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• Record interim result for volumes, revenue, and profit • Stronger economic performance in the region • NZAS Tiwai Aluminium Smelter volumes back to normal • Channel deepening exceeding expectations • Opportunities for further strategic investments • H2 continuation of cargo trends with some risks (maintenance, geopolitical/global uncertainty) 2 KEY MESSAGES SPN HY26 Interim Result Investor Presentation - 13.02.26
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Cargo Volumes +17.8% To 1.99m (tonnes) Bulk Volumes +9.6% To 1.16m (tonnes) Tiwai Volumes +30.0% To 0.51m (tonnes) Bluff Volumes +34.2% To 1.74m (tonnes) 3 OPERATING PERFORMANCE SPN HY26 Interim Result Investor Presentation - 13.02.26
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Operating Revenue +17.6% To $34.75m EBITDA +23.4% To $15.29m Reported NPAT +46.8% To $8.45m Normalised NPAT +36.0% To $8.56m 4SPN HY26 Interim Result Investor Presentation - 13.02.26 FINANCIAL PERFORMANCE Total Assets $113m +$4m Net Debt $29m (HY25 - $35m) Interim Dividend 8.5cps (HY25 7.5cps)
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5 SPN HY26 Interim Result Investor Presentation - 13.02.26
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• Strong volumes supported by record bulk cargoes across the Island Harbour and a recovery of NZAS volumes • Bulk – Bluff Wharves, 60% of total trade • New Zealand Aluminium Smelter (NZAS) - Tiwai Wharf 26% of total trade • Containers - 14% of total trade • Record tonnage of cargo exported in containers 6 SPN VOLUMES For the half year ended 31 December 2025 SPN HY26 Interim Result Investor Presentation - 13.02.26 - 500,000 1,000,000 1,500,000 2,000,000 2,500,000 HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Cargo Volumes Bulk Tiwai Containers
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• Strong recovery in bulk volumes driven by improved agriculture input demand o Imports supported by continued strong demand for fertiliser, stock food and cement imports o Exports driven by woodchip products and fertiliser exports 7 BULK CARGO • Balanced trade of imports and exports - improves opportunity for backloading • Average revenue per MT increased due to mix of higher value bulk cargo and continuation of Kia Whakaū (infrastructure) levy SPN HY26 Interim Result Investor Presentation - 13.02.26 - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Bulk Cargo Volumes Bulk Cargo Imports Bulk Cargo Exports $- $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $- $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 $16,000 $18,000 $20,000 HY22 HY23 HY24 HY25 HY26 Revenue per MT Thousands Bulk Cargo Revenue Revenue Revenue per MT
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• We have experienced a structural shift in the application of stock feed in the region. Supplementary feed now being used across the full season • Increased fertiliser application, returning to more normal volumes due to improved market conditions. Market returns, particularly in the sheep and beef sector have improved • Woodchip exporters have used the increased draft to fill vessels, allowing improvement in supply chain costs and therefore increasing volumes through the Port. Log volumes however have declined 8 SPN HY26 Interim Result Investor Presentation - 13.02.26 BULK CARGO - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Agricultural Inputs increased by 20% - 100,000 200,000 300,000 400,000 500,000 600,000 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Forestry Exports decreased by 2%
