POT reports FY26 interim results

27 February 2026
NZX
Wellington
Port of Tauranga Limited Interim Results: 31 December 2025
In accordance with the NZ Stock Exchange Listing Rules, please
find attached the following documentation for release to the
market:
1Press Release
2Market Update (includes Interim Consolidated Financial
Statements for six months ended 31 December 2025)
3Investor Presentation
4NZX Results Announcement
5NZX Distribution Notice
Yours sincerely
Simon Kebbell
Chief Financial Officer
+64 7 572 8899
port-tauranga.co.nz
2 Salisbury Avenue
Mount Maunganui
New Zealand
Private Bag 12504
Tauranga Mail Centre
Tauranga 3143
New Zealand

---

Port of Tauranga delivers strong first half
performance and increases earnings guidance
Financial results for the six months ended 31 December 2025
Port of Tauranga Limited (NZX: POT) has delivered a strong financial and
operational performance for the six months ended 31 December 2025,
driven by resilient trade volumes, productivity improvements, and
increased revenue and margin.
Reported Group Net Profit After Tax increased 16.6% to $70.2 million, with
total trade volumes increasing 1.2% to 12.6 million tonnes for the first half
of the financial year.
Container volumes increased 2.6% to 607,114 TEUs
1
. Imports increased by
5.3% to 4.7 million tonnes, while exports were slightly lower, decreasing
1.0% to 7.9 million tonnes, reflecting lower log and dairy volumes.
Operating revenue increased 8.5% to $244.1 million. Earnings from
subsidiary and joint venture companies were up 27.3%, reflecting
improved performance across most businesses.
Highlights and challenges
For the six months ended 31 December 2025:
Group Net Profit After Tax: $70.2 million (up 16.6%)
Total trade: 12.6 million tonnes (up 1.2%)
Container volumes: 607,114 TEUs (up 2.6%)
Ship visits: 717 (up 3.9%)
Imports: 4.7 million tonnes (up 5.3%)
Exports: 7.9 million tonnes (down 1.0%)
1
TEUs = twenty-foot equivalent units, a standard measure of shipping containers
Media Release
27 FEBRUARY 2026

Log exports: down 2.2%
Direct dairy exports: down 3.4%
Subsidiary and joint venture company earnings: up 27.3%
Interim dividend: 8.0 cents per share.
Port of Tauranga Chair, Julia Hoare, said the result reflects the Port’s continued focus on
operational efficiency, cost control and long-term investment.
“Port of Tauranga has performed strongly in the first half of the financial year, with solid
trade volumes and increased revenue,” Ms Hoare said.
“While export volumes were affected by subdued export log demand and a
later-than-usual start to the dairy export season, this was offset by strong import
demand and improved performance across our subsidiary and joint venture businesses.”
Port of Tauranga Chief Executive, Leonard Sampson, said the Port continues to progress
its strategy to create a more connected, resilient and efficient supply chain for New
Zealand.
“We are investing in capacity, improving productivity and service delivery to our
customers, as well as expanding our network to prepare for future growth,” Mr Sampson
said.
“Our relentless customer focus continues to drive service and productivity
improvements. Our net crane and ship productivity rates for the period increased 3.5%
and 12.7% - to 30.8 and 77.3 container moves per hour respectively – while improving
safety,” he said.
”We have commenced the second stage of our consented capital dredging in Te Awanui
Tauranga Harbour, as well as ordering a new larger hybrid tug to ensure the safe
navigation of larger vessels expected in the future.”
The Port continues to advance the Stella Passage resource consent with a new fast-track
application lodged in January following amendments to the Fast-track Approvals Act. The
Environmental Protection Authority has confirmed the application is complete and an
expert panel will be appointed to assess it.
Plans to introduce automated stacking cranes alongside the Stella Passage development
are also progressing, with early digital simulation testing already identifying near-term
efficiency improvements.

Ruakura Inland Port continues to grow strongly, with container volumes increasing 22%
during the period compared with last year.
At MetroPort in Auckland, a redesigned business model was implemented on 1
December, with KiwiRail providing increased MetroPort rail capacity from February
between Auckland and Tauranga.
Outlook
The later start to the dairy export season, combined with a strong kiwifruit export season
from March, is expected to support continued strong volumes in the second half of the
financial year. This may place pressure on container terminal capacity, particularly for
refrigerated cargo.
The Port expects to see improved results due to the reduction in costs from the new
MetroPort model, pricing changes and improved operational efficiency.
Consequently, and subject to market conditions, Port of Tauranga has increased its
forecast Underlying Group Net Profit After Tax
2
to$142 million to $152 million for the
full financial year.
For more information, please contact:
Rochelle Lockley, GM Communications
021 865 884
Rochelle.Lockley@port-tauranga.co.nz
2
Underlying NPAT is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from reported NZ IFRS
profit for the year. Underlying NPAT excludes items considered to be one-off and not related to core business such as
revaluations, impairments and gains or losses from the sale of major assets.

---

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view the report
Setting the
course
Port of Tauranga Limited
Market update and interim
consolidated financial statements
for the six months ended 31 December 2025

We have a clear plan to build a more
connected New Zealand supply chain.
Port of Tauranga is investing for the future
to ensure we have a resilient, efficient and low
carbon path to and from international markets.
We are connecting New Zealand and the world.
True north
Contents
Highlights and challenges3
Chair and Chief Executive’s
review4
Update: Port of Tauranga orders
new hybrid tug6
Update: Port of Tauranga lodges
another fast-track application7
Interim consolidated
financial statements 8
Consolidated income statement9
Consolidated statement
of comprehensive income9
Consolidated statement
of changes in equity10
Consolidated statement
of financial position11
Consolidated statement
of cash flows12
Notes to the interim
consolidated financial
statements 13
Independent auditor’s
review report18
Company directory 19
Port of Tauranga Limited2Market update and interim consolidated ffinancial statements February 2026

For the six months ended
31 December 2025
Highlights and challenges
Our performance at a glance
Group Net Profit After Tax
million
Total trade
million tonnes
Exports
million tonnes
Imports
million tonnes
Log exports
$70.2

16.6%
12.6

1.2%
up from 12.4 million tonnes
7.9

1.0%
4.7

5.3%
2.2%
Subsidiary and joint venture earnings
Interim dividend
per share

27.3%
8.0 cents
Direct dairy exports
3.4%
1
TEUs = twenty foot equivalent units, a standard measure of shipping
containers.
Container volumes
TEUs
1
607,114

2.6%
Ship visits
717

3.9%
Port of Tauranga Limited3Market update and interim consolidated financial statements February 2026

P
ort of Tauranga performed strongly in the
first half of the financial year. Resilient
trade volumes, increased revenue and lower
rail costs resulted in improved profits for the
six month period ended 31 December 2025.
Reported Group Net Profit After Tax increased 16.6%
to $70.2 million, with total trade increasing 1.2% in
volume to 12.6 million tonnes for the six months.
Containers increased 2.6% in volume to 607,114 TEUs.
Our financial results
Operating revenue was $244.1 million, an 8.5%
increase from the $225.0 million reported for the
same period last year.
Results from operating activities increased 10.2%
to $122.4 million.
Subsidiary and joint venture companies also
performed well, with earnings increasing 27.3%
from improved results across the board.
At MetroPort in Auckland, a redesigned business
model was implemented on 1 December, with
KiwiRail providing increased MetroPort rail capacity
from February between Auckland and Tauranga.
Strategy implementation
Port of Tauranga continues to progress our strategy
to create a more connected, resilient and efficient
supply chain for New Zealand. We are investing in
capacity, improving productivity and service delivery
to our customers, expanding our network and
increasing returns on invested capital.
Our relentless customer focus continues to drive
service and productivity improvements. Our net
crane rate and ship rate increased 3.5% and 12.7%
respectively, compared to the same period last year,
without any compromise on safety.
We have commenced the second stage of our
consented capital dredging in Te Awanui Tauranga
Harbour, as well as ordering a new larger hybrid
tug to ensure the safe navigation of larger vessels
expected in the future (see page 6).
In January, we lodged a new fast-track resource
consent application for the Stella Passage project,
after Parliament fixed the legislative error that
delayed the original application. The Environmental
Protection Authority has confirmed the application
is complete and will appoint an expert panel to
assess it. Further details can be found on page 7.
Chair and Chief Executive’s review
Setting the course
Port of Tauranga continues to invest in the critical
infrastructure essential for an effective supply chain
for New Zealand.
Report for the six months ended
31 December 2025
Julia Hoare
Chair
Leonard Sampson
Chief Executive
Port of Tauranga Limited4Market update and interim consolidated financial statements February 2026

