Chief Executive Todd Dawson said: “Napier Port has continued to deliver strong financial performance in the third quarter and across the nine-month period, following a consolidation of the increased trade activity we saw developing during 2025. We have seen growth in both refrigerated and non-refrigerated container cargo volumes – highlighted by apples, meat, fertiliser and paper products.
“During the year to date we have seen additional container shipping line calls at Napier Port demonstrating the consistency and attractiveness of our diverse and resilient cargo base. Container line schedules and services are continuously evolving across the New Zealand coastal network and we are positively positioning our port for further growth through strategic investments in our operating capacity, service capability and operating efficiency.
“These projects, including dredge vessel construction, new mooring technology, and our container terminal transformation are progressing according to plan and are expected to be operational and fully embedded during the next financial year.
“Partially offsetting increased container activity, we have seen a reduction in bulk log exports as ongoing geopolitical challenges create higher costs for exporters. This has been partially mitigated by higher volumes of bulk fertiliser imports and exports.”
Financial results
Container services
Container services revenue for the quarter increased 21.9% to $35.8 million from $29.4 million in the same period last year. For the nine months, container services revenue increased 18.8% to $85.7 million from $72.2 million on higher container cargo volumes and higher revenue per TEU[2].
Average revenue per TEU for the nine months increased 17.7% to $439 from $373 in the same period last year. This improvement in yield was driven by container and cargo mix, tariff and levy increases, and a higher Depot contribution.
Container vessel calls have increased by 11.9% to 217 for the nine-month period as additional container services have called at Napier Port.
[2] Twenty-foot equivalent container unit
Bulk cargo
Bulk cargo revenue for the quarter decreased 0.6% to $12.2 million from $12.3 million in the same period last year, as bulk volumes decreased 4.6% to 0.74 million tonnes. For the nine months, bulk cargo revenue increased by 3.8% to $39.2 million from $37.7 million, while volumes decreased 2.5% to 2.43 million tonnes.
Log export volume for the quarter decreased by 5% to 0.64 million tonnes, and for the nine-month period decreased by 5.2% to 1.92 million tonnes.
Average revenue per tonne for the nine months increased 6.4% to $16.14 from $15.16 in the same period last year, driven by changes to cargo mix and vessels, together with tariff and levy increases.
Cruise services
The cruise season completed in April with 55 vessel calls and over 88,000 passengers visiting the region, contributing $6.5 million to revenue. This compares to 78 vessel calls contributing $8.3 million to revenue in the prior comparative period.
There are currently 50 cruise vessel bookings for the upcoming 2027 season.
Operating results
The result from operating activities for the third quarter increased 24.3% to $22 million from $17.7 million in the prior year period, as the third quarter revenue increase of $6.5 million exceeded the increase in operating expenses of $2.2 million.
The result from operating activities for the nine months increased 16.6% to $59.3 million from $50.9 million. Positive operating leverage was demonstrated with the increase in revenue of $13.3 million compared to the increase in operating expenses of $4.9 million.
Driven by the higher operating result, underlying net profit after tax for the third quarter increased by 38.9% to $11.7 million from $8.4 million in the same period last year. For the nine months this increased by 27.8% to $29.6 million from $23.2 million.
Reported net profit after tax for the third quarter increased 37.9% to $11.7 million from $8.5 million in the same period last year, and for the nine months increased 3.7% to $29.7 million from $28.6 million as the prior year period included income from the $7.5 million final settlement of Cyclone Gabrielle insurance claims.
Capital Management
Over the nine-month period, Napier Port has invested $44.2 million in capital assets, including dredge vessel construction, container terminal transformation, mooring plant and equipment, mobile plant replacement, major maintenance and site asset management works.
Napier Port is expecting to invest approximately $120 million [4] across the 2025 to 2027 financial years towards asset replacement and capacity and growth projects. Of this sum, $70 million has been deployed as at 30 June 2026.
Napier Port ended June 2026 with total drawn debt of $136.5 million, up from $107 million at the end of the 2025 financial year, with undrawn bank facilities of $43.5 million, and with a total Debt to EBITDA ratio of 1.88 times.
[4] Future capital investment is subject to change and approvals
