Record half driven by higher volumes and smelter recovery

NZX Announcement

NZX: SPN: South Port New Zealand Ltd


13 February 2026


HY26: Record half driven by higher cargo volumes and smelter recovery
South Port today reported a record interim result for the six months ended 31 December
2025, capturing higher cargo volumes across the Port, a recovery in smelter-related activity
and continued operational discipline.

Reported net profit after tax for the period was $8.45 million, up 46.8% on the prior
corresponding period. The result reflected stronger economic performance in the region and
was underpinned by increased bulk cargo volumes, stronger container activity and improved
performance at Tiwai Wharf, alongside cost control and lower finance costs.

The HY26 performance highlights South Port’s ability to capture favourable operating
conditions while continuing to focus on controllable drivers of value, including operational
efficiency, pricing optimisation and targeted capital allocation aligned to long-term value
creation.
Key Highlights
• Record interim cargo volumes, up 17.8% to 1.99 million tonnes
• Operating revenue increased 17.6% to $34.75 million, reflecting volume growth and
improved revenue mix
• EBITDA increased 23.4% to $15.29 million, with EBITDA margin improving to 44%,
returning to levels consistent with prior peak periods
• Reported NPAT increased 46.8% to $8.45 million, supported by higher EBITDA and lower
finance costs
• Interim dividend of 8.5 cents per share declared
• Balance sheet strengthened, with net debt reduced to $29 million and net debt to EBITDA
of 1.1x
• Continued progress on targeted, high-return strategic investments
Business Update
Cargo volumes increased 17.8% in HY26, supported by improved agricultural input demand
and stronger export activity. Imports were driven by fertiliser, acid, stock food, project cargo
and cement, while exports benefited from woodchip and fertiliser volumes. A more balanced
mix of imports and exports also supported backloading opportunities.
There has been a structural shift in the application of stock feed in the region, with
supplementary feed now being used across the full season.

Container volumes (TEU) increased 20.4% in HY26, reflecting increased agricultural and
manufactured exports, as well as higher vessel calls. Revenue per container increased,
supported by higher rates and increased container handling activity on the Island Harbour.

Tiwai Wharf volumes increased 30.0% following a recovery from the prior period, which had
been impacted by a 50MW demand response event. Tiwai revenue growth of 27% reflected
both increased tonnage and the presence of fixed revenue components.

Further detail on wind farm-related opportunities and warehousing initiatives is provided in
the HY26 investor presentation, which also includes more details on community, people and
safety.
Dividend
The Board has declared an interim dividend of 8.5 cents per share, reflecting the strength of
the interim result and confidence in the sustainability of cash flows, while maintaining a
prudent approach to capital management.
The dividend, payable on 10 March 2026 to shareholders on the record date of 27 February
2026, will carry full imputation credits.
Outlook
South Port expects cargo volumes to remain resilient in the second half of FY26, supported
by improving agricultural conditions, a structural increase in the use of supplementary feed,
and continued strength in the red meat sector.

Smelter-related volumes are expected to continue at normal levels, subject to no demand
response events during the remainder of the financial year. Container activity is expected to
be supported by continued agricultural and manufactured exports, as well as increased
vessel calls.

The Company expects to generate strong operating free cash flow in FY26 and remains
focused on disciplined capital allocation to build capability, improve efficiency and position
the Port to service future opportunities in sectors such as energy and aquaculture, while
continuing to deliver sustainable returns to shareholders.
To participate in the conference call, use the Teams link below.

SPNZ Investor Presentation Feb 2026 | Meeting-Join | Microsoft Teams


ENDS

About South Port New Zealand Limited
South Port New Zealand Limited operates the southernmost commercial deep-water port in
New Zealand, located at Bluff on the country’s south coast. The Company provides a full
range of port and marine services, including bulk and container cargo handling, warehousing
and intermodal services, supporting export and import supply chains for key regional
industries. Established in 1988 and listed on the NZX Main Board in 1994, South Port’s
strategic position and diversified trade base underpin its long-term commitment to delivering
resilient financial performance and value to shareholders.

