NZME Full Year Results to 31 December 2023

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME 2023 Full Year Results

Please refer to the following documents in relation to the NZME Full Year Results to 31 December
2023:

1. NZME 2023 Full Year Results NZX Form
2. NZME 2023 Full Year Results Announcement
3. NZME 2023 Full Year Results Investor Presentation
4. NZME 2023 Annual Report and Consolidated Financial Statements
5. Distribution Notice - NZX Form
6. ASX Compliance Letter


ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information:

For media For investors

Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz

David Mackrell
Chief Financial Officer
+64 21 311 911
david.mackrell@nzme.co.nz

21 February 2024
FOR IMMEDIATE RELEASE

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer NZME Limited
Reporting Period 12 months to 31 December 2023
Previous Reporting Period 12 months to 31 December 2022
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$347,641 (5.0%)
Total Revenue $347,641 (5.0%)
Net profit/(loss) from
continuing operations
$12,789 (45%)
Total net profit/(loss) $12,789 (45%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06000000
Imputed amount per Quoted
Equity Security
$0.02333333
Record Date 8 March 2024
Dividend Payment Date 20 March 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.09) $(0.05) (restated)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached 2023 Annual Report and the 2023 Full Year
Results Presentation for full commentary on results. (note: Capital
work in progress is now included in Intangible assets and property, plant and
equipment so the 2022 comparative has been restated)
Authority for this announcement
Name of person authorised
to make this announcement
Michael Boggs, CEO
Contact person for this
announcement
David Mackrell, Chief Financial Officer
Contact phone number 021 311 911
Contact email address david.mackrell@nzme.co.nz
Date of release through MAP 21/02/2024
Audited financial statements accompany this announcement.

---

NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

21 February 2024
NZME Limited 2023 Full Year Financial Results

Strategic transformation continues at pace. Challenging economic environment
impacts earnings.


AUCKLAND, 21 February 2024: NZME Limited (NZX: NZM, ASX: NZM) has announced its financial
results for the full year ended 31 December 2023 reporting a Statutory Net Profit After Tax (NPAT)
of $12.2 million for the year.

The company also reported Operating Earnings Before Interest, Tax, Depreciation and Amortisation
(EBITDA)
1
of $56.2 million which was 13% lower than 2022. Operating Revenue
1
was $346.6 million,
down 5% on the year prior.

2023 was the Company’s final year of focusing on its three-year strategic targets that it set in 2020,
achieving the majority of those targets, with the financial targets being impacted by the challenging
economic environment. In November 2023, NZME announced its refreshed strategy, with digital
transformation targets set for 2026.

Key Highlights

• NZME engages with more than 3.5 million people across New Zealand, reaching 85% of Kiwis
aged 15+
2

• Radio market revenue share
3
reached 43.1% - the highest since measurement began in 2016.
• NZME audio revenues stable, despite a 6% overall market decline in radio advertising revenue.
• Continued to grow its digital audio business, growing digital audio by 23% with podcast revenues
up 54%.
• Publishing subscriptions increased to 222,000, including 130,000 digital only subscriptions.
• The publishing digital business is profitable, including when taking into account the full
investment in the journalism that appears on NZME’s digital platforms, and when the stories
appear in NZME’s print publications.
• OneRoof grew its digital revenue by 5% year on year despite a 12% reduction in new residential
listings coming to market.
• OneRoof achieved a milestone of break-even EBITDA in the second half of 2024.

Michael Boggs, NZME Chief Executive Officer, says despite NZME’s financial results being heavily
impacted by challenging operating conditions, the company has performed well – adapting to the
challenges and continuing to deliver digital revenue growth.

“Business and consumer confidence was low throughout the year, with inflationary pressures and
higher interest rates contributing to a very challenging operating environment for many New Zealand
businesses. Despite this, NZME fared well compared to the market, maintaining a strong audience
base of 3.5 million Kiwis or 85% of people aged 15+
2
, growing our audio share, and seeing digital
revenues now exceeding $100 million per year, making up 29% of total revenue.

“We are focused on continuing to accelerate our digital transformation efforts and executing our
refreshed strategy, which we are confident will see us growing our Audio, Publishing and OneRoof
divisions,” he says.

NZME released its revised three-year strategy in November 2023 and detailed its key strategic
priorities across its Audio, Publishing and OneRoof divisions. The key priorities are:
• To be Number One in Audio
• To be New Zealand’s leading news destination

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

21 February 2024
• To be Your essential property platform

Barbara Chapman, NZME Board Chairman, says NZME’s digital-led strategy to 2026 sets clear,
aspirational targets and is focused on delivering superior returns across the business.

“The strategy sets NZME up for strong delivery of revenue and profitability growth, and our balance
sheet is strong when compared to local competitors, which stands us in good stead for the future.
Globally, we know that digital centric businesses are valued at much higher multiples than print
peers, and NZME’s relentless focus on being digital-led, whilst also maximising print revenues, will
continue to provide substantial earnings and value for shareholders well into the future,” she says.

NZME distributed $16.5 million to shareholders over the past year comprising of $11.0 million in a
2022 final dividend payout of 6 cents per share, and $5.5 million through a 2023 interim dividend of
3 cents per share.

Based on the strong cash flows, business outlook and capital requirements the Board has declared
a fully imputed final dividend of 6.0 cents per share bringing the total dividends declared in relation
to the 2023 financial year to 9.0 cents per share.

Outlook

Boggs says there are positive signs for 2024, with January and February advertising revenues pacing
ahead of last year, business and consumer confidence on upward trends, and a recovering real
estate market. However, sentiment among market commentators remains one of economic
uncertainty and there is no clear consensus on the outlook.

“We are well-positioned to deliver improved results as market conditions improve. We remain
conscious of continued cost pressures across our business and will focus on efficiency improvement
opportunities.”

OneRoof has achieved digital revenue growth of more than 80% across January and February 2024.

Capital Management

We are pleased to have declared a final dividend for 2023 at the same level as last year, particularly
against the backdrop of a difficult market.

We will continue to review potential opportunities that may present in a consolidating market and will
be disciplined in reviewing any opportunities that may emerge.

The Board is committed to maximising distributions within existing debt facilities and in line with
dividend policy. Given peak debt is expected to reach 0.9 times EBITDA, and the seasonality of cash
flow generation is weighted to the second half of the year, the Board will review the capital
management position later in the year.

The full set of NZME’s 2023 Full Year Results materials can be found here.

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
3
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

21 February 2024
For further information please contact:

For media For investors
Kelly Gunn
GM Communications – NZME
+64 27 213 5625
kelly.gunn@nzme.co.nz
David Mackrell
Chief Financial Officer
+64 21 311 911
david.mackrell@nzme.co.nz

1. Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude
exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to
pages 38-39 of this results presentation for a detailed reconciliation.
2. Nielsen CMI Fused Q4 22 – Q3 23 Nov 2023 AP15+ (Total NZME = monthly NZME print, weekly NIMS, Weekly
Radio GfK Fused S3 2023 and monthly online fused. Publishing Digital = nzh.co.nz & driven.co.nz. Publishing
Print = monthly print excl Real Estate. OneRoof Print = Real Estate sections.).
3. Radio Broadcasters Association Radio Market Report, rolling 12-month average to 31 December 2023. Note:
excludes independent broadcasters, contra revenue, and digital audio.

---

2023 FULL YEAR RESULTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2
Agenda
Results Summary3
Economic Indicators4
Advertising Revenue5
Strategic Priorities6
2023 Financial Results10
Divisional Performance and Strategy17
Outlook33
Q&A35
Supplementary Information36

3
7.7 cps
Operating EPS
1
202212.1cps
$12.2m
Statutory NPAT
2022$22.7m
$346.6m
Operating Revenue
1
2022$364.6m
$56.2m
Operating EBITDA
1
2022$64.7m
$14.1m
Operating NPAT
1
2022$23.3m
$17.3m
Operating Free Cash flows
2022 $14.8m
6.0 cps
Final Dividend
Payable on 20 March 2024
$18.0m
Net Debt
2022 $17.5m
•Tough economic environment impacts earnings however progress
continues onour strategic transformation.
•Operating revenue was 5% lower reflecting the economic conditions
and a weaker real estate market, however:
•Radio market revenue share continued to grow, reaching 43.1%
2
,
the highest since measurement began in 2016.
•Publishing subscriptions grew to 222,000 with130,000 digital
only subscriptions.
•OneRoofdigital revenue was 5% higher year on year, despite a
12% reduction in the new residential real estate listings coming
to market.
•Operating expenses were 3% lower, reflecting a continuous focus on
an efficient cost base.
•Operating EBITDA
1
of $56.2 million was down13% on2022.
•Statutory Net Profit After Tax of $12.2 million, 46% lower than last year.
•Operating Earnings Per Share
1
of 7.7 cents per share.
•Fully imputed final dividend declared of 6.0 cents per share.
•Net debt of $18.0 million at the bottom end of target leverage ratio
3
range at 0.5 times EBITDA.
•Total distributions to shareholders of $16.5 million during the year.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional
items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this
results presentation for a detailed reconciliation.
2.Radio Broadcasters Association Radio Market Report, rolling 12-month average to 31 December 2023. Note: excludes
independent broadcasters, contra revenue, and digital audio.
3.Net debt / 12-month Operating EBITDA (pre NZ IFRS 16)
Results summary
For the year ended 31 December 2023

4
Challenging but improving economic environment
Economic Indicators
1.ANZ Business Confidence survey
2.ANZ –Roy Morgan Consumer Confidence survey
3.REINZ data
(80.0)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
Mar-15
Jun-15
Sep-15
Dec-15
Mar-16
Jun-16
Sep-16
Dec-16
Mar-17
Jun-17
Sep-17
Dec-17
Mar-18
Jun-18
Sep-18
Dec-18
Mar-19
Jun-19
Sep-19
Dec-19
Mar-20
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Business confidence
1
60.0
70.0
80.0
90.0
100.0
110.0
120.0
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Consumer confidence
2
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
JanFebMarAprMayJunJulAugSepOctNovDec
Monthly new residential real estate market listings
3
20222023
•Total listings for 2023 down 12% from 2022 and down 16% from
2021.

5
NZME has outperformed the market during this
challenging period
Advertising Revenue
1.SMI Agency Market Revenue, YoY % change Jan–Dec 2023. NZME and Market (NZME pillars – print, radio, digital content sites)
2.NZME Analysis.
(15.0%)
(10.0%)
(5.0%)
-
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
NZME advertising revenue YoY variance
2
•Improving trend during 2022, but 2023 lower
•NZME performing better than market across the year
Growth on prior year due
to 2021 COVID lockdown
(25%)
(20%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
DecNovOctSepAugJulJunMayAprMarFebJan
Agency Advertising Revenue YoY variance
1
NZMEMarket (print, radio, digital content sites)

6
STRATEGIC
PRIORITIES

7
Evolved our three strategic priorities for next three years
Create the most listened to
and loved content
Deliver customer solutions
to grow revenue share
Grow podcast engagement
and monetisation
NUMBER ONE IN
AUDIO
NEW ZEALAND’S LEADING
NEWS DESTINATION
Scalable digital audience
and advertising News
platform
Expert journalism that
grows subscriber lifetime
value
High quality and efficient
print business
YOUR ESSENTIAL
PROPERTY PLATFORM
Superior listings
experience and performance
Grow listingsrevenue
Accelerate non-listings
product revenue
Strategic Priorities

8
Every month, NZME engages with over 3.5 million people
across New Zealand, reaching 85% of Kiwis aged 15+
1
2025
Reaching 92%
of the people
living in
Auckland
1
Reaching 72%
of the people
living in South
Island
1
Reaching 89%
ofthe people
living in the
North Island
1
Audio Audience
Digital audience
1,286,700
2
Terrestrial audience
1,893,200
3
Publishing Audience
Digital audience
2,034,000
1
Print audience
1,606,000
1
OneRoof Audience
Digital audience
606,000
4
Print audience
299,000
1
SOURCE:
1
Nielsen CMI Fused Q4 22 –Q3 23 Nov 2023 AP15+ (Total NZME = monthly NZME print, weekly NIMS, Weekly Radio GfK Fused S32023 and monthly online fused. Publishing Digital = nzh.co.nz & driven.co.nz. Publishing Print = monthlyprint exclReal Estate. OneRoofPrint =
Real Estate sections.)
2
Adswizz AudiometrixOct-Dec2023 monthly average
3
GfK RAM Comm, S3/23. Total NZ, M-S 12mn –12mn, Cume, AP10+
4
Nielsen Online Ratings Oct-Dec2023 monthly average (desktop and domestic traffic only, does not include exclusive mobile app audience).
Strategic Priorities

9
Digital revenues continue to show strong growth
Source: NZME Analysis. CAGR represents the compound annual growth rate of digital revenue from 2019 to 2023.
Strategic Priorities
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
20192020202120222023
Digital audio revenue $m
~50% CAGR
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
20192020202120222023
Digital Publishing revenue $m
Advertising revenueReader revenue
~6% CAGR
~85% CAGR
-
2.0
4.0
6.0
8.0
10.0
12.0
20192020202120222023
Digital OneRoof revenue $m
~40% CAGR

10
2023 FINANCIAL
RESULTS

11
Audio and OneRoof perform well in challenging market
with Publishing impacted by weaker advertising revenue
•Radio revenue held up well, along with strong
digital audio revenue growth and effective
cost management.
•Weaker Digital Publishing advertising revenue
partially offset by continued Digital
subscription revenue growth.
•Print Publishing advertising revenue reduced
but was partly offset by increased external
print and distribution revenue and cost
management.
•OneRoof improved listings yield and upgrade
conversion rates, offseting the reduction in
listings coming to market.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.
2023 Financial Results

