Slides
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Presentation to Analysts 28 August 2026
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Disclaimer The information in this presentation is for information purposes and has been prepared by Port of Tauranga Limited with due care and attention. However, neither the Company, nor any of its Directors, officers, employees, contractors or agents, shall have any liability whatsoever to any person, for any loss of damage resulting from the use or reliance on this presentation. The information contained in this presentation is not intended to be relied upon as advice to investors and does not take into account the investment objectives, financial situation or needs of any particular investor. Past performance is not indicative of future performance, and no guarantee of future returns is implied or given. The information contained in this presentation should be considered in conjunction with the Company's latest audited financial statements which are available in the investor section of our website. 2
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Highlights Julia Hoare
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For the year ended 30 June 2026 Group underlying earnings 1 up 23.2% Highlights Record underlying Group net profit after tax. Result driven by revenue uplift and cost savings. Strong contributions from Parent and Group companies. Trade volumes flat. $000s $112,357 $117,792 $102,290 $126,036 $155,314 FY22 FY23 FY24 FY25 FY26 6 1 Underlying earnings is a non-GAAP financial measure which excludes items considered to be one-off and not related to core business such as changes to tax legislation and impairment of assets.
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For the year ended 30 June 2026 Group reported net profit after tax down 10.0% Highlights Group reported profit decreased by $17.3 million compared to the prior year. Prior year reported profit included a one-off gain of $49.2 million from the sale of Northport. $000s $111,317 $117,136 $90,849 $173,373 $156,052 FY22 FY23 FY24 FY25 FY26 4
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For the year ended 30 June 2026 Group underlying earnings bridge One-off items A one-off deferred tax benefit of $1.5 million was recognised following the reclassification of the Gateside and Rolleston properties as Assets Held for Sale and the resulting reassessment of deferred tax. Estimated costs to sell of $0.8 million, including legal and agency fees, were recognised through profit or loss in accordance with IFRS 5. $000s Total Increase Decrease 156,052 (1,534) 796 155,314 Group reported NPAT Deferred tax adjustment on properties held for sale Impairment of held for sale assets (net of tax) Group underlying earnings 5
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Stronger earnings underpins dividend growth Full year dividend increased 22.8% Final dividend 12.5 cents per share fully imputed. Record date: 18 September 2026. Payment date: 2 October 2026. Port of Tauranga (POTL) full year ordinary dividend payout ratio at 90% of full year underlying earnings. Cents per share Interim dividend Final dividend 14.7 8.2 6.5 15.6 8.8 6.8 14.7 8.7 6.0 16.7 9.7 7.0 20.5 12.5 8.0 FY22 FY23 FY24 FY25 FY26 7
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Full year overview & trade commentary Leonard Sampson
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FY 2026 overview Strategic milestones Stage 2 capital dredging – commenced and running to plan with completion expected in March 2027. Fast-track draft decision – received August 2026 recommending award of consent. Service delivery improvement – crane and ship productivity increased 9.9% and 13% respectively. Yield and cost recovery initiatives – successfully implemented enhancing efficiency and improving return. MetroPort – new model successfully embedded with focus on service delivery and operational efficiency. Subsidiary and joint ventures – improved business performance. Northport Group – successful integration of the Marsden Maritime Holdings (MMH) and Northport businesses. New CEO appointed 1 July 2026. Automation – emulation digital twin implemented, Automated Stacking Crane (ASC) hybrid terminal proof of concept. Our blueprint for growth 9
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For the year ended 30 June 2026 Total trade decreased 3% Bulk export commodities impacted by Iran conflict and fuel cost escalation. Hydro storage levels higher than prior year resulting in lower import coal demand. Container berth capacity constraints impact transhipment. Diversity of cargoes support resilience of trade. tonnes (millions) 24.7 23.6 25.3 24.6 FY23 FY24 FY25 FY26 10
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For the year ended 30 June 2026 Bulk volumes decreased 5.9% Export logs 5.8m tonnes Export log volumes 5.8 million tonnes vs 6.3 million prior year Import coal 143,000 tonnes Import coal 143,000 tonnes vs 405,000 prior year Proteins and stock feed 1.3m tonnes Proteins and stock feed imports up 0.6% Fertiliser imports 372,000 tonnes Fertiliser imports up 1.2% on prior year 11 Tonnes
