SPN · NZX

South Port New Zealand (SPN)

Name: South Port New Zealand (SPN) financial result history
Creator: Annolyse

Transport & Infrastructure / PortsCovered: FY21 - FY2611 published briefings

South Port New Zealand is an NZX-listed transport & infrastructure / ports company. Its latest covered result is FY26, with FY21 - FY26 of source-backed result history on Annolyse.

Sections

Latest metrics

FY26, released 21 August 2026

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SPN latest metrics
Metric	Value	Change
Revenue	$71.9m	↑ +13.5%
EBITDA	$29.9m	↑ +15.7%
NPAT	$16.1m	↑ +21.1%
Operating cash flow	$23.6m	↓ -0.3%
OCF / EBITDA %	79.0%	↓ -12.6pp
Net debt	$18.5m	↓ -26.0%
Net debt / EBITDA	0.62x	↓ -36.1%
ROE %	21.4%	↑ +1.4pp
DPS	20.5c	— Flat
Payout ratio vs NPAT %	47.2%Outside range low payout ratio versus npat. 47.2%; 5-period range 55.1% to 96.1%. Payout ratio versus NPAT: 47.2%, below normal range; 5-period mean 66.6%, range 55.1%-96.1%.	↓ -7.9pp

Source: latest published briefing (FY26, released 21 August 2026). Change compares against the prior equivalent period: FY25, released 22 August 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

$230.9m

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

14.34x

Recent market cap compared with trailing earnings.

EPS

0.61

Recent filing-derived earnings per share.

PEG

0.68x

P/E compared with recent earnings growth.

EV/EBITDA

8.34x

Enterprise value compared with recent EBITDA.

P/FCF

12.54x

Market cap compared with recent free cash flow.

P/B

3.07x

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

3.3%

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 South Port New Zealand's latest result and company history.

