Napier Port Holdings Limited Analysis

Overview

Napier Port has been serving Hawke's Bay and surrounding regions for nearly 150 years. As the fourth largest port in New Zealand, by container volumes, Napier Port helps to build a thriving region by connecting customers and the community to global markets.

Napier Port offers a range of container, bulk cargo and cruise vessel services. In FY2018, the port managed the arrival and departure of over 680 ships, handled over five million tonnes of cargo and more than 100,000 cruise passengers.

Performance

The following information was extracted from Napier Port Holdings Limited's 2025 Full Year Results, released 19 November 2025

HIGHLIGHTS

• Revenue rises 11.6% to $157.7 million, led by strong container services volume growth and yield improvements across all trade areas

• Result from operating activities increases 23.5% to $64.2 million, benefiting from ongoing cost control, yield management and strong operating leverage

• Underlying net profit after tax of $28.3 million, up 36.5% from $20.7 million in the prior year

• Reported net profit after tax of $30.9 million, up 24.4% on the prior year’s $24.8 million

• Directors declare a fully imputed final dividend of 8 cents per share, taking total dividends for the 2025 financial year to 14.5 cents per share, up from 9 cents for the prior year, and representing a gross dividend yield of 5.9%

• Earnings guidance for FY2026 for an underlying result from operating activities of between $70 million and $74 million

FINANCIAL RESULTS

Revenue for the 2025 financial year increased 11.6% to $157.7 million from $141.4 million in the previous year, with revenue growth across containers and bulk services.

Container volumes increased by 9.1% to 250k TEU from 230k TEU. The increase was driven by higher export timber on Pan Pac’s return to full operations, a stronger apple season and higher restow and transhipment activity following service changes among shipping lines.

Container services average revenue per TEU increased by 9.2% compared to the prior year due to container mix changes, tariff increases, and improved container depot and Port Pack revenues.

Bulk cargo volume decreased 1.7% to 3.41 million tonnes, from 3.47 million tonnes a year ago. Log export volumes decreased 5.8% to 2.7 million tonnes as the prior year contained logs sourced from central North Island windthrown forests. Bulk imports increased 23% to 0.63 million tonnes due to increased fertiliser and oil product imports.

Bulk cargo average revenue per tonne increased by 6.5% compared to the prior year, primarily due to changes to cargo mix and vessels, together with tariff increases.

Cruise vessel visits to Napier Port decreased to 78, from 89 vessel calls in the prior year, and contributed $8.3 million in revenue, which was 9% lower than the prior year.

The result from operating activities increased 23.5% to $64.2 million, compared with $52 million in the previous year, as the revenue increase of $16.4 million exceeded operating expense growth of $4.2 million.

The final settlement of the Cyclone Gabrielle business interruption insurance claim contributed a further $7.5 million to earnings in the period, which was partly offset by valuation write-downs of property, plant and equipment.

Reported net profit after tax of $30.9 million was a 24.4% increase on the prior year’s $24.8 million. Underlying net profit after tax, excluding net insurance proceeds, non-recurring asset write-downs and tax impacts, increased 36.5% from $20.7 million to $28.3 million.