2026 Half Year Results

1




NZX AND MEDIA RELEASE
20 May 2026
UNAUDITED FINANCIAL RESULTS FOR THE HALF YEAR TO 31 MARCH 2026
Napier Port delivers continued earnings growth with first-half result

Napier Port (NZX.NPH), the freight gateway for the central and lower North Island, today announced
continued underlying earnings growth for the six months ended 31 March 2026. The result was
supported by a good growing season, increased container services activity, and continued progress
with yield and productivity improvement strategies.
HIGHLIGHTS
• Revenue rose 8.8% to $84.9 million from $78.1 million in the same period last year and was
led by growth in container services revenue
• Result from operating activities
1
increased 12.5% to $37.3 million from $33.1 million in the same
period last year
• Underlying net profit after tax
2
increased 21.5% to $17.9 million from $14.8 million in the same
period a year ago
• Reported net profit after tax decreased 10.8% to $18.0 million from $20.2 million, as the prior
year period included the proceeds from the final settlement of Cyclone Gabrielle insurance
claims
• $29.6m of capital expenditure in the period and strategic projects progressing well
• Directors declare a fully imputed interim dividend of 5.25 cents per share, a 31% increase from
the base interim dividend in the prior year of 4.0 cents per share
• No change to forecast underlying result from operating activities for the year to 30 September
2026 of between $70 million and $74 million

Chief Executive, Todd Dawson said: “Our first-half result is pleasing and reflects the increased trade
activity we saw during 2025. It represents our improved operational performance and a season with
favourable growing conditions that has resulted in growth in refrigerated container cargo volumes –
particularly across squash, onions and apple exports.
This result highlights the value of a diverse and resilient cargo base, supported by the operational
flexibility to deliver capacity and port services needed by our customers. Partially offsetting increased
container activity, we have seen a further drop in cruise vessel calls this season while the NZ cruise
industry continues its efforts to rebuild cruise calls to NZ. Log exports from Napier Port are down 5.4%
in the period and current market conditions are challenging for log exporters due to increasing fuel and
supply chain costs.
“We are delivering on our strategic projects to enhance our operating capability. Our investments in our
existing cranes, dredge vessel that is under construction, new mooring technology, and our container
terminal transformation are progressing well. These will deliver improved capacity, service capabilities
and operating efficiencies as they complete over the next year.” Mr Dawson said.


1
Result from operating activities is an alternative non-NZ GAAP measure and represents core underlying operating earnings.
For further information please refer to Note 10 of the 2026 Half-year Interim Consolidated Financial Statements.
2
Underlying net profit after tax is an alternative non-NZ GAAP measure that comprises reported net profit after tax adjusted for
certain non-recurring and unrealised fair value revaluation items to provide consistency and comparability of the financial
information over the periods presented. For further information please refer to Note 10 of the 2026 Half-year Interim Consolidated
Financial Statements.

2


FINANCIAL RESULTS
Revenue for the half year rose 8.8% to $84.9 million from $78.1 million in the same period last year.
Container services revenue for the half year increased 16.7% to $49.9 million from $42.7 million
following a 3.5% increase in container volumes to 116,000 TEU
3
, compounded by a 12.8% increase in
average revenue per TEU.
Bulk cargo revenue for the half year increased 5.9% to $27 million from $25.5 million as total bulk cargo
volume decreased 1.5% to 1.68 million tonnes and average revenue per tonne increased by 7.5%.
Within total bulk cargo, export log volume decreased 5.4% to 1.28 million tonnes, which was partially
offset by increased fertiliser and other bulk cargo.
Cruise revenue decreased 21.8% to $6.4 million from $8.2 million. There were 54 cruise vessel calls in
the half year, compared to 77 in the prior year. Higher average vessel size and passengers per vessel
numbers increased revenue per cruise ship call.
The 2026 cruise season ended after the half-year period in April with a total of 55 cruise vessel calls.
Operating expenses increased 6% on the same period last year mainly due to growth in volume related
contract services costs, and wages and salaries.
Positive operating leverage on higher container volume increased the result from operating activities by
12.5% to $37.3 million from $33.1 million reported for the first half of the last financial year.
Underlying net profit after tax increased 21.5% to $17.9 million from $14.8 million in the same period
last year. Reported net profit after tax was $18 million, a 10.8% decrease on the prior year’s $20.2
million due to the inclusion of the final settlement of the Cyclone Gabrielle insurance claim in the prior
year.
OUTLOOK AND DIVIDEND
Mr Dawson said: “Demand for the region’s high value food and fibre exports remains strong, and we
expect to maintain solid volumes and earnings through the second half of the year. Environmental
growing conditions and new plantings coming on stream have supported earlier pipfruit exports, which
are tracking well, and growers are confident of a larger crop than 2025.
“To date we are not experiencing any notable direct disruption to our trade from the current events in
the Middle East. Notwithstanding underlying global demand for regional exports, we remain mindful of
ongoing uncertainty in global markets and increased costs for exporters and importers along with the
increased likelihood of higher levels of inflation in the foreseeable future.
Napier Port reaffirms its expectations for an underlying result from operating activities for the year to
the end of September 2026 of between $70 million and $74 million, assuming a continuation of current
operating conditions.
Chair Blair O’Keeffe said: “The Board is pleased to pay a fully imputed interim dividend of 5.25 cents
per share, which is increased from the 4.0 cents per share base interim dividend paid last year.
The record date for the interim dividend entitlement is 11 June and the payment date will be 24 June.
We expect to provide a further update to the market regarding our June quarter trading results during
August.





3
Twenty-foot equivalent container unit

3


Conference Call
Napier Port will hold a conference call at 11:00am (NZT) (9.00am, AEST) today. To attend to the
conference call participants must pre-register at the following link:
https://s1.c-conf.com/diamondpass/10054231-baqj5n.html
Registrations can be taken right up to the commencement of the call.
ENDS

For more information:

Investors Media
Kristen Lie Fleur Murray
Chief Financial Officer GM Corporate Affairs
DDI: +64 6 833 4405 DDI: +64 6 833 4368
E: kristenl@napierport.co.nz E: fleurm@napierport.co.nz

About Napier Port
Napier Port is New Zealand’s fourth largest port by container volume. We are the gateway for
Hawke’s Bay and lower North Island’s exports and operate a long-term regional infrastructure asset
that supports the regional economy. Our strategic purpose is to collaborate with the people and
organisations that have a stake in helping our region grow. View Napier Port’s investor centre:
www.napierport.co.nz/investor-centre/

---

FOR THE SIX MONTHS ENDED 31 MARCH 2026

CONTENTS
+ TRADE AND FINANCIAL RESULTS P3
+ CHAIR AND CHIEF EXECUTIVE’S REPORT P4
+ OVERVIEW OF THE HALF YEAR P9
+ FINANCIAL STATEMENTS P16
+ INDEPENDENT AUDITOR’S REVIEW REPORT P27
+ DIRECTORY P28
P2

01
SECTION
TRADE AND
FINANCIAL RESULTS
For the Six Months Ended 31 March 2026
P3
$84.9m
Revenue
8.8%
116k
TEU Containers
Handled
3.5%
$37.3m
Result from Operations
12.5%
$49.9m
Container Services
Revenue
16.7%
$10.5m
Interim Dividend
5.25 cents/share
54
Cruise Vessel
Calls
29.9%
$17.9m
Underlying Net Profit
21.5%
1.68m
Tonnes of Bulk
Cargo Handled
1.5%
$18.0m
Reported Net Profit
10.8%
$27.0m
Bulk Cargo
Revenue
5.9%

HALF YEAR REPORT
CHAIR AND CHIEF
EXECUTIVE’S REPORT
+ TRADING OVERVIEW P5
+ FINANCIAL RESULTS P6
+ STRATEGIC CAPITAL PROJECTS OVERVIEW P7
+ OUTLOOK AND DIVIDEND P8
02
SECTION
P4

This positive half-year result reflects
a consolidation of the increased trade
activity we saw across Hawke’s Bay
during 2025. Container volumes
increased, supported by continued
strength in refrigerated exports,
particularly across squash, onions
and early season apples.
Containerised imports increased
during the period, largely driven
by earlier positioning of empty
containers to support export demand,
improving container availability for
exporters and supporting supply
chain flows ahead of the Hawke’s
Bay peak horticulture season.
Bulk cargo volumes were slightly
lower, reflecting softer log exports,
partially offset by increased fertiliser
and other bulk cargo movements.
Cruise vessel calls declined
compared with the prior period,
reflecting a broader reduction in
cruise activity across Australia and
New Zealand. However, vessels
visiting Napier were larger on
average, with higher passenger
numbers per vessel supporting
increased revenue per cruise ship
call.
This result again highlights the value
of a diverse and resilient cargo base,
supported by the operational agility to
deliver capacity and flexibility when
needed.
Trading Overview
This result again
highlights the value of
a diverse and resilient
cargo base, supported
by the operational
agility to deliver
capacity and flexibility
when needed.”
HALF YEAR REPORT
P5
Chair and Chief
Executive’s
Report
Kia ora koutou,
We are pleased to report strong
underlying earnings growth for
the six months ended 31 March
2026, reflecting solid operational
performance, another good growing
season, increased container services
activity, and continued progress with
our yield management strategies.
Underlying net profit after tax
increased 21.5% to $17.9 million
from $14.8 million in the same period
last year.
Reported net profit after tax was
$18.0 million, a 10.8% decrease on
the prior year’s $20.2 million, due to
the inclusion of the final settlement
of the Cyclone Gabrielle insurance
claim in the prior year period.