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• Container volumes saw good improvement over previous periods due to increased agricultural and manufactured exports • Supply chain remains disrupted, particularly due to conflict in the Middle East • Increased vessel calls by the Mediterranean Shipping Company (MSC) • Introduction of MSC Eagle Service into NZ in Feb-26 • Revenue per TEU impacted by increased rates and container handling activity on the Island Harbour 9 CONTAINER VOLUMES SPN HY26 Interim Result Investor Presentation - 13.02.26 - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Container Volumes (MT) Container Import Tonnes Container Export Tonnes $- $50 $100 $150 $200 $250 $300 $350 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 HY22 HY23 HY24 HY25 HY26 Revenue per TEU Thousands Container Revenue Revenue Revenue per TEU
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• 1H26 increase in dairy volumes exported through the Port, 1H25 impacted by wet spring, reducing volumes • Recovery in meat sector and lift in volumes due to market conditions • Increased aluminium products packed on Island Harbour 10 SPN HY26 Interim Result Investor Presentation - 13.02.26 CONTAINER VOLUMES - 50,000 100,000 150,000 200,000 250,000 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Container Volumes (MT) Meat Dairy Manufactured
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• Increased volumes across Tiwai wharf in 1H26 o 1H25 impacted by 50MW demand response call, affecting imports of raw material and exports of finished product • Lake levels are at 113% of the historical mean (HY25 97%)* • Revenue per MT decreased, noting that a portion of income is fixed at the Tiwai wharf regardless of tonnage handled *Transpower market operations weekly report 01-Feb-26 11 TIWAI WHARF SPN HY26 Interim Result Investor Presentation - 13.02.26 - 100,000 200,000 300,000 400,000 500,000 600,000 HY17 HY18 HY19 HY20 HY21 HY22 HY23 HY24 HY25 HY26 Tonnes Tiwai Volumes Tiwai Wharf Imports Tiwai Wharf Exports $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 HY22 HY23 HY24 HY25 HY26 Revenue per MT Thousands Tiwai Revenue Revenue Revenue per MT
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12SPN HY26 Interim Result Investor Presentation - 13.02.26
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• Record interim revenue supported by strong bulk cargo volumes, increased container activity and a recovery of smelter- related volumes • Bulk cargo – 21% increase in revenue driven by fertiliser, acid, and stock food imports • Project cargo imports flowed through the Port related to Mercury’s Kaiwera Downs wind farm expansion • Containers – TEU handled for the 6 months up 20%, with revenue per container growing by 8% in HY26 • Smelter activity (tonnage) up 30% in HY26, revenue increased by 27% which reflects some fixed revenue streams 13 SPN REVENUE For the half year ended 31 December 2025 • Other revenue - 6% below HY25 levels due to reduced warehousing activity and fewer cruise vessels visiting NZ this season SPN HY26 Interim Result Investor Presentation - 13.02.26 $- $5 $10 $15 $20 $25 $30 $35 $40 HY22 HY23 HY24 HY25 HY26 Millions Revenue Bulk Containers Tiwai Other
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• Increase in EBITDA margin from HY25 to HY26 reflects increased revenue from higher levels of activity • Total operating costs up 13% on HY25 as a result of higher labour and employee benefits costs, increased maintenance spend, and additional professional services engaged • EBITDA margin now back up at HY22 level (44%) but slightly below previous 10-year record of 45% • Average EBITDA margin across all NZ Ports for FY25 was 38%, the highest being 50% 14 EBITDA For the half year ended 31 December 2025 SPN HY26 Interim Result Investor Presentation - 13.02.26 $10.3 $10.0 $8.5 $12.4 $15.3 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $- $2 $4 $6 $8 $10 $12 $14 $16 $18 HY22 HY23 HY24 HY25 HY26 Millions EBITDA + EBITDA Margin EBITDA EBITDA Margin