Plans to introduce automated stacking cranes
in association with the new berth are also
progressing. Digital simulation testing has already
identified some quick efficiency wins that can
be implemented immediately.
Following the acquisition of Marsden Maritime
Holdings to create the Northport Group, the
search is under way for a new chief executive
to lead the Group.
Northport has acquired resource consent for its
expansion project, involving nearly 12 hectares
of reclamation, a 250-metre wharf extension,
with associated capital dredging. The timing of
construction depends on freight demand and the
extension of a rail line to Marsden Point, which
is currently being progressed by the Government
and KiwiRail.
Meanwhile, Ruakura Inland Port continues to grow
strongly, with container volumes increasing 22%
for the six month period.
Cargo trends
Export volumes decreased 1.0% to 7.9 million
tonnes due to a later-than-usual start to the
peak dairy export season and subdued export
log demand.
Import volumes increased 5.3% to 4.7 million
tonnes, supported by strong demand for
agricultural products.
Log exports decreased 2.2% due to softer
international demand, while direct dairy exports
decreased 3.4% due to the late season start.
Oil product imports decreased almost 4.0%.
Fertiliser imports increased 44.1% in volume
with grain and stock feed imports also growing
in volume 37.0% and 7.2%, reflecting strong dairy
sector demand.
Ship visits totalled 717, an increase of 3.9% compared
with the first half of last financial year.
Our people
A major project to modify the gantry access ways
for our refrigerated container storage areas is almost
complete. The project mitigates working at height
and straddle-versus-person risk for technicians.
Our environment
Another major project is nearing completion at
the Mount Maunganui wharves. A new stormwater
treatment system is being installed to capture, treat
and then discharge the “first flush” of rainwater
during heavy weather events. The project sits
within a broader programme of environmental
improvements at the Mount wharves. While the Port
is currently fully compliant with resource consent
conditions, we take a continuous improvement
approach to air and water quality.
Our community
The Port of Tauranga team extends heartfelt
condolences to the families of those who lost their
lives in the landslides at Mount Maunganui and
Welcome Bay in January. We are grateful to the
emergency and recovery teams for their efforts. We
have helped in practical ways where possible, and
made a donation to the Western Bay Emergency
Response Fund.
The outlook for 2026
The later-than-usual start to the dairy export season,
combined with a strong kiwifruit export season
from March, is expected to deliver continued strong
volumes in the second half of the financial year.
This may put pressure on our container terminal
capacity, particularly for refrigerated cargo.
We hope to see improved results due to the new
MetroPort model, pricing changes and improved
operational efficiency.
Consequently, and notwithstanding any significant
change to market conditions, Port of Tauranga is
increasing its forecast Underlying Group Net Profit
After Tax
2
to $142 million to $152 million.
Ngā mihi nui
Julia Hoare
Chair
Leonard Sampson
Chief Executive
Port of Tauranga continues
to progress its strategy by
investing in capacity, lifting
productivity, expanding our
network and increasing returns
on invested capital.
Chair and Chief Executive’s review
2
Underlying NPAT is a non-GAAP (Generally Accepted Accounting Principles) measure and differs from reported NZ IFRS profit for the year. Underlying NPAT
excludes items considered to be one-off and not related to core business such as revaluations, impairments and gains or losses from the sale of major assets.
Port of Tauranga Limited5Market update and interim consolidated financial statements February 2026

Update
Port of Tauranga orders
new hybrid tug
Port of Tauranga has signed an agreement with UZMAR Shipyards
in Türkiye to build New Zealand’s first hybrid tug boat.
The 32-metre hybrid advanced rotortug will be
delivered to New Zealand’s largest and busiest
port in mid-2027. Port of Tauranga hosts more
than 1,400 ship visits per year and is the only
port able to handle the largest vessels to call in
New Zealand.
The purchase follows a detailed design phase
to address the Port’s operational, environmental
and safety needs.
The rotortug design will provide enhanced
manoeuvrability and precision, with greater
strength in emergency situations, and reduce the
Port’s reliance on diesel. The hybrid technology
will help to reduce greenhouse gas emissions.
“Overall, it will be a welcome addition to our
marine fleet’s efficiency, capability, flexibility and
sustainability as we prepare for more frequent
visits from larger ships,” says Port of Tauranga’s
Chief Executive, Leonard Sampson.
The Port of Tauranga project team, involving
marine pilots, tug masters and engineers,
approached seven shipyards in New Zealand
and overseas, and chose UZMAR for its
experience in building hybrid tugs.
An all-electric tug was considered but ruled
out due to the operational profile of the
Port. Alternative fuel technologies were also
considered, however the development of
alternative fuel technology and availability
of supply (e.g. hydrogen, methanol, ammonia
or LNG) is still in the early stages for this type
of vessel.
Tug boats accompany all arriving and departing
vessels at Port of Tauranga. They can also
be called upon to assist commercial ships in
difficulty, and the new rotortug will be equipped
to provide better towing capability under a
wider range of sea and wind conditions than
the current tug fleet allows. The larger tug will
also be able to operate in greater conditions
outside the harbour entrance.
The new hybrid rotortug will replace the Port’s
oldest tug, Sir Robert, which is 22 metres long
with 50-tonne bollard pull
3
. The new vessel
will join the 10-year-old twin tugs Tai Pari and
Tai Timu, both 24 metres and 74-tonne bollard
pull. All three existing tugs are Azimuth stern
drive tractor tugs. The new tug will have at least
80-tonne bollard pull.
Some wharf strengthening and infrastructure
modifications will be made to the Port’s existing
tug berths at Mount Maunganui.
3
Bollard pull is a measure of a tug boat’s static pulling power.
Port of Tauranga Limited6Market update and interim consolidated financial statements February 2026

Port of Tauranga lodges
another fast-track
application for Stella
Passage development
Port of Tauranga has lodged a new application under
the Fast-track Approvals Act 2024 for its proposed
development of Stella Passage in Te Awanui Tauranga Harbour.
Update
The reapplication follows the passing of
the Fast-track Approvals Amendment Act
in December, which corrected a legislative
drafting error in the Schedule 2 description
of the project.
The project involves extending the Sulphur
Point container berth by 385 metres (in two
stages) and the Mount Maunganui wharves
by 315 metres, by converting existing cargo
storage land within the port’s current footprint.
It also involves associated reclamation of land
behind the new wharves and dredging.
At Port of Tauranga’s request, the Minister for
Infrastructure has determined the application
meets the criteria as a priority project under
the Fast-track Approvals Act, ensuring that
an expert panel will quickly be convened to
consider the application. The project is of
regional and national significance.
The Port’s initial fast-track application was
put on hold in late August by the High Court
following a judicial review. Port of Tauranga
has updated its application documentation
following the amendments to the Fast-track
Approvals Act and recent consultation with
tangata whenua parties.
The Environment Court has already established
that the environmental impact from the Stella
Passage development will, from a Western
science perspective, be minor in the short-
term and negligible in the long-term. However,
Port of Tauranga has been unable to reach
agreement with opposing iwi and hapū parties
on the appropriate level of mitigation for the
cultural impacts of the development.
Port of Tauranga Limited7Market update and interim consolidated financial statements February 2026