Financial Results
Revenue for the half year rose 8.8% to
$84.9 million from $78.1 million in the
same period last year.
Container services revenue increased
16.7% to $49.9 million from $42.7 million,
following a 3.5% increase in container
volumes to 116,000 TEU, compounded
by a 12.8% increase in average revenue
per TEU.
Bulk cargo revenue increased 5.9% to
$27.0 million from $25.5 million, despite
total bulk cargo volume decreasing 1.5%
to 1.68 million tonnes. Average revenue
per tonne increased by 7.5%. Within total
bulk cargo, export log volumes decreased
5.4% to 1.28 million tonnes, partially
offset by increased fertiliser and other
bulk cargo.
Cruise revenue decreased 21.8% to $6.4
million from $8.2 million. There were
54 cruise vessel calls in the half year,
compared to 77 in the prior year.
Operating expenses increased 6.0% on
the same period last year, due to growth
in volume-related contracted services
costs, and wages and salaries.
Positive operating leverage on higher
container activity increased the result
from operating activities by 12.5% to
$37.3 million, from $33.1 million reported
for the first half of the last financial year.
Capital expenditure for the period was
$29.6 million, with strategic projects
progressing well. Our investment
programme into infrastructure and
capability continues, with renewal and
replacement across several areas,
including Napier Port Transformation
and construction of a new trailing
suction hopper dredge in partnership
with Port Otago. These investments
are progressing well and will support
improved capacity, capability and
operating efficiency as they are
completed progressively.
$84.9m
Revenue
8.8%
$17.9m
Underlying net
profit after tax
21.5%
HALF YEAR REPORT
P6

HALF YEAR REPORT
Strategic Capital Projects Overview
Business Benefits
• Improves safety and reliability of
container transport operations
• Lifts productivity and efficiency
through automation
• Reduces operating costs and
emissions over time
• Establishes a scalable platform to
support future terminal growth
Progress and Milestones
• Completion of key civil and electrical
infrastructure works
• Private 5G network now live to
support operations
• Operational trials underway to
support transition
• Initial fleet and infrastructure arriving
mid-2026
• Progressive transition to autonomous
operations through to early 2027
Napier Port
Transformation (NPT)
Overview
Introduction of a new horizontal transport
model using battery-electric autonomous
trucks and supporting digital systems
across the container terminal.
Strategic Initiative
Business Benefits
• Improves reliability and availability of
crane fleet
• Strengthens operational resilience
during peak demand
• Supports more consistent vessel
operations
• Enhances service delivery for customers
Progress and Milestones
• Major overhaul works underway
across key cranes
• Four frontline cranes available to
support peak season demand
• Further upgrades scheduled
following peak season
Crane Major
Maintenance Programme
Overview
Targeted major maintenance and upgrade
programme across the mobile harbour
crane fleet to improve reliability and
performance.
Strategic Initiative
Business Benefits
• Improves berth availability and vessel
operability
• Supports safer and more reliable
vessel operations through improved
understanding of berth conditions
• Provides a foundation for future
improvements in berth and crane
performance
Progress and Milestones
• Installation underway with staged
commissioning approach
• LiDAR vessel motion system
validated for real-time monitoring
ShoreTension – 6 Wharf
Mooring System Upgrade
Overview
Installation of ShoreTension mooring
systems at 6 Wharf to improve vessel
stability and berth performance under
varying sea conditions.
Strategic Initiative
Business Benefits
• Improves channel resilience and long-
term dredging capability
• Supports future shipping requirements at
a lower lifecycle cost
• Provides pathway to achieve already
consented depths for channel and berths
• Strengthens the port’s control over
critical infrastructure
Progress and Milestones
• Vessel construction underway
• Harbour and sea trials scheduled
through mid to late 2026
• Final delivery expected late 2026
• Commence dredging work early
in 2027
Dredge Build
Programme
Overview
Construction of a new trailing suction
hopper dredge in partnership with Port
Otago to support long-term shipping
channel maintenance.
Strategic Initiative
P7

HALF YEAR REPORT
Outlook and Dividend
We are pleased to deliver a strong first-
half result for both our region and our
shareholders. This outcome reflects the
continued focus of the Napier Port team on
operational performance, customer service
and disciplined execution.
Demand for the region’s food and fibre
exports remains robust, and we expect to
sustain healthy volume and earnings into the
second half of the year. Growing conditions
have supported earlier pipfruit exports,
which are progressing well.
Todd Dawson
Chief Executive Officer
Blair O’Keeffe
Chair
P8
We remain mindful of ongoing uncertainty in
global markets, increased costs for exporters
and importers, and the increased likelihood of
higher levels of inflation in the near future.
We confirm expectations for an underlying
result from operating activities for the year
to the end of September 2026 of between
$70 million and $74 million, assuming a
continuation of current operating conditions.
The Board has resolved to pay a fully imputed
interim dividend of 5.25 cents per share,
increased from the 4.0 cents per share interim
dividend paid last year. The record date for
the interim dividend entitlement is 11 June,
and the payment date will be 24 June.
Ngā mihi nui,

HALF YEAR REPORT
OVERVIEW OF
THE HALF YEAR
+ EXTENDING OUR ROLE ACROSS THE SUPPLY CHAIN P10
+ DRIVING PRODUCTIVITY AND OPERATIONAL PERFORMANCE P11
+ DELIVERING PARTNERSHIPS AND TRANSFORMATION P12
+ BUILDING CAPABILITY, SYSTEMS AND TECHNOLOGY P13
+ IMPROVING ENVIRONMENTAL PERFORMANCE P14
+ STRENGTHENING OUR PEOPLE AND CULTURE P15
03
SECTION
P9

Strategic Overview and Progress
Napier Port continues to progress delivery of its refreshed strategy, introduced in
2025 following a comprehensive review to position Napier Port for the challenges
and opportunities ahead to 2035. The strategy is built around a clear set of
strategic pillars – growing our Port Plus+, delivering excellence to the core, building
alliances, and evolving as a learning and leading port – with integrated sustainability
and a strong focus on people and culture forming the foundations that underpin
long-term performance.
Progress during the first half of 2026 reflects continued momentum across these
priorities, with a focus on expanding our role across the supply chain, improving
operational performance, progressing key partnerships and investments, and
strengthening organisational capability to support future growth.
Extending Our Role
Across the Supply Chain
In the first half, Napier Port continued to
expand its role beyond the wharf, delivering
greater value to customers through more
integrated services across a broader section
of the supply chain.
As part of our focus on growing our Port
Plus+ offering, a new import customer,
Oji Fibre Solutions, was onboarded and is
utilising an integrated service model that
combines inland logistics and warehousing,
including on-port devanning and onward
delivery via our Viewpoint road and rail
services. Oji’s supply chain provides a
practical example of how Napier Port is
delivering a flexible, integrated end-to-end
supply chain solution for customers, while
also growing volume across our wharves.
A key focus during the half year has been
improving the flow of cargo through the
supply chain for our customers, particularly in
preparation for the peak export season. This
has included earlier and more coordinated
positioning of empty containers, improving
availability during peak demand and reducing
delays for exporters. Extended operating
hours, along with the ability to flex operations
between rail, road and on-port handling,
have supported customers in managing
variability in volumes and shipment timing.
This demonstrates how Napier Port is using
its broader service offering to support cargo
retention and growth.
HALF YEAR REPORT
GROWING OUR PORT PLUS+
Napier Port is delivering a
flexible, integrated end-to-
end supply chain solution
for customers, while also
growing volume across
our wharves.”
P10

A ‘whole-of-port’ approach to planning and execution is now
embedded across our operations, enabling teams to respond
dynamically by deploying resources to areas of operational demand.”
Napier Port has strengthened its core
operations during the first half of 2026,
with a focus on improving productivity,
reliability and the effective use of assets
across the port.
Aligned with our focus on delivering
excellence to the core, a ‘whole-of-port’
approach to planning and execution is
now embedded across our operations,
enabling teams to respond effectively
by deploying our resources to areas of
operational demand. This includes a
flexible approach to workforce deployment
and closer coordination across operational
functions, supporting better alignment of our
people, equipment and terminal space to
meet demand.
Ahead of, and into the early stages of
Hawke’s Bay's peak horticulture season,
several operational changes were
implemented, including bringing bulk cargo
operations into our centralised Planning
and Execution functions, alongside more
structured co-ordination between marine and
landside teams.
This has been supported by a programme of
improvement work across operations, where
approximately 35 improvement initiatives
were delivered to help remove inefficiencies
and streamline processes, including better
shift alignment, improved information flows to
frontline teams, increased use of digital tools
and more structured planning.
Asset reliability has been a key contributor
to operational performance in the first half of
this year. Targeted maintenance and upgrade
work across the mobile harbour crane fleet
has increased availability and consistency,
reducing disruption and supporting stable
vessel operations.
Improvements to our health and safety
systems and processes have remained
central to this work. Productivity
improvements have been pursued
alongside a continued focus on critical risk
management, with the business's attention
toward the risks most likely to cause serious
harm and pursuing actions that either remove
or mitigate these risks as a priority.
Collectively, these changes are driving
improved productivity and reliable delivery
outcomes across our port.
Driving Productivity and
Operational Performance
DELIVERING EXCELLENCE TO THE CORE
HALF YEAR REPORT
P11

