New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>Napier Port (NPH) is continuing to pull its pricing lever, a key driver of profit growth.</li><li>New tariffs for FY27 suggest unit pricing gains of ~+9% for containers and ~+5% for bulk cargo.</li><li>With robust and low-risk, near- to medium-term EBITDA growth, we upgrade to OUTPERFORM from NEUTRAL.</li></ul>

Napier Port (NPH) is continuing to pull its pricing lever, a key driver of profit growth.New tariffs for FY27 suggest unit pricing gains of ~+9% for containers and ~+5% for bulk cargo.With robust and low-risk, near- to medium-term EBITDA growth, we upgrade to OUTPERFORM from NEUTRAL.

<ul><li>Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.</li><li>Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.</li><li>While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.</li></ul>

Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating leverage.Management expects FY26 EBITDA to be around the top of its NZ$70m–NZ$74m guidance range, which compares with our unchanged NZ$74m forecast.While we expect NPH to continue delivering earnings growth over the medium term, the pace of growth is likely to moderate from recent levels.

<ul><li>Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue increases and operating leverage.</li><li>Management now expects FY26 EBITDA to be around the top end of its NZ$70m–NZ$74m guidance range, which compares to our forecast for NZ$74.1m.</li><li>Strong container revenue growth and operating leverage supported a +24% increase in 3Q26 EBITDA to NZ$22.0m, while underlying NPAT increased +39% to NZ$11.7m.</li></ul>

Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue increases and operating leverage.Management now expects FY26 EBITDA to be around the top end of its NZ$70m–NZ$74m guidance range, which compares to our forecast for NZ$74.1m.Strong container revenue growth and operating leverage supported a +24% increase in 3Q26 EBITDA to NZ$22.0m, while underlying NPAT increased +39% to NZ$11.7m.

Napier Port (NPH.NZ) - 3Q26 Result Initial Thoughts

<ul><li>Napier Port (NPH)'s 3Q26 cargo volumes were modestly lower than the prior year, with containerised volumes down -3% and bulk cargo down -5%.</li><li>Full container volumes increased +9% in the quarter and were up +5% over the first nine months of FY26.</li><li>We currently forecast FY26 EBITDA at the top of management’s guidance range for NZ$70m-NZ$74m.</li></ul>

Napier Port (NPH)'s 3Q26 cargo volumes were modestly lower than the prior year, with containerised volumes down -3% and bulk cargo down -5%.Full container volumes increased +9% in the quarter and were up +5% over the first nine months of FY26.We currently forecast FY26 EBITDA at the top of management’s guidance range for NZ$70m-NZ$74m.

Napier Port (NPH.NZ) - 3Q26 Cargo Volumes

<ul><li>Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.</li><li>We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.</li><li>NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.</li></ul>

Napier Port (NPH) reported a robust 1H26 result, but with valuation fair on a bond-rate-adjusted basis, we downgrade our rating to NEUTRAL from OUTPERFORM.We expect pricing growth to moderate from FY27, while the near-term cargo volume backdrop is mixed, with a positive outlook for containers and downside risk for logs.NPH’s strategic initiatives are tracking well, and we expect its container transformation project to deliver credible productivity and cost benefits from FY28.

Napier Port 1H26 Result—The Ship Has Sailed

New Zealand

Napier Port Holdings Limited provides shipping services. The Company offers transportation for cargo and passenger. Napier Port Holdings serves customers in New Zealand.

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Napier Port (NPH NZ)

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Napier Port (NPH) reported a strong nine-month result supported by container volume growth, robust unit revenue gains, and operating...

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