Good morning, everybody, and welcome to the Napier Port Holdings 2026 half-year results call. My name is Kristen Lie, CFO, and I'm joined on the call this morning with Todd Dawson, Chief Executive, and Blair O'Keeffe, the Chair of the Board of Directors.

During this morning's presentation, we will report on the highlights for our first half 2026 financial year. We will reference a suite of information released earlier today on the NZX reporting platform and also available in the investor centre section of our website.

At the end of our presentation, we'll be happy to respond to any questions you may have, and I'll now hand over to Blair to get things underway.

Thank you, Kristen. Kia ora koutou, and welcome to our 2026 half-year results presentation.

I'm pleased to report a strong interim result for the six months to 31st of March 2026, with underlying earnings growth reflecting solid operational performance across the port and the continued strength of our diversified trades. During the half-year, we've continued to progress our strategic investment program with capital deployed across key projects that will enhance our capacity, capability, and operating efficiency over time.

Our strategic investments are supported by our strong balance sheet position. While we recognize ongoing uncertainty in global markets and cost pressures for exporters and importers, we are confident in the resilience of our region and the underlying demand drivers that support Napier Port's performance into the second half of the year.

I'd like to acknowledge the efforts of our people, led by Todd, in delivering this result, and Todd will now take you through the detail of our performance for the half-year.

Thank you, Blair, and good morning, everyone. Trade volumes for the first half of the year have been seen a consolidation of the higher level of container services activity we saw across 2025.

Container volumes increased by 3.5% to 116,000 TEU. This has been supported by the continued strength of our refrigerated export cargo base, particularly across squash, onions, and early season apples, along with earlier positioning of empty containers to support the anticipated increases in export demand this year.

Earlier positioning of empty containers has improved the availability for local exporters and supported an efficient operational flow heading into Hawke's Bay's peak horticultural season. Bulk cargo volumes were slightly lower overall, down 1.5% in the period.

This reflects softer log exports, which were partially offset by increased fertilizer and other bulk cargo movements. Cruise vessel calls were lower than the previous year, a comparable period, with 54 visits compared to 77.

This reflects a broader reduction in cruise activity across New Zealand and Australia. Vessels calling Napier were larger on average this year, supporting higher passenger numbers per vessel and improved revenue per vessel call.

Overall, these results demonstrate the benefit of our diversified trade base, with strength in containerized cargo offsetting variability across other areas. Moving to the next slide, our team has delivered a solid performance in the first half of this year, continuing to support our customers through a busy export season.

Our operational performance has been supported by improved equipment availability, particularly across our crane and container handling fleets, and our ongoing focus on creating flexibility and taking a whole of port approach to the deployment of resources required to meet customer demand while improving productivity. Despite the global uncertainty arising out of the Middle East conflict and increased cost of fuel, we're not seeing any notable impacts or disruption to our trade or shipping flows.

We are aware that some New Zealand exporters have had product caught up in these events, requiring diversion of cargo internationally. Due to the effect of increased fuel prices, we moved swiftly in March to adjust our fuel cost recovery mechanism to a weekly review and reset cadence, which has protected the cash flow and the majority of impacts from sudden changes and increases in diesel fuel pricing.

In the first half of the year, we have seen positive momentum in both revenue and earnings, driven by increased container services activity and our continued progress in growing yields across our main service areas. Total revenue increased 8.8% to $84.9 million, led by container services, where revenue was up 16.7%.

This reflects a combination of volume growth and ongoing improvements in average revenue per unit, supported by cargo mix changes. At the earnings level, the result from operating activities lifted 12.5% to $37.3 million, demonstrating the benefit of operating leverage as activity levels increase.

Underlying net profit also strengthened, up 21.5% for the half, highlighting the quality of earnings delivered in the period. Operating cash flow was slightly lower at $23.9 million.

Overall, the result reflects a continued focus on operational performance, asset reliability, and delivering for our customers. Moving to the slide on strategic investment program, our current strategic investment programs remain on track for delivery, with benefits already being seen through improvements in productivity.

This program includes a series of investments aligned to our refreshed business strategy, with approximately $120 million being deployed across 2025 to 2027 financial periods. We're now approaching the midpoint of that program.

Our focus is on strengthening our core operations, enhancing the capacity, resilience, and efficiency while we also build the capability required to capture future and current market opportunities. Our crane major maintenance program has progressed to plan, with major component replacements and servicing of our frontline cranes largely completed during the half.

