NPH · NZX

Napier Port Holdings (NPH)

Name: Napier Port Holdings (NPH) financial result history
Creator: Annolyse

Transport & Infrastructure / PortsCovered: HY21 - HY2611 published briefings

Napier Port Holdings is an NZX-listed transport & infrastructure / ports company. Its latest covered result is HY26, with HY21 - HY26 of source-backed result history on Annolyse.

Sections

Latest metrics

HY26, released 20 May 2026

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NPH latest metrics
Metric	Value	Change
Revenue	$84.9m	↑ +8.7%
Operating profit	$27.4m	↓ -17.3%
NPAT	$18m	↓ -10.9%
Operating cash flow	$23.8m	↓ -31.3%
OCF / Operating profit %	86.8%	↓ -17.7pp
Net debt	$129.5m	↑ +26.3%
Net debt / Operating profit	4.72x	↑ +52.8%
ROE %	4.2%	↓ -0.5pp
DPS	5.3c	↓ -19.2%
Payout ratio vs NPAT %	58.3%	↓ -6.7pp

Source: latest published briefing (HY26, released 20 May 2026). Change compares against the prior equivalent period: HY25, released 21 May 2025.

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 18 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$738.5m

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

25.73x

Recent market cap compared with trailing earnings.

EPS

0.14

Recent filing-derived earnings per share.

PEG

Not available

Not meaningful without positive comparable earnings growth.

EV/EBITDA

14.85x

Enterprise value compared with recent EBITDA.

P/FCF

56.97x

Market cap compared with recent free cash flow.

P/B

1.72x

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

3.6%

Trailing dividends compared with the latest close.

Total return

Not available

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify.

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Ask follow-up questions about Napier Port Holdings's latest result and company history.

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Ask about NPH

Informational only. No buy, sell, hold, price-target, or personal financial advice.

Financial history

Performance over time

The latest period is shown first.

