Rocket Lab, Sky TV’s Sophie Moloney, Carmel Fisher big winners at the Deloitte Top 200 Awards
Rocket Lab, Sky TV CEO Sophie Moloney and financial services pioneer Carmel Fisher headlined this year’s Deloitte Top 200 Awards, one of the most anticipated events in New Zealand’s corporate calendar.
With the theme “Celebrating those who move Aotearoa forward”, the black-tie gala at Auckland’s Viaduct Events Centre brought together more than 800 business leaders, politicians and media. Hosted by Jack Tame and Stacey Morrison, the evening recognised outstanding performance, decisive leadership and the organisations driving New Zealand’s economic future.
Rocket Lab was the night’s standout, winning Company of the Year for a performance that has redefined what is possible for a New Zealand business on the global stage.
Its Nasdaq-listed share price doubled over the past year, giving the company a recent market capitalisation of US$21 billion, and its order book has swelled beyond US$500m as demand grows for both its Electron and next-generation Neutron rockets.
Strategic acquisitions in the United States and Europe have expanded Rocket Lab’s capabilities into areas such as missile tracking and laser communications, broadening its footprint and vertical integration across the space industry.
This year also saw a milestone interplanetary mission send two Rocket Lab spacecraft to Mars. The mission will help scientists better understand how the Red Planet lost its atmosphere.
The panel of high-profile judges, convened by NZME’s Fran O’Sullivan, praised Rocket Lab for securing a rare global leadership position for a New Zealand company, saying its success is “inspiring our next generation of young engineering and science talent”.
Sky chief executive Sophie Moloney is this year’s Chief Executive of the Year, recognised for reshaping the company through a people-first strategy and her ability to act decisively during a string of transformative deals.
After early-year turbulence from satellite issues, Sky delivered major strategic wins – including the $1 acquisition of Three and ThreeNow from Warner Bros, a five-year rugby rights deal, and Olympic broadcasting rights through to 2032. Judges say Moloney’s leadership helped propel Sky’s share price to five-year highs and restore investor confidence.
The only award that is given without finalists — the Visionary Leader — went to Carmel Fisher, honoured for her pioneering work in the financial services industry.
Fisher began investing in the early 1980s and quickly earned a strong reputation through a series of roles.
In 1998, she and her husband Hugh launched Fisher Funds from home with $17m in seed capital from Sovereign, making investing accessible through low minimums and nationwide town hall roadshows. The firm grew from a single managed fund to more than $25b in assets under management and 500,000 clients.
Judges describe Fisher as a trailblazer, and Fisher Funds chief executive Simon Power says her influence remains “present and enduring”, even after she stepped back from day-to-day leadership in 2017 following nearly two decades at the helm.
A2 Milk’s David Muscat, named Chief Financial Officer of the Year, was recognised for steering the dual-listed milk and infant formula company through a complex series of transactions.
Muscat oversaw the acquisition of Yashili’s Pōkeno plant, the sale of Mataura Valley Milk and the establishment of a long-term supply agreement with Fonterra. Operating across multiple markets and with significant exposure to the renminbi, he has built a finance function that supports disciplined decision-making and transparent investor communication.
Judges praise his humility, competence and “extraordinary impact for a CFO”, noting his role in restoring confidence after the company’s 2020-21 earnings slump and helping deliver a 49% total shareholder return over the year to September.
Fonterra chairman Peter McBride was named Chairperson of the Year, recognising his calm and unifying governance during a period of significant strategic change for New Zealand’s largest exporter. This is a rare repeat win in this category, with McBride also taking out the award in 2018 during his time chairing Zespri – underscoring a governance career defined by clarity, stability and deep commitment to New Zealand’s primary sector.
Since taking the role in 2020, McBride has guided the co-op through capital structure reform, strong performance, and the landmark $4.22b sale of its consumer brands to Lactalis. Fonterra delivered a $1.079b net profit this year, with strong performance from its high-value ingredients business.
Judges say McBride has rebuilt shareholder trust and ended factionalism on the board, highlighting the significant farmer support for the 2021 capital reform vote as a turning point.
Fisher & Paykel Healthcare won Best Growth Strategy for its long-term, organic approach that has seen the company double revenue every five to six years without relying on acquisitions.
It posted $2.021b in revenue and $377m in net profit this year, driven by its respiratory care products and sleep apnoea technology. With more than 1000 R&D staff and $226.9m invested in R&D, the company maintains a tight strategic focus.
Judges praise its clarity, discipline and willingness to plan decades ahead as it expands manufacturing in Auckland and overseas, calling it a model of innovation-led, patient, long-horizon growth.
Tower won Most Improved Performance for its transformation that delivered on both digital execution and financial growth.
The major transformation replaced legacy technology systems with a single modern, cloud-based digital platform across New Zealand and its Pacific markets, streamlining operations and enabling sophisticated risk-based pricing.
Air New Zealand’s Kate Boyer, named Young Executive of the Year, impressed judges with her energy, drive, and rapid impact as GM Airports, a role she stepped into at age 30.
She inherited a complex operation still recovering from the pandemic, with more than half the workforce newly hired and considerable leadership instability. Three weeks into the job, a spike in serious near-miss airport incidents required immediate action.
