Port Marlborough Delivers Solid Half Year Result As Major Projects Progress

Port Marlborough has reported a solid financial and operational performance for the six months ended 31 December 2025, while progressing its largest capital investment programme to date. EBITDA for the period was $8.62 million, with Net Operating Profit After Tax (NOPAT) of $3.20 million. Shareholder funds represent 63.0 percent of total assets, reflecting a strong balance sheet position.

Chief Executive Rhys Welbourn said the result represents the continuation of stable operations alongside significant capital delivery and external disruption in key sectors.
 
“The first half of the financial year has demonstrated Port Marlborough’s ongoing contribution to the regional economy and resilience to one-off events. Despite some challenges facing our forestry volumes and moderating cruise activity, our core port and marina operations have remained steady.”
 
Revenue for the period was $21.8 million. Results were influenced by a severe windthrow event in the neighbouring Tasman region, which disrupted forestry supply chains and contributed to a 23 percent reduction in JAS throughput compared with the same period last year.
 
“While the windthrow event occurred outside Marlborough, the impacts were felt across the wider supply chain. We worked closely with exporters to provide alternative options and additional capacity where possible. Our on-port debarking facility and deep-water berth provided flexibility during this period, although the disruption has had an unavoidable impact on volumes and revenue.”
 
Major projects advanced during the half year, including the Waitohi Ferry Redevelopment, the Havelock Channel and Marina Redevelopment, and the new Blue Economy Precinct development at Westshore.
 
“The Waitohi Ferry Redevelopment is now firmly in delivery phase, with visible construction activity on site. This is a generational infrastructure investment that secures Marlborough’s role at the centre of New Zealand’s transport system and supports local employment and contractor capability.”
 
Port Marlborough’s marina network continued to support regional prosperity, accommodating more than 2,000 vessels. As at 31 December, eight cruise ships had visited Marlborough this season, bringing approximately 33,000 passengers and crew into the region.
 
Environmental performance also progressed during the period. Scope 1 and 2 emissions reduced by five percent, and carbon emissions reduction planning supported by regeneration and replanting initiatives.
 
Mr Welbourn said the company enters the second half of the year with strong project momentum and a disciplined approach to financial management.
 
“This result shows we are delivering on our commitments while advancing infrastructure for the future. Our vision remains clear: to lead the way as an environmentally restorative port, driving success for Marlborough, and we are doing that while also positioning Waitohi Picton as the centre of excellence for New Zealand’s inter-island ferries.”

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