For further information contact:

Investors
Lara Stevens
Chief Financial Officer
DDI: +64 21 108 2113
E: lstevens@southport.co.nz

---

STATEMENT OF COMPREHENSIVE INCOME
Total operating revenues
from Port services 34,755 29,566 63,282
Total operating expenses (18,042) (16,125) (35,599)
Operating profit before
administrative and 16,713 13,441 27,683
finance costs
Administrative expenses (4,116) (3,506) (7,126)
Operating profit before
financing costs 12,597 9,935 20,557
Financial income 41 22 65
Financial expenses (971) (1,855) (2,907)
Net financing costs (930) (1,833) (2,842)
Other income 7 - 63
Surplus before income tax 11,674 8,102 17,778
Income tax (3,220) (2,344) (4,460)
Net surplus after income tax 8,454 5,758 13,318
Other comprehensive income - – -
Total comprehensive
surplus/(loss) after income tax 8,454 5,758 13,318
Basic earnings per share $0.322 $0.219 $0.508
Diluted earnings per share $0.321 $0.219 $0.506
STATEMENT OF CASH FLOWS
Cash flows from operating
(note 7) 7,628 7,039 23,672
Cash flows from investing (6,399) (3,479) (7,974)
Cash flows from financing (4,926) (2,614) (11,933)
Net Increase/(Decrease)
in Cash
(3,697) 946 3,765
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
UnauditedUnauditedAudited
UnauditedUnauditedAudited
STATEMENT OF FINANCIAL POSITION
TOTAL EQUITY 69,703 60,922 66,573
Non-Current Assets
Property, plant & equipment 98,219 93,660 94,548
Right-of-use assets 95 191 146
Deferred tax asset - 57 -
Financial assets - - -
Total non-current assets 98,314 93,908 94,694
Current Assets
Cash and cash equivalents 2,378 3,255 6,075
Trade and other receivables 12,407 11,426 8,898
Financial assets - 63 -
Total current assets 14,785 14,744 14,973
Total assets 113,099 108,652 109,667
Non-Current Liabilities
Employee entitlements 54 60 59
Loans and borrowings 31,518 38,304 31,008
Deferred tax liability 323 1,042 499
Lease liabilities 5 88 55
Contract liability 2,180 108 2,246
Financial liabilities 7 25
Total non-current liabilities 34,087 39,602 33,892
Current Liabilities
Loans and borrowings – – –
Trade and other payables 4,854 5,305 4,532
Employee entitlements 2,224 1,611 1,983
Provision for taxation 1,797 1,103 2,355
Lease liabilities 107 109 115
Contract liability 133 - 133
Financial liabilities 194 - 84
Total current liabilities 9,309 8,128 9,202
Total liabilities 43,396 47,730 43,094
TOTAL NET ASSETS 69,703 60,922 66,573
Net asset backing per share $2.66 $2.32 $2.54
31/12
2024
$000’s
31/12
2025
$000’s
Year to
30/06/25
$000’s
UnauditedUnauditedAudited
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
FINANCIAL STATEMENTS
AS AT 31 DECEMBER 2025
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
5

FOR THE SIX MONTH PERIOD ENDED 31 DECEMBER 2025
01 Activities of South Port New Zealand Ltd
South Port New Zealand Ltd is primarily involved in providing and
managing port and warehousing services.
02 Accounting Policies
South Port New Zealand Ltd is a Financial Markets Conduct
(FMC) reporting entity for the purposes of the Financial
Reporting Act 2013 and the Financial Markets Conduct Act 2013.
These financial statements comply with these Acts and have
been prepared in accordance with the New Zealand equivalents
to international Financial Reporting Standards (NZ IFRS) and
other applicable Financial Reporting Standards, as appropriate
for profit orientated entities. These financial statements
comply with International Financial Reporting Standards (IFRS)
as appropriate for condensed interim financial statements.
They comply with New Zealand equivalents to International
Accounting Standards 34 (NZ IAS 34) Interim Financial
Reporting, and International Accounting Standards 34. There
has been no change in accounting policies. All policies have
been applied on a consistent basis with the most recent annual
report.
03 Taxation
Income tax expense comprises current and deferred tax at the
company tax rate of 28%. Income tax expense is recognised in
the Statement of Comprehensive Income except to the extent
that it relates to items recognised directly in equity, in which
case it is recognised in equity.
04 Segmental Reporting
South Port New Zealand Ltd operates in the Port Industry in
Southland, New Zealand, and therefore only has one
reportable segment and one geographical area based on
the information as reported to the chief operating decision
maker on a regular basis. South Port engaged with one major
customer who contributed individually greater than 10% of
its total revenue for the period ended 31 December 2025. This
customer contributed $5.75 million for the six months ended 31
December 2025 (2024: $4.45 million).
05 Amalgamation of Subsidiary
The amalgamation of Awarua Holdings Ltd with South Port
New Zealand Ltd was completed on 18 June 2025, as disclosed
in the FY25 annual financial statements. There have been
no further impacts arising from this transaction during the
current interim reporting period.
NOTES TO THE FINANCIAL STATEMENTS
6