12
•Digital subscription growth (+4%) offset by
declining print circulation (-6%) resulted in reader
revenue being 4% lower.
•Advertising revenue was 6% lower than 2022, with
weaker market conditions impacting print
(including real estate) and digital publishing
revenues.
•Other revenue grew 29% driven by increased third
party print and distribution.
•Other income reduction includes lower grant
income.
•Operating EBITDA was 13% lower.
•Operating NPAT
2
was $14.1 million for the year,
down 40% due to the impacts of the difficult market
conditions.
•Operating Earnings Per Share was 7.7 cents per
share.
Publishing print and digital advertising
revenues were most impacted by difficult
market, resulting in reduced profitability
$ million
20232022
1
% change
Reader revenue
80.6 83.7 (4%)
Advertising revenue
243.0 258.2 (6%)
Other revenue
17.1 13.3 29%
Operating Revenue
2
340.8 355.1 (4%)
Other income
5.8 9.5 (39%)
Operating Revenue and Other Income
2
346.6 364.6 (5%)
Operating expenses
2
(290.4)(299.9)3%
Operating EBITDA
2
56.2 64.7 (13%)
Depreciation and amortisation on owned assets
(16.6)(16.2)(3%)
Depreciation on leased assets
(12.0)(11.2)(7%)
Interest income
0.4 0.4 11%
Finance cost
(7.7)(5.7)(35%)
Operating NPBT
2
20.3 32.0 (37%)
Taxation expense
(6.2)(8.7)29%
Operating NPAT
2
14.1 23.3 (40%)
Operating Earnings per Share (cents)
2
7.7 12.7 (40%)
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.
2023 Financial Results
Operating results
For the year ended 31 December 2023

13
•People costs were 3% lower, reflecting
efficiencies and lower incentive payments,
offsetting inflationary pressure.
•Print and Distribution costs were lower, with
increased paper and distribution costs offset by
reduced volumes.
•Agency Commission and Marketing costs
reduced by 13% due to lower advertising
revenues.
•Content costs 4% higher than 2022 relating to
increased digital audio and publishing activity.
•Total other costs held flat year on year, with
lower IT and communications costs offsetting
higher property and other costs.
•Non-recurring expenses primarily relate to
restructuring costs.
Total cost reduction delivered through
targeted people cost efficiencies and lower
variable costs linked to revenue movements.
$ million
20232022
1
% change
People144.4 148.9 3%
Print and Distribution50.8 51.5 1%
Agency Commission and Marketing36.0 41.2 13%
Content19.7 18.9 (4%)
Other expenses:
Property7.4 6.9 (7%)
IT and communications11.0 12.2 10%
Third party fulfilment8.5 8.5 1%
Other12.7 11.9 (7%)
Total other expenses39.5 39.5 (0%)
Total operating expenses
2
290.4 299.9 3%
Total non-recurring expenses
2.6 1.3
2023 Financial Results
Expenses
For the year ended 31 December 2023
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.

14
$ million
20232022
1
% change
Trade and other receivables
45.1 48.8 (8%)
Inventories
5.1 5.6 (10%)
Trade and other payables
(49.5)(52.5)(6%)
Current tax receivable / (payable)
(0.3)(1.7)(84%)
Net working capital excluding cash
0.4 0.2
Plant property & equipment, intangibles and
other non-current assets
166.9 174.1 (4%)
Right-of-use assets (NZ IFRS 16)
58.2 63.7 (9%)
Lease liabilities (NZ IFRS 16)
(84.7)(91.2)(7%)
Finance lease receivable (NZ IFRS 16)
3.9 4.4 (12%)
Net Debt
(18.0)(17.5)3%
Deferred tax
5.7 4.0 44%
Net Assets
132.4 137.8 (4%)
2023 Financial Results
Balance sheet
As at 31 December 2023
Net Debt of $18 million at year end
•Net working capital excluding cash was $0.2
million higher than 2022:
•Lower receivables and payables reflect the
impact of reduced operating revenues.
•Inventories decreased due to reduced
paper stock.
•Reduced tax payable due to lower
earnings.
•Net debt of $18.0 million remained at a similar
level to 2022.
•Total debt drawn was $23.5 million as at 31
December 2023.

15
Strong operating cash flows enable investment
and distributions to shareholders, despite
lower operating profits
•Cashflow from operations for the year of $41.5 million, $4.0
million higher than 2022 primarily due to lower tax
payments.
•Tax paid in the year was more normal with 2022 higher due
to stronger 2021 earnings and additional dividend payments
in 2022.
•Capital expenditure was consistent with 2022. This level
ensures continued product development required to
maintain progress on our digital transformation.
•Distributions to shareholders higher in 2022 due to the
capital return programme comprising a special dividend a
share buy-back programme.
$ million
20232022
Operating EBITDA
1
56.2 64.7
Net interest paid on bank facilities
(2.3)(1.1)
Interest paid on leases
(4.7)(4.9)
Interest received on leases
0.2 0.3
Exceptional items
(2.3)(0.7)
Dividends received
0.1 -
Tax paid
(7.8)(12.0)
Working capital movement (excluding tax)
0.6 (8.6)
Other (non-cash)
1.5 (0.1)
Cash flows from operations
41.5 37.5
Capital expenditure
(11.0)(10.7)
Lease principal repayment
(13.1)(12.0)
Operating free cash flows
17.3 14.8
BusinessDesk and Radio Wanaka purchases
- (3.6)
Purchase of OneRoof shares
(1.0)-
Distribution to shareholders
Dividends paid
(16.5)(25.4)
Share buy-back
- (17.6)
Cash movement in Net Debt
(0.2)(31.7)
Other movements
(0.3)0.7
Movement in Net Debt
(0.5)(31.0)
2023 Financial Results
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.
Cash flows
For the year ended 31 December 2023

16
The Board continues to maximisedistributions within
existing debt facilities
Distributions to shareholders of $16.5 million during the year,
comprising;
•2022 final dividend of 6 cents per share; total $11.0
million.
•Interim dividend of 3 cents per share; total $5.5 million.
•Fully imputed final dividend declared of 6.0 cents per
share, payable on 20 March 2024.
•Net debt position of $18.0 million as at 31 December 2023.
•While the leverage ratio was at the low end of target range
at the end of December it is expected to be at the upper
end of the range following the dividend payment in March.
•Projected 2024 peak net debt of $35.0 million, comprising
$40.0 million debt less $5.0 million cash.
20232022
12-months Operating EBITDA (pre NZ IFRS 16)
1
39.1 48.7
Interest Expense
2.4 1.0
Net interest cover
(Operating EBITDA (pre NZ IFRS 16)
1
/ Interest Expense)
16.4 46.5
Net Debt ($ million)
18.0 17.5
Leverage Ratio
(Net debt / 12-month Operating EBITDA (pre NZ IFRS 16)
1
)
0.5 0.4
Dividend Policy
NZME intends to pay dividends of 50-80% of Free Cash
Flow subject to being within its target leverage ratio
and having regard to NZME's capital requirements,
operating performance and financial position.
Target Leverage Ratio of 0.5 to 1.0 times rolling 12
month EBITDA
1
(pre NZ IFRS 16).
Full dividend policy is available at
www.nzme.co.nz/investor-relations/dividends/
2023 Financial Results
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.
Capital management
For the year ended 31 December 2023
98.3
74.7
33.8
(13.5)
17.5
18.0
35.0
1.8
1.5
0.6
0.4
0.5
0.9
201820192020202120222023Projected 2024
peak
Net debt and Leverage
1
Net Debt / (Cash) $mLeverage Ratio

17
AUDIO

18
Strong engagement across radio and digital audio platforms
1.GfK Commercial RAM, NZME excl. Partners, Cumulative Audience 000, M-S 12mn-12mn, Total NZ, S1 2019-S3 2023. AP10+.
2.GfK Commercial RAM, NZME excl. Partners (doesn’t include BBC Auckland), Market Share %, M-S 12mn-12mn, S1 2020-S3 2023, AP10+. Note: Radio Sport closed prior to S3 2020.
3.AdswizzAudioMetrix, NZME Network stations, All countries, Monthly TLH plus Triton NZ Metrics, Monthly downloaded hours Jan 2022 –Dec 2023
Divisional Performance and StrategyAudio
-
500
1,000
1,500
2,000
S1/2019S2/2019S3/2019S4/2019S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022S4/2022S1/2023S2/2023S3/2023
Weekly Listeners (000’s)
NZME Radio weekly listeners
(Total NZ All 10+ Cume)
1
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
S1/2020S3/2020S4/2020S1/2021S2/2021S3/2021S4/2021S1/2022S2/2022S3/2022S4/2022S1/2023S2/2023S3/2023
Market Share (%)
NZME Radio Share
(Total NZ All 10+ Share)
2
NZME Music Market ShareNZME Talk Market Share
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
Monthly Listening hours (millions)
Digital Audio Total Listening Hours
(million)
3
PodcastsDigital RadioTotal trend

19
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
NZME Podcast downloads (million)
1
Sustained podcast market leadership and growth
Divisional Performance and StrategyAudio
RankPodcast representative
3
20232022% change
1NZME
7.3 5.4 35%
2rova (MediaWorks)
0.6 0.5 28%
3LiSTNR (SCA)
0.4 0.2 76%
1.Triton NZ Podranker, Monthly downloads Sep 2021 –Dec 2023
2.Triton NZ Podranker, Top 3 Average monthly downloads Jan –Dec 2022 and Jan –Dec 2023
3.Triton NZ Podranker, Sales Representation category
30% CAGR
NZME has led Podcast rankings for 29
consecutive months, with average monthly
downloads over 10 times it’s closest competitor
Average monthly podcast downloads (million)
2

20
$ million20232022
1
% Change
Digital audio advertising
8.4 6.8 23%
Radio advertising
103.8 105.6 (2%)
Other
1.4 1.5 (6%)
Audio revenue
113.6 113.9 (0%)
People
(55.8)(55.6)(0%)
Agency Commission and Marketing
(14.2)(16.1)12%
Content
(7.7)(7.2)(7%)
Other
(12.6)(12.2)(3%)
Audio expenses
(90.4)(91.2)1%
Audio EBITDA
2
(incl. NZ IFRS 16)
23.3 22.8 2%
NZ IFRS 16 Adjustment
(8.1)(7.5)(8%)
Audio EBITDA
2
(pre NZ IFRS 16)
15.1 15.2 (1%)
EBITDA
2
Margin (pre NZ IFRS 16)
13% 13% 0 ppt
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.
3.Radio Broadcasters Association Radio Market Report, rolling 12-month average to 31 December 2023. Note: excludes independent broadcasters, contra revenue, and digital audio.
Audio
For the year ended 31 December 2023
•Digital audio revenue growth of 23% reflects the strength
of NZME’s digital audio offering of radio streaming and
podcasts.
•Radio advertising was 2% lower, a positive result with
share gains mitigating the impact of a 6% market decline
3
.
•People costs were flat year on year with efficiency gains
offsetting underlying inflationary pressure.
•Agency Commission & Marketing cost reductions were
due to lower marketing and advertising related costs.
•Content and other increases primarily relate to increased
distribution costs both for transmission and digital
delivery.
Sustained digital audio growth delivered improved
profitability despite difficult market conditions
Divisional Performance and StrategyAudio

21
Number one in audio
Metric
2026
target
2023
actual
2024 initiatives
Audience share
(% of radio audience)
>1% share point
growth per annum
37.5%
1
•Upweight marketing investment for priority brands to grow
audience market share.
•Continue to leverage NZME platforms to grow total audio audience.
•Partner with both new and established local talent to expand local
podcast content offering.
•NZME Podcast Network content plan aligned to international genre
preferences to grow podcast consumption.
Revenue share
Radio
Digital
Total
>1% share point
growth per annum
43.1%
2
_72.6%
3
44.5%
•Increase data capability, accessing all NZME touch points to provide
better customer solutions and increase revenue.
•Advance audio advocacy to grow total audio market.
•Deliver integrated campaigns utilising NZME’s wider assets.
Digital audio revenue
(as a % of total audio revenue)
12%7.4%
•Grow known podcast audience, by increasing consumption through
‘owned’ iHeartRadio platform.
•Simplify pre and post sales of digital audio campaigns through
product bundles, and enhanced campaign delivery capabilities.
•Increase sponsorship opportunities across major owned assets.
•Leverage iHeartRadio functionality and roadmap.
EBITDA
4
margin
(pre NZIFRS16)
15-17%13%
Divisional Performance and StrategyAudio
1.GfK Commercial RAM, NZME excl. Partners, Total NZ, M-S 12mn-12mn, Market Share %, S3 2023, AP10+
2.Radio Broadcasters Association Monthly Radio Market Report, 12-month average to 31 December 2023. Note: report excludes independent broadcasters, contra revenue, and digital audio.
3.Radio Broadcasters Association Monthly Radio Market Report, 12-month average to 31 December 2023. Note: report excludes independent broadcasters and contra revenue.
4.EBITDA is a non-GAAP measure and excludes exceptional items.

