Full Year 2025 Napier Port Holdings Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : Thanks moderator and good morning guys. Congrats on the strong FY25 results. I've got a couple of questions to kick things off, primarily on the revenue line and the revenue outlook. And I'm mindful, Todd, of the comments you've made around the outlook in terms of the profit guidance, talking about stable trading conditions. Can you kind of expand on that in terms of what your expectations are from a volume point of view, maybe for the next year, but then also for the next couple of years. We've got an idea in terms of where the cruise bookings are, but can you kind of elaborate on that in terms of where you see cruise going beyond FY26, but then also talk to containers and the bulk side of things, please?

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : So I guess you're optimistic that volumes both on the container and the bulk side are going to lift in FY26 in terms of what you're seeing at the moment. Is that the kind of core message?

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : Great, thank you for that. And then kind of the other side of the revenue line is pricing. Looking at the tariff schedule changes for this year, there's some pretty hefty increases on the container side of things. Can you kind of talk to the broader pricing backdrop in terms of where you see the biggest gains? I'd assume it's on the container side versus the bulk side, but maybe more broadly, how you see it playing out across the next 12 months?

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : Just to be clear, the infrastructure levy and VBS are outside or completely outside of any contractual terms that you have with the shipping lines? Or are they influenced -- are the contractual terms influenced by those?

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : Yeah. Brilliant. Maybe just last before I hand over. Just curious in terms of asset for sale, which was the Renown asset, what does that relate to? And then where are you on the Whakatu land? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 10:00PM, NPH.NZ - Full Year 2025 Napier Port Holdings Ltd Earnings Call

Question: Andy Bowley - Forsyth Barr Ltd - Analyst : Great, thanks guys. Appreciate that.

Question: Grant Lowe - Jarden Group Ltd - Analyst : Congratulations on the result. Just going back to the pricing side of things. So looking at guidance and the tariff schedule, and you've mentioned not everybody is on the same sort of the tariff schedule for many contracts outside of that. But if I look at say 5% increase across the board on the tariff schedule, for example, and increases last year, et cetera. And then I look at the increase in the infrastructure levy, VBS, et cetera, do some rough math, the guidance range that you've given looks pretty sort of conservative. But just thinking about the pricing on the container side, it seems to me like that the effective price increase is probably low double digits. Does that feel reasonable to you?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Sorry, on the container side of things. Yes. If I think about the [5% base] increase in the tariff schedule and add on the infrastructure levy, which is obviously pretty material plus the VBS, like I'm getting sort of low double-digit growth in the container pricing. Does that surprise you? Or does that feel reasonable?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Net drop, yes. Yes, average revenue per TEU. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 10:00PM, NPH.NZ - Full Year 2025 Napier Port Holdings Ltd Earnings Call

Question: Grant Lowe - Jarden Group Ltd - Analyst : So just moving on to the CapEx side of things. So you've got the $120 million guidance you've had out there for sort of the thre-year guidance for some time now. I note that the CapEx has ticked up through this year, noting the difference between cash and accrual. But just in terms of the confidence levels around that $120 million, are you still confident that sort of like the envelope for that spend? Or has there been any sort of underlying increases?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Okay. That's great. And then I think on the OpEx slide, you might have just mentioned about some OpEx being capitalized to projects, if I heard correctly. What sort of order of magnitude are we talking with that?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Sure. Okay, thank you very much. That's all.

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Hi guys. Just following on from the last two -- lots of questions. So in terms of the contracts that are rolling over in the next -- over the next 12 months, can you give a bit of color as to what's rolling, what's not rolling?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : I'm just -- I guess I'm just trying to understand, is there anything lumpy this year or was it lumpy in the last -- in the FY25 year that we're not going to see a similar sort of thing going into FY26?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Okay. And on costs, can you give a bit of color around what you're expecting around OpEx inflation versus cost savings that you can make?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Okay. And finally, just noting the really strong bulk imports in quarter 4 was -- do you get a sense there's an element there of -- particularly around the fertilizer an element of catch-up? Or should we assume that sort of the quarter four run rate is what we're going to see going forward? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. NOVEMBER 18, 2025 / 10:00PM, NPH.NZ - Full Year 2025 Napier Port Holdings Ltd Earnings Call

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Cool, that's all for me. Thank you.