Alongside these partnerships, Napier Port is
now at the midpoint of delivering a significant
investment and transformation programme,
with approximately $120 million over the
2025 to 2027 financial years being deployed
across key maintenance, renewal and growth
projects.
This programme is focused on strengthening
core infrastructure, improving resilience and
enabling productivity, including the transition
to a new container terminal operating model
through the Napier Port Transformation
Partnerships continue to play a critical role
in supporting operational performance and
preparing the port for the future.
Supporting our focus on building alliances,
Napier Port has worked closely with KiwiRail
during the half year to support growth in rail-
based freight into Hawke’s Bay. Additional
locomotive and wagon capacity has been
secured on the Napier to Palmerston North
service, supporting further growth across both
containerised and bulk cargo, while improving
network capacity and supporting increased
utilisation of rail within the supply chain.
(NPT) project. Progress on NPT during the
half year has included the completion of
key civil and electrical infrastructure works,
the commencement of operational trials to
support the transition, and preparation for the
arrival of new equipment in the second half of
the year.
The construction of our new dredge vessel,
being delivered in partnership with Port
Otago, remains on track and is scheduled for
launch in June 2026, ahead of harbour and
sea trials later in the year.
Together, these partnerships and
investments in infrastructure, equipment
and operating models strengthen
operational resilience and position the
port for future productivity gains.
HALF YEAR REPORT
Delivering Partnerships
and Transformation
BUILDING ALLIANCES
Together, these partnerships and investments
in infrastructure, equipment and operating
models strengthen operational resilience and
position the port for future productivity gains.”
P12

Napier Port has progressed a number of
capability, systems and technology initiatives
during the half year to support improved
performance and prepare the organisation for
future operating requirements.
Innovation, technology and continuous learning
are core to how we will keep building capability
across the port, driving more consistent, data
led decision-making, improved safety, stronger
operational resilience, and more reliable and
efficient outcomes for our customers.
Napier Port has strengthened its core technology
and data capability investments in new systems
which has led to improvements in visibility
and consistency across our Planning and
Execution functions. Absorb, our new Learning
Management System, has been implemented,
with compliance training now centralised and
tracked across the organisation, providing
clearer oversight of our people’s skills and
competencies required for their roles and their
learning and development requirements.
Our new rostering and planning tool, RASP,
continues to be embedded across the business,
enabling more structured workforce planning,
improving alignment between labour deployment
and operational demand, and strengthening
controls around fatigue management and skills
compliance specific to roles.
Investment in network and operational
technology has also progressed during the
period, including the implementation of a
private 5G network to support Napier Port
Transformation. The network provides secure,
reliable connectivity, enabling real-time data and
improved operational visibility across a scalable
platform for future technology programmes.
Together, these initiatives are strengthening
organisational capability and enabling more
consistent and effective delivery across the port.
Building Capability,
Systems and Technology
HALF YEAR REPORT
LEARNING AND LEADING PORT
Innovation, technology and continuous learning
are core to how we build capability across
the port, driving more consistent, data led
decision-making, improved safety, stronger
operational resilience and more reliable and
efficient customer outcomes."
P13

INTEGRATED SUSTAINABILITY
P14
HALF YEAR REPORT
Improving Environmental
Performance
Napier Port has maintained consistent
operational emissions across Scope 1 and
Scope 2 during the first half of FY2026, with
emissions intensity (tonnes of CO2e per
Tonne) decreasing slightly as throughput
increased. Combined Scope 1 and Scope 2
emissions decreased by 0.5% compared with
the prior year, alongside a 0.1% increase in
total cargo tonnes throughput.
Scope 1 emissions increased 0.7%, driven
by higher marine and generator fuel usage,
partially offset by reductions across the
mobile plant fleet. Scope 2 emissions
decreased by 7.8%, reflecting lower electricity
consumption.
There were significant movements across
Scope 3 emissions during the period,
reflecting increased freight railed to the
port and the inclusion of additional Scope 3
categories introduced in the second half of
FY2025.
Alongside operational performance,
Napier Port has continued to strengthen its
contribution to the local environment and
community. This includes establishing a
partnership with Predator Free Napier Hill,
a community-led initiative focused on pest
eradication to support native biodiversity.
Napier Port is supporting the programme
through sponsorship funding and employee
volunteer activity.

Strengthening Our
People and Culture
Napier Port has continued to embed its
people and culture initiatives during the
half year, with a focus on strengthening
leadership, supporting employee
engagement and promoting wellbeing
across the organisation.
Leadership development has remained
a key priority, with more than 70 leaders
completing the specifically developed Port
Leadership Essentials programme. This is
supporting a more consistent approach to
leadership across the business, particularly
in leading teams through operational
change, peak demand and how to
effectively lead and coach.
A range of wellbeing initiatives have
supported engagement across the period,
including Fizz Free February – encouraging
healthier habits – and participation-
based activities such as Peak Trailblazer,
supporting employee involvement in local
fitness events.
Together, these initiatives are strengthening
leadership capability, supporting employee
engagement and contributing to a positive
and sustainable working environment
across the port.
HALF YEAR REPORT
70+
Leaders completing the Leadership
Essentials programme
P15

HALF YEAR REPORT
FINANCIAL
STATEMENTS
+ CONSOLIDATED INCOME STATEMENT P17
+ CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME P17
+ CONSOLIDATED STATEMENT OF CHANGES IN EQUITY P18
+ CONSOLIDATED STATEMENT OF FINANCIAL POSITION P19
+ CONSOLIDATED STATEMENT OF CASH FLOWS P20
+ NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS P22
+ INDEPENDENT AUDITOR’S REVIEW REPORT P27
04
SECTION
P16

Napier Port Holdings Limited
Consolidated Income Statement
For the Six Months Ended 31 March 2026Note
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Revenue 584,913 78,079
Employee benefit expenses24,426 23,174
Property and plant expenses6,954 6,889
Contract services6,215 4,947
Occupancy expenses4,942 5,213
Other operating expenses5,099 4,706
Result from operating activities1037,277 33,149
Depreciation, amortisation and impairment expenses9,456 9,666
Other (income) and expenses397 6
Net Cyclone Gabrielle insurance proceeds- (7,460)
Operating profit27,424 30,937
Investing (income) and expenses(92)(12)
Profit before financing and income tax27,516 30,949
Net finance costs62,285 2,784
Profit before income tax25,231 28,165
Income tax expense77,243 8,002
Profit for the period attributable to the shareholders of
the Company
17,988 20,163
Earnings Per Share:
Basic earnings per share ($)0.090.10
Diluted earnings per share ($)0.090.10
Napier Port Holdings Limited
Consolidated Statement of Comprehensive
Income
For the Six Months Ended 31 March 2026Note
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
Profit for the period attributable to the shareholders of
the Company
17,988 20,163
Other comprehensive income
Items that will be reclassified to profit or loss:
Changes in fair value of cash flow hedges1,832 526
Cash flow hedges transferred to profit or loss6(72)(839)
Deferred tax on changes in fair value of cash flow hedges(493)88
Items that will not be reclassified to profit or loss:
Changes in fair value of cash flow hedges related to
property, plant and equipment
(436)157
Deferred tax on changes in fair value of cash flow hedges122 (44)
Changes in fair value of marketable securities27 -
Other comprehensive income for the period, net of tax981 (112)

Total comprehensive income for the period attributable
to the shareholders of the Company
18,969 20,051
The above income statement should be read in conjunction with the accompanying notes.The above statement of comprehensive income should be read in conjunction with the accompanying notes.
P17

Napier Port Holdings Limited
Consolidated Statement of Changes In Equity
For the Six Months Ended 31 March 2026
Share Capital
$’000
Revaluation Reserve
$’000
Hedging Reserve
$’000
Share-Based
Payment Reserve
$’000
Retained Earnings
$’000
Total Equity
$’000
Balance at 1 October 2025245,911 116,311 (285)651 64,313 426,900
Profit for the period----17,988 17,988
Other comprehensive income-27 953 --981
Total comprehensive income for the period-27 953 -17,988 18,969
Dividends21 ---(15,981)(15,960)
Long term incentive plan vesting transfers207 --(207)--
Share-based payments---146 -146
Fair Share loans - employee repayments21 ----21
Fair Share plan settlement transfers17 --(17)--
Transfers from treasury stock - employee recognition scheme363 ----363
Total transactions with owners in their capacity as owners629 --(77)(15,981)(15,429)
Total movement in equity629 27 953 (77)2,007 3,539
Balance at 31 March 2026 (Unaudited)246,540 116,338 668 573 66,320 430,440
Balance at 1 October 2024246,107 113,017 987 609 58,406 419,126
Profit for the period----20,163 20,163
Other comprehensive income--(112)--(112)
Total comprehensive income for the period--(112)-20,163 20,051
Dividends17 ---(11,993)(11,976)
Long term incentive plan vesting transfers195 --(195)--
Share-based payments- --130 -130
Fair Share loans - employee repayments70 --- -70
Fair Share plan settlement transfers12 --(12)--
Transfers from treasury stock - employee recognition scheme215 ----215
Total transactions with owners in their capacity as owners509 --(77)(11,993)(11,561)
Total movement in equity509 -(112)(77)8,170 8,490
Balance at 31 March 2025 (Unaudited)246,616 113,017 875 532 66,576 427,616
The above statement of changes In equity should be read in conjunction with the accompanying notes.
P18