DIRECTORS
Philip Cory-Wright
Chair
Cassandra Crowley
Nicola Greer
Michelle Henderson
(Resigned 27 January 2026)
Derek Nind
John Schol
CORPORATE
EXECUTIVES
Nigel Gear
Chief Executive
Geoff Finnerty
Port General Manager
Lara Stevens
Chief Financial Officer
Jamie May
Commercial Manager
Hayden Mikkelsen
Container Operations Manager
Frank O’Boyle
Infrastructure and
Environmental Manager
Helen Young
People and Safety Manager
Surplus after taxation 8,454 5,758 13,318
Add/(less) items classified
as investing/financing activities – – –
Add/(less) non-cash items 2,708 3,137 5,517
Add/(less) movement in working
capital (3,534) (1,856) 4,837
Net cash provided by operating
activities
7,628 7,039 23,672
07 Net Cash Flow from Operating Activities
Total equity at beginning
of the period 66,573 60,232 60,232
Profit/(loss) after income tax 8,454 5,758 13,318
Other comprehensive income – – –
Total comprehensive surplus 8,454 5,758 13,318
Share based payment reserve 54 48 106
Distributions to shareholders (5,378) (5,116) (7,083)
Total equity at end of the period 69,703 60,922 66,573
31/12
2024
$000’s
Year to
30/06/25
$000’s
31/12
2025
$000’s
Unaudited
06 Statement of Changes In Equity
UnauditedAudited
SIX MONTH PERIOD ENDED
31 DECEMBER 2025
7

---

Distribution Notice




Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer South Port New Zealand Limited
Financial product name/description Fully Paid Shares
NZX ticker code SPN
ISIN (If unknown, check on NZX
website)
NZSPNE0001S8
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 27/02/2026
Ex-Date (one business day before the
Record Date)
26/02/2026
Payment date (and allotment date for
DRP)
10/03/2026
Total monies associated with the
distribution
1

$2,229,966.33
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11805556
Gross taxable amount
3
$0.11805556
Total cash distribution
4
$0.08500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.01500000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed X
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$0.03305556
Resident Withholding Tax per
financial product
$0.00590278
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP

Date strike price to be announced (if
not available at this time)

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)

DRP strike price per financial product

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

13/02/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

Results announcement
(for Equity Security issuer)



Results for announcement to the market
Name of issuer South Port New Zealand Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$34,803 17.6%
Total Revenue $34,803 17.6%
Net profit/(loss) from
continuing operations
$8,454 46.8%
Total net profit/(loss) $8,454 46.8%
Interim Dividend
Amount per Quoted Equity
Security
$0.08500000
Imputed amount per Quoted
Equity Security
$0.03305556
Record Date 27/02/2026
Dividend Payment Date 10/03/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
$2.66 $2.32
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood

Authority for this announcement
Name of person

authorised
to make this announcement
Lara Stevens – Chief Financial Officer
Contact person for this
announcement
Lara Stevens
Contact phone number (03) 212 8159
Contact email address lstevens@southport.co.nz
Date of release through MAP

13/02/2026

Unaudited financial statements accompany this announcement.