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For the year ended 30 June 2026 Total container volumes increased 0.4% Berth capacity constraints impact further container growth. TEU's 1,177,350 1,147,350 1,208,252 1,213,494 FY23 FY24 FY25 FY26 12
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For the year ended 30 June 2026 Container trends Export volumes increased 2.4% TEU's 486,702 484,107 500,735 512,765 FY23 FY24 FY25 FY26 Robust second half export season with strong refrigerated container volumes. Import volumes increased 2.5% TEU's 404,285 384,145 401,415 411,340 FY23 FY24 FY25 FY26 Import growth reflects demand to both MetroPort and Ruakura. Transhipment volumes decreased 5.5% TEU's 286,363 279,098 306,102 289,389 FY23 FY24 FY25 FY26 Transhipment impacted by berth capacity constraints and service changes. 13
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For the year ended 30 June 2026 MetroPort rail container volume increased 5.4% New MetroPort model successfully implemented 1 December 2025. Port of Tauranga continues to manage end- to-end service delivery through to shipping lines. KiwiRail are able optimise rail and container transfer operations across broader network, supporting further volume growth. Core train programme currently 78 trains per week. New model supports strategic alignment for future growth. TEU's Export Import 134,727 159,653 140,263 184,174 131,291 154,233 100,373 118,042 97,982 110,752 105,477 114,566 FY21 FY22 FY23 FY24 FY25 FY26 Excludes Ruakura Inland Port volume 14
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For the year ended 30 June 2026 New Zealand port productivity Crane rate increased 9.9% vs prior year. Ship rate increased 13% vs prior year. Direct corelation between improving on- time vessel arrival and port productivity. NZ port productivity issues are amplified at Tauranga, as final call on the majority shipping services. 15
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For the year ended 30 June 2026 Service delivery and productivity On-time vessel arrival for FY26 71% vs 62% prior year. New dwell and rolled container incentives significantly reduced yard congestion. Yard congestion improved 9% to 11,069 TEU. Emulation work to develop yard strategies targeting rehandle reduction. 16
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Update August 2026 Stella Passage resource consent New Fast-track application lodged January 2026. EPA completeness decision received February 2026. Panel appointment March 2026. Panel commencement and evaluation commenced April 2026. Panel draft decision received 17 August 2026 recommending consent to be granted. Final decision due 7 September 2026. 17
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Port of Tauranga - Terminal automation project Automated Stacking Cranes (ASCs) Progress update Fully electric ASCs ~75% reduction in emissions relative to a traditional straddle operation.
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Northport Group Northport Group established July 2025. Northport's Vision for Growth resource consent granted October 2025. Government commitment to roading infrastructure investments improving connectivity to Northport. Marsden rail spur currently under detailed engineering and cost evaluation by KiwiRail. KiwiRail has selected Acciona, Downer/HEB and Martinus Rail to compete on lower-cost design options before Government funding decision. Berth 3 container terminal extension linked to timing of rail spur. New Northport Group Chief Executive, Rhys Jones, commenced 1 July 2026. Current Future – now consented 19
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Ruakura Inland Port Ruakura Inland Port (RIP) profit of $0.354 million for the year, up from $0.132 million in FY2025. RIP handled 24,067 TEU for the year, up 6.8% from 22,525 TEU in FY205. Tainui and Brookfield joint venture will aid development and support inland port customer container growth. 20
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Funding the growth programme Capital recycling Proceeds from non-strategic property sales will be redeployed into priority infrastructure projects, including Stella Passage, automation and dredging. Rolleston, Christchurch South Auckland Properties in South Auckland and Rolleston near Christchurch are on the market as part of a capital recycling strategy. Premium logistics assets expected to attract strong investor interest. Held for sale assets valued at ~ $148 million 21
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Sulphur Point New empty link facility being established at Sulphur Point Establishing an empty-container facility connected directly to Tauranga Container Terminal and operated by QM Logistics. Taking back land from existing depot operators. Enables surplus export empties to move directly to the Port, avoiding unnecessary transit through an external depot. Expected terminal operational benefits include: reduced empty-container dwell and handling; reduced terminal truck and rail congestion; and greater control and flexibility as the terminal develops. Targeted commencement date 1 November 2026. 22 Import empties can be stacked and released efficiently using empty handling equipment.
