South Port NZ Ltd - 2025 Meeting Presentations

South Port New Zealand – Annual Shareholders Meeting
Speech
Chair’s Address

Mōrena and good morning, ladies and gentlemen.

It’s my pleasure to welcome you all to the 37th South Port New Zealand Annual
Shareholders Meeting for the financial year ended 30 June 2025.

Thank you for joining us here in person and online. I’d like to begin by acknowledging my
fellow Directors and the Executive Leadership Team.

FY25 was a landmark year for South Port and the province of Southland. For the province
we gained certainty for the foreseeable future around our major customer, the NZ
Aluminium Smelter at Tiwai and enjoyed record dairy returns. NZAS signed 20-year supply
agreements with major New Zealand gentailers.

For South Port FY25 was a year in which we achieved record results operationally and
financially. Cargo volumes increased by over 10% to 3.55 million tonnes, despite the
smelter agreeing to cut production as part of a demand response to free up electricity, and
this increase in volume was able to be converted into a normalised NPAT of $13.9 million,
up 40% and the highest in our history.
South Port maintained a healthy balance of 47% exports and 53% imports.
We have had a renewed focus on Health & Safety, particularly in our coolstore. We have
made some changes and invested in safety barriers as a result of feedback from our
workers.
Governance wise, the Board has established a Board Health & Safety Committee chaired by
Michelle Henderson and a People & Performance Committee chaired by Cassandra Crowley.
I would like to take a moment to introduce you to our “value pyramid” which is intended to
portray how we think about the business. At the top of the pyramid are our demand drivers
such as market demand. Supporting this, are two foundations or “pou”: firstly, our care for
the environment, iwi and the local community which Nigel will touch on later and secondly
our resource requirements such as debt & equity capital providers, technology and first and
foremost our people.

So first to our demand drivers.
Operating revenue grew 13% to $63.3 million, driven primarily by a strong recovery in bulk
cargo, which rose 38% in revenue terms.
EBITDA increased 21% to $25.8 million, with margins improving from 38% to 41%.
Operating free cash flow nearly doubled to $16.9 million, and we reduced net debt from $33
million to $25 million while delivering key infrastructure projects.

Now moving on to the first of our supports, how we fund the business. We continued

prudent capital management through consistent maintenance investment of around $4.5
million per year. This disciplined approach has rejuvenated our Island Harbour assets and
prepared them for the next 20 years of operation.

The Board was pleased to approve a higher second half dividend of 20.5 cents per share,
making the full-year dividend of 28 cents per share, reflecting both the Board’s confidence
in current performance and our aspiration for sustainable shareholder returns.

The Board remains committed to a sustainable dividend policy that balances reinvestment
for long-term growth with appropriate returns to shareholders. You can see in the current
year we were able to lift the dividend to 28 cents per share whilst retaining funds to assist
in funding the growth pipeline for the port.
I’ll now hand over to our Chief Executive Officer, Nigel Gear, to share operational highlights.

CEO Address
Tēnā koutou katoa – Good morning all.
I intend to expand further on our cargo flows in more detail, provide an update on project Kia
Whakaū – the dredging of our channel and the early benefits realised to date, followed by
commentary on H&S, the environment, Iwi, the community and our staff.
It has been a particularly strong year for cargo flows, especially across the Island Harbour.
Total volume through the port was 3.553 million tonnes which was just shy of our highest
tonnage recorded to date in 2022 of 3.554 million tonnes.
This was especially pleasing considering a 20% decline in volumes across the Tiwai wharf
due to the demand response call, obviously impacting volumes for a customer that has been
our most consistent and reliable cargo provider of volumes being handled through the port
for many years.
Looking at the high-level percentages 77% of the volume for the year was handled across the
Island Harbour and Town Wharf, with the balance of 23% across the Tiwai wharf.
On the Bluff side of the harbour there was a 24.8% increase in volumes handled across the
Island Harbour and Town Wharf.
A large percentage of this was driven by an increase in bulk cargoes, specifically imports of
agricultural inputs and forestry exports.
There was also a corresponding increase of revenue per unit of bulk cargo handled across the
wharves, as a result of both cargo mix and the introduction of the Kia Whakaū infrastructure
levy, put in place for the development of the channel, swinging basin and berth pockets.
Breaking down these volumes further we recorded a 48% increase in agricultural volumes
that was driven by a number of factors including a high dairy payout, a particularly wet spring
driving the increase in supplementary feed imports and a recovery of fertiliser volumes that
were significantly down in the prior 12-month period.