---

1

•Record interim result for volumes, revenue, and profit
•Stronger economic performance in the region
•NZAS Tiwai Aluminium Smelter volumes back to normal
•Channel deepening exceeding expectations
•Opportunities for further strategic investments
•H2 continuation of cargo trends with some
risks (maintenance,geopolitical/global uncertainty)
2
KEY MESSAGES
SPN HY26 Interim Result Investor Presentation - 13.02.26

Cargo Volumes
+17.8%
To 1.99m (tonnes)
Bulk Volumes
+9.6%
To 1.16m (tonnes)
Tiwai Volumes
+30.0%
To 0.51m (tonnes)
Bluff Volumes
+34.2%
To 1.74m (tonnes)
3
OPERATING PERFORMANCE
SPN HY26 Interim Result Investor Presentation - 13.02.26

Operating Revenue
+17.6%
To $34.75m
EBITDA
+23.4%
To $15.29m
Reported NPAT
+46.8%
To $8.45m
Normalised NPAT
+36.0%
To $8.56m
4
SPN HY26 Interim Result Investor Presentation - 13.02.26
FINANCIAL PERFORMANCE
Total Assets
$113m
+$4m
Net Debt
$29m
(HY25 - $35m)
Interim Dividend
8.5cps
(HY25 7.5cps)

5
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Strong volumes supported by record bulk
cargoes across the Island Harbour and a
recovery of NZAS volumes
•Bulk – Bluff Wharves, 60% of total trade
•New Zealand Aluminium Smelter (NZAS) - Tiwai
Wharf 26%of total trade
•Containers - 14% of total trade
•Record tonnage of cargo exported in containers
6
SPN VOLUMESFor the half year ended 31 December 2025
SPN HY26 Interim Result Investor Presentation - 13.02.26
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
HY17
HY18
HY19
HY20
HY21
HY22
HY23
HY24
HY25
HY26
Tonnes
Cargo Volumes
Bulk
Tiwai
Containers

•Strong recovery in bulk volumes driven by
improved agriculture input demand
oImports supported by continued strong
demand for fertiliser, stock food and
cement imports
oExports driven by woodchip products and
fertiliser exports
7
BULK CARGO
•Balanced trade of imports and exports -
improves opportunity for backloading
•Average revenue per MT increased due to mix of
higher value bulk cargo and continuation of Kia
Whakaū (infrastructure) levy
SPN HY26 Interim Result Investor Presentation - 13.02.26
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Tonnes
Bulk Cargo Volumes
Bulk Cargo ImportsBulk Cargo Exports
$-
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$-
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
$20,000
HY22HY23HY24HY25HY26
Revenue per MT
Thousands
Bulk Cargo Revenue
RevenueRevenue per MT

•We have experienced a structural shift in the
application of stock feed in the region.
Supplementary feed now being used across the full
season
•Increased fertiliser application, returning tomore
normal volumes due to improved market
conditions. Market returns, particularly in the
sheep and beef sectorhave improved
•Woodchip exporters have used the increased draft
to fill vessels, allowing improvement in supply
chain costs and therefore increasing volumes
through the Port. Log volumes however have
declined
8
SPN HY26 Interim Result Investor Presentation - 13.02.26
BULK CARGO
-
100,000
200,000
300,000
400,000
500,000
600,000
700,000
HY21
HY22
HY23
HY24
HY25
HY26
Tonnes
Agricultural Inputs increased by 20%
-
100,000
200,000
300,000
400,000
500,000
600,000
HY21HY22HY23HY24HY25HY26
Tonnes
Forestry Exports decreased by 2%

•Container volumes saw good improvement over
previous periods due to increased
agriculturalandmanufactured exports
•Supply chain remains disrupted, particularlydue
to conflict in the Middle East
•Increased vessel calls by the Mediterranean
Shipping Company (MSC)
•Introduction of MSC Eagle Service into NZ in
Feb-26
•Revenue per TEU impacted by increased rates
and container handling activity on the Island
Harbour
9
CONTAINER VOLUMES
SPN HY26 Interim Result Investor Presentation - 13.02.26
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
HY17
HY18
HY19
HY20
HY21
HY22
HY23
HY24
HY25
HY26
Tonnes
Container Volumes (MT)
Container Import Tonnes
Container Export Tonnes
$-
$50
$100
$150
$200
$250
$300
$350
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
$8,000
HY22HY23HY24HY25HY26
Revenue per TEU
Thousands
Container Revenue
RevenueRevenue per TEU