Napier Port Holdings Limited
Consolidated Statement of Financial Position
As at 31 March 2026Note
31 March 2026
Unaudited
$’000
30 September 2025
Audited
$’000
EQUITY
Share capital246,540 245,911
Reserves117,580 116,676
Retained earnings66,320 64,313
430,440 426,900
NON-CURRENT LIABILITIES
Loans and borrowings8131,232 109,650
Deferred tax liability24,990 23,879
Derivative financial instruments58 1,267
Provision for employee entitlements717 648
156,997 135,444
CURRENT LIABILITIES
Taxation payable2,871 6,183
Lease liabilities- 26
Derivative financial instruments427 493
Trade and other payables26,860 24,615
30,158 31,317
617,595593,661
Note
31 March 2026
Unaudited
$’000
30 September 2025
Audited
$’000
NON-CURRENT ASSETS
Property, plant and equipment562,884 542,830
Intangible assets734 720
Investment properties13,680 13,630
Derivative financial instruments760 1,881
Investment in joint venture250 250
578,308 559,311
CURRENT ASSETS
Cash and cash equivalents1,741 3,463
Marketable securities5,691 3,518
Derivative financial instruments1,796 2,370
Trade and other receivables24,683 19,622
Other current assets5,376 5,377
39,287 34,350
617,595593,661
The above Statement of Financial Position should be read in conjunction with the accompanying notes.
P19
On behalf of the Board of Directors, who authorised the issue of these financial statements on the 19 May 2026.
Chairman Director

31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash was provided from:
Proceeds from bank loans and borrowing23,500 -
Repayment of fair share loans by employees42 88
Cash was applied to:
Repayment of bank loans and borrowing- (6,500)
Dividends paid(15,981)(11,993)
Repayment of lease liabilities(26)(94)
Finance costs paid(2,970)(2,826)
Net cash flows from/(used in) financing activities4,565 (21,325)
Net decrease in cash and cash equivalents(1,722)(244)
Cash and cash equivalents at beginning of the period3,463 1,783
Cash and cash equivalents at end of the period1,7411,539
The above statement of cash flows should be read in conjunction with the accompanying notes.
Napier Port Holdings Limited
Consolidated Statement of Cash Flows
For the Six Months Ended 31 March 2026
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash was provided from:
Receipts from customers75,775 69,543
Net Cyclone Gabrielle insurance proceeds-10,960
GST received580 1,437
Cash was applied to:
Payments to suppliers and employees(42,724)(39,277)
Income taxes paid(9,815)(8,027)
Net cash flows generated from operating activities23,816 34,636
CASH FLOWS FROM INVESTING ACTIVITIES
Cash was provided from:
Proceeds from disposal of property, plant and equipment71 1
Dividend income51 -
Interest income2 19
Cash was applied to:
Investment in marketable securities(2,146)-
Acquisition of property, plant and equipment and intangible assets(28,081)(13,575)
Net cash flows used in investing activities(30,103)(13,555)
P20

Reconciliation of profit for the period to
cash flows from operating activities
For the Six Months Ended 31 March 2026
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Profit for the period17,988 20,163
Adjust for non-cash items:
Fair value gains on investment property(50)-
Depreciation and amortisation9,456 9,057
Impairment of assets-609
Net loss on disposal of property, plant and equipment397 23
Share-based payments146 130
Deferred tax740 887
10,689 10,706
Other adjustments:
Finance costs classified as financing activities2,285 2,784
Investment income classified as investing activities(53)(19)
Increase in non-current provision69 (24)
2,3012,741
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Movements in working capital:
Increase in trade and other receivables(5,061)(4,204)
Decrease in Cyclone Gabrielle insurance receivable-3,500
Increase in trade and other payables1,211 2,642
Decrease in current taxation payable(3,312)(912)
(7,162)1,026
Net cash flows generated from operating activities23,81634,636
P21
The above statement of cash flows should be read in conjunction with the accompanying notes.

Napier Port Holdings Limited
Notes to the Consolidated Financial Statements
For the Six Months Ended 31 March 2026
1. Reporting entity
The interim financial statements presented are
those of Napier Port Holdings Limited and its
subsidiaries (together 'the Group'). The Group's
subsidiaries are Port of Napier Limited, a
100% owned, NZ incorporated, port operating
company, and Napier Port IC Limited, a 100%
owned, Cook Islands incorporated, captive
insurance company.
Napier Port Holdings Limited is incorporated
under the Companies Act 1993 and domiciled
in New Zealand. Napier Port Holdings Limited's
shares are publicly traded on the New Zealand
Stock Exchange (NZX) and has bonds quoted
on the NZX Debt Market (NZDX).
2. Basis of preparation
The financial statements have been prepared
in accordance with the Financial Markets
Conduct Act 2013.
Statement of compliance
The interim financial statements have been
prepared in accordance with New Zealand
equivalents to International Accounting
Standard 34, Interim Financial Reporting (NZ
IAS 34), and International Accounting Standard
34, Interim Financial Reporting. The Group is a
for-profit entity for NZ GAAP purposes. These
interim financial statements do not include all
the information normally included in an annual
financial report. Accordingly, these should be
read in conjunction with the Group's annual
financial statements for the year ended 30
September 2025.
Basis of measurement
The interim financial statements have been
prepared on a historical cost basis, except
for sea defences, investment properties,
marketable securities, and derivative financial
instruments which are measured at fair value,
and assets held for sale, which are measured
at fair value less costs to sell.
Functional and presentation currency
The financial statements are presented in New
Zealand Dollars (NZD), which is the Group's
functional and presentation currency and
are rounded to the nearest thousand dollars
($'000), unless otherwise stated.
3. Summary of material
accounting policy information
The principal accounting policies adopted
are consistent with those followed in the
preparation of the Group's Consolidated
Financial Statements for the year ended 30
September 2025 except as noted below.
New and amended standards
The Group has adopted NZ IFRS 18,
Presentation and Disclosure in Financial
Statements, for the current reporting period.
There are no other new accounting standards
and interpretations that are issued but not yet
adopted that are expected to have a material
impact on the Group.
NZ IFRS 18 Presentation and Disclosure in
Financial Statements
NZ IFRS 18 sets out new requirements for the
presentation and disclosure of information in
general purpose financial statements. Certain
information reported in the prior comparative
period of the consolidated income statement
and consolidated statement of cash flows has
been restated to comply with the requirements
of NZ IFRS 18. The restated consolidated
income statement under NZ IFRS 18 for the
six months ended 31 March 2025 reconciles to
the previously reported consolidated income
statement prepared under the previously
applicable reporting standard NZ IAS 1,
Presentation of Financial Statements, as
follows on the next page:
P22
Notes To The Consolidated Financial Statements
Reconciliation of consolidated
income statement
As previously
reported
$’000
Adjustments
$’000
Restated
$’000For the Six Months Ended 31 March 2026
Revenue 78,092 (13)78,079
Employee benefit expenses23,174 -23,174
Property and plant expenses6,889 -6,889
Contract services-4,947 4,947
Occupancy expenses-5,213 5,213
Other operating expenses14,880 (10,173)4,706
Result from operating activities33,149 -33,149
Depreciation, amortisation and impairment expenses9,666 -9,666
Other (income) and expenses6 -6
Net Cyclone Gabrielle insurance proceeds(7,460)-(7,460)
Operating profit30,937
Investing (income) and expenses-(12)(12)
Profit before financing and income tax30,937 12 30,949
Net finance costs2,772 12 2,784
Profit before income tax28,165 -28,165
Income tax expense8,002 -8,002
Profit for the period attributable to the shareholders
of the Company
20,163-20,163
Revenue and expenses related to investments held by the Group have been reclassified to the
investing category in the consolidated income statement. Foreign exchange differences which relate
primarily to operating costs have also been reclassified to operating costs from finance costs.
Expenses previously classified as other operating expenses have been further disaggregated in the
consolidated income statement.

6. Net finance costs
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Interest and finance charges on borrowings3,553 3,528
Gain realised on cash flow hedges transferred from other
comprehensive income
(72)(839)
(Gain)/loss realised on fair value hedges(678)240
Unrealised change in fair value of fair value hedges2,021 204
Unrealised change in fair value of loans and borrowings subject to fair
value hedges
(2,021)(204)
Lease imputed interest- 2
Less: Interest capitalised to property, plant & equipment(518)(147)
Net finance costs2,2852,784
P23
Notes To The Consolidated Financial Statements
4. Uncertainties, estimates and judgements
The preparation of the financial statements in conformity with NZ IAS 34 requires management to
make judgements, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates.
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, are
consistent with those applied to the Group's consolidated financial statements for the year ended
30 September 2025.
5. Revenue and segment reporting
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Disaggregation of revenue
Container services49,900 42,741
Bulk cargo26,990 25,482
Cruise6,410 8,192
Sundry income223 290
Port operations83,523 76,705
Property operations1,390 1,374
Operating income84,91378,079
Accounting policies:
Port operations
Port operations represents a series of services including marine, berthage and port infrastructure
services to the Group’s customers which are accounted for as a single performance obligation.
Revenue is recognised over-time using the percentage of completion method.
Revenue is measured based on the service price specified in the relevant tariffs or specific customer
contract. The contract price for the services performed reflects the value transferred to the customer.
Property operations
Property lease income is recognised on a straight-line basis over the period of the lease term.
Operating segments
The Group determines its operating segments based on internal information that is regularly
reported to the Chief Executive, who is the Group's Chief Operating Decision Maker (CODM).
The Group operates in one reportable segment being Port Services. This consists of providing
and managing port services and cargo handling infrastructure through Napier Port. Within the
Port Services reportable segment the following operating segments have been identified: marine
services, general cargo services, container services, port pack services and depot services. These
have been aggregated on the basis of similarities in economic characteristics, customers, nature of
services and risks.
The Group operates in one geographic area, that being New Zealand. During the period the Group
had one customer which comprised 12% of total revenue (2025: two customers 21%).

