2025 Nine Month Results

1





NZX AND MEDIA RELEASE
13 August 2025
UNAUDITED FINANCIAL RESULTS FOR THE NINE MONTHS TO 30 JUNE 2025
Napier Port delivers strong earnings growth in third
quarter
Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today reports a
strong result for the quarter and a continuation of robust earnings growth for the nine months to the end
of June 2025. The growth was underpinned by strong container cargo volume increases, active yield
management and effective operating cost control.
HIGHLIGHTS
3rd Quarter to 30 June 2025
• Revenue for the third quarter increased 16.4% to $42.5 million from $36.5 million in the same
period last year, following volume increases of 12.7% for container services and 2% for bulk
cargo
• The result from operating activities
1

increased 44.6% to $17.7 million from $12.3 million
• Underlying net profit after tax
2

increased 75.6% to $8.4 million from $4.8 million
9 Months to 30 June 2025
• Revenue for the nine months rose 12.6% to $120.6 million from $107.1 million in the same
period last year and was led by significant growth in container services revenue
• The result from operating activities increased 28.4% to $50.9 million from $39.6 million as
higher revenue was supported by effective cost management
• Underlying net profit after tax increased 46.1% to $23.2 million from $15.9 million
• Reported net profit after tax increased 49.9% to $28.6 million from $19.1 million
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 $59
million and $63 million, assuming a continuation of current operating conditions and excluding
insurance claim income

Chief Executive Todd Dawson said: “Napier Port has delivered a strong financial performance in the
third quarter and across the nine-months period. The result is underpinned by sustained growth in trade
volumes, supported by long-term yield strategies and disciplined cost management. Good growing
conditions and an early apple picking season delivered strong refrigerated container volumes, changes
to shipping line services resulted in higher DLR (discharge, load, restow) and transhipment container
volumes and Pan Pac’s return to full pulp and timber operations increased dry export container volumes.

1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings.
For further information please refer to Note 24 of the 2024 Annual Consolidated Financial Statements and the Supplemental
Selected Financial Information.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring, non-core and abnormal, and unrealised fair value revaluation items to provide consistency and
comparability of the financial information over the periods presented. For further information please refer to the Supplemental
Selected Financial Information.

2

As outlined at the half year, we will be increasing capital investment in the near term linked to our
investment programme focused on infrastructure and capability enhancement, and asset renewal and
replacement.”

FINANCIAL RESULTS
Container services
Container services revenue for the quarter of $29.4 million increased 21% from $24.3 million in the
same period last year. For the nine months, container services revenue increased by 24.6% to $72.2
million from $57.9 million as higher container volumes were amplified by higher revenue per TEU
3
.
Average revenue per TEU for the nine months increased 9.9% to $373 from $339 in the same period
last year. This was driven by higher Port Pack and Depot contributions, container mix and tariff
increases.
Container volumes for the quarter increased 12.7% to 81,000 TEU, led by higher apple exports,
general cargo imports, and empty containers to support export cargo. For the nine months, container
volumes increased 13.4% to 194,000 TEU from 171,000 TEU in the same period last year.
Bulk cargo
Bulk cargo revenue for the quarter increased 10% to $12.3 million from $11.1 million in the same period
last year, as bulk volumes increased 2% to 0.78 million tonnes. For the nine months, bulk cargo revenue
increased by 1.1% to $37.7 million from $37.3 million, while volumes decreased 6% to 2.49 million
tonnes.
Log export volume for the quarter increased by 6.1% to 0.68 million tonnes, and for the nine-month
period decreased by 7.3% to 2.03 million tonnes. Prior year volumes included logs sourced from central
north island windthrown forests.
Average revenue per tonne for the nine months increased 7.5% to $15.16 from $14.10 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 May with 78 vessel calls and over 108,000 passengers visiting the
region, contributing $8.3 million to revenue. This compares to 89 vessel calls contributing $9.1 million
to revenue in the prior comparative period.
There are currently 61 cruise vessel bookings for the upcoming 2026 season.
Operating results
The result from operating activities for the third quarter increased 44.6% to $17.7 million from $12.3
million in the prior year period, as the third quarter revenue increase of $6 million exceeded the increase
in operating expenses of $0.5 million.
The result from operating activities for the nine months increased 28.4% to $50.9 million from $39.6
million. Positive operating leverage was demonstrated with higher container volumes driving higher
revenue of $13.5 million, and effective cost management limiting the increase in operating expenses to
$2.3 million.
Underlying net profit after tax for the third quarter increased by 75.6% to $8.4 million from $4.8 million
in the same period last year. For the nine months this increased by 46.1% to $23.2 million from $15.9
million primarily due to the higher operating result.

