South Port NZ Ltd – 2026 Annual Meeting Presentations

South Port New Zealand – FY26 Annual Shareholders Meeting
Presentation
Message from Chair
Mōrena, good morning, ladies and gentlemen.

Thank you all for joining us today, here in Bluff and online, for the 38th South Port New Zealand
Annual Shareholders Meeting, for the financial year ended 30 June 2026. As we look forward to
celebrating in February 2027, the sesquicentennial anniversary of the establishment of the Bluff
Harbour Board, in 1877.

To begin, I’d like to acknowledge my fellow Directors (introductions), and the Executive Leadership
Team (introductions). I also acknowledge the presence of our largest shareholder, Environment
Southland (ES) represented by Cr Jeremy McPhail. You may be aware that ES sold down 14% of its
shareholding earlier this month. This should promote better liquidity in the trading of South Port
shares.

FY26 saw a change of Chief Executive Officer (CEO) with the appointment of Derek Nind, who you
will hear from shortly.

On behalf of the Board, I would like to take this opportunity to thank Nigel Gear who completed his
term as CEO in May this year, following more than 30 years with South Port, including 8.5 years as
CEO. His leadership and commitment saw the Company strengthen its operational, financial, and
safety performance whilst continuing to invest in strategic infrastructure to support regional growth.
I would also like to thank Port General Manager, Geoff Finnerty, for stepping in as Interim CEO.

We welcomed Derek as CEO in July of this year. Originally from Southland, Derek brings extensive
port-sector experience to the role, having served as CEO of CentrePort, a senior executive at
Lyttelton Port, Managing Director of 360 Logistics Group – and briefly as an Independent Director of
South Port. In some ways he has come full circle, having grown up in Southland and having worked
at South Port as the Business Development Manager 30 years ago.

As previously advised, I will be retiring from the Board today, following 16 years of service to South
Port, including the last three as Chair. The Board has completed its succession planning, and I can
confirm as of today that Nicola Greer will assume the role of Chair.

Following my resignation and Michelle Henderson’s as she returned to New Zealand Aluminium
Smelters (NZAS) as General Manager, we welcomed two well-credentialled Directors in Jacqui
Nelson and Peter Barker, subject to their election today. Following the resignation of Derek as a
Director of South Port to take up his role as CEO, we recruited another strong candidate in Murray
Harrington. All three have had extensive business careers and have a connection to the region.

As South Port has grown and matured as a business, we have stood up the People and Performance
Committee (chaired by Cassandra Crowley) and have formalised the Health and Safety Panel as a
Board committee. This will strengthen oversight of the Port’s health and safety strategy,
performance, risk management and legal compliance, with a particular focus on critical risks. The
Committee is chaired by Jacqui Nelson, with all Directors included as committee members.

We also farewell our Intern Director, Sam Grant, who has been an observer with the Board since
March 2025. This internship is part of the Southland Corporate Governance Intern Programme,
which aims to build governance capability in Southland. The candidate application and selection
process for our next intern is underway. I would like to thank Sam for his contribution which has
gone beyond what one might expect from a young future director.
It is really pleasing to see the business in such good stead, as we report today on another record
performance underpinned by the strength of the Southland economy.

Both cargo volumes and earnings increased materially, driven by higher agricultural activity, solid
export demand, wind farm project cargo, and improved NZAS throughput.
As a regional infrastructure provider, South Port remains focused on supporting Southland’s existing
and emerging industries.
It is also very pleasing to see this lift in cargo volumes translate into a substantial increase in profit.
The Company achieved a record after-tax profit of $16.11m, up 21.0% on last year’s result.
Normalised NPAT (excluding one-offs) was $16.14m a 16.2% increase on FY25.
Total cargo volumes increased 11.5% to 3.9m tonnes, a significant uplift and a record for the
Company.
Similarly, container throughput hit record levels, increasing 18.5% to 62,000 TEU, and Tiwai Wharf
volumes were up 16.1% to 0.94m tonnes, nearing historical levels.
Total revenue was up 14% to $71.8m from, $63.3m in FY25.
South Port’s performance reflects 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. The Board values
our people highly and remains focused on supporting them through strong health and safety
practices, improved employment conditions, and benefits such as health insurance for all permanent
staff.
Business growth has also affected infrastructure investment with a record spend in recent years on
our Asset Management Plan, including upgrades to the access bridge and Town Wharf fuel berth
infrastructure. Further capital was invested in growth projects including expansion at the container
terminal, additional warehousing, and modernisation of the mobile plant.
The Port has now embarked on a long-term Port planning exercise, Derek will expand on this
planning process shortly. Additionally, it is likely that a replacement tug and mobile harbour crane
will be required in the short-to-medium term.

With a strong asset base, ongoing master planning, and an orderly leadership transition, South Port
is well positioned to continue supporting regional growth while delivering long-term value to
shareholders.