Interim consolidated
financial statements
Contents
Consolidated income statement
9
Consolidated statement of comprehensive income
9
Consolidated statement of changes in equity
10
Consolidated statement of financial position
11
Consolidated statement of cash flows
12
Notes to the interim consolidated financial statements
13
Independent auditor’s review report
18
Company directory
19
for the six months ended 31 December 2025
Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited8Market update and interim consolidated financial statements February 2026

Port of Tauranga Limited and subsidiaries
Consolidated income statement
for the six months ended 31 December 2025
Port of Tauranga Limited and subsidiaries
Consolidated statement of comprehensive income
for the six months ended 31 December 2025
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
(Audited)
year ended
30 June 2025
Group
NZ$000
Profit for the period70,21460,198173,373
Other comprehensive income
Items that are or may be reclassified to profit or loss:
Cash flow hedge – changes in fair value
(702)(4,086)(3,156)
Cash flow hedge – reclassified to profit or loss(224)(1,762)(3,045)
Share of net change in cash flow hedge reserves
of Equity Accounted Investees
28(284)(332)
Items that will never be reclassified to profit or loss:
Asset revaluation, net of tax0025,745
Share of net change in revaluation reserves of
Equity Accounted Investees
2,304712,436
Total other comprehensive (loss)/income1,406(6,061)21,648
Total comprehensive income71,62054,137195,021
These statements are to be read in conjunction with the notes on pages 13 to 17.
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
(Audited)
year ended
30 June 2025
Group
NZ$000
Total operating revenue (refer to note 6)244,128224,998464,675
Contracted services for port operations(44,784)(45,810)(93,652)
Employee benefit expenses(34,353)(32,340)(64,335)
Direct fuel and power expenses(9,522)(8,832)(20,164)
Maintenance of property, plant and equipment(12,568)(9,537)(20,865)
Other expenses(20,525)( 1 7, 3 8 0 )(37,261)
Operating expenses(121,752)(113,899)(236,276)
Results from operating activities122,376111,099228,399
Depreciation and amortisation(22,844)(21,759)(42,925)
Impairment of property, plant and equipment on
revaluation
00(2,534)
(22,844)(21,759)(45,459)
Operating profit before finance costs, share of profit
from Equity Accounted Investees and taxation
99,53289,340182,940
Finance income1,202341726
Finance expenses (refer to note 7)(9,799)(10,945)(20,540)
Net finance costs(8,597)(10,604)(19,814)
Share of profit from Equity Accounted Investees4,6183,2436,189
Gain on disposal of Equity Accounted Investees0049,245
Hedging reserve reclassified to profit or loss on disposal
of Equity Accounted Investees
00(84)
4,6183,24355,350
Profit before income tax95,55381,979218,476
Income tax expense(25,339)(21,781)(45,103)
Profit for the period 70,21460,198173,373
Basic earnings per share (cents)10.48.925.7
Diluted earnings per share (cents)10.38.825.5
Consolidated financial statements
Port of Tauranga Limited9Market update and interim consolidated financial statements February 2026

Port of Tauranga Limited and subsidiaries
Consolidated statement of changes in equity
for the six months ended 31 December 2025
Share
capital
Group
NZ$000
Share based
payment reserve
Group
NZ$000
Hedging
reserve
Group
NZ$000
Revaluation
reserve
Group
NZ$000
Retained
earnings
Group
NZ$000
Total
Group
NZ$000
Balance at 30 June 202479,5631,6548,7641,993,80299,3742,183,157
Profit for the period000060,19860,198
Total other comprehensive income00(6,132)710(6,061)
Total comprehensive income00(6,132)7160,19854,137
Increase in share capital88000088
Dividends paid during the period0000(59,183)(59,183)
Equity settled share based payment accrual0918000918
Shares, previously subject to call option, issued1,382(1,382)0000
Shares issued upon vesting of management long term incentive plan4(174)001700
Total transactions with owners in their capacity as owners1,474(638)(6,132)711,185(4,040)
Balance at 31 December 202481,0371,0162,6321,993,873100,5592,179,117
Profit for the period0000113,175113,175
Total other comprehensive income00(401)28,110027, 70 9
Total comprehensive income00(401)28,110113,175140,884
Decrease in share capital(6)0000(6)
Dividends paid during the period0000(47,61 8 )(47,61 8 )
Equity settled share based payment accrual01,3100001,310
Disposal of Equity Accounted Investees0084(72,995)72,99584
Total transactions with owners in their capacity as owners(6)1,31084(72,995)25,377(46,230)
Balance at 30 June 202581,0312,3262,3151,948,988239,1112,273,771
Profit for the period000070,21470,214
Total other comprehensive income00(898)2,30401,406
Total comprehensive income00(898)2,30470,21471,620
Decrease in share capital(694)0000(694)
Dividends paid during the period0000(65,991)(65,991)
Equity settled share based payment accrual0965000965
Shares issued upon vesting of management long term incentive plan372(288)00(84)0
Total transactions with owners in their capacity as owners(322)67700(66,075)(65,720)
Balance at 31 December 202580,7093,0031,4171,951,292243,2502,279,671
Consolidated financial statements
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited10Market update and interim consolidated financial statements February 2026

Port of Tauranga Limited and subsidiaries
Consolidated statement of financial position
as at 31 December 2025
(Unaudited)
31 December 2025
Group
NZ$000
(Unaudited)
31 December 2024
Group
NZ$000
(Audited)
30 June 2025
Group
NZ$000
Assets
Property, plant and equipment2,505,1132,484,0812,504,418
Right-of-use assets53,71951,45850,503
Intangible assets21,23220,65821,113
Investments in Equity Accounted Investees284,148218,455278,398
Advances to Equity Accounted Investees36,805039,689
Receivables and prepayments16,57216,89616,282
Derivative financial instruments4,5536,2305,694
Total non-current assets2,922,1422,797,7782,916,097
Cash and cash equivalents27, 4751 7, 0328,975
Receivables and prepayments72,11678,77772,248
Advances to Equity Accounted Investees1,27601,276
Inventories2,6222,4002,277
Taxation8100617
Derivative financial instruments138250
Total current assets104,43798,23485,393
Total assets3,026,5792,896,0123,001,490
Equity
Share capital80,70981,03781,031
Share based payment reserve 3,0031,0162,326
Hedging reserve1,4172,6322,315
Revaluation reserve1,951,2921,993,8731,948,988
Retained earnings243,250100,559239,111
Total equity2,279,6712,179,1172,273,771
(Unaudited)
31 December 2025
Group
NZ$000
(Unaudited)
31 December 2024
Group
NZ$000
(Audited)
30 June 2025
Group
NZ$000
Liabilities
Loans and borrowings (refer to note 10)133,70716 7, 3 74192,884
Lease liabilities57, 5 8354,56754,017
Derivative financial instruments245,2354,622
Employee benefits2,1591,9272,049
Deferred tax liabilities125,571131,857128,485
Total non-current liabilities319,044360,960382,057
Loans and borrowings (refer to note 10)365,000300,000275,000
Lease liabilities 1,1441,0741,092
Derivative financial instruments4,0863665
Trade and other payables41,97046,51147,695
Revenue received in advance147137260
Employee benefits3,0472,5105,392
Income tax payable12,4705,66716,158
Total current liabilities427, 8 6 4355,935345,662
Total liabilities746,908716,895727,719
Total equity and liabilities3,026,5792,896,0123,001,490
Consolidated financial statements
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited11Market update and interim consolidated financial statements February 2026