This has delivered improved reliability, availability, and productivity of vessel operations. Our Viewpoint Supply Chain Services continued its growth in the first half, extending our role beyond the wharf with further growth of our integrated logistics offering in warehousing, transport, and inland services across container and bulk trades.

This is strengthening customer relationships, supporting cargo retention and growth, and enabling greater efficiencies for our customers across the supply chain. Our dredge vessel, being delivered in partnership with Port Otago, continues to progress well, with construction advancing during the half and with a sea launch scheduled for June 2026.

This investment provides us with greater future control over channel maintenance and supports our ability to progressively deepen shipping channels to consented depths, enabling access for larger vessels as shipping requirements evolve. Moving to the next slide, the exciting Napier Port transformation project, or NPT, is a key investment in the future operating model of our container terminal and represents a step change in how we will operate in the future.

The NPT program introduces a new horizontal transport model in the container terminal, improving safety, productivity, and long-term efficiency. During the half, we have completed the core infrastructure works required to support NPT, including civil and electrical works and the rollout of our private 5G network.

We're now progressing operational trials with newly arrived equipment ahead of the arrival of the bulk of the fleet of autonomous truck and trailer units during the fourth quarter of this financial year. Importantly, NPT establishes a more scalable future operating platform, allowing us to better utilize terminal space and equipment as volumes grow.

A phased transition to live operations is planned through to early calendar year 2027. Alongside this, our shore tension mooring system upgrade at 6 Wharf is also progressing well, with installation and commissioning underway during the half.

This will improve berth availability and vessel operability, supporting safer and more reliable vessel operations and more consistent utilization of our assets. Together, these investments are enhancing the capacity, capability, and efficiency of our operations and positions us well to support future growth.

I'll now hand over to Kristen to talk through the detail of the financial and operating results.

Thank you, Todd. Firstly, total revenue: the 8.8% revenue growth to $84.9 million breaks down into a container services revenue increase of $7.2 million, or 16.7%; a bulk cargo revenue increase of $1.5 million, or 5.9%; and a cruise revenue decrease of $1.8 million, or 21.8%.

The revenue growth across container services and bulk cargo was particularly pleasing given the lower cruise bookings, again highlighting the positive diversification effect in our portfolio. Onto containers: the increased container services revenue was a result of the 3.5% increase in TEU volume, compounded by an increase of 12.8% in average revenue per TEU.

Total TEU volume was up 4,000 in the half-year period, with increases in full and empty containers outweighing lower transship and DLR activity. The average revenue per TEU increased 12.8% to $430, from $381 in the prior comparable period.

Factors include tariff increases and customer and cargo mix changes, as well as higher port access charges and infrastructure levies, and a higher depot revenue contribution. Partially offsetting these unit gains were lower reefers on power and lower storage charges, partly attributed to higher vessel calls and therefore containers on port for comparatively shorter time periods.

Slide 11: bulk cargo revenue increased by 5.9% in the period. This was on 7.5% higher average revenue per tonne, partially offset by 1.5% lower volume.

The volume decrease was despite a strong uplift in import fertilizer, and was mainly attributable to log exports, which decreased by 70,000 tonnes compared to the first half last year. Bulk average revenue per tonne increased 7.5% to $16.02.

This resulted from customer and cargo mix changes, higher marine contribution from a larger number of smaller on average vessel loads, and tariff and levy increases. Cruise vessel calls continue to be a significant contributor to Napier Port, comprising $6.4 million, or 7.5%, of half-year revenue.

Cruise revenue in the period decreased by 21.8% on 23 fewer vessel visits, of which five were bookings lost due to weather cancellations, partially offset by 11.6% higher average revenue per vessel. Positive ARPU growth was generated by larger vessels and higher passengers per vessel on average.

Our cruise season ended in April with a total of 55 vessel visits. Slide 13: we've reported another good result from operating activities for the first half of the year, with this increasing by $4.2 million, or 12.5%, to $37.3 million as the revenue increase of $6.8 million exceeded the opex increase of $2.7 million.

Total operating expenses increased 6% compared to the first half of last year and decreased $1 million, or 2%, compared to the second half of last year. The main drivers of the operating expense increase half-on-half were container-related contract service costs, principally stevedoring and road and rail transportation, and wages and salaries on a higher headcount to support service levels and a higher level of project and development work in the business.