3
Twenty-foot equivalent container unit

3

Reported net profit after tax, inclusive of Cyclone Gabrielle insurance claim net income and income tax
changes in the prior year, for the third quarter increased 77.4% to $8.5 million from $4.8 million in the
same period last year, and for the nine months increased 49.9% to $28.6 million from $19.1 million.
CAPITAL MANAGEMENT
Over the nine-month period, Napier Port has invested $19.1 million in capital assets, including progress
payments on the dredge vessel build, initial spend towards the container terminal transformation project,
mobile plant replacement and major maintenance, and site asset management works.
Napier Port is expecting to invest approximately $120 million
4
across its 2025 to 2027 financial years
towards asset replacement and capacity and growth projects. Approximately $30 million is expected to
be deployed during the current financial year.
Operating cash flow increased by $1.6m, or 3%, to $53.9 million from $52.3 million in the same period
last year. The increased operating cash flow was after an increase of $9.1 million in cash tax payments
between the periods and was supported by $8.8 million net ($7.5 million in the prior period) of material
damage and business interruption insurance income receipts.
Napier Port ended June 2025 with total drawn debt of $107 million, down from $109.5 million at the end
of the 2024 financial year, with undrawn bank facilities of $73 million, and with a Debt to EBITDA ratio
of 1.48 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/10049304-
nrvk6a.html
Registrations can be taken right up to the commencement of the call.

For more information:

Investors Media
Kristen Lie Jo-Ann Young
Chief Financial Officer Corporate Affairs Manager
DDI: +64 6 833 4405 DDI: +64 6 833 4521
E: kristenl@napierport.co.nz E: jo-anny@napierport.co.nz
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/


4
Future capital investment is subject to change and approvals

---

FOR THE NINE MONTHS ENDED 30 JUNE 2025

Contents.
+ Consolidated Income Statement.
p3.
+ Consolidated Statement of Comprehensive Income.
p3.
+ Consolidated Statement of Changes In Equity.
p4.
+ Consolidated Statement of Financial Position.
p6.
+ Consolidated Statement of Cash Flows.
p7.
+ Notes to the Consolidated Financial Statements.
p9.
+ Directory.
p13.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p2

Napier Port Holdings Limited
Consolidated Income Statement
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Revenue 5120,636 107,124
Employee benefit expenses35,583 34,138
Property and plant expenses11,348 11,978
Other operating expenses22,829 21,382
Operating expenses69,760 67,498
Result from operating activities50,876 39,626
Depreciation, amortisation and impairment expenses14,495 12,788
Other (income) and expenses(59)(147)
Net Cyclone Gabrielle insurance proceeds4(7,460)(7,116)
Profit before finance costs and tax43,900 34,101
Net finance costs63,994 4,719
Profit before income tax39,906 29,382
Income tax expense711,289 10,295
Profit for the period attributable to the
shareholders of the Company
28,617 19,087
Earnings Per Share:
Basic earnings per share0.14 0.10
Diluted earnings per share0.14 0.10
Napier Port Holdings Limited
Consolidated Statement of
Comprehensive Income
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Profit for the period attributable to the shareholders
of the Company
28,617 19,087
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges189 (914)
Cash flow hedges transferred to profit or loss(1,066)(1,896)
Deferred tax on changes in fair value of cash flow hedges246 787
Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges128 -
Deferred tax on changes in fair value of cash flow hedges(36)-
Changes in fair value of marketable securities111 -
Revaluation of sea defences2,151 17,682
Deferred tax on revaluation of sea defences714 (2,184)
Other comprehensive income for the period, net of tax2,437 13,475
Total comprehensive income for the period
attributable to the shareholders of the Company
31,054 32,562
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.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p3

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the Nine Months Ended 30 June 2025
Note
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging
Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained
Earnings
$’000
Total Equity
$’000
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)
Fair share loans - employee repayments84 ----84
Share-based payments---199 -199
Fair share transfers13 --(13)--
Acquisition of treasury shares(750)----(750)
Long term investment plan vesting195 --(195)--
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)245,898115,993448 60062,048424,987
The above statement of changes in equity should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p4

