New Zealand Professional Investment Services Firm

Forsyth Barr

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.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Napier Port (NPH) reported a strong FY25 result, in line with our and consensus expectations, driven by container volume growth and further pricing gains.</li><li>First-time FY26 EBITDA guidance appears consistent with management’s historically conservative lens, suggesting earnings risk remains to the upside.</li><li>Moreover, with a stable-to-positive cargo volume backdrop (notwithstanding another fall in cruise bookings), we anticipate continued strong profit growth and further progress towards a return on capital at least equal to WACC by FY28.</li></ul>

Napier Port (NPH) reported a strong FY25 result, in line with our and consensus expectations, driven by container volume growth and further pricing gains.First-time FY26 EBITDA guidance appears consistent with management’s historically conservative lens, suggesting earnings risk remains to the upside.Moreover, with a stable-to-positive cargo volume backdrop (notwithstanding another fall in cruise bookings), we anticipate continued strong profit growth and further progress towards a return on capital at least equal to WACC by FY28.

Napier Port FY25—Returns Destination On The Horizon