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Financial results Simon Kebbell
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Strong revenue growth of 4.7% and operating costs down 6.2% Group reported profit down 10.0% Strong operating revenue growth delivered across all operating units. Revenue growth was impacted by the MetroPort model change, which removed rail income from reported revenue. Operating costs decreased by $14.5 million (6.2%), due to the change in the MetroPort model. Depreciation and amortisation up $3.3 million (7.6%), mainly due to higher building depreciation, including increased depreciation on the terminal sheds scheduled for removal. Net finance costs down 13.0% reflecting lower wholesale interest rates and increased interest income on loans to Equity Accounted Investees (EAIs). Strong contribution from EAIs with earnings up $4.8 million (77.3%). 30 June ($000s) 2026 2025 Variance Operating revenue 486,469 464,675 21,794 Operating costs (221,737) (236,276) 14,539 Results from operating activities 264,732 228,399 36,333 Depreciation and amortisation (46,180) (42,925) (3,255) Impairment of assets (1,105) (2,534) 1,429 Net finance costs (17,242) (19,814) 2,572 Share of profit from Equity Accounted Investees (EAIs) 10,974 6,189 4,785 Gain on disposal of EAIs 0 49,161 (49,161) Profit before income tax 211,179 218,476 (7,297) Income tax expense (55,127) (45,103) (10,024) Profit for the period 156,052 173,373 (17,321) 24
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Increase reflects pricing initiatives and operating efficiencies Results from operating activities up 15.9% Operating revenue up $21.8 million driven by Parent tariff increases, higher infrastructure charges, a Mount Maunganui access charge, and strong growth in rental and marine income, with only modest volume increases across terminal volumes and a decrease in bulk cargo. Rail revenue ceased 1 December 2025. Contracted services for port operations costs decreased 28.4% reflecting terminal productivity initiatives and the new MetroPort model removing direct rail costs from 1 December 2025. Employee expenses up 10.6% reflecting additional staff numbers and wage increases. Increasing head count at both Parent and subsidiaries supporting future growth initiatives. Maintenance of property, plant and equipment increased by 9.6%, driven by the timing of the Tai Pari main engine overhaul, five-year surveys of the Sir Robert and Tai Timu and increased straddle maintenance. $000s Increase Decrease Total 228,399 10,504 6,411 298 4,145 436 26,570 (6,851) (1,379) (2,007) (1,794) 264,732 FY25 Container terminal revenue Multi- cargo revenue Marine services revenue Property revenue Other revenue Contracted services for port operations Employee benefit expenses Direct fuel and power Maintenance of pp&e Other expenses FY26 25
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Strong performance at the parent level and group companies Parent underlying earnings up 21.4% Parent company profit increased 21.4% compared with the prior corresponding period. Subsidiaries and Equity Accounted Investees delivered a 42.1% profit uplift, reflecting strong performance across the portfolio. 000s Parent Subsidiaries and EAIs $13,912 $97,405 $14,003 $103,789 $10,435 $92,283 $10,899 $115,137 $15,488 $139,826 FY22 FY23 FY24 FY25 FY26 26
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Strong performance from Group companies with profits up 42.1% Subsidiary and joint venture companies FY26 $000 FY25 $000 Movement $000 Quality Marshalling 3,690 3,429 261 Timaru Container Terminal 1,331 578 753 PrimePort Timaru 2,484 1,464 1,020 Northport Group 7,533 7,055 478 PortConnect 229 150 79 Coda (133) (1,909) 1,776 Ruakura Inland Port 354 132 222 Reported net profit after tax 15,488 10,899 4,589 Northport Group profit reflects strong trade and synergy gains. The revised capital structure resulted in shareholder loans. The Parent recognised $2.0 million ($0 FY25) of interest income on these loans from Northport Group during the period. Coda Group losses stemmed with the sale of 3PL and Rolleston distribution centre segments. 27
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Strong cash generation from operating activities Cashflow from operations up 19.4% 30 June ($000) 2026 2025 Variance Net cash inflow from operating activities 205,428 171,981 33,447 Capital expenditure (86,718) (29,533) (57,185) Free cashflow 118,710 142,448 (23,738) Net operating cash inflow increased by $33.4 million (19.4%) reflecting stronger profitability. Capex accelerated in the second half due to capital dredging and major plant and equipment purchases. 28