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 (Continued)
For the Nine Months Ended 30 June 2025Note
Share Capital
$’000
Revaluation
Reserve
$’000
Hedging
Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained
Earnings
$’000
Total Equity
$’000
Balance at 1 October 2023246,150 97,519 5,077 766 46,668 396,180
Profit for the period----19,087 19,087
Other comprehensive income-15,498 (2,023)--13,475
Total comprehensive income for the period-15,498 (2,023)-19,087 32,562
Dividends11 ---(13,030)(13,019)
Fair share loans - employee repayments36 ----36
Share-based payments---119 -119
Fair share transfers99 --(99)--
Acquisition of treasury shares(441)----(441)
Long term incentive plan vesting 231 --(231)--
Total transactions with owners in their capacity as owners(64)--(211)(13,030)(13,305)
Total movement in equity(64)15,498 (2,023)(211)6,057 19,257
Balance at 30 June 2024 (Unaudited)246,086113,017 3,05455552,725415,437
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p5

As at 30 June 2025Note
30 June 2025
Unaudited
$’000
30 September
2024 Audited
$’000
EQUITY
Share capital245,898 246,107
Reserves117,041 114,613
Retained earnings62,048 58,406
424,987 419,126
NON-CURRENT LIABILITIES
Loans and borrowings8108,436 110,690
Deferred tax liability25,088 25,470
Derivative financial instruments459 848
Provision for employee entitlements617 617
134,600 137,625
CURRENT LIABILITIES
Taxation payable4,355 6,576
Lease liabilities100 2
Derivative financial instruments339 80
Trade and other payables25,224 15,445
30,018 22,103
589,605578,854
As at 30 June 2025Note
30 June 2025
Unaudited
$’000
30 September
2024 Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment4541,938 535,916
Intangible assets706 606
Investment properties13,630 13,630
Derivative financial instruments1,571 2,901
Investment in joint venture250 250
558,095 553,303
CURRENT ASSETS
Cash and cash equivalents2,639 1,783
Restricted cash105 137
Marketable securities1,845 -
Derivative financial instruments1,754 1,304
Trade and other receivables16,144 11,634
Prepayments9,023 7,193
Cyclone Gabrielle insurance receivable4-3,500
31,510 25,551
589,605578,854
The above statement of financial position should be read in conjunction with the accompanying notes.
Napier Port Holdings Limited
Consolidated Statement of Financial Position
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 12 August 2025.
Chairman Director
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p6

Napier Port Holdings Limited
Consolidated Statement of Cash Flows
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers116,070 106,029
Net Cyclone Gabrielle insurance proceeds10,960 9,478
GST received77 386
Cash was applied to:
Payments to suppliers and employees(60,250)(59,744)
Income taxes paid(12,969)(3,843)
Net cash flows generated from operating
activities
53,888 52,306
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and
equipment
1 24
Dividend income9 -
Cash was applied to:
Investment in marketable securities(1,734)-
Acquisition of property, plant and equipment and
intangible assets
(19,064)(8,626)
Net cash flows used in investing activities(20,789)(8,602)
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Repayment of fair share loans by employees119 47
Cash was applied to:
Repayment of bank loans and borrowings(2,500)(22,000)
Acquisition of treasury shares(750)(441)
Dividends paid(24,975)(13,030)
Repayment of lease liabilities(195)(158)
Finance costs paid(3,942)(4,630)
Net cash flows used in financing activities(32,242)(40,212)
Net increase in cash and cash equivalents8563,492
Cash and cash equivalents at beginning of the period1,783 1,104
Cash and cash equivalents at end of the period2,6394,596
The above statement of cash flows should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p7