Boyer led a safety reset that reduced serious incidents by 60% and launched an Airport Champions Network to bridge the gap between agile product development and day-to-day operations. She also implemented productivity improvements that saved more than $10m while improving engagement.
Judges say her leadership maturity, people-first approach, and execution at scale place her firmly on a trajectory towards senior executive roles.
Precinct Properties took home the Sustainability Leadership award for a commercially grounded approach that has begun to shift practices across the construction sector.
Judges highlight its influence over contractors and suppliers, as well as its long-standing partnership with Ngāti Whātua Ōrākei.
Energy group Clarus received the Diversity & Inclusion Leadership award for its Building Belonging programme, launched in 2022 to create a workplace where everyone feels connected, supported and empowered.
The initiative strengthened foundations through online training, campaigns on topics like neurodiversity, and team values workshops. D&I was also added to every manager’s performance plan.
It introduced targeted workstreams for women, Māori and older workers, with gender-neutral recruitment, improved parental leave and early-career pathways. It has also more than halved the gender pay gap and lifted female hiring from 29% to 43%.
Judges praise the programme’s maturity, authenticity and strong executive sponsorship.
O’Sullivan is stepping down this year after 12 years as a judge and as convenor of the judging panel, a tenure defined by her rigorousness, independence and commitment to celebrating the best of New Zealand business excellence.
The Deloitte Top 200 Index consists of New Zealand’s largest entities ranked by revenue. These include publicly listed companies, large unlisted entities, New Zealand subsidiaries and branches of overseas companies and the commercial operations of Māori entities; also producer boards, co-operatives, local authority trading enterprises and state-owned enterprises.
An overview of the Top 200 Index – along with New Zealand’s Top 30 finance companies – is provided at the end of this report, including detailed analysis of revenue, profitability, efficiency and other key performance metrics. Together, these figures offer a clear snapshot of how New
Zealand’s largest organisations are performing, supported by commentary from the Herald’s business reporting team.
The high-level view of the Top 200 this year shows steady but subdued growth. Total revenues rose 2.1%, a slower pace than the previous two years, while underlying earnings (Ebitda) increased 5.1%. Profit after tax rebounded strongly, rising 23.7% and reversing last year’s 57.2% decrease.
ANZ remains the largest bank by a wide margin, with $199b in assets — more than $63b ahead of second-placed Westpac. ANZ also continues to lead the sector in both profitability and equity.
Deloitte Top 200: Sustainability Leadership Award 2025 - Precinct
Precinct has won the Deloitte Top 200 Sustainability Leadership award for 2025, recognising its ambitious, commercially grounded and sector-shaping approach to sustainability in the built environment.
A finalist last year, Precinct impressed judges with the breadth of its activity and the way it continues to evolve its sustainability efforts.
They highlight Precinct’s climate adaptation and operational resilience plans, and its commitment to working collaboratively to tackle challenges that no single organisation can address alone. Judges also note the recent expansion of Precinct’s sustainability team as further evidence of its commitment to long-term impact.
“Precinct’s sustainability initiatives are underpinned by a strong business case for why such actions add value to the company,” says Deloitte Top 200 sustainability judge Katie Beith. “It has also made good headway in influencing contractors and suppliers to source locally and sustainably – and is incentivising them to reduce emissions if they want to be eligible for future contracts.”
Precinct’s head of sustainability, Lisa Hinde, says sustainability is a core element of Precinct’s strategy, taking a long-term view that delivers enduring value for clients, investors and the wider community.
“It isn’t just the right thing to do, our track record shows it goes hand in hand with commercial success, ensuring our portfolio retains its value for future generations,” she says. This commercially grounded approach was highlighted by the judges as a standout feature of Precinct’s performance this year.
Recognising that a significant contributor to emissions in property development occurs during construction, Precinct has prioritised understanding and measuring embodied carbon.
It publishes upfront data for assessed development projects, ensuring visibility and accountability on its journey to net zero. Its most advanced project in this space, the Deloitte Centre development, achieved a 67% reduction in embodied carbon. The judges praise Precinct’s innovative methods for understanding and reducing embodied carbon – an area where it is helping set the pace.
“Precinct is proud to lead on addressing upfront embodied carbon in our development projects, which makes up more than 50% of annual emissions,” says Hinde.
“The biggest challenge is influencing emissions across our value chain, where we don’t have such direct control, but it’s also where we can create the greatest impact through procurement.”
Precinct is also progressing a broader initiative to decarbonise key construction materials, including steel, concrete and aluminium – with 10-year annual step-down targets planned from FY26.
In 2025, Precinct improved its score in the Global Real Estate Sustainability Benchmark to 91 out of 100, retaining its position for the second year running in the top 20% of more than 2000 participating funds and entities.
Earlier this year, Precinct development Beca House – New Zealand’s largest urban regeneration project – achieved a 6-star “World Leadership” Green Star Design rating. The building hosts Precinct’s largest rooftop solar array, part of a total 309kW of rooftop solar across Auckland’s Wynyard Quarter. The Deloitte Centre, Te Kaha, also received a 6-star certification – the first mixed-use office and hotel development in New Zealand to do so. These projects demonstrate how adaptive reuse (Deloitte Centre) and high-performance design can deliver strong commercial and sustainability outcomes.