PUBLISHING

23
Increasing digital subscriptions
Divisional Performance and StrategyPublishing
-
50
100
150
200
250
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
# of subscriptions (000's)
Subscriptions Mix
Print onlyDigital EntiltedDigital only
-
20
40
60
80
100
120
140
160
180
200
-
10
20
30
40
50
60
70
80
90
100
Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Annual yield per subscriber ($)
# of subscribers (000's)
Digital subscription volume
2
and yield
Corporate subscribersIndividual subscribers
Corporate yieldIndividual yield
1.Print subscriber volume drives revenue and represents the count of individual paid papers delivered including the NZ Herald, Herald on Sunday and Regionals. Subscriber yield includes promotional volumes.
2.Digital subscription volumes, quarterly average.
1.00
1.20
1.40
1.60
1.80
2.00
-
2.0
4.0
6.0
8.0
10.0
Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023
Yield $
Subscriber volume (millions)
Print Subscriber volume and yield
1
Volume (million)Yield
Cyclone Gabrielle impacts
-reduced acquisition
-deferred yield management
-temporary cancellations
Acquisition of BusinessDesk

24
$ million20232022
1
% Change
Digital subscriptions20.6 19.8 4%
Print subscriptions47.0 50.0 (6%)
Retail outlet sales12.9 13.9 (7%)
Total reader revenue80.6 83.7 (4%)
Digital advertising54.8 59.5 (8%)
Print advertising55.7 63.8 (13%)
Total advertising revenue110.5 123.3 (10%)
Other18.6 18.5 1%
Publishing revenue209.6 225.4 (7%)
People(78.0)(82.4)5%
Print and Distribution(45.9)(45.4)(1%)
Agency Commission and Marketing(15.2)(17.7)14%
Content
(10.1)(9.9)(2%)
Other
(21.7)(22.5)4%
Publishing expenses
(171.0)(178.0)4%
Publishing EBITDA
2
(incl. NZ IFRS 16)
38.6 47.4 (19%)
NZ IFRS 16 Adjustment
(8.2)(7.7)(7%)
Publishing EBITDA
2
(pre NZ IFRS 16)
30.4 39.7 (23%)
EBITDA
2
Margin (pre NZ IFRS 16)
15% 18% (3 ppt)
Publishing total
For the year ended 31 December 2023
•Digital subscription growth of 4% partially offsets
declining print subscriptions and retail outlet sales,
with total reader revenue down 4% year on year.
•First half print subscription revenues were impacted by
Cyclone Gabrielle.
•Advertising revenues were 10% lower than 2022, a
reflection of the difficult market conditions.
•Other revenue flat year on year with increases in third
party print and distribution, offsetting lower grant and
other income.
•People costs were down 5%, with efficiency savings
and reduced sales-related variable costs offsetting
underlying salary and wage inflation.
•Print and distribution costs were slightly higher with
increased paper and distribution costs offset by
reduced volumes.
•Agency Commission and Marketing costs reduced by
14% due to lower advertising revenue.
Digital subscription revenue growth continues as
market conditions impact advertising revenues
Divisional Performance and StrategyPublishing
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.

25
For the year ended 31 December 2023
Publishing DigitalPublishing Print
$ million20232022% Change20232022% Change
Subscription revenue20.6 19.8 4% 47.0 50.0 (6%)
Retail outlet sales---12.9 13.9 (7%)
Advertising revenue54.8 59.5 (8%) 55.7 63.8 (13%)
Other10.9 13.0 (16%) 7.7 5.5 39%
Total revenue86.3 92.2 (6%) 123.3 133.2 (7%)
People(45.8)(46.1)1% (32.2)(36.3)11%
Print and Distribution(0.0)- - (45.9)(45.4)(1%)
Agency Commission and Marketing(9.4)(10.2)8% (5.8)(7.6)23%
Content
(8.8)(8.5)(4%) (1.3)(1.4)8%
Other
(13.5)(13.6)1% (8.2)(8.9)8%
Publishing expenses
(77.5)(78.3)1% (93.5)(99.6)6%
Publishing EBITDA
1
(incl. NZ IFRS 16)
8.9 13.9 (36%) 29.7 33.6 (11%)
NZ IFRS 16 Adjustment
(2.3)(2.3)3% (5.9)(5.3)(11%)
Publishing EBITDA
1
(pre NZ IFRS 16)
6.6 11.5 (43%) 23.8 28.2 (16%)
EBITDA
1
Margin (pre NZ IFRS 16)
86.3 92.2 (6%) 19% 21% (2 ppt)
Divisional Performance and StrategyPublishing
1.EBITDA is a non-GAAP measure and excludes exceptional items.
For the year ended 31 December 2023
People costs within the digital publishing business reflect the full cost of all journalism that is contained on our
digital platforms, even if the stories also appear in print publications.

26
New Zealand’sleading news destination
Metric
2026
target
2023
actual
2024 initiatives
Digital publishing
Subscription volume190,000130,000
•Lift depth and breadth of expert journalism.
•Broaden addressable market by building out subscriber centric product and verticals.
•Build dynamic offers and connected customer experience to maximise subscriber lifetime value.
Digital advertising
revenue percentage
60%50%
•Expand audience reach through user needs model and targeting key growth segments.
•Build deeper reader relationships with redesign, homepage variants and personalization.
•Enhanced advertising experience enabled by sophisticated 1st party data driven targeting solutions.
EBITDA
1
margin
(pre NZ IFRS16)
14-16%7%
•Modernise platform foundations to create scalable platform and leverage AI / automation to
improve efficiencies.
•Embed new operating model with dedicated focus on being truly digital first.
Print publishing
Subscription volume>65,00092,000
•Maximise yield improvement programme, lift value through digital up sell.
Print advertising
revenue percentage
40%50%
•Simplify product and packaging supported by targets print focus sales model.
EBITDA
1
margin
(pre NZ IFRS16)
13-15%19%
•Streamline production and embed print content hub.
•Explore opportunities for strategic synergies and industry collaborations.
Divisional Performance and StrategyPublishing
1.EBITDA is a non-GAAP measure and excludes exceptional items.

27
ONEROOF

28
OneRoofaudience continues to grow
Divisional Performance and StrategyOneRoof
1.OneRoof’s listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Note: From June 2021 onwards lifestyle properties and sections were added to the OneRoof count.
2.Nielsen Online Ratings - Domestic Unique Audience, Dec 2021 – Dec 2023 (does not include exclusive mobile app audience). *Dec2023 is taken from Nielsen CMI December fused due to no Trade Me Property figures reported in
Online Ratings for December
-
20%
40%
60%
80%
100%
120%
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
OneRoof Auckland and National Residential
For-sale Listings as a % of Trademe
1
Auckland %National %
Significant lift in Trademe’s November
2023 audience was driven by “Hunt for
the Hundy” promotion, which ran from
8
th
November for 31 days.
-
100
200
300
400
500
600
700
800
900
1,000
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23
Dec-23
OneRoof Monthly Online Audience compared
with TradeMe Property (000’s)
2
OneRoofTradeMe Property

29
Increased residential listings upgrade and yield
Divisional Performance and StrategyOneRoof
200
250
300
350
400
450
JanFebMarAprMayJunJulAugSepOctNovDec
OneRoof Digital Average Yield ($ per listing) - Residential for sale
Auckland 2023Auckland 2022
Rest of NZ 2023Rest of NZ 2022
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
JanFebMarAprMayJunJulAugSepOctNovDec
OneRoof Digital Residential for-sale
Listings Upgrade %
Auckland 2023Auckland 2022
Rest of NZ 2023Rest of NZ 2022
Source: NZME Analysis

30
$ million20232022
1
% Change
Digital10.8 10.2 5%
Print9.6 12.3 (22%)
Other0.4 0.4 19%
OneRoofrevenue20.8 22.9 (9%)
People(7.6)(7.9)4%
Print and Distribution(4.8)(6.0)20%
Agency Commission and Marketing(6.7)(7.4)10%
Content
(1.8)(1.7)(1%)
Other
(1.3)(1.2)(9%)
OneRoofexpenses
(22.1)(24.3)9%
OneRoof EBITDA
2
(incl. NZ IFRS 16)
(1.3)(1.4)9%
NZ IFRS 16 Adjustment
(0.7)(0.8)7%
OneRoof EBITDA
2
(pre NZ IFRS 16)
(2.0)(2.2)8%
EBITDA
2
Margin (pre NZ IFRS 16)
(10%) (9%) (1 ppt)
OneRoof
For the year ended 31 December 2023
•Digital revenue growth delivered through increased
listing upgrades (Auckland up 16% year on year, Rest of
NZ up 42%) and yield gains (Auckland up 4% year on
year, Rest of NZ up 6%).
•Auckland market listings down 13% year on year , with
rest of NZ down 11%.
•Print revenue declines reflect impact of significantly
reduced listing volumes in weaker real estate market.
•People costs down 4%, with lower sales-related variable
costs offsetting underlying salary and wage inflation.
•Print and Distribution costs significantly lower due to
reduced print volume.
•Agency Commission and Marketing costs were lower in
response to revenue.
•Achieved EBITDA breakeven in the second half.
Despite the reduction in new listings coming to
market, improved listings yield and upgrade
conversion rates delivered digital revenue
growth.
Divisional Performance and StrategyOneRoof
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.

31
Your essential property platform
Metric
2026
Target
2023
Actual
2024
Initiatives
Engagement
Reduce audience
gap to #1
Increase listing
enquiries by 100%
Audience 606k,
gap to #1 of 187k
1
-
•Continued product development.
•Leverage unique passive audience by connecting news
and valuations audience to listings.
•Increase directlistings views and enquiries with digital
marketing and personalised
communicationsleveraging NZME assets.
Listingsupgrade %
2
End of Year -60%
End of Year -40%
44% Auckland
20% Rest of NZ
•Implement dedicated sales team across New Zealand.
•Enhance Boost product options and performance.
Revenue mix
Digital 78%
Print 22%
Digital 54%
Print 46%
•Growth of non-listing revenue in Digital with increased
focus on partnerships and agent profiling.
EBITDA
3
margin
(pre NZ IFRS16)
15-25%(10%)
•Improve margin through revenue growth.
Divisional Performance and StrategyOneRoof
1.Nielsen Online Ratings - Domestic Unique Audience (does not include exclusive mobile app audience), monthly average for Q4 2023.*Dec is taken from Nielsen CMI December fused due to no Trade Me Property figures reported in
Online Ratings for December
2.Q4 average. Updated methodology used from 2022 (multiple upgrade packages for single listings now counted as single upgrade and other categories are more clearly defined).
3.EBITDA is a non-GAAP measure and excludes exceptional items.

32
$ million20232022
1
% Change
Revenue2.5 2.5 2%
People(2.9)(2.9)(0%)
Other(4.0)(3.6)(12%)
Corporate & other expenses(6.9)(6.5)(6%)
Corporate & other EBITDA
2
(incl. NZ IFRS 16)(4.4)(4.1)9%
NZ IFRS 16 Adjustment(0.1)(0.1)(7%)
Corporate & other EBITDA
2
(pre NZ IFRS 16)(4.5)(4.1)(9%)
•Revenue from delivery of lifestyle and home
show events across New Zealand.
•Cost increases reflect increased activity during
the year.
Divisional Performance and StrategyCorporate & Other
1.2022 operating results presented reflect reclassification adjustments that differ when compared with operating results as reported for the year ended 31 December 2022. Please refer to page 40 of this results presentation for a reconciliation.
2.EBITDA is a non-GAAP measure and excludes exceptional items.
Corporate & Other
For the year ended 31 December 2023

33
OUTLOOK

34
Outlook
Operating Environment
•There are positive signs for 2024, with January and February advertising revenues pacing ahead of last year, business and consumer confidence
on upward trends, and a recovering real estate market. However, sentiment among market commentators remains one of economic uncertainty
and there is no clear consensus on the outlook.
•We are well-positioned to deliver improved results as market conditions improve. We remain conscious of continued cost pressures across our
business andwill focus on efficiency improvement opportunities.
•OneRoof has achieved digital revenue growth of over 80% across January and February 2024.
Capital Management
•We are pleased to have declared a final dividend for 2023 at the same level as last year, particularly against the backdrop of a difficult market.
•We will continue to review potential opportunities that may present in a consolidating market and will be disciplined in reviewing any
opportunities which may emerge.
•The Board is committed to maximising distributions within existing debt facilities and in line with dividend policy. Given peak debt is expected to
reach 0.9 times EBITDA, and the seasonality of cash flow generation is weighted to the second half of the year, the Board will review the capital
management position later in the year.

35
Q&A

36
SUPPLEMENTARY
INFORMATION

37
2023 divisional performance
For the year ended 31 December 2023
$ million
Audio
PublishingOneRoofOtherTotal 2023Total 2022% Change
Reader Revenue:
- Digital
- 20.6 - - 20.6 19.8 4%
- Print
- 59.9 - - 59.9 63.9 (6%)
Reader Revenue
- 80.6 - - 80.6 83.7 (4%)
Advertising Revenue:
- - - - - - -
- Digital
8.4 54.8 10.8 - 73.9 76.5 (3%)
- Radio
103.8 - - - 103.8 105.6 (2%)
- Print
- 55.7 9.6 - 65.3 76.1 (14%)
Advertising Revenue
112.2 110.5 20.4 - 243.0 258.2 (6%)
Other Revenue
1.4 18.6 0.4 2.5 22.9 22.8 1%
Total Revenue
113.6 209.6 20.8 2.5 346.6 364.6 (5%)
People
(55.8)(78.0)(7.6)(2.9)(144.4)(148.9)3%
Print & Distribution
(0.0)(45.9)(4.8)- (50.8)(51.5)1%
Agency Commission & Marketing
(14.2)(15.2)(6.7)(0.0)(36.0)(41.2)13%
Content
(7.7)(10.1)(1.8)(0.0)(19.7)(18.9)(4%)
Other
(12.6)(21.7)(1.3)(4.0)(39.5)(39.5)(0%)
Total Costs
(90.4)(171.0)(22.1)(6.9)(290.4)(299.9)3%
Operating EBITDA
1

23.3 38.6 (1.3)(4.4)56.2 64.7 (13%)
NZ IFRS 16 Adjustments
(8.1)(8.2)(0.7)(0.1)(17.1)(16.0)(7%)
EBITDA (pre NZ IFRS 16)
2
15.1 30.4 (2.0)(4.5)39.1 48.7 (20%)
EBITDA (pre NZ IFRS 16)
2
Margin %
13% 15% (10%) (180%) 11% 13% (2 ppt)
1.Operating results presented are non-GAAP
measures that include the impact of NZ
IFRS 16, however, exclude exceptional
items to allow for a like for like comparison
between 2022 and 2023 financial years.
Please refer to pages 38-39 of this results
presentation for a detailed reconciliation.
2.EBITDA (pre IFRS 16) is a non-GAAP
measure equivalent to Operating EBITDA
but excluding the impact of NZ IFRS 16.
Supplementary Information