Port of Tauranga Limited and subsidiaries
Consolidated statement of cash flows
for the six months ended 31 December 2025
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
(Audited)
year ended
30 June 2025
Group
NZ$000
Cash flows from operating activities
Receipts from customers239,187224,277462,576
Interest received1,160341726
Payments to suppliers and employees(120,805)(113,346)(227,387)
Taxes paid(31,765)(26,454)(43,115)
Interest paid(9,985)(11,263)(20,819)
Net cash inflow from operating activities7 7, 7 9273,555171,981
Cash flows from investing activities
Proceeds from sale of property, plant and equipment0014
Dividends from Equity Accounted Investees1,2003,8766,375
Repayment of advances from Equity Accounted Investees2,88400
Purchase of property, plant and equipment(24,663)(16,331)(28,135)
Purchase of intangible assets(257)0(716)
Interest capitalised on property, plant and equipment(242)(456)(696)
Investment in Equity Accounted Investees 0(2,138)(10,106)
Advances to Equity Accounted Investees00(39,689)
Payment of contingent consideration0(568)(568)
Total net cash used in investing activities(21,078)(15,617)(73,521)
Cash flows from financing activities
Proceeds from borrowings130,00020,0005,000
Proceeds from staff loan73194276
Repayment of borrowings(100,000)(20,000)(5,000)
Repurchase of shares(1,703)(125)(636)
Repayment of lease liability(593)(520)(1,052)
Dividends paid(65,991)(59,183)(106,801)
Net cash used in financing activities(38,214)(59,634)(108,213)
Net increase in cash held18,500(1,696)(9,753)
Add opening cash brought forward8,97518,72818,728
Ending cash and cash equivalents27, 4751 7, 0328,975
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
(Audited)
year ended
30 June 2025
Group
NZ$000
Reconciliation of profit for the period to cash flows
from operating activities
Profit for the period70,21460,198173,373
Items classified as investing/financing activities:
(Gain)/loss on sale of property, plant and equipment0057
0057
Adjustments for non-cash and non-operating items
Depreciation and amortisation expense22,84421,76042,925
(Decrease)/increase in deferred taxation balances(2,554)(1,238)(4,440)
Share of profits retained by Equity Accounted
Investees
(4,618)(3,244)(6,189)
Gain on disposal of Equity Accounted Investees00(49,245)
Other9281,0915,525
16,60018,369(11,424)
Less movements in working capital(9,022)(5,012)9,975
Net cash flows from operating activities7 7, 7 9273,555171,981
Consolidated financial statements
These statements are to be read in conjunction with the notes on pages 13 to 17.
Port of Tauranga Limited12Market update and interim consolidated financial statements February 2026

Notes to the interim consolidated financial statements
for the six months ended 31 December 2025
1 Reporting entity
Port of Tauranga Limited (the Parent Company) is a company incorporated and domiciled in
New Zealand, registered under the Companies Act 1993 and listed on the New Zealand Stock
Exchange (NZX). It is an FMC reporting entity for the purposes of the Financial Markets Conduct
Act 2013. The Parent Company, which is designated as profit-oriented for financial reporting
purposes, is an issuer in terms of the Financial Reporting Act 2013.
The Unaudited Interim Financial Statements (the Financial Statements) for Port of Tauranga
Limited comprise the Port of Tauranga Limited, its Subsidiaries, and the Group’s interest in Equity
Accounted Investees (together referred to as the Group).
2 Basis of preparation
These financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (NZ GAAP) and New Zealand International Accounting Standard
(NZ IAS) 34 Interim Financial Reporting. They do not include all information required for full annual
financial statements and should be read in conjunction with the annual financial statements and
related notes included in Port of Tauranga Limited’s Integrated Annual Report for the year ended
30 June 2025.
3 Significant accounting policies
The accounting policies adopted are consistent with those followed in the preparation of the
Group’s annual financial statements for the year ended 30 June 2025.
4 Accounting 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.
In preparing these financial statements, the significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation and uncertainty,
were the same as those applied to the Group’s consolidated financial statements for the year
ended 30 June 2025.
5 Segment information
The Group determines and presents operating segments based on the information that is
internally provided to the Chief Executive, who is the Group’s Chief Operating Decision Maker
(CODM), as defined by NZ IFRS 8 Operating Segments.
The Group operates in three main reportable segments, being:
• Port operations: This consists of providing and managing port services, and cargo handling
facilities through the Port of Tauranga Limited and Timaru Container Terminal Limited. Port
terminals and bulk operations have been aggregated together within the Port Operations
segment, due to the similarities in economic characteristics, customers, nature of products
and processes, and risks.
• Property services: This consists of managing and maintaining the Port of Tauranga Limited’s
property assets.
• Logistics services: This consists of the contracted terminal operations and logistics activities
of QM Logistics NZ Limited (formerly known as Quality Marshalling (Mount Maunganui)
Limited (QM)).
The three main business segments are managed separately as they provide different services to
customers and have their own operational and marketing requirements.
The remaining activities of the Group are not allocated to individual business segments.
The Group operates in one geographical area, that being New Zealand.
Due to the significant shared cost base of the Port activities, operating costs, measures of
profitability, assets and liabilities are aggregated and are not reported to the CODM at a segment
level, but rather at a port level, as all business decisions are made at a “whole port level”.
Notes to the interim
consolidated financial statements
for the six months ended 31 December 2025 Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited13Market update and interim consolidated financial statements February 2026

5 Segment information (continued)
(Unaudited) six months ended 31 December 2025
Port operations
Group
NZ$000
Property services
Group
NZ$000
Logistics services
Group
NZ$000
Unallocated*
Group
NZ$000
Inter segment
Group
NZ$000
Group
NZ$000
Revenue (external)216,83625,2841,53400243,654
Inter segment revenue04711,5210(11,568)0
Total segment revenue216,83625,33113,0550(11,568)243,654
Other income and expenditure:
Share of profit from Equity Accounted Investees0004,61804,618
Interest income0001,20201,202
Other income000710(236)474
Interest expense000(9,799)0(9,799)
Depreciation and amortisation expense00(457)(22,387)0(22,844)
Other unallocated expenditure00(10,316)(123,240)11,804(121,752)
Income tax expense00(634)(24,705)0(25,339)
Total other income and expenditure00(11,407)(173,601)11,568(173,440)
Total segment result216,83625,3311,648(173,601)070,214
(Unaudited) six months ended 31 December 2024
Revenue (external)199,85623,5211,30400224,681
Inter segment revenue04410,3570(10,401)0
Total segment revenue199,85623,56511,6610(10,401)224,681
Other income and expenditure:
Share of profit from Equity Accounted Investees0003,24303,243
Interest income0003410341
Other income000551(234)317
Interest expense000(10,945)0(10,945)
Depreciation and amortisation expense00(591)(21,168)0(21,759)
Other unallocated expenditure00(8,950)(115,584)10,635(113,899)
Income tax expense00(594)(21,187)0(21,781)
Total other income and expenditure00(10,135)(164,749)10,401(164,483)
Total segment result199,85623,5651,526(164,749)060,198
*
Operating costs are not allocated to individual business segments within the Parent Company.
Notes to the interim
consolidated financial statements
for the six months ended 31 December 2025 Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited14Market update and interim consolidated financial statements February 2026

