Is Kordia profitable in 2026?

Kordia's FY23 Annual Report shows NZ$145M revenue, NZ$27M EBITDA and NZ$7.3M NPAT (year to 30 June 2023), with H1 FY24 NPAT of NZ$3.0M reported 2024-02-29. A forecast NZ$2.4M dividend to the Crown for FY25 suggests continued but modest profitability.

Who owns Kordia Group?

Kordia Group Limited is 100% owned by the New Zealand Crown as a State-Owned Enterprise under the State-Owned Enterprises Act 1986, per its Modern Slavery Statement (as of 2026-03-01). Treasury valued the enterprise at NZ$112-166M across FY22-FY25 assessments.

Is Kordia shrinking or growing?

Kordia has divested twice in five years: Kordia Solutions Australia to Ventia in 2021, and its Managed IT business (100+ customers, 26 staff) to Fusion5 on 2025-11-04, both moves the company framed as refocusing on core cyber and network strengths.

Could AI replace Kordia's cybersecurity analysts?

Tier-1 SOC work like alert triage and log review is the most exposed part of Kordia/Aura's business; Gartner's 2025 Hype Cycle places AI SOC agents at the Innovation Trigger stage with only 1-5% market penetration as of 2025. Advisory and GRC consulting remain less automatable.

Who is Kordia's biggest competitor in New Zealand cybersecurity?

Mordor Intelligence ranks Kordia among NZ's top cyber providers alongside CyberCX NZ, Datacom, Spark New Zealand and PwC NZ (as of 2026 industry report). Global consultancies like IBM and Microsoft also compete on commercial enterprise cyber work.

Is it safe to take a cybersecurity job at Kordia (Aura)?

Kordia's Crown-owned critical infrastructure work (maritime safety-of-life comms covering ~25% of world's oceans, broadcast transmission) is structurally protected, but its commercial cyber consulting arm faces direct competition and a Nov 2025 divestiture (Managed IT to Fusion5) shows active portfolio contraction.

Cybersecurity companies · state-owned · New Zealand

Kordia (Aura Information Security)

kordia.co.nz ↗

NZ Crown-owned telecom firm with Aura, a cybersecurity and managed-SOC division.

Protection under test

Assessed 26 July 2026 · Evidence as of 26 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 26 July 2026 · Checkable from mid-2026 · Every call on the record Checkpoint: FY26 Statement of Corporate Intent release, which may show headcount or strategy shifts

The call

Kordia's Crown ties and infrastructure work look protected, while its commercial SOC and IT services face AI tools and competitors chipping at the edges.

Kordia runs security operations centers (monitoring for cyber attacks) and advisory services, mostly for New Zealand's government, ports, and broadcasters. The company is hard to displace on critical infrastructure work because the government trusts it and laws require local control, but its regular commercial cybersecurity business faces two threats: competitors like CyberCX and Datacom are cheaper and better at selling to private companies, and new AI software (like Conifers.ai) can now do the routine work of watching for and sorting through security alerts that used to require staff. The thing that changes everything is whether Kordia doubles down on government and advisory work (where it stays relevant) or keeps bleeding money trying to compete in the commodity market against AI and larger rivals.

Why

AI pressure: AI SOC platforms like Conifers.ai. AI agents that triage logs and alerts target the tier-1 SOC work that funds Kordia's cyber margins. Could AI do the core job? Only partly.

Bigger players: CyberCX NZ, Datacom, Spark, PwC NZ. These rivals already sell competing enterprise cyber and managed services in the same NZ market. Could a giant copy it? Probably.

What protects it. Crown ownership and critical-infrastructure contracts, like the Maritime Operations Centre, that sovereignty rules keep away from foreign or AI-only vendors.

What would change this call

Kordia's FY26 or FY27 Statement of Corporate Intent discloses headcount or division targets. Would show whether commercial SOC roles are being cut or shielded.
Another Kordia business unit is sold or divested within 12 months, as MIT was to Fusion5 in Nov 2025. Would confirm a pattern of portfolio shrinkage beyond one-off rationalization.
Kordia expands or converts its WitFoo partnership into a full AI-driven SOC replacing tier-1 analyst roles. Would show commodity SOC jobs are being automated rather than protected.