On the export side, the 27% increase in forestry was influenced by the woodchip exporter
that took full advantage of the new draft capacity to fill their vessels and increase volumes
through the port. This was coupled with a recovery in logs exports, from again a particularly
poor result recorded in the previous 12-month period.
Container volumes remained consistent with the previous 12-month period, which was
pleasing.
The supply chain continues to be disrupted due to the conflict in the Middle East impacting
vessels transiting through the Red Sea, forcing companies to reroute vessels around Africa
increasing both costs and transit times.
This reduces the ability for shipping companies to place new or additional vessels into
markets such as New Zealand, therefore maintaining our current volumes in these times, is
as mentioned, pleasing.
During the year the Mediterranean Shipping Company or MSC replaced their Capricorn
Service calling at the port with the Wallaby Service.
Although volumes have not been impacted at South Port, it has changed transhipment port
options for customers from Southeast Asia to North Asia and to an extent changed the mix of
cargo coming through the port.
MSC has also recently announced the introduction of the Eagle Service into New Zealand.
Although not calling at Bluff this service will provide opportunities for Southland exporters
to gain faster transit times to both the USA and EU markets. This can be achieved by shipment
though Bluff on the Wallaby Service and a transhipment option through Centreport onto the
Eagle Service.
MSC continues to be the largest container line in the world, with a 21% share of the global
container shipping market, their nearest rival being Maersk with 14% share of the market.
Focusing on resource requirements to grow the business, it is timely to reflect on project Kia
Whakaū and our dredging journey over the past 3 years.
Kia Whakaū represented the first time this type of dredging operation had been attempted in
40 years, which involved the removal of 120,000 m3 of predominantly sand in the swinging
basin and berth pockets and 40,000 m3 of rock removed from the entrance channel.
The following timeline illustrates the milestones that were achieved from the start of the
physical operation through to the declaration of the new 10.7m highwater draft in October
2024.
Note that the discussions for this potential channel deepening began back in 2016, with the
first costing completed in 2017 and the first business case presented to the Board in 2019.
This next slide illustrates the success of the project noting that we achieved our target of an
additional metre in draft and came in well under our initial estimates first established in
2017.
The key benefits from deepening the channel are: an additional 1m of draft, the ability for
both exporters/importers to maximise volumes they transport on vessels calling at the port,
greater flexibility to operate across all tides, and safer transits through the entrance channel.

These improvements have enhanced supply chain efficiencies, provided a more cost-efficient
shipping option through the port and provided better environmental outcomes.
Looking more specifically at some early data points, since deepening the channel we have had
approximately 60 vessels calling that have used the deeper draft at high tide to carry more
cargo into and out of the port than was previously possible.
We have also had approximately another 60 vessels using the increased draft at low tide to
call or depart the port.
These 60 vessels that could transit at low tide equates to a savings of 15 days that these
vessels were not required to remain waiting to enter the port or alternatively were tied up at
the berth waiting for a high tide to depart.
These are excellent stats, that are already showing the improvement in port performance and
the benefit realised in the supply chain in the short time we have been operating a deeper
draft at the port, which bodes extremely well for the future.
Changing the focus to our supporting pou, our care for the environment, iwi and the local
community, the Health and Safety of our employees is always the highest priority at the port
and the top of the list of our core values.
The port is a busy environment, with a lot of moving parts that requires coordination and
communication between all parties on an hour to hour, day to day basis.
Using another data point, during the year we recorded approximately 237,000 vehicle
movements through our security gate that were predominantly trucks. If you layer this on
top of the large machinery operating in all areas of the port handling cargo you can
understand the need for strict operating procedures and transport management plans that
need to be in place to reduce risk.
One of the key workstreams in this area over this past 12 months was to formally engage with
our PCBUs operating on the port to discuss overlapping duties and work through protocols
to ensure we are all aware of our responsibilities and that there is alignment across the port.
A key part of our commitment to continual improvement in health & safety is the worker’s
voice.
Our employees work in busy areas of the port and have the best solutions to improve their
workplace environments.
A good example over the previous 12 months was a number of safety initiatives implemented
in the cold stores to reduce the potential risk of people versus plant, which is one of South
Port’s top critical risks.
As well as improving the safety of the operation through this process, we get better
engagement and ultimately performance from our employees.
There have been a number of initiatives focused on the environment during the past 12
months. Some of these include establishing a sustainability strategy, beginning work on an
environmental management plan and issuing our 2
nd
climate related disclosures document.