6 Operating revenue
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Revenue from contracts with customers
Container terminal revenue146,579135,213
Multi cargo revenue44,58740,415
Marine services revenue27, 2 0 425,532
218,370201,160
Other revenue
Rental revenue25,28423,521
Other income474317
Total operating revenue244,128224,998
7 Finance expenses
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Interest expense on borrowings8,6879,850
Less:
Interest capitalised to property, plant and equipment(242)(456)
8,4459,394
Interest expense on lease liabilities1,3491,363
Ineffective portion of change in fair value of cash flow hedge0136
Change in fair value of hedged risk552
Total finance expenses9,79910,945
8 Dividends
The following dividends were paid by the Group:
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Final dividend of 9.7 cents per share (2024: 8.7 cents per share)65,99159,183
Total dividends paid65,99159,183
Refer to note 13 for subsequent event disclosure of interim dividend declared.
9 Property, plant and equipment
Acquisitions and disposals
During the six months ended 31 December 2025, the Group acquired assets with a cost of
$22.608 million.
10 Loans and borrowings
(Unaudited)
31 December 2025
Carrying Value
Group
NZ$000
(Unaudited)
31 December 2024
Carrying Value
Group
NZ$000
Commercial papers295,000190,000
Standby revolving cash advance facility105,00080,000
Fixed rate bonds98,7071 97, 3 74
Total loans and borrowings498,7074 6 7, 3 74
Current365,000300,000
Non-current 133,70716 7, 3 74
Total loans and borrowings498,7074 6 7, 3 74
As at 31 December 2025 the Group’s current liabilities exceed the Group’s current assets. Despite
this fact, the Group does not have any liquidity or working capital concerns as $395 million
(2024: $320 million) of the term standby revolving cash advance facility remains undrawn. Within
the term facility, with maturity dates greater than 12 months, $75 million matures 30 June 2027,
$40 million matures 31 December 2027, $50 million matures 30 September 2028, $100 million
matures 31 December 2029 and $130 million matures 31 December 2030.
Notes to the interim
consolidated financial statements
for the six months ended 31 December 2025 Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited15Market update and interim consolidated financial statements February 2026

11 Related party transactions and balances
Related party transactions and balances with related parties:
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Transactions and balances with Equity Accounted Investees
Services provided to Port of Tauranga Limited1,573305
Services provided by Port of Tauranga Limited2,1071,654
Accounts receivable by Port of Tauranga Limited13483
Accounts payable by Port of Tauranga Limited17686
Advances by Port of Tauranga Limited38,2051,400
Services provided by QM Logistics NZ Limited560601
Accounts receivable by QM Logistics NZ Limited118179
Services provided to Timaru Container Terminal Limited1,6261,674
Services provided by Timaru Container Terminal Limited43119
Accounts receivable by Timaru Container Terminal Limited090
Accounts payable by Timaru Container Terminal Limited11119
During the six months ended 31 December 2025, the Group entered into transactions with
companies in which Group Directors hold directorships. These directorships have not resulted in
the Group having significant influence or control over the operations, policies, or key decisions of
these companies.
No related party debts have been written off or forgiven during the period.
Controlling entity
Quayside Securities Limited owns 54.14% (as at 31 December 2024: 54.14%) of the issued ordinary
shares in Port of Tauranga Limited.
Quayside Securities Limited is beneficially owned by Bay of Plenty Regional Council, the Ultimate
Controlling Party. Transactions with the Ultimate Controlling Party during the period include
services provided to Port of Tauranga Limited $0.367 million (six months ended 31 December
2024: $0.179 million).
Transactions with Directors and Members of the Executive Leadership Team
The Group does not provide any non-cash benefits to Directors in addition to their Directors’ fees.
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Directors
Directors’ fees recognised during the period542514
Members of the Executive Leadership Team
Salaries and short-term employee benefits recognised during
the period
2,6022,606
Share based payments recognised during the period434287
12 Commitments
(Unaudited)
six months ended
31 December 2025
Group
NZ$000
(Unaudited)
six months ended
31 December 2024
Group
NZ$000
Capital commitments
Estimated capital commitments for the Group contracted for
at the reporting date but not provided for
29,9025,711
Notes to the interim
consolidated financial statements
for the six months ended 31 December 2025 Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited16Market update and interim consolidated financial statements February 2026

13 Subsequent events
Interim dividend
An interim dividend of 8.0 cents per share has been declared subsequent to reporting date.
Fast-track application
On 20 January 2026, Port of Tauranga Limited lodged another application under the Fast-track
Approvals Act 2024 for the development of Stella Passage in Te Awanui Harbour.
The reapplication follows the passing of the Fast-track Approvals Amendments Act in December
2025, which corrected a legislative drafting error in the Schedule 2 description of the project.
Notes to the interim
consolidated financial statements
for the six months ended 31 December 2025 Port of Tauranga Limited and subsidiaries
Port of Tauranga Limited17Market update and interim consolidated financial statements February 2026

To the shareholders of Port of Tauranga Limited
Report on interim consolidated financial statements for the six months ended 31 December 2025
The Auditor-General is the auditor of Port of Tauranga Limited (the “Group”). The Auditor-General has
appointed me, Glenn Keaney, using the staff and resources of KPMG, to carry out the review of the interim
consolidated financial statements of the Group on his behalf.
Conclusion
We have completed a review of the accompanying interim consolidated financial statements of the Group
on pages 9 to 17, which comprise the consolidated statement of financial position as at 31 December 2025,
and the consolidated income statement, consolidated statement of comprehensive income, consolidated
statement of changes in equity and consolidated statement of cash flows for the six months ended on
that date, and the notes, including a summary of significant accounting policies and other explanatory
information. Based on our review, nothing has come to our attention that causes us to believe that the
interim consolidated financial statements of the Group do not present fairly, in all material respects, the
Company and Group’s financial position as at 31 December 2025 and its financial performance and cash
flows for the six-month period then ended and comply with New Zealand Equivalent to International
Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) issued by the New Zealand Accounting
Standards Board.
Basis for conclusion
We conducted our review of the interim consolidated financial statements in accordance with NZ SRE 2410
(Revised) Review of Financial Statements Performed by the Independent Auditor of the Entity (‘NZ SRE 2410
(Revised)’). Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the
Interim Financial Statements section of our report.
We are independent of the Group in accordance with the independence requirements of the Auditor-
General’s Auditing Standards, which incorporate the independence requirements of Professional and Ethical
Standard 1 International Code of Ethics for Assurance Practitioners issued by the New Zealand Auditing
and Assurance Standards Board.
In addition to the audit we have carried out engagements in the area of agreed upon procedures over the
long-term incentive plan and climate related assurance, which are compatible with those independence
requirements. Other than the audit and these engagements, we have no relationship with, or interests in,
Port of Tauranga Limited or any of its subsidiaries.
Use of this independent auditor’s review report
This report is made solely to the shareholders. Our review work has been undertaken so that we might
state to the shareholders those matters we are required to state to them in the independent auditor’s
review report and for no other purpose. To the fullest extent permitted by law, we do not accept
or assume responsibility to anyone other than the shareholders for our review work, this report, or any
of the conclusions we have formed.
The Directors’ responsibilities for the interim consolidated financial statements
The Directors are responsible, on behalf of the Group, for the preparation and fair presentation of these
interim consolidated financial statements in accordance with NZ IAS 34 Interim Financial Reporting and for
such internal control as the Directors determine is necessary to enable the preparation and fair presentation
of the interim consolidated financial statements that are free from material misstatement, whether due to
fraud or error. The Directors are also responsible for the publication of the interim financial statements,
whether in printed or electronic form.
Auditor’s responsibilities for the review of the interim consolidated financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes
us to believe that the interim consolidated financial statements, taken as a whole, are not prepared, in all
material respects, in accordance with NZ IAS 34 Interim Financial Reporting.
A review of the interim consolidated financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily
of persons responsible for financial and accounting matters, and applying analytical and other review
procedures. The procedures performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand) and consequently does
not enable us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.