38
Reconciliation of operating results to financial
statements (2023)
12 MONTHS ENDED 31 DECEMBER 2023
$ million
Operating Results
excl. NZ IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. NZ IFRS 16
Reclass of items
Exceptional and
Other Items
Per Financial
Statements
Reader revenue80.6 - 80.6 - - 80.6
Advertising revenue243.0 - 243.0 - - 243.0
Other revenue17.1 - 17.1 - - 17.1
Operating revenue340.8 - 340.8 - - 340.8
Other income6.6 (0.8)5.8 0.4 0.6 6.9
Operating revenue

and other income347.3 (0.8)346.6 0.4 0.6 347.6
Expenses(308.2)17.8 (290.4)- (2.6)(293.0)
EBITDA39.1 17.1 56.2 0.4 (2.0)54.6
Depreciation and amortisation(16.6)(12.0)(28.6)- - (28.6)
EBIT22.5 5.1 27.5 0.4 (2.0)26.0
Share of loss of JV's- - - - (0.6)(0.6)
Net interest expense(2.8)(4.4)(7.2)(0.4)- (7.7)
Net profit/(loss) before tax19.7 0.7 20.3 - (2.6)17.8
Tax(6.2)- (6.2)- 0.7 (5.6)
Net profit/(loss) after tax13.4 0.7 14.1 - (1.9)12.2
Supplementary Information

39
Reconciliation of operating results to financial
statements (2022)
12 MONTHS ENDED 31 DECEMBER 2022
$ million
Operating Results
excl. NZ IFRS 16
NZ IFRS 16
Adjustments
Operating Results
incl. NZ IFRS 16
Reclass of items
Exceptional and
Other Items
Per Financial
Statements
Reader revenue83.7 - 83.7 - - 83.7
Advertising revenue258.2 - 258.2 - - 258.2
Other revenue13.3 - 13.3 - - 13.3
Operating revenue355.1 - 355.1 - - 355.1
Other income10.4 (0.8)9.5 0.4 0.8 10.8
Operating revenue

and other income365.5 (0.8)364.6 0.4 0.8 365.9
Expenses(316.8)16.8 (299.9)- (1.5)(301.4)
EBITDA48.7 16.0 64.7 0.4 (0.7)64.5
Depreciation and amortisation(16.2)(11.2)(27.4)- - (27.4)
EBIT32.5 4.8 37.3 0.4 (0.7)37.1
Share of loss of JV's- - - - (0.2)(0.2)
Net interest expense(0.7)(4.6)(5.3)(0.4)- (5.7)
Net profit/(loss) before tax31.9 0.2 32.0 - (0.8)31.2
Tax(8.7)- (8.7)- 0.2 (8.6)
Net profit/(loss) after tax23.1 0.2 23.3 - (0.6)22.7
Supplementary Information

40
Restated
1
2022 operating results
For the year ended 31 December 2022
1.Various expense classifications have been changed in order to more appropriately group costs. The impact of these changes on the comparative reported results are outlined in the table shown.
2.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison across financial years.
3.EBITDA (pre NZ IFRS 16) is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.
$ million
As reportedAdjustmentsRestated
AudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotal
Reader Revenue:
- Digital-16.1--16.1- 3.7 - - 3.7 - 19.8 - - 19.8
- Print-67.5--67.5- (3.7)- - (3.7)- 63.9 - - 63.9
Reader Revenue-83.7--83.7------83.7--83.7
Advertising Revenue:
- Digital6.859.510.5-76.9--(0.3)-(0.3)6.859.510.2-76.5
- Radio105.6---105.6-----105.6---105.6
- Print-63.812.3-76.1------63.812.3-76.1
Advertising Revenue112.4123.322.8-258.5--(0.3)-(0.3)112.4123.322.5-258.2
Other Revenue1.518.5-2.522.5--0.3-0.31.518.50.42.522.8
Total Revenue113.9225.422.92.5364.6-----113.9225.422.92.5364.6
People(56.2)(88.7)(8.3)(2.9)(156.0)0.56.20.4-7.2(55.6)(82.4)(7.9)(2.9)(148.9)
Print & Distribution-(45.8)(6.0)-(51.9)-0.4--0.4-(45.4)(6.0)-(51.5)
Agency Commission & Marketing(17.0)(19.0)(7.4)-(43.4)0.91.2--2.2(16.1)(17.7)(7.4)-(41.2)
Content(6.8)(10.2)(1.4)-(18.4)(0.4)0.3(0.3)-(0.5)(7.2)(9.9)(1.7)-(18.9)
Other(11.2)(14.3)(1.1)(3.6)(30.2)(1.0)(8.2)(0.1)-(9.3)(12.2)(22.5)(1.2)(3.6)(39.5)
Total Costs(91.2)(178.0)(24.3)(6.5)(299.9)-----(91.2)(178.0)(24.3)(6.5)(299.9)
Operating EBITDA
2
22.847.4(1.4)(4.1)64.7-----22.847.4(1.4)(4.1)64.7
NZ IFRS 16 Adjustments(7.5)(7.7)(0.8)(0.1)(16.0)-----(7.5)(7.7)(0.8)(0.1)(16.0)
EBITDA (pre NZ IFRS 16)
3
15.239.7(2.2)(4.1)48.7-----15.239.7(2.2)(4.1)48.7
EBITDA (pre NZ IFRS 16)
3
Margin %13%18%(9%)13%13%18%(9%)13%
Supplementary Information

41
1.Various expense classifications have been changed to more appropriately group costs. The impact of these changes on the comparative reported results are outlined in the table shown.
2.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison across financial years.
3.EBITDA (pre NZ IFRS 16) is a non-GAAP measure equivalent to Operating EBITDA but excluding the impact of NZ IFRS 16.
$ million
As reportedAdjustmentsRestated
AudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotalAudioPublishingOneRoofOtherTotal
Reader Revenue:
- Digital-11.6--11.6------11.6--11.6
- Print-70.3--70.3------70.3--70.3
Reader Revenue-81.9--81.9------81.9--81.9
Advertising Revenue:
- Digital3.656.18.10.868.70.8-(0.3)(0.8)(0.3)4.556.17.8-68.3
- Radio101.0---101.0-----101.0---101.0
- Print-65.013.2-78.3------65.013.2-78.3
Advertising Revenue104.6121.121.40.8247.90.8-(0.3)(0.8)(0.3)105.4121.121.1-247.6
Other Revenue1.18.90.12.312.4--0.3-0.31.18.90.42.212.7
Total Revenue105.7212.021.53.0342.20.8--(0.8)0.0106.5211.921.52.2342.2
People(52.3)(79.6)(6.4)(4.5)(142.7)0.34.40.41.46.4(52.0)(75.2)(6.0)(3.1)(136.4)
Print & Distribution-(45.2)(6.5)-(51.8)-0.5--0.5-(44.8)(6.5)-(51.3)
Agency Commission & Marketing(17.6)(20.4)(4.4)(0.2)(42.6)0.91.10.10.22.3(16.7)(19.3)(4.3)-(40.3)
Content(6.7)(7.7)(1.2)(0.6)(16.2)(0.4)-(0.4)0.6(0.2)(7.1)(7.7)(1.6)-(16.4)
Other(9.2)(12.5)(0.7)(4.0)(26.4)(1.0)(8.0)(0.1)0.1(9.0)(10.2)(20.5)(0.8)(3.9)(35.4)
Total Costs(85.7)(165.5)(19.3)(9.3)(279.8)(0.3)(2.0)-2.3-(85.9)(167.5)(19.4)(7.0)(279.8)
Operating EBITDA
2
20.046.52.1(6.7)62.40.6(2.1)-1.6-20.644.52.1(4.7)62.4
NZ IFRS 16 Adjustments(7.0)(7.7)(0.6)(0.3)(15.6)(0.1)(0.1)-0.2-(7.1)(7.9)(0.6)(0.1)(15.6)
EBITDA (pre NZ IFRS 16)
3
13.038.81.6(7.0)46.80.5(2.2)(0.1)1.8-13.536.61.5(4.8)46.8
EBITDA (pre NZ IFRS 16)
3
Margin %13%18%(9%)13%13%17%7%-14%
Supplementary Information
Restated
1
2021 operating results
For the year ended 31 December 2021

42
Disclaimer
The information in this presentation is of a general nature and does not constitute financial product advice, investment advice, legal,
financial, tax or any other recommendation or advice. This presentation constitutes summary information only, and you should not rely
on it in isolation from the full detail set out in NZME’s Consolidated Financial Statements for the year ended 31 December 2023.
This presentation may contain projections or forward-looking statements regarding a variety of items. Such projections or forward-
looking statements are based on current expectations, estimates and assumptions and are subject to a number of risks and
uncertainties. There is no assurance that results contemplated in any projections or forward-looking statements in this presentation will
be realised. Actual results may differ materially from those projected in this presentation. No person is under any obligation to update
this presentation at any time after its release to you or to provide you with further information about NZME Limited.
The Group adopted NZ IFRS 16 Leases on 1 January 2019 and IFRS Interpretations Committee’s (IFRIC’s) agenda decision on
configuration and customisation costs in relation to Software as a Service (SaaS) arrangements in 2021. Operating results as stated
throughout this presentation refer to results including the adjustments for the adoption of NZ IFRS 16, and prior to exceptional items.
Please refer to pages 38-39 of this presentation for detailed reconciliation of these results to the statutory results. As stated in note 1.2.2
of the consolidated financial statements for the year ended 31 December 2023, certain prior period information has been re-presented
to ensure consistency with current year disclosures and to provide more meaningful comparison.
While reasonable care has been taken in compiling this presentation, none of NZME Limited nor its subsidiaries, directors, employees,
agents or advisers (to the maximum extent permitted by law) give any warranty or representation (express or implied) as to the accuracy,
completeness or reliability of the information contained in it nor take any responsibility for it. The information in this presentation has not
been, and will not be, independently verified or audited.

---

KEEPING
KIWIS
IN THE
KNOW
NZME LIMITED ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

This annual report is dated 20 February 2024
and is signed on behalf of the Board of Directors by:
CONTENTS
Carol Campbell
Director
Barbara Chapman
Chairman
4 . 2023 Financial Results Summary
5. Division - Key Metrics
6. Chairman’s and CEO’s Report
1
0. F inancial Commentary
14. Our Sustainability Commitment
27. Climate Related Disclosures
44. 2023 Awards
46. The Board
48. The Executive Team
50. Corporate Governance
60. Statutory Disclosures
66. Consolidated Financial Statements
121. Independent Auditor’s Report
126. Directory
ANNUAL REPORT 2023 3

1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional
items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 the NZME
2023 Full Year Results Presentation for a detailed reconciliation.
2023 FINANCIAL
R E S U LT S
SUMMARY
$ 17. 3 m$18.0m
$12.2m$14 . 1m
7. 7c p s6.0 cps
$346.6m
Operating Revenue
1
2022 $364.6m
Statutory NPAT
2022 $22.7m
Operating NPAT1
2022 $23.3m
$56.2m
Operating EPS1
2022 12.1cps
Net Debt
2022 $17.5m
Operating Free Cash flows
2023 $14.8m
Final Dividend
Payable on 20 March 2024
Operating EBITDA1
2022 $64.7m
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

1
GfK RAM, Commercial Radio, Total NZ 4/2023, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume 000, AP10+. 2 Adswizz
monthly reach Jan-Dec 2023 (monthly average). 3 Radio Broadcasters Association Radio Market Report, rolling 12-month
average to 31 December 2023. Note: excludes independent broadcasters, contra revenue, and digital audio. 4 Nielsen
Consumer Media Insights Service (CMI), Q4 22 – Q3 23 Online Fused Nov 2023 People 15+. OneRoof reach of property
visitors (property visitors=unduplicated audience of oneroof.co.nz, trademe.co.nz/property, homes.co.nz & realestate.
co.nz). 5 Nielsen Online Ratings as of Dec 2023 AP15+ (excludes APP). 6 NZME Analysis. 7 PwC NPA quarterly performance
comparison report, Q1 2023 – Q4 2023. Note: report excludes any publishers that are not part of the NPA. 8 OneRoof’s
listings as a percentage of residential for-sale real estate listings on trademe.co.nz. Dec 2023 monthly average.
DIVISION
- KEY METRICS
AUDIO
101.9 million#1 Station
Audio brandsTerrestrial
audience
1
and breakfast show
Newstalk ZB
1
1.3 million3 7. 5%4 3 . 1%
Digital audience
2
NZME radio brand
audience market share
1
NZME radio revenue
market share for 2023
3
PUBLISHING
222.3 million222,000
Print publications across
New Zealand
Digital Audience
4
Subscribers across
print and digital
6
1.8 million55.7%4 7. 2 %
Print audience
5
NZME print readership
market share
4
NZME print advertising
revenue market share
for 2023
7
ONEROOF
12889,0005%
Real estate
publications
OneRoof
brand audience
4
Increase in total digital
revenue year-on-year6
606,00089%43.6%
Average Q4 monthly
audience on
oneroof.co.nz5
Of Nationwide residential
for-sale real estate
listings
8
Listings upgrades
in Auckland6
ANNUAL REPORT 2023 5

