Financial Summary including key disclosure statements

Summary Statement of Comprehensive Revenue and Expense

For the year ended 30 June 2025

Summary statement of changes in equity

For the year ended 30 June 2025

Summary statement of Financial Position 

As at 30 June 2025

Events occurring after the balance date

Lower North Island Rail Integrated Mobility Program 

On 8 September 2025, Greater Wellington Regional Council, in partnership with Horizons Regional Council and the New Zealand Government, signed a contract valued at NZ$1.066 billion for the procurement of 18 fivecar Battery Electric Multiple Unit (BEMU) trains. This investment represents a major milestone in the Council’s long-term transport strategy and commitment to sustainable regional connectivity.

The new fleet, named Tūhono (meaning “to connect or unite”), will operate on existing electrified infrastructure and transition to battery power on non-electrified segments, enabling seamless inter-regional travel. The new fleet is scheduled commence operational service throughout 2029 and 2030.

The procurement followed a rigorous global tender process, resulting in the selection of Alstom as the preferred supplier. Alstom will manufacture the trains in India and undertake whole of life (35 years) maintenance at a new facility built by Greater Wellington in Masterton. The project also includes infrastructure upgrades such as passing loops and station enhancements to support improved customer experience, increased service frequency and reduced travel times.

The project is jointly funded by the New Zealand Government, NZ Transport Agency Waka Kotahi, and the Greater Wellington and Horizons Regional Councils. The Council will assume operational responsibility for the inter-regional services under the Metlink brand, enabling more frequent and reliable services across the lower North Island.

This subsequent event does not affect the financial results of Greater Wellington Rail Limited at 30 June 2025. However, it is disclosed due to its strategic significance, long-term financial implications, and alignment with the Council’s transport and sustainability objectives.

Bus Depot Lease Agreement with Ngāti Toa Rangatira

In July 2025, Greater Wellington entered into a 20 year ground lease agreement with Ngāti Toa Rangatira for a 1.6 hectare undeveloped site on Kenepuru Drive, Porirua. The lease, which includes a perpetual right of renewal and commences in 2027, forms the foundation of a strategic iwi council partnership aimed at enhancing public transport infrastructure. This initiative supports Greater Wellington’s Public Transport Asset Control Strategy by enabling the future development of a bus depot to improve network resilience and service delivery in a high growth area. Site preparation, including earthworks and stormwater management, will be undertaken by Ngāti Toa prior to lease commencement. While design and construction planning is in early stages, community engagement is scheduled to begin in the coming months, with depot operations anticipated to start in 2028. The partnership reflects shared commitments to environmental stewardship, cultural recognition, economic development, and community wellbeing.

Local Water Done Well

In December 2023, the New Zealand Government announced a new direction for water services (drinking water, wastewater and stormwater services) policy and legislation which it has called Local Water Done Well. This is being implemented in three stages namely: 

• Stage 1 – repealing the previous affordable water reforms (completed in February 2024);
• Stage 2 – enacting the Local Government (Water Services Preliminary Arrangements) Act 2024 (the Preliminary Arrangements Act) which received Royal Assent on 3 September 2024; and
• Stage 3 – establishing enduring settings through the Local Government (Water Services) Act and Local Government  (Water Services) (Repeals and Amendments) Act, which received Royal Assent on 27 August 2025.

The Preliminary Arrangements Act requires the Council to submit a Water Services Delivery Plan (WSDP) to the Secretary of Local Government, by 3 September 2025. In broad terms, a WSDP must identify the current state of the Council’s water services and show how the Council will deliver those services in a way that:

• meets relevant regulatory quality standards for stormwater, wastewater and water supply networks;
• is financially sustainable;
• ensures compliance with drinking water quality standards; and
• supports the council’s housing growth and urban development objectives.

Wellington City Council, Hutt City Council, Porirua City Council, Upper Hutt City Council and Greater Wellington Regional Council have developed a joint plan for delivering water services to metropolitan Wellington residents and businesses through a new organisation with new funding and governance arrangements.

The Metropolitan Wellington Water Services Delivery Plan has been approved by the five councils in August 2025 and was submitted to the Department of Internal Affairs on 29 August 2025. The Secretary for Local Government (SLG) accepted the Council’s water services delivery plan on the 3 October 2025.

The plan is based on establishing a new multicouncil-owned water organisation in partnership with Mana whenua iwi Ngāti Toa Rangitira and Taranaki Whānui ki Te Upoko o Te Ika. The new organisation, with the interim name Metro Water, is expected to take over from Wellington Water Ltd on 1 July 2026. Councils’ drinking water, wastewater and stormwater operations, and related assets and liabilities are anticipated to transfer to Metro Water from this date.  Wellington Water Ltd will be disestablished at a date still to be determined.

Since the agreement to transfer water services, related assets and liabilities is yet to be finalised, there is uncertainty over the financial impact on future financial statements. The council is still working through the financial implications of the transfer however, the more significant impacts are expected to include:

• derecognition of water assets and liabilities (including any associated debt) in the 2026/27 reporting period;
• a transfer between revaluation reserves and retained earnings resulting from the derecognition of water assets;
• recognition of the Council’s investment in Metro Water and derecognition of the Council’s existing investment in Wellington Water Limited;
• disclosure of discontinued water operations in the 2026/27 reporting period. Due to the nature of the transfer, water infrastructure assets are not expected to be classified as non-current assets held for sale since their carrying value will not be principally recovered through a sale transaction; and  
• a reduction in 2026/27 in water supply levies revenue and a similar level of cost savings.

The Council has also considered the impact of the expected transfer on the going concern basis of preparation. While there will be a significant decrease in the future revenue stream of the Council (since approximately 21% of current rates and levies revenue relates to water supply which will form part of Metro Water after the transfer), this will be offset by a reduction in the associated costs of providing water supply. The Council therefore considers the going concern basis of preparation to still be appropriate.

Dividends

On 27 August 2025, CentrePort Group declared a final dividend of $1m, in respect of the year ended 30 June 2025. 

No dividend was declared post balance date by WRC Holdings (2024: Nil).

Other

There were no other subsequent events up to the date of these financial statements which would affect the amounts or disclosures in the financial statements.