Ngāti Raukawa ki te Tonga has marked a year of significant legal milestones and steady financial growth, according to the 2026 Raukawa ki te Tonga Trust annual report.

Trust chair Rachael Selby said that at the forefront in 2025 had been the long-running Marine and Coastal Area (Maca) claim. Heard in the High Court in 2024, the case culminated in a June 2025 decision granting Ngāti Raukawa customary marine title (CMT) under the Marine and Coastal Area (Takutai Moana) Act 2011 across the full coastal area claimed – from Kukutauaki, south of Te Horo, to the Rangitīkei River.

The application was made by the trust, and the judgment confirmed that Ngāti Raukawa iwi, hapū and whānau had maintained customary use and occupation of the area in accordance with tikanga since 1840. The ruling provides legal tools to help protect marine and coastal spaces and affirms the iwi’s right to participate in decision-making affecting those areas.

Rachael said in her report the decision was clear and well reasoned, grounded in extensive evidence presented by kaumātua, scholars, fishers, historians, environmental scientists and other experts. However, the ruling has been appealed.

In September and October 2025, the trust returned to the High Court for hearings on wāhi tapu and protected customary rights. In October, the coalition government repealed the act under which the case had been heard. Despite that change, Rachael said the 2025 judgment remained significant for the depth of research and expert oversight involved.

The trust has agreed that a rehearing under the amended legislation is desirable, but says it should be confined to matters directly affected by the changes. The case remains important for the future of Ngāti Raukawa mokopuna.

Other matters remain unresolved. Progress on the in-shore fisheries dispute has stalled. The trust also continues to review its deed to align with changes introduced by the Māori Fisheries Amendment Act 2024. Maintaining and growing the iwi membership register is another priority as Waitangi Tribunal hearings near completion in 2026 and attention turns toward settlement discussions with the Crown.

Meanwhile, Ngāti Raukawa ki te Tonga AHC (Asset Holding Company) has reported solid financial performance despite a challenging domestic economy.

Chair Guy Royal reported that 2025 was “a story of two different worlds”. While New Zealand businesses faced high interest rates, a lingering cost-of-living crisis and the highest company liquidations since 2010, offshore markets rebounded strongly. Interest rate cuts in major economies and rapid growth in artificial intelligence drove significant gains in global technology stocks.

Because the AHC portfolio is globally diversified, it was able to capture those offshore gains. Net assets grew to $34.1 million, up about 5 percent on the previous year. The diversified listed portfolio delivered a 15.7 percent return, well ahead of long-term targets, while higher cash and fixed-income reserves returned 4.8 percent and provided liquidity for future opportunities. The listed equities portfolio’s carbon footprint is now estimated to be 36 percent lower than the market benchmark.

Challenges remain, particularly in fisheries. Interests in Moana New Zealand and quota holdings make up about 55 percent of the total portfolio. Moana generated a 2 percent return this year amid export volatility, rising fuel and labour costs, and regulatory pressures. While settlement quota performed better, purchased quota valuations declined.

Guy said reducing reliance on a single sector was a key strategic focus, while maintaining kaitiakitanga responsibilities.

Since 2019, AHC net assets have grown from $25 million to more than $34 million. This year, a dividend of $230,009 will be paid to the trust – well above the $150,000 minimum target.

Looking ahead to 2026, the AHC remained cautious but prepared, holding higher cash reserves while waiting for the right direct investment opportunities.

REPORT HIGHLIGHTS

Highlights for Raukawa ki te Tonga Trust in 2025:

• fish distributions totalling $17,331 provided to support hui at marae

• 58 events supported

• $30,000 in distributions approved for marae projects

• $50,000 to support charitable fisheries projects approved

• trust deed amendments as per the Māori Fisheries Amendment Act progressing

• six hapū reached more than 1000 members

• evidence presented in the High Court for the Takutai Moana Marine & Coastal Area claim, closing submissions presented in November 2024, waahi tapu hearing in September 2025

• the trust opted for its tuna ACE to remain with Te Ohu Kaimoana for the 2024/2025 fishing year – consequently, the trust’s portion of tuna cannot be caught.

The following matters were reported as required by the Maori Fisheries Act:

• no disposal of income shares.

• no disposal of settlement quota

• no quota shares purchased.

• See bit.ly/4rNDV8C for the full report