CHAIRMAN AND
CEO REPORT
In 2023 we continued our focus on achieving the targets
we set for our three year strategy in 2020. We are pleased
to report that we achieved the majority of our targets albeit
a number of the financial based targets were impacted by
the tough economic environment in 2023.
Like many companies, NZME’s financial results in 2023
were impacted by challenging operating conditions both
in New Zealand and globally. Business confidence was
low for the majority of the year with confidence moving
to positive in the last quarter. Consumer confidence
continues to remain at subdued levels. In addition,
inflationary pressures and higher interest rates made for
a tough operating environment for many New Zealand
businesses. Given this environment, NZME has performed
well, adapting to the challenges and continuing to develop
its digital products alongside its radio and print platforms.
Financial Results – Highlights
For 2023, the operating EBITDA1 was $56.2 million which
was 13% lower than 2022. Statutory net profit after tax was
$12.2 million which was lower than last year’s $22.7 million.
As a result the operating earnings per share was 7.7 cents.
The tough operating environment impacted the demand
for advertising, which together with a weaker real estate
market resulted in NZME’s Operating Revenue and other
income being 5% lower than last year.
Our continued focus on disciplined cost management
and adapting our business resulted in a 3% reduction in
operating expenses.
Our relentless focus on growing our digital business has
led to digital revenues exceeding $100 million per year,
or 29% of total revenue. We continue to drive this growth
through our central objective to deliver on our digital-led
strategy across our three key platforms – Audio, Publishing
and OneRoof.
We are pleased to present New Zealand Media and Entertainment’s Annual
Report for the year ended 31 December 2023
Create New Zealand’s
best local audio
content
Grow broadcast and

digital reach
Grow market revenue
share and digital
revenue
NEW ZEALAND’S
LEADING AUDIO
COMPANY
NEW ZEALAND’S
HERALD
The #1 News brand for
all New Zealanders
Subscriber

first
Be a safe, scalable
destination for
advertisers
Strengthen core
residential listings
business
Be indispensable

to agents
Expand the portfolio
YOUR COMPLETE
PROPERTY
DESTINATION
1 Operating results presented are non-GAAP measures that include
the impact of NZ IFRS 16, however, exclude exceptional items to
allow for a like for like comparison between 2022 and 2023 financial
years. Please refer to pages 38-39 of the results presentation for
a detailed reconciliation. 2 Radio Broadcasters Association Radio
Market Report, rolling 12-month average to 31 December 2023.
Note: excludes independent broadcasters, contra revenue, and
digital audio. 3 Nielsen CMI Fused Q4 22 – Q3 23 Nov 2023 AP15+
(Total NZME = monthly NZME print, weekly NIMS, Weekly Radio
GfK Fused S3 2023 and monthly online fused. Publishing Digital
= nzh.co.nz & driven.co.nz. Publishing Print = monthly print excl
Real Estate. OneRoof Print = Real Estate sections.)
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

KEY ACHIEVEMENTS
Our audience and nationwide
reach remains extremely strong
- every month, NZME engages
with more than 3.5 million people
across New Zealand, reaching
85% of Kiwis aged 15+.
Audio
While radio advertising revenue
declined by 2% off the back of a
6% overall market decline, NZME’s
radio market revenue share2
reached 43.1% - the highest since
measurement began in 2016.
Despite difficult market
conditions, NZME continued to
grow its digital audio business,
growing digital audio by 23%.
This reflects the strength of
NZME’s leading digital audio
platform – iHeartRadio and NZME’s
podcast network, with podcast
revenues growing 54%. NZME has
also led New Zealand’s podcast
rankings for 29 consecutive
months, with average monthly
downloads over 10 times that of
our closest competitor.
NZME is gaining real traction on
its leading podcast position in
New Zealand which will drive
future digital revenue growth.
Our strong position in news,
politics and business together
with our strong entertainment
brands supports continued
improvement of our audio
profitability.
Publishing
We continued to evolve our
Publishing division in 2023,
investing in our digital publishing
platform and a new ‘business
of journalism’ operating model.
This saw us focus on growing
our digital news business further,
which is now a sustainable
and profitable part of NZME,
supporting journalism for future
generations.
Our print business complements
our digital news business and
under a new operating model
we are confident that print will
deliver strong cash flows for
NZME well into the future.
Publishing subscriptions reached
222,000 in 2023 – up from
209,000 the year prior. This
includes 130,000 digital only
subscriptions which is up from
113,000 last year.
OneRoof
The OneRoof business is now
demonstrating its potential as
it continues to grow revenue,
reaching the scale that will
be the tipping point for it to
be profitable. We continue to
reduce the audience gap with the
number one player in market.
OneRoof grew its digital revenue
by 5% year on year, despite a
12% reduction in new residential
real estate listings coming to
market. This was achieved
through improved listing upgrade
conversion rates across the
country and improved yield.
With a clear business strategy
in place to grow OneRoof, it is
well set up for strong delivery
of revenue and profitability
into the future.
Evolved our Key Strategic
Priorities
In November 2023 NZME
released its revised three-year
strategic priorities across its
Audio, Publishing and OneRoof
divisions. The strategy is
digital-led and focused on
delivering superior returns
across the business.
The three new strategic
priorities are to be:
• Number One in Audio
• New Zealand’s leading
news destination
• Your essential property
platform
ANNUAL REPORT 2023 7

Number One in Audio
NZME’s Audio business includes
its many radio brands, digital
audio platform iHeartRadio,
and its high-performing podcast
network.
The newly released strategic
priority to be ‘Number One in
Audio’ includes a strong focus
on three key pillars:
• Create the most listened
to and loved content
• Deliver customer solutions
to grow revenue share
• Grow podcast engagement
and monetisation
New Zealand’s leading news
destination
NZME’s Publishing business
covers its digital platforms
including NZ Herald Premium,
BusinessDesk and VIVA Premium,
as well as its national, regional
and community print products.
The newly released strategic
priority to be ‘New Zealand’s
leading news destination’
includes a strong focus on three
key pillars to deliver:
• Scalable digital audience
and advertising news
platform
• Expert journalism that grows
subscriber lifetime value
• High quality and efficient
print business
Your essential property
platform
The OneRoof division includes
the OneRoof digital property
platform together with all of
NZME’s dedicated real estate
publications.
OneRoof's newly released
strategic priority is to be ‘Your
essential property platform’, and
includes a strong focus on three
key pillars:
• Superior listings experience
and performance
• Grow listings revenue
• Accelerate non listings
product revenue
We believe this renewed strategy
sets us apart from our competitors
and it is focused on delivering
strong returns for shareholders.
Our Audio business has
significant opportunities that
are already improving our
profitability, in Publishing we
are currently investing in our
digital publishing platform and
a new business of journalism
operating model, and OneRoof
is at a tipping point and we
are confident that significant
shareholder value can be created
from the very large profit pool
that it operates in.
Capital Management
NZME is focused on delivering
value for shareholders and we are
pleased to have made distributions
to shareholders over the past year
of $16.5 million comprising of:
• 2022 final dividend of
6 cents per share; total
$11.0 million.
• Interim dividend of 3 cents
per share; total $5.5 million.
Net debt remained at the low end
of the target leverage range at
$18.0 million, $0.5 million higher
than last year.
The Board remains committed
to returning excess capital to
shareholders, subject to the
operating environment and
investment opportunities.
Outlook
There are positive signs for
2024, with January and February
advertising revenues pacing
ahead of last year, business
and consumer confidence on
upward trends, and a recovering
real estate market. However,
sentiment among market
commentators remains one of
economic uncertainty and no
clear consensus on the outlook.
Despite the challenging
environment, we are pleased with
the continued growth in digital
across our Audio, Publishing
and OneRoof businesses, and
we are well-positioned to deliver
improved results as market
conditions improve.
Create the most
listened to and

loved content
Deliver customer
solutions to grow
revenue share
Grow podcast
engagement and
monetisation
Scalable digital
audience and
advertising news
platform
Expert journalism
that grows subscriber
lifetime value
High quality and
efficient print
business
Superior listings
experience and
performance
Grow listings

revenue
Accelerate non-
listings product
revenue
NUMBER ONE IN AUDIO
NEW ZEALAND'S LEADING
NEWS DESTINATION
YOUR ESSENTIAL

PROPERTY PLATFORM
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

We remain conscious of
continued cost pressures across
our business and will focus
on substantially mitigating
these through disciplined cost
controls.
NZME prides itself on our high
value relationships with our
3.5 million strong audience3,
as well as the huge number of
advertising customers across
multiple platforms, reaching 85%
of the New Zealand population
across a month.
We believe our revised strategy
sets NZME up for strong delivery
of revenue and profitability
growth, and our balance sheet
is strong when compared to
local competitors.
The Annual Shareholders’
Meeting is scheduled for 11 April
2024, and we look forward to
providing a progress update on
our strategic priorities.
Conclusion
Our central key objective is to
relentlessly pursue a digital led
strategy across our three key
platforms. Globally, we know
these digital centric businesses
are valued at much higher
multiples than print peers.
This digital first focus will set us
apart from our competitors and
drive returns for shareholders.
However, we are also focused
on maximising the Print revenues
that will continue to provide
substantial earnings well into
the future.
Thank you to the NZME Board,
the Executive team and team
of 1,200 at NZME for their hard
work, loyalty and commitment
during what was another
challenging year. NZME is well
set up for future growth, and
with signs of improvement in the
market, we are confident 2024
will be a successful year. Thank
you to you all for continuing to
deliver value for our people, our
audiences, clients, customers,
and our shareholders.
Michael Boggs
Chief Executive Officer
Barbara Chapman
Chairman
ANNUAL REPORT 2023 9

Financial Results
Given the difficult operating and economic
environment, Statutory NPAT for 2023 was
$12.2 million, compared to last year’s $22.7 million.
Operating EBITDA1 was $56.2 million in 2023 which
was 13% below last year. Operating Revenue1 was
5% lower in 2023 at $346.6 million, compared to
the 2022 operating revenue of $364.6 million.
Operating Expenses1 were $290.4 million,
a reduction of 3% due to:
- People costs were 3% lower than 2022 as
a result of improved efficiencies and lower
incentive payments offsetting inflationary
pressure on salaries and wages.
- Print and Distribution costs were 1% lower year
on year with higher distribution costs offset by
lower volumes.
- Content costs were 4% higher due to increased
activity and increased licence costs.
- Other expenses were flat overall with lower
IT costs offsetting other cost increases.
NZME’s Operating NPAT1 for 2023 was $14.1 million,
resulting in an operating earnings per share of
7.7 cents.
Balance Sheet and Cash Flow
Net debt increased by $0.5 million to $18.0 million
as at 31 December 2023 with strong operating cash
flows despite lower earnings, offset by distributions
to shareholders.
Working capital excluding cash increased by
$0.2 million as a result of:
- Lower receivables and payables reflecting
the impact of reduced operating revenues
- Inventories decreasing due to reduced
paper stock.
- Reducing tax payable due to lower earnings.
Cash flows from operations for the year was
$41.5 million, which is higher than 2022 due to a
reduction in the amount of tax paid during the year.
Capital expenditure was $11.0 million, a similar level
to 2022 ensuring the continued development of
key digital products in order to progress our digital
transformation.
Plant property and equipment, intangibles
and other non-current assets decreased due to
depreciation and amortisation exceeding capital
expenditure. Right of Use assets reduced in
line with the reduction in lease liabilities as the
terms reduce.
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional
items to allow for a like for like comparison between 2022 and 2023 financial years. Please refer to pages 38-39 the NZME
2023 Full Year Results Presentation for a detailed reconciliation.
FINANCIAL
COMMENTARY
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

The audio division encompasses NZME’s radio
brands as well as its digital audio platform
iHeartRadio.
Total audio revenue was $113.6 million in 2023
which was similar to 2022 despite what has been
a weaker trading environment. Pleasingly digital
audio revenue continued to grow and was 23%
higher than last year at $8.4 million.
NZME grew radio revenue market share to
43.1% year on year, with audience share
remaining similar at 37.5%. Newstalk ZB
continues to be New Zealand’s number
one commercial radio station supported
by leading entertainment audio brands.
Podcasting is an important part of the audio
growth strategy at NZME, and we have led the
New Zealand podcast ranker for 29 consecutive
months, with the average monthly downloads
over ten times its closest competitor.
NZME has a diverse digital audio content
offering including digital streaming of its radio
stations, catch up radio podcasts, original
owned podcasts, partner podcasts and
international content available on iHeartRadio.
NZME won six of the eight premier awards
at the 2023 NZ Radio Awards including
NewstalkZB for Network Station of the Year,
ZM’s Fletch, Vaughan and Hayley for Best Music
Network Breakfast Show, and Newstalk ZB’s
Mike Hosking for Broadcaster of the Year.
3
Triton NZ Podranker, Sales Representation category
AU DIO
Digital Audio Revenue $m
-50% CAGR
Revenue ($m)
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
-
20222023
2021
20202019

RADIO BROADCAST CONSUMED DIGITALLY
AUDIO PLATFORM
DIGITAL ONLY AUDIO CONTENT
RANK
PODCAST

REPRESENTATIVE
3
20232022
%
CHANGE
1NZME 7.35.435%
2rova (MediaWorks)0.60.528%
3LISTNR (SCA)0.40.276%
ANNUAL REPORT 2023 11

PUBLISHING
Source: NZME Analysis
The Publishing division
includes NZME’s digital
news and journalism products
including NZ Herald and
BusinessDesk together with
its print publications.
Total publishing revenue was
$209.6 million in 2023 which
was 7% lower than 2022.
Reader revenue was down
4% with digital subscription
revenue 4% higher offset by
lower print reader revenue.
Digital only subscriptions
increased from 113,000 last
year to 130,000 while total
publishing subscriptions
reached 220,000 in 2023
– up from 209,000 the
year prior.
Publishing advertising
revenue was impacted by the
tough operating environment
with print advertising
revenue down 13% and digital
advertising revenue 8% lower
than last year.
During the year the Publishing
division was re-organised
into separate digital and
print units creating a truly
digital first model. Content
is produced for digital
publication first and then
separately curated for the
various print publications.
80.0
70.0
60.0
50.0
40.0
30.0
20.0
10.0
0
2021
2020
2019
Digital Publishing Revenue $m
Revenue ($m)
Advertising revenue
20222023
Reader revenue
-6% CAGR
-85% CAGR
Dec 20
Mar 21
Jun21
Sep 21
Dec 21
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
250
200
150
100
50
0
Subscriptions Mix
Print OnlyDigital EntitledDigital Only
PUBLISHING
DIVISION
Content produced
for digital publishing
Revenue from
subscribers and
advertisers
Costs include all
content costs
exclusing specific
print related curation
and production
DIGITAL
PUBLISHING
Content from digital
journalism curated
into print publications
Revenue from print
subscribers and
advertisers
Costs include only
those required to curate
digital content into print
products and print and
distribution costs
PRINT HUB
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

