POT Annual Meeting 2026: Chair and Chief Executive's Speech

Port of Tauranga Limited Annual Meeting 2026
Thursday 29 October 2026, 1pm
Chair – Julia Hoare
I’m very pleased to be reporting on a record underlying profit for the 2026 financial year,
driven by successful yield, cost and productivity initiatives.
Despite lower cargo volumes, underlying Group Net Profit After Tax increased 23% to
$155.3 million.
Revenue increased 4.7% to $486.5 million, while operating costs decreased 6.2% to
$221.7 million.
Our subsidiary and joint venture companies also performed well, with their contribution
increasing 42.1% to $15.5 million.
These are outstanding results, particularly given the challenging economic conditions
and ongoing capacity constraints that we have faced.
Total trade volumes decreased 3% to 24.6 million tonnes, mainly due to reduced log and
coal volumes, while container volumes remained resilient at just over 1.2 million TEUs.
Leonard will go into more detail on cargo categories shortly.
The strength of the business enabled the Board to declare a final dividend of 12.5 cents
per share, bringing the total ordinary dividend for the year to 20.5 cents per share.
That was a 22.8% increase on the previous year, and approximately $139 million in
dividends to shareholders for the 2026 financial year. This represented a payout of 90%
of underlying earnings for the year.
We are pleased to deliver this increased return to shareholders, while continuing to
invest in the long-term capacity and resilience of the business.
One of the most important developments of the year was the significant progress made
towards securing resource consents for our Stella Passage development. This project
involves extending the Sulphur Point container berth by 385 metres, in two stages, and

the Mount Maunganui wharves by 315 metres. It will be achieved by converting existing
cargo storage land, within our current footprint.
As you have heard from us for several years now, this development is urgently needed.
Our container terminal is essentially at capacity, and we have a queue of shipping lines
wanting to increase their business or introduce new services through Tauranga.
To recap our journey so far, very briefly – we started formal consultation back in 2019
and in December 2024, we secured Environment Court approval of the first stage of the
development. The decision was immediately appealed, so we opted into the fast-track
process.
Unfortunately, due to an error in the legislation, not of our making, our first attempt
under the Fast-track Approvals Act was successfully challenged in the High Court.
After the legislation was fixed, we made a fresh application in January this year and a
three-day cultural effects hearing was held at Whareroa Marae in July.
On 7 September, the fast-track expert panel issued a decision approving the
development, subject to a number of conditions.
After such a long process, this is a significant milestone.
The decision is now subject to three appeals by iwi and two judicial review applications
by hapū. We expect these to be heard in a single hearing, and we hope to confirm an
urgent hearing date any day now.
The Stella Passage development is vital for our customers, and both the regional and
national economies.
Additional berth capacity will enable greater competition and better productivity, helping
to reduce supply chain costs for New Zealand’s importers, exporters and, ultimately,
consumers.
It will also unlock important decarbonisation opportunities, by allowing us to introduce
electric automated stacking cranes at the terminal, and by facilitating more visits from
larger vessels, which are more carbon-efficient.
The Environment Court and the fast-track panel agreed that the development’s impact
on the environment, according to Western science, will be minor in the short-term and
negligible in the long-term.

