Napier Port Holdings Ltd Q3 2025 Earnings Call Transcript

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

Question: Grant Lowe - Jarden Group Ltd - Analyst : Congratulations on a good result. Just a couple of questions for me. Just around the guidance. You've held the range, albeit targeting the top end of that range. That seems fairly conservative based on momentum to date on my numbers, I think that implies a $12 million fourth quarter, whereas you did sort of $12.3 million last year. What was the thinking around setting that guidance range? And where do you see the key risks for hitting that?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Yes, it does. So just on that WPI exiting last year, what's your point there? Was that -- did that result in increased volumes like -- did that was only reduction in volume?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Yeah. Okay. Got it. Full part period. Yeah, okay. And then just like -- Okay, that's good. Then around the OpEx side of things. So it was a very good result on OpEx, I think, up $0.5 million in the quarter, which is good in the context of container volumes being up sort of 12% or so, off memory. What do you sort of attribute that strong performance there? Was there anything in the previous period last year, which was elevated that might have come out? Or is that just an underlying improvement in the OpEx space?

Question: Grant Lowe - Jarden Group Ltd - Analyst : Yeah. Okay. So do you expect the run rate to continue on through the next quarter modestly up on the fourth quarter last year, but similar levels? Would that be a reasonable assumption?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Just a couple of things. At the half year, you had 66 cruise ships booked now 61. What's -- is there any reason for that drop? I mean, clearly boats pulled out, but are they saying why? Should we expect that to go down further?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : So how confident are you around 61? I mean what's -- generally, what's the lead time if someone is going to pull out and reprioritize?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Okay. CapEx, again, at the half year, your guidance was $25 million to $29 million. Now you're saying $30 million. Where is the additional?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : Okay. So it's a timing argument rather than additional CapEx?

Question: Wade Gardiner - Craigs Investment Partners Ltd - Analyst : And just on for (technical difficulty) fruit. It's been an early harvest. So should we expect, therefore, the Q4 volumes to be down on last year? I'm just trying to understand the sort of growth -- how that market bounce back versus what the timing implications are?