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Parent Capital expenditure investment 2021 - 2026 Group capex $86.0 million for the period. FY26 Parent capital expenditure of $81.5 million Major projects underway include: Capital dredging ($70-90 million) Hybrid tug ($27 million) Purchase of seven new straddles - one electric and six hybrid ($18 million). $000s Capex MMH Ruakura Inland Port 2,850 21,450 2,135 10,106 FY21 FY22 FY24 FY24 FY25 FY26 29 23,796 18,612 44,322 34,691 27,221 39,689 81,542
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Net debt / net debt + equity Leverage remains low, providing balance sheet headroom to progress capital dredging, berth extension, Northport development and automation project. Net debt / net debt + equity 17.3% 17.2% 16.9% 16.8% 16.4% FY22 FY23 FY24 FY25 FY26 30
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Outlook and guidance
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Outlook 2027 Another strong export peak season expected in FY2027 with key commodities dairy, red meat and kiwifruit. Logs to remain subdued. Productivity initiatives, cost control and yield improvement remain a priority. New MetroPort model working well with increased terminal rail volumes and no impact on service levels. Terminal berth capacity constraints remain a key challenge. Stella Passage resource consent decision anticipated on 7 September 2026. New TerminalConnect empty link facility go live in November 2026. Full year underlying earnings expected to be in the range of $160m– $175m Underlying earnings is a non-GAAP financial measure which excludes items considered to be one-off and not related to core business such as changes to tax legislation and impairment of assets. 32
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Questions
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Thank you
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Appendices
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Financial details and trade forecasts
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For the year ended 30 June 2026 Results from operating activities Operating Revenue 2026 $000 2025 $000 Movement $000 Container terminal - ship exchange and sundry 229,764 194,174 35,590 Container terminal - reefer 29,762 30,234 (472) Container terminal - storage 13,252 15,895 (2,643) Container terminal - rail * 22,482 44,453 (21,971) Multi-cargo 84,465 78,054 6,411 Marine services 54,483 54,185 298 Property 51,281 47,136 4,145 Other 980 544 436 Total Operating Revenue 486,469 464,675 21,794 Operating Costs Contracted services for port operations * (67,082) (93,652) 26,570 Employee benefit expenses (71,186) (64,335) (6,851) Direct fuel and power (21,543) (20,164) (1,379) Maintenance of property, plant and equipment (22,872) (20,865) (2,007) Other (39,054) (37,260) (1,794) Total Operating Costs (221,737) (236,276) 14,539 Results from Operating Activities 264,732 228,399 36,333 * Revenue and costs impacted by change in MetroPort model from 1 December 2025. 35 2026 $000 2025 $000 Movement $000
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For the year ended 30 June 2026 Operating costs Contracted services for port operations 2026 $000 2025 $000 Movement $000 Container Terminal Labour 44,763 43,348 1,415 Rail costs * 22,291 48,979 (26,688) Reefer Monitoring * 24 1,056 (1,032) Other 4 269 (265) Total 67,082 93,652 (26,570) Maintenance of property, plant and equipment Crane Maintenance 2,773 3,788 (1,015) Straddle Maintenance 5,523 4,998 525 Vessel Maintenance 5,096 2,704 2,392 Property 7,787 7,993 (206) Other 1,693 1,382 311 Total 22,872 20,865 2,007 Other Costs 2026 $000 2025 $000 Movement $000 Rates 6,906 6,263 643 Insurance 6,967 8,453 (1,486) IT 9,002 6,822 2,180 Other 16,179 15,722 457 Total 39,054 37,260 1,794 * Costs impacted by change in MetroPort model from 1 December 2025. 36 2026 $000 2025 $000 Movement $000
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For the year ended 30 June 2026 Group Underlying Earnings reconciliation 2026 $000 2025 $000 2024 $000 2023 $000 2022 $000 Profit after taxation - reported 156,052 173,373 90,849 117,136 111,317 Asset impairment 1,105 2,534 28 0 1,445 Reversal of previous revaluation deficit 0 0 (622) 0 0 Gain on sale of MetroBox Limited, recorded within share of profit from Equity Accounted Investees 0 0 0 (7,215) 0 Impairment of investment in Equity Accounted Investees 0 0 0 7,871 0 Gain on disposal of Equity Accounted Investee 0 (49,245) 0 0 0 Hedging reserve reclassified to profit or loss on disposal of Equity Accounted Investee 0 84 0 0 0 Adjustments before taxation 1,105 (46,627) (594) 656 1,445 Tax impact in relation to adjustments (309) (710) 166 0 (405) Deferred tax adjustment arising from reclassification of properties as Held for Sale (1,534) 0 0 0 0 Change in tax treatment of commercial buildings 0 0 11,869 0 0 Adjustments after taxation (738) (47,337) 11,441 656 1,040 Underlying Earnings 155,314 126,036 102,290 117,792 112,357 Underlying earnings is a non-GAAP financial measure which excludes items considered to be one-off and not related to core business such as changes to tax legislation and impairment of assets. 37