We remain committed to working with iwi and hapū regarding the cultural concerns
around the development, with ongoing consultation embedded in the resource consent
conditions.
Importantly, we have not stood still while the Stella Passage consenting process has
continued.
The second stage of our capital dredging programme is under way, with completion due
around mid-2027.
We are also progressing preparations to introduce automated stacking cranes, or ASCs,
into the container terminal alongside construction of the new berth.
We have completed the emulation phase, where processes are tested virtually, and are
now refining processes and system design, ensuring operational readiness and finalising
contracts with our preferred vendor.
The first stage will involve two blocks of nine electric ASCs, which will coincide with the
completion of the new container berth.
In August, we took delivery of another six hybrid straddle carriers, as well as New
Zealand’s first fully electric straddle carrier.
We are also building New Zealand’s first hybrid tug boat, expected to be delivered in mid-
2027 from Turkey.
These investments will all improve efficiency while reducing greenhouse gas emissions.
We firmly believe that growth, productivity and environmental performance can, and
must, progress together.
Wearing my other hat as Chair of Northport Group, we are very pleased with the
granting of resource consent for its planned expansion, which includes nearly 12
hectares of reclamation, a 250-metre wharf extension and associated capital dredging.
The expansion will give Northport and the Northland economy the opportunity to play a
larger role in an increasingly integrated Upper North Island supply chain.
The timing of the development will depend on freight demand and progress on the
proposed rail link to Marsden Point.
Turning to governance, I would like to thank my fellow Directors for their diligence and
commitment over the past year. During the year, we farewelled Doug Leeder with our

sincere gratitude for his many years of service and welcomed Ken Shirley as a Quayside-
appointed Director. He stands for election at today’s meeting.
Our Future Director, Scott Campbell, concluded his appointment on 31 March and we
thank him for his contribution.
Fraser Whineray is also standing for re-election today, and you will hear from both him
and Ken when it comes to the meeting resolutions.
Before I hand over to Leonard, I’d like to thank him, the senior management team and all
our Port people for their efforts over the past year. The improvements in productivity
and customer service, the ongoing investment in capacity, and progress in improving
environmental outcomes give us great confidence in Port of Tauranga’s future.
Ngā mihi nui.

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Port of Tauranga Limited Annual Meeting 2026
Thursday 29 October 2026, 1pm
Chief Executive – Leonard Sampson
Thank you Julia and kia ora koutou.
The 2026 financial year was indeed a very successful one for Port of Tauranga.
I’d like to start with a particular highlight of improving service delivery to our customers,
which has been a major focus.
Our average net crane rate increased 9.9% to 30.8 moves per hour, along with our ship
rate (or berth rate as it’s also known) increasing 13% to 76.4 container moves per hour,
up from 67.2 the previous year.
This was helped by an improvement in schedule reliability, with the proportion of
container ships arriving on time increasing to 71% from 62% in the previous year.
Our team also introduced new emulation technology in the container terminal which has
helped with better planning to improve straddle efficiency and reduce unnecessary
container rehandling.
We will continue to focus on service delivery and productivity, particularly as our lack of
spare berth capacity makes it challenging to recover from supply chain and schedule
disruptions.
The Port of Tauranga Stella Passage development remains critical to providing the
resilience the New Zealand supply chain so desperately needs.
Improving productivity, however, will never be at the expense of safety.
We encourage honest and full reporting of all incidents and concerns, supported by
regular inspections, audits, observations and verifications.
Our Total Recordable Injury Frequency Rate for combined Port of Tauranga staff and
contractors increased from 16 to 19.5 per million hours worked.

While we are not satisfied with that increase, over 95% of these relate to soft tissue
sprain and strain type injuries and there are some encouraging underlying indicators in
the data.
Our days lost per lost-time injury decreased 55%, along with our injury severity rate also
decreasing 49%.
Our focus remains on continuous improvement, learning from all incidents and
strengthening our critical controls.
I will now take a closer look at some of the cargo trends over the past year.
Total trade volumes were down 3% to 24.6 million tonnes. The biggest impact was from
lower log and coal volumes, resulting in export volumes decreasing 3.3% to 15.9 million
tonnes and imports decreasing 2.3% to 8.7 million tonnes.
Log exports decreased 8.1% to 5.8 million tonnes, affected by higher fuel prices that
prompted some exporters to reduce harvesting in the second half of the financial year.
Coal imports decreased 64.8% as stockpiles at Huntly Power Station stabilised, and South
Island hydro generation was sufficient to avoid coal-fired generation over winter.
Cargo volumes increased for dairy, up 3.9%, with kiwifruit growing 8.5% to a record
volume of 754,000 tonnes, with growth expected to continue.
Together, the strong dairy and kiwifruit volumes contributed to another record year for
refrigerated export containers.
Container volumes overall remained resilient, increasing just under half a percent to 1.21
million TEUs.
We had 79 cruise ship visits for the year and are expecting about the same number this
coming season. The first of which arrived on 13 October.
Air and stormwater quality remain a major focus.
Whilst we continue to meet all the conditions in our stormwater resource consents, we
take a continuous improvement approach to our environmental performance.
To that end, in April we opened a new stormwater treatment facility at our Mount
Maunganui wharves. The new system captures the “first flush” of a heavy rain event and
can hold up to one million litres for treatment before it is released.