7. Income tax expense
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
(Restated)
Reconciliation between income tax expense and tax expense
calculated at the statutory income tax rate:
Profit before income tax25,231 28,165
Income tax at 28%7,065 7,885
Adjustment to prior year tax(17)9
Tax effect of non-deductible items171 108
Tax effect of non-assessable items(28)-
Other52 -
Income tax expense7,243 8,002
The income tax expense is represented by:
Current tax on profits for the year7,040 7,837
Adjustments for current tax of prior periods(537)(722)
Current income tax expense6,503 7,115
Deferred income tax expense for the period220 156
Adjustments for deferred tax of prior periods520 731
Deferred income tax expense740 887
Income tax expense7,243 8,002
8. Loans and borrowings
31 March 2026
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities30,50030,500
Fixed rate NZD Bonds100,000100,732
Total non-current130,500131,232
30 September 2025
Non-current
Drawn
Facilities/
Bonds Issued
NZ$’000
Carrying
Value
NZ$’000
Bank facilities7,0007,000
Fixed rate NZD Bonds100,000102,650
Total non-current107,000 109,650
P24
Notes To The Consolidated Financial Statements

10. Management-defined performance measures
The Group uses certain management-defined performance measures in its public communications
to communicate management's view of aspects of the Group's operating performance. These
measures are not defined by IFRS accounting standards, which means they may not be directly
comparable to similar measures used by other entities.
The relevant measures and the reconciliation between each measure and the most directly
comparable total or subtotal specifically required by IFRS are as follows. The tax effect of each
reconciling item is determined using the statutory tax rate of 28%.
Result from operating activities
The Group uses 'Result from operating activities' on the face of the consolidated income statement
as it considers this metric provides the result from core operating activities for comparison from
period to period.
The result from operating activities is intended to be calculated as operating income less
operating expenses. The measure excludes income and expenses related to finance costs, taxes,
depreciation, amortisation, impairment and retirement of operating and other assets, and the
income and expenses arising from fair value changes, non-recurring and abnormal, and joint-
venture and other investment activity.
The result from operating activities measure includes certain non-cash income and expenses
related to core operating activities such as accrued income and expenses and share-based
payments.
9. Related party transactions
Transactions with owners
31 March 2026
Unaudited
$’000
31 March 2025
Unaudited
$’000
RELATED PARTYNATURE OF TRANSACTIONSVALUE OF TRANSACTIONS
Hawke’s Bay Regional CouncilRates, levies, consents and services224187
Lease income(22)(24)
Accounts payable by the Group(332)(275)
Hawke’s Bay Regional
Investment Company
Dividends8,800 6,600
31 March 2026
Reconciliation
$’000
Income tax
expense
$’000
Operating profit27,424
Depreciation, amortisation and impairment expenses9,456(2,648)
Other (income) and expenses397(111)
Result from operating activities37,278(2,759)
31 March 2025
Reconciliation
$’000
Income tax
expense
$’000
Operating profit30,937
Depreciation, amortisation and impairment expenses9,666(2,706)
Net Cyclone Gabrielle insurance proceeds(7,460)2,089
Other (income) and expenses6(2)
Result from operating activities33,149(619)
P25
Notes To The Consolidated Financial Statements

P26
Notes To The Consolidated Financial Statements
11. Commitments & contingencies
Capital expenditure commitments
At balance date there were commitments in respect of contracts for capital expenditure
totalling $10.8million (2025: $17.3 million).
Contingent liabilities
There were no material contingent liabilities at balance date (2025: $nil)
12. Events subsequent to balance date
Subsequent to the balance sheet date, a fully imputed dividend of $10.5 million (5.25 cents
per share) was approved by the Board of Directors.
31 March 2026
Pre-tax
amount
$’000
Income tax
expense
$’000
After-tax
amount
$’000
Net profit after tax17,988
Fair value gain on investment property(50)(50)
Underlying net profit after tax17,938
31 March 2025
Pre-tax
amount
$’000
Income tax
expense
$’000
After-tax
amount
$’000
Net profit after tax20,163
Net Cyclone Gabrielle insurance proceeds(7,460)2,089(5,371)
Restructuring costs(33)9(24)
Underlying net profit after tax14,768
10. Management-defined performance measures (continued)
Underlying net profit after tax
The Group uses 'Underlying net profit after tax' as a performance measure as it considers that this
metric provides the net profit after tax of the Group that is comparable from period to period.
Reported net profit after tax is adjusted for certain non-recurring, non-core and abnormal items,
and unrealised fair value movements. The adjustments that the Group considers appropriate are as
follows:
(i) removal of unrealised fair value movements on investment properties as this relates to non-core
activity;
(ii) removal of expenses and material damage and business interruption insurance income
attributable to the extraordinary Cyclone Gabrielle event that occurred during February 2023.
Insurance income for insured business interruption losses indemnified the Group for reduced
operating profits following Cyclone Gabrielle. The recognition of business interruption insurance
income does not necessarily match the accounting period of the reduced operating profits, as the
income recognition was determined according to the Group’s accounting policy for recognising
insurance recovery income and is dependent upon the timing of the lodgement of claims with
insurers and the timing of their review processes. The adjustment removes this timing effect and
the potential variability in income recognition; and
(iii) removal of non-recurring restructuring costs.

The Auditor-General is the auditor of Napier Port
Holding Limited (the “Company”) and its subsidiaries
(together the “Group”). The Auditor-General has
appointed me, Stuart Mutch, using the staff and
resources of Ernst & Young, to carry out the review of
the interim financial statements of Group on his behalf.
Conclusion
We have reviewed the interim financial statements
of the Group on pages 17 to 26, which comprise the
consolidated statement of financial position as at 31
March 2026 and the consolidated income statement,
statement of comprehensive income, statement of
changes in equity and statement of cash flows for
the six months ended on that date, and the notes,
comprising material accounting policy information and
other explanatory information.
Based on our review, nothing has come to our attention
that causes us to believe that the interim financial
statements of the Group do not present fairly, in all
material respects, the financial position of the Group
as at 31 March 2026, and its financial performance
and cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34:
Interim Financial Reporting.
Basis for conclusion
We conducted our review in accordance with the New
Zealand Standard on Review Engagements 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 Auditor-General’s Auditing Standards, which
incorporate the Professional and Ethical Standard
1 International Code of Ethics for Assurance
Practitioners (including International Independence
Standards) (New Zealand), as applicable to audits and
reviews of public interest entities. We also have fulfilled
our other ethical responsibilities in accordance with the
Professional and Ethical Standard 1.
Ernst & Young provides agreed upon procedures to the
Group which are compatible with those independence
requirements. We have no other relationship with, or
interest in, the Group.
Directors’ responsibilities for the interim
financial statements
The Directors are responsible, on behalf of the
Group, for the preparation and fair presentation of
these interim financial statements in accordance with
New Zealand Equivalent to International Accounting
Standard 34: Interim Financial Reporting and
International Accounting Standard 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 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 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 financial statements, taken
as a whole, are not prepared, in all material respects,
in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial
Reporting and International Accounting Standard 34:
Interim Financial Reporting.
A review of the interim 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.
Stuart Mutch
Partner
Ernst & Young
On Behalf Of The Auditor-General
Wellington, New Zealand
19 May 2026
INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE SHAREHOLDERS OF NAPIER PORT HOLDINGS LIMITED
P27
Independent Auditor’s Review Report