Positive operating leverage was again demonstrated, with the operating margin percentage increasing to 43.9% from 42.5% in the first half of last year. Slide 14: our higher operating result has driven the underlying net profit to an increase of $3.2 million, or 21.5%, to $17.9 million in the half.

Our reported unadjusted net profit of $18 million for the period decreased by $2.2 million as the prior year benefited from $7.5 million of insurance income on the final settlement of our Cyclone Gabrielle insurance claim. Similarly, the lower tax charge this half-year was largely due to tax associated with that insurance income last year.

Finance costs decreased on higher capitalizations to property, plant, and equipment, including related to our NPT, dredge, and mooring system projects. Capex: capital expenditure during the half-year was $29.6 million, or 21 $28.1 million in cash flow spend terms.

Approximately two-thirds of the half-year spend was directed to strategic development projects and one-third towards asset replacements or maintenance. Replacement spend included five new reach stackers, major maintenance on cranes and tugs, and various site asset works.

We continue to expect approximately $120 million of capital spend across the '25 to '27 financial years, subject to approvals and timing. Cash flow: reported cash flow from operating activities decreased to $23.8 million as the prior half-year period included the receipt of $11 million of insurance proceeds.

Underlying operating cash flow was the same as reported operating cash flow and decreased by $1.9 million due to the higher provisional tax payments made during this half-year. The final '25 financial year dividend payment in December, December '25, of $16 million was increased from $12 million in the prior comparative period.

An update on our capital management position: the continuing capital investment program led to an increase of gross drawn debt to $130.5 million at the end of the half-year period, leaving $49.5 million of undrawn facilities. Our debt-to-EBITDA ratio at the end of the period was 1.81 times, which is below our capital management target range of 2 to 3 times.

We expect this to rise to within our target range as we continue to execute on our capital investment program. We note we are considering our options for crane replacements, which will be required the next few years and for which we are targeting an investment decision within the next 12 months.

As part of our due diligence, we are exploring a variety of options, including a change in the type of container crane used at Napier Port, which, if pursued, would require a step-up in capital investment over and above normal replacement capex levels. No decisions have been made, but our conservative approach to our gearing means we retain all investment options on the table and are able to make the decision best suited for Napier Port's future.

Any type of crane will not be delivered within our current capex guidance period covering '25 to '27 financial years, and the majority of future crane capex is expected to fall beyond this period. Lastly, a brief update on our sustainability and emissions reporting: as mentioned during our 20 2025 full-year results release, we've expanded our Scope 3 emissions reporting to include the emissions associated with purchased equipment, purchased goods and services, and construction projects.

As a result, total gross emissions increased by 155% compared to our half-year '25, or increased by 3.1% on a like-for-like basis when stripping out those newly reported categories. Scope 1 emissions increased 0.7% on higher fuel usage by generators used for powering reefer containers principally.

Scope 2 emissions, essentially electricity consumption-related, decreased by 7.8% on lower electricity usage, partly due to the higher generator use. Emissions intensity on a per cargo tonne basis and on a like-for-like basis, the increase was 3.

was an increase of 3.1% as containerized cargo increased as a proportion of total cargo and reefer cargo increased as a proportion of containerized cargo. I'll now hand back over to Todd and Blair for concluding remarks.

Thanks, Kristen. Napier Port enters the second half of the financial year with confidence, supported by a strong first-half performance and continued momentum across the business.

This result reflects the benefit we enjoy of a diversified cargo base and continued development of our operating leverage through the yield management, productivity improvement, and investments that have been supporting our earnings growth. We note the positive recent announcement by MSC that they are including Napier into the recently launched New Zealand Eagle service, routing through direct to the US East Coast markets.

While shipping line services are constantly being reviewed and changed, we are seeing high levels of interest from container lines for additional services and exchanged capacity at Napier Port. We expect the MSC Eagle service to attract additional cargo to Napier Port from June onwards.

It's a welcome addition to our shipping service offer. Progress on our strategic investments is going well, and we are increasingly moving into the phase where these will begin to lift our capacity, capability, and operating efficiencies across the port.

Looking ahead, we remain mindful of the ongoing uncertainty in global markets and increasing cost pressures for exporters and importers, being driven primarily by fuel and transport costs. We are also conscious of the secondary risk of elevated inflation levels taking root and again in the local and global economy, with its consequential macroeconomic effects.