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For the year ended 30 June 2026 Log exports decreased 8.1% Key exporters have reduced operations to four-day weeks as elevated fuel costs continue to pressure margins. Lower harvesting and processing volumes are placing pressure on primary sector businesses and support services. A-Grade Wharf Gate prices remain 5-10% above prior year levels. Chinese log demand is stabilising, supported by steady inventory and consumption trends. Strong domestic construction activity supports increased sales of sawn timber products. Log export volumes are forecast to remain broadly flat at approximately 5.8 million tonnes next year. log volume - JASm³ 6,215,623 6,681,899 6,289,678 5,779,287 FY23 FY24 FY25 FY26 38
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For the year ended 30 June 2026 Export kiwifruit volume increased 8.5% Forecast crop of around 220 to 225 million trays, with returns for all fruit types expected to be similar to the 2025/2026 season. Strong export throughput requirements for port and supply chain infrastructure. Robust global demand for premium fruit, particularly in Europe, North America, Japan and Korea. Oversupply of premium fruit types is China creating pricing and competitive market pressure. Fruit quality confidence and market diversification remain priorities through the second half of season. tonnes (000's) 492,002 533,656 695,589 754,372 FY23 FY24 FY25 FY26 39
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For the year ended 30 June 2026 Export dairy volume increased 0.9% Strong start to FY2027, with exports expected to ease from FY2026 record levels. Milk price forecast of $9.25/kgMS supports farm profitability. Drier El Niño conditions may constrain milk production later in the season. Favourable dairy markets, although rising global supply may increase price volatility. Higher energy costs could pressure producer margins and consumer demand. NZ's pasture-based model remains cost competitive relative to the EU and US. tonnes Export Transhipment 237,066 2,010,252 117,904 1,942,277 178,588 1,924,643 121,337 2,000,370 FY23 FY24 FY25 FY26 40
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For the year ended 30 June 2026 Export meat volumes decreased 6.2% Export revenues supported by strong meat prices and constrained global livestock supply. NZ red meat export volumes forecast to grow 5-7%; lamb volumes expected to remain stable through FY2027. Higher energy costs continue to pressure processing and logistics margins. Strong US demand for lean beef expected as the national herd is rebuilt. Health and nutrition trends continue to support premium protein demand. Transhipment meat volumes expected to decline as shipping lines adjust networks in response to berth constraints. tonnes Export Transhipment 306,104 439,175 321,874 451,419 550,311 460,698 716,229 448,364 691,712 401,374 FY22 FY23 FY24 FY25 FY26 41
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Environmental & sustainability
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Mount Maunganui airshed Air quality initiatives and improvements Airborne dust source apportionment study has been completed. Further monitoring is ongoing. Dust concentrations in the industrial area adjacent the Port activities continue to show improvement. Source: Davy PK, Trompetter WJ. 2025 (Earth Sciences New Zealand) Average source mass contributions to PM 10 at the Mount Maunganui Library site – Dec 2023 to Feb 2025 Monitoring sites – Mount Maunganui 43
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Dust control and monitoring Air quality initiatives and improvements Extensive wind fencing development in Mount Maunganui Extensive dust and wind monitoring and alert network NZ leading log yard housekeeping and cleaning programme 44
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Stormwater Water quality - stormwater Sulphur Point stormwater treatment system Comprehensive stormwater monitoring. Compliant and often well below stormwater quality limits. Investment in stormwater treatment New Mount wharves treatment system operational. First-flush stormwater capture and treatment of up to 1 million litres. Pumps can move over 300 litres per second! Stormwater settlement ponds and irrigation area – Hewletts Road log yard 45
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A continuous improvement approach Harbour health – Te Awanui 2025 harbour surveys show positive results for condition of harbour. Improving levels of marine life and biodiversity. Working closely with Waikato University on future projects. Port of Tauranga supports numerous harbour improvement initiatives such as artificial reef development, dune restoration bird protection. 46