Directory
Directors
Blair O’Keeffe (Chair)
John Harvey
Vincent Tremaine
Kylie Clegg
Debbie Birch
Dan Druzianic
Hamish Stevens
Senior Management Team
Todd Dawson – Chief Executive
Kristen Lie – Chief Financial Officer
Adam Harvey – Chief Operating Officer
David Kriel – General Manager Commercial
David Broad – General Manager Assets and
Infrastructure
Chris Wylie – General Manager Port Optimisation
Laura Chandler – General Manager People,
Capability and Engagement
Fleur Murray – General Manager Corporate Affairs
Registered Office
Breakwater Road
PO Box 947
Napier 4140
New Zealand
Phone: +64 6 833 4400
Email: info@napierport.co.nz
Facebook: Napier Port
LinkedIn: Napier Port
Website: napierport.co.nz
Bond Supervisor
Public Trust
Level 16, SAP Tower
151 Queen Street
Auckland 1010
Bankers
Westpac New Zealand Limited
16 Takutai Square
Auckland 1010
New Zealand
Industrial and Commercial Bank of China
(New Zealand) Limited
Level 11
188 Quay Street
Auckland Central 1010
New Zealand
Solicitors
Bell Gully
171 Featherston Street
Wellington
New Zealand
Auditors
Ernst & Young
PO Box 490
Wellington 6140
On behalf of the Auditor-General
Share Registry
For enquiries about share transactions, dividend
payments, or to change your address, please get in
touch with:
MUFG Corporate Markets
PO Box 91976
Victoria Street West
Auckland 1142
Phone: +64 9 375 5998 or 0800 041 040
Email: napierport@cm.mpms.mufg.com
Copies of our latest annual report are available at
napierport.co.nz/investor-centre
Financial Calendar
31 March 2026 - Half year balance date
20 May 2026 - Interim results announcement
24 June 2026 - Interim dividend payment
30 September 2026 - Financial year end
November 2026 - Annual results announcement
15 December 2026* - Final dividend payment
16 December 2026 - Annual meeting
* Subject to board approval
P28
Directory

---

DRAFT

2
IMPORTANT NOTICE AND DISCLAIMER
This presentation has been prepared by Napier Port Holdings Limited (together with Port of Napier Limited, "Napier
Port"). This presentation is being provided to you on the basis that you are, and you represent and warrant that you are,
a person to whom the provision of the information in this presentation is permitted by the applicable laws and regulations
of the jurisdiction in which you are situated without the need for registration, lodgement or approval of a formal disclosure
document or any other filing or formality in accordance with the laws of that foreign jurisdiction.
Information only; No reliance: This presentation is for information purposes only and you should not rely on this
presentation. This presentation does not purport to contain all of the information that you may require or be complete.
The historical information in this presentation is, or is based upon, information that has been released to NZX Limited
("NZX"). This presentation should be read in conjunction with Napier Port's other periodic and continuous disclosure
announcements, which are available at www.nzx.com.
The information in this presentation does not constitute a personal recommendation or service or take into account the
particular needs of any recipient. The information in this presentation should be considered in the context of the
circumstances prevailing at the date and time of the presentation and is subject to change without notice. No person is
under any obligation to update this presentation nor to provide you with further information about Napier Port. This
presentation does not constitute or form part of an offer to sell, or a solicitation of an offer to buy, any shares, securities
or financial products in any jurisdiction. This presentation has not been and will not be filed with or approved by any
regulatory authority in New Zealand or any other jurisdiction.
Investment risk: An investment in securities in Napier Port is subject to investment and other known and unknown risks,
some of which are beyond the control of Napier Port. Napier Port does not guarantee any particular rate of return or the
performance of Napier Port.
No liability: Napier Port, its shareholders, their respective advisers and affiliates, and each of their respective directors,
shareholders, partners, officers, employees and representatives accept no responsibility or liability for, and make no
representation, warranty or undertaking, express or implied, as to, the fairness, accuracy, reliability or completeness of,
and to the maximum extent permitted by law hereby disclaim and shall have no liability whatsoever (including, without
limitation, arising from fault or negligence or otherwise) for any loss or liability arising from, this presentation or any
information contained, referred to or reflected in it or supplied or communicated orally or in writing to you or any other
person. The information in this presentation has not been independently verified or audited.
Financial data: All dollar values are in New Zealand dollars (NZ$ or NZD) unless otherwise stated. Any financial
information provided in this presentation is for illustrative purposes only and is not represented as being indicative of
Napier Port's views on its future financial condition and/or performance.
Investors should be aware that certain financial data included in this presentation are '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 prescribed by New Zealand Generally Accepted Accounting Standards 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 New Zealand Generally Accepted
Accounting Standards.
Past performance: 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 Napier Port.
Future performance: This presentation contains "forward-looking statements", which include all statements other than
statements of historical facts, including, without limitation, any statements preceded by, followed by or that include the
words "targets", "believes", "expects", "aims", "intends", "will", "may", "anticipates", "would", "could" or similar
expressions or the negative thereof. Indications of, and guidance or outlook on, future earnings or financial position or
performance are also forward-looking statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the control of Napier Port that could cause the actual results,
performance or achievements of Napier Port to be materially different from future results, performance or achievements
expressed or implied by such forward-looking statements. No assurances can be given that the forward-looking
statements referred to in this presentation will be realised. Given these uncertainties, you are cautioned not to rely on
such forward-looking statements.
Confidentiality and copyright: This presentation is strictly confidential and is intended for the exclusive benefit of the
person to which it is presented. This presentation should not be copied, reproduced or redistributed without the prior
written consent of Napier Port. Distribution of this presentation may be restricted or prohibited by law. The copyright of
this presentation and the information contained in it is vested in Napier Port.
Acceptance: For purposes of this Notice, "presentation" shall mean the slides, the oral presentation of the slides by
Napier Port, any question-and-answer session that follows that oral presentation, hard copies of this document and any
materials distributed at, or in connection with, that presentation. By attending an investor or analyst presentation or
briefing, or accepting, accessing or reviewing this presentation, you acknowledge and agree to the terms set out in this
Notice.

3
PRESENTING TODAY
TODD DAWSON
CHIEF EXECUTIVE
KRISTEN LIE
CHIEF FINANCIAL OFFICER
BLAIR O'KEEFFE
CHAIR

4
HY2026 OVERVIEW
Strategic investment programme progressing well, enhancing
capacity, resilience, sustainability and long-term efficiency
Strong underlying earnings growth reflecting operational
performance and strength of our diversified cargo base
BLAIR O’KEEFFE, CHAIR
Confidence in regional resilience and global demand for exports
despite ongoing global uncertainties

5
CONSOLIDATION OF HIGHER CONTAINER SERVICES ACTIVITY
VolumeHY2026HY2025
Variance
kT / TEU / calls%
Total cargo (kT)2,4542,450+4+0.1
Containerised cargo (TEU)116,000112,000+4,000+3.5
Bulk cargo (kT)
- Logs exports (kT)
1,684
1,282
1,710
1,355
-26
-73
-1.5
-5.4
Cruise vessels (calls)5477-23-29.9
TRADE OVERVIEW FY2026 HALF YEAR
•Continued growth in refrigerated cargo and earlier repositioning of empty containers lifted containerised cargo
•Lower bulk volumes; softer log exports outweighing uplift in bulk fertiliser cargo
•Lower cruise vessel calls following a reduction in cruise tourism across New Zealand and Australia

6
CONTINUED POSITIVE MOMENTUM IN REVENUE AND EARNINGS GROWTH
•Further growth in revenue and earnings in half year
•Led by container services revenue growth of $7.2m (+16.7%)
•Continued ARPU
2
growth across all main service areas – reflects focus on yield, cargo mix, and positioning for
achieving medium term ROIC targets
•Improved equipment availability supporting continued focus on operational agility and productivity
•Positive operating leverage demonstrated in earnings
•Insignificant effects from Middle East conflict to date
HY2026
$M
HY2025
$M
Variance
$M%
Revenue84.978.1+6.8+8.8
Result from operating activities37.333.1+4.2+12.5
Net profit after tax – underlying¹17.914.8+3.1+21.5
Cash flow from operations – underlying¹
23.925.8-1.9-7.3
FINANCIAL RESULTS OVERVIEW FY2026 HALF YEAR
1- Refer to appendices for reconciliations of underlying metrics
2- ARPU – Average Revenue Per Unit

7
STRATEGIC INVESTMENT PROGRAMME ON TRACK
•Crane Major Maintenance Programme
•Frontline crane major component replacements & servicing
•Improved reliability and consistency of vessel operations
•Major overhaul works continuing through to end of FY2026.
•Viewpoint Supply Chain
•Expands geographical reach to support cargo growth
•Integrated logistics services across road, rail and warehousing linking
customers to port
•Continued growth and increased rail capacity secured with KiwiRail
•Dredge Vessel (JV with Port Otago)
•Strengthens channel resilience and maintaining strategic relevance
•Enables cost effective progression of capital dredging programme to
consented depths
•Launch date June 2026, delivery late 2026, dredging 2027
ENHANCING CAPACITY, CAPABILITY AND OPERATING EFFICIENCY

8
STRATEGIC INVESTMENT PROGRAMME ON TRACK
•Napier Port Transformation (NPT)
•Introduction of new horizontal transport model in container terminal
•Battery electric autonomous truck and trailer operation to replace existing
heavy plant movements
•Improves safety, productivity and long-term cost efficiency
•Infrastructure complete, private 5G live, systems integration testing, truck
fleet arriving mid-2026, transition to live operation through to early 2027
•ShoreTension – Mooring Systems Upgrade
•Introduction of ShoreTension units to increase berth availability and vessel
operating parameters
•Installation and commissioning underway
ENHANCING CAPACITY, CAPABILITY AND OPERATING EFFICIENCY