The port has also been conducting post dredging monitoring on a number of sites to establish
whether the work carried out for project Kia Whakaū has had any impact.
As an example, a 12-month survey was carried out on the rock disposal site, represented in
the above slide. This image illustrates that this site has transitioned from a lower diversity
environment pre-dredging (on the left had side on the image) to one that now supports
increasing species diversity including growing numbers of juvenile fish, which is a very
pleasing outcome of the dredging process.
As mentioned, South Port released its second climate related disclosures publication this
year.
Key additions to this document were the establishment of a transition plan and the assurance
of scope 1 & 2 green-house gas emissions.
A significant amount of work went into these documents and through this process the port is
now better informed of our climate risks and opportunities looking forward.
South Port’s relationship with Iwi, in particular the Awarua Rūnaka is very important.
We are continually drawing on their expertise and help during consenting processes and also
for suitable names for our floating plant and engaging for official opening ceremonies.
The port is also currently working on establishing a more formal and closer working
relationship moving forward.
The port continues to provide support to the Bluff and Invercargill communities through
sponsorship, donations and the allocation of staff to work in the community during the year.
Communication is also an important part of this process. The leadership team attends local
community board meetings from time to time, and we issue a community newsletter, called
Mai I Te Wāpu (meaning “from the wharf”) twice a year, throughout the Bluff community.
This coming 12 months we will also be holding our third port open day in recent times, which
in the past has proved very successful and allows members of the public and the families of
our employees onto the port to view both the physical infrastructure and operations aspects
on the Island Harbour.
I can’t speak more highly of our employees. They work collaboratively within their
departments, across the organisation and with the leadership team to improve port
operations and the safety of the workplace.
For this to be successful a number of factors have to be in place. Workplace culture is always
a focus, living up to our values is a non-negotiable, communication and visibility of the
leadership team in the workplace is important and consistently working on wellbeing
including providing opportunities outside of work to connect are some of the ways that help
to ensure we are all pointing the waka in the right direction.
Finally, today I would like to announce that in the second quarter of 2026 I will stepping down
as the Chief Executive of South Port to pursue my next opportunity.
It has been a privilege to serve and to have led the team of 140+ employees at South Port for
these past 8 years.

There is a great deal that we have achieved during this period that I am and everyone in this
room should be extremely proud of.
The port however, is now entering a new and exciting period of growth, that will require
decisions to be made for the longer term and the associated investment which is the perfect
time for me to step aside and let the next leader of South Port guide the company with the
Boards support through this period.
Although I am not quite finished just yet I would like to thank the Board, leadership team,
staff and all the stakeholders that have provided me with support over these past 8 years.
I will now pass you back to the Chair.
Back to Chair
Thank you Nigel. Whilst we will pay a fuller tribute to you at a later date, I would like to
acknowledge your exemplary service to South Port over 30 years and particularly your last
8 years as Chief Executive. You should be proud of the shape you are leaving the business in
and on behalf of shareholders and the Board and staff I would like to thank you very much.

In May 2024, NZAS signed 20-year electricity supply agreements, securing smelter
operations out to 2044.

While Tiwai now represents only 23% of our cargo, down from 60% in 2010, this long-term
commitment reinforces steady trade for decades ahead. Excitingly, we understand NZAS is
now looking to expand its aluminium production and seeking further renewable electricity
to power this. Naturally, this new electricity is likely to be sourced from new electricity
generation locally and hopefully result in new wind and solar generation projects in
Southland.

