Kāinga Ora delivers strongest results in a decade

“Our FY26 results represent Kāinga Ora's strongest performance in a decade,” says Chief Executive Tracey Taylor.

“For the first time in 10 years, we've achieved every Government-set performance target while improving customer outcomes, lowering costs and delivering financial results well ahead of budget. These results demonstrate that strong financial discipline and strong operational delivery can go hand in hand.”

In FY26, Kāinga Ora:

• Delivered 2,136 new and upgraded homes.
• Reduced average build costs to $2,713 per square metre, a 22% reduction from $3,473 per square metre in June 2024.
• Achieved 99.2% occupancy, exceeding the 98% target and making approximately 880 more homes available than would have been occupied at the target level.
• Reduced average vacant-to-let turnaround times to 20.4 days, a 32% improvement on the previous year.
• Recorded improved customer satisfaction with Housing Support Managers, home maintenance services and the Customer Service Centre.
• Achieved EBITDA of $1.034 billion, $173 million above budget.
• Recorded a net deficit before tax of $140 million, $283 million better than budget and an improvement of $456 million from FY25.

“As an organisation, we've been through a significant period of change over the past 18 months as we've focused on improving performance, strengthening financial discipline and making better use of our resources. While there is still more to do, these results show those changes are working.,’’ says Ms Taylor.

“The improvements we've made to how we operate, how we invest and how we deliver for our customers are translating into stronger performance across the organisation.”

Customer satisfaction improved throughout FY26, with surveys showing higher levels of satisfaction with Housing Support Managers (79%), home maintenance services (85%) and support provided through the Customer Service Centre (91%) compared with the previous year.

“Improving efficiency is important, but it has to translate into a better experience for our customers,” says Ms Taylor. “It's encouraging to see customer satisfaction improving across multiple parts of our business while we've also strengthened our operational and financial performance.”

Kainga Ora’s build costs have fallen by 22% over the past two years due to improved procurement practices and the adoption of standardised housing designs.

"Previously, we developed bespoke designs for individual housing projects, which increased costs and extended delivery timelines. We now use a library of proven one and two-storey designs that maintain quality standards while improving efficiency and reducing construction costs.,'' says Ms Taylor.

The organisation has also continued to improve how effectively it uses its housing portfolio.

“Every day a home sits empty is a missed opportunity to house a family,” says Ms Taylor. “By improving coordination across our teams, we're preparing homes for new customers faster and ensuring more homes are available to the people who need them.”

The operational improvements made over the year also contributed to stronger financial performance. EBITDA reached $1.034 billion, $173 million above budget, while the net deficit before tax was $140 million, $283 million better than budget.

“Our EBITDA has doubled year on year which is a significant achievement and reflects the financial discipline we've embedded across the organisation. These results give us a strong platform from which to deliver for New Zealanders in the years ahead,’’ Ms Taylor says.

For more information

• Information sheet Reduced build costs and housing renewal activity [PDF, 150 KB]
• The FY26 results at a glance [PDF, 381 KB]
• The New Zealand graphic of renewed homes [PDF, 867 KB]