South Port New Zealand Limited

Overview

South Port is the southernmost commercial port in New Zealand, located at Bluff and operating on a year-round, 24 hour basis. It is situated in the highly productive province of Southland which is responsible for producing a sizeable proportion of New Zealand's total exports by value.

The company was established in October 1988 when it acquired $23m of assets from the Southland Harbour Board. Stock exchange listing was achieved in July 1994 after 6.48m shares owned by the Southland Regional Council were offered to the public at $1.10 each. A share buy-back was undertaken in 2000 and the Southland Regional Council now owns 66.48% of the shares in the company.

South Port is governed by a board of six independent directors. It is the only Southland-based company listed on NZX. It is also one of the major employers in the region, employing over 80 full time equivalent staff.

From its base on the 40 hectare (100 acre) man-made Island Harbour, South Port is proud to provide a full range of marine services, cargo and container shipping, and on-site warehousing for domestic and international customers. The port is ideally situated to service Southland's significant export and import industries including aluminium, timber, fisheries, dairy, meat, wood chips, stock food, cement, alumina, fertiliser and petroleum products. The port handles over 2.5 million tonnes of import and export cargo in a normal trading year.

SPN has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because under the Port Companies Act 1988, changes to SPN's Constitution must be approved by the Minister of Transport. For further information, please see the Port Companies Act 1988 which is publicly available at www.legislation.govt.nz.

Performance

The following information was extracted from South Port New Zealand Limited's full year results, released 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.