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• Record Reported NPAT of $8.45m for HY26 – up 46.8% on HY25 • Record Normalised NPAT of $8.6m for HY26 – up 36.0% on HY25 (taking out one-off adjustments – full reconciliation to be provided at year-end) • NPAT increase reflects EBITDA increase supported further by lower finance costs • MTM adjustment on interest rate swaps $0.09m loss for HY26, compared to a $0.74m loss in HY25 • Average CAGR revenue over the last 5 years interim periods = 6.0% 15 NORMALISED NET PROFIT AFTER TAX For the half year ended 31 December 2025 SPN HY26 Interim Result Investor Presentation - 13.02.26 $5.4 $4.8 $3.4 $6.3 $8.6 $- $1 $2 $3 $4 $5 $6 $7 $8 $9 HY22 HY23 HY24 HY25 HY26 Millions Normalised NPAT
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$m HY26 HY25 %chg Cash 2.4 3.3 -27% PPE 98.2 93.7 5% Trade and other receivables 12.4 11.4 9% Total Assets 113.1 108.6 4% Debt 31.5 38.3 -18% Trade and other payables 4.9 5.3 -8% Total Liabilities 43.4 47.7 -9% Equity 69.7 60.9 14% Gearing Ratio 45% 63% -18% Headroom/Capacity ($m) 18.5 11.7 58% • Gross debt reduced by $6.8m from Dec 24 to Dec 25, now sitting at $31.5m. Headroom of $18.5m available for future investment • 5% growth in PPE from HY25 to HY26 (up $4.5m), after several years of significant infrastructure investment • The Company continues to maintain sound financial discipline ensuring all growth capex projects generate at minimum a WACC return • Net debt to EBITDA of 1.1x (positive movement compared to position at 31 Dec 2024 of 1.5x), long-term target range of <2.0x • The Company continues to remain well within its banking covenants (as it has historically) 16 BALANCE SHEET For the half year ended 31 December 2025 SPN HY26 Interim Result Investor Presentation - 13.02.26
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• Despite a stronger operating result, HY26 reflects a slight reduction in OFCF to $5.1m as a result of increased maintenance capex and operating costs compared to HY25 • Underlying operating cash flows increased $0.6m to $7.6m as increased receipts from higher cargo volumes through the Port were partially offset by higher labour costs, and increased maintenance spend • Maintenance capex spend for HY26 increased $0.7m on HY25 to $2.6m, full year maintenance capex expected to be around $1m higher than FY25 levels • Increased tax payments compared to HY25 as a result of increased profitability in FY25 17 OPERATING FREE CASH FLOW For the half year ended 31 December 2025 SPN HY26 Interim Result Investor Presentation - 13.02.26 • Reduced interest payments and increased interest revenue $2.5 $3.9 -$1.5 $5.2 $5.1 -10% -5% 0% 5% 10% 15% 20% $(2) $- $2 $4 $6 $8 HY22 HY23 HY24 HY25 HY26 Millions Operating FCF + OFCF Margin OFCF OFCF Margin
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18SPN HY26 Interim Result Investor Presentation - 13.02.26
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19 OUR COMMUNITY SPN HY26 Interim Result Investor Presentation - 13.02.26 As part of our long-term commitment to the local community and wider region in which South Port operates, we offer sponsorship and support of sporting, cultural, and community groups, such as; • Staff and Community Scholarships • Ngā Kete Mātauranga Pounamu Charitable Trust • Rugby Southland • Christmas in the Bluff • Southern Institute of Technology Awards o Excellence in Engineering Project Management o Master of Applied Management • Grace Street Project • YES – Young Enterprise Scheme • Hospice Southland In lieu of giving Christmas gifts to our commercial customers, South Port donates to Ngā Kete Mātauranga Pounamu Charitable Trust who distribute food parcels to whānau in need.