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NPH metric history
Metric	HY266 MONTHS20 May 2026	FY2512 MONTHS19 November 2025	HY256 MONTHS21 May 2025	FY2412 MONTHS19 November 2024	HY246 MONTHS22 May 2024	FY2312 MONTHS14 November 2023	HY236 MONTHS24 May 2023	FY2212 MONTHS16 November 2022	HY226 MONTHS24 May 2022	FY2112 MONTHS16 November 2021	HY216 MONTHS25 May 2021	Trend
Revenue	$84.9m	$157.7m	$78.1m	$141.4m	$70.6m	$118.4m	$62.3m	$114.5m	$50.7m	$109.5m	$52.6m	Chart
Revenue growth %	8.7%	11.6%	10.6%	19.4%Unprecedented high revenue growth. 19.4%; 4-period range 3.4% to 11.6%. Revenue growth: 19.4%, unprecedented high; 4-period mean 7.2%, range 3.4%-11.6%.	13.4%	3.4%Outside range low revenue growth. 3.4%; 4-period range 4.6% to 19.4%. Revenue growth: 3.4%, below normal range; 4-period mean 11.2%, range 4.6%-19.4%.	22.8%Unprecedented high revenue growth. 22.8%; 5-period range -3.6% to 13.4%. Revenue growth: 22.8%, unprecedented high; 5-period mean 5.9%, range -3.6%-13.4%.	4.6%	-3.6%Unprecedented low revenue growth. -3.6%; 5-period range 0.6% to 22.8%. Revenue growth: -3.6%, unprecedented low; 5-period mean 11.2%, range 0.6%-22.8%.	9.0%	0.6%	Chart FY24 Revenue growth %: Unprecedented high revenue growth. 19.4%; 4-period range 3.4% to 11.6%. Revenue growth: 19.4%, unprecedented high; 4-period mean 7.2%, range 3.4%-11.6%.
Operating profit	$27.4m	$64.2m	$33.1m	$52m	$27.4m	$37.2m	$21.9m	$40.1m	$16.4m	$43.8m	$21.3m	Chart
Operating profit margin %	32.3%	40.7%	42.4%	36.8%	38.8%	31.5%	35.1%	35.0%	32.4%	40.0%	40.5%	Chart
PBT	$25.2m	$43.1m	$28.2m	$37.3m	$22.6m	$22.1m	$11.7m	$27.7m	$11.8m	$31.8m	$14.8m	Chart
PBT growth %	-10.6%	15.5%	24.8%	68.8%Unprecedented high pbt growth. 68.8%; 4-period range -20.2% to 15.5%. PBT growth: 68.8%, unprecedented high; 4-period mean -2.3%, range -20.2%-15.5%.	93.2%Unprecedented high pbt growth. 93.2%; 5-period range -30.5% to 24.8%. PBT growth: 93.2%, unprecedented high; 5-period mean -7.5%, range -30.5%-24.8%.	-20.2%Outside range low pbt growth. -20.2%; 4-period range -12.9% to 68.8%. PBT growth: -20.2%, below normal range; 4-period mean 20.0%, range -12.9%-68.8%.	-0.8%	-12.9%	-20.3%	8.5%	-30.5%Outside range low pbt growth. -30.5%; 5-period range -20.3% to 93.2%. PBT growth: -30.5%, below normal range; 5-period mean 17.3%, range -20.3%-93.2%.	Chart HY24 PBT growth %: Unprecedented high pbt growth. 93.2%; 5-period range -30.5% to 24.8%. PBT growth: 93.2%, unprecedented high; 5-period mean -7.5%, range -30.5%-24.8%. FY24 PBT growth %: Unprecedented high pbt growth. 68.8%; 4-period range -20.2% to 15.5%. PBT growth: 68.8%, unprecedented high; 4-period mean -2.3%, range -20.2%-15.5%.
NPAT	$18m	$30.9m	$20.2m	$24.8m	$14.3m	$16.6m	$8.7m	$20.4m	$9m	$23.2m	$10.6m	Chart
NPAT growth %	-10.9%	24.6%	41.3%	49.4%Unprecedented high npat growth. 49.4%; 4-period range -18.6% to 24.6%. NPAT growth: 49.4%, unprecedented high; 4-period mean -0.2%, range -18.6%-24.6%.	64.4%Unprecedented high npat growth. 64.4%; 5-period range -17.2% to 41.3%. NPAT growth: 64.4%, unprecedented high; 5-period mean -1.0%, range -17.2%-41.3%.	-18.6%Outside range low npat growth. -18.6%; 4-period range -12.1% to 49.4%. NPAT growth: -18.6%, below normal range; 4-period mean 16.9%, range -12.1%-49.4%.	-3.3%	-12.1%	-15.1%	5.5%	-17.2%Outside range low npat growth. -17.2%; 5-period range -15.1% to 64.4%. NPAT growth: -17.2%, below normal range; 5-period mean 15.3%, range -15.1%-64.4%.	Chart HY24 NPAT growth %: Unprecedented high npat growth. 64.4%; 5-period range -17.2% to 41.3%. NPAT growth: 64.4%, unprecedented high; 5-period mean -1.0%, range -17.2%-41.3%. FY24 NPAT growth %: Unprecedented high npat growth. 49.4%; 4-period range -18.6% to 24.6%. NPAT growth: 49.4%, unprecedented high; 4-period mean -0.2%, range -18.6%-24.6%.
Operating cash flow	$23.8m	$63.6m	$34.6m	$53.9m	$25.3m	$37.2m	$21.4m	$33m	$13m	$34.8m	$14.6m	Chart
OCF / Operating profit %	86.8%	99.1%	104.5%	103.8%	92.4%	100.0%	97.7%	82.4%	78.8%	79.5%	68.4%	Chart
FCF pre-lease	-$4.3m	$38.3m	$21.1m	$40.8m	$17.9m	—	$15.8m	-$39m	-$30.7m	-$68.9m	-$31.2m	Chart
FCF post-lease	—	—	—	—	—	—	—	—	-$30.7m	—	—	—
DPS	5.3c	8.0c	6.5c	6.0c	3.0c	3.5c	1.7c	4.7c	2.8c	4.7c	2.8c	Chart
Payout ratio vs NPAT %	58.3%	—	65.0%Outside range high payout ratio versus npat. 65%; 5-period range 38.5% to 62.2%. Payout ratio versus NPAT: 65.0%, above normal range; 5-period mean 50.7%, range 38.5%-62.2%.	—	38.5%Outside range low payout ratio versus npat. 38.5%; 5-period range 38.6% to 65%. Payout ratio versus NPAT: 38.5%, below normal range; 5-period mean 56.0%, range 38.6%-65.0%.	—	38.6%	75.0%	62.2%	—	56.0%	Chart HY24 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 38.5%; 5-period range 38.6% to 65%. Payout ratio versus NPAT: 38.5%, below normal range; 5-period mean 56.0%, range 38.6%-65.0%. HY25 Payout ratio vs NPAT %: Outside range high payout ratio versus npat. 65%; 5-period range 38.5% to 62.2%. Payout ratio versus NPAT: 65.0%, above normal range; 5-period mean 50.7%, range 38.5%-62.2%.
Annual payout ratio vs EPS %	—	—	—	—	—	—	—	75.0%	—	—	—	—
ROE %	4.2%	7.2%Unprecedented high roe. 7.2%; 4-period range 4.2% to 6.5%. ROE: 7.2%, unprecedented high; 4-period mean 5.5%, range 4.2%-6.5%.	4.7%Outside range high roe. 4.7%; 4-period range 2.4% to 4.4%. ROE: 4.7%, above normal range; 4-period mean 3.3%, range 2.4%-4.4%.	5.9%	3.4%	4.2%Unprecedented low roe. 4.2%; 4-period range 5.2% to 7.2%. ROE: 4.2%, unprecedented low; 4-period mean 6.2%, range 5.2%-7.2%.	4.4%	5.2%	2.4%Unprecedented low roe. 2.4%; 4-period range 3% to 4.7%. ROE: 2.4%, unprecedented low; 4-period mean 3.9%, range 3.0%-4.7%.	6.5%	3.0%	Chart HY25 ROE %: Outside range high roe. 4.7%; 4-period range 2.4% to 4.4%. ROE: 4.7%, above normal range; 4-period mean 3.3%, range 2.4%-4.4%. FY25 ROE %: Unprecedented high roe. 7.2%; 4-period range 4.2% to 6.5%. ROE: 7.2%, unprecedented high; 4-period mean 5.5%, range 4.2%-6.5%.
Net debt	$129.5m	$103.5m	$102.5m	$107.6m	$119.7m	$128.9m	$127.9m	$129.2m	$115.2m	$75.7m	$32.1m	Chart
Net debt / Operating profit	4.72x	1.61x	3.09x	2.07x	4.37x	3.46x	5.85x	3.22x	7.01x	1.73x	1.51x	Chart
Debtor days	53	29Outside range low debtor days. 29d; 4-period range 30d to 35d. Debtor days: 28.9 days, below normal range; 4-period mean 32.1 days, range 30.0 days-35.3 days.	—	30	57	35Unprecedented high debtor days. 35d; 4-period range 29d to 32d. Debtor days: 35.3 days, unprecedented high; 4-period mean 30.5 days, range 28.9 days-31.7 days.	51Unprecedented low debtor days. 51d; 4-period range 53d to 60d. Debtor days: 50.8 days, unprecedented low; 4-period mean 56.0 days, range 52.9 days-59.7 days.	32	55	32	60Unprecedented high debtor days. 60d; 4-period range 51d to 57d. Debtor days: 59.7 days, unprecedented high; 4-period mean 53.8 days, range 50.8 days-56.6 days.	Chart FY23 Debtor days: Unprecedented high debtor days. 35d; 4-period range 29d to 32d. Debtor days: 35.3 days, unprecedented high; 4-period mean 30.5 days, range 28.9 days-31.7 days. FY25 Debtor days: Outside range low debtor days. 29d; 4-period range 30d to 35d. Debtor days: 28.9 days, below normal range; 4-period mean 32.1 days, range 30.0 days-35.3 days.
Total assets	$617.6m	$593.7m	$581.1m	$578.9m	$585m	$564.8m	$564m	$562.7m	$543.1m	$480m	$425m	Chart

