Napier Port (NPH) Investor presentation summary

Financial performance highlights

• Revenue reached $157.7m, up 11.6% YoY, driven by container services growth of $15.2m (+19.1%).

• Underlying net profit after tax rose 36.5% to $28.3m, with reported NPAT at $30.9m (+24.4%).

• Operating margin increased to 40.7% from 36.8% the previous year.

• Cash flow from operations (underlying) increased 14.6% to $53.7m.

• Total dividends declared for FY2025 were 14.5 cps, fully imputed, with a gross yield of 5.9%.

Trade and operational overview

• Container volumes rose 9.1% to 250,000 TEU, led by strong apple exports and Pan Pac's full operations.

• Bulk cargo volumes fell 1.7% due to lower log exports, but bulk revenue increased 4.7% on higher yields.

• Cruise vessel calls decreased to 78, with cruise revenue down 9% to $8.3m.

• Transformation initiatives included investment in cranes, plant, and a JV dredge vessel.

• Next-generation mooring systems and studies for future crane replacements are underway.

Strategic investments and capital management

• FY2025 capital expenditure totaled $33.1m, split between development and replacement projects.

• Forecast capex of ~$120m from FY2025–FY2027, with $40m for growth and $80m for replacements.

• Gross drawn debt at $107m, with $73m undrawn facilities and a debt/EBITDA ratio of 1.50x.

• Bank funding renewed, incorporating sustainable loan provisions.

• Dividend policy targets 70–90% of free cash flow, with interim and final dividends.