The Board is pleased to declare a final dividend of 20.5 cents. This translates to a full year dividend
of 29.0 cents per share, up 1.0 cent from FY25.
I’ll now hand over to our Chief Executive Officer, Derek Nind, to introduce himself further to you all
and to share his observations of the Port to date.


CEO Address
Tēnā koutou katoa – Good morning all.
As Philip mentioned I was here in a different capacity for the last ASM, but as a privileged
Southlander I am pleased to be here today as the CEO of South Port.
I began in the role in July this year, and one thing that has significantly impressed me is the attitude,
ability and willingness of our staff. Over the last 3 months I have witnessed consistently instances of
staff going above and beyond their own duties, stepping up to help in other departments without
hesitation, which has impressed me immensely. And I reiterate the Chairs’ sentiments that we could
not have achieved these results without the hard work and dedication of our people.
With a rise in cargo volumes to a record 3.96 million tonnes, and container throughput reaching an
all-time high of 62,000 TEU, this level of growth will require additional staffing, and we are looking to
fill around 21 additional roles in the next 12 to 18 months.
Our Health, Safety and Wellbeing Strategy was developed in FY26, building on existing initiatives and
practices, it provides a clear framework for how health and safety is to be led, managed and
continuously improved across the organisation through to 2029. Underpinned by the four core
pillars; Leadership, Culture and Empowerment; Risk Management and Critical Risks; Worker Health,
Wellbeing and Psychological Safety; Capability, Systems and Engagement.
The staff-led Health and Safety Committee increased membership to 14, to broaden representation
across the Port providing an open forum for discussion and feedback. An example of this was the
opportunity to enhance the existing gym facilities was highlighted, which resulted in developing a
functional environment for physical wellbeing and rehabilitation.
I believe it is key to not only support our staff, but the community we all belong to. South Port has in
place some long-standing initiatives such as the Staff and Community Study Scholarships. In FY26
South Port contributed more than $80,000 in sponsorship to local organisations, and we encourage
our staff to be involved through volunteering in and around the community. The biennial Port Open
Day held in March this year highlighted the level of interest the community has in Port operations,
with large numbers turning up to tour the port, despite the unusually wet weather. This is another
example of the commitment of our staff, volunteering their time on a Sunday to host the
community.
Our care of the community extends to the environment we work and live in. Legislation currently
before Parliament would mean South Port will no longer be a Climate Reporting Entity, as such this
year South Port did not produce a climate statement, but chose to adopt a voluntary reporting
model that is integrated into our Annual Report.

Included in this is the significant work done by the South Port Infrastructure and Environmental
team to develop a new Discharge Agreement with Environment Southland. This work began in 2021,
the current agreement has been in place since 2012. The outcome of this work is the newly
developed framework which is expected to be fully operational by May 2027. Again, details of this
can be found in our Annual Report.
We have been pleased to receive positive feedback from the Bluff community on our purchase and
refresh of 53-55 Gore Street, Bluff, comprising 9,500m2 land with existing buildings previously used
for cold storage. This facility has been revamped and is now known as the Bluff Freight Centre, or
BFC, and is compliant for storing dairy product.
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 NZAS operations.
It was also pleasing to see the growth in container volumes which had remained relatively steady at
around 49,000 TEUs since 2020; however this year saw 62,000 TEU, a 26.5% increase on this
average.
The agriculture sector has been one of the areas of growth for the company over the last financial
year, following the trend from FY25.
The Port’s well-balanced import and export mix is a strategic advantage, enabling backloading
efficiencies and enhancing overall margin performance for the shipping companies.
At this time, I am pleased to be able to provide you with the trade volumes for the first quarter of
FY27, ending 30 September 2026. A total of 1,025,000 MT of cargo has been handled through the
Port (2026: 904,000) which represents a 13% increase, and a good beginning to the new financial
year.

As Southland’s economy continues to flourish, 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.
We have enlisted consultant, Dennis Koegeboehn, a seasoned port expert with more than 20 years
of experience from all continents, to assist with our Port planning exercise. This involves a review of
current operations, identifying improvement opportunities and assisting in developing a clear
pathway for future growth.
This will be delivered in 2 stages, the first being optimisation of existing infrastructure and
operations, the second will consider longer-term transformation opportunities that may require
more significant capital investment.
This exercise will assist us to prioritise opportunities, considering a 20-to-30-year horizon.
Finally from me, thank you to the Board, South Port staff and the wider community for the welcome
and support I have received.
I will now pass you back to the Chair to discuss potential growth opportunities.

Back to Chair
Thank you Derek.