Precinct also delivered New Zealand’s first NABERSNZ water ratings, achieving 4.5 to 5 stars across four commercial office buildings.
In FY25, Precinct introduced a national waste management strategy across its full portfolio to support a transition to circular economy principles. Through its quarterly ESG reporting programme, it shares energy, water and waste data with clients and runs workshops to support tenants in estimating their first NABERSNZ tenancy ratings – reflecting its commitment to sector-wide capability building.
Judges also recognise Precinct’s long-standing partnership with mana whenua, demonstrating its approach to partnership grounded in Te Tiriti o Waitangi and mana whenua engagement. It has formed a joint venture with Ngāti Whātua Ōrākei, alongside global investor PAG, to invest in the regeneration of the Te Tōangaroa precinct in Auckland’s city centre.
“Our partnerships with mana whenua are fundamental to our purpose and performance,” says Hinde. “They uphold cultural integrity, foster inclusive design, and strengthen our supply chain to deliver social and environmental outcomes that matter to the communities we serve.”
She says it is rewarding to see the mutually beneficial outcomes these relationships bring, from joint venture ownership to cultural advisory roles, service provision, and enduring connections that enrich both the built environment and society.
The judges commend Precinct’s focused and commercial approach to sustainability: “Precinct is focused on where it can achieve impact within its own value chain, how this adds value to the business and how it can drive progress across the broader sector.”
Its work continues to set benchmarks in sustainable property development – by reducing carbon as well as reshaping how commercial buildings are designed, delivered, and operated in New Zealand.
The Sustainability Leadership award is sponsored by Credibl.
Finalist: BNZ
Bank of New Zealand (BNZ) has been named a finalist for Sustainability Leadership, recognised for the depth and breadth of its approach, and its strong commitment to long-term resilience.
At the heart of BNZ’s strategy is Te Pae Tawhiti, a name that reflects a distant horizon and inter-generational mindset. Launched in 2020, it has two core pillars: Kaitiakitanga, focused on accelerating a just transition to a net-zero emissions economy that supports building back nature, and Manaakitanga, aimed at enhancing the long-term well-being of New Zealanders.
The judges note that BNZ is impressive for the comprehensiveness of its approach: “It is commendable to see it holding firm on commitments when other international banks are walking away.”
BNZ chief sustainability officer, Rebekah Cain, says the bank set ambitious targets when it committed to supporting customers to build a regenerative, resilient, and inclusive future.
“Climate impacts are real and are impacting our business and our customers now; they are crystallising faster than anticipated. It makes commercial sense to continue to support our customers and communities to adapt to those impacts and to stay relevant to international markets.”
Judges also highlight that “ensuring a healthy, growing and thriving business into the future is a core motivator,” noting BNZ’s focus on long-term resilience.
BNZ has set 2030 decarbonisation targets across high-emitting sectors including energy, residential real estate and agriculture, and is on track to meet its commitment to exit all lending to thermal coal mining by the end of 2025 – and all remaining coal mining-related lending by 2030.
“We recognise the important role that guidance, frameworks, and local laws have played in helping us build capability, plan, and set emissions targets,” says Cain. “These measures have set us on a pathway to help New Zealand reach net zero by 2050.”
In FY24, operational emissions were down 49% from 2019, with 96% of the bank’s purchased electricity needs sourced from renewables.
BNZ is also supporting customers in transition-exposed industries. Judges note the bank “is engaging to support customers in transition‑exposed industries, including acute challenges like energy resilience, with ESG fully integrated into the credit process.”
It has delivered $8.8 billion in sustainable finance since 2020 and aims to reach $10b this year. An additional $93m in green consumer lending in FY24 has helped over 2300 households to electrify transport or improve home resilience and efficiency.
“We’re confident we’ll surpass our $10b sustainable finance target in 2025,” says Cain. “Over the past five years, this lending has supported our customers, who represent a variety of sectors, to build models of resilience, and invest in things like energy efficiency, sustainable product innovation, water infrastructure and irrigation, preventing pollution, protecting and restoring biodiversity, social housing, and diversification of land.”
BNZ is also demonstrating leadership in nature regeneration. The BNZ Foundation supports biodiversity efforts such as depositing green-lipped mussels in the Hauraki Gulf as part of the “Revive Our Gulf” restoration project, and is a leading partner of the Aotearoa Circle, advancing sustainability through cross-sector collaboration.
The bank continues to invest in financial well-being and inclusion, having delivered $42.4 million in no- or low-interest loans to disrupt predatory lending and assisting over 350,000 New Zealanders to become scam-savvy through targeted education and tools.
BNZ’s integrated strategy positions it as a leader among New Zealand’s financial institutions, focused on creating long-term value for customers, communities and the environment.
Finalist: Goodman Property Trust
Goodman Property Trust (GMT) has been recognised as a finalist for its bold and forward-looking approach to sustainability leadership and its decision to press ahead with new emissions targets despite growing uncertainty in global markets.
