2026 HIGHLIGHTS
$
0
m
TOTAL 2026 DIVIDEND
Investment returns enable an annual dividend to the Bay of Plenty Regional Council. This year a $54.2m dividend was delivered, which was comprised of a forecast $48m and $6.2m special dividend paid in June 2026.
$
0
AVERAGE RATES
REDUCTION
Quayside impact on Bay of Plenty ratepayers 2025/26. Dividend reduces the average general rates paid by 34% per rateable unit.
$
0
K
VALUE PER RATEPAYER
Quayside manages a $3.5 billion fund on behalf of the Bay of Plenty Regional Council, with the community as the ultimate beneficiaries — equating to around $25,699 in value per ratepayer.
$
0
m
TOTAL DIVIDENDS
paid from Quayside to Council since inception. Excludes Perpetual Preference Shares ($200m)
Quayside Portfolio Net Assets
$
0
b
TOTAL ASSETS
RECORD PROFIT
0
%
Total Asset
Growth
Portfolio figures are non-IFRS measures. They de-consolidate Port of Tauranga and recognise Quayside’s 54.14% shareholding at listed market value, with the Perpetual Preference Shares allocated as a portfolio liability. This differs from the audited consolidated financial statements, which consolidate Port of Tauranga and classify the Perpetual Preference Shares as equity under NZ IFRS.
QUAYSIDE PORTFOLIO
AT 30 JUNE 2026
Port of Tauranga
Gross Assets:
$3,268m
Net Assets:
$3,041m
Investment Portfolio
Gross Assets:
$525m
Net Assets:
$485m
Rangiuru Business Park
Gross Assets:
$128m
Net Assets:
$(14)m
Investment Portfolio Net Asset annualised
0
%
1 year return
0
%
3 year rolling return
0
%
5 year rolling return
After fees, taxes and internal cost allocation.
PORT OF TAURANGA SHAREHOLDING
TOTAL SHAREHOLDER
RETURN
0
%
Port of Tauranga delivered a Total Shareholder Return (TSR) of 32.85%, driven by share price appreciation to $8.9 (at 30 June 2026) and the semi-annual distribution.
INVESTMENT PORTFOLIO
GROWTH IN INVESTMENT
PORTFOLIO ASSETS
Quayside invests through a wide range of asset classes with multiple strategies including direct, active (via managers), and passive strategies.
0
%
Return on Investment
on global equities
0
%
Return on Investment
on NZ Equities
0
%
Annual return on
NZ Fixed Interest
0
%
Annual return on
Global Fixed Interest
All gross figures, after fees and taxes.
9.71HA SOLD
FIRST CULTURAL
LANDMARKS
The first cultural landmarks and artworks established within the Business Park, reinforcing identity, pride and an ongoing commitment to Tapuika who are mana whenua.
BIODIVERSITY
THRIVES
Native and endangered birdlife return to Te Haukōpūpū wetland
COUNCIL DISTRIBUTIONS
This year Quayside delivered a $54.2m total dividend to Council, which includes a $6.2m special dividend in June 2026. We’re proud to highlight that the total dividend distributed to the Council has now reached $575.8m.
How the Council Distribution contributes to general rates reduction
For the FY26, the average general rates bill was offset by $405 per rating unit as a direct result of the Quayside distribution. The 2026 rates reduction is calculated from a planned dividend of $48 million when rates are set. This has increased from the previous year, but as the region is still growing, so has the number of properties, continuing to benefit from this offset.
Note: The 2026 rates reduction is calculated from a planned dividend of $48 million when rates are set. The additional $6.2 million special dividend that Quayside paid Council in June was retained in Council reserves to fund Regional Benefit Projects as part of Annual Plan 2026/27. All rates figures include gst.
*Data source: Bay of Plenty Regional Council
Senior Leadership Team: Sam Newbury, Julia Walsh, Lyndon Settle, Michael Jefferies, Christy Hoebers, Davide Caloni.
SUMMARY OF GROUP PERFORMANCE
It’s been an exemplary year for the Quayside Group. Total assets grew by 24.9% during FY26, increasing to $3.9 billion at 30 June 2026 across Quayside’s three portfolios: the Port of Tauranga shareholding, the diversified Investment Portfolio, and Rangiuru Business Park. In doing so, Quayside continued to deliver on its intergenerational mandate, growing regional wealth, strengthening the fund’s long-term resilience, and returning $54.2 million to Bay of Plenty Regional Council.