With our core cargoes now stabilised and in most cases poised for growth, and the Island
Harbour close to being built out, we are now considering how we position South Port for
emerging opportunities — including aquaculture, renewable energy, and data
infrastructure.

The Government’s strategy is to target $3 billion in aquaculture exports, with multiple
Southland projects underway. Ngāi Tahu’s Hananui Project, Sanford, Ocean Farms NZ, and
Impact Marine are all progressing consents.

Projected volumes could rise from 5,000 tonnes today to 40,000 tonnes in the coming years,
driving the need for new wharf, landside, and vessel-maintenance infrastructure.

Major wind-farm projects are advancing — Kaiwera Downs, Contact Energy Southland at
Slope Down, and Kaihiku Wind Farm — representing hundreds of megawatts of renewable
capacity, capital commitments of >$2 billion and significant new cargo potential.

Datagrid New Zealand’s proposed $2 billion hyperscale data centre near Makarewa,
powered by up to 1 gigawatt of electricity, could further transform regional logistics. We are
monitoring these developments closely to ensure South Port can support their
infrastructure needs.

We’re planning carefully for what supporting infrastructure and community support we will
need to enable the next phase of growth. The Island Harbour, built 65 years ago, is now
fully developed. So we will need to consider carefully how it can be optimised for higher-
value cargo. There are a number of options we have to free up or better utilise space.

South Port also controls considerable land on Foreshore Road, amounting to 80,000 square
metres, much of which is currently undeveloped. This offers potential for expansion in
aquaculture and bulk cargo operations.

We are also considering how we can make our port infrastructure more resilient.

Our capital allocation framework emphasises financial discipline — targeting growth that
delivers fair returns, enhances capability, and aligns strategically with long-term demand.

Working with the Awarua Rūnaka and the local community will be crucial to how this
growth strategy is staged.

In this light we have a number of growth capex opportunities in the pipeline over the next
1-5 years. Approximately $41 million has been earmarked for increasing the port capacity
to handle the expected growth in bulk cargoes, containers and project cargo to come
through the port.

Extended this out to 5-10 years, another $45 million has been identified as the first stage for
the development of wharf infrastructure in preparation for the development of the open
ocean aquaculture industry in the south.

And finally significant asset replacements are expected in the next 1-5 year period with the
purchase of both a mobile harbour crane and a harbour tug which amounts to ~ $30
million.

As noted on the slide, most of the known growth opportunities over the next 5 years can be
achieved with modest capex, i.e. $41 million.

Looking ahead to FY26, we expect:
- Continued strength in agriculture and a supportive dairy and red-meat sector;
- Stable container volumes;
- Increased NZAS throughput, assuming no further demand-response constraints; and
- A pipeline of growth opportunities in project cargo, aquaculture, and renewable energy.

Our focus remains clear — building capacity and capability for the future, investing
prudently, and delivering consistent returns to our shareholders.

At this point we can also update shareholders on the progress of trade volumes for the first
quarter ending 30 September 2025. A total of 904,000 MT has been handled through the
port (753,000 MT 2024). This represents a 20% increase in trade, and a good start to the
new financial year, noting however that the recent storm event illustrates the volatility and
impact on the farming sector of these significant weather events.

On behalf of the entire South Port team, I want to thank our employees, customers, iwi
partners, and the community for their support and trust.

I would also like to take this opportunity to thank and farewell Clare Kearney, who has been
a director on the Board for the past 9 years. Clare has been an important part of the Board
chairing and leading the H&S panel which is an extremely important aspect of the port
operation. We wish Clare all the best for the future.

Finally, thank you also to our shareholders for your continued confidence in the company.

We are proud of what has been achieved and excited for what lies ahead.

