25 September 2026 MEDIA RELEASE Port Marlborough delivers major projects and solid commercial result Port Marlborough has moved nationally significant ferry infrastructure into construction, completed its marine fleet renewal and opened new commercial facilities while maintaining a solid result through a challenging trading year. The 2026 Annual Report records revenue of $46.3 million, up 1.2 per cent, and an underlying net operating profit after tax of $9 million. Port Marlborough also invested $21.8 million in infrastructure and assets during the year. Chief Executive Rhys Welbourn says the result provides a sound platform as Port Marlborough enters one of the largest periods of infrastructure delivery in its history. “FY26 was a year of turning long-term plans into visible progress,” Major projects moved from planning into delivery, new commercial activities began operating and we continued to invest in the infrastructure, and services Marlborough relies on, while navigating some challenges across key trades. For our shareholder and community, this means a commercially sustainable port that is creating jobs, enabling regional growth, and investing with confidence in the future.” A major achievement was securing the agreements and funding required to progress the Waitohi Ferry Redevelopment Project. Physical works began during FY26, with Port Marlborough leading delivery of the landside infrastructure required for New Zealand’s new Cook Strait ferries. Long-term agreements with the Cook Strait ferry operators have confirmed Waitohi Picton’s future as the South Island ferry hub. The $110 million financing arrangement approved through Marlborough District Council provides the funding required for Port Marlborough’s contribution to the redevelopment and will be repaid with interest by Port Marlborough. New and expanded customer activity also contributed during the year. The 3,200 square metre Westshore Warehouse opened through Port Marlborough’s growing relationship with New Zealand King Salmon, bringing new warehousing, logistics and marine services activity to the port and supporting Marlborough’s blue economy. This activity helped moderate the impact of reduced forestry volumes following the Tasman wind-throw event, demonstrating the benefits of continued diversification across the port’s customer base and service offering. The arrival of Kaiaua, a new DAMEN ASD tug vessel completed Port Marlborough’s marine fleet renewal programme. Kaiaua is a new high-powered harbour tug designed to safely manoeuvre and assist large vessels, including ferries, freight and cruise ships, within the harbour, now operating alongside Kaiana, giving Port Marlborough New Zealand’s newest marine towage fleet and providing modern, capable and reliable support for the vessels and supply chains that depend on the port. Environmental performance also progressed during the year. Port Marlborough exceeded its annual operational emissions reduction target, restored 21.35 hectares of habitat against a five-hectare target and maintained International Clean Marina accreditation across its Picton, Waikawa and Havelock marinas. Health and Safety remained the top priority in a busy operating environment, while recording no high-consequence injuries during FY26, and marina activity remained buoyant as occupancy across its three marinas reached 93 per cent. Partnerships with iwi, customers, government, industry and community organisations supported delivery across major infrastructure, environmental and regional development programmes, with the port contributing over $177k to Marlborough organisations through community partnerships, including financial support, in-kind assistance and employee time. Rhys says the diversity of Port Marlborough’s operations helped offset difficult conditions in some established markets. “Reduced forestry activity and a softer cruise season affected parts of the business, but new customers and services supported overall revenue growth. “That breadth is important. It allows us to manage changing market conditions while continuing to invest, support regional industries and provide a sustainable return to our shareholder.” Port Marlborough has returned more than $37.5 million in dividends to Marlborough through its shareholder Marlborough District Council Holdings Ltd over the past decade, providing a direct financial benefit to Marlborough alongside its wider economic and community contribution. As Port Marlborough now progresses the largest capital programme in its history, Rhys Welbourn notes that the port is investing in Marlborough’s future. “The work under way today will shape how Marlborough connects, trades and grows for decades. Our focus is on delivering it well and creating infrastructure the region can rely on for generations.” Priorities for FY27 include delivering the Waitohi Ferry Redevelopment Project, progressing the Havelock Channel and Marina Redevelopment, continuing the environmental restoration programme and developing further customer-led commercial opportunities. The Port Marlborough Annual Report 2026 is available at https://portmarlborough.co.nz/about/publications/