1
Nielsen Online Ratings monthly average Jan 20 - Dec 2022 AP15+ (excludes APP). 2 NZME Analysis
ONEROOF
1
NZME Analysis. 2 Nielsen Online Ratings - Domestic Unique Audience, Dec 2021 – Dec 2023 (does not include exclusive
mobile app audience).
The OneRoof division includes the OneRoof
digital property platform together with all of
NZME’s dedicated real estate publications.
OneRoof revenue (print and digital) was $20.8
million for 2023 which was 9% lower than 2022
as a result of a very weak real estate market.
Despite this OneRoof digital revenue grew
by 5% now representing more than half of
OneRoof’s total revenue.
OneRoof digital revenue growth was achieved
through increased listings upgrade conversions
rates together with improved yield on upgraded
listings. Conversion rates were up to 44% in
Auckland and 20% for the rest of New Zealand
by the end of the year.
OneRoof monthly audience continued
to strengthen with the gap to Trade Me
property audience closing over the year.
12.0
10.0
8.0
6.0
4.0
2.0
-
202220232021
2020
2019
Digital OneRoof Revenue $m
Revenue ($m)
-40% CAGR
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
55%
J
a
n
F
e
b
M
a
r
A
p
r
M
a
y
J
u
n
J
u
l
A
u
g
S
e
p
O
c
t
N
o
v
D
e
c
Auckland 2023Auckland 2022
Rest of NZ 2023
Rest of NZ 2022
OneRoof Digital Residential for-sale
Listings Upgrade %
600,000
500,000
400,000
300,000
200,000
100,000
0
OneRoof Monthly Audience
Unique Audience
Dec 21
Jan 22
Feb 22
Mar 22
Apr 22
May 22
Jun 22
Jul 22
Aug 22
Sep 22
Oct 22
Nov 22
Dec 22
Jan 23
Feb 23
Mar 23
Apr 23
May 23
Jun 23
Jul 23
Aug 23
Sep 23
Oct 23
Nov 23
Dec 23
ANNUAL REPORT 2023 13

At New Zealand Media and Entertainment, we're committed to making
a positive impact for our communities, our people and playing our part
in protecting the environment. We have a responsibility to protect the
craft of journalism and broadcasting, keeping Kiwis in the know.
OUR SUSTAINABILITY
COMMITMENT
In 2024 we released our
Sustainability Commitment.
The new commitment also
incorporates NZME’s climate
related disclosures, which
are covered on page 27 of
this report.
As a media and entertainment
business we connect and
empower our communities,
provide a workplace that
fosters innovation, engagement
and inclusion and we take
our responsibility to the
environment seriously.
We are committed to reducing
and mitigating our impact as a
business on the environment
and we are focused on
utilising our platforms to grow
community connections and
engagement on local and global
environmental issues.
We provide a workplace that
fosters innovation, engagement,
and inclusion through promoting
a healthy, diverse and safe
workplace. We are relentlessly
focused on developing our people
and continue to champion and
protect the craft of journalism
and broadcasting.
Our communities, our
customers and our audience of
more than 3.5 million people
motivates our teams every
day. We strive to connect and
empower our communities
across NZME's platforms, as New
Zealand’s largest multi-media
company. This includes ensuring
we provide diverse, balanced,
quality and trusted news and
that we facilitate conversations
about the topics that matter
most to New Zealanders.
NZME’s sustainability
commitment measures against
the UN Sustainable Development
Goals – an international blueprint
to achieve a better and more
sustainable future for everyone.
We also benchmark our efforts
against global sustainability
standards, industry trends, and
our media peers both in New
Zealand and internationally.
We believe NZME’s sustainability
commitment assures the
prosperity of our business to
deliver value for our people, our
customers, audiences and our
shareholders, well into the future.
CAS E STU DY: ELECTION 2023
NZME’s election coverage provided a comprehensive and balanced
narrative across our newsrooms. The synergy of in-depth analysis, real-time
updates and diverse perspectives in the build up and on election night,
engaged New Zealanders across the country.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

NZME’s sustainability programme is aligned to the guidelines set out in the UN Sustainable Development Goals
- an international blueprint to achieve a better and more sustainable future for everyone.
We are committed to protecting the craft of journalism and broadcasting to keep Kiwis in the know.
OUR PEOPLEOUR COMMUNITIESOUR ENVIRONMENT
We connect and empower our
communities
We provide a workplace that fosters
innovation, engagement and inclusion
We accelerate awareness and
drive meaningful action on
environmental issues
PROMOTING A
HEALTHY, DIVERSE
AND SAFE
WORKPLACE
CHAMPIONING
THE CRAFT AND
DEVELOPING OUR
PEOPLE
REDUCE AND
MITIGATE OUR
IMPACT
GROW
CONNECTION AND
ENGAGEMENT
RESPONSIBLE
REPORTING AND
BROADCASTING
CONNECTING
COMMUNITIES
PICTURED: CYCLONE GABRIELLE
In February 2023, New Zealand’s North Island was
subject to extreme weather events, which had a
huge impact on people, homes, businesses, and
infrastructure. NZME kept impacted communities
in the know through continual news updates
and the distribution of a free special edition of
Hawke’s Bay Today containing vital Civil Defence
and public health information.
ANNUAL REPORT 2023 15

We connect and empower our communities.
OUR COMMUNITIES
PICTURED: HERALDS OUR HEROES 2023
It’s a proud tradition that goes back to 1991.
At the end of each year the New Zealand Herald
nominates Our Heroes across news, sport,
business and entertainment, honouring the
men and women who the NZ Herald believe
deserve the widest possible recognition.
CAS E STU DY:
WHAT THE ACTUAL?!
In response to Gen Z’s growing
preference for social and
digital news formats, NZ Herald
launched What the Actual?! in
April 2023 – a new and unique
social media brand aimed at
keeping Kiwi youth in the know on
the issues that matter most to them.
Published across TikTok, Instagram
and YouTube, What the Actual?! delivers
easily consumable, video-led content
covering the biggest breaking stories,
current events, sports, entertainment,
social justice and political news.
CAS E STU DY:
MENTAL AS ANYTHING
Mental As Anything is a
podcast series hosted by
Radio Hauraki Day Show
host Angelina Grey, inspired
by the fact that the global
pandemic has seen a 25%
increase in anxiety and
depression worldwide.
NZME is deeply involved in our communities, and as one
of New Zealand’s largest media companies we will facilitate
conversations about the topics that matter to Kiwis, and we
continue to partner with charitable organisations throughout
the year. We are proud to provide quality, trusted, diverse
and balanced journalism and entertainment right across
our platforms.
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

INITIATIVEPROGRESS
RESPONSIBLE REPORTING
AND BROADCASTING
Through best practice
broadcasting and journalism,
we will provide a diverse and
balanced reporting platform,
promoting the law and holding
the powerful to account.
Where justified in the interests of freedom of expression, open justice

and holding the powerful to account, NZME invests in legal challenges
to suppression, take down orders, access to court files and other media
law challenges. In 2023 NZME participated in 13 legal challenges, some

of which involved continued investment in opposing or appealing
to the High Court, Court of Appeal and the Supreme Court. In 2023
NZME continued with the Open Justice Project, which which covers
local court cases.
NZME strives to adhere to our Editorial Code of Ethics and the principles
and standards of the NZ Media Council and the Broadcasting Standards
Authority (BSA).
RegulatorNumber of Upholds
20222023
BSANil1
Media CouncilThree upheldNil
CONNECTING COMMUNITIES
We are deeply involved in our
communities and as one of
New Zealand’s largest media
platforms we will facilitate
conversations about the topics
that matter to Kiwis.
We have maintained our commitment to our communities through the
presence of local journalists and broadcasters. We employ 565 journalists
and broadcasters nationwide.
We increased diversity of content and contributors across our platforms

in 2023 including:
• Kea Kids News – News made for kids, by kids, hosted on

nzherald.co.nz
• No Such Thing As Normal – 10-part podcast series discussing
Neurodiversity
• 12 new cadets entering the award-winning Te Rito programme
• Te Wiki o te Reo Māori (Māori Language Week) events, including

Te Reo Māori news bulletins and content, podcasts and video
content across our platforms
• M9 - Supporting the showcase of unique perspectives in celebration
of events such as Te Matatini, Matariki and Te Wiki O Te Reo Māori
• Transgenerations – Trans Kiwi young and old tell their stories
• NZME continued its media partnership with Auckland Unlimited

across major summer cultural festivals including Diwali, Lantern
Festival and Pasifika.
In 2023 we have championed and supported charitable causes,
providing support to:
NZ Red Cross Disaster Relief Fund, The Funding Network of New
Zealand, Big Clash Cricket Charity Match (Un Ltd), Good Impressions –
GoMedia, Liam Patterns Newsprint supply, Music Helps, Cystic Fibrosis
NZ, Bowel Cancer Awareness, Mindful Fashion Circular Design Awards,
Blue September, Women’s Refuge (Shielded Initiative), Variety New
Zealand, Salvation Army (The Hits’ Fill the Bus Rotorua), Tauranga Food
Bank (The Hits BOP Christmas Movie in the Park), Breast Cancer Cure
(Callum and P’s 600 minutes for 600 lives).
ANNUAL REPORT 2023 17

CAS E STU DY:
600 MINUTES
FOR 600 LIVES
The Hits Dunedin
Breakfast Show
hosts Callum Proctor
& Patrina Roche
participated in
Breast Cancer Cure
New Zealand’s 600
Minutes for 600 Lives
campaign, walking
around the Octagon as
many times as possible
for 600 minutes (10
hours) to raise funds and
awareness.
CAS E STU DY:
CYCLONE GABRIELLE RED CROSS APPEAL
NZME helped raise $13 million through the NZ
Red Cross Disaster Relief Fund following Cyclone
Gabrielle, and helped Aotearoa prepare for, respond
to, and recover from future disasters following
flooding events.
NZME also made $1 million in advertising support
available to support businesses that were impacted
by the weather events themselves, or that were in a
position to help those that had been impacted.
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
WHAT IT TAKES TO BE A LEADER
The world is changing, New Zealand is
changing and, in response, a new style of
leadership is emerging among Māori women.
Te Ropu Poa, Rena Owen, Dr Maria Baker,
Hūhana Lyndon and Tui Shortland are all
at the top of their game. Jenny Ling spoke
with them to discover what drives them to
succeed and make Aotearoa a better place.
CAS E STU DY:
TRANSGENERATIONS
An eight-part web series tells
the stories of transgender Kiwis
from their late 70s to early 20s,
documenting the history of trans
experience in New Zealand and
dispelling stereotypes about who
trans people are.
CAS E STU DY:
NO SUCH THING AS NORMAL,
funded by NZ on Air, is a 10-part
series that aims to help listeners
better understand those living with
neurodivergence. It is believed that
at least 20 percent of New Zealanders
live with neurodivergence, but there
is little awareness or support for people
with conditions such as ADHD, autism
and dyslexia.
ANNUAL REPORT 2023 19

NZME is committed to being
an employer of choice and in
2023, finished the year with an
Employee Net Promoter Score
within the top 10% of consumer
media businesses globally.
Through the work of NZME’s
Diversity and Inclusion
Committee, NZME continues
to support and celebrate a
calendar of events, alongside
DevelopMe, a new leadership
programme to create vibrant
and exceptional leadership
across NZME. The first intake for
the programme has commenced
with the second intake due to
start in 2024.
Initiatives to support and
promote mental health and
wellbeing included new
neurodiversity workshops
and continued support from
our Employee Assistance
Programme.
CAS E STU DY:
TE RITO JOURNALISM CADETSHIP
In 2023 we welcomed 12 new
cadets into the award-winning
Te Rito programme, a media
industry partnership which
aims to inject the industry with
voices that better reflect our
diverse communities.
We provide a workplace that fosters innovation,
engagement, and inclusion.
OUR PEOPLE
PICTURED:
EQUIPPING OUR PEOPLE
The first intake of DevelopMe
launched in 2023, designed to
deliver vibrant and exceptional
leadership across NZME.
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

300 FTE
200 FTE
100 FTE
0
< 1 Y3 - 5 Y6 - 10 Y21 - 30 Y31 Y +11 - 20 Y1 -2 Y
LENGTH OF SERVICE (YEARS)
0%20%40%60%80%100%
Middle Eastern / Latin American / African
ChineseEuropean
Indian
Māori
UndeclaredOther Ethnicity
Other Asian
Pacific Peoples
ETHNICITY
FULL TIME
74%
PART TIME
9%
CASUAL
13%
CONTRACTOR
4%
CONTRACT TYPE
5564
15%
65+
5%
4554
22%
<24
10%
2534
24%
3544
24%
AGE GROUP
55%
45%
43%
57%
48%
52%
FM
PEOPLE
LEADERS
EXECUTIVE
60%
40%
BOARD
STAFF
GENDER / LEVEL
ANNUAL REPORT 2023 21

