South Port New Zealand

No quantitative targets, forward-work balance, or earnings guidance were disclosed in the extracted materials, so the result cannot be judged against company-set benchmarks. On shape, HY25 delivered 46.8% of full-year revenue and 43.2% of full-year NPAT, implying an implied second half of $33.7m revenue and $7.6m NPAT — a modestly second-half-weighted year, consistent with the progressive restart of NZAS aluminium production flagged at the half. The release supports a read that volume recovery (bulk cargo, fertiliser, NZAS potline restart toward full production by April 2025) carried through H2, but it does not support any specific run-rate view into FY26.

• What drove the 20-point shift in the effective tax rate, and is 25.1% the sustainable run-rate?
• What is the forward capex programme? The $8.0m FY25 figure is well below the $14.4m recorded two years ago, and sustaining that level underpins the FCF step-up.
• How exposed is the business now that NZAS is back at full production — the release confirms roughly a third of cargo volume is anchored to that contract, but contract duration and pricing terms are not quantified here.
• Is there a full-year dividend total disclosed beyond the 20.5c final, and how does it compare to the FY24 full-year 27.0c referenced in prior commentary?

This briefing cannot assess competitive positioning, port-level volume trends by commodity, or valuation, as segment detail, volume data, and share-price context were not supplied.