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How Tower Limited makes money — FY2025
Revenue $594.3m · EBITDA $140.0m (23.6% of revenue) · Net profit $83.7m (14.1% of revenue) · Balance date 30 September 2025
Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).
| FY2025 | Amount | Status | Note |
|---|---|---|---|
| Revenue | $594.3m | Reported | |
| Operating costs (net of other income) | −$454.3m | Derived * | Reported operating expenses $8.8m do not reconcile; not used. |
| EBITDA | $140.0m | Derived * | |
| Depreciation & amortisation | −$21.5m | Reported | |
| EBIT | $118.5m | Reported | |
| Interest (net finance costs) | −$744k | Reported | |
| Income tax | −$34.1m | Reported | |
| Other items (net gain) | +$0 | Balancing item * | Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised. |
| Net profit | $83.7m | Reported |
- * ebitda: $140.0m = EBIT + depreciation & amortisation
- * operating costs: $454.3m = Revenue − EBITDA
Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.
Annual report: Tower Limited Annual Report (PDF, NZX)
Tower Limited board of directors
7 current directors, 71% independent, average tenure 1.7 years.
| Director | Role | Independent | Appointed | Tenure | Committees |
|---|---|---|---|---|---|
| Paul Johnston | Executive Director | No | 2025 | 1.4 yrs | — |
| Naomi Ballantyne | Chair | Yes | 2025 | 1.5 yrs | — |
| Marcus Nagel | Independent Director | Yes | 2025 | 1.5 yrs | — |
| Geraldine McBride | Non-Independent Director | No | 2022 | 4.1 yrs | — |
| Sophie Haslem | Independent Director | Yes | 2026 | 0.2 yrs | — |
| Mike Cutter | Independent Director | Yes | 2023 | 3.0 yrs | — |
| Jefferson Gibbs | Independent Director | Yes | 2026 | 0.2 yrs | — |
TWR governance score breakdown
Tower Limited scores 86/100 (Good) on the NZXplorer Governance Risk Score for FY2026, based on 63% data coverage. See the GRS methodology.
- Board structure
- 21/25
- Shareholder rights
- 18/20
- Executive remuneration
- 0/0
TWR dividends
The most recent Tower Limited dividend on record is 5.00 cents per share, for FY2026 (interim), 100% imputed, ex-dividend 10 Jun 2026, paid 25 Jun 2026.
Tower Limited largest shareholders
Top 10 registered holders of TWR as disclosed for FY2025. Registry holdings include custodians and nominees, which may hold on behalf of many underlying investors.
| # | Holder | Holding |
|---|---|---|
| 1 | HSBC Nominees (New Zealand) Limited – NZCSD <Hkbn90> | 9.74% |
| 2 | Accident Compensation Corporation – NZCSD <Acci40> | 7.64% |
| 3 | Pacific International Insurance Pty Limited | 6.11% |
| 4 | Forsyth Barr Custodians Limited <1-Custody> | 5.82% |
| 5 | Citibank Nominees (New Zealand) Limited – NZCSD <Cnom90> | 4.93% |
| 6 | BNP Paribas Nominees (Nz) Limited – NZCSD <Bpss40> | 4.88% |
| 7 | Custodial Services Limited <A/C 4> | 4.25% |
| 8 | Masfen Securities Limited | 3.65% |
| 9 | Lennon Holdings Limited | 3.47% |
| 10 | HSBC Nominees A/C NZ Superannuation Fund Nominees Limited – NZCSD <Supr40> | 2.95% |
Recent TWR NZX announcements
The 10 most recent filings by Tower Limited to the NZX.
- Notification regarding unquoted securitiesCapital Change
- Isse of Unlisted Share Rights under Tower's LTIPCapital Change
- Tower Full Year 2026 Results DateFull Year Results
- Tower updates FY26 guidanceEarnings Results
- Tower completes renewal of FY27 reinsurance programmeOperational Update
- Appointment of Jefferson Gibbs to Tower BoardDirector Appointment
- Appointment of Sophie Haslem to Tower BoardDirector Appointment
- SPH Notice - Forsyth Barr Investment Management LimitedSubstantial Holder Notice
- Tower appoints Len Elikhis as Chief Financial OfficerDirector Appointment
- Tower AUD FX rate for Financial year 2026 Interim DividendDividend
Tower Limited (TWR) — frequently asked questions
What does Tower Limited do?
Tower Limited is a New Zealand-based financial services and insurance group. The company operates through multiple subsidiaries providing general insurance (home, contents, motor, business), life insurance, and other financial services products primarily across New Zealand and the Pacific region. Tower generates revenue through insurance premiums and investment returns on its portfolio. Tower Limited is listed on the NZX under the ticker TWR, in the Financials sector.
What is the Tower Limited (TWR) share price?
Tower Limited (NZX:TWR) shares closed at $2.07 on 11 November 2026, unchanged on the previous close. At that price its market capitalisation was about $711 million, based on 343,411,351 shares on issue as at 29 January 2026.
Who are the directors of Tower Limited?
Tower Limited has 7 current directors: Paul Johnston (Executive Director), Naomi Ballantyne (Chair), Marcus Nagel (Independent Director), Geraldine McBride (Non-Independent Director), Sophie Haslem (Independent Director), Mike Cutter (Independent Director) and Jefferson Gibbs (Independent Director). 5 of the 7 are recorded as independent (71%). Average board tenure is 1.7 years.
Who is the chair of Tower Limited?
Naomi Ballantyne chairs the Tower Limited board, and has been a director since 2025.
Who is the CEO of Tower Limited?
Paul Johnston is the CEO of Tower Limited.
What was Tower Limited's most recent dividend?
The most recent Tower Limited dividend on record is 5.00 cents per share for FY2026 (interim), 100% imputed, ex-dividend 10 June 2026, paid 25 June 2026.
What is Tower Limited's dividend yield?
Tower Limited's trailing 12-month dividend yield is 10.39%, as at 11 November 2026. That is 21.50 cents per share of ordinary dividends with an ex-date in the 12 months to 11 November 2026, divided by the 11 November 2026 closing price of $2.07. Special dividends are excluded.
Who are the largest shareholders of Tower Limited?
The largest registered holder of TWR shares in the FY2025 top-20 register was HSBC Nominees (New Zealand) Limited – NZCSD <Hkbn90>, with 9.74%, followed by Accident Compensation Corporation – NZCSD <Acci40> (7.64%) and Pacific International Insurance Pty Limited (6.11%). Custodians and nominees on the register hold shares on behalf of other investors.
What is Tower Limited's governance score?
Tower Limited has an NZXplorer Governance Risk Score of 86/100 (Good) for FY2026, based on 63% data coverage.
When was the last Tower Limited annual meeting?
The most recent Tower Limited annual meeting on record was held on 18 February 2026.
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