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 [6] 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.
[6] Twenty-foot equivalent container unit
Capital Management
Capital asset additions in the year of $33.1 million included dredge vessel construction payments, mooring plant and equipment additions, progressing the container terminal transformation project, major maintenance of our marine vessels and mobile harbour cranes, sea defence works, mobile plant replacements and various site asset works.
Napier Port continues to maintain a strong balance sheet, ending the year with gross drawn debt of $107 million and undrawn bank facilities of $73 million. These facilities were recently renewed and extended, providing improved terms and incorporating sustainable loan provisions to support Napier Port’s growth and transformation goals.
Napier Port ended the financial year with a debt coverage ratio of 1.50 times, down from 1.80 times at the end of the previous financial year.
Dividend
Napier Port’s Board of Directors has declared a fully imputed final dividend of 8 cents per share, or $16 million in total, bringing the total dividends for the 2025 year, including the special dividend of 2.5 cents per share paid in June 2025, to 14.5 cents per share, up from the 9 cents per share of the prior year. The record date for dividend entitlements is 3 December 2025, with a payment date of 16 December 2025.
Outlook
Chief Executive Todd Dawson said: “Napier Port is well positioned to continue its strong growth trajectory. The outlook for our regional food and fibre products remains strong, and we continue to benefit from a diverse and resilient cargo base. Our strategic initiatives are supporting our growth and earnings momentum, and we continue to invest into developing our operating capability and capacity with several transformational projects underway. We look forward to progressing these during the 2026 financial year.
“While regional exporters continue to face trade uncertainties in international export markets, the trade outlook for the region’s food and fibre exports remains positive.
“As we move into the new financial year, the 2026 cruise season is set to see fewer cruise vessel visits with 60 current bookings.
“Napier Port is in a strong financial position to continue to invest into growing cargo and further developing our capabilities.
“Looking ahead to the 2026 financial year, we are forecasting an underlying result from operating activities for the year to 30 September 2026 of between $70 million and $74 million. This range assumes a continuation of current market conditions.
“We look forward to providing a further trading update at our Annual Shareholders Meeting on 17 December,” Mr Dawson said.
Further detail on Napier Port’s financial performance for the year ended 30 September 2025 is included in the Annual Report and investor presentation released to the NZX today and available on the company’s investor website at: www.napierport.co.nz/investor-centre/
