KiwiRail’s operating surplus rose to $161.7 million from $111.2m, exceeding its $160m target.
Freight revenue increased 11% to $504.4m, supported by about 3% growth in freight volumes.
Freight delivery in full and on time across all sectors rose 3% to 90%, while Interislander reliability, excluding weather, remained strong at 99%through the first full year of operating a two-vessel fleet.
It also reported a $1.41 billion net deficit for the year ended June 30, 2026, compared with $422.2m a year earlier.
However, it recorded a $1.75b non-cash impairment, driven primarily by a $1.19b impairment of City Rail Link assets.