Glenn Keaney
KPMG
On behalf of the Auditor-General
Wellington, New Zealand
26 February 2026
Independent auditor’s review report
Independent auditor’s review report
Port of Tauranga Limited18Market update and interim consolidated financial statements February 2026

Company directory
Registered Directors
J C Hoare
Chair
A M Andrew
D J Bracewell
S A Campbell*
D W Leeder
Sir Robert McLeod
KNZM
J B Stevens
F S Whineray
*Note: Mr S A Campbell was appointed to the Board as part of the
Institute of Directors’ Future Director programme, for a term
of 18 months commencing 1 October 2024.
Executive
L E Sampson
Chief Executive
M J Dyer
GM Corporate Services
B J Hamill
GM Commercial
S R Kebbell
Chief Financial Officer and Company Secretary
P M Kirk
GM Health and Safety
D A Kneebone
GM Property and Infrastructure
R A Lockley
GM Communications
Registered office
Salisbury Avenue
Mount Maunganui
Private Bag 12504

Tauranga Mail Centre
Tauranga 3143
New Zealand
Telephone 07 572 8899

Email marketing@port-tauranga.co.nz
Website www.port-tauranga.co.nz
Auditors
KPMG

Tauranga
(On behalf of the Auditor-General)
Solicitors
Holland Beckett
Tauranga
Bankers
ANZ Bank New Zealand Limited
Bank of New Zealand
Commonwealth Bank of Australia
China Construction Bank (New Zealand) Limited
Credit rating agency
S&P Global (Standard & Poor’s)
Australia
Port of Tauranga Limited’s rating: A-/Stable/A-2
Share registry
For enquiries about share transactions, change
of address or dividend payments contact:
MUFG Pension and Market Services Limited

PO Box 91976
Victoria Street West
Auckland 1142
New Zealand
Telephone 09 375 5998

Facsimile 09 375 5990
Email enquiries.nz@cm.mpms.mufg.com
Website www.mpms.mufg.com
Copies of the Integrated Annual Report and
Market Update (which replaced the Interim
Report) are available from our website.
Financial calendar
20 March 2026Interim dividend payment
30 June 2026Financial year end
28 August 2026Annual results
announcement
2 October 2026Final dividend payment
29 October 2026Annual meeting
26 February 2027Half year results
announcement
International Standard Serial Numbers
ISSN 2744-6530 (Print)
ISSN 2744-6549 (Online)
Company directory
Port of Tauranga Limited19Market update and interim consolidated financial statements February 2026

---

Presentation to Analysts
Mid-year market update
27 February 2026

2
The information in this presentation is for information purposes and has been prepared by
Port of Tauranga Limited with due care and attention. However, neither the Company, nor any
of its Directors, officers, employees, contractors or agents, shall have any liability whatsoever
to any person, for any loss of damage resulting from the use or reliance on this presentation.
The information contained in this presentation is not intended to be relied upon as advice to
investors and does not take into account the investment objectives, financial situation or
needs of any particular investor.
Past performance is not indicative of future performance and no guarantee of future returns
is implied or given.
The information contained in this presentation should be considered in conjunction with the
Company’s latest audited financial statements which are available in the investor section of
our website.
Disclaimer

3
Highlights
Julia Hoare, Chair

4
Highlights
For the six months ended 31 December 2025

5
Highlights
•Record reported interim Group Net
Profit.
•Result driven by strong revenue
uplift of 8.5%.
•Strong contributions from Parent
and Group companies.
For the six months ended 31 December 2025
Group Net Profit after tax - up 16.6%
$56,341
$62,725
$47,241
$60,198
$70,214
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
FY22FY23FY24FY25FY26
$000S

6
Interim dividend
•8.0 cents per share fully imputed.
•Record date: 6 March 2026.
•Payment date: 20 March 2026.
•POTL ordinary dividend payout
ratio 70-90% of full year underlying
earnings.
Stronger earnings underpins dividend growth
Interim dividend increased 14.3%
6.5
6.8
6.0
7.0
8.0
8.2
8.8
8.7
9.7
0
5
10
15
FY22FY23FY24FY25FY26
Interim dividendFinal dividend
Cents per share

7
Half year overview & trade
commentary
Leonard Sampson, CEO

8
Blueprint for strategic growth
First half highlights
•Stage 2 Capital dredgingcommenced Port of Tauranga.
•Fast Track Amendments Act enacted,correcting
Government project description omission.
•Ruakura Inland Portcontinues to grow volumes
increased 22%
•Northport “Vision for Growth”resource consent
granted enabling future container terminal development.
•Operational improvementsdriving service delivery and
productivity gains, ship rate increased 12%.
•Coda 3PL divestmentsuccessfully completed.
•New KiwiRail MetroPort commercial model
implemented.
•New productivity, cost recovery and revenue
incentivesimplemented to enhance efficiency and
financial performance.

9
•Strong first quarter volumes, with
kiwifruit and dairy exports.
•Slightly subdued in second quarter
with slower start to dairy season vs
PCP.
•Export log demand remains
subdued.
•Strong growth in dairy sector inputs,
(fertiliser & feedstocks).
For the six months ended 31 December 2025
Total trade increased 1.2%
13.05
12.72
11.63
12.44
12.59
10.50
11.00
11.50
12.00
12.50
13.00
13.50
FY22FY23FY24FY25FY26
tonnes (millions)

10
•Log volumes 3.13
million tonnes vs 3.2
PCP.
•Fertiliser volume up 43%
- 286,000 tonnes.
•Proteins and stock feed
up 7% 707,000 tonnes.
For the six months ended 31 December 2025
Bulk volumes increased 1.6%
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
FY23FY24FY25FY26
tonnes
CoalAll Other GoodsSteelSaltLiquid Bulk
CementGrainFertilisersOther Wood ProductKiwifruit
Proteins & FeedsOil ProductsLogs

11
For the six months ended 31 December 2025
Total container volumes increased 2.6%
622,272
637,729
536,930
591,934
607,114
100,000
200,000
300,000
400,000
500,000
600,000
700,000
FY22FY23FY24FY25FY26
TEU
•Record first quarter volume 319,000 TEU

12
For the six months ended 31 December 2025
Container trends
254,661
233,967
251,678
249,319
220,000
225,000
230,000
235,000
240,000
245,000
250,000
255,000
260,000
FY23FY24FY25FY26
TEU
Export TEU decreased by 0.9%
222,968
183,115
195,485
198,317
0
50,000
100,000
150,000
200,000
250,000
FY23FY24FY25FY26
TEU
Import TEU increased by 1.4%
160,100
119,848
144,771
159,478
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
FY23FY24FY25FY26
TEU
TranshipmentTEU increased by
10.2%
•Transhipment volumes increased in the period reflecting service changes and improved
on-time vesssel performance, connecting to main line services in Tauranga.
•Export volumes impacted by a slower start to the dairy season.