We continue to monitor log exports and market conditions, being mindful of the current fuel situation and cost impacts to this trade. At the same time, demand for the region's food and fiber exports remains solid, with pipfruit exports tracking well and supporting our position heading into the second half of the year.

We currently have 52 forward cruise bookings for the 2027 season, with the season scheduled to commence in October. Reflecting the first-half performance and current trading conditions, we are reaffirming our guidance for the full year, with an underlying result from operating activities expected to be in the range of $70 to $74 million, assuming a continuation of current operating conditions.

Overall, we remain well-positioned to support future growth and deliver value for our customers and shareholders. I'll now hand back over to our Chair, Blair O'Keeffe, for his closing remarks.

Thank you, Todd. The Board is pleased to declare a fully imputed interim dividend of 5.25 cents per share, increased from the 4 cents per share interim dividend paid at the same time last year.

This reflects the strength of the first-half performance and the Board's confidence in the underlying earnings of the business and the strength of our financial position. The record date for the interim dividend is 11 June, with payment to be made on the 24th of June.

I'll now hand you back to Kristen.

Thank you. That concludes our prepared presentation.

We would like to provide the opportunity for those on the call to ask questions related to our presentation, and therefore hand back over to the moderator to do so.

Oh, hi, team. Can you hear me okay?

Yeah. Hi, Grant.

Hi, Grant.

Hi. Oh, thank you for the presentation.

Very clear as usual. Just a couple of questions from me around log volumes.

Obviously, you've stated sort of an insignificant impact to date, but just wondering what you're hearing. We've heard some anecdotal suggestion that some of the smaller woodlot owners are beginning to slow/postpone harvesting.

Just interested in what you're seeing and hearing on that front and how you perceive that risk, and then just obviously in relation to the reaffirmed guidance, if you could give us any sort of inside or color as to how you thought about that risk in relation to that guidance?

I'll start, and maybe Kristen can build on the guidance piece for you, Grant. On the log side of the equation, what we're seeing flowing through the gate, which is the closest sort of indicator to what we're thinking about in the next month or two in terms of volumes going over the wharf, we're not seeing any notable change really in terms of volumes coming in the gate of logs.

What we are hearing is that some of the exporters that go through Napier Port are shifting their operations to forests that are closer to the mill or closer to the port, obviously to try and offset the impact of diesel price on their operations. I wouldn't say comfortable, but we're relatively somewhat insulated from the effects of small woodlot owners in our volume mix given that approximately sort of 70% to 80% of our forestry is largely supplied by what we would describe as estate owners, and they tend to ride through these fluctuations in the market fairly resiliently.

That's what we've seen over time as well as various different events have happened to impact the logging industry, whether that be COVID or windthrow events or macroeconomic changes in China's demand profile, etc. That's sort of what we are seeing and hearing from exporters, and obviously at the moment we're not seeing a material decrease in volumes through the port, it is slightly softer market overall.

Just carrying that on to the guidance, obviously, we're kind of estimating lots of different factors. It's fair to say that the log export outlook is probably a little bit softer than what we might have imagined when we set guidance originally.

In the sort of pluses and minuses of everything, we're quite comfortable with the guidance range. Obviously, it gives us a bit of room to maneuver, but we don't see it as a material shift in the outlook for the remainder of this financial year, what's happening at the moment and what we're seeing coming through the gate.

That's great. Thank you.

Then just around the cruise outlook, another sort of down year for the industry as a whole, by the sounds of it. I think there was a sort of a major tradeshow in Florida in the last month or so, and just wondering what your thoughts are on the return and momentum in cruise.

Are we sort of still another 18 months away? Any thoughts on that?

Right. There was a cruise industry conference up in Miami in recent months.

Our team attended that, got some feedback from the industry as to what to expect over the next year or two. We believe that we're more or less at the bottom of the lull, I guess, in cruise coming through New Zealand, reflected in this year and probably next year's numbers.

We're hopeful that we'd see a small uptick in I guess it would be '28, and then building back from there is our best estimate of what we'd see happening in that industry. Clearly, cruise as an industry in general across the globe is actually booming.

There's plenty of demand there. I think that's just at the moment New Zealand and Australia, our cruise industry is pretty well linked, is not necessarily the flavor of the month.

We are confident that that will come back over time.

That's great. Then just a final sort of detail one for me.

Full-year capex numbers, is sort of around $50 million a reasonable sort of guess at this stage?

Oh, yeah. That's probably a kind of a ballpark, reasonable guess, Grant.