Reference: annolyse.ai/companies/nph

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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Net debt

Borrowings less cash; negative values indicate net cash.

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DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

FY25 → HY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What FY25 said to watch

Previous analysisFY25Result released19 November 2025Annolyse analysis published18 May 2026

From Capex doubled to 16.1% of revenue, lifting FCF payout to 78%

No forward earnings targets or capex guidance were supplied, so this release does not anchor an FY26 reference point. The interim shape shows HY25 captured 65.3% of full-year NPAT, implying a noticeably weaker second half on the bottom line — likely linked to the timing of the apple harvest and the lift in capex hitting depreciation and interest later in the year. Revenue, by contrast, split close to even (49.5% first half).

That seasonal skew, combined with the step-change in capex intensity, means investors should not annualise the first-half NPAT run-rate. The release does support continued container-volume momentum from Pan Pac's return to full operations, but does not quantify how much of FY25 growth is catch-up versus a new baseline.

Open questions

Open questions from FY25

Will FY26 capex remain near the 16.1%-of-revenue level, and if so what does that mean for dividend coverage on the new 14.5c-per-share base?
What explains the 5.2-percentage-point fall in the effective tax rate, and is the 28.3% rate the new run-rate?
How does management reconcile underlying NPAT of NZ$28.3m to reported NZ$30.9m, and which items are recurring?
How much of the 11.6% revenue lift is Pan Pac catch-up volume versus structurally higher container throughput?
Is the lift in payout against pre-lease FCF a deliberate distribution policy reset or an artefact of the capex year?

