Market Update – COVID-19 impacts

MARKET ANNOUNCEMENT




5 October 2021



Market Update: COVID-19 impacts
AUCKLAND, 5 October 2021: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) wishes to
update the market on its performance as Covid-19 alert level lockdowns continue to operate
across New Zealand, and to a greater extent in Auckland.
Prior market guidance issued in August 2021 noted that “on the basis of the trends to date and
on New Zealand containing any outbreaks quickly, we would expect profit growth over 2020
for the full year 2021. However, this may become challenging depending on the duration of the
lockdowns.”
NZME’s business is operating effectively across New Zealand and is continuing to keep Kiwis in
the know. Once again, record audience levels are being seen on NZME’s digital platforms,
including nzherald.co.nz and iHeartRadio.
With New Zealand’s businesses operating at a reduced level, NZME’s advertising revenues have
been impacted during Quarter 3 2021, however they remain 7% above those for Quarter 3
2020 when New Zealand was still recovering from the impacts of the 2020 lockdowns.
NZME has been adapting to the economic and operating environment as the Covid-19
restrictions have continued and accordingly, NZME is pleased to report that it expects to deliver
EBITDA in the range of $63m to $67m for full year 2021 (2020 EBITDA of $67.3m) and for
continued reductions in net debt by year end. We will continue to monitor the situation and
outlook.
In addition, the proposed sale of GrabOne continues to progress and NZME expects to be in a
position to update by 15 October 2021.


ENDS

Authorised by the Board of NZME Limited.

For further information:
David Mackrell
Chief Financial Officer
T: +64 21 311 911
Email: david.mackrell@nzme.co.nz