Ballpark, yeah. Ballpark.

That's great. Thank you very much.

Thank you.

Thanks, operator. Good morning, guys.

A couple of questions from me, just really going back to the volume question before and expanding it in terms of the broader backdrop. Where do you see the biggest risk?

Risk can mean downside and upside, but mindful of current trading conditions and elevated fuel prices. In the context of logs, which you've talked to, it sounds like you're confident that that's not going to fall away.

How do you see the broader picture in relation to logs, agricultural imports, and containers? Where is the biggest risk across those three broad product categories?

Look, I think we are mindful of the impact of this fuel pricing on the log industry longer term, Andy, if it sticks around for a lot longer. I think undoubtedly it'll keep the demand softened.

Whether that's a significant dip that we would see is still very uncertain. As I said to Grant, a lot of our forest is actually being supplied by those estate owners that tend to ride through these things a lot more gamely.

We're not seeing it as a significant risk, but mindful of it. On the import side of things, if costs remain high for fuel and/or fertilizer, we would expect to see a bit of a softening in demand on fertilizer probably next year as farmers sort of pull back their programs around fertilizer.

As you know as well, we've also had a bit of an uptick with the structural change in how fertilizer flows around the country as well, so that would mitigate to some degree that impact as well. We are mindful.

Containerized side of things, we've continued to see good support and demand. That's that food, fiber base that we're lucky enough to have.

It's been a great apple season so far. All the apples are picked, they're in coolstores.

The risk around weather events and things is largely diminished now for us for the second half of the year. Other commodities that are flowing through, Pan Pac in particular, pulp and timber volumes are going strongly.

They're selling everything they can manufacture. We don't see that changing, and forecast from them is that they're very confident with that carrying on despite what we're seeing for fuel pricing.

That covers a big chunk of containerized volume. Then we're seeing good growth coming out of our Viewpoint product as well, and capturing of imports flowing through Napier Port.

Equally, we're quite buoyed by the fact that MSC Eagle service is going to start coming through Napier from June onwards. As you know as well, that'll mean America's cargo that was perhaps leaking out of the region or not coming to Napier, out of region, is come back through here.

We'd see good support around the container volume certainly for the rest of this year as well.

What do you think the MSC Eagle service can add from a TEU point of view?

That's too early, hard to say. I wouldn't want to speculate on a number, it's pretty early at this stage, and even early in the I guess the establishment of that service in New Zealand and how well-supported it's going to be.

No, that's fair enough. It kind of sounds in the context of the broader volume backdrop that you're more confident around the container outlook than you would be on the bulk side of things.

That's a broad characterization of where things would be, yeah.

Fair to say that you'd be disappointed if you didn't see container volume growth through the second half?

I think

what the backdrop looks like at the moment.

I think that's pretty solid. Yep.

Yep.

Great. Then a question on the opex side of things.

A couple of areas of opex that led the growth through the first half: employee costs and contract services. Can you give us a little bit of color around particularly that contract services increase?

Yeah. Contract services are, I guess, the procured road and rail transportation related to, I guess, mostly our Viewpoint offer.

Also included in there are on ships container stevedoring that we subcontract. In both cases, volumes are up in those categories, but also subject to price fluctuations.

Stevedoring is largely a labor-led, I guess, business and over several periods now we've seen kind of consistent pressure coming through on those rates. There's some rate increases coming through there.

That would cover the, I guess, the other contract services part of it.

Great. Then when we think about costs and how the seasonality works in the business, the second half typically plus or minus $3 million to the first half, is that a reasonable assumption for this year or is there anything else that we should be thinking about in the context of what you're spending from an opex point of view through the next six months?

No, I guess off the top of my head, I'm not thinking of any kind of special or particular changes in our patterns. No, I'm not aware of anything at this stage.

Or might be in the context of, yes, you've got the pass-through mechanism on diesel, but if diesel's prices stay elevated, I'd imagine that's something that's passed through, but elevates your opex at least short term.

That's right. Yep, we'll get a gross-up effect if it's going up, and then if it's coming down, the opposite.

That would be, yep, the same what we would expect.

Great. That's great.

Thanks, guys. Appreciate your time.

Awesome.

to Go

I'll just take off speaker. Yes, good morning, and thanks for the increased dividend.

Much appreciated. Now I've got a couple of questions.

The first one, I think it was a year or two ago, you're going to set up a special insurance fund. Are you still going ahead with that or is that gone burger now?

