Ngāi Tahu posts $84m surplus as diversified investments weather recession

In 2016, Ngāi Tahu had $1.5b in assets, but by 2022, it had grown that to $2.28b, although that has reduced somewhat lately.

Tainui Group Holdings’ Ruakura Superhub, Ngāti Whātua Ōrākei’s Kōkihi at Waterview by a Māori/Pākehā joint housing venture, and Ngāi Tahu’s Shotover Jet are among the country’s iwi enterprises and projects. Image / Herald graphic

Property is its largest asset class.

Tourism investments are often higher profile, such as its 43.5% stake in Whale Watch Kaikōura.

The iwi has 100% of the popular tourist attraction Shotover Jet outside Queenstown.

Last year, Shotover Jet celebrated 60 years, growing over those decades from what had initially been a pioneering jet boat operation.

Ngāi Tahu became majority shareholder in that business in 1999, taking full ownership in 2004.

The Shotover Jet tourist attraction is just outside Queenstown.

In 2016, its tourism arm struck a joint venture deal with Tekapo-based stargazing and observatory tour business Earth & Sky.

Tours are operated from a big base at Tekapo up to the Mt John Observatory.

Aoraki Mackenzie’s Dark Sky Project is a Ngāi Tahu Tourism operation.

In the last few weeks, Ngāi Tahu Farming has been chosen to operate the country’s largest farm, the 180,000ha Molesworth Station.

Dairy investments are mainly around Te Whenua Hou at Eyrewell, northwest of Christchurch.

TDB noted how the iwi’s property assets were most recently valued at $842m and comprise 38% of all investments by the iwi which has major holdings in Ōtautahi Christchurch.

Molesworth Station is 180,000ha. Photo / Pāmu

Those include Addington’s outdoor shopping centre Tower Junction as well as Crown and local authority leased properties valued at $136.4m.

Te Hononga Christchurch Civic Building and civic tenancies in Ōtepoti Dunedin and Queenstown are also in the portfolio.

Te Hononga – Christchurch Civic Building by Athfield Architect. Photo / Supplied

New housing development projects in Ōtautahi are also high-profile, particularly around West Melton, Rangiora and Halswell lately.

Fishing via Sanford and a range of new investments are further examples of diversification.

New iwi investments include:

Leaft – uses plant protein to cut food production’s environmental impact;Shippit – a parcel business for retailers and manufacturers;Banqer – promotes financial literacy in schools;Sharesies – an online sharemarket trading business for retail investors;Mint Innovation – recovering precious metals from e-waste.

“Our established investments in primary industries, tourism, seafood, property, and listed equities will continue to perform, but we are now starting to enter new sectors that reflect the aspirations of Te Rūnanga and show strong commercial promise,” chairman Warwick Tuwhare-George and CEO Todd Moyle wrote in the latest annual report.

In the year to June 30, 2025, the iwi made a surplus of $84m (previously $30m loss) and its debt stood at $398m (previously $384m).

TDB noted it distributed $69m to its members in the 2024 year: to Papatipu Rūnanga development, education, whai rawa, environmental programmes, kaumātua, cultural identity, disaster recovery, tribal advocacy and community moves.

TDB said it achieved a return on capital of 6.3% from 2016 to 2025.

In the 2025 financial year, it made 8.6% as farming performance improved significantly through higher cow yields, better farm prices and asset revaluations.

“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 $39.2m for Ngāi Tahu Farming,” the 2025 annual report noted.

The striking 14m tall pou, unveiled in 2024, is at the entrance to the Mackenzie District not far from Tekapo. Photo / Anne Gibson

The combined financial assets of Aotearoa’s 10 biggest iwi rose from $8.2 billion to $8.5b in the latest year.

Phil Barry of TDB said in February that the 2025 iwi investment report noted the soft economy and tougher trading environment.

The report studied Ngāi Tahu, Ngāpuhi, Ngāti Awa, Ngāti Pāhauwera, Ngāti Porou, Ngāti Toa, Ngāti Whātua Ōrākei, Raukawa, Tūhoe and Waikato Tainui.

£14,750 for 80% of South Island

Ngāi Tahu’s settlement was finalised in 1997/1998 and included a Crown apology, cultural redress, and $170m plus purchase rights for some Crown assets, including rights of first refusal

The Crown expressed its profound regret and apologised unreservedly for the suffering and hardship caused to the iwi.

Importantly, that apology confirmed the validity of the claims, borne by seven generations.

Ngāi Tahu Property, with ACC Investments, developed this building in Ōtepoti Dunedin. Photo / Ngāi Tahu Holdings

Between 1844 and 1864, the iwi sold about 34.5 million acres or 80% of the South Island.

The British Crown paid £14,750 in total for a series of land purchase agreements on about half of Aotearoa’s total land mass.

This giant 14m tall pou was unveiled in 2024 at a new visitor pull-over area. It is by Ngāi Tahu artist Ross Hemera and stands near Dog Kennel Corner/Tewera’s Corner at the entrance to the Mackenzie District, not far from Tekapo. Photo / Anne Gibson

The iwi said it believed that one-tenth of each purchase would be reserved for the Ngāi Tahu vendors, potentially guaranteeing a stake in the country’s future.

But the Crown did not allocate one-tenth of the land to the iwi, nor did it pay a fair price for the land purchases, as it was subsequently found.

It also failed to honour promises to ensure the iwi still had access to mahinga kai, and to build schools and hospitals.

Following its 1998 settlement, Ngāi Tahu received cultural redress, tribal redress, an apology from the Crown, acknowledgement of the role of taonga Aoraki, $170m redress and the ability to purchase property from the Crown.

The settlement also included a relativity mechanism that reflected the then $1b fiscal envelope.

Since that figure was eclipsed in 2012, Ngāi Tahu has been able to request payment every five years to ensure the real value of its settlement remains at 16.1% of the total.

As of December 2022, Ngāi Tahu had received top-up payments totalling $345 million, plus some minor additional top-ups to resolve calculation disputes with the Crown.

Who runs Ngāi Tahu Holdings?

The following questions were put to an iwi spokesman to help understand the structure of the organisation.

What is the commercial entity of the iwi called?

Ngāi Tahu Holdings.

Who runs that commercial entity for the iwi?

Ngāi Tahu Holdings’ chair is Warwick Tauwhare-George and chief executive is Todd Moyle.

Warwick Tauwhare-George.

What does the business do?

It manages Ngāi Tahu Investments, Ngāi Tahu Farming, Ngāi Tahu Property, Ngāi Tahu Seafood and Ngāi Tahu Tourism.

What is the structure?

Ngāi Tahu Holdings is the investment company of the Ngāi Tahu Charitable Trust, of which Te Rūnanga o Ngāi Tahu is the sole trustee.

Ngāi Tahu Holdings’ mission is to grow and protect the pūtea (finance, sum of money) for the iwi while respecting and contributing to the mana of Ngāi Tahu in all that it does.

Todd Moyle, chief executive of Ngāi Tahu. Photo / Ngāi Tahu Holdings

What are the bosses’ connections to the iwi, if they have one?

Warwick Tauwhare-George (Ngāti Waewae, Ngāti Wheke) is Ngāi Tahu. He also has whakapapa to Waikato-Tainui and Ngāti Hikairo.

Todd Moyle is pākehā.

How long have they been in the role?

Tauwhare-George was appointed chair on November 30, 2024.

Moyle was appointed chief executive in March 2024. He was chief operating officer from January 2022 and acting chief executive from April 2023.

Anne Gibson has been the Herald’s property editor for 26 years, written books and covered property extensively here and overseas.

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