INITIATIVEPROGRESS
PROMOTING A HEALTHY,
DIVERSE AND SAFE
WORKPLACE
We will embed a high
performing health and safety
culture and will regularly report
on our performance. We will
strive for a collaborative and
welcoming place to work that
celebrates diversity. We will
adopt and strengthen policies
for the promotion of gender
equality.
With 35 sites across New Zealand, we have implemented new
procedures to ensure health and safety requirements are being
applied consistently across all our offices. EY conducted a thorough
audit of NZME’s health, safety and wellbeing processes. There were
no significant rated observations found as part of this audit and all
recommendations within the report will be implemented in 2024.
The Diversity and Inclusion Committee hosted a calendar
of events including:
• Pink Shirt Day supporting a culture free from bullying,
harassment, and discrimination
• International Women’s Day Panel Event
• Chinese New Year and Chinese Moon Festival
• Lunar New Year celebrations
• Auckland Rainbow Parade, Whangarei Proud Parade
and NZME Bright Shirt Day for Pride
• New Zealand Sign Language Week
• Rainbow Tick accreditation and workshops supporting
a LGBTQ+ inclusive workplace
• Matariki (marking the beginning of the new year in the Māori
lunar calendar) and Pasifika celebrations
• Tongan Language week
• Te Wiki o te Reo Māori (Māori language week)
• NZ Mental Health Week
• Unconscious Bias Training through our partnership
with Diversity Works NZ
• Wellness Week
• Diwali (Festival of Light) celebrations
• Wellbeing Week – with support from TELUS Health (formerly
Benestar) and focus on mental health, women’s and men’s health.
NZME supports initiatives that reduce the gender pay gap and
eliminate gender inequalities across the business and continues
to closely monitor relevant data points across the business to hold
leaders accountable and ensure continued progress with diversity,
inclusion and reducing inequities.
OUR PEOPLE
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

INITIATIVEPROGRESS
PROMOTING A HEALTHY,
DIVERSE AND SAFE
WORKPLACE
Continued
We are striving for diversity at Board, Executive and People
Leader levels.
In 2023, for gender, we have at Board level F60%:M40% (2022:
F60%:M40%), at Executive level F43%:M57% (2022: F30%:M70%)
and for our People Leaders F48%:M52% (2022: F50%:M50%).
At Board level for ethnicity, all members identify as European (2022:
all members identified as European) and at Executive level 14%
identifying as Chinese and 86% as European (2022: 9% identifying
as Chinese and 91% as European), and for our People Leaders we
have 85.3% (2022: 86.5%) European, 7.8% (2022: 8.1%) Māori, 3.5%
(2022: 3.1%) Indian, Chinese 1.3% (2022: 1.8%) and 2.1% (2022: 0.5%)
identifying as other ethnicities.
NZME supports flexible working for diverse needs and/or shared
responsibility in the household. Policies and initiatives in 2023 to
support this included surveying our people to understand what
was important to them.
CHAMPIONING THE CRAFT
We will ensure we are
mentoring the next generation
of journalists and broadcasters.
We will develop our people to
maintain and grow the craft.
NZME had 38 interns and cadets (2022: 26) across our newsrooms
in 2023.
A total of 299 hours (2022: 247 hours) of media law and regulation
training was undertaken by our journalists and broadcasters at NZME
in 2023, with a focus on BSA training due to updated codes. This
training which was made widely available.
Refer to page 44 for our Awards list celebrating the talent and
commitment of our people.
NZME has completed the first year of the new DevelopMe leadership
programme with cohort one, with cohort two beginning in 2024.
ANNUAL REPORT 2023 23

NZME is committed to operating
sustainably and to minimising our
environmental footprint.
NZME is pleased to commence reporting
through the new climate-related disclosure
framework as prepared by the External
Reporting Board (XRB). NZME has engaged
specialists to support the development of
its emissions inventory and understand its
climate risks, opportunities, and impacts.
NZME will implement an environmental
roadmap, to assess and reduce our
environmental footprint.
We benchmark our efforts against global
sustainability standards, industry trends,
and our media peers both here in
New Zealand and internationally.
We accelerate awareness and drive
meaningful action on environmental issues.
OUR
ENVIRONMENT
PICTURED: TOITU CERTIFICATION
In 2023, NZME’s print operations in
Ellerslie, Auckland were awarded the
Toitu enviromark gold certification
(NZME has attained gold level
certification since 2011).
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

INITIATIVEPROGRESS
REDUCE AND MITIGATE
OUR IMPACT
We are addressing our
environmental risks and
opportunities by reducing
and mitigating the impact of
our products and processes,
collaborating with our suppliers
on the solutions and disclosing
our performance.
Reducing waste across NZME continues to be a strong focus, with a
reduction of 14% or 3.0 tonnes in general waste compared to 2022. We
have also reduced the number of bins and the bin size for general waste.
NZME focuses on recycling, separating our internal waste streams –
including paper, food and green waste, and recyclables to optimise value
and reduce our environmental impacts. We have recycling facilities in
place through major offices. NZME also supports Recycling Week.
NZME has committed to no longer purchase or lease any further

diesel vehicles and has ordered only hybrids for all new fleet cars
since late 2022, replacing old cars with hybrids as their leases expire.
The number of fleet cars has also reduced from 151 to 130 during
the 2023 round of lease renewals. NZME has reduced our company
vehicle carbon emissions by 42% year on year.
We have continued to focus on reducing our environmental impact

at our print plant in Ellerslie:
• NZME’s print operation maintains the Toitu Enviromark Gold
certification – demonstrating our focus on reducing waste,
operating efficiently, and minimising harm to the environment.
NZME has attained gold level certification since 2011.
• The Waste Committee and the Plastic Reduction Project drove
initiatives across both production and distribution teams at our
Ellerslie print plant. NZME has further optimised production,
leading to a reduction of 16% or 7.8 tonnes of plastic year on year.
• In 2023, 29 tonnes of general waste was removed from the print
plant; this was a reduction of 25% from 2021.
• Plastic usage reduction has also been a success. Year-on-year
plastic usage is down, primarily from optimising bundle sizes.
We are also testing alternatives to plastic for the small number
of papers that need to be individually bagged, which includes
looking at corn starch and potato starch alternatives.
• The Ellerslie print plant developed the capability to unload paper
deliveries direct from Auckland Port. Previously this activity was
completed at Tauranga Port with paper then road freighted to
Ellerslie. The change has led to a 75,000km a year reduction in

road freight.
• Route optimisation for our delivery and bulk freight network has

seen a reduction in travel year-on-year of 65,803 kms. We have
also invested in geospatial routing software and we have a small
skilled team responsible for ensuring our operation is as efficient

as it can be.
• NZME has invested in new Kodak platemaking technology and
plates, leading to the printing plate making process now being
chemical free.
• NZME has reduced our forklift fleet, replacing several forklifts

with more environmentally friendly models, including investing
in an electric forklift.
NZME continues to work with our suppliers and partners to ensure our
operations are best practice. We introduced a Responsible Sourcing
Policy, which sets out the minimum standards that all suppliers, direct
or indirect, and approved sub-contractors, are expected to comply
with to do business with us. NZME has also developed and issued
a Modern Slavery Statement, which explains how we proactively
manage and mitigate the risk of modern slavery, including forced
labour and other severe worker exploitation.
ANNUAL REPORT 2023 25

INITIATIVEPROGRESS
GROW CONNECTION AND
ENGAGEMENT
We facilitate/accelerate
environmental awareness and
engagement by presenting the
facts across our media platforms
and by cutting the jargon to
make it easier for people to
understand environmental
issues and take meaningful
action.
NZME uses its many platforms to cover environmental issues impacting
New Zealanders including carbon emissions, weather events, and
climate change.
The NZ Herald online has a dedicated section online for environmental
news. This content hub brings together sustainability content created
by NZME's leading lifestyle brands and amplifies these important
messages through various NZME channels to empower, inform, and
inspire Kiwis with messages of sustainability they can take into their
everyday lives.
In 2023, New Zealand experienced significant weather events, with
Cyclone Gabrielle in February leading to several deaths and widespread
damage and destruction to the Gisborne and Hawke’s Bay regions. As
well as using our platforms to keep communities informed, as reported
earlier in this report, we produced content that looked at the reasons for
such weather events from a climate perspective and how communities
can mitigate the impact of such weather events.
The NZ Herald continues to take part on Covering Climate Now

– a global news media initiative. The NZ Herald and NZME’s other
news platforms continue to cover environmental and climate change
related issues.
OUR ENVIRONMENT
CAS E STU DY:
THE NEW NEW ZEALAND: REBUILDING BETTER
An NZME project focused on ways New Zealand
can rebuild its economy and recover socially after
the COVID-19 pandemic, cost-of-living crisis,
protests, and winter of discontent. As part of
the 2023 editorial series, the Herald investigated
the state of crime in NZ and the solutions available
to address it.
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

CLIMATE RESILIENCE – INTRODUCTION
As the world grapples with the multifaceted
challenges posed by climate change, media plays
a pivotal role in shaping public awareness and
fostering informed discussions. Our responsibility
extends beyond reporting the news to actively
contributing to the collective understanding of
climate change, advocating for sustainable practices,
and inspiring positive action by walking the talk.
The environmental pillar within our Sustainability
Commitment recognises the material part we can
play in addressing climate change and to support
New Zealand's transition to a low carbon economy.
We are focused on reducing and mitigating our
own impact, and accelerating Kiwis awareness and
engagement on environmental issues.
NZME is a climate-reporting entity under the
Financial Markets Conduct Act 2013. Our inaugural
climate related disclosures on pages 27 to 43
cover our progress between 1 January 2023 and
31 December 2023 and comply with the Aotearoa
New Zealand Climate Standards issued by
the External Reporting Board. All figures and
commentary relate to the full year ended
31 December 2023, unless otherwise indicated.
In preparing its climate-related disclosure,
NZME has elected to use the following
adoption provisions:
• Adoption provisions 1 and 2: Current
and anticipated financial impacts – while
quantitative data is not provided, a qualitative
description of the current and anticipated
financial impacts has been provided.
• Adoption provision 3: Transition planning
– a description of our progress towards
developing our transition plan can be found
on page 39 – positioning ourselves for a low
carbon future.
• Adoption provision 4: Scope 3 GHG emissions
– our scope 3 emissions will be reported in our
second climate disclosure next year.
• Adoption provision 6: Comparatives – we
provide two years of comparative data and
analysis of trends for our scope 1 and 2
greenhouse gas emissions only.
Figure 1 summarises our journey to date in
understanding and managing our climate related
issues. This work provides a foundation for NZME to
establish and embed good practice in addressing
climate change issues across governance, risk
management and strategy, and in establishing
metrics and targets to measure our progress now
and into the future.
We take our responsibility to the environment seriously.
C L I M AT E - R E L AT E D
DISCLOSURES
ANNUAL REPORT 2023 27

Figure 1: Our climate disclosure journey – 2023 progress
GOVERNANCE
Board oversight
NZME's Board is responsible for oversight of
climate-related risks and opportunities. Climate-
related opportunities are reflected in the Group’s
Sustainability Commitment. The Board Charter
stipulates that a key function of the Board is to
ensure the Group’s health and safety, environmental
and operational practices and culture comply
with legal requirements and that the Group’s
Sustainability Commitment reflects best practice
and is recognised by employees and contractors as
key priorities for the Group.
The material climate-related risks and opportunities
identified by the business are presented annually to
the NZME Board, following an annual review against
current trends and scenarios. Climate change
and sustainability is a standing agenda item at the
Board Audit & Risk Committee’s meetings to ensure
progress on management actions in these areas is
monitored and discussed.
During 2023, the NZME Board engaged in training
and education to ensure it has in place the
appropriate skills and competencies to provide
oversight of climate-related risks and opportunities.
This included engaging external experts to provide
climate knowledge-building across the Board,
and using Chapter Zero resources and tools to
develop capability. Board climate capability is also
established through experience on Boards of other
climate reporting entities, including:
• Barbara Chapman through her roles with
Genesis Energy Limited (Chair), Fletcher
Building Limited (Director) and Bank of New
Zealand (Director);
• Carol Campbell through her roles with NZ
Post Limited (Chair) and T&G Global Limited
(Director);
• David Gibson through his roles on Goodman
Property Trust (Deputy Chair), Freightways
Group Limited (Director) and Contact Energy
Limited (Director).
The Board intends to integrate climate change
into its skills matrix and recruitment process.
The People, Remuneration & Nominations
Committee of the Board is responsible for making
recommendations to the Board in relation to the
composition of and nominations to the Board.
Climate-related skills and competencies will in
future be included in this assessment.
The Board reviews NZME’s overall strategy and
progress against its strategic priorities annually with
the Executive management team. As part of this
process the Executive team and the Board consider
risks and opportunties, including climate-related
risks and opportunities, across the business and
how those risks and opportunites shape NZME’s
strategy and impact the setting and achievement
of its strategic priorities.
NZME’S 2023 climate metrics and targets include
its Scope 1 and 2 emissions and associated targets.
These have been reviewed and signed off by the
Gap Analysis
TCFD and climate
impact training
Scenario
Assessment
Identification of
climate impacts
Risk
management
assessment
Assess strategy
resilience
Emissions
measurement
Scope 1 and 2
Implementation
roadmap
Transition
planning
FEBMARAPRMAYJUNJULAUGSEPOCTNOV
CLIMATE-RELATED
DISCLOSURES
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28 NEW ZEALAND MEDIA AND ENTERTAINMENT

Board and emissions progress will be monitored six
monthly as part of the Board risk review process.
Climate-related performance metrics are not
currently incorporated into remuneration
policies. However, the People, Remuneration
and Nominations Committee of the Board is
tasked with setting and reviewing remuneration
policies and practices of NZME to ensure they are
consistent with the company’s strategic goals
and incorporated into short-term and long-term
incentives where appropriate. As part of this on-
going responsibility the Committee will consider
how to incorporate climate-related performance
metrics for relevant roles.
Management’s role
Climate-related responsibilities have been
assigned to management level positions that
have an accountability for identifying, managing,
and reporting climate-related issues. The
Climate-related Disclosure Working Group
(“CRD Working Group”) was formed in 2023 and
includes the following members of the Executive
management team: the Chief Executive Officer,
the Chief Financial Officer, Chief Marketing Officer
and the Chief People Officer; and also senior
representatives from across the company. This
group provides tactical and specialist support with
the identification and management of climate-
related issues and reports through to the NZME Risk
Committee. The CRD Working Group undertook
climate training and scenario analysis in 2023,
with the resulting work presented to the Executive
management team and Board in July. The Chief
Financial Officer engages with the Board and the
Board Audit & Risk Committee at each meeting on
NZME’s climate-related progress.
The Executive management team and the CRD
Working Group (reporting through the Risk
Committee, chaired by the CFO) review the material
climate-related risks and opportunities six monthly.
The output of this assessment is integrated into
NZME’s risk register, emissions management
planning, strategy, budgeting, and external
reporting. The Executive management team
monitor progress on tactical activities to address
climate-related risks and opportunities.
Figure 2 illustrates the integration of climate-
related responsibility between the Board, Executive
management team, risk committee and the CRD
working Group.
ANNUAL REPORT 2023 29

