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’s (NPH) 1H26 cargo volumes were modestly higher than the prior year and broadly in line with our expectations.</li><li>NPH’s 1H26 trade volumes support our view that NPH is tracking above the top end of management’s NZ$70m–NZ$74m EBITDA guidance range (vs our NZ$77m forecast).</li><li>Growth in higher-margin container volumes (particularly reefers) is likely only partially offset by softer bulk volumes, while the decline in cruise remains a weak spot but is in line with expectations.</li></ul>

Napier Port’s (NPH) 1H26 cargo volumes were modestly higher than the prior year and broadly in line with our expectations.NPH’s 1H26 trade volumes support our view that NPH is tracking above the top end of management’s NZ$70m–NZ$74m EBITDA guidance range (vs our NZ$77m forecast).Growth in higher-margin container volumes (particularly reefers) is likely only partially offset by softer bulk volumes, while the decline in cruise remains a weak spot but is in line with expectations.

Napier Port (NPH.NZ): 1H26 Cargo Volumes – On the Right Tack