Quayside Half Year Results - 31 December 2024

Quayside Holdings Limited is pleased to present the results for the interim period ending 31 December 2024. Group Net Profit after Tax (NPAT) for the six months was $68.2 million (2023: $44.9 million), an increase of 51.9%. The performance of the Group is comprised of the result from the ‘Port of Tauranga Group’ (Port segment) and the ‘Quayside Group’ (Investing segment) as follows: Port of Tauranga Group Performance Port of Tauranga Group profitability increased for the first six months of the 2024 financial year. Net Profit After Tax for the six months to December 2024 was $60.2 million, a 27.4% increase on the same period versus the previous year. Operating revenue increased 12.5% to $225.0 million mainly due the increase in container terminal revenue (driven by both improved volumes and tariffs). Operating expenses increased 7.2% year-over-year impacted by employee benefit expenses. Share of profits from equity accounted investees is $3.2 million, in line with the previous year. The Port has declared as a subsequent event, in its 31 December 2024 interim accounts, a fully imputed interim dividend of 7.0 cents per share, providing Quayside for future cash flow of $25.8 million. Quayside Group Performance The Quayside Group (refer to the “Investing” segment identified in Note 5), reported a net profit after tax of $8.0 million (2023: $2.3 million loss) for the first half of the year. The performance is mainly driven by $21.5 million of “other income/gains” – including dividend income and net unrealised gains (2023: $4.8 million) netted off by the $10.5 million impact in overhang write-off included in trading and other expenses (2023: $5.6 million). A major contributor to the Quayside Group’s unrealised portfolio performance is the listed assets portfolio, with $12.9 million positive impact. Managed private equity is the second contributor with $5.2 million in gains. The Quayside Group paid dividends to Perpetual Preference Shareholders during the period of $4.7 million in accordance with its prospectus. Net dividends paid during the period to the Bay of Plenty Regional Council were $23.5 million (2023: $22.5 million) in line with the current Statement of Intent. Lyndon Settle Chief Executive Officer lyndon@quaysideholdings.co.nz