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

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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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SPN metric history
Metric	FY2612 MONTHS21 August 2026	HY266 MONTHS13 February 2026	FY2512 MONTHS22 August 2025	HY256 MONTHS14 February 2025	FY2412 MONTHS23 August 2024	HY246 MONTHS16 February 2024	FY2312 MONTHS25 August 2023	HY236 MONTHS9 February 2023	FY2212 MONTHS25 August 2022	HY226 MONTHS8 February 2022	FY2112 MONTHS27 August 2021	Trend
Revenue	$71.9m	$34.8m	$63.3m	$29.6m	$56.1m	$25.5m	$53.6m	$24.9m	$48.6m	$23.3m	$47.3m	Chart
Revenue growth %	13.5%Outside range high revenue growth. 13.5%; 5-period range 2.7% to 12.7%. Revenue growth: 13.5%, above normal range; 5-period mean 7.3%, range 2.7%-12.7%.	17.5%Outside range high revenue growth. 17.5%; 4-period range -0.2% to 16.1%. Revenue growth: 17.5%, above normal range; 4-period mean 6.2%, range -0.2%-16.1%.	12.7%	16.1%	4.7%	2.1%	10.3%	6.8%	2.7%Outside range low revenue growth. 2.7%; 5-period range 4.7% to 13.5%. Revenue growth: 2.7%, below normal range; 5-period mean 9.5%, range 4.7%-13.5%.	-0.2%Outside range low revenue growth. -0.2%; 4-period range 2.2% to 17.5%. Revenue growth: -0.2%, below normal range; 4-period mean 10.6%, range 2.2%-17.5%.	6.1%	Chart HY26 Revenue growth %: Outside range high revenue growth. 17.5%; 4-period range -0.2% to 16.1%. Revenue growth: 17.5%, above normal range; 4-period mean 6.2%, range -0.2%-16.1%. FY26 Revenue growth %: Outside range high revenue growth. 13.5%; 5-period range 2.7% to 12.7%. Revenue growth: 13.5%, above normal range; 5-period mean 7.3%, range 2.7%-12.7%.
EBITDA	$29.9m	$15.3m	$25.8m	$9.9m	$16.3m	$6m	$17.9m	$7.5m	$16.8m	$8.2m	$14.7m	Chart
EBITDA margin %	41.6%	44.0%	40.8%	33.6%	29.1%	23.6%	33.3%	30.1%	34.5%	35.1%	31.0%	Chart
PBT	$22.9m	$11.7m	$17.8m	$8.1m	$13.4m	$4.3m	$16.5m	$7.2m	$17.2m	$8.4m	$14.7m	Chart
PBT growth %	28.7%	44.4%	32.8%Outside range high pbt growth. 32.8%; 5-period range -18.8% to 28.7%. PBT growth: 32.8%, above normal range; 5-period mean 6.7%, range -18.8%-28.7%.	88.4%Unprecedented high pbt growth. 88.4%; 4-period range -40.3% to 44.4%. PBT growth: 88.4%, unprecedented high; 4-period mean -2.5%, range -40.3%-44.4%.	-18.8%Unprecedented low pbt growth. -18.8%; 5-period range -4.1% to 32.8%. PBT growth: -18.8%, unprecedented low; 5-period mean 17.0%, range -4.1%-32.8%.	-40.3%Outside range low pbt growth. -40.3%; 4-period range -14.3% to 88.4%. PBT growth: -40.3%, below normal range; 4-period mean 29.6%, range -14.3%-88.4%.	-4.1%	-14.3%	17.0%	0.0%	10.5%	Chart FY24 PBT growth %: Unprecedented low pbt growth. -18.8%; 5-period range -4.1% to 32.8%. PBT growth: -18.8%, unprecedented low; 5-period mean 17.0%, range -4.1%-32.8%. HY25 PBT growth %: Unprecedented high pbt growth. 88.4%; 4-period range -40.3% to 44.4%. PBT growth: 88.4%, unprecedented high; 4-period mean -2.5%, range -40.3%-44.4%. FY25 PBT growth %: Outside range high pbt growth. 32.8%; 5-period range -18.8% to 28.7%. PBT growth: 32.8%, above normal range; 5-period mean 6.7%, range -18.8%-28.7%.
NPAT	$16.1m	$8.5m	$13.3m	$5.8m	$7.4m	$3m	$11.7m	$5.2m	$12.8m	$5.9m	$10.7m	Chart