13
•New MetroPort commercial model
implemented 1 December 2025.
•POTL continues to manage end-to-end
service delivery through to shipping lines
including booking, train planning, exception
management, priority etc.
•Operational drivers aligned with KiwiRail to
optimise rail and container transfer
operations, supporting volume growth.
•Core train programme increased from
February 2026, with KiwiRail providing up to
74 trains per week.
•New commercial model enables growth in
empty container rail movements between
Auckland and Tauranga.
For the six months ended 31 December 2025
MetroPort containers increased 3.8%
105,160
97,264
67,475
65,033
67,484
0
20,000
40,000
60,000
80,000
100,000
120,000
FY22FY23FY24FY25FY26
Metroport containers
Rail export/import containers
\

14
•Select Committee inquiry
into port sector highlights
productivity a key area of
focus.
•Expect performance data
and reporting to be a
recommendation.
•Direct corelation between
on-time vessel arrival and
port productivity.
•Multiple initiatives
implemented to support
safe productivity
improvements in Tauranga.
New Zealand port productivity

15
•On-time vessel arrival for the six
months to December was 70% vs
62% PCP.
•Pre-Covid on-time vessel arrival
circa 83 - 85%.
•New terminal emulation is
improving performance.
•Tauranga is the last call on
majority of NZ shipping services
– POTL is improving on-time
departure.
•New dwell and rolled container
incentives have been introduced
to support performance.
Service delivery and productivity

16
•New Fast-track Amendments Act enacted
December 2025 - Mount Maunganui Wharves
omission rectified.
•Priority project determination received by Minister
for Infrastructure – December 2025.
•New Fast-track application lodged January 2026.
•EPA completeness decision received February
2026.
•Panel appointment (March – April 2026).
•Panel commencement and evaluation (April – June
2026).
•Panel decision (August – September 2026).
Resource consent - update February 2026

17
Progress update
•Emulation software implemented ahead of
ASC introduction already providing benefits
to terminal productivity.
•Deployment of ASCs linked to timing of berth
extension.
•Staged bolt-on introduction of ASCs relative
to volume growth requirements.
Implementation planned over four phases
(nine ASC blocks).
•Stage one (two ASC blocks) cost circa ~ $100
million.
Automated Stacking Cranes (ASCs)
Terminal automation project
Fully electric ASCs ~75% fewer emissions relative to a traditional
straddle operation.

18
•Northport Group established July 2025 bringing
together MMH land holdings and Northport.
•Northport’s Vision for Growth resource consent
granted October 2025.
•Government commitment to roading infrastructure
investments improving connectivity to Northport.
•Marsden rail spur currently under detailed
engineering and cost evaluation by KiwiRail.
•Berth 3 container terminal extension linked to
timing of rail spur.
•New Northport Group Chief Executive recruitment
underway.
Northport Group
Current
Future – now consented

19
Financial Results
Simon Kebbell, CFO

20
•Strong operating revenue growth delivered across
all operating units.
•Operating costs increased by $7.9m (6.9%), driven
by higher labour costs, increased maintenance
(notably vessel and straddle overhauls), rising
electricity charges, and an uplift in IT expenses and
rates. Cost increases partially offset by the removal
of rail costs from December 2025.
•Depreciation and amortisation up $1.1m (5.0%),
mainly due to higher building depreciation,
including increased depreciation on the terminal
sheds scheduled for removal.
•Net finance costs down 18.9% reflecting lower
wholesale interest rates and increased interest
income on loans to Equity Accounted Investees
(EAIs).
•Strong contribution from EAIs.
Strong revenue growth of 8.5% and profit growth of 16.6%
Group reported profit up 16.6%
Variance2024202531 December($000s)
19,130224,998244,128Operating revenue
(7,853)(113,899)(121,752)Operating costs
11,277111,099122,376Results from operating activities
(1,085)(21,759)(22,844)Depreciation and amortisation
2,007(10,604)(8,597)Net finance costs
1,3753,2434,618
Share of profit from Equity
Accounted Investees (EAIs)
13,57481,97995,553Profit before income tax
(3,558)(21,781)(25,339)Income tax expense
10,01660,19870,214Profit for the period

21
Increase reflects pricing initiatives and operating efficiencies
Results from operating activities up 10.2%
•Operating revenue up $19.1m driven by Parent tariff
increases, higher infrastructure charges, a Mount
Maunganui access charge, and strong growth in
rental and marine income, with only modest volume
increases across terminals and bulk cargo. Rail
revenue ceased 1 December 2025.
•Contracted services for port operations costs
decreased following the new MetroPort model and
removal of direct rail costs from 1 December 2025.
•Employee expenses up 6.2% reflecting additional
staff numbers and wage increases. Union collectives
are normally multi-year agreements.
•Maintenance of property, plant and equipment
increased by 31.8%, driven by the timing of theTai
Parimain engine overhaul, five-year surveys of theSir
RobertandTai Timuand increased straddle
maintenance.
•Increase in other costs impacted by increases in SaaS
costs and rates expenses.
111,099
11,366
4,172
1,672
1,763
157
1,026
(2,013)
(690)
(3,031)
(3,145)
122,376
FY25
Container terminal revenue
Multi
-
cargo revenue
Marine services revenue
Property revenue
Other revenue
Contracted services for port
operations
Employee benefit expenses
Direct fuel and power
Maintenance of pp&e
Other expenses
FY26
$000s
50,000
60,000
70,000
80,000
90,000
100,000
110,000
120,000
130,000
140,000
IncreaseDecreaseTotal

22
$7,341$7,383
$4,861$4,913
$6,255
$49,000
$55,342
$42,380
$55,285
$63,959
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
FY22FY23FY24FY25FY26
000s
Subsidiaries and EAIsParent
•Parent company profit increased 15.7%
compared with the prior corresponding
period.
•Subsidiaries and Equity Accounted
Investees delivered a 27.3% profit
uplift, reflecting strong performance
across the portfolio.
Strong performance at the parent level and group companies
Parent profit up 15.7%

23
Strong performance from Group companies with profits up 27.3%
Subsidiary and joint venture companies
Movement
$000
FY24
$000
FY25
$000
1311,5171,648Quality Marshalling
141(229)(88)Timaru Container Terminal
4651,2081,673PrimePort Timaru
(237)3,2803,043Northport Group
60118178PortConnect
664(884)(220)Coda
118(97)21Ruakura Inland Port
1,3424,9136,255Reported net profit after tax
•
The reduction in Northport
Group profit reflects revised
capital structure and interest
expense on shareholder loans.
Port of Tauranga recognised
$1.025m ($0 FY25) of interest
income from Northport Group
during the period.
•Coda Group losses stemmed
with the sale of 3PL and
Rolleston distribution centre
segments effective 1 August
2025.

24
•Net operating cash inflow increased
by $4.2 million (5.8%), reflecting
stronger profitability but partially
offset by movements in working
capital
•Capex is lower in the first half of the
financial year due to the timing of
projects.
Strong cash generation from operating activities
Cashflow from operations up 5.8%
Variance2024202531 December ($000)
4,23773,55577,792Net cash inflow from operating activities
(8,375)(16,787)(25,162)Capital expenditure
(4,138)
56,76852,630Free Cash Flow

25
•FY26 Parent capital expenditure
forecast reduced to approximately
$70 million for the year, reflecting
the later timing of planned spend.
•Major projects underway include:
oCapital dredging ($70 million)
oHybrid Tug ($27 million)
oPurchase of seven new straddles
- one electric and six hybrid ($18
million).
Parent Capital expenditure investment 2021 - 2026
23,796
18,612
44,322
34,691
27,221
19,169
50,000
39,689
2,850
21,450
2,135
10,106
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
FY21FY22FY24FY24FY251/2 FY262/2 FY26F
$000S
CapexMMHRuakura Inland Port

26
24.5%
18.0%
18.1%
17.1%17.1%
0%
5%
10%
15%
20%
25%
FY22FY23FY24FY25FY26
For the six months ended 31 December 2025
Net debt / net debt + equity
•Leverage remains low, providing
balance sheet headroom to progress
berth extension and automation
project.