South Port enters the new financial year with a resilient, diversified trade base, and strength across
key regional industries. While market conditions remain uncertain, trade volumes through the Port
for FY27 are expected to remain broadly in line with FY26. However, FY26 included non-recurring
revenue from project cargo related to the handling of wind farm imports that is not expected to be
repeated in FY27, but is likely to recur in FY28.
The Port is actively monitoring several regional growth opportunities including:
• Additional and extended wind farms in various stages of consent and construction. The most
prospective is Mercury’s Puke Kapo Hau wind farm which has reached Final Investment
Decision and where construction of its 40 turbines will start next month (November 2026). It
is expected to be fully operational by the end of 2028.
• Aquaculture projects such as Ngāi Tahu’s Hananui 1,285ha marine farm which has now
received fast track consent.
• Proposed Datagrid data centre near Makarewa in Southland, also having received fast track
consent, has commenced preliminary earthworks and signed a power purchase option
agreement with Mercury.
• A number of exciting early-stage but large-scale projects, including coal-to-urea conversion,
hydrogen production, and silicon refining.
This is my last ASM as Chair of South Port. It has been a privilege, as the first non-Southland-based
Chair, to guide this business. When I joined the Board 16 years ago the Company had just completed
the negotiation of its 35-year Tiwai wharf licence out to 2043. We are now over halfway through
that! And now, as I complete my term, I am pleased that we have reasonable certainty that NZAS
will be part of our community for the foreseeable future. Moreover, with the upturn in agriculture,
the maturing of our regional wood basket and the acceleration of our renewable energy-based
industries, we have a quality problem and an exciting future.

I really like the ownership model and governance framework we now have. We have local
connection through Environment Southland majority ownership, coupled with analyst and investor
scrutiny through our NZX listing and the recent share placement. We have been able to attract an
excellent mix of Directors to our Board and an experienced CEO with a strong local connection. But
the Company is still small enough that it hasn’t lost that Southland attitude of ‘go the extra mile’ to
service our customers. We have a maturing relationship with mana whenua, the Awarua Rūnaka.
And we have a deeper and safer harbour!

In short, we have all the ingredients for a bright future – so the challenge for South Port and the
wider Southland community is how to take advantage of it!

That concludes the formal presentation. We now invite your questions.

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SOUTH PORT BOARD OF DIRECTORS

SOUTH PORT EXECUTIVE LEADERSHIP TEAM

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•Record NPAT: up 21% to $16.1m from $13.3m in FY25
•Safety enhancements through clearer management of
overlappingPCBU duties and improved traffic management
•Total cargo volumes: up 11.5% to 3.9 MT
•Container volumes: up 18.5% to 62,000 TEU
•Tiwai Wharf volumes: up 16.1% to 0.94m tonnes
•Total revenue: up 14% to $71.8m from $63.3m in FY25
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FY26 HIGHLIGHTS

•Significant growth capex investment between
FY21 and FY24, potential exists to invest in
further material growth capex over the next 1 - 5
years
•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
INFRASTRUCTURE INVESTMENT CYCLE

•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
DIVIDEND FOR THE YEAR ENDED 30 JUNE 2026

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CEO DEREK NIND
•Our People
•Health & Safety
•Community
•Environment
•FY26 growth

OUR PEOPLE

HEALTH, SAFETY and WELLBEING - STRATEGIC PLAN 2026-2029
PILLAR 1:
Leadership & Culture
PILLAR 2:
Risk Management &
Critical Risks
PILLAR 3:
Worker Health & Wellbeing
PILLAR 4:
Capability, Systems &
Engagement

OUR COMMUNITY
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 Open Day 2026

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OUR ENVIRONMENT
South Port remains focused on its sustainability goals,
undertaking initiatives to reduce environmental impacts,
improve resource efficiency, and support the long-term
resilience of the port and its surrounding environment;
•Governance
•Sustainability Strategy
•Discharge Agreement 2026

INVESTMENT – BLUFF FREIGHT CENTRE (BFC)
BEFORE
AFTER
9,500m2 LAND WITH
EXISTING BUILDINGS
FIRST TRUCK UNLOADING
FIRST CONTAINER PACKED

•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%
FY26 GROWTH

•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
REGIONAL IMPACT

Barry Bragg, Derek Nind and Michelle Henderson at the pōwhiri held for Derek in August.

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SPN HY26 Interim Result Investor Presentation - 13.02.26

•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 handlegrowth, increased maintenance spend and
geopolitical factors
•Continued focus on capital allocation to build capability to meet future
cargo requirements and drive returns
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OUTLOOK

•Record annual result for FY26
•Backed by sustainable cargo base and one-off project cargo activities
•Safety enhancements through clearer management of overlapping
PCBU duties and improved traffic management
•Port is positioning itself for future growth
•Exciting opportunities to grow the business require capital investment
•Workforce that goes the extra mile
•Company in a good position to benefit from growth and maintain a
sustainable dividend
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SUMMARY

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SPN HY26 Interim Result Investor Presentation - 13.02.26