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20 OUR SAFETY SPN HY26 Interim Result Investor Presentation - 13.02.26 Safety first. This core value and principle remains a foundation of our workplace culture. • People first • Prevention of harm • Evidence based solutions and continuous improvement 1H26 a number of health and safety initiatives underway • Development of overlapping duties agreements • Enhanced contractor management processes • Acquisition of TZ coastal AIS monitoring system • Continued work on critical risks within the business • Building capability at all levels of the business
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21 OUR PEOPLE SPN HY26 Interim Result Investor Presentation - 13.02.26 People and Performance Board Committee established Strategic Priorities • Performance • Leadership development • Culture engagement • Compensation & benefits • Talent acquisition and retention Initiatives – last 12 months • Medical insurance introduced • Focus of more women into leadership positions
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22SPN HY26 Interim Result Investor Presentation - 13.02.26
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23 Kaiwera Downs Wind Farm Stage 2 - currently under construction • Total of 155 MW,36 wind towers, 2,600 m3 • 5 vessel calls • Construction of storage area • Marine, handling, storage and wharfage income Southland • 5 wind farms in varying consenting stages • Total of 1,158 MW Otago • 2 wind farms in the fast-track consenting process • Total of 464 MW Southland & Otago • Total of 1,622 MW in consenting stage Timing – expectation that a number of these projects will be constructed within a 5 to 10-year period CASE STUDY: Wind Farms SPN HY26 Interim Result Investor Presentation - 13.02.26
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24 • Additional land and warehousing purchased in Bluff 1H26: o 4,000 m2 warehousing o 2,400 m2 hardstanding • New warehousing capacity to handle increased demand in the region • Greater flexibility in product distribution and location • Plan to be operational third quarter of CY26 • Significant discount compared to building new warehouses and increases land footprint CASE STUDY: Warehousing Bluff Freight Centre SPN HY26 Interim Result Investor Presentation - 13.02.26
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25SPN HY26 Interim Result Investor Presentation - 13.02.26
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✓ 26 Completed over last 12 months Kia Whakaū – confirm draft 10.7m and begin new operating parameters A 2-hectare area sealed for the handling of project cargo Sustainability strategy developed and approved Purchase 2nd pilot vessel to create resilience in marine function Purchase of additional land and warehousing assets in Bluff BUSINESS PRIORITIES SPN HY26 Interim Result Investor Presentation - 13.02.26 ✓ ✓ ✓ ✓ To be completed in the next 12 months Undertake a Port planning process Additional flexibility built into berth operations for bulk cargo Targeted projects to improve efficiency of land based bulk operations Formal working relationship to be established with Awarua Rūnaka Develop capacity to handle more containers on the Island Harbour
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• Volumes expected to remain resilient supported by: o The agriculture sector continuing to improve on the back of a consistent dairy payout in FY26 o A structural change in the application of supplementary feed o A positive red meat sector o NZAS volumes expected to continue with a normal cargo flow, on the proviso that there are no demand response calls in the coming 12 months • Strong operating free cash flow (OFCF) in FY26 • Opportunities are evolving in the energy and aquaculture sectors which will require significant investment • Continued focus on capital allocation to build capability to meet future cargo requirements and drive returns 27 OUTLOOK SPN HY26 Interim Result Investor Presentation - 13.02.26
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• Record interim result • Backed by sustainable cargo base, NZAS commitment • Port is well positioned for future growth • Exciting opportunities to grow the business requiring investment • Engaged workforce, positive workplace culture • Company in excellent position to benefit from growth and maintain a sustainable dividend 28 SUMMARY SPN HY26 Interim Result Investor Presentation - 13.02.26
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29SPN HY26 Interim Result Investor Presentation - 13.02.26
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This presentation has been prepared by South Port New Zealand Limited (South Port) for general information purposes only as at the date of this presentation. This presentation does not contain all of the information that you may require or be complete. No person is obliged to update this presentation. Nothing in this presentation should be construed as an invitation for subscription, purchase, financial advice, nor a recommendation of shares in South Port. To the maximum extent permitted by law, neither South Port nor any of its directors, employees or any other person accept any responsibility or liability (whether in tort or otherwise) to you or any other person in relation to this presentation. Certain financial data included in this presentation may be 'non-GAAP financial measures' . Investors are cautioned not to place undue reliance on any non-GAAP financial measures included in this presentation, they do not have a standardised meaning under New Zealand Generally Accepted Accounting Standards (GAAP) and, therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with GAAP . Any past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not), a promise, representation, warranty or guarantee as to the past, present or the future performance of South Port. This presentation may contain "forward-looking statements" , about South Port and the environment in which South Port operates. Forward-looking statements are inherently uncertain, involve known and unknown risks and other factors beyond the control of South Port that could cause the actual results, performance or achievements of South Port to be materially different from those expressed or implied by such forward-looking statements. No assurances can be given that any forward-looking statements referred to in this presentation will be realised. 30 DISCLAIMER SPN HY26 Interim Result Investor Presentation - 13.02.26