Yeah. No, we have set up an investment fund which we're continuing to seed, so that's included in our balance sheet.

Oh, yeah, sorry. I just haven't had time to read the financials today, just been super busy.

All right, no, that answers that. The second thing was new mooring system.

Is that functioning okay with the waves and stuff? I think you've changed to Bluetooth, haven't you?

It might answer the other joker's question why some of the cruise ships got canceled, because I heard that the odd ship was getting a little bit not wrecked, but a little bit damaged from the waves, and how the old system of those moorings were attaching, wouldn't move for waves. That's what I heard.

We're moving towards a system called ShoreTension, more use of it. We've been using ShoreTension in the port for a number of years, but we're expanding its use across more of the wharfs.

The one that's probably of most interest is we're moving more towards ShoreTension on our 6 Wharf, our newest wharf. We've deployed an interim arrangement already, and seeing really noticeable improvements in what it's doing for the availability of the wharf.

It means that we can hold vessels in a wider range of wave conditions, the long period wave being the most significant one that we need to manage to at Napier Port. We've been able to increase our limits already just in the matter of weeks since deploying ShoreTension on 6 Wharf.

The MoorMaster system that you're thinking of, we don't use that on cruise ships anyway, because the cruise ships tend to have too many windows and doors and things on the side of them. The big suction cups on those MoorMaster systems don't work well on cruise ships.

Be no damage to vessels through using those MoorMasters on all the container ships and logging ships and things that they touch.

All right. You've got it all sorted for the Wharf 6 and I heard that you've changed to Bluetooth on those mooring systems, haven't you?

It was the other system that was not as good.

Both the MoorMaster and the ShoreTension have remote operability, they don't work through a Wi-Fi network. That the mooring team can monitor and control them from basically apps on phones or on PCs back in the office, yeah.

That makes it all easier. All right.

The other thing about this cruise industry, thing I've been saying for a while, I think I sent an email to the old communications officer. Now that PAK'nSAVE, New World, the Foodstuffs stores have on your card, if you've got a what is it, Clubcard, right, you get discounts.

The price might be $2 for a can of V, and if a tourist comes through and hasn't got a Clubcard, they might get charged $3, and looking at the thing going, 'Hey, it says $2.' I believe that's one of the reasons why tourists have sort of stayed away.

This is just my belief. Also with the fuel prices, Gull has a Monday and a Thursday discount, all right?

To just keep you up to date with what's happening, the Foodstuffs team have come out with a new combined card that's going to happen in June. I've seen them this morning at the supermarket.

They just said that it's a new card, a foreigner who arrives on the day can go into the supermarket digitally if they got their cell phone with them, they can digitally apply for the card then and there, get it approved, and use the app so they can get that discount on the day. I've noticed that a lot of the tourist demand coming into New Zealand from people just coming through, jumping in their cars and thing, is on the increase.

You've probably seen that in the news. What we've got to work on now is to get these petrol stations, instead of having a special on a Monday and a Thursday, it's got to be all week, all right?

Because these tourists think we're a bunch of rip-offs. If you don't fill up your car on a certain day of the week or have a Clubcard at the supermarket, you've got to pay full price.

Anyway, that's just my opinion. I'm sure the cruise ships will come back, all right, once we'll get to know we're not a bunch of rip-offs anymore, all right?

Absolutely. I hope you're right.

No, good on you. Remember that thing about Art Deco Weekend, you try and I know you're busy, you're doing other stuff, but if you free up all those six wharfs and have seven berths for the cruise ships, the place will rock, all right?

Because the bloke at the gate told me, it must have been a year or a last year, not last year's one, yeah, last year's one in 2025, he said passengers didn't want to go back at 2:00 in the afternoon on the cruise ship. They had to run around chasing them to get home.

They wanted to stay and enjoy the Art Deco Weekend.

Have you got any other questions, Stephen, or just want to make sure...

No, that's fine. No, no, mate.

Yep, all right. Thank you very much, and dividend is much appreciated, hey.

I might get married to Caroline yet. We'll see you at the AGM, hey.

Lovely. Look forward to it.

Thanks, mate.

Thank you, everyone, for joining us for the Napier Port Holdings 2026 half-year results call and for your questions. We look forward to providing you with a further update on progress with our nine-month interim results announcement expected to be announced towards the end of August.

That ends our presentation. Have a good day.