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

---

FY25 Annual Shareholders Meeting
29 October 2025

CHAIR DELIVERY
•Introduction
•Key Messages
•Financial Results
•Capital Management
•Dividend
•Looking Forward
•Outlook

BOARD OF DIRECTORS

EXECUTIVE LEADERSHIP TEAM

KEY MESSAGES
•40% increase to a Record normalised NPAT in FY25
•Tiwai smelter 20-year power agreements with major gentailers
•Attractive balance of cargoes, export 47% and import 53%
•Engaged workforce
• Increased 28cps full year dividend

KEY MESSAGES

KEY MESSAGES

FY25 RESULT SUMMARY
•Record Reported NPAT of $13.3m – Up 81%
•Normalised profit up 40% to $13.9m – also a
record
•Revenue of $63.3m - up 13% – driven by strong
cargo volumes (tonnage up 11% on FY24)
•EBITDA of $25.8m - up 21%
•EBITDA Margin 41% (FY24 – 38%)
•Strong Operating FCF of $16.9m (FY24 – $8.6m)
•Increased Dividend to 28cps (FY24 – 27cps)

INFRASTRUCTURE INVESTMENT CYCLE
•Significant growth capex period FY21 to FY24
•Maintenance capex remains consistent –
aligned with annual depreciation spend ~$4.5m
•Infrastructure maintenance peaked in FY21 at
$4.6m
•2019 to 2022 a focus on:
•Rejuvenating Island Harbour assets for next
20 years
•Upgrading the Island Harbour access
bridge
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
$
Capital Expenditure
Maintenance Capex
Growth Capex
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
$
Maintenance Expenditure
Infrastructure MaintenanceOther Maintenance

DIVIDEND
FOR THE YEAR ENDED 30 JUNE 2025
•Final Dividend of 20.50c taking the full year
Dividend to 28.00c (an increase of 1cps)
•Represents a gross return of 5.6% (net
4.0%)*
•Interim Dividend of 7.5c paid
•The Board maintains a policy of sustainable
dividends that balance the port’s long-term
expansion requirements with returns to
shareholders
*based on the share price as at 30 June 2025
63%
73%
59%
83%
44%
0.265
0.27
0.275
0.28
0.285
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
FY21FY22FY23FY24FY25
CPS
Dividend
% of free cash flo wcps
0.270.270.270.27
0.28
0.16
0.10
0.19
0.06
0.36
$-
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
FY21FY22FY23FY24FY25
CPS
Dividend
Dividend paid out of OFCFRemaining OFCF

CEO DELIVERY
•Trade Details
•Dredging Journey
•Health & Safety
•Environment
•Iwi
•Community
•Staff

GROUP VOLUMES
FOR THE YEAR ENDED 30 JUNE 2025
•Strong volume recovery supported by
record bulk volumes
•Bulk, Island Harbour – 62% of total trade
•Containers – 15% of total trade
•New Zealand Aluminium Smelter (NZAS) –
23%of total trade (Tiwai wharf)
•NZAS impacted by Meridian 50MW
demand response call
-
500, 000
1,0 00,000
1,5 00,000
2,0 00,000
2,5 00,000
3,0 00,000
3,5 00,000
4,0 00,000
FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Tonnes
Group Volumes
BulkTiwaiContainers

BULK CARGO
•Strong recovery in bulk volumes driven by
improved agriculture and forestry
demand
•Balanced trade of imports and exports -
improves opportunity for backloading
•Average revenue per MT increased due to
mix of higher value bulk cargo and
implementation of Kia Whakaū
(infrastructure) levy
-
500, 000
1,0 00,000
1,5 00,000
2,0 00,000
2,5 00,000
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Tonnes
Bulk Cargo Volumes
Bulk Cargo Imp ortsBulk Cargo Exports
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$-
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
FY21FY22FY23FY24FY25
Revenue per MT
Thousands
Bulk Cargo Revenue
RevenueRevenue per MT

BULK CARGO
•High dairy payout and wet spring led to
an increase of stock food imports
•Increased fertiliser application, returning
tomore normal volumes due to improved
market conditions
•Woodchip exporters have used the
increased draft to fill vessels
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
FY20FY21FY22FY23FY24FY25
Tonnes
Agricultural Inputs increased by 48%
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY20FY21FY22FY23FY24FY25
Tonnes
Forestry Exports increased by 27%