As a long-term property investor, GMT’s decision-making is guided by a business strategy that aims to deliver positive outcomes for all its stakeholders. It includes targets for a lower-carbon and more resilient portfolio.
Judges say GMT’s leadership was clear in its actions. “The key development in 2025 was setting science-based emissions reduction targets, including for embodied carbon, which reflects the vast majority of the company’s footprint. While this may not seem special on its own, it was done at a time when other companies were pulling back from net-zero aspirations.”
GMT’s CFO, Andy Eakin, who also has overall responsibility for the organisation’s sustainability efforts, says that confidence came from the depth of analysis behind the targets.
“A significant amount of work has been undertaken to align our 2030 carbon reduction pathway with science-based targets. Expert advice, supported by an independent review from Toitū, has provided confidence that while our targets are ambitious, they remain both credible and achievable.”
GMT’s updated emissions reduction targets include a 43% reduction in corporate emissions and a 30% reduction in embodied carbon intensity by 2030.
To help meet these goals, GMT launched an Embodied Carbon Innovation Fund (ECIF), using an internal carbon price to replace the purchase of offsets. This fund is directed toward lower-emission materials and construction techniques across future projects. The judges found this to be a key differentiator for the company in an emissions-intensive sector.
Eakin says the ECIF is already shifting the way GMT approaches construction.
“The fund allows us to think more broadly about development, looking at all aspects of the process and the specifics of individual projects. We have already invested in a new initiative to critically assess the materials efficiency of our current building design, which aims to reduce the amount of building materials required to deliver to our designs, reducing materials, cost and embodied carbon.”
GMT’s commitment to sustainable development includes targeting a minimum 5 Green Star Built rating for all new projects. Its FY25 development programme has seen three project completions, with a reduction in upfront embodied carbon of 27%. Its sustainability initiatives have included the installation of electrical submetering, customer and public EV chargers, LED lighting upgrades, rooftop solar energy systems, and water-saving technologies.
“Committing to a minimum 5 Green Star Built rating since 2021 reflects a base building standard that is both highly sustainable and operationally efficient,” says Eakin. “We’ve developed over $750 million of properties that have achieved 5 Star or World Leadership 6 Green Star Built ratings.” He adds that partnering closely with customers has been key to reducing emissions across both new developments and existing buildings.
Governance is central to GMT’s sustainability strategy. Progress is reviewed quarterly at board level, underpinned by a Sustainable Finance Framework that has enabled over $600m in green bonds and loans to date.
The judges also recognise GMT’s growing social and environmental efforts.
Employee retention is high at nearly 99%, with an engagement score of 87%. GMT maintains inclusive workplace policies and achieved 33% female representation across its board and executive team.
Biodiversity initiatives include native planting and urban regeneration, and features such as beehives across larger estates to enhance and protect the natural environment.
GMT’s approach balances ambition with delivery, showing that climate leadership is possible even amid economic headwinds. Judges say this “embodies courageous leadership, and a board willing to take bold decisions on sustainability.”
Deloitte Top 200: Fonterra’s Peter McBride wins 2025 chair of the year award
Fonterra chairman Peter McBride has been named Chairperson of the Year at the 2025 Deloitte Top 200 Awards, recognised for his steady hand and strategic clarity in leading Fonterra through a period of significant transformation.
Appointed chairman of Fonterra in November 2020, McBride has steered the dairy co-operative through a demanding period of reform, capital restructuring, and strategic repositioning.
Under his leadership, Fonterra has delivered a record milk price to its farmers, reasserted its financial strength, and set a clear course for the future of New Zealand’s largest exporter.
This marks McBride’s second time receiving the honour, following his 2018 Chairperson of the Year award for his leadership of Zespri, where he presided over a remarkable recovery and growth story for New Zealand’s kiwifruit industry.
The rare repeat recognition underscores a governance career defined by calm authority, strategic focus, and an unwavering commitment to New Zealand’s primary sector.
Alongside Fonterra, McBride chairs Sydney Markets, Trinity Lands, and Sequal Holdings, and is a member of the New Zealand China Council and Zespri Global Supply Advisory Board.
Fonterra reported a net profit of $1.079 billion for the July 2025 year, maintaining its milk price forecasts and delivering one of the co-operative’s strongest years in terms of shareholder returns.
Total revenue climbed 15% to $26b, driven by strong global demand for high-value ingredients, while operating profit increased 13% to $1.73b, underpinned by a standout performance from the ingredients business.
She says, “Peter has shown exceptional skill in navigating Fonterra through a complex period of change.
“He has maintained unity on the board, earned the confidence of farmer shareholders, and shown both courage and composure in leading one of the country’s most important companies.”
The judges credit McBride with ending factionalism within the board and rebuilding trust among Fonterra’s shareholders. His leadership was tested in 2021, when he shepherded major capital structure reform through the cooperative with extensive engagement and transparency. The result – 85.2% support from farmers – was well above the 75% threshold required and marked a turning point in Fonterra’s governance stability.
McBride says, “As a board, you need to have the courage to first identify the need for change, and then lead it. Often this means leaning into difficult conversations with stakeholders.”