•1H26 increase in dairy volumes exported
through the Port,1H25 impacted bywet spring,
reducing volumes
•Recovery in meat sector and lift in volumes due
to market conditions
•Increased aluminium productspacked on Island
Harbour
10
SPN HY26 Interim Result Investor Presentation - 13.02.26
CONTAINER VOLUMES
-
50,000
100,000
150,000
200,000
250,000
HY21
HY22
HY23
HY24
HY25
HY26
Tonnes
Container Volumes (MT)
Meat
Dairy
Manufactured

•Increased volumes across Tiwai wharf in 1H26
o1H25 impacted by50MW demand
response call, affecting imports of raw
material and exports of finished product
•Lake levels are at 113% of the historical mean
(HY25 97%)*
•Revenue per MT decreased, noting thata
portion of income is fixed at the Tiwai wharf
regardless of tonnage handled
*Transpower market operations weekly report 01-Feb-26
11
TIWAI WHARF
SPN HY26 Interim Result Investor Presentation - 13.02.26
-
100,000
200,000
300,000
400,000
500,000
600,000
HY17
HY18
HY19
HY20
HY21
HY22
HY23
HY24
HY25
HY26
Tonnes
Tiwai Volumes
Tiwai Wharf Imports
Tiwai Wharf Exports
$-
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$-
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
HY22HY23HY24HY25HY26
Revenue per MT
Thousands
Tiwai Revenue
RevenueRevenue per MT

12
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Record interim revenue supported by
strong bulk cargo volumes, increased
container activity and a recovery of smelter-
related volumes
•Bulk cargo – 21% increase in revenue driven
by fertiliser, acid, and stock food imports
•Project cargo imports flowed through the
Port related to Mercury’s Kaiwera Downs
wind farm expansion
•Containers – TEU handled for the 6 months
up 20%, with revenue per container growing
by 8% in HY26
•Smelter activity (tonnage) up 30% in HY26,
revenue increased by 27% which reflects
some fixed revenue streams
13
SPN REVENUEFor the half year ended 31 December 2025
•Other revenue - 6% below HY25 levels due to
reduced warehousing activity and fewer cruise
vessels visiting NZthis season
SPN HY26 Interim Result Investor Presentation - 13.02.26
$-
$5
$10
$15
$20
$25
$30
$35
$40
HY22
HY23
HY24
HY25
HY26
Millions
Revenue
Bulk
Containers
Tiwai
Other

•Increase in EBITDA margin from HY25 to
HY26 reflects increased revenue from higher
levels of activity
•Total operating costs up 13% on HY25 as a
result of higher labour and employee benefits
costs, increased maintenance spend, and
additional professional services engaged
•EBITDA margin now back up at HY22 level
(44%) but slightly below previous 10-year
record of 45%
•Average EBITDA margin across all NZ Ports for
FY25 was 38%, the highest being 50%
14
EBITDAFor the half year ended 31 December 2025
SPN HY26 Interim Result Investor Presentation - 13.02.26
$10.3
$10.0
$8.5
$12.4
$15.3
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
HY22
HY23
HY24
HY25
HY26
Millions
EBITDA + EBITDA Margin
EBITDA
EBITDA Margin

•Record Reported NPAT of $8.45m for HY26 –
up 46.8% on HY25
•Record Normalised NPAT of $8.6m for HY26
– up 36.0% on HY25 (taking out one-off
adjustments – full reconciliation to be
provided at year-end)
•NPAT increase reflects EBITDA increase
supported further by lower finance costs
•MTM adjustment on interest rate swaps
$0.09m loss for HY26, compared to a $0.74m
loss in HY25
•Average CAGR revenue over the last 5 years
interim periods = 6.0%
15
NORMALISED NET PROFIT AFTER TAXFor the half year ended 31 December 2025
SPN HY26 Interim Result Investor Presentation - 13.02.26
$5.4
$4.8
$3.4
$6.3
$8.6
$-
$1
$2
$3
$4
$5
$6
$7
$8
$9
HY22
HY23
HY24
HY25
HY26
Millions
Normalised NPAT

