New Zealand Rugby has today announced an operating profit of $700,000 and a net loss of $7.5 million for 2025.
The organisation described the top-line result as "strong" despite the loss, and said it reflected growth in sponsorship and match day revenues.
The results were announced at today’s Annual General Meeting (AGM) in Wellington.
Last year, NZ Rugby recorded a $19.5 million loss for the 2024 financial year.
A NZ Rugby statement today said reported income reached a record $304.2m, driven by continued growth in commercial revenue and a one-off settlement of the Ineos contract. Ineos, a former major sponsor, pulled out last year. At the same time new sponsors such as Toyota joined.
NZ Rugby said the commercial growth supported ongoing investment into the game. It also maintained a strong overall reserves position.
NZR chairman David Kirk said the operating result demonstrated continuing cost management across the game and the growth of revenue from and recognition of the All Blacks and Black Ferns brands internationally.
“It was a challenging year globally and domestically and those economic headwinds have only strengthened so far in 2026," he said. "Prudent financial management and an ongoing focus on growing our commercial revenue so we can invest in our game remains New Zealand Rugby’s focus.
“At a strategic level, the refreshed all-of-game strategy has provided a clear, unified direction that aligns the game behind clear community, high performance and commercial priorities.
“The consolidation of NZR and NZRC under one chief executive and executive team is enabling the organisation to be more efficient, collaborative and accountable.”
NZ Rugby CEO Steve Lancaster, who had his position confirmed today, said the organisation had continued to grow commercial revenue, highlighted by a record match-day revenue from the Chicago Gallagher Cup Test match and a clean sweep of sell-out All Blacks matches at home.
“We believe the game is in really good health," he said. "Last year, we made significant investment into the community game to the tune of $40m, we welcomed two fantastic new Official Partners, seven All Blacks matches were sold out, digital engagement grew for our Teams in Black and we saw match attendance for Super Rugby Pacific and NPC increase year-on-year.”
First female president
Meanwhile, NZ Rugby has confirmed its first female president - former Black Fern Erin Rush.
Rush became the first woman to hold a presidential office for the national governing body when she was voted in as vice-president in 2024.
Kirk said: “Erin has been a wonderful ambassador during her time as vice-president. Her confirmation as president aligns with the continuing growth and contribution of women in rugby, and we know she will keep representing both NZR and the game with distinction.”
Kirk also paid tribute to outgoing president and former Matthew Cooper.
Former Otago captain David Latta was elected as vice-president.
The Pasifika Rugby Council was welcomed as the organisation's newest member.
'Mixed results' for teams in black
The AGM heard that it was a year of "mixed results" from teams in black, led by the outstanding Black Ferns Sevens, the SVNS Series winners and world champions.
The Black Ferns earned a bronze medal at the Rugby World Cup, and the All Blacks spent a brief period at No.1 in the world rankings but lost three matches and head coach Scott Robertson was later dismissed.
The meeting heard that all six domestic All Blacks Tests sold out, attracting over 215,000 fans.
Super Rugby Pacific and the domestic competitions saw increases in attendance, viewership and digital engagement, the AGM heard.
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