Key numbers

FY23 revenue NZ$145M, EBITDA NZ$27M (FY23)
Sold Managed IT unit, 26 staff, 100+ clients, to Fusion5 (Nov 2025)
FY25 forecast dividend to Crown: NZ$2.4M (FY25)

Named risks

AI SOC agent platforms threaten commodity tier-1 SOC triage and log-review work. Severity: high
Pattern of divestitures (Australia 2021, Managed IT Nov 2025) signals ongoing portfolio contraction. Severity: medium
Unresolved conflicting FY23 revenue figures (NZ$145M vs NZ$253.1M) undermine financial transparency. Severity: medium
Crown ownership exposes Kordia to potential privatization or SOE restructuring decisions. Severity: low
Leadership status uncertainty between CEO and interim-CEO listings across sources. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
CyberCX NZ	contesting	Ranked alongside Kordia as top NZ cyber providers per Mordor Intelligence, 2026
Datacom	contesting	Named co-leader in NZ cybersecurity market, 2026 industry report
Spark New Zealand	contesting	Both a network peer and cyber-services competitor, per Mordor Intelligence 2026
PwC NZ	contesting	Listed among top NZ cyber providers competing directly with Kordia, 2026
IBM / Microsoft	gaining on	Structurally blocked from Crown contracts but compete directly on commercial enterprise cyber capability
Conifers.ai (AI SOC platforms)	losing to	Gartner named it 'Company to Beat' in AI SOC agents, Dec 2025, threatening tier-1 SOC work

Questions people ask

Is Kordia profitable in 2026?: Kordia's FY23 Annual Report shows NZ$145M revenue, NZ$27M EBITDA and NZ$7.3M NPAT (year to 30 June 2023), with H1 FY24 NPAT of NZ$3.0M reported 2024-02-29. A forecast NZ$2.4M dividend to the Crown for FY25 suggests continued but modest profitability.
Who owns Kordia Group?: Kordia Group Limited is 100% owned by the New Zealand Crown as a State-Owned Enterprise under the State-Owned Enterprises Act 1986, per its Modern Slavery Statement (as of 2026-03-01). Treasury valued the enterprise at NZ$112-166M across FY22-FY25 assessments.
Is Kordia shrinking or growing?: Kordia has divested twice in five years: Kordia Solutions Australia to Ventia in 2021, and its Managed IT business (100+ customers, 26 staff) to Fusion5 on 2025-11-04, both moves the company framed as refocusing on core cyber and network strengths.
Could AI replace Kordia's cybersecurity analysts?: Tier-1 SOC work like alert triage and log review is the most exposed part of Kordia/Aura's business; Gartner's 2025 Hype Cycle places AI SOC agents at the Innovation Trigger stage with only 1-5% market penetration as of 2025. Advisory and GRC consulting remain less automatable.
Who is Kordia's biggest competitor in New Zealand cybersecurity?: Mordor Intelligence ranks Kordia among NZ's top cyber providers alongside CyberCX NZ, Datacom, Spark New Zealand and PwC NZ (as of 2026 industry report). Global consultancies like IBM and Microsoft also compete on commercial enterprise cyber work.
Is it safe to take a cybersecurity job at Kordia (Aura)?: Kordia's Crown-owned critical infrastructure work (maritime safety-of-life comms covering ~25% of world's oceans, broadcast transmission) is structurally protected, but its commercial cyber consulting arm faces direct competition and a Nov 2025 divestiture (Managed IT to Fusion5) shows active portfolio contraction.

Timeline

2026-02Kordia announces WitFoo partnership to enhance NZ cyber defence capability
2025-11-04Kordia sells Managed IT business (100+ customers, 26 staff) to Fusion5
2024-04Neil Livingston confirmed as CEO in Kordia Quality Policy document
2024-02-29Kordia reports H1 FY24 NPAT of NZ$3.0 million
2023-06-30FY23 Annual Report shows NZ$145M revenue, NZ$27M EBITDA, NZ$7.3M NPAT
2021Kordia divests Kordia Solutions Australia contracting business to Ventia
2015-11Kordia acquires Aura Information Security
2006-11Company rebrands from Transmission Holdings Limited to Kordia
2003Broadcast Communications Ltd restructured as Transmission Holdings Limited
1989-07-01Broadcast Communications Ltd spun out of TVNZ

Revision history

26 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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