South Port New Zealand reported a record annual profit for the year ended June 30, 2026, driven by a 13.5% rise in operating revenue and a surge in cargo handling linked to wind farm logistics and aluminum shipments.
Net profit after tax increased 21% to NZD 16.11 million, while operating revenue climbed 13.5% to NZD 71.85 million. Earnings before interest, tax, depreciation and amortization rose 15.7% to NZD 29.89 million, lifting the EBITDA margin to 41.6%, above the New Zealand port sector average of 38% in the prior year.
Total cargo volumes reached a record 3.96 million tonnes, up 11.5% year-over-year, with container activity surging 18.5% to 62,000 TEU. Bulk cargo accounted for 59% of trade at 2.36 million tonnes, while project cargo tied to wind farm components exceeded 16,000 tonnes. The New Zealand Aluminium Smelter at Tiwai Wharf contributed 24% of total trade, with volumes rising 16.1% to 0.94 million tonnes following a 50-megawatt demand response call in 2025.
Wind farm logistics provided a notable boost, with Kaiwera Downs Wind Farm Stage 2 handling 36 wind towers totaling 155 megawatts across five vessel calls between October 2025 and March 2026. Regional wind energy projects in development or consenting stages represent 1,851 megawatts over the next five to ten years. Red meat exports via Bluff increased 25%, while dairy volumes rose 8%.
The company declared a full-year dividend of 29 cents per share, marking the 33rd consecutive year of payouts. The final dividend was set at 20.5 cents per share, yielding 4.8% based on the June 30, 2026 share price. Shareholders received the announcement as the stock traded at NZD 8.85, down 0.56% on the day but 17% above its 52-week low.
South Port reduced net debt by NZD 6.4 million to NZD 18.5 million, improving its net debt-to-EBITDA ratio to 0.6 times. Cash balances more than doubled to NZD 12.5 million, while total assets grew 10% to NZD 120.2 million. Operating free cash flow rose to NZD 18.4 million, with a 26% margin. Capital expenditure increased to NZD 10.3 million, split between NZD 5.2 million in maintenance and NZD 5.1 million in growth projects.
The company expanded its warehousing footprint in Bluff by 4,000 square meters, adding to a total dry storage area of 36,600 square meters, alongside 2,400 square meters of hardstanding. Long-term port planning exercises continued, with Stage 1 and Stage 2 delivery expected by late September 2026, covering a 30-year horizon through 2057.
