New Zealand Rugby announces strong annual results at 134th AGM

Against a challenging economic backdrop, New Zealand Rugby (NZR) achieved an operating profit of $700,000 and a net loss of $7.5 million in 2025, reflecting continued growth in commercial revenue including sponsorship and match day revenues.

These results were announced at today’s Annual General Meeting (AGM) in Wellington.

Reported income reached a record $304.2m, driven by continued growth in commercial revenue and a one-off settlement of the INEOS contract. This supported ongoing investment into the game, while NZR also maintained a strong overall reserves position.

NZR Chair David Kirk says 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. 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,” he says.

“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.”

Kirk said a key focus for the Board in 2025 was continuing to deliver on all aspects of the strategy.

“The rugby system in New Zealand is highly interdependent - to have our Teams in Black winning, we need a thriving community game, supported by aligned stakeholders and a successful, financially-sustainable business. The work we did in conjunction with NZR management, the Stakeholder Panel and the wider game landed us with a strategic framework in which everyone working within the game is accountable for its progress.”

NZR CEO Steve Lancaster says the organisation has 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. 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.”


NZR confirms first female President

History has been made as former Black Fern Erin Rush became NZR’s first female President.
 
Rush, Black Fern #113, became the first woman to hold a presidential office for the national governing body when she was voted in as Vice President in 2024. She was confirmed as President for the next two years after a vote by NZR’s Affiliate Members. Her appointment reflects the continued evolution of NZR’s leadership as the game reflects its playing base.

NZR Chair David 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 Matthew Cooper (All Black #887):
“Over his four years in the Presidential suite, Matthew has brought incredible energy to his role, displaying a genuine love of the game and incredible ability to connect with people. He has lived and breathed the values of New Zealand Rugby and we thank him for his wonderful service.”  

Former Otago captain David Latta was elected as Vice President. 

Pasifika Rugby Council welcomed as newest member

It was a colourful and celebratory occasion as the Meeting formally welcomed the New Zealand Pasifika Rugby Council as an Affiliated Body. This follows their ratification in December 2025. The Council hold two votes under the NZR Constitution.  

The Signature Choir performed hymns and Rev. Fei Taulealeausumi blessed the ceremony, before speeches from Kirk, Māori Rugby Board representative Arran Pene (Ngāti Wairere, Ngāti Apakura, Ngāti Pākehā) and NZR director Maiavatele Keven Mealamu. 

Kirk said: 
“It was very special to officially welcome the Pasifika Rugby Council and authentically embrace Pasifika culture at today’s Meeting. As I mentioned at the time of their ratification, we are looking forward to their contribution to the game and growing opportunity for Pasifika representation.”

All-of-game strategy embedded 

CEO Steve Lancaster reflected on a year shaped by strategic alignment across the rugby system.  

“The new strategy informed the renewal of a number of key agreements including a three-year Partnership Agreement with the RPA and a Provincial Union investment model that will see $40m invested in the community game every year for the next three years. 

“We were pleased to confirm a new five-year broadcast agreement with our long-standing partners SKY, including a free-to-air element with TVNZ.”

Teams in Black

It was a year of mixed results for the Teams in Black, with the Black Ferns Sevens leading the way, being crowned as HSBC 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 #1 in the world rankings. The Māori All Blacks, All Blacks XV, Black Ferns XV, Heartland XV and new Under 85kg national side were all in action, building NZR’s brands around the world.

Competitions and fan engagement 

All six domestic All Blacks Tests sold out, attracting over 215,000 fans, showing Kiwis around the country are excited and inspired by international rugby. Both DHL Super Rugby Pacific and the domestic competitions saw increases in attendance, viewership and digital engagement. Super Rugby Pacific attendance grew 6% year-on-year even with fewer games in the schedule, and the Provincial Rugby social media channels grew by more than 30,000 followers. The introduction of fantasy gamification for Super Rugby Pacific and The Rugby Championship allowed fans to interact with the matches in a new way. 

Thriving Community Game

The Legacy Fund distributed over $687,000 across 12 successful projects in the inaugural round of grants. The $60m fund is a perpetual result of Silver Lake’s investment in the game, and many of the projects are now complete, improving women and girls’ facilities and clubrooms and providing accessible participation programmes across the country. Two examples of NZR’s continued efforts to create participation formats to keep people in the game were highlighted. The U85kg National Club Cup has seen continued growth across recent years, to the point a national U85kg side was able to tour Sri Lanka. Contact Ready was piloted in 13 Provincial Unions, introducing tackle rugby to teenage girls with a focus on safety, skill development and enjoyment. Parents surveyed felt more confident that their child had the necessary skills to play contact rugby. 

The Re-Match in Chicago

The occasion of the All Blacks facing Ireland in The Gallagher Cup - The Rematch in Chicago presented a chance to grow NZR’s brands in a key commercial market that will be hosting two Rugby World Cups and the LA Olympics in coming years. The sellout crowd of 61,000 featured fans from all 50 US states and over 40 countries. Coordinated community engagement activities, collaborations with sporting brands across three of America’s major sports, the inaugural All Blacks Conference and more than 60 media interviews all boosted the global presence of the All Blacks brand and rugby in New Zealand. 

Looking ahead 

Lancaster commented that 2026 has started positively and is looking forward to an exciting schedule ahead. 

“As a business, we have a growing familiarity with the all-of-game strategy and what we want to deliver. Our new Chief Financial Officer and Chief Commercial Officer are providing great leadership in their respective areas. 

“The recent Super Round has shown the appetite and engagement for the game, and we expect this to continue with milestone years ahead for both the NPC and Heartland Championship. On the international stage, the Black Ferns are undefeated in winning the Pacific Four Series and O’Reilly Cup, our Sevens sides are in pursuit of the SVNS World Championship, and the Nations Cup and Rugby’s Greatest Rivalry are highly anticipated fixtures for the All Blacks. 

“We feel that we have made great progress on the shape of the game in the last 12 months, although we acknowledge there are areas for improvement. With the all-of-game strategy in place and increased collaboration across the game, we are excited about the rest of 2026 and what’s to come.”

-ENDS-

Erin Rush bio
Erin Rush (Black Fern #113) was voted in as New Zealand Rugby's first female Vice President in 2024. She represented Wellington FC and was a long-standing captain of the Wellington Pride before making her Black Ferns debut in 2003.

Erin has continued to contribute to rugby after her playing days. She was appointed the first female president of Centurions Rugby Club and was the first female Citing Commissioner for New Zealand Rugby.

Outside of rugby, Erin is a leading real estate agent for Harcourts, the top salesperson in Wellington City since 2016.

Her son Stanley is a former New Zealand Under 20 player and current Wellington Lions and Highlanders squad member. 




David Latta bio
David Latta is a former Otago captain who played 161 games between 1986-1996. During his provincial career, he won the National Provincial Championship in 1991 and was part of sides who beat the British and Irish Lions (1993) and the Springboks (1994). He played the inaugural season of Super Rugby as Highlander #6. 

Following his playing days, David coached across club, sevens, women’s and men’s rugby, including two years as Assistant Coach of Otago’s NPC side. He is a Life Member of Clutha Rugby Football Club. 

David was on the Board of the New Zealand Rugby Foundation for 15 years (2010-2025), supporting the care of rugby participants and Very Injured Players (VIPs). A builder by trade, he has operated his own business for over 25 years.