Reconciliation of profit for the period to
cash flows from operating activities
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Profit for the period28,617 19,087
Adjust for non-cash items:
Fair value gains on investment property-(129)
Depreciation and amortisation13,886 12,158
Impairment of assets609 631
Net loss on disposal of property, plant and
equipment
26 2
Share-based payments199 119
Deferred tax541 1,374
15,261 14,155
Other adjustments:
Finance costs classified as financing activities3,994 4,719
Investment income classified as investing activities(9)-
Increase in non-current provision-69
3,9854,788
For the Nine Months Ended 30 June 2025Note
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Movements in working capital:
(Increase)/ decrease in trade and other receivables(6,340)4,454
Decrease in Cyclone Gabrielle insurance receivable3,500 2,361
Increase in trade and other payables11,085 2,384
(Decrease)/ increase in current taxation payable(2,221)5,077
6,024 14,276
Net cash flows generated from operating
activities
53,88852,306
The above statement of cash flows should be read in conjunction with the accompanying notes.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p8

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 2024.
Napier Port Holdings Limited
Notes To The Consolidated Financial Statements
For the nine months ended 30 June 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. The basis
of fair value measurement is consistent with
the Group’s annual financial statements. The
interim financial statements are presented in
New Zealand Dollars (NZD) and all values are
rounded to the nearest thousand dollars ($’000),
unless otherwise stated.
3. Summary of material accounting
policy information
The accounting policies adopted are consistent
with those followed in the preparation of the
Group’s Consolidated Financial Statements for
the year ended 30 September 2024. In addition,
the accounting policy information for investments
in marketable securities is as follows:
Investments in marketable securities are
measured at fair value. The Group invests in
liquid equity securities for long-term financial
resilience and risk management purposes
and has made an irrevocable election at initial
recognition to present subsequent changes in
fair value through Other Comprehensive Income.
Changes in fair value are recognised in other
comprehensive income and accumulated in the
revaluation reserve within equity. Upon disposal
of these investments, the cumulative gain or
loss remains in equity and is not reclassified to
profit or loss. Dividends from these investments
are recognised in profit or loss when the right to
receive payment is established.
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.
Changes in accounting estimates
During the period, the Group reviewed the useful
lives and residual values of its property, plant
and equipment, which resulted in changes to
the estimated useful lives and residual values of
certain assets.
The estimated useful lives of cranes were
amended to between 33,000-39,000 operating
hours, from 33,000-36,000 operating hours, while
certain other mobile plant assets’ estimates of
useful lives were extended. The residual values
for mobile plant and equipment, including cranes,
reduced from a range of 0-20% of cost to 0-15%
of cost. The estimated useful life of maintenance
dredging assets were amended from 8 years to a
range of 4-8 years.
The changes in estimates have been accounted
for prospectively from the respective dates of
change. The estimated impact of these changes
for the current reporting period is an increase of
approximately $0.9 million.
Cyclone Gabrielle and insurance matters
During February 2023, Cyclone Gabrielle struck
New Zealand causing widespread damage and
disruption to the Hawke’s Bay region and its
infrastructure which negatively impacted the
Group’s trading.
The Group has an insurance policy that
responded to the material damage and business
interruption losses of the Group arising from
Cyclone Gabrielle. During the period, the Group
has settled, in full, its claims and received all
proceeds due from its insurers.
The Group’s accounting policy is to recognise
insurance recovery income when it is virtually
certain insurance proceeds will be received and
the amount receivable can be reliably estimated.
In relation to the Group’s insurance claims for
material damage and business interruption losses,
for the nine months ended 30 June 2025 the
Group has recognised total insurance recovery
income of $7,500,000 (30 June 2024: $7,243,000)
in the Consolidated Income Statement.
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p9

5. Revenue and segment reporting
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Disaggregation of revenue
Container services72,16157,918
Bulk cargo37,73837,331
Cruise8,2539,065
Sundry income394416
Port operations118,546104,730
Property operations2,0902,394
Operating income120,636107,124
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 21% total
revenue (June 2024: 26%).
6. Net finance costs
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Interest income(40)(49)
Finance income(40)(49)
Interest and finance charges on borrowings5,163 5,936
Gain realised on cash flow hedges transferred from other
comprehensive income
(1,066)(1,896)
Loss realised on fair value hedges132 811
Unrealised change in fair value of fair value hedges(93)(2,556)
Unrealised change in fair value of loans and borrowings
subject to fair value hedges
93 2,556
Lease imputed interest4 5
Less: Interest capitalised to property, plant & equipment(199)(88)
Finance expenses4,034 4,768
Net finance costs3,9954,719
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p10