As Julia mentioned, we are excited to be in possession of New Zealand’s first fully electric
straddle carrier, which we will be trialling over the next year.
It will give us the opportunity to test performance and charging infrastructure within our
unique operating environment.
The $3.5 million trial is being supported by the energy efficiency and conservation
authority (EECA), and if successful, we will be able to introduce additional electric
straddles to our fleet.
In the meantime, our six new hybrid straddles will bring our total hybrid fleet to 13,
representing a quarter of our total straddle fleet.
In another New Zealand first, our new hybrid tug is under construction in Turkey and due
for delivery mid-2027. The 32-metre rotortug will have at least 80 tonnes of bollard pull,
compared to the 50-tonne tug it is replacing.
This will give us greater capability for the larger vessels we expect to see in future.
The current capital dredging is also in preparation for larger vessels and will allow the
largest of the ships already calling here to transit at both low and high tide. This should
give us some more flexibility while we wait for the much-needed capacity provided by
the Stella Passage expansion.
We are deepening the shipping channel to allow for vessels of up to 15.5 metres in
draught.
Our investments to accommodate bigger ships are important for New Zealand’s
decarbonisation efforts. Larger ships are more efficient and produce fewer greenhouse
gas emissions per container.
We made good progress in reducing our own greenhouse gas emissions over the past
year, with overall Scope 1 and 2 emissions decreasing by 12% and emissions intensity
per cargo tonne reducing by 9%.
Before I finish, I will give you a quick update on trade in the first quarter of the 2027
financial year.
Total trade volumes for the three months ended 30 September were 6.25 million tonnes,
down 4.8% and reflecting the continued impact of elevated fuel costs on the export log
market.
Container volumes were 311,000 TEUs, down 2.6% on the previous year.

Based on the first quarter’s cargo volumes, and notwithstanding any significant changes
to trading conditions or events beyond our control, we expect full-year underlying Group
Net Profit After Tax to be in the range of $160 million to $175 million.
There are a number of uncertainties, including the ongoing conflict in the Middle East,
the impact of high fuel prices, particularly on log exports, as well as broader trade policy
settings.
Frustratingly, we also remain capacity-constrained at the container terminal until the
Stella Passage development can be completed.
We do, however, remain confident in our future, thanks to our operational strength,
quality infrastructure, diversity of cargo and revenue streams, as well as strong customer
relationships and a clear strategy for growth.
None of our achievements over the past year would be possible without the dedication
and effort of our people. I would like to thank the team for their hard work and
commitment throughout the year.
Thank you also to our customers, business partners and service providers for your
continued support, as well as to the communities we serve in the Bay of Plenty and
beyond.
Finally, I would like to acknowledge the continued trust and support from our
shareholders. Thank you for joining us today in person and online.
Together, we continue to connect New Zealand and the world.
Ngā mihi nui ki a koutou katoa.
Thank you.