He adds that shareholder trust relies on consistency and candour: “Be honest. Do what you say you will. And when you inevitably fall short from time to time, be straight-up about that too. Farmers and growers are smart people. They can handle hard truths.”
Raumati says McBride’s leadership has been defined by his ability to draw out the best from those around him. “Peter allows every director to contribute. He doesn’t dominate discussions
but listens carefully, builds consensus, and ensures decisions are grounded in what’s best for the co-operative and its farmer-owners,” she says.
McBride’s leadership style is intentionally understated. “My approach to leadership is to be a servant, to empower others to contribute the best they can rather than seek to control,” he says. “Surround yourself with the best talent you’ve got available, then encourage and value their contribution.”
The award recognises McBride’s role in guiding Fonterra through one of the most significant strategic decisions in its history: the $4.22b sale of its consumer brands to global dairy giant Lactalis.
Farmers backed the move decisively. McBride says the vote “was a strong mandate and we were equally pleased with the level of participation. That tells us shareholders are engaged in their co-op. The outcome shows that farmers had taken the time to understand the commercial imperatives, and backed our judgement.”
This transaction represents a major strategic pivot. McBride describes Fonterra’s next phase as being “a more nimble co-op, focused on where it delivers the most value back to farmers and shareholders – which is our advanced ingredients and foodservice businesses”.
He adds that stakeholders can expect to see continued investment in New Zealand: “The co-op will continue to invest further up the value chain. Those investments will be within regional New Zealand, where our contribution to local communities will remain significant.”
Internally, he says, “our focus will remain on tighter cost management and manufacturing efficiency.”
Under McBride’s direction, Fonterra has focused on efficiency, innovation and partnership – working closely with multinational food companies and investing more than $100 million a year in science and innovation to maximise value from every drop of milk.
With farmer confidence at its strongest in years and a record milk price underpinning the co-operative’s momentum, McBride’s leadership has positioned Fonterra, and the wider dairy sector, for a decisive next phase of growth.
Forsyth Barr is the sponsor of the Chairperson of the Year award.
Finalist: Pip Greenwood
As chairperson of Westpac New Zealand and the a2 Milk Company, Pip Greenwood has guided two of the country’s most high-profile businesses through major transformation.
The Top 200 judges describe her as “a highly credible and inclusive chair who fosters open debate, values diverse perspectives and drives rigorous governance”.
Raumati says Greenwood is well regarded within the business community for her commercial and legal judgment, and for her ability to tap superior directors for her boards, adding that she “exemplifies modern governance: disciplined, inclusive, and deeply attuned to both performance and purpose”.
Since becoming chairperson of Westpac New Zealand in 2021, Greenwood has strengthened the entire board, recruited the CEO and helped steer the bank through a period of regulatory reform, cultural renewal and digital transformation.
“I really believe governance is a team effort,” she says. “I work hard to make sure the board is connected and working collaboratively. Since becoming chair, the Westpac board has been completely refreshed, which has brought renewed energy and capability.”
The bank’s net profit after tax rose 13% to $1.20b in the year to September. Despite strong competition, Westpac lifted home lending by 5%, business lending by 2%, and grew household deposits by 6% compared with the 2024 financial year.
Greenwood attributes the result to “a lot of hard work and being customer-centric”, adding: “We are really delighted with the improved performance because it means we’re doing things right for our customers in a very difficult market.”
The judges say Greenwood has been “influential in improving the bank’s relationship with regulators and has worked with the CEO to enhance performance, upgrade compliance and digital systems, and strengthen key areas of senior leadership.”
Her credibility and respect within the group led to her appointment earlier this year to the Australian parent board, Westpac Banking Corporation, as an independent non-executive director.
Alongside these roles, Greenwood also chairs dairy nutrition firm a2 Milk Company, where she led the search for the current CEO and has guided it through an ambitious phase of strategic repositioning and international expansion. She stepped down from the board of Fisher & Paykel Healthcare in September after eight years.
The judges highlight Greenwood’s role in strengthening a2 Milk’s governance, noting that the board has undergone significant renewal and now brings together expertise in global marketing, supply chain, investment banking and brand development. They say this has helped the company adapt, complete major business transitions, and strategically address key markets such as China and Vietnam.
“It’s been about making sure we have the right people and structure in place to support the next phase of growth,” says Greenwood.
“Getting international-class capability on the board was a challenge, but we now have a highly capable group with relevant experience for what is, in many ways, a relatively small by global standards but a very complex business.
“I’m absolutely delighted with how the team has executed through some significant transitions and market expansion.”
A2 Milk delivered strong results in the year ended June, with revenue rising 13.5% to $1.9b from $1.67b, net profit after tax up 21% to $202.9 million and an announcement of a $300m special dividend for shareholders.
In August, a2 Milk announced its $282m purchase of Yashili New Zealand’s Pōkeno nutritional manufacturing facility from China’s Mengniu Dairy Group, while selling its loss-making Mataura Valley plant in Southland.
Greenwood describes the move as “a significant step in the company’s supply-chain transformation and an opportunity for further growth”.