7. Income tax expense
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
Reconciliation between income tax expense and tax expense
calculated at the statutory income tax rate:
Profit before income tax39,906 29,382
Income tax at 28%11,173 8,226
Adjustment to prior year tax2 (28)
Tax effect of non-deductible items110 107
Tax effect of non-assessable items(3)(37)
Removal of deductibility of tax depreciation on buildings-2,027
Other7 -
Income tax expense11,289 10,295
The income tax expense is represented by:
Current tax on profit for the period11,471 8,978
Adjustments for current tax of prior periods(722)(56)
Current income tax expense10,748 8,922
Deferred income tax expense for the period(183)1,345
Adjustments to deferred tax related to prior periods724 28
Deferred income tax expense5411,373
Income tax expense11,28910,295
8. Loans and borrowings
30 June 2025 (Unaudited)
Non-current
Drawn
Facilities/
Bonds Issued
$’000
Carrying
Value
$’000
Bank facilities7,0007,000
Fixed rate NZD Bonds100,000101,436
Total non-current107,000108,436
30 September 2024
Non-current
Drawn
Facilities/
Bonds Issued
$’000
Carrying
Value
$’000
Bank facilities9,5009,500
Fixed rate NZD Bonds100,000101,109
Total non-current109,500 110,690
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p11

9. Related party transactions
Transactions with owners
30 June 2025
Unaudited
$’000
30 June 2024
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional
Council
Rates, levies, consents and services377 443
Cost recoveries-(93)
Lease income(37)(36)
Payable by the Group(1)(427)
Hawke’s Bay Regional
Investment Company
Dividends13,750 7,205
Cost recoveries-(37)
10. Commitments and contingencies
Capital Expenditure Commitments
At balance date there were commitments in respect of
contracts for capital expenditure totalling $10.2 million
(30 June 2024: $2.9 million).
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p12

Directory
Directors
Blair O’Keeffe (Chair)
Stephen Moir
John Harvey
Vincent Tremaine
Kylie Clegg
Dan Druzianic
Debbie Birch
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
David Kriel – General Manager
Commercial
Jo-Ann Young – Corporate Affairs Manager
David Broad – General Manager Assets
and Infrastructure
Chris Wylie – General Manager Port
Optimisation
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 Pension & Market Services
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 the latest annual report are available at:
napierport.co.nz
Financial Calendar
30 September 2025 - Financial year end
November 2025 - Annual results announcement
17 December 2025 - Annual meeting
31 March 2026 - 2026 half year balance date
May 2026 - 2026 half year results announced
Te Herenga Waka O Ahuriri Nine Month Financial Statements
p13

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Napier Port Holdings Limited
Supplemental Selected Financial Information (unaudited)
The below supplemental selected financial information provides a summary of financial information for
the third quarter (3Q2025) and nine months ended 30 June 2025 (9M2025) compared to the
corresponding periods in 2024.
Except where information is denoted as being extracted directly from audited financial statements, the
supplemental selected financial information is unaudited.
Selected financial information
1


Notes:
1.
The selected financial information (excluding any financial information in the selected financial information table that is identified as
being underlying financial information) is extracted from unaudited financial statements of Napier Port Holdings Limited (‘Napier
Port’) for 9M2025. Some line items in the selected financial information include adjustments applied by Napier Port (denoted
‘underlying’). An explanation of these adjustments is contained in section 1.1 below.
2.
Revenue relates to operating income as disclosed in the financial statements for Napier Port.
3.
Result from operating activities is a non-NZ GAAP measure and is as disclosed in the financial statements for Napier Port. The
measure is calculated as operating income less operating expenses. The measure excludes income and expenses related to finance
costs, taxes, the 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.
4.
Underlying net profit after tax is a non-NZ GAAP measure that comprises reported net profit after tax adjusted for certain non-
recurring, non-core and abnormal items, and unrealised fair value movements as described in section 1.1 below. Tax expense has
been adjusted to reflect the tax implications of the adjustments. A reconciliation to reported net profit after tax is included in section
1.2 below.
5.
Underlying cash flows from operating activities is a non-NZ GAAP measure that comprises net cash flows from operating activities
adjusted for certain non-recurring, non-core and abnormal items and the tax implications of these adjustments on the basis that cash
taxes would be paid in the corresponding reporting period. A reconciliation to reported cash flows from operating activities is
included in section 1.3 below.
NZ$000
3Q2025
3Q2024
9M2025
9M2024
Financial period
3 months
ending
30 Jun 25
3 months
ending
30 Jun 24
9 months
ending
30 Jun 25
9 months
ending
30 Jun 24
Financial performance:
Revenue
(2)
42,544
36,542
120,636
107,124
Result from operating activities
(3)
17,727
12,259
50,876
39,626
Net profit after tax
8,454
4,767
28,617
19,087
Underlying net profit after tax
(4)
8,411
4,790
23,179
15,861
Balance sheet and cash flow items:
Dividends paid
13,000
6,000
25,000
13,100
Total assets
589,605
572,099
589,605
572,099
Cash and cash equivalents
2,639
4,596
2,639
4,596
Total liabilities
164,618
156,662
164,618
156,662
Total debt
108,436
105,737
108,436
105,737
Net cash flows from operating activities
19,245
27,014
53,888
52,306
Underlying net cash flows from operating activities
(5)
19,262
20,278
45,043
44,820

