's confidence and future outlook, the Board has declared a full-year
dividend of 29.0 cents per share (FY25: 28.0 cents).

"South Port remains focused on disciplined investment, customer service, operational safety and
efficiency, and prudent planning while continuing to support regional growth and delivering long-
term value to shareholders," said Cory-Wright.

South Port will host a conference call at 1.00pm (NZT) to discuss the results. To participate
in the conference call, use the Teams link below.

Teams link here:
https://link.southport.co.nz/Lz7RpN

For further information contact:

Mr Derek Nind
Chief Executive Officer
South Port New Zealand Ltd
Tel: (03) 212 8159
Email: dnind@southport.co.nz

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

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SPN HY26 Interim Result Investor Presentation - 13.02.261

•Introducing Derek Nind – South Port’s new CEO
•Record annual result for volumes, revenue, and profit
•Strong economic performance in the region underpinning favourable increases
in imports and exports
•NZAS Tiwai Aluminium Smelter volumes recovering towards historical levels
•Opportunities for further cargo growth in the medium to long term
•FY27 continuation of strong cargo flows, but no one-off project cargo volumes
•Downside risks for FY27 (additional resource, maintenance,geopolitical/global
uncertainty)
2
KEY MESSAGES
SPN FY26 Full Year Result Investor Presentation - 21.08.26

Cargo Volumes
+11.5%
To 3.96m (tonnes)
Bulk Volumes
+7.3%
To 2.36m (tonnes)
Tiwai Volumes
+16.1%
To 0.94m (tonnes)
Container Tonnage
+21.7%
To 0.66m (tonnes)
3
OPERATING PERFORMANCE
SPN FY26 Full Year Result Investor Presentation - 21.08.26

Operating Revenue
+13.5%
To $71.85m
EBITDA
+15.7%
To $29.89m
Reported NPAT
+21.0%
To $16.11m
Normalised NPAT
+16.2%
To $16.14m
4
SPN FY26 Full Year Result Investor Presentation - 21.08.26
FINANCIAL PERFORMANCE
Total Assets
$120m
+$10m
Net Debt
$18.5m
(FY25 - $25m)
ROE
22.7%
(FY25 – 21.0%)
Dividend
29cps
(FY25 - 28cps)

5
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Record volumes in bulk and container activities
achieved during FY26
•Bulk – Bluff Wharves, 59% of total trade
•New Zealand Aluminium Smelter (NZAS) - Tiwai
Wharf 24%of total trade
•Containers - 17% of total trade
•Export growth reflected in increased container
packing activities on site
•Average CAGR cargo tonnage over the last 5
years is 3.05%
6
SPN VOLUMESFor the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•A strong agriculture sector supported by project
cargo
oImported fertiliser and related
products, stock feed, cement, and wind
farm project cargoes werestrong
oExport cargoes continuing to perform well
included forestry products, fertiliser, and
aluminium
7
BULK CARGO
•Cargo type diversity and import/export mix
reduces exposure to any one sector of the
economy
•Average revenue per MT reflects volume
increases, cargo mix, and project cargo handled
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Stock feed remains an important farming input,
volumes have remained stable throughout the year.
Imported feed forms an integral part of stock
nutritionand production planning
•Increased fertiliser volumes reflect a strong
agriculture sector and the consolidation by
Ballance Agri–Nutrients of fertiliser manufacturing
activities to its Awarua production site
•Woodchip exports have remained steady. Log
volume increases were inflated by a wind throw
weatherevent during the year
8
SPN FY26 Full Year Result Investor Presentation - 21.08.26
BULK CARGO

•Container volumes continuedupward trend throughout
the year
•A record 62,000 TEU (665,000 tonnes) handled
•Total TEU increased 18.5% on prior year (52,300 TEU)
•Growing container volumes accommodated through
increased ship calls from MSC
•Introduction of MSC Eagle Service (1H26), complimented
by enhanced Trans-Tasman Southern Loop services
(2H26), supported container export growth
•Growth in revenue per TEU supported by increased rates,
container mix and container handling activity
9
CONTAINER VOLUMES
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Container volumes have remained relatively
steady at ~49,000 TEU since 2020 – significant
uplift in FY26 at 62,000 TEU = 26.5% increase on
that average
•FY26 has seen slightly higher dairy volumes
exported out of Bluff – up 8%
•Strong red meat sector has driven a lift in meat
volumes – up 25% compared to FY25
•Increased aluminium productspacked on Island
Harbour and exported on MSC – up 35% for FY26
10
SPN FY26 Full Year Result Investor Presentation - 21.08.26
CONTAINER VOLUMES