She says the transactions form part of a broader strategy to accelerate access to China’s $23b infant formula market by securing valuable product registrations and world-class production capability, adding that “this capability positions a2 Milk well for its next phase of growth”.
Finalist: James Miller
James Miller’s disciplined governance and capital-markets expertise have been central to Channel Infrastructure’s transformation into a modern energy infrastructure business.
As New Zealand’s largest fuel import terminal, Channel stores and distributes around 40% of the nation’s fuel, including 80% of its jet fuel. Its facilities at Marsden Point provide the key fuel supply route to Auckland, making the company a critical link in New Zealand’s energy security and economic resilience.
Miller also serves as a director of Fletcher Building, Ryman Healthcare and Vista Group International and recently stepped down from the board of Mercury after more than 13 years. He brings more than 15 years of experience in capital markets and corporate finance.
Since joining the Channel board in 2018 and becoming chairman in 2022, Miller has guided the company through a complex transition, reshaping its operations, financial model and long-term growth strategy while delivering strong returns for shareholders.
Miller describes himself as “not necessarily a natural chair”, but says that “sometimes you’ve got to step up, take the lead, put the passion in and run at a fast cadence.
“The real credit goes to the team – I am just the one out front of a very capable and competent bunch.”
Under his leadership, Channel has transformed from a struggling refinery into a resilient, forward-looking infrastructure company. Drawing on his governance and market expertise, he reshaped the business model and unlocked the site’s potential as one of New Zealand’s most strategic energy assets. The turnaround has delivered strong shareholder returns, stable long-term contracts, and a revitalised culture – Miller says he aims for staff “who are proud to wear the Channel jumper to a barbecue in Northland”.
Since Miller became chairman, Channel has significantly outperformed the NZX 50, delivering a total shareholder return of 155% – equivalent to a compound annual growth rate of 32.6%. The company is now fully independent, operating with stable earnings and long-term contracts.
Miller says Channel takes “a lot of pride in paying a strong dividend and making sure investors – and the advisers who’ve backed us across New Zealand – have confidence that in 10 years’ time we’ll still be delivering for them, year in, year out. It’s about creating a strong, enduring investment story they can rely on.”
Raumati says Miller has “built strong credibility and respect as chair,” describing him as having “a clear strategy that emphasises wealth creation, operational excellence and energy resilience.” They praise his “measured, forward-looking approach” and his ability to “balance financial discipline with national purpose”.
At the heart of that strategy is the Marsden Point Energy Precinct – a bold, long-term vision to redevelop 120 hectares of industrial-zoned land into a hub for energy innovation and advanced manufacturing. Judges note that Miller has been instrumental in “highlighting the company’s transition from refinery to infrastructure business, and articulating a compelling future focused on energy security, sustainability and regional regeneration.”
The project is estimated to generate $3.3 billion in GDP and create up to 20,000 construction jobs. Once operational, projects within the precinct could support 1150 full-time jobs in Northland and contribute $290 million to annual GDP. Judges note the plan’s potential to “turn Northland into a hub for energy and industrial activity – attracting investment, supporting local businesses, and boosting national energy resilience.”
Miller describes the energy precinct as “a once-in-a-generation opportunity for Northland,” designed to unlock significant value for both shareholders and the region, building diversified, long-term contracted revenues for the company that are not dependent on fuel volume. He says it will be “the first attempt at large-scale re-industrialisation since Muldoon’s ‘think big’ – an ambitious moon shot for a company the size of Channel”.
Under his leadership, judges say Channel has become a model of transformation – commercially successful, strategically ambitious, and vital to New Zealand’s energy future.
Dynamic Business: The key shifts shaping NZ’s biggest companies (NZ Herald)
The 2025 Deloitte Top 200 Index reflects a year of steady but uneven performance, with modest revenue growth, a rebound in profitability, and continued shifts in sector dynamics as New Zealand’s largest organisations adapt to changing economic conditions.
Total revenues for Top 200 companies increased by 2.1%, rising from $245,905m in 2024 to $251,041m in 2025. This represents a slower pace of growth compared to the 4.1% increase last year and 12.4% increase in 2023.
Underlying earnings (Ebitda) rose by 5.1%, from $30,250m in 2024 to $31,782m in 2025. This contrasts with an 8.1% decrease year-on-year seen in 2024.
Top 200 companies paid more tax this year compared to last, with total tax expense increasing by 4.6%, from $3,216m in 2024 to $3,364m in 2025.
Total profits after tax saw a significant increase of 23.7%, rising from $4,880m in 2024 to $6,037m in 2025. This is a marked change from the 57.2% decrease recorded in 2024.
Total assets grew by 3.9%, from $331,599m in 2024 to $344,420m in 2025. This is similar to last year where total assets grew 3.8%.
The number one spot in the Top 200 Index has been held by Fonterra since the Index’s formation in the early 1990s. This stronghold continues, with the co-operative’s revenue increasing by 5.6% during the year to $24,111m in 2025 from $22,822m in 2024. This compares to a fall in revenue last year of 7.2%. The increase this year has been driven by higher milk prices, increased milk collections, and strong demand for Foodservice and Ingredients. Fonterra’s continued leadership underscores both its scale and the central role it plays within the wider New Zealand export economy.