9
Container services
$49.9m
Bulk cargo
$27.0m
Cruise
$6.4m
Other
$1.6m
$78.1
$7.2
$1.5
($1.8)
($0.1)
$84.9
HY2025ContainersBulkCruiseOtherHY2026
$70
$72
$74
$76
$78
$80
$82
$84
$86
$88
IncreaseDecreaseTotal
REVENUE GROWTH SUPPORTED BY DIVERSITY OF CARGO
•8.8% total revenue growth half year-on-half year (HoH)
•Benefiting from a diversified and resilient cargo base
•Container services revenue increased $7.2m (+16.7%) to $49.9m
•Bulk cargo revenue increased $1.5m (+5.9%) to $27.0m
•Cruise revenue down $1.8m (-21.8%) to $6.4m
HY2026 REVENUE COMPOSITION
Millions
HY2026 REVENUE PROGRESSION
ANOTHER MILESTONE REVENUE RESULT

10
Reefers
22k
(+5.1%)
Dry
38k
(+0.4%)
Empty
47k
(+15.1%)
Tranships & DLRs
9k
(-28.0%)
$200
$250
$300
$350
$400
$450
$0
$10
$20
$30
$40
$50
$60
HY2024HY2025HY2026
Average revenue per TEU
Revenue (LHS)Average revenue per TEU (RHS)
CONSOLIDATION OF HIGHER CONTAINER VOLUME
•Container Services revenue increased $7.2m (+16.7%) to $49.9m HoH
•Including $1.3m increase in Depot operations
•Total TEU volume increased 4,000 (+3.5%) HoH
•Full containers up 1,000 TEU, empties up 6,000 TEU, and tranships and DLRs down 3,000 TEU
•Average revenue per TEU increased 12.8% to $430 per TEU from $381 per TEU HoH
•Container mix, tariff increases, Depot contribution
HY2026 TEUs (VERSUS HY2025)
Millions
CONTAINER SERVICES REVENUE AND ARPU
CONTINUED PROGRESS WITH YIELD MANAGEMENT STRATEGIES

11
0.0
0.5
1.0
1.5
2.0
2.5
3.0
FY2024FY2025HY2026
Q1Q2Q3Q4
$9.00
$10.00
$11.00
$12.00
$13.00
$14.00
$15.00
$16.00
$17.00
$16
$18
$20
$22
$24
$26
$28
HY2024HY2025HY2026
Average revenue per tonne
Revenue (LHS)Average revenue per tonne (RHS)
BULK CARGO REVENUE GROWTH DESPITE LOWER VOLUME
•Bulk revenue increased $1.5m (+5.9%) to $27m HoH
•Volume decreased by 0.03 million tonnes (-1.5%) to1.68 million tonnes HoH
•Export logs decreased by 0.07 million tonnes (-5.4%) to 1.28 million tonnes HoH
•Average revenue per tonne increased 7.5% to $16.02/T from $14.90/T HoH
•Changes to cargo mix and vessels, tariff and levy increases
•Charter vessels increased from 121 to 122 HoH
LOG EXPORT VOLUME
Millions
BULK CARGO REVENUE AND ARPU
Millions (tonnes)
SOFTER LOG EXPORTS OFFSET POSITIVE UPLIFT IN FERTILISER VOLUMES

12
Container services
58.8%
(+4.0%)
Bulk cargo
31.8%
(-0.9%)
Cruise
7.5%
(-2.9%)
Other
1.9%
(-0.2%)
-
10
20
30
40
50
60
70
80
90
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
HY2024HY2025HY2026
Visits
Revenue (LHS)Visits (RHS)
CRUISE REVENUE LOWER ON FEWER VISITS
•Cruise revenue decreased $1.8m (-21.8%) to $6.4m HoH
•Vessel visits decreased from 77 to 54
•Approx. 86,000 passengers visited the region
•Larger vessels and higher passengers per vessel on average
•Average revenue per vessel increased 11.6%
HY2026 REVENUE COMPOSITION (VERSUS HY2025)
Millions
CRUISE REVENUE AND VISITS
CRUISE YIELD PER VISIT UPLIFT

13
$27.4m
$33.1m
$37.3m
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
44.0%
46.0%
$-
$5
$10
$15
$20
$25
$30
$35
$40
HY2024HY2025HY2026
Result from Operating Activities (LHS)Margin (RHS)
$33.1
($1.3)
($0.4)
$8.2
($2.3)
($0.1)
$37.3
$26
$28
$30
$32
$34
$36
$38
$40
$42
IncreaseDecreaseTotal
CONTINUED GROWTH IN OPERATING RESULT AND MARGIN
•Result from operating activities up $4.2m (+12.5%) to $37.3m
•Total opex increased $2.7m (+6%) to $47.6m HoH, as revenue increased $6.8m
•Opex -2% compared to 2H 2025
•Operating margin of 43.9%, up from 42.5% HoH
YIELD, MARGIN AND MIX IMPROVEMENTS
OPERATING MARGIN
Millions
Millions
RESULT FROM OPERATING ACTIVITES
1- Fuel, electricity and contract services

14
$20.2
$4.1
-$7.5
$0.2
$0.5
-$0.3
$0.8$18.0
$10
$12
$14
$16
$18
$20
$22
$24
$26
IncreaseDecreaseTotal
GROWTH IN UNDERLYING NET PROFIT ON HIGHER OPERATING RESULT
•Underlying NPAT¹ increased by $3.2m (+21.5%) to $17.9m
•Reported NPAT decreased by $2.2m (-10.8%) to $18m
•Prior year 1H period included $7.5m insurance income (pre-tax) as final settlement of Cyclone Gabrielle claim
1- Refer to appendices for reconciliations of underlying metrics
Millions
REPORTED NET PROFIT AFTER TAX

15
CAPITAL EXPENDITURE
•Capital expenditure of $29.6m
1
•$19.2m strategic development spend – dredge construction, container terminal transformation project, mooring plant &
equipment
•$10.3m replacement spend – reachstacker replacement, plant major maintenance (cranes, floating plant), site asset
works
•Investment programme of approx. $120m from FY2025 to FY2027 on track (subject to final approvals and timing)
15.3
33.1
29.6
$-
$5
$10
$15
$20
$25
$30
$35
FY2024FY2025HY2026
DevelopmentReplacementOther
CAPITAL EXPENDITURE
1- Includes accounting accruals including capitalised overhead and finance costs. HY2026 cash spend $28.1m
Millions
STRATEGIC INVESTMENTS ON TRACK

16
CASH FLOW & LIQUIDITY
•Lower operating cash flow due to prior year insurance claim cash proceeds of $11.0m (HY2025)
•Underlying operating cash flows¹ decreased $1.9m to $23.8m HoH
•Higher tax payments
•FY2025 final dividend of $16.0m (8.0 cps) paid December 2025
HY2026
$M
HY2025
$M
Var
$M
Operating cash flows23.834.6-10.8
Investing cash flows(30.1)(13.6)-16.5
Dividends(16.0)(12.0)-4.0
Increase (reduction) in total gross debt23.5(6.5)+30.0
Other financing cash flows(2.9)(2.8)-0.1
Decrease in cash and cash equivalents(1.7)(0.2)
1- Refer to appendices for reconciliations of underlying metrics

17
CAPITAL MANAGEMENT
•Total gross drawn debt $130.5m at end of period, up from $107.0m
at the end of FY2025
•Weighted average term to debt maturity of 2.8 years
•Total bond and bank facilities of $180m
•$49.5m undrawn at period end
•Total Debt to EBITDA of 1.81x at 31 March
•Up from 1.50x at 30 September 2025
•Below long-term target range of 2.0x – 3.0x
•Crane replacements on the investment horizon
•All options being considered
BALANCE SHEET TO SUPPORT STRATEGIC INVESTMENT

18
0.0000
0.0010
0.0020
0.0030
0.0040
0.0050
-
2.0
4.0
6.0
8.0
10.0
12.0
HY2024HY2025HY2026
TCO2e per total cargo tonne
TCO2e (000s)
Scope 1Scope 2Scope 3Scope 3 (new)TCO2e / total tonne (RHS)
EMISSIONS REPORTING
•Total (unaudited) emissions increase
•Scope 1 increased 0.7%
•Higher fuel usage on higher generator hours
•Scope 2 decreased 7.8%
1
•Lower electricity usage, partly linked to higher
generator use
•Scope 3 increased significantly
•Includes measurement categories added in 2H
FY25: purchased goods and services, construction
projects, purchased plant and equipment
•+28.1% on a like for like basis – led by increased
rail freight to/from the port
•Total emissions HoH increase:
•Like-for-like, +3.1%
•Gross, +155%
•Relative metric basis: emissions per cargo tonne +3.1% on a
like-for-like basis, +155% gross
EMISSIONS BY HALF YEAR
HIGHER EMISSIONS ON HIGHER CONTAINER ACTIVITY IN CARGO MIX
1- Changes to electricity emissions conversion factors are expected to occur and will update FY2026 emissions in the second half of FY2026

19
CONCLUSION AND OUTLOOK
Strong container services with ongoing underlying growth in
higher yielding refrigerated cargo
Strengthened container shipping services at Napier Port with
MSC Eagle service providing USA direct option from June
Strategic investments progressing well – lifting capacity,
resilience, increasedcapability and operating efficiency
STRONG PERFORMANCE AND MOMENTUM SUPPORTING FUTURE GROWTH AND RETURNS
Ongoing uncertainty in global markets and increasing costs
for exporters and importers – potential headwinds
Stable volumes currentlybut uncertain log export outlook
due to fuel costin near term
52 forward cruise bookings for the 2027 season
Reaffirm earnings guidance for FY2026 underlying result
from operating activities of between $70m and $74m
Diversified cargo base and focus on yield and operating
leverage supporting earnings growth