$m
HY26HY25
%chg
Cash2.43.3
-27%
PPE98.293.75%
Trade and other
receivables
12.411.49%
Total Assets113.1108.64%
Debt31.538.3-18%
Trade and other payables4.95.3-8%
Total Liabilities43.447.7-9%
Equity69.760.914%
Gearing Ratio45%63%-18%
Headroom/Capacity ($m)18.511.758%
•Gross debt reduced by $6.8m from Dec 24 to
Dec 25, now sitting at $31.5m. Headroom of
$18.5m available for future investment
•5% growth in PPE from HY25 to HY26 (up
$4.5m), after several years of significant
infrastructure investment
•The Company continues to maintain sound
financial discipline ensuring all growth
capex projects generate at minimum a WACC
return
•Net debt to EBITDA of 1.1x (positive
movement compared to position at 31 Dec
2024 of 1.5x),long-term target range of <2.0x
•The Company continues to remain well within
its banking covenants (as it has historically)
16
BALANCE SHEETFor the half year ended 31 December 2025
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Despite a stronger operating result, HY26
reflects a slight reduction in OFCF to $5.1m as a
result of increased maintenance capex and
operating costs compared to HY25
•Underlying operating cash flows increased
$0.6m to $7.6m as increased receipts from
higher cargo volumes through the Port were
partially offset by higher labour costs, and
increased maintenance spend
•Maintenance capex spend for HY26 increased
$0.7m on HY25 to $2.6m, full year maintenance
capex expected to be around $1m higher than
FY25 levels
•Increased tax payments compared to HY25 as a
result of increased profitability in FY25
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OPERATING FREE CASH FLOWFor the half year ended 31 December 2025
SPN HY26 Interim Result Investor Presentation - 13.02.26
•Reduced interest payments and increased
interest revenue
$2.5
$3.9
-$1.5
$5.2
$5.1
-10%
-5%
0%
5%
10%
15%
20%
$(2)
$-
$2
$4
$6
$8
HY22HY23HY24HY25HY26
Millions
Operating FCF + OFCF Margin
OFCFOFCF Margin

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SPN HY26 Interim Result Investor Presentation - 13.02.26

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OUR COMMUNITY
SPN HY26 Interim Result Investor Presentation - 13.02.26
As part of our long-term commitment to the local community and
wider region in which South Port operates, we offer sponsorship and
support of sporting, cultural, and community groups, such as;
•Staff and Community Scholarships
•Ngā Kete Mātauranga Pounamu Charitable Trust
•Rugby Southland
•Christmas in the Bluff
•Southern Institute of Technology Awards
oExcellence in Engineering Project Management
oMaster of Applied Management
•Grace Street Project
•YES – Young Enterprise Scheme
•Hospice Southland
In lieu of giving Christmas gifts to our
commercial customers, South Port donates
to Ngā Kete Mātauranga Pounamu
Charitable Trust who distribute food parcels
towhānau in need.

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OUR SAFETY
SPN HY26 Interim Result Investor Presentation - 13.02.26
Safety first. This core value and principle remains a foundation of
our workplace culture.
•People first
•Prevention of harm
•Evidence based solutions and continuous improvement
1H26 a number of health and safety initiatives underway
•Development of overlapping duties agreements
•Enhanced contractor management processes
•Acquisition of TZ coastal AIS monitoring system
•Continued work on critical risks within the business
•Building capabilityat all levels of the business

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OUR PEOPLE
SPN HY26 Interim Result Investor Presentation - 13.02.26
People and Performance Board Committee established
Strategic Priorities
•Performance
•Leadership development
•Culture engagement
•Compensation & benefits
•Talent acquisition and retention
Initiatives – last 12 months
•Medical insurance introduced
•Focus of more women into leadership positions

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SPN HY26 Interim Result Investor Presentation - 13.02.26