The 200th-ranked entity in the Top 200 Index in 2025 is personal care and hygiene company Asaleo Care, with revenue of $248m. Last year’s 200th ranked company, Christchurch Airport, had revenue of $233m. This represents a 6.4% increase in revenue between the 200th ranked companies year-on-year, indicating a slightly higher threshold for inclusion in 2025. This rising threshold shows that while overall growth may be modest, competitive pressure for a place in the Index remains strong.
Ebos Group, at number two, maintained its position in the Index. This is despite a drop in revenue of 5.6%, decreasing from $14,254m in 2024 to $13,451m in 2025. The revenue decline was driven by the loss of the Chemist Warehouse Australia wholesale contract at the end of FY24. The revenue gap between the top two companies widened slightly due to Fonterra’s stronger growth.
The top 10 in the Index saw moderate movement in 2025.
Foodstuffs North Island and Woolworths continue to occupy the third and fourth place, respectively. Z Energy moved up from sixth place last year to fifth place, albeit with revenue that declined by 5.6% in 2025.
Fletcher Building dropped from fifth to sixth place after a challenging year in construction saw its revenue reduce by 9.0% in 2025. The shift reflects the series of sector-wide pressures impacting construction activity and input costs.
Mainfreight re-entered the top 10 at tenth (up from 11th in 2024), with revenue growth of 11.0% in 2025.
Top Profits
The top profit after tax for 2025 was $1004m, reported by Fonterra (ranked first in the Top 200 Index), retaining its position in the top profit rankings from last year.
This figure represents a 14% decrease from Fonterra’s profit after tax of $1168m in 2024. Despite the decline, the magnitude of Fonterra’s earnings means it still outperforms all other entities by a considerable margin.
Forestry business Kaingaroa Timberlands (ranked 99th in the Index) recorded the second highest profit after tax of $713m, which was driven by an uplift in the fair value of its forestry assets.
Auckland Airport (ranked 62nd) holds the third highest profit after tax of $421m in 2025. This is up from $6m in 2024, and was largely driven by a deferred tax impact from changes to building structure depreciation legislation in 2024 of $292m.
Lotto NZ (ranked 34th) maintains its fourth place profit after tax ranking, with a result of $405m (2024: $434m).
F&P Healthcare (ranked 24th) has secured fifth place with a profit after tax of $377m, up from $133m in 2024.
Infratil (ranked 18th), Summerset (157th) and Meridian Energy (12th) have moved out of the top five profits for 2025. Last year they were ranked second, third, and fifth, respectively.
Biggest Losses
The biggest loss for 2025 was reported by Meridian Energy (ranked 12th in the Top 200 Index), with a loss of $452m. It was impacted by historically low hydro inflows, and high gas costs.
Ryman Healthcare (ranked 77th) holds the second biggest loss for 2025, with a loss of $437m.
KiwiRail (46th) holds the third biggest loss, with a loss after tax of $422m. KiwiRail has been a regular mention in the biggest losses list over the last few years. Last year it held the second biggest loss, with a loss of $647m and in 2023 it had the largest loss of $771m. KiwiRail also had the third biggest loss in 2022 and second biggest loss in 2020.
Fletcher Building (6th) and Infratil (18th) respectively hold the fourth and fifth biggest losses in 2025.
Most Improved Profit
Kaingaroa Timberlands (ranked 99th in the Top 200 Index) recorded the most improved profit out of all the entities in the Index, with a 78,014% increase. This is as a result of shifting from a $1m loss in 2024 to a $713m profit in 2025.
Kiwifruit post-harvest service provider, EastPack, (167th) achieved the second highest profit growth of 19,810%. This is from a $0.1m loss in 2024 to a $19m profit in 2025.
Auckland Airport (62nd) and Kiwi Property (186th) achieved the third and fourth highest profit growth in 2025.
EastPack, Kura, Rocket Lab, Skyline Enterprises and Pamu are included in both the most improved profit and most improved revenue index in 2025.
Most Improved Revenue
The Top 200 Index features significant movement among the most improved revenue performers, with all of the top five companies entering the Index for the first time.
Higher education provider Up Education (ranked 133rd in the Top 200 Index), was the standout performer, achieving the highest revenue growth. Revenue rose 179.3% to $379m.
Forest products business, Pan Pac Forest Products (114th), achieved the second highest revenue growth, with an increase of 121.8% to $459m. This reflects its recovery following the severe impacts of Cyclone Gabrielle in 2023.
Rocket Lab (159th) recorded the third highest revenue growth, rising 61.3% to $318m.
Duty Free Stores Wellington (195th) delivered the fourth highest revenue uplift, growing revenue by 50.9% to $254m.
EastPack (167th) rounded out the top five most improved revenue performers, achieving revenue growth of 47.8% to $293m.
Top Return on Assets
Return on assets (ROA) is a key indicator of how efficiently an organisation uses its asset base to generate earnings. By comparing profit with total reported assets, ROA highlights those companies that are achieving strong returns relative to the scale of their operations. This year’s results again show significant variation across sectors, with aviation operators continuing to dominate the top of the Index.