27
Outlook and guidance

28
•Strong export peak season expected with key
commodities dairy, red meat and kiwifruit.
•Productivity initiatives, cost control and yield
improvement remain a priority.
•New MetroPort model - well positioned for
future growth with aligned incentives.
•Terminal berth capacity constraints remain a key
challenge.
•The Stella Passage Consent remains critical for
future growth supporting New Zealand’s trade.
•Updated underlying profit guidance $142 - $152
million.
•Investor Day - 12 March 2026.
Outlook 2026

29
Questions

30
Financial details and trade forecasts

31
For the six months ended 31 December 2025
Results from operating activities
Movement2024
$000
2025
$000
Operating Revenue
12,84092,571105,411
Container terminal - ship exchange and sundry
14313,04713,190
Container terminal - reefer
(1,488)7,2195,731
Container terminal - storage
(129)22,37622,247
Container terminal - rail
4,17240,41544,587
Multi-cargo
1,67225,53227,204Marine services
1,76323,52125,284
Property
157317474
Other
19,130224,998244,128
Total Operating Revenue
Operating Costs
1,026(45,810)(44,784)
Contracted services for port operations
(2,013)(32,340)(34,353)
Employee benefit expenses
(690)(8,832)(9,522)
Direct fuel and power
(3,031)(9,537)(12,568)Maintenance of property, plant and equipment
(3,145)(17,380)(20,525)
Other
(7,853)(113,899)(121,752)
Total Operating Costs
11,277111,099122,376
Results from Operating Activities

32
For the six months ended 31 December 2025
Operating costs
Movement2024
$000
2025
$000Contracted services for port operations
1,73120,01121,742
Container Terminal Labour
(2,710)25,15122,441
Rail costs
(58)
477419
Reefer Monitoring
11171182
Other
(1,026)45,81044,784
Total
Maintenance of property, plant and equipment
(295)2,2281,933
Crane Maintenance
1,0902,2053,295
Straddle Maintenance
1,34714052,752
Vessel Maintenance
7823,0763,858
Property
107623730
Other
3,0319,53712,568
Total
Other Costs
4502,9903,440
Rates
(229)4,2484,019Insurance
1,9562,9474,903
IT
9687,1958,163
Other
3,14517,38020,525
Total

33
•Despite China volume slow down, NZ has
strengthened market share to ~75% of import
market.
•Chinese construction outlook continues to be
impacted by depressed property sector.
•As of December, price for A-grade logs (CFR) in
China is at its weakest for the start of the year in two
decades.
•Sawn timber outlook more positive, both in exports
to the US and Australia but also domestically with
uptick in new home consents and government
investment in infrastructure.
For the six months ended 31 December 2025
Log exports decreased 2.2%
3,004,664
3,581,007
3,206,390
3,136,513
2,700,000
2,800,000
2,900,000
3,000,000
3,100,000
3,200,000
3,300,000
3,400,000
3,500,000
3,600,000
3,700,000
FY23FY24FY25FY26
JAS (tonnes)

34
•Containerised volume increased 12% to 22,913 TEU
compared to the previous corresponding period.
•Record half-year volume, up 89,000 m3 year-on-year.
•Kiwifruit exports were valued at $4.5 billion for the 2025
season, increased by 29% compared with 2024 ($3.5
billion) (StatsNZ).
•2025 season 215 million trays, up from 195 million in
2024.
•The February 2026 crop estimate is a gross crop of 220
million tray equivalents – circa 3% increase on 2025.
•Average estimatefruit sizes for Hayward Green and
Gold kiwifruit are larger than actual size in 2025. Gold
kiwifruit on-vine fruit density also higher than 2025.
•Rising demand in European and North American
markets.
•Growth is targeted to supply 236 million trays by 2030.
For the six months ended 31 December 2025
Export kiwifruit volume increased 11%
571,601
476,431
810,690
899,426
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
FY23FY24FY25FY26
cubic meters (m3)

35
For the six months ended 31 December 2025
Export dairy volume decreased 3.4%
•Half-year export volumes tracked softer
through August to December in line with
demand and softer market pricing.
•Strong peak season in March – June 2026
expected .
•Season expected to have a strong, record-
setting production.
•Increased supplementary feed can be
attributed to strong pre-season production
and exports, with record milk solids achieved
from June to September.
•High payout and lower interest rates
supporting investment in capacity and
productivity in the dairy sector.
993,358
949,689
960,684
942,928
141,880
45,327
80,920
63,138
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
FY23FY24FY25FY26
tonnes
ExportTranship Load

36
For the six months ended 31 December 2025
Export meat volumes stable 0.1%
•Transhipment increased by 9%.
•Constrained global supply of beef and lamb is
sustaining high export prices.
•2025 NZ beef exports fell 7% compared to
2024.
•Export value is up, but volume outlook is
expected to fall or remain flat ~1% over
seasons 2026 and 2027.
•Strong demand for premium grass-fed meat
in the US, Europe and the UK (NZ-UK FTA) is
offsetting a continued soft demand from
China.
•Domestic herds increasing on the back of
good feeding conditions. Beef farming on the
rise as farmers shift from sheep to beef.
201,503
205,782
197,338
181,410
72,559
116,141
159,830
175,530
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
FY23FY24FY25FY26
tonnes
ExportTranship Load

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019
Results for announcement to the market
Name of issuerPort of Tauranga Limited
Reporting Period6 months to 31 December 2025
Previous Reporting Period6 months to 31 December 2024
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing
operations
$244,1288.5%
Total Revenue$244,1288.5%
Net profit/(loss) from
continuing operations
$70,21416.6%
Total net profit/(loss)$70,21416.6%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.08000000
Imputed amount per Quoted
Equity Security
$0.08000000
Record Date06/03/2026
Dividend Payment Date20/03/2026
Current periodPrior comparable period
Net tangible assets per
Quoted Equity Security
$3.34$3.20
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
-
Authority for this announcement
Name of personauthorised
tomake this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this
announcement
Simon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP27/02/2026
Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice
Updated as at 18 December 2019
Please note: all cash amounts in this form should be provided to 8 decimal places
Section 1: Issuer information
Name of issuerPort of Tauranga Limited
Financial product name/descriptionOrdinary shares
NZX ticker codePOT
ISIN (If unknown, check on NZX
website)
NZPOTE0003S0
Type of distribution
(Please mark with an X in the
relevant box/es)
Full YearQuarterly
Half Year XSpecial
DRP
applies
Record date06/03/2026
Ex-Date (one business day before the
Record Date)
05/03/2026
Payment date (and allotment date for
DRP)
20/03/2026
Total monies associated with the
distribution
1
$54,420,048.16
Source of distribution (for example,
retained earnings)
Operating free cash flow
CurrencyNZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.11111111
Gross taxable amount
3
$0.11111111
Total cash distribution
4
$0.08000000
Excluded amount (applicable to listed
PIEs)
Not applicable
Supplementary distribution amount$0.01411765
Section 3: Imputation credits and Resident Withholding Tax
5
Is the distribution imputedFully imputed
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 shouldinclude 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
100%
Imputation tax credits per financial
product
$0.03111111
Resident Withholding Tax per financial
product
$0.00555556
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
%
Start date and end date for determining
market price for DRP
[dd/mm/yyyy][dd/mm/yyyy]
Date strike price to be announced (if not
available at this time)
[dd/mm/yyyy]
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
[dd/mm/yyyy]
Section 5: Authority for this announcement
Name of personauthorised to make
this announcement
Simon Kebbell, Chief Financial Officer
Contact person for this announcementSimon Kebbell, Chief Financial Officer
Contact phone number027 482 7510
Contact email addresssimonk@port-tauranga.co.nz
Date of release through MAP27/02/2026
6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.