CONTAINERS
•Container volumes saw slight
improvement over previous period
•Supply chain remains disrupted
•Introduction of Mediterranean Shipping
Company (MSC) Wallaby Service
•MSC hasbeen calling since 2008, Move
Ocean calling monthly since 2023
•Revenue per TEU impacted by increased
rates and container handling activity on
the Island Harbour
-
100, 000
200, 000
300, 000
400, 000
500, 000
600, 000
700, 000
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
Tonnes
Container Volumes (MT)
Container Import Tonnes
Container Export T onnes
$-
$50
$100
$150
$200
$250
$300
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
FY21FY22FY23FY24FY25
Revenue per TEU
Thousands
Container Revenue
RevenueRevenue per MT

RESOURCE REQUIREMENTS – DREDGING JOURNEY

DREDGING JOURNEY
Scope of Work to Deepen Channel by 1.0m

DREDGING TIMELINE

DREDGING COSTS

DREDGING BENEFITS FOR SOUTH PORT & CUSTOMERS
•Very successful campaign – completed on
time and under budget
•Additional 1 meter of draft allows the port
to load more volume on vessels calling
•We can now fill both log and woodchip
vessels
•Customers already taking advantage of the
deeper draft
•Increased safety of transit through the
channel

SOCIAL LICENCE

HEALTH & SAFETY

HEALTH & SAFETY – COLD STORE
•Reduce the risk of operating in the
Environmental Load in/out area
•Redesign of the cold store environmental
load-in area
•Process mapped, optimal layouts
reviewed, introduction of physical barriers
in consultation with staff
•Installation of new fast doors
•Installation of barriers and bollards to
increase safety of employees
•Engaged third party traffic management
party to assist the process

ENVIRONMENT
Kia Whakaū
Post Dredging
Monitoring
•Prior to dredging
– Barren Seashell
environment with
little/no habitat
•Post dredging – 3
months later,
stable subtidal
environment

ENVIRONMENT
•2
nd
publication of the Climate
Related Disclosures
•Preparation of our transition plan to
disclose how we are addressing
climate related risks and
opportunities
•Limited assurance of scope 1 & 2 of
our green house gas emissions

IWI – AWARUA RŪNAKA
•Important partner of the port
•Collaborated in a number of areas
with the Rūnaka
•Working to establishing a closer /
more formal relationship

COMMUNITY

STAFF

STEPPING DOWN
•2
nd
quarter CY2026
•8 years completed in the role
•A great deal achieved during
this time
•Entering a new period of growth

LOOKING FORWARD

TIWAI POINT 20-YEAR COMMITMENT
•May 2024, NZAS signed 20-year electricity
supply contracts - secured out to 2044
•NZAS has been, and remains, an important
customer of South Port, working together for
54 years
•South Port has naturally diversified its
reliance on Tiwai over the last 15 years. 2010
– 60% of our cargo, 23% in 2025
•The commitment will continue to see
consistent cargo volumes and vessels
calling at the Port

AQUACULTURE
Open Ocean
•Government strategy target $3 Billion earnings
•Ngāi Tahu’s Hananui project – listed under fast-
track approvals consent process
•Sanford has a consent lodged with
Environment Southland
•Ocean Farms New Zealand commenced the
consent process
On Land
•Impact Marine – listed under fast-track
approvals consent process

AQUACULTURE
Increase in Volumes
•Current volumes 3,000 to 5,000 MT
•Current projected volumes, up to 40,000 MT
Significant Investment Required
•Wharf infrastructure
•Land side infrastructure
•Vessel maintenance infrastructure
Potential Capex Outlook
•Significant town wharf upgrades - $45M + in
first 10 years

WINDFARMS – PROJECTS & VOLUMES
Underway
Mercury NZ’s Kaiwera Downs (stage 1 & 2)
•Capacity 198 MW
In the Planning / Consent Stage
Contact Energy Southland wind farm
•Capacity to produce up to 300 MW
Manawa Energy / Pioneer Energy – Kaihiku Wind Farm
•Capacity to produce up to 300 MW
Potential Capex Outlook
•Minimal – utilise existing infrastructure
•If multiple projects at once, may require some
additional hard standing