STRATEGY
This section covers current climate impacts,
anticipated financial impacts and how these
will be integrated into our planning.
Current physical and transition impacts and
financial impact.
The current financial impacts resulting from NZME’s
current physical and transition impacts have been
described qualitatively in Table 1 below. These
were identified by initially evaluating the areas of
NZME which were impacted and then assessing
the impact on expenses, revenues, assets and
liabilities. The materiality of the financial impact
was determined by considering its associated value
within a range, where Low = < $0.5 million;
Med = $0.5 - $1 million; High = >$1, million.
Some financial impacts could be reasonably
quantified. However, other impacts are more
difficult to quantify, for example, increasing
audiences - due to the challenge in attributing this
impact directly to climate-related opportunities
rather than other business campaigns to drive
audiences. As part of its updated Sustainability
Commitment, NZME is establishing metrics to
monitor audience uptake of climate-related content,
which may support the financial quantification of
this impact in future.
Figure 2: NZME’s climate-
related governance structure
Board of Directors
NZME’s Board are responsible for overseeing the implementation and execution of
NZME’s Sustainability Commitment and climate-related activities. They convene
at least six times per year and receive recommendations from the Audit & Risk
Committee, gain insights, review, and ensure proper implementation of internal
control mechanisms and risk management process for good climate-related
governance.
Executive
management team
The Executive management team members have the highest management-level
responsibility for identifying, assessing and managing climate-related issues.
Supported by the risk committee (chaired by the CFO) they report to the Board,
including through its Committees, on the climate-related impacts on the business and
are responsible for implementing the strategic response and monitoring the overall
risk exposure of NZME. They ensure that the CRD Working group receive appropriate
organisational support to contribute to establishing a framework and process for the
inclusion of climate-related impacts in the enterprise risk management program and
strategic implementation.
Climate- related
disclosure working
group (“CRD
working group”)
Made up of the Chief Executive Officer, Chief Financial Officer, Chief Marketing Officer
and Chief People Officer, alongside subject area experts and roles with a specific
responsibility for coordinating and implementing NZME’s climate-related activities.
The CRD working group includes pan-organisation representation, including portfolio
managers, operations, culture & performance, finance, strategy, procurement,
risk and compliance. Coordinated by the CFO, they meet as required during the
year and report progress to the risk committee, who in turn report to the Executive
management team.
BOARD
EXECUTIVE MANAGEMENT TEAM
CLIMATE-RELATED RISK WORKING GROUP
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30 NEW ZEALAND MEDIA AND ENTERTAINMENT

Table 1: NZME’s current (2023) climate-related impacts
Climate issueTypeBusiness impact
Financial
impact
Level of
financial
impact
Extreme weather events -
Auckland floods (Jan 2023) and
Cyclone Gabrielle (Feb 2023)
Physical risk• Disruption to distribution of
printed publications to affected
regions;
ExpensesLow
• Increased reliance/dependency
of communities on AM/FM
as the most reliable mode of
communication;
ExpensesLow
• Damage to company property
disrupting services;
ExpensesLow
• Business disruption - Staff
unable to access workplace
and journalists unable to access
affected regional offices; Events
cancelled in affected regions;
ExpensesLow
• Increase in public awareness for
news coverage of flood/cyclone
events, focused content
development to meet audience
needs and demands.
Revenues &
Expenses
Low
Management response
Full review conducted in wake of these weather events. Actions included increasing resiliency in AM/FM network,
improving Business Continuity processes and mitigations.
Climate issueTypeBusiness impact
Financial
impact
Level of
financial
impact
Legislative reporting
requirements - Inaugural NZ
Climate Standard disclosure
Transition
risk
• Enhanced costs/time/capability
requirements to ensure
reporting obligations are fully
met.
ExpensesLow
Management response
External consultants engaged to support capability development and implementation of disclosure requirements.
Climate issueTypeBusiness impact
Financial
impact
Level of
financial
impact
Shifting consumer preferences
and new market opportunities –
e.g. 2023 media industry move
to net zero focus (AdNetZero),
potential increased interest in
climate-related journalism
Transition
opportunity
• Continued focus on NZME’s
Scope 1-3 emissions
measurement and responsible
sourcing;
NoneNone
• Climate-related risk/opportunity
lens to overlay current plans/
monitoring of impact of NZME’s
media platforms – print, digital,
terrestrial radio, digital audio;
NoneNone
• Focused content; development
on weather events and climate
change in order to continue
Keeping Kiwis in the know.
NoneNone
• Increase in client / advertiser
interest in being aligned with
or sponsoring informative,
educative, positive climate-
related content.
RevenuesLow
Management response
Continue to monitor consumer media platform preferences and impact.
Increase content covering climate and environment.
ANNUAL REPORT 2023 31

Scenario analysis
In May 2023, the CRD Working Group engaged
external consultants to support our scenario
analysis.
In developing the scenarios the representative
concentration warming pathways (“RCPs”)
established by the Intergovernmental Panel on
Climate Change (“IPCC”) 6th assessment and the
Shared Socio-economic Pathways (“SSP”) scenarios
relevant for New Zealand were adapted to our
industry and entity. We analysed three different
scenarios:
1. a deep decarbonisation scenario, which
assumed the conditions under SSP1-1.9 and
RCP 2.6 (average warming of 1.4 degrees C
by 2100);
2. a status quo scenario, which assumed the
conditions under SSP2-4.5 and RCP 4.5
(average warming of 2.7 degrees C by 2100);
and
3. a carbon intensive scenario, which assumed
the conditions under SSP5-8.5 and RCP 8.5
(average warming of 4.4 degrees by 2100).
The New Zealand reference data was overlaid to
these scenarios, to develop detailed narratives and
parameters to evaluate climate-related risks and
opportunities. Our methodologies and assumption
disclosures below provide more detail on the
scenarios analysed.
Climate training was conducted followed by three
scenario assessment workshops. These workshops
focused on identifying the material risks and
opportunities under these three scenarios, testing
the resilience of our strategy and discussing
the management response required to address
risks or harness opportunities. We undertook
initial heatmapping of the financial impact of our
identified risks and opporutnities, with a view to
quantifying the financial impact of material risks and
opportunities in the future.
We are now conducting transition planning that will
leverage the learnings from the scenario analysis
process and this includes developing our emissions
reduction plan, quantifying the financial impacts
and the longer term implications to our core
business model and strategy.
Methodologies and assumptions
The details of each scenario narrative can be found
in Figures 3.1 – 3.3. The scenarios were developed
to illustrate the nature of risk which might plausibly
emerge as a result of climate-related physical and
transition risk to 2100. We evaluated the most
ambitious and worst-case scenarios, to ensure that
we stress tested all material risks or opportunities
that might plausibly eventuate in the years to 2100.
Taking this conservative approach also allows us
to consider an environment where the physical
impacts escalate much faster than anticipated,
and/or the corresponding transitional impacts
are put in place more rapidly, and to test our ability
to respond.
The scenarios considered time horizons out to the
end of this century (2100), supported by source
data on the key trends over this period including:
Temperature change (IPCC 6th Assessment report;
NIWA); Flooding (Ministry for the Environment
National Climate Risk Assessment 2020); Sea
level rise (NASA); Population growth (Shared
Socio-economic Pathways); Regulatory/Policy
(Shared Socio-economic Pathways); Technology
(International Energy Agency); Transportation
(Ministry of Transport); Mitigation vs Adaptation
efforts (McGuinness Institute).
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Figure 3.1
Deep decarbonisation
scenario parameters
NZ Temp change: 2025
NZ Temp change: 2090
DEEP
DECARBONISATION
Immediate, sustained
decarbonisation driven
by ambitious policies
and high technological
innovation, resulting in
net zero global emissions
around 2050.
Reference scenariosSSP1 / RCP 2.6
Warming at 2100
(IPCC 6th Assessment; NIWA)
1.4
o
C
Sea level rise at 2100
(NASA)
0.44m (NZ average)
Flooding – sea and pluvial
inundation
(MFE National Climate Risk
Assessment 2020)
High risk zones sustained:
Canterbury (Christchurch City; Waimakariri District); Whakatane District
(Edgecumbe; Matata); Otago (Dunedin City District (inc Sth Dunedin);
Waikato/ Coromandel (Hauraki District; Thames)
Population growth
(SSP)
Low
Regulatory / Policy
(SSP)
Regulation promotes sustainability and reducing greenhouse gas
emissions.
Government prioritises environmental protection and sets ambitious
targets for transitioning to a low-carbon economy. Policies promote
energy efficiency, support renewable energy deployment, and
incentivise sustainable practices in industry, agriculture, and
transportation. Policies also focus reducing social and economic
inequalities, such as minimum wage regulations, universal healthcare
coverage, and social welfare programs.
Technology
(IEA)
Focus on renewable energy sources, energy efficiency, and
sustainable practices. Increased investments in clean technologies,
such as solar, wind, and hydropower, as well as advancements in energy
storage, electric vehicles, and smart grid systems. Efforts would be
made to reduce greenhouse gas emissions and transition away from
fossil fuels.
Transportation
(MOT)
Strong investment in public transport for passenger transport,
scaling up of walkways and bikeways
Efforts to mitigate vs adapt
(McGuinness Institution)
Low challenges to mitigation and adaptation. Strong investment in
mitigation early on, enabling a reduction in effort by mid-late century
ANNUAL REPORT 2023 33

Figure 3.2
Status quo
scenario parameters
NZ Temp change: 2025
NZ Temp change: 2090
STATU S Q U O
Current policy,
social, economic and
technological trends
continue. The rate
of increase in global
emissions begins to
decline post 2050.
Reference scenariosSSP2 / RCP 4.5
Warming at 2100
(IPCC 6th Assessment; NIWA)
2.7
o
C
Sea level rise at 2100
(NASA)
0.59m (NZ average)
Flooding – sea and pluvial
inundation
(MFE National Climate Risk
Assessment 2020)
High risk zones slowly worsening – access to insurance becoming
restricted:
Canterbury (Christchurch City; Waimakariri District); Whakatane District
(Edgecumbe; Matata); Otago (Dunedin City District (inc Sth Dunedin);
Waikato/ Coromandel (Hauraki District; Thames)
Population growth
(SSP)
Moderate
Regulatory / Policy
(SSP)
Regulation reflects historical trends and status quo
Government prioritises economic growth and maintaining stability,
rather than taking aggressive measures to address climate change
or social inequality. Policies are aimed at maintaining a level playing
field in the market, protecting consumer rights, and maintaining social
order. However, there may be fewer regulations aimed specifically at
promoting sustainability or reducing greenhouse gas emissions, unless
they can be justified on economic grounds.
Technology
(IEA)
Technology changes are incremental and focus on addressing
immediate challenges. There may be a mix of conventional and
renewable energy sources, with limited progress in transitioning to a
low-carbon economy. Efforts may be made to improve energy efficiency
and develop cleaner technologies, but progress could be slower
compared to Deep decarbonisation.
Transportation
(MOT)
Mix of cars, public transport options
Efforts to mitigate vs adapt
(McGuiness Institute)
Medium challenges to mitigation and adaptation. Moderate efforts
initially focusing on mitigation, then both by mid-late century
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34 NEW ZEALAND MEDIA AND ENTERTAINMENT

Reference scenariosSSP5 / RCP 8.5
Warming at 2100
(IPCC 6th Assessment; NIWA)
4.4
o
C
Sea level rise at 2100
(NASA)
0.85m (NZ average)
Flooding – sea and pluvial
inundation
(MFE National Climate Risk
Assessment 2020)
High risk zones rapidly worsening – no insurance available, areas in
managed retreat:
Canterbury (Christchurch City; Waimakariri District); Whakatane District
(Edgecumbe; Matata); Otago (Dunedin City District (inc Sth Dunedin);
Waikato/ Coromandel (Hauraki District; Thames)
Population growth
(SSP)
High
Regulatory / Policy
(SSP)
Regulatory conditions are more favorable to fossil fuel industries and
less focused on environmental protection. Government prioritises
economic growth and energy security over climate change concerns,
and regulations may be less stringent to enable more rapid development
of fossil fuel resources. There may be fewer restrictions on resource
extraction, less stringent environmental regulations, and fewer
incentives for renewable energy. Policies may be aimed at ensuring the
stability of markets and maintaining social order, rather than promoting
sustainability or social equality.
Technology
(IEA)
Technology advancements prioritise maximising resource
extraction, expanding fossil fuel infrastructure, and increasing
energy production. There could be fewer incentives for renewable
energy sources, and carbon-intensive industries may thrive, however
sustainability concerns and climate change impacts could still lead
to the development of cleaner technologies, albeit at a slower pace
compared to Deep decarbonisation.
Transportation
(MOT)
Cars are predominant passenger transport
Efforts to mitigate vs adapt
(McGuiness Institute)
High challenges to mitigation and adaptation. More effort invested
later in the century, with main focus on adaptation
Figure 3.3
Carbon intensive
scenario parameters
NZ Temp change: 2025
NZ Temp change:
2090
CARBON INTENSIVE
Ongoing fossil fuel-
driven economic growth
and resource-intensive
consumer choices
accelerate emissions.
ANNUAL REPORT 2023 35