•FY26 import volumes across the Tiwai wharf
increased but are still below historical levels
•Tiwai production levels continue to recover
from the 50 MW demand response call made in
2025
•Geopolitical factors continue to impact the
demand for aluminium globally
•As Tiwai volumes increase, revenue per MT
decreases, reflecting a portion of income as
fixed at the Tiwai wharf regardless of tonnage
handled
11
TIWAI WHARF
SPN FY26 Full Year Result Investor Presentation - 21.08.26

12
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Record full year revenue driven by strong
bulk cargo volumes, record container activity
and a recovery of smelter-related volumes
•Bulk cargo – 16% increase in revenue driven
by fertiliser, acid, and fuel imports, and
forestry exports
•Project cargo - accounted for over 16,000
tonnes of wind farm components imported
through the Port during FY26
•Containers – record TEU handled for the year,
up 18.5% on FY25, with revenue per container
growing by 4% in FY26
•Tiwai Wharf - tonnage up 16% in FY26, total
revenue up, but revenue per tonne decreased
as some revenue streams are fixed
13
SPN REVENUEFor the year ended 30 June 2026
•Other revenue – incorporates warehousing
cruise ships, other marine revenue - consistent
with FY25, 1% up on prior year.
•Average CAGR revenue over the last 5 years full-
year periods = 6.5%
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Increase in EBITDA margin from FY25 to FY26
(41.6% versus 40.8% the prior year) - reflects
increased revenue from higher levels of
activity
•Total operating costs up 11% on FY25 as a
result of increased labour and fuel costs,
higher maintenance spend, and additional
corporate overheads / professional services
engaged
•EBITDA margin sitting above the NZ Port sector
average of 38% recorded in FY25, but below
the last 10-year record for SPN ~44%
14
EBITDAFor the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26
EBITDA Reconciliation $’000
Operating profit before finance costs24,472
Add other income – gain on sale of PPE9
Add back depreciation5,406
EBITDA29,887

•Record Reported NPAT of $16.11m for FY26 –
up 21.0% on FY25
•Record Normalised NPAT of $16.14m for
FY26 – up 16.2% on FY25 (taking out one-off
adjustments relating to gain on sale of PPE
and interest rate gains)
•NPAT increase reflects EBITDA increase
(supported by operating efficiencies) and
lower finance costs
•MTM adjustment on interest rate swaps
$0.03m gain for FY26, compared to a $0.83m
loss in FY25
15
NORMALISED NET PROFIT AFTER TAXFor the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26

$m
FY26FY25
%chg
Cash12.56.1
105%
PPE*99.394.55%
Trade and other
receivables
8.18.9-9%
Total Assets120.2109.710%
Debt31.031.00%
Trade and other payables4.64.52%
Total Liabilities45.043.14%
Equity75.266.613%
Gearing Ratio41%46%-5pp
Headroom/Capacity ($m)19.019.00%
•Gross debt remained at $31.0m from FY25
to FY26. Headroom of $19.0m available for
future investment. Net debt reduced by
$6.4m during FY26
•5% growth in PPE from FY25 to FY26 (up
$4.8m), after several years of significant
infrastructure investment
•The Company continues to maintain sound
financial discipline ensuring all growth
capex projects generate at minimum a WACC
return
•Net debt to EBITDA of 0.6x (positive
movement compared to position at 30 June
2025 of 1.0x),long-term target range of <2.0x
•The Company continues to remain well within
its banking covenants (as it has historically)
16
BALANCE SHEETFor the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26
* Note – fixed assets are held at historic cost less depn

•Stronger operating result for FY26 reflects a
$1.5m lift in OFCF to $18.4m
•Underlying operating cash flows higher due to
increased cash receipts from buoyant activity
levels at the Port, but partially offset by higher
operating costs
•Maintenance capex spend for FY26 increased
$0.9m on FY25 to $5.2m
•Increased tax payments compared to FY25 (up
$2.2m) as a result of increased profitability
•Reduced interest payments and increased
interest revenue
•Dividend payments made during FY26 up $0.5m
on prior year
17
OPERATING FREE CASH FLOWFor the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26
OFCF Reconciliation $’000
Net cash flow from operations23,598
Less maintenance capex spend(5,231)
Add back cash from sale of assets38
Operating Free Cash Flow (OFCF)18,405