20
HY2026 INTERIM DIVIDEND
Declared interim dividend of 5.25 cps (2025: 4.0 cps interim and 2.5 cps special)
Fully imputed - 7.29 cps gross equivalent
Payment date: 24 June 2026
Record date: 11 June 2026

QUESTIONS

22
APPENDICES
The following appended financial information provides a summary of financial information for the half year period ended 31 March
2026 (HY2026) compared to the corresponding half year period in 2025 (HY2025).
Reconciliations include management-defined performance measures, which are not defined by IFRS accounting standards¹:
•Underlying net profit after tax comprises reported net profit after tax adjusted for certain non-recurring, non-core and abnormal
items, and unrealised fair value movements. Tax expense has been adjusted to reflect the tax implications of the adjustments.
•Underlying cash flows from operating activities comprises net cash flows from operating activities adjusted for certain non-
recurring, non-core and abnormal items and the tax implications of these adjustments on the basis that cash taxes would be
paid in the corresponding reporting period.
Adjustments include:
•Removal of unrealised fair value movements on investment properties as this relates to non-core activity.
•Removal of expenses and material damage and business interruption insurance income attributable to the extraordinary
Cyclone Gabrielle event that occurred during February 2023.
•Removal of non-recurring restructuring costs.
1- Further explanation of management-defined performance measures is contained within Note 10 of the financial statements released with NPH’s 2026 Half Year Report on the NZX
announcements platform

23
REVENUE
NZ$000
HY2026
HY2025
Container services
49,900


42,741


Bulk cargo
26,990


25,482


Cruise
6,410


8,192


Sundry revenue
223


290


Revenue from port operations
83,523


76,705


Revenue from property operations
1,390


1,374


Total operating income
84,913


78,079

24
OPERATING EXPENSES
Employee benefit expenses
NZ$000
HY2026
HY2025
Wages & salaries
22,485


21,465


Other employee benefit expenses
1,942


1,709


Total employee benefit expenses
24,426


23,174


Property and plant expenses
NZ$000
HY2026
HY2025
Plant expenses
2,230


2,546


Site expenses
1,374


1,313


Fuel & power
3,350


3,030


Total property and plant expenses
6,954


6,889

25
Other operating expenses
NZ$000
HY2026
HY2025
Administration expenses
4,280


3,937


Occupancy expenses
4,942


5,213


Contract services
6,215


4,947


Other staff expenses
819


770


Total other operating expenses
16,256


14,867


OPERATING EXPENSES

26
NZ$000HY2026HY2025
Development capex
Mooring plant and equipment7,723 187
Dredge3,445 2,069
Container terminal transformation8,018 407
Other development capex48 -
Total development capex19,234 2,663
Replacement capex10,339 8,778
Compliance and other capex10 197
Total capex including capitalised finance costs29,583 11,638
Movement in fixed asset creditors(1,502) 1,937
Capex per cash flow28,081 13,575
CAPITAL EXPENDITURE

27
NZ$000
HY2026
HY2025
Reported net profit after tax
17,988
20,163
Adjustments:
Fair value movements on investment properties
(50)
-
Cyclone Gabrielle related expenses
-
40
Cyclone Gabrielle material damage and business interruption insurance income
-
(7,500)
Restructuring costs
-
(33)
Tax impact of adjustments
-
2,098
Underlying net profit after tax
17,938
14,768
RECONCILIATION OF UNDERLYING NET PROFIT AFTER TAX

28
NZ$000
HY2026
HY2025
Reported net cash flows from operating activities
23,816
34,636
Adjustments
Cyclone Gabrielle related expenses
-
40
Cyclone Gabrielle material damage and business interruption insurance income
-
(11,000)
Tax impact of adjustments
-
2,098
Underlying net cash flows from operating activities
23,816
25,774
RECONCILIATION OF UNDERLYING NET CASH FLOWS FROM
OPERATING ACTIVITIES

29
•The Board is targeting paying total dividends within a range of 70% to 90% of Free Cash Flow
1

•Free Cash Flow
1
is a non-NZ GAAP measure adopted by Napier Port. It excludes capital expenditure on
development projects and the interest costs capitalised during construction
•The payment of dividends is not guaranteed and will be at the discretion of the Board and depend on a
number of factors. These factors include the general business environment, operating results (including
our ability to grow Free Cash Flow
1
)

and financial condition of Napier Port, future funding requirements,
any contractual, legal or regulatory restrictions on the payment of dividends by Napier Port and any other
factors the Board may consider relevant. In declaring dividends, Napier Port must comply with the
solvency test under the Companies Act and the covenants of its debt facilities
•Dividend payments are expected to be split into an interim dividend paid in June, targeting 40%
of the total expected dividend for the financial year, and a final dividend paid in December. Napier Port
intends to impute dividends to the maximum extent possible
1- Non-NZ GAAP measure, being NPAT, adjusted for the post-tax impact of fair value revaluations of derivatives and investment properties, plus depreciation, amortisation and impairment, less the average replacement
capital expenditure of maintaining Napier Port's asset base. Average replacement capital expenditure is based on an assessment of the long term average cost of maintaining assets for Napier Port in real terms.
DIVIDEND POLICY

30
FURTHER INFORMATION ON NAPIER PORT
To learn more about Napier Port and what it does please refer to our website at www.napierport.co.nz
See our website Investor Centre for:
•Share price information
•Links to NZX results and market announcements
•Key calendar dates
•Publications, including:
- Annual Reports
- Sustainability Strategy and Action Plan
- Climate Change Related Disclosure (TCFD)Reports
- Investment Key Facts
- Investing in Napier Port
- Investor Day 2025 Presentation
- Log Supply Chain Case Study
•Key policies and governance documents

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)

Results for announcement to the market
Name of issuer Napier Port Holdings Limited
Reporting Period 6 months to 31 March 2026
Previous Reporting Period 6 months to 31 March 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$84,913 8.8%
Total Revenue $84,913 8.8%
Net profit/(loss) from
continuing operations
$17,988 -10.8%
Total net profit/(loss) $17,988 -10.8%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.05250000
Imputed amount per Quoted
Equity Security
$0.02041667
Record Date 11 June 2026
Dividend Payment Date 24 June 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.15 $2.14
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to the accompanying 2026 Half Year Report for further
information.
Authority for this announcement
Name of person authorised
to make this announcement
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Fleur Murray, GM Corporate Affairs
Contact phone number DDI: +64 6 833 4368
Contact email address fleurm@napierport.co.nz
Date of release through MAP 20 May 2026

Unaudited consolidated financial statements accompany this announcement.

---

Distribution Notice


Section 1: Issuer information
Name of issuer Napier Port Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code NPH
ISIN (If unknown, check on NZX
website)
NZNPHE0005S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies No
Record date 11/06/2026
Ex-Date (one business day before the
Record Date)
10/06/2026
Payment date (and allotment date for
DRP)
24/06/2026

Total monies associated with the
distribution
$10,500,000
(200,000,000 ordinary shares @ 5.25 cents per share)
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.07291667
Total cash distribution $0.05250000
Excluded amount N/A – not a listed PIE
Supplementary distribution amount $0.00926471
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.02041667
Resident Withholding Tax per
financial product
$0.00364583

Section 4: Distribution re-investment plan – Not Applicable
DRP % discount (if any)

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
Kristen Lie, Chief Financial Officer
Contact person for this
announcement
Fleur Murray, GM Corporate Affairs
Contact phone number DDI: +64 6 833 4368
Contact email address fleurm@napierport.co.nz
Date of release through MAP

20 May 2026

---

Napier Port Holdings Limited
2026 Half Year Trade Volume Data
The below trade volume data provides a summary of second quarter (Q2 FY2026) and half
year ended 31 March 2026 (HY2026) results compared to the prior periods.

1.1 Container Services
Container Services
TEU (000s)^
Q2
FY2026
Actual
Q2
FY2025
Actual
HY2026
Actual
HY2025
Actual
Exports



Wood pulp & timber 8 9 17 18

Canned food / other food & beverage 2 2 3 3

Other dry 3 2 5 5

Total dry 12 13 26 26


Apples & pears 6 6 7 7

Meat 3 4 7 7

Fresh & other chilled produce 6 5 7 6

Total reefer 16 14 21 19


Empty 2 2 3 4

Total exports 31 30 50 49

Imports



Dry 7 6 13 12

Reefer 1 1 1 2

Empty 27 24 43 36

Total imports 34 31 57 51


Other container movements (‘DLRs
and Tranships’)
7 7 9 12

Total Container Services volume 71 68 116 112

Vessels



Container ship calls 67 63 131 124

^Rounded to nearest thousand TEU

1.2 Bulk Cargo
Bulk Cargo
Kilotonnes
Q2
FY2026
Actual
Q2
FY2025
Actual
HY2026
Actual
HY2025
Actual

Log exports 542 629 1,282 1,355

Other exports 31 35 70 50

Imports 174 133 332 305

Total Bulk Cargo volume 747 796 1,684 1,710

Vessels

Charter vessel calls 56 58 122 121


1.3 Cruise Services
Cruise Services

Q2
FY2026
Actual
Q2
FY2025
Actual
HY2026
Actual
HY2025
Actual
Vessels



Cruise vessel calls 39 53 54 77