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Port of Tauranga provides first-quarter trading update
and earnings guidance
Port of Tauranga Limited (NZX:POT) today provided an update on trading for
the first three months of the 2027 financial year and confirmed its full-year
earnings guidance.
In the three months ended 30 September 2026, total trade volumes were
6.25 million tonnes, down 4.8% compared with the same period last year.
Much of the decrease is due to a drop in log export volumes as the forestry
industry is impacted by high fuel prices.
Container volumes were 311,000 TEUs
1
, down 2.6%.
Port of Tauranga Chief Executive Leonard Sampson told the company’s
Annual Meeting of Shareholders today that the Port continued to operate in
uncertain trading conditions and remained constrained by a lack of spare
berth capacity at the container terminal.
“Despite the lower overall trade volumes, we remain confident in Port of
Tauranga’s future prospects, supported by our operational strength, quality
infrastructure, diverse revenue streams, strong customer relationships and
clear strategy,” he said.
Based on first-quarter cargo volumes, and notwithstanding any significant
changes to trading conditions or events beyond the company’s control, Port
of Tauranga expects full-year underlying Group Net Profit After Tax
2
to be in
the range of $160 million to $175 million.
For more information, please contact:
Rochelle Lockley
GM Communications
021 865 884
Email rochelle.lockley@port-tauranga.co.nz
1
TEUs are twenty-foot equivalent units, the standard measure of shipping containers.
2
Underlying NPAT is a non-GAAP measure and differs from reported NZ IFRS profit. It excludes items considered to be one-off or
unrelated to the company’s core business, such as revaluations, impairments and gains or losses from the sale of major assets.
Media Release
29 OCTOBER 2026

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Annual
Meeting
29 October 2026

Julia
Hoare
Chair

Board of Directors
Julia
Hoare
Chair
Independent Director
Alison
Andrew
Independent
Director
Dean
Bracewell
Independent
Director
Sir Robert
McLeodKNZM
Independent
Director
Brodie
Stevens
Independent
Director
Fraser Whineray
Director
Ken Shirley
Director

Senior management team
Leonard
Sampson
Chief Executive
Simon
Kebbell
Chief Financial
Officer
Blair
Hamill
GM Commercial
Rochelle
Lockley
GM
Communications
Pat
Kirk
GM Health and
Safety
Dan
Kneebone
GM Property and
Infrastructure

For the year ended 30 June 2026
Record underlying profit
$155.3m
Underlying Group Net Profit
After Tax, up 23%
$102.3m
FY24
$126.0m
FY25
$155.3m
FY26

For the year ended 30 June 2026
Revenue and operating
costs
$486.5m
Revenue, up 4.7%
$221.7m
Operating costs, down 6.2%

For the year ended 30 June 2026
Subsidiary and joint
ventur
e companies
$15.5m
Contribution to Gr
oup profit, up 42.1%

For the year ended 30 June 2026
Trade volumes
24.6m
Tonnes of total trade, down 3%
1.2m
Containers (TEUs), steady on last year

Total ordinary dividend, cents per share
Dividends
20.5c
Up 22.8%, about $139
million to shareholders
Final dividend 12.5 cents per
share
14.7
FY24
16.7
FY25
20.5
FY26

Within our current footprint
Stella Passage
development
385m
Longer container berth at Sulphur
Point, in two stages
315m
Longer Mount Maunganui wharves

Stella Passage
The consenting journey
2019
Formal
consultation
began
Dec 2024
Environment
Court approved
stage one. The
decision was
appealed
2025
First fast-track
application
challenged in the
High Court
Jan 2026
Fresh application
made
Jul 2026
Cultural effects
hearing at
Whar
eroa Marae
7 Sep 2026
Fast-track panel
approved the
development,
with conditions

For our customers and the economy
Why Stella Passage
matters
More competition and productivity
Terminal currently at capacity
Lower supply chain costs
More efficient for importers, exporters and consumers
Lower emissions
Electric cranes and larger, more efficient ships

Capacity, efficiency and lower emissions
Investing while we wait
Capital dredging
Stage two, done by mid-
2027
Automated cranes
Planning for two blocks of
nine, fully electric
Straddle carriers
Six hybrid and New
Zealand's first electric
Hybrid tug
New Zealand's first, due
mid-2027