This briefing cannot assess container volume durability, project-by-project capex commitments, or whether the lower effective tax rate reflects a permanent change in tax position.

Latest result sources

Primary issuer documents used for the HY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

NPH - 2026 Half Year NZX Results Announcement

HY26 / results announcement

NPH - 2026 Half Year Report

HY26 / financial report

NPH - 2026 Half Year Results Investor Presentation

HY26 / results presentation

NPH - NZX and Media Release - 2026 Half Year Results

HY26 / media release

Prior comparable period

NPH - 2025 Half Year NZX Results Announcement

HY25 / results announcement

NPH - 2025 Half Year Report

HY25 / financial report

NPH - 2025 Half Year Results Investor Presentation

HY25 / results presentation

NPH - NZX and Media Release - 2025 Half Year Results

HY25 / media release

Full-year context

NPH - 2025 Annual Report

FY25 / financial report

NPH - 2025 Annual Results Investor Presentation

FY25 / results presentation

NPH - 2025 NZX Results Announcement

FY25 / results announcement

NPH - NZX and Media Release - 2025 Full Year Results

FY25 / media release

Release context

NPH 2024 Annual Shareholders Meeting Presentation

HY25 / commentary

NPH 2025 Investor Day Presentation

HY25 / commentary

NPH 2025 Annual Shareholders Presentation

HY26 / commentary

Peer context

Ports comparison set

These companies share the same curated sub-sector label. Their reporting definitions can still differ, so compare the underlying measures before ranking them.

SPN · FY26

South Port New Zealand

11 published result briefings

POT · FY26

Port of Tauranga

2 published result briefings

Compare NPH, SPN, POT →Transport & Infrastructure result archive

Briefing archive

The full chronological archive contains every published result briefing.

HY26 · Released 20 May 2026

Capex doubled to $28.1m and FCF swung to -$4.3m

Underlying earnings grew on container services, but capex intensity of 33.1% of revenue lifted net debt to $129.5m.

Read briefing

FY25 · Released 19 November 2025

Capex doubled to 16.1% of revenue, lifting FCF payout to 78%

Reported NPAT +24.6% is flattered by a tax-rate drop from 33.5% to 28.3%; cleaner PBT growth of 15.5% sits within Napier Port's historical range.

Read briefing

HY25 · Released 21 May 2025

PBT up 24.8% on unprecedented 36.1% margin; tax drop lifts NPAT to +41.3%

Container volume recovery delivered record half-year port margins, while a normalised effective tax rate flatters headline NPAT growth.

Read briefing

FY24 · Released 19 November 2024

Cyclone rebound lifts PBT 68.8% as pre-lease FCF reaches NZ$40.8m

Revenue rose 19.4% on post-Cyclone Gabrielle volume recovery, but an elevated 33.5% effective tax rate compresses the NPAT read versus PBT.

Read briefing

HY24 · Released 22 May 2024

PBT rebounded 93.2% but a 36.5% tax rate clipped NPAT to 64.4%

Log export and cruise volume recovery drove an unprecedented operating swing, while a step-up in the effective tax rate compressed the bottom line.

Read briefing

FY23 · Released 14 November 2023

Cyclone hit pushes PBT down 20.2% with margin at unprecedented 18.7%

Reported NPAT fell 18.8%, but the disclosed underlying figure dropped from NZ$18.6m to NZ$10.7m while a capex pause flattered free cash flow.

Read briefing

Open all 11 result briefings

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Napier Port Holdings (NPH)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and investment-company measures

Price history

Share price

P/E over time

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

More financial metrics

FCF pre-lease

FCF post-lease

ROE

Net debt

DPS

Payout ratio

Debtor days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

Latest result sources

Current period

Prior comparable period

Full-year context

Release context

Ports comparison set

South Port New Zealand

Port of Tauranga

Briefing archive

Capex doubled to $28.1m and FCF swung to -$4.3m

Capex doubled to 16.1% of revenue, lifting FCF payout to 78%

PBT up 24.8% on unprecedented 36.1% margin; tax drop lifts NPAT to +41.3%

Cyclone rebound lifts PBT 68.8% as pre-lease FCF reaches NZ$40.8m

PBT rebounded 93.2% but a 36.5% tax rate clipped NPAT to 64.4%

Cyclone hit pushes PBT down 20.2% with margin at unprecedented 18.7%

Compare this company

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