NPAT growth %	21.1%	46.6%	79.7%Unprecedented high npat growth. 79.7%; 5-period range -36.8% to 21.1%. NPAT growth: 79.7%, unprecedented high; 5-period mean 1.8%, range -36.8%-21.1%.	93.3%Unprecedented high npat growth. 93.3%; 4-period range -42.3% to 46.6%. NPAT growth: 93.3%, unprecedented high; 4-period mean -2.7%, range -42.3%-46.6%.	-36.8%Unprecedented low npat growth. -36.8%; 5-period range -8.6% to 79.7%. NPAT growth: -36.8%, unprecedented low; 5-period mean 25.1%, range -8.6%-79.7%.	-42.3%Outside range low npat growth. -42.3%; 4-period range -11.9% to 93.3%. NPAT growth: -42.3%, below normal range; 4-period mean 31.2%, range -11.9%-93.3%.	-8.6%	-11.9%	19.6%	-3.3%	13.8%	Chart FY24 NPAT growth %: Unprecedented low npat growth. -36.8%; 5-period range -8.6% to 79.7%. NPAT growth: -36.8%, unprecedented low; 5-period mean 25.1%, range -8.6%-79.7%. HY25 NPAT growth %: Unprecedented high npat growth. 93.3%; 4-period range -42.3% to 46.6%. NPAT growth: 93.3%, unprecedented high; 4-period mean -2.7%, range -42.3%-46.6%. FY25 NPAT growth %: Unprecedented high npat growth. 79.7%; 5-period range -36.8% to 21.1%. NPAT growth: 79.7%, unprecedented high; 5-period mean 1.8%, range -36.8%-21.1%.
Operating cash flow	$23.6m	$7.6m	$23.7m	$7m	$12.8m	$0.88m	$16.4m	$5.4m	$13.7m	$5m	$15.8m	Chart
OCF / EBITDA %	79.0%	49.9%	91.6%	70.9%	78.3%	14.6%	92.1%	72.3%	81.6%	61.0%	107.9%	Chart
FCF pre-lease	$18.4m	$5.1m	$16.9m	—	$2.5m	—	$2.1m	—	-$9.7m	—	$4.7m	Chart
FCF post-lease	$18.4m	$5.1m	$16.9m	—	—	—	—	—	—	—	—	Chart
DPS	20.5c	8.5c	20.5c	7.5c	19.5c	7.5c	19.5c	7.5c	19.5c	7.5c	19.5c	Chart
Payout ratio vs NPAT %	47.2%Outside range low payout ratio versus npat. 47.2%; 5-period range 55.1% to 96.1%. Payout ratio versus NPAT: 47.2%, below normal range; 5-period mean 66.6%, range 55.1%-96.1%.	26.4%Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%.	55.1%	34.3%	96.1%Unprecedented high payout ratio versus npat. 96.1%; 5-period range 47.2% to 66.2%. Payout ratio versus NPAT: 96.1%, unprecedented high; 5-period mean 56.8%, range 47.2%-66.2%.	64.7%Unprecedented high payout ratio versus npat. 64.7%; 4-period range 26.4% to 38.3%. Payout ratio versus NPAT: 64.7%, unprecedented high; 4-period mean 33.1%, range 26.4%-38.3%.	60.5%	38.3%	55.2%	33.5%	66.2%	Chart FY24 Payout ratio vs NPAT %: Unprecedented high payout ratio versus npat. 96.1%; 5-period range 47.2% to 66.2%. Payout ratio versus NPAT: 96.1%, unprecedented high; 5-period mean 56.8%, range 47.2%-66.2%. HY26 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 26.4%; 4-period range 33.5% to 64.7%. Payout ratio versus NPAT: 26.4%, below normal range; 4-period mean 42.7%, range 33.5%-64.7%. FY26 Payout ratio vs NPAT %: Outside range low payout ratio versus npat. 47.2%; 5-period range 55.1% to 96.1%. Payout ratio versus NPAT: 47.2%, below normal range; 5-period mean 66.6%, range 55.1%-96.1%.
Annual payout ratio vs EPS %	47.2%	—	55.1%	—	96.1%	—	60.5%	—	55.2%	—	66.2%	Chart
ROE %	21.4%	12.1%	20.0%	9.4%	12.2%Unprecedented low roe. 12.2%; 5-period range 19.6% to 23.2%. ROE: 12.2%, unprecedented low; 5-period mean 21.2%, range 19.6%-23.2%.	5.2%	19.6%	9.3%	23.2%Outside range high roe. 23.2%; 5-period range 12.2% to 21.6%. ROE: 23.2%, above normal range; 5-period mean 19.0%, range 12.2%-21.6%.	11.7%	21.6%	Chart FY24 ROE %: Unprecedented low roe. 12.2%; 5-period range 19.6% to 23.2%. ROE: 12.2%, unprecedented low; 5-period mean 21.2%, range 19.6%-23.2%.
Net debt	$18.5m	$29.1m	$24.9m	$35m	$33.4m	$42m	$29m	$33.4m	$24.2m	$23.1m	$7.4m	Chart
Net debt / EBITDA	0.62x	1.91x	0.97x	3.53x	2.05x	6.98x	1.62x	4.45x	1.44x	2.82x	0.5x	Chart
Debtor days	41	—	51	—	54Outside range high debtor days. 54d; 5-period range 0d to 51d. Debtor days: 53.5 days, above normal range; 5-period mean 27.4 days, range 0.1 days-51.3 days.	—	44	—	0	—	0	Chart FY24 Debtor days: Outside range high debtor days. 54d; 5-period range 0d to 51d. Debtor days: 53.5 days, above normal range; 5-period mean 27.4 days, range 0.1 days-51.3 days.
Total assets	$120.3m	$113.1m	$109.7m	$108.7m	$103.4m	$106.6m	$97.9m	$98m	$88.1m	$81.7m	$68.7m	Chart

