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)'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