Resource consent granted
Northport expansion
12ha
Reclamation
250m
Wharf extension
Timing depends on freight demand and the
proposed rail link to Marsden Point
Curr
ent
Future – now consented

Governance
Board changes
Doug Leeder
Retired, with our thanks
Ken Shirley
Joined the Board, standing for election today
Scott Campbell
Future Director, finished 31 March
Fraser Whineray
Standing for re-election today

Leonard
Sampson
Chief Executive

Productivity
Crane rate
+9.9%
Average container moves
per crane, per hour
30.1
FY24
28.0
FY25
30.8
FY26

Productivity
Ship rate
FY25
67.2
FY26
76.4
Container moves per hour, for each ship (+13.7%)

Productivity
On-time vessel arrivals
FY25
62%
FY26
71%
Container ships arriving on schedule (+9%). With no
spare berth, delays are still hard to recover from

Safety
Encouraging indicators
−55%
Days lost for each lost-time injury
−49%
Injury severity rate

Million tonnes
Total trade
15.9m
Tonnes exported, down 3.3%
8.7m
Tonnes imported, down 2.3%
23.6
FY24
25.3
FY25
24.6
FY26

Cargo trends
Logs down 8.1%
5.8m
Tonnes of log exports

Cargo trends
Kiwifruit and dairy
+8.5%
Kiwifruit, a record
volume
+3.9%
Dairy
Another record year for refrigerated
export containers

Million TEUs (twenty-foot equivalent units)
Container volumes
+0.4%
Just over 1.2 million TEUs,
held back by berth capacity
1.15
FY24
1.21
FY25
1.21
FY26

Cruise season began 13 October
79 cruise ship visits

Opened in April, Mount Maunganui wharves
Stormwater treatment
1m litres
Of heavy-rain "first flush" held for
treatment before release.
A $1.5 million system. We already meet all our
stormwater consent conditions.

A New Zealand first
Electric straddle carrier
trial
$3.5m
Year-long trial, with $447,000 from EECA
Plus six more hybrid straddles added –
a quarter of the fleet is now hybrid.

A Ne
w Zealand first, due mid-2027
Hybrid tug
80t
Bollard pull, up from
50 tonnes
32m
Rotortug
Mor
e capability for the larger ships we expect
in future. Under construction in Türkiye.

Shipping channel depth
Capital dr
edging
Inside the
harbour
14.5m16m
Outside the
harbour
15.8m17.4m
Befor
eAfter
The largest ships already calling can then come and
go at any tide.

Scope 1 and 2
Greenhouse gas
emissions
−12%
Total emissions
−9%
Emissions for each tonne of cargo

Three months to 30 September 2026
First quarter trading
Total trade
6.25m
Tonnes, down 4.8% on last year
Containers
311,000
TEUs, down 2.6% on last year

Year ending 30 June 2027
Earnings guidance
$160m–$175m
Expected underlying Group net profit after tax
Based on first quarter volumes, and subject to any significant change
in trading conditions or events beyond our control.

Thank you
To our people, customers, partners,
communities and shareholders

Integrated Annual Report
2026
To receive and consider the Integrated
Annual Report for the year ended 30 June
2026, including the audit report and
financial statements.

Annual
Meeting
29 October 2026

Ordinary resolution
Resolution 1
Election of Ken Shirley
That Mr Ken Shirley be elected as a Director
of the company.

Ordinary resolution
Resolution 2
Re-election of Fraser
Whineray
That Mr Fraser Whineray, having retired
from office and being eligible for re-election,
be re-elected as a Director of the company.

Ordinary resolution
Resolution 3
Auditor
That the Auditor-General be reappointed as
Auditor of the company pursuant to section 19 of
the Port Companies Act 1988 and that the
Directors are authorised to fix the Auditor's
remuneration for the ensuing year.

Annual
Meeting
29 October 2026