•Sensible allocation of maintenance capex to
preserve asset integrity, minimising downtime,
and sustaining 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
18
CAPITAL MANAGEMENT
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Significant growth capex investment between
FY21 and FY24, potential exists to invest in
further material growth capex over the next 1 - 5
years – refer to Port Planning Project on slide 29
•Maintenance capex has increased $0.9m to
$5.2m in FY26
•Growth capex has increased $1.5m on FY25 to
$5.1m
•Increased maintenance spend for FY26 relates
to:
•5-year tug survey for Rakiwai
•Island Harbour wharves and warehouses
•Work completed on the Syncrolift facility
•Increased crane and container forklift R&M
19
INFRASTRUCTURE Investment Cycle
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Final Dividend of 20.50c taking the full year
Dividend to 29.00c (an increase of 1cps)
•Represents a gross return of 4.8% (net 3.5%)
based on the share price of $8.36 at 30 June
2026
•Interim Dividend of 8.5c paid in March 2026
•Historically, the Port has maintained a
consistent dividend that balances the Port’s
long-term expansion requirements with near-
term operating free cash flow considerations
20
DIVIDEND For the year ended 30 June 2026
SPN FY26 Full Year Result Investor Presentation - 21.08.26

21
SPN HY26 Interim Result Investor Presentation - 13.02.26

22
OUR COMMUNITY
SPN FY26 Full Year Result Investor Presentation - 21.08.26
As part of the long-term commitment to the local community, South
Port offers sponsorship and support of sporting, cultural, and
community groups such as;
•Staff and Community Scholarships
•Te Ara o Kiwa Sea Scouts, Bluff
•Ngā Kete Mātauranga Pounamu Charitable Trust
•Rugby Southland Referees Association
•Christmas in the Bluff (Bluff Promotions)
•Southland Chamber of Commerce
o Leadership Academy
oSouthland Youth LeadershipAcademy
•Enliven (Presbyterian Support Services)
•Tour of Southland
•Bluff Rugby Club
South Port financially contributed and
provided images for the Peacehaven Village
Dementia Unit project, to transform its
indoor spaces with large-scale wall imagery
reflecting Southland scenes for the residents
to connect with.

23
OUR SAFETY
SPN FY26 Full Year Result Investor Presentation - 21.08.26
FY26 Safety, health and wellbeing, developments, outcomes and
planning:
Developed the Health and Safety Strategic Plan 2026-2029
•This provides a clear framework for how health and safety is to
be led, managed and continuously improved across the
organisation
Formalising a Board Health and Safety committee
•To strengthen oversight of the Port’s health and safety strategy,
performance, risk management and legal compliance, with a
particular focus on critical risks
Worker voice and wellbeing initiatives
•With broader representation on the worker-led Health and
Safety Committee, feedback highlighted an opportunity to
enhance the existing gym facility resulting in a significant
investment to develop a functional environment for physical
wellbeing and rehabilitation

24
OUR PEOPLE
SPN FY26 Full Year Result Investor Presentation - 21.08.26
Building organisational capability remains a key priority
Developing capability and leadership
•South Port's internal Leadership Programme
•Southland Leadership Academy and Southland Youth
Leadership Academy
•Te reo Māori Cultural Competency
•Health and Safety Leadership
•Specialist and technical skills training
Business critical role resilience
Remains an ongoing focus,building the leadership, knowledge
and organisational depth required to support safe operations,
business continuity and future growth
Celebrating our people
During FY26, employees were formally recognised for actions
that reflected South Port’s values in practice, rangingfrom
practical innovation and continuous improvement, through to
safety leadership, teamwork and looking out for others

25
SPN HY26 Interim Result Investor Presentation - 13.02.26

26
CASE STUDY: Wind Farms
SPN FY26 Full Year Result Investor Presentation - 21.08.26
Kaiwera Downs Wind Farm Stage 2
•Imported 36 wind towers – 155 MW
•5 vessel calls – October 2025 – March 2026
•On port storage
•Marine, handling, storage, and wharfage income
Southland & Otago Consented Wind Farms
•Puke Kapo Hau Stage 2 – Granted July 2026 – 190 MW
•Southland Wind Farm – Granted April 2026 – 325 MW
Southland & Otago
•Total of 1,851 MW currently advancing through various
stages of early project development, feasibility
assessment and consenting
Timing – expectation that a numberof these projects will be
constructed within a 5 to 10-year period

