NPH · NZX

Napier Port Holdings (NPH)

Transport & Infrastructure / PortsCovered: HY21 - HY2611 published briefings

Napier Port Holdings is an NZX-listed transport & infrastructure / ports company with HY21 - HY26 of published result briefings.

Sections

Snapshot

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

A compact read on what the market price implies next to the latest filing data. The numbers are a starting point for comparison, not a recommendation.

Prices as at close, 12 June 2026

Price and market cap

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

Market cap

$732.5m

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

25.52x

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

14.75x

Enterprise value compared with recent EBITDA.

P/FCF

56.51x

Market cap compared with recent free cash flow.

P/B

1.7x

Market value compared with latest reported equity.

Income and fund shape

Yield and fund-style valuation where the company shape supports it.

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 readouts against real observations. Expand opens the chart at reading size.

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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Price vs earnings

Indexed lines compare direction from the first positive comparable filing point. The axis is an index, not dollars or cents.

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Chat

Ask about NPH

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.

Longitudinal view

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	$23.5m	$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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Full chartable metric set

Additional verified filing metrics for this company. Each point links back to a published briefing period in the source data contract.

OCF / EBITDA

Cash conversion against earnings.

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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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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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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

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.

Briefing archive

Every published Annolyse briefing for this company appears here in reverse chronological order.

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.

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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.

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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.

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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.

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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.

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HY23 · Released 24 May 2023

Revenue jumped 22.8% but PBT margin collapsed to an unprecedented 18.8%

Operating profit rose 33% on container and cruise recovery, yet PBT was flat at $11.7m and the interim dividend was cut 39%.

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FY22 · Released 16 November 2022

NPAT fell 12.1% on 4.6% revenue growth as cost inflation overwhelmed pricing

Container volumes fell 7.9% and net debt jumped to $129.2m to fund infrastructure, while the 7.5 cps dividend sat at a 75% NPAT payout.

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HY22 · Released 24 May 2022

PBT down 20.3% as gross borrowings triple to NZ$118.3m

Disruption-driven revenue decline coincides with a peak-capex balance sheet step-up, leaving free cash flow at NZ$-30.7m and the dividend uncovered.

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FY21 · Released 16 November 2021

Revenue up 9.0% but FCF turned to -NZ$68.9m as 6 Wharf capex doubled

Record reported earnings sit against capex of 94.7% of revenue and a step from net cash to NZ$75.7m net debt, defining the build phase.

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HY21 · Released 25 May 2021

Capex surged 97% to NZ$45.8m as PBT fell 30.5% on flat revenue

Pre-lease free cash flow swung to -NZ$31.2m and cash fell 83.5% to NZ$2.7m, funded by NZ$34.7m of new borrowings.

Read briefing

Get notified when NPH publishes

Get the next Napier Port Holdings result briefing and five-year history updates by email.

Napier Port Holdings (NPH)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

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Ask about NPH

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Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Operating working-capital movement

FY25 → HY26 Follow-through

What FY25 said to watch

Open questions from FY25

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%

Revenue jumped 22.8% but PBT margin collapsed to an unprecedented 18.8%

NPAT fell 12.1% on 4.6% revenue growth as cost inflation overwhelmed pricing

PBT down 20.3% as gross borrowings triple to NZ$118.3m

Revenue up 9.0% but FCF turned to -NZ$68.9m as 6 Wharf capex doubled

Capex surged 97% to NZ$45.8m as PBT fell 30.5% on flat revenue

Compare this company

Get notified when NPH publishes

Napier Port Holdings (NPH)

Latest metrics

Valuation

Price and market cap

Profitability multiples

Income and fund shape

Price history

Share price

Price vs earnings

Ask about NPH

Ask about NPH

Sign in to chat

Performance over time

Filing-only history charts

Revenue

Revenue growth

EBITDA-equivalent

EBITDA margin

NPAT

Operating cash flow

Full chartable metric set

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Operating working-capital movement

FY25 → HY26 Follow-through