The Port of Tauranga remained Quayside’s largest investment and principal source of the Council dividend. Quayside’s 54.14% shareholding delivered a Total Shareholder Return of 32.85% during the year, supported by both share price appreciation and dividend income. The investment continues to provide a strong foundation for the Group while supporting New Zealand’s trade infrastructure, supply chain resilience and economic prosperity. It also remains a strategically important regional asset for the Bay of Plenty. Any future partial divestment directly relates to reducing concentration risk and building a more diversified portfolio that is positioned for future growth and prosperity. Quayside intends to remain an active shareholder and steward of the Port for many years to come.
The Investment Portfolio also delivered a strong result, generating a 14.3% one-year return after fees, taxes and internal cost allocation. Performance was driven by gains across listed equities, real assets and property investments, reflecting the benefits of diversification and the portfolio’s increasing scale. The portfolio continues to play an important role in supporting future distributions while reducing long-term concentration risk within the Group.
Rangiuru Business Park progressed from infrastructure delivery to active development during the year. Key transport and utility infrastructure is now in place, land sales continued, and the first vertical construction projects commenced. While the Business Park is not expected to deliver returns consistent with Quayside’s commercial investment hurdle rates, it continues to provide broader economic, environmental, cultural and social benefits for the Bay of Plenty region.
Cost discipline remained an important focus during the year. Quayside commissioned an independent review of its Cost to Serve and Total Expense Ratio, providing greater transparency over direct operating costs and the underlying investment management costs embedded within externally managed funds. The review confirmed that the Investment Portfolio’s overall cost structure is aligned with the market for a portfolio of its scale, complexity and diversification objectives at 1.11%.
The Group delivered a total dividend of $54.2 million to the Bay of Plenty Regional Council during FY26, including a special dividend of $6.2 million. Since inception, Quayside has returned more than $575 million to Council, supporting regional investment and reducing pressure on rates while continuing to grow the underlying capital base for future generations.
Against a backdrop of local government reform, market volatility and ongoing economic uncertainty, Quayside remained focused on its core objective: preserving and growing an intergenerational fund capable of delivering sustainable long-term returns and enduring benefits for the Bay of Plenty community.
Quayside Board: Keiran Horne, Stuart Crosby, Fraser Whineray, Mark Wynne, Anna Grayling, David Fear, Fiona McTavish
QUAYSIDE GROUP SUMMARY
Quayside operates as a Council Controlled Trading Organisation (“CCTO”) under the ownership of the Bay of Plenty Regional Council (“Council”). It serves as the Council’s commercial investment arm, annually returning dividends that support the Council’s long-term and annual plans.
Quayside holds a majority shareholding of 54.14% in the Port of Tauranga (“Port”), valued at $3.3 billion as at 30 June 2026. Quayside’s objective in relation to its investment in the Port is to be a responsible steward and shareholder, delivering long-term value to the Bay of Plenty region into perpetuity. This is achieved through active ownership, robust governance oversight, and the appointment of directors, while maintaining and ensuring the Port’s operational independence.
To achieve its purpose, Quayside manages its assets through three distinct portfolios, each with a defined role and measurement approach:
Port of Tauranga Portfolio:
Comprising Quayside’s shareholding in the Port and including Quayside’s Perpetual Preference Shares (“PPS”) obligations. This portfolio’s performance is measured by Total Shareholder Return.
Investment Portfolio:
A diversified, intergenerational investment fund made up of private equity, real estate, listed securities, cash & fixed income investments. Performance is assessed using a rolling return.
Rangiuru Business Park:
Defined as a regional benefit asset that contributes to the Bay of Plenty across economic, environmental and social outcomes, and is not expected to meet Quayside’s standard investment hurdle rate.
OUR MANDATE
Quayside is the steward of an intergenerational, diversified investment fund, focused on preserving and growing its capital base to deliver a stable and enduring dividend that supports the prosperity of the Bay of Plenty for current and future generations.
When Quayside was established in 1991, its mandate was to act as custodian of the Bay of Plenty Regional Council’s majority shareholding in the Port of Tauranga. Starting with a 55 per cent stake valued at $53 million, more than three decades of disciplined investment and portfolio management have driven significant growth, enabling Quayside to diversify its investment portfolio while continuing to grow longterm value for the region.
Aligned with its mandate, Quayside works closely with the Council to establish annual performance targets outlined in the Statement of Intent. Achievement of these performance targets supports the financial objectives of the Council’s Long-Term Plan. Quayside’s investment returns derived from both the Port and the Investment Portfolio contribute directly to the region’s development, long-term growth and prosperity.
A commitment to accountability underscores Quayside’s commercially focused approach, aimed at cultivating a diversified fund that generates sustainable, long-term returns.
Financial transparency is a key priority for Quayside, which reports quarterly to Council and biannually to its Perpetual Preference Shareholders via the NZX. By fostering intergenerational prosperity through investments, Quayside remains steadfast in its mission to build a thriving future for the Bay of Plenty region.
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