27
•Additional land and warehousing purchased in
Bluff 1H26:
o4,000 m2 dry warehousing (up 11% on
existing 36,600 m2 dry storage footprint)
o2,400 m2 hardstanding
•Upgraded to dairy warehousing standard in Q2
CY26, with operations commencing Q3 CY26
•This will result in additional export cargo volumes
through the Port, and increased container packing
activities
•Work completed includes Environmental Loadout
Area (ELA) roofing, electrical, lighting, security and
fire detection, and alarm upgrades
CASE STUDY: WarehousingBluff Freight Centre Upgrade Project
SPN FY26 Full Year Result Investor Presentation - 21.08.26
Before
After

28
SPN HY26 Interim Result Investor Presentation - 13.02.26

29
PORT PLANNING EXERCISE
SPN FY26 Full Year Result Investor Presentation - 21.08.26
•Post channel deepening – priority is now to improve landside
productivity and the efficient movement of cargo and vessels
through the Port
•Dennis Koegeboehn of Gloco (Global Logistics Consultants)
has been engaged to undertake a port planning exercise for
South Port, covering the next 30 years - out to 2057
•Stage 1 – Baselining – understand where we are today
•Stage 2 – Port Optimisation – make the most of what we
already have
•Delivery of first two stages expected late September 2026
•Potential for Stage 3 – Transformation Options

•Despite the level of uncertainty globally, trade volumes for FY27 are expected to
remain similar to FY26, but with the absence of one-off revenue from project cargo
•Future growth opportunities in the medium to long term – wind farms, aquaculture,
other large scale projects
•Port planning exercise will help to optimise existing infrastructure and support the
growth in existing and new cargoes
•Continued growth will require further targeted investment – likely that a replacement
tug and mobile harbour crane will be required in the short-medium term
•Downside risk to FY27 earnings - requirement to introduce additional resource to
handle future growth, increased maintenance spend, geopolitical factors
•Continued focus on capital allocation to build capability to meet future cargo
requirements and drive returns
30
OUTLOOK
SPN FY26 Full Year Result Investor Presentation - 21.08.26

•Record annual result for FY26
•Backed by sustainable cargo base and one-off project cargo activities
•Port is positioning itself for future growth
•Exciting opportunities to grow the business requiring capital investment
•Workforce that goes the extra mile
•Company in a good position to benefit from growth and maintain a
sustainable dividend
31
SUMMARY
SPN FY26 Full Year Result Investor Presentation - 21.08.26

32
SPN HY26 Interim Result Investor Presentation - 13.02.26

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.
33
DISCLAIMER
SPN FY26 Full Year Result Investor Presentation - 21.08.26

---

OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2026
Share-based
Payment Reserve
Retained EarningsTotal Equity
In Thousands of New Zealand Dollars
Balance 1 July 2024 (GROUP) 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 (GROUP) (1) 9,418 142 57,013 66,573
Balance 1 July 2025 (COMPANY) 9,418 142 57,013 66,573
Profit/(loss) after income tax — — 16,110 16,110
Total comprehensive income — — 16,110 16,110
Contributions by and distributions to owners
Equity settled share-based payment accrual — 148 — 148
Dividends paid during the period — — (7,608) (7,608)
Balance as at 30 June 2026 (COMPANY) 9,418 290 65,515 75,223
OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2026
NOTE
In Thousands of New Zealand Dollars NOTE 2026 2025

Total operating revenues from port services 5 71,852 63,282
Total operating expenses 7 (39,164) (35,599)
Operating profit before administrative and finance costs 32,688 27,683
Administrative expenses (8,216) (7,126)
Operating profit before financing costs 24,472 20,557

Financial income 91 65
Financial expenses (1,662) (2,907)

Net financing costs 6 (1,571) (2,842)

Other income 5 9 63
Surplus before income tax 22,910 17,778

Income tax 10 (6,800) (4,460)

Net surplus after income tax 16,110 13,318

Other comprehensive income — —
Total other comprehensive surplus/(loss) after income tax — —
Total comprehensive surplus/(loss) after income tax 16,110 13,318