DATA CENTRES
Datagrid New Zealand
$2 billion investment proposed
A hyperscale data centre and subsea cable
between Australia and New Zealand
Data centre to be located at Makarewa – 49
hectares of land purchased
Looking to access 280 MW of electricity for
the first phase of the project & 1 gigawatt
upon completion
Targeting 2028 to open phase one of new data
centre
Potential Capex Outlook
•Limited. Support by handling project cargo
coming through port for new generation

INVESTMENT CONSIDERATIONS & FUTURE LAND USE
Sources of Capital
•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
Allocation of capital
•Targeting future growth opportunities
•Build capability, strategically aligned & risk
analysis
•Ensuring a fair return on growth capex
Infrastructure planning is necessary to address
future land requirements
•Opportunities to further maximise the existing
utilisation of operational areas
•To determine best mix of cargo for Island
Harbour & Foreshore

INVESTMENT CONSIDERATIONS – SHORT TO LONGER TERM HORIZON
Summary Potential Capex Outlook
•Aquaculture (5-10yrs): $45M*
•Containers (1-5yrs): $15M*
•Bulk Cargo (1-5yrs): $13M#
•Paving – Project cargo (1-5yrs) $03M*
•Land development (1-5yrs) $10M*
Significant ‘Stay in Business’ Capex Outlay’s (1-5yrs)
•New Tug $15M
•New Mobile Harbour Crane $15M
*Any development on the foreshore / town wharf will need to take into consideration
location to community and impacts
#Development of berths and wharf areas for bulk operations including new environmental
hoppers

Based on current knowledge most
growth over the next 5 years can be
achieved with modest capex

OUTLOOK
•Volumes expected to remain strong supported by:
•The agriculture sector continuing toimprove on the back of a strong dairy payout in FY25,
and forecasted again for FY26.Also a positive red meat sector
•Container volumes are expected to remain consistent
•NZAS volumes expected to increase, returningto a more normal cargo flow,on the proviso that
there are no demand response calls in the coming 12 months
•Further evaluate growth capex opportunities and to ensure a fair return on these investments
•Opportunities are evolving in the project cargo and aquaculture sectors which will require significant
investment
•Continued focus on capital allocation to build capability to meet future cargo requirements and drive
returns

QUESTIONS

OPERATING FREE CASHFLOW
FOR YEAR ENDED 30 JUNE 2025
•Growth in OFCF aligned with stronger
operating result
•Underlying operating cash flows
increased $10.9m to $23.7m
•Same level of maintenance capex spend
as FY24 ($4.3m)
•Reduced interest paid offset by
increased operating costs
$11.2
$9.8
$12.0
$8.6
$16.9
0%
5%
10%
15%
20%
25%
30%
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
FY21
FY22
FY23
FY24
FY25
Mi l l i ons
Operating FCF + OFCF Margin
OFCF
OFCF Margin

SOURCE & USE OF FUNDS
FOR YEAR ENDED 30 JUNE 2025
Debt
Equity
Trade & other
payables
Other
SOURCE OF FUNDS
$m
FY25
FY24
Change
Debt
31.00


35.70


4.70
-

Equity
66.60


60.20


6.40


Trade & other payables
4.50


4.00


0.50


Other
7.40


2.50


4.90


Total Source of Funds
109.50

102.40

7.10


Cash
6.10


2.30


3.80


Property, plant and equipment
94.50


91.90


2.60


Trade & other receiveables
8.90


8.20


0.70


Total Use of Funds
109.50

102.40

7.10


Cash
Property,
plant and
equipment
Trade & other
receiveables
USE OF FUNDS

CONTAINERS
Introduction of MSC Eagle Service
•Transshipment options through Centreport to USA
and Europe
•Fastest transit times into some of these markets
•Opportunity for Southland Exporters to utilise this
service
NZAS Potential
•RFP for additional electricity
•Potential to restart potline 4 & increase aluminium
output
Potential Capex Outlook
•Make space available on Island Harbour – remove
current buildings / activities to foreshore
•Potential $15M in next 5 years