Emirates Airlines NZ (ranked 96th in the Top 200 Index) has once again taken the top position for ROA, achieving 713.8% in 2025. This is an increase from 595.4% last year and 325.1% in 2023 and reflects another strong year relative to its asset base.
Singapore Airlines (125th) has also maintained its position in second place, reporting a ROA of 190.9% in 2025. While lower than last year’s result (312.9%), the airline remains a standout performer in these rankings.
Lotto NZ (34th) also retains its place in the top three, holding third position with a ROA of 127.4% in 2025. This is slightly down on 2024 where ROA was 146.5%.
Rocket Lab is a notable new entrant in the Top 200 Index, achieving a ROA of 53.4% in 2025.
Top Return on Equity
Return on equity (ROE) measures how effectively a company generates profit from the capital shareholders have invested.
It is a particularly useful metric for investors comparing performance across firms in the same sector, as it highlights how efficiently a business converts equity into earnings. The measure is calculated by assessing revenue earned against the average equity held over the past two years, helping to smooth out any distortions from recent changes in shareholder contributions.
This year’s ROE rankings continue to be dominated by aviation operators, with both Singapore Airlines and Emirates Airlines NZ again securing the top two positions.
Singapore Airlines (125th) achieved the highest ROE for the second consecutive year, reporting an ROE of 1139.2% in 2025.
Emirates Airlines NZ (96th) delivered an ROE of 922.7%.
Bunnings NZ (31st) achieved a return on equity of 771.6% in 2025, moving it up to third place, up from fourth in 2024.
Lotto NZ (34th) ranks fourth in 2025, reporting a ROE of 543.2%. This sees it move down from third ranking last year.
The Newcomers
This year, 18 companies were added to the Deloitte Top 200 Index, reflecting both returning businesses that have rebuilt scale and newly qualifying firms that have grown revenue sufficiently to enter the rankings. This compares with 21 new entrants last year.
Kmart NZ made the highest re-entry in 2025, joining the Index at rank 53 with revenue of $994m.
Jewellery retailer Michael Hill entered the Index at rank 79, reporting revenue of $705m.
Forestry and construction conglomerate Oregon Group re-entered the Index at rank 86 with revenue of $606m.
Other notable entrants include Weta FX at rank 111 with revenue of $478m, and Pan Pac Forest, which re-entered the Index at rank 114 with revenue of $459m.
Just Missed the Cut
Several organisations came close to breaking into the Deloitte Top 200 Index this year, missing out by only a small margin. Their proximity to the threshold highlights the competitive nature of the Index in 2025, with the gap between ranked and non-ranked companies remaining extremely tight.
Christchurch Airport was the closest to being included, reporting revenue of $245m, just $3m shy of the 200th-ranked company, Asaleo Care.
Mainland Poultry and Arvida Group also narrowly missed the cut, both recording revenue around the $244m mark.
Top 30 Financial Institutions
The Top 30 Financial Institutions Index for 2025 shows a return to growth across most key indicators, reversing the contraction seen last year.
This year sees one new entrant: Motor Trade Finance, which joins the Index at rank 27 with total assets of $1228m.
The combined asset base of the Top 30 increased by 3.2%, rising from $732,848m in 2024 to $756,000m in 2025. This contrasts favourably with the 0.9% decline recorded last year. Notably, the big four banks all recorded increases in assets in 2025.
ANZ remains firmly in the top position, with total assets of $199,176m, representing 2.5% growth year-on-year. ANZ continues to lead the sector not only in scale but also in profitability and capital strength, recording the highest profit ($2,208m) and highest equity ($18,810m) among the Top 30.
ANZ continues to sit comfortably in the top spot, with a $63,675m gap in total asset value between first place and second place.
Westpac continues to hold second place, with assets increasing 2.0% to $135,501m and profit of $1253m. Of the big four banks, Westpac is the only one to report a profit after tax increase in 2025, increasing by 5.8% to $1,253m.
ASB has moved up to third place, reporting assets of $135,164m, an increase of 6.4% and profit of $1449m.
BNZ has slipped to fourth place, with a 0.5% increase in assets to reach $130,737m and profit of $1506m.
Among the big four banks, BNZ has the highest return on assets at 1.2%, while ASB leads in return on equity at 12.8%.
Kiwibank remains in fifth position, with assets increasing 10.9% to $40,660m – one of the strongest asset growth rates in the Index. However, its profit fell 5.4% to $191m.
Across the sector, cumulative profits for the Top 30 financial institutions increased by 10.6%, rising from $7886m in 2024 to $8723m in 2025. Cumulative equity across the Top 30 also increased by 5.8%, reaching $75,525m.
The financial institutions in the top eight remain unchanged from last year, reflecting continued stability at the upper end of the Index.
Further down the rankings, SBS Bank has moved up to ninth place, rising from 11th in 2024. This shift causes HSBC to move down one position to 10th place, while MUFG drops out of the top 10 to 11th place.
As with previous years, it is noted that certain financial institutions may have released unaudited earnings announcements that are not reflected in the indices or the commentary above.