Basic earnings per share 17 $0.614 $0.508
Diluted earnings per share 17 $0.611 $0.506
Share Capital
24
15
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF COMPREHENSIVE INCOME
1 | The prior year comparatives are for the consolidated Group for the year ended 30 June 2025. Refer to note 1 and note 29.
The accompanying notes form part of these financial statements.
COMPANYGROUP (1)
24
15
96
South Port ANNUAL REPORT 2026
THE NUMBERS

OF SOUTH PORT NEW ZEALAND LIMITED AS AT 30 JUNE 2026
On behalf of the Board
21 August 2026
In Thousands of New Zealand Dollars 2026 2025
TOTAL EQUITY 75,223 66,573
NON-CURRENT ASSETS
Property, plant and equipment 11 99,330 94,548
Right-of-use assets 25 194 146
Financial assets 14 37 —
Total non-current assets 99,561 94,694
CURRENT ASSETS
Cash and cash equivalents 12 12,556 6,075
Trade receivables and prepayments 13 8,084 8,898
Financial assets 14 66 —
Total current assets 20,706 14,973

Total assets 120,267 109,667
NON-CURRENT LIABILITIES
Employee entitlements 19 47 59
Loans and borrowings 18 28,008 31,008
Deferred tax liability 10(d) 1,098 499
Lease liabilities 25 129 55
Contract liability 5 2,113 2,246
Financial liabilities 21 12 25
Total non-current liabilities 31,407 33,892
CURRENT LIABILITIES
Trade and other payables 20 4,582 4,314
Prepaid income 218 218
Employee entitlements 19 2,266 1,983
Loans and borrowings 18 3,000 —
Provision for taxation 10(c) 3,198 2,355
Lease liabilities 25 76 115
Contract liability 5 133 133
Financial liabilities 21 164 84
Total current liabilities 13,637 9,202

Total liabilities 45,044 43,094
TOTAL NET ASSETS 75,223 66,573
Net asset backing per share 17 $2.87 $2.54
NOTE
Philip Cory-Wright
Chair
Nicola Greer
Chair, Audit and Risk Committee
STATEMENT OF FINANCIAL POSITION
COMPANYGROUP (1)
1 | The prior year comparatives are for the consolidated Group as at 30 June 2025.
The accompanying notes form part of these financial statements.
97
South Port ANNUAL REPORT 2026
THE NUMBERS

OF SOUTH PORT NEW ZEALAND LIMITED FOR THE YEAR ENDED 30 JUNE 2026
In Thousands of New Zealand Dollars 2026 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided by (applied to):
Receipts from customers 72,427 64,916
Payments to suppliers and employees (41,751) (35,523)
Interest received 91 65
Interest paid (1,676) (2,168)
Income taxes paid (5,358) (3,183)
Net goods and services tax paid (135) (435)
Net cash flow from operating activities 26 23,598 23,672
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided by (applied to):
Proceeds from disposal of non-current PPE 47 69
Acquisition of PPE (9,439) (8,043)

Net cash used in investing activities (9,392) (7,974)

CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided by (applied to):
Dividend paid (7,608) (7,083)
Drawdown/(repayment) of borrowings — (4,742)
Lease liabilities paid 25 (117) (108)
Net cash used in financing activities (7,725) (11,933)
NET INCREASE (DECREASE) IN CASH HELD 6,481 3,765
Add cash at beginning of year 6,075 2,310
TOTAL CASH AT END OF YEAR 12 12,556 6,075
NOTE
STATEMENT OF CASH FLOWS
COMPANYGROUP (1)
1 | The prior year comparatives are for the consolidated Group for the year ended 30 June 2025.
The accompanying notes form part of these financial statements.
99
South Port ANNUAL REPORT 2026
THE NUMBERS

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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 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$71,952 13.5%
Total Revenue $71,952 13.5%
Net profit/(loss) from
continuing operations
$16,110 21.0%
Total net profit/(loss) $16,110 21.0%
Final Dividend
Amount per Quoted Equity
Security
$0.20500000
Imputed amount per Quoted
Equity Security
$0.07972222
Record Date 03/11/2026
Dividend Payment Date 11/11/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.87 $2.54
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

21/08/2026

Audited financial statements accompany this announcement.

---

Distribution Notice

Please note:
1) All cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)
2) All dates included are New Zealand business days

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 03/11/2026
Ex-Date (one business day before the
Record Date)
02/11/2026
Payment date (and allotment date for
DRP)
11/11/2026
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

21/08/2026






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