Reference: annolyse.ai/companies/spn

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.

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

HY26 → FY26 Follow-through

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

Historical setup

What HY26 said to watch

Previous analysisHY26Result released13 February 2026Annolyse analysis published23 April 2026

From Record HY26 lifts NPAT 46.6% on cargo and smelter recovery

No formal earnings target has been provided. The supplied seasonality shape suggests the second half is normally heavier: HY25 represented 46.8% of FY25 revenue and 43.2% of FY25 NPAT, implying an FY26 trajectory above FY25 if HY26 momentum simply continues. Annualised on the current half, revenue would land near NZ$69.5m versus FY25's NZ$63.3m.

Commentary points to "H2 continuation of cargo trends with some" caveats, and channel deepening "exceeding expectations". The release does not, however, quantify forward work or H2 guidance, so the implied uplift remains a shape inference rather than a stated target.

Open questions

Open questions from HY26

How sustainable are the HY26 smelter and bulk cargo volumes given that NZAS only returned to full production around April 2025?
Why did free cash flow ease despite the stronger operating result, and which working capital or timing items drove the move?
What drove the effective tax rate to 27.6%, below the prior 28.6%–29.8% historical band?
Is the 26.4% NPAT payout — well below the 33.5%–64.7% historical range — a deliberate retention to fund channel deepening, and over what horizon?
What is the expected capex profile and net debt path through FY26 as the deepening programme progresses?

This briefing cannot assess forward cargo bookings, contract pricing, or the quantum and timing of remaining channel-deepening capex, none of which are disclosed in the release.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

NZX Financial Results Announcement - June 2026

FY26 / results announcement

South Port NZ Ltd FY26 Results Announcement

FY26 / results release

SPN - Results Presentation FY26

FY26 / results presentation

SPN FY26 Financials

FY26 / financial report

Prior comparable period

2025 Annual Report

FY25 / financial report

Interim context

SPN - HY26 Investor Presentation

HY26 / results presentation

SPN - NZX Half Year FY26 Results

HY26 / results release

SPN Financial Results Announcement - 31 December 2025

HY26 / results announcement

SPN Financial Statements six month period ended 31 December 2025

HY26 / financial report

Release context

South Port 2025 Annual Meeting Director Nominations

FY25 / commentary

SPNZ Earnings Guidance Update

FY25 / commentary

NZX South Port - 2026 Annual Meeting Director Nominations

FY26 / commentary

SPN provides leadership transition update and trading commentary

FY26 / 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.

NPH · HY26

Napier Port Holdings

11 published result briefings

POT · FY26

Port of Tauranga

2 published result briefings

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

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 21 August 2026

Record NPAT hides cash conversion drop to 79% from 115%

Revenue rose 13.5% and PBT grew 28.7%, but cash conversion fell to 79.0% as working capital absorbed NZ$0.7m instead of releasing cash.

Read briefing

HY26 · Released 13 February 2026

Record HY26 lifts NPAT 46.6% on cargo and smelter recovery

Reported earnings ran well above the historical baseline, yet free cash flow eased to NZ$5.1m as capex stepped up and cash balances drew down.

Read briefing

FY25 · Released 22 August 2025

PBT up 32.8% but NPAT +79.7% flattered by tax-rate reset

An unusually large NZ$9.4m working-capital release boosted operating cash flow while the prior-period 45.1% effective tax rate normalised to 25.1%.

Read briefing

HY25 · Released 14 February 2025

NPAT up 93.3% but margins sit inside South Port's normal range

Headline rebound reflects recovery from an unusually weak HY24 rather than structural margin expansion at the port.

Read briefing

FY24 · Released 23 August 2024

PBT fell 18.8% but dividend held drove payout to 96.1%

A NZ$6.5m working-capital release and NZ$5.75m of additional borrowings funded a 27.0-cent dividend that swallowed almost all of a tax-distorted NPAT.

Read briefing

HY24 · Released 16 February 2024

OCF fell 83.9% and payout jumped to 64.7% as PBT collapsed 40.3%

A flat dividend on shrinking earnings and a near-empty operating cash flow was funded by an NZ$8.0m rise in gross borrowings.

Read briefing

Open all 11 result briefings

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South Port New Zealand (SPN)

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

OCF / EBITDA

FCF pre-lease

FCF post-lease

ROE

Net debt

Net debt / EBITDA

DPS

Payout ratio

Debtor days

Operating working-capital movement

HY26 → FY26 Follow-through

What HY26 said to watch

Open questions from HY26

Latest result sources

Current period

Prior comparable period

Interim context

Release context

Ports comparison set

Napier Port Holdings

Port of Tauranga

Briefing archive

Record NPAT hides cash conversion drop to 79% from 115%

Record HY26 lifts NPAT 46.6% on cargo and smelter recovery

PBT up 32.8% but NPAT +79.7% flattered by tax-rate reset

NPAT up 93.3% but margins sit inside South Port's normal range

PBT fell 18.8% but dividend held drove payout to 96.1%

OCF fell 83.9% and payout jumped to 64.7% as PBT collapsed 40.3%

Compare this company

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