1.1 Description of adjustments
In determining the use of adjustments, the Directors have considered only those items that they
believe are required to ensure consistency and comparability of the financial information over the
periods presented.
The adjustments that Napier Port considers appropriate are explained below:
(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 receivable for insured business interruption losses indemnifies 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 this income recognition is 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;
(iii) removal of non-recurring restructuring costs; and
(iv) removal of the one-off deferred tax charge relating to the removal of tax depreciation on
commercial buildings.

1.2 Reconciliation of underlying net profit after tax


NZ$000
3Q2025
3Q2024
9M2025
9M2024
Reported net profit after tax
8,454
4,767
28,617
19,087
Adjustments:
Fair value movements on investment properties
-
-
-
(129)
Cyclone Gabrielle related expenses
-
19
40
127
Cyclone Gabrielle material damage and business interruption insurance income
-
-
(7,500)
(7,243)
Restructuring costs
(59)
-
(92)
-
Tax impact of adjustments
17
(5)
2,115
1,992
Tax impact of removal of tax depreciation on commercial buildings
-
9
-
2,027
Underlying net profit after tax
8,411
4,790
23,179
15,861

1.3 Reconciliation of underlying net cash flows from operating activities

NZ$000
3Q2025
3Q2024
9M2025
9M2024
Reported net cash flows from operating activities
19,245
27,014
53,888
52,306
Adjustments
Cyclone Gabrielle related expenses
-
19
40
127
Cyclone Gabrielle material damage and business interruption insurance income
-
(6,750)
(11,000)
(9,605)
Tax impact of adjustments
17
(5)
2,115
1,992
Underlying net cash flows from operating activities
19,262
20,278
45,043
44,820

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Napier Port Holdings Limited
2025 Third Quarter Trade Volume Data
The below trade volume data provides a summary of third quarter (Q3 FY2025) and nine
months ended 30 June 2025 (9 Months FY2025) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q3
FY2025
Actual
Q3
FY2024
Actual
9 Months
FY2025
Actual
9 Months
FY2024
Actual
Exports



Wood pulp & timber 8 9 26 21

Canned food / other food & beverage 2 2 5 5

Other dry 2 2 7 7

Total dry 13 13 38 33


Apples & pears 14 11 21 15

Meat 3 4 10 11

Fresh & other chilled produce 4 3 10 10

Total reefer 21 18 40 36


Empty 2 2 7 7

Total exports 36 33 85 77

Imports



Dry 6 5 19 17

Reefer 1 1 3 3

Empty 31 27 68 63

Total imports 38 32 89 82


Other container movements (‘DLRs
and Tranships’)
7 7 19 12

Total Container Services volume 81 72 194 171

Vessels



Container ship calls 70 60 194 184

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q3
FY2025
Actual
Q3
FY2024
Actual
9 Months
FY2025
Actual
9 Months
FY2024
Actual

Log exports 676 637 2,030 2,189

Other exports 7 27 58 82

Imports 96 100 401 375

Total Bulk Cargo volume 779 764 2,489 2,647

Vessels

Charter vessel calls 61 57 182 176


1.3 Cruise Services
Cruise Services

Q3
FY2025
Actual
Q3
FY2024
Actual
9 Months
FY2025
Actual
9 Months
FY2024
Actual
Vessels



Cruise vessel calls 1 1 78 89