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Kaiwera Downs Wind Farm Stage 2 - currently under construction
•Total of 155 MW,36 wind towers, 2,600 m3
•5 vessel calls
•Construction of storage area
•Marine, handling, storage and wharfage income
Southland
•5 wind farms in varyingconsenting stages
•Total of 1,158 MW
Otago
•2 wind farms in the fast-track consenting process
•Total of 464 MW
Southland & Otago
•Total of 1,622 MW in consenting stage
Timing – expectation that a numberof these projects will be
constructed within a 5 to 10-year period
CASE STUDY: Wind Farms
SPN HY26 Interim Result Investor Presentation - 13.02.26

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•Additional land and warehousing purchased
in Bluff 1H26:
o4,000 m2 warehousing
o2,400 m2 hardstanding
•New warehousing capacity to handle
increased demand in the region
•Greater flexibility in product distribution and
location
•Plan to be operationalthird quarter of CY26
•Significant discount compared to building
new warehouses and increases land
footprint
CASE STUDY: WarehousingBluff Freight Centre
SPN HY26 Interim Result Investor Presentation - 13.02.26

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SPN HY26 Interim Result Investor Presentation - 13.02.26

✓
26
Completed over last 12 months
Kia Whakaū– confirm draft 10.7m
and begin new operating parameters
A2-hectare area sealed for the
handling of project cargo
Sustainability strategy developed and
approved
Purchase 2nd pilot vessel to create
resilience in marine function
Purchase of additional land and
warehousing assets in Bluff
BUSINESS PRIORITIES
SPN HY26 Interim Result Investor Presentation - 13.02.26
✓
✓
✓
✓
To be completed in the next 12 months
Undertake a Port planning process
Additional flexibility built into berth
operations for bulk cargo
Targeted projects to improve
efficiency of land based bulk
operations
Formalworking relationship to be
established with AwaruaRūnaka
Develop capacity to handle more
containers on the Island Harbour

•Volumes expected to remain resilient supported by:
oThe agriculture sector continuing toimprove on the back of a consistent dairy payout
in FY26
oA structural change in the application of supplementary feed
oA positive red meat sector
oNZAS volumes expected to continue with a normal cargo flow,on the proviso that
there are no demand response calls in the coming 12 months
•Strong operating free cash flow (OFCF) in FY26
•Opportunities are evolving in the energy and aquaculture sectors which will
require significant investment
•Continued focus on capital allocation to build capability to meet future cargo
requirements and drive returns
27
OUTLOOK
SPN HY26 Interim Result Investor Presentation - 13.02.26

•Record interim result
•Backed by sustainable cargo base,NZAS commitment
•Port is well positioned for future growth
•Exciting opportunities to grow the business requiring investment
•Engaged workforce, positive workplace culture
•Company in excellent position to benefit from growth and maintain a
sustainable dividend
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SUMMARY
SPN HY26 Interim Result Investor Presentation - 13.02.26

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SPN HY26 Interim Result Investor Presentation - 13.02.26

This presentation has been prepared by South Port New Zealand Limited (South Port) for general information purposes only as at the date of
this presentation. This presentation does not contain all of the information that you may require or be complete. No person is obliged to
update this presentation.
Nothing in this presentation should be construed as an invitation for subscription, purchase, financial advice, nor a recommendation of
shares in South Port.
To the maximum extent permitted by law, neither South Port nor any of its directors, employees or any other person accept any
responsibility or liability (whether in tort or otherwise) to you or any other person in relation to this presentation.
Certain financial data included in this presentation may be 'non-GAAP financial measures'. Investors are cautioned not to place undue
reliance on any non-GAAP financial measures included in this presentation, they do not have a standardised meaning under New Zealand
Generally Accepted Accounting Standards (GAAP) and, therefore, may not be comparable to similarly titled measures presented by other
entities, nor should they be construed as an alternative to other financial measures determined in accordance with GAAP.
Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is
not), a promise, representation, warranty or guarantee as to the past, present or the future performance of South Port.
This presentation may contain "forward-looking statements", about South Port and the environment in which South Port
operates. Forward-looking statements are inherently uncertain, involve known and unknown risks and other factors beyond the control of
South Port that could cause the actual results, performance or achievements of South Port to be materially different from those expressed
or implied by such forward-looking statements. No assurances can be given that any forward-looking statements referred to in this
presentation will be realised.
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DISCLAIMER
SPN HY26 Interim Result Investor Presentation - 13.02.26