In the context of ongoing economic challenges and uncertainty, and in a political environment where our constitutional rights are being challenged seemingly on all fronts, it is with a spirit of service and commitment to Kāi Tahu whānui that we present the Annual Report for FY2025 on behalf of Te Rūnanga o Ngāi Tahu (Te Rūnanga).

At Hui ā-Iwi in Kaikōura last year, we signalled key areas of emphasis for FY2025, and for our leadership more generally: holding the Crown to account, ensuring that Kāi Tahutaka shines through in how we move and deliver on strategic priorities, supporting the aspirations of Papatipu Rūnaka, and delivering value for investment. Each of these emphases is intended to support Te Rūnanga in delivering on our foundational obligations to our tribal members and whānau.

We have wasted no time in taking action across each of these areas. In terms of the current state of the Treaty relationship, it is clear that elements of the Government are being influenced by populist reactions to the perceived excesses of the previous Government, and to shifting cultural norms in New Zealand and across the globe. Implementing, advocating for, and defending, the rakatirataka of Kāi Tahu in this context requires that we rise above the noise of party politics and speak with precision and purpose.

“A nation is not a blank canvas.”
“We are not the radicals.”

This was the message delivered to the Prime Minister and senior ministers on Waitangi Day at Ōnuku this year. It has also been the tone of all our engagement with the Crown across various levels of government and a wide range of issues: the Treaty Principles Bill saga, the Regulatory Standards Bill, proposed changes to the Marine and Coastal Area (Takutai Moana) Act 2011, resource management and freshwater law, and policy reform, conservation law reform, local government and infrastructure, Māori fisheries and aquaculture, Māori economic development, and more.

We engage constructively and in good faith on the issues before us; however, no backward steps will be taken on matters of fundamental importance to our people, our Settlement, and our taiao.

Increasing political friction on Treaty matters has generated renewed energy and sparked national dialogue among Te Iwi Māori whānui. It is a dynamic environment, with many voices vying for influence and attention. Kāi Tahu has been an active and engaged participant in this national dialogue. Whether hosting kā iwi o te motu at Te Pūnuiotoka (one of four national Kotahitaka hui in 2024), taking part in hīkoi, joining international Māori economic delegations, paying respects at takiauē, attending other significant events on the Māori calendar, or hosting our own tribal kaupapa in the takiwā, we have stepped out grounded in our tikaka, showing up authentically as Kāi Tahu.

Our emphasis on supporting Papatipu Rūnaka aspirations has seen continued support for the Regional Investment Fund and its contribution to growing rūnaka balance sheets, commercial and governance capability, and economic self determination. And looking ahead, as Te Rūnanga seeks to embed Mō Kā Uri – Kāi Tahu 2050 as our strategic anchor, the tino rakatirataka of Papatipu Rūnaka will be a keystone principle guiding the future form and function of Te Rūnanga Group operations.

The past few years have brought waves of disruption to economies here and abroad. Global markets have been shaped by inflation, rising interest rates, geopolitical conflict, and shifting trade dynamics.

Domestically, New Zealand hasn’t escaped, with the flow-on effects leading to increased costs for whānau and businesses and weaker consumer demand. Markets thrive on certainty, yet every year since 2021 has brought new challenges.

Through it all, Ngāi Tahu Holdings Corporation (NTHC) has remained steady and focused, guided by our tribal whakataukī.

In last year’s report, we described responding to such conditions by taking action to ensure our operating performance and balance sheet remained strong, even if this meant making difficult decisions like closing an underperforming business. Now with FY2025 behind us, we are pleased to report a net operating surplus of $87.7 million, up 40 per cent on the previous year. Valuations have also stabilised after dipping in FY2024. This growth gives us the flexibility to explore new directions.

This result was driven by efforts from our more than 500 kaimahi and a consistent multi-year strategy aligned with our goals to engage, improve, and grow. We are proud that throughout this period we have continued to uphold a strong focus on health and safety.

This year’s performance reflects groundwork carried out in recent years. One example is the extensive regrassing programme at Te Whenua Hou, undertaken over the past five seasons. This investment has lifted productivity, contributing to record earnings of $39.2 million for Ngāi Tahu Farming.

While the above results are encouraging, they represent just a single point in time following several difficult years. In this annual report we are sharing more detail about how the portfolio is performing. This broader view moves beyond year-on-year snapshots to offer greater transparency and insights over a longer timeframe. Even though FY2025 was a good year for NTHC, it is the long-term trend that matters most.

We remain focused on delivering strong commercial returns while staying grounded in our purpose. Over time, we are reshaping the portfolio as part of the Kāi Tahu commercial ecosystem to support steady growth and meet the evolving needs of the iwi across generations. This includes navigating complex challenges such as real per capita distributions, where the portfolio must keep pace with population growth, iwi aspirations, and inflation.