Āe, taihoa ake nei means: Yes, one moment please.
Taihoa (wait) can be used on its own as an answer to yes/no questions, to indicate postponement of the answer, as well as being used in the way detailed in this example. Taihoa is often used as an interjection to tell someone to wait. It can also be found in instructions not to do something yet:
To say not to do something until something else you would pair ‘taihoa’ with ‘kia’:
None of the words in this rerenga directly translate to ‘please’, but it’s correct to include ‘please’ in the translation as requests in Māori historically did not need extra words added to soften the request and make them polite. The politeness was implied by the tone and context. In modern Māori, ‘koa’ is often used as an additional word following the verb to soften requests as an equivalent of ‘please’ but this is commonly considered to be an adaptation of Māori practices to English. Opening a phrase with ‘tēnā’ as a term of address performs a similar function: