NZME Full Year Results to 31 December 2024

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
MARKET ANNOUNCEMENT
NZME 2024 Full Year Results

Please refer to the following documents in relation to the NZME Full Year Results to 31 December
2024:

1. NZME 2024 Full Year Results NZX Form
2. NZME 2024 Full Year Results Announcement
3. NZME 2024 Full Year Results Investor Presentation
4. NZME 2024 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

26 February 2025
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 2024
Previous Reporting Period 12 months to 31 December 2023
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$350,633

0.9%
Total Revenue $350,633 0.9%
Net profit/(loss) from
continuing operations
$(16,040) (225%)
Total net profit/(loss) $(16,040) (225%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06000000
Imputed amount per Quoted
Equity Security
$0.02333333
Record Date 19 March 2025
Dividend Payment Date 31 March 2025
26 Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.12) $(0.09)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached 2024 Annual Report and the 2024 Full Year
Results Presentation for full commentary on results.
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 26/02/2025

Audited financial statements accompany this announcement.

---

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.

1
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

26 February 2025


NZME Limited 2024 Full Year Financial Results

Digital revenues continue to grow thanks to strong digital transformation strategy.
NZME announces three new significant areas of focus.

AUCKLAND, 26 February 2025: NZME Limited (NZX: NZM, ASX: NZM) has announced its financial
results for the full year ended 31 December 2024 reporting Operating Earnings Before Interest, Tax,
Depreciation and Amortisation (EBITDA)
1
of $54.2 million.

The company reported a Statutory Net Loss After Tax of $16.0 million after a $24 million non-cash
impairment of intangible assets. Despite challenging economic conditions impacting the media industry
with continued weaker demand in advertising, NZME lifted its Operating Revenue
1
for the year to $345.9
million, up 2% from $340.8 million in 2023.

Significant new areas of focus

NZME also shared three new areas of focus to drive success.

1. OneRoof value realisation
OneRoof continues to be a very strong performer, with significant future growth potential. To continue to
accelerate its growth and realise its full potential in delivering value for shareholders, we have
commenced an independent strategic review of OneRoof to evaluate opportunities including:
• The potential separation of OneRoof to enable raising external capital, either public or private,
to surface its value;
• Potential pathways to value recognition and monetisation;
• Consolidation opportunities for OneRoof;
• Additional resourcing and extra capacity opportunities to accelerate OneRoof’s growth.

A progress update on this independent review will be provided at part of NZME’s half year results later
in the year.

2. Governance – additional specialists
With digital transformation at the heart of NZME’s overarching strategy, the NZME Board is seeking a
new member with experience in digital acceleration to further complement the vast experience and skills
of the current Board.

A new OneRoof Board will also be implemented this year which will include the appointment of a property
marketplace specialist.

3. Setting a new tone for New Zealand
NZME will also focus on taking a leadership position to help New Zealand thrive, using its various
platforms including the NZ Herald to support the reboot and acceleration of New Zealand’s economic
recovery, sharing stories of success and building positive momentum.

This is in line with the company’s commitment to keeping Kiwis in the know and connecting communities
by facilitating conversations about the topics that matter.

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

26 February 2025
Key financial performance highlights:

• As one of New Zealand’s largest media companies, NZME continues to reach nine in every ten
Kiwis
2
, with large scale audiences engaging with its brands across Audio, Publishing and
OneRoof.
• 2.5 million Kiwis turn to NZME’s digital platforms each month
3
alone, and combined with our
terrestrial audio and print publications, NZME has a total audience of 3.5 million people
3
.
• OneRoof has been a standout performer, once again demonstrating its significant potential in
creating value for shareholders, reporting positive EBITDA of $2.7 million compared to an EBITDA
loss in 2023.
• OneRoof grew listings enquiries by 32% year on year and overtook its nearest competitor to
become number one for online web audience for the first time in November 2024 and has
continued to do so for the two months following
4
.
• NZME’s digital audio performance has been particularly strong, with digital audio revenue
reaching $10.8 million - a 32% increase on the previous year’s $8.2 million.
• Podcast revenue has grown 67% year on year, while digital radio streaming revenue has
increased by 19%.
• NZME’s digital subscription business demonstrated resilience in a challenging market, with
revenue growing 10% to $22.6 million.

Michael Boggs, NZME Chief Executive Officer says: “Our integrated approach sees us leverage the
strengths of both digital and traditional media to provide the best possible offering to our diverse
audiences across the country.

“Despite continued challenges across the media industry, NZME has performed well thanks to our strong
digital strategy and our uniqueness in offering a strong, diverse portfolio of platforms for advertisers. Our
focus on product profitability and simplifying our business in 2024 was critical to NZME remaining strong
and profitable.”

NZME continues to perform exceptionally well digitally, with OneRoof’s digital revenue increasing by 51%
and now making up 61% of OneRoof’s total revenue – up from 54% in 2023.

NZME’s audio division continues to enhance advertising capabilities, enabling more precise targeting
through improved data analytics, and the integration of first and third party data across a unified digital
audio inventory.

As well as growing digital subscription revenue by 10%, NZME’s publishing division demonstrated its
commitment to digital innovation by implementing new automation technology to auto curate and
personalise features on the NZ Herald homepage and using transformative tools to improve productivity
and content quality.

Barbara Chapman, NZME Board Chairman says NZME’s robust digital strategy is crucial not only in
responding to the evolving ways audiences are consuming content, but in creating unique, diverse, high-
impact opportunities for advertisers across multiple platforms.

“With a strong digital transformation strategy and a forward-thinking approach, this ensures NZME
continues to be at the forefront of innovation and new technology. Leveraging our strong digital
capabilities alongside our traditional media assets, maximising value from all channels is fundamental to
our continued success in generating sustainable growth and delivering exceptional shareholder value
both now and into the future,” she says.

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

26 February 2025
Capital management

NZME distributed $16.8 million to shareholders over the past year comprising of $11.2 million in a 2023
final dividend payout of 6.0 cents per share, and $5.6 million through a 2024 interim dividend of 3.0 cents
per share.

Net debt for the year was $24.1 million which remains in the middle of NZME’s target leverage ratio
range.

Despite the difficult trading environment and lower profitability for 2024, the strong capital position
enables NZME to deliver a final dividend in line with last year. The Board has declared a fully imputed
final dividend of 6.0 cents per share bringing the total dividends declared in relation to the 2024 financial
year to 9.0 cents per share.

We expect lower capital investment in 2025. However, we will assess opportunities that may become
available to increase earnings and shareholder value from time to time.

Outlook

The beginning of 2025 has started well and is anticipated to deliver advertising revenue growth of 4% for
the first quarter of 2025 after adjusting for the recent exit of community newspapers.

OneRoof has continued its strong audience performance into 2025 and is delivering year on year digital
revenue growth of 30% across January and February 2025.

Given the revenue growth to date and our focus on cost control, subject to the continuing improvement
in market advertising demand, we expect to deliver improved operating results during 2025.

The full set of NZME’s 2024 Full Year Results materials can be found here.

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information please contact:

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

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 2023 and 2024 financial years. Please refer to
pages 50-51 of the results presentation for a detailed reconciliation.
2. NZME Reach Study, n=1000 nationally representative AP18+ (Jan 2024 unduplicated audience across NZME print,
digital, radio & podcasts).
3. Nielsen CMI Q4 23 - Q3 24 Dec 24 Fused AP15+. *Monthly coverage for Daily & Weekend Sun titles, weekly
coverage for Newspaper Inserted Magazines, monthly UA for Digital, weekly reach for Radio (GfK RAM S2 24).
4. Nielsen Online Ratings November 2024 – January 2025 (desktop, mobile web and domestic traffic only, does not
include exclusive mobile app audience).

---

1
2024 full year results.
For the year ended 31 December 2024

2
Three significant new areas of focus 3
Results summary7
Trading environment and market
performance
8
2024 financial results13
Divisional performance21
Outlook43
Q&A47
Supplementary information48
Agenda.

3
Three significant new areas of focus.
OneRoof value
realisation
Governance
- additional specialists
Setting a new tone
for New Zealand
12
3

4
OneRoof value realisation.
Strategic Review Commenced - Jarden appointed to review:
▪Separation to enable raising external capital (public or private)
to surface value
▪Pathway to value recognition and monetisation
▪Consolidation opportunities
▪Additional resourcing and capability to accelerate growth
Update to be provided at half year results

5
Governance additional specialists.
Seeking a new NZME Board
member with experience in
digital acceleration
Implementation of a OneRoof
Board, including the
appointment of a property
marketplace specialist

6
Setting a new tone for New Zealand.
NZ Herald to take a
leadership position in
helping New Zealand
thrive
Support the reboot of
New Zealand's economic
recovery by sharing
stories of success
Improve the tone of the
conversation to build
positive momentum for
all New Zealanders

7
•Operating revenue improved by 2%.
•OneRoof digital revenue grew by 51%.
•Operating EBITDA for 2024 of $54.2 million was
$2 million lower than 2023 reflecting difficult
trading in Q2 and Q3.
•Statutory net loss after tax was $16 million after a
$24 million non-cash impairment of intangible
assets.
•Cash flow from operations reflects lower
earnings and a higher capital spend for the year.
•Net Debt is in the middle of the target range.
Results summary.
For the year end 31 December 2024
$345.9m
Operating revenue
1
2023 $340.8m
$54.2m
Operating EBITDA
1
2023 $56.2m
$12.1m
Operating NPAT
1
2023 $14.1m
6.5cps
Operating EPS
1
2023 7.7cps
$11.3m
Cash flow from
operations
2023 $17.3m
$24.1m
Net debt
2023 $18.0m
6.0cps
Final dividend
Payable on
31 Mar 2025
($16.0m)
Statutory NPAT
2023 $12.2m
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 2023 and 2024 financial years. Please refer to pages 50-51 of
this results presentation for a detailed reconciliation.

8
(2.0%)
(1.0%)
-
1.0%
2.0%
3.0%
4.0%
5.0%
GDP quarterly change
1
1.Stats NZ - Gross domestic product (GDP): September 2024 quarter.
2024 was tougher than anticipated.

9
(25%)
(20%)
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
NZMEMarket (print, radio, digital content sites)
Total Agency Market
Advertising Revenue YoY variance
2
(80.0)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
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
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Business confidenceConsumer confidence
Business and Consumer Confidence
1
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.SMI Agency Market Revenue, YoY % change Dec 2023 – Dec 2024. NZME and Market (NZME pillars – print, radio, digital content sites).
There are positive signs of market recovery following
this difficult trading period.

10
1.Nielsen CMI Q3 23 – Q4 24 December 24 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
2.Nielsen Online Ratings December 2024 (desktop and domestic traffic only, does not include exclusive mobile app audience).
3.GfK Comm RAM, S3/24, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
4.Adswizz Jan-Sep 2024 & Triton Metrics NZ Nov-Dec 2024, average monthly reach.(October figures unavailable due to transition to Triton).
5.NZME Reach Study, n=1000 nationally representative AP18+ (Jan 2024 unduplicated audience across NZME print, digital, radio & podcasts).
Attracting New Zealand audiences like no other.
OneRoof audience
Print
311,000
1
Oneroof.co.nz
793,000
2
Audio audience
Radio
1,862,600
3
iHeartRadio
1,256,000
4
Publishing audience
Print
1,204,000
1
Nzherald.co.nz
2,035,000
2
NZME reaching 9 out of 10 Kiwis
5

11
$287m
$50m
2019
$229m
$95m
2023
$226m
$103m
2024
Digital transformation continues.
1

NZME Digital Revenue
NZME Broadcast and Print Revenue
1.Nielsen CMI Q4 23 – Q3 24 December 2024 Fused 2024 AP15+.

12
Note: All figures presented represent year on year growth.
Our digital first strategy in action.
Digital revenue growth remains at the core of our strategic plan
+51%
OneRoof digital
listing revenue
+32%
Digital audio
revenue
+10%
Digital
subscription
revenue
+44%
OneRoof listings
upgrades
+67%
Podcast revenue
+16%
Digital
subscriptions

13
2024
Financial
Results

14
Note: EBITDA is a non-GAAP measure and excludes exceptional items.
OneRoof contributed strongly over the year.
For the year ended 31 December 2024
•Improved OneRoof performance driven by
significant increase in OneRoof digital revenue
through improved listing numbers and the
strategic focus on increasing listings being
upgraded.
•
revenue growth offset by higher selling and
marketing spend to stimulate audience and
customers.
•While core digital advertising revenue and
digital subscription revenue improved, overall
the digital publishing performance was slightly
lower than 2023 reflecting a tough market.
•The declining print advertising revenue trend
continued.
56.2
4.0
(1.3)
(0.4)
(3.7)
(0.6)
54.2
2023OneRoofAudioDigital
Publishing
Print
Publishing
Other2024
EBITDA (incl. NZ IFRS16) impacts ($ million)

15
56.2
4.5
(4.4)
(3.0)
0.9 54.2
2023Q1Q2Q3Q42024
EBITDA (incl. NZ IFRS 16) by quarter ($ million)
Positive end as tide turns on a challenging year.
For the year ended 31 December 2024
•While the year started with promise, the
difficult trading environment in the 2
nd
and 3
rd

quarters made for a tough year.
•The 4
th
quarter showed some improvement
which has continued into the 1
st
quarter of
2025.
Note: EBITDA is a non-GAAP measure and excludes exceptional items.

16
$ million
20242023% change
Reader revenue
80.9 80.6 -
Advertising revenue
248.2 243.0 2%
Other revenue
16.8 17.1 (2%)
Operating revenue
345.9 340.8 2%
Other income
4.3 5.8 (26%)
Operating revenue and other income
350.2 346.6 1%
Operating expenses
(296.0) (290.4) (2%)
Operating EBITDA
54.2 56.2 (4%)
Depreciation and amortisation on owned assets
(17.7) (16.6) (6%)
Depreciation on leased assets
(12.2) (12.0) (2%)
Interest income
0.4 0.4 (19%)
Finance cost
(7.8) (7.7) (2%)
Operating NPBT
16.8 20.3 (17%)
Taxation expense
(4.8) (6.2) 23%
Operating NPAT
12.1 14.1 (14%)
Operating earnings per share (cents)
6.5 7.7 (16%)
Operating results.
For the year ended 31 December 2024
The operating results for the year were
impacted by a challenging market.
•Operating revenue was 2% higher as a result of
improved advertising revenue but was offset
by a 2% increase in operating expenses.
•Reader revenue grew with a 10% increase in
digital subscription revenue, offset by lower
print subscriber revenue of 3% and a 2%
decline in retail sales.
•Operating NPAT was $12.1m for the year, $2.0m
lower than last year.
Note: 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 2023 and 2024 financial years. Please refer to pages 50-51 of
this results presentation for a detailed reconciliation.

17
$ million
20242023
1
% change
People
145.7 144.4 (1%)
Print and distribution
51.8 50.8 (2%)
Selling and marketing
39.3 36.1 (9%)
Content
21.2 19.7 (8%)
Property
7.5 7.4 (1%)
Third party fulfilment
4.7 6.5 27%
Technology and communications
11.8 11.0 (7%)
Other expenses
13.9 14.6 5%
Total operating expenses
296.0 290.4 (2%)
Total non-Recurring expenses
4.5 2.6 (72%)
Expenses.
For the year ended 31 December 2024
Overall expenses were up 2% with higher selling costs incurred
to achieve revenue improvements the main driver.
•A continued focus on improving business-wide efficiencies
contained people costs to just a 1% increase.
•Additional third party print contracts and increased OneRoof
print activity resulted in a 2% lift in print and distribution costs.
•Selling and marketing cost increases relate to:
•Increased agency commission due to a higher portion of
revenue through the agency channel.
•Additional promotional activity for audio products in the
first half of the year.
•Increased selling costs associated with OneRoof revenue
growth.
•Third party fulfilment costs were lower as a result of a significant
reduction in the amount of digital performance marketing sold
onto third party platforms.
•Other expenses were lower through improved efficiency across
the group.
•Non-recurring expenses relate to significant restructuring
activity primarily in the second half of the year.
1.2023 operating results presented reflect reclassification adjustments that differ when compared to operating results as reported for the year ended 31 December 2023.

18
Balance sheet.
As at 31 December 2024
$ million
31 December
2024
31 December
2023
Trade and other receivables
41.5 40.4
Inventories
2.5 5.1
Trade and other payables
(44.7) (44.9)
Current tax receivable / (payable)
2.5 (0.3)
Net working capital excluding cash
1.8 0.4
Plant property & equipment, intangibles and other non-current
assets
137.1 166.9
Right-of-use assets (NZ IFRS16)
54.7 58.2
Lease liabilities (NZ IFRS16)
(79.8) (84.7)
Finance lease receivable (NZ IFRS16)
3.6 3.9
Net debt
(24.1) (18.0)
Deferred tax
8.1 9.2
Net assets
101.3 135.9
Net debt of $24.1 million is at the mid-point of the
target leverage range.
•Net working capital excluding cash is $1.4 million
higher than December 2023 due to large tax
receivable position partially offset by lower
inventories.
•Impairment of intangible assets by $24m (non-
cash) resulted in lower non-current assets.
•Net debt increased $6.1 million to $24.1 million with
lower earnings, higher capital spend and
restructuring costs being the primary drivers.

19
Cash flows.
For the year ended 31 December 2024
Operating cash flow reflects lower earnings
•Cash flow from operations for the year was $3.6
million lower at $37.9 million compared to 2023
primarily due to lower earnings and higher
restructuring costs.
•
relates to a tax obligation arising on the issue of
shares under a long-term incentive plan. This
movement was offset by lower tax paid and lower
working capital.
•Capital expenditure was higher due to accelerated
product development activity to support
continued digital transformation.
•Distributions to shareholders were similar to 2023
with a consistent dividend maintained despite
lower earnings.
$ million
20242023
Operating EBITDA
1
54.2 56.2
Interest paid on bank facilities
(2.7) (2.3)
Interest paid on leases
(4.6) (4.7)
Interest received on leases
0.2 0.2
Exceptional items
(4.3) (2.3)
Dividends received
0.0 0.1
Tax paid
(5.2) (7.8)
Working capital movement (excluding tax)
1.7 0.6
Other (non-cash)
(1.4) 1.5
Cash flow from operations
37.9 41.5
Capital expenditure
(12.7) (11.0)
Lease principal repayment
(13.8) (13.1)
Operating free cash flow
11.3 17.3
Purchase of OneRoof shares
(0.4) (1.0)
Dividends paid
(16.8) (16.6)
Cash movement in net debt
(5.9) (0.1)
Other movements
(0.2) (0.4)
Movement in net debt
(6.1) (0.5)
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 2023 and 2024 financial years. Please refer to pages 50-51 of
this results presentation for a detailed reconciliation.

20
$98.3m
$74.7m
$33.8m
($13.5m)
$17.5m
$31.6m
$18.0m
$30.0m
$24.1m
1.8
1.5
0.6
-
0.4
0.8
0.5
0.8
0.7
FY 2018FY 2019FY 2020FY 2021FY 2022H1 2023FY 2023H1 2024FY 2024
Net debt and Leverage
Net debt / (Cash) $mLeverage ratio
Capital management.
For the year ended 31 December 2024
While net debt finished the year higher than last
year it is still well within the target range.
•Lower earnings combined with increased net
debt has resulted in an increase in the leverage
ratio to 0.7 times but remains within the target
range of 0.5 1.0 times EBITDA (pre NZ IFRS 16).
•Fully imputed final dividend of 6.0 cents per
share has been declared and is payable on 31
March 2025.
31 December
2024
31 December
2023
12-months operating EBITDA (pre NZ IFRS 16)
1
36.5 39.1
12-months interest expense
2.8 2.4
Net interest cover
(Operating EBITDA (pre NZ IFRS 16)
1
/ interest expense)
13.0 16.4
Net debt ($ million)
24.1 18.0
Leverage ratio
(Net debt / 12-month operating EBITDA (pre NZ IFRS 16)1)
0.7 0.5
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 - 1.0 times rolling 12-month EBITDA (pre NZ IFRS16).
Full dividend policy is available at www.nzme.co.nz/investor-relations/dividends/
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 2023 and 2024 financial years. Please refer to pages 50-51 of
this results presentation for a detailed reconciliation.

21
Divisional
performance.

22
Your
essential
property
platform.

23
Source: NZME analysis. All figures presented represent year on year growth.
Your essential property platform.
Delivering on our strategy
Superior listings
experience and performance
+32% growth in
listings enquiries
+44% residential
listings upgraded
Accelerate non-listings
portfolio
+60% revenue from
digital advertising
Grow listingsrevenue
EBITDA improvement of $4 million

24
-
200
400
600
800
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
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
OneRoof audienceTrademe
Monthly online audience (000s)
Source: Nielsen Online Ratings December 2021 December 2024 (desktop, mobile web and domestic traffic only, does not include exclusive mobile app audience) *December 2023 is taken from Nielsen
Ended the year #1 in web audience.
Online audience continues to increase

25
-
100
200
300
400
500
AucklandRest of NZ
202220232024
OneRoof average yield ($)
2
-
10%
20%
30%
40%
50%
AucklandRest of NZ
202220232024
OneRoof listings upgrade %
2
110
0
20
40
60
80
100
120
140
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
New market listings (000s)
1
2011-2021 average
OneRoof growth outpaces market recovery.
1.REINZ and Tony Alexander, an independent NZ economist.
2.NZME analysis.
3.Revenue impact
+53% growth in OneRoof residential listings revenue compared with +20% market listings recovery
+20% YOY
3
+24% YOY
3
+9% YOY
3

26
$ million
20242023% change
Digital16.2 10.8 51%
Print10.6 9.6 10%
Other0.4 0.4 -
Operating revenue27.2 20.8 31%
People(8.1) (7.6) (7%)
Print and distribution(5.6) (4.8) (15%)
Selling and marketing(7.2) (6.7) (7%)
Content(2.1) (1.8) (19%)
Other expenses(1.6) (1.3) (21%)
Operating expenses(24.4) (22.1) (11%)
EBITDA (incl. NZ IFRS16)
1
2.7 (1.3) 312%
NZ IFRS16 adjustment(0.8) (0.7) (9%)
EBITDA (pre NZ IFRS16)
1
2.0 (2.0) 198%
EBITDA
1
margin (pre NZ IFRS16)7% (10%)
17 ppt
OneRoof financial results.
For the year ended 31 December 2024
OneRoof delivered 31% revenue growth and a $4
million improvement in EBITDA.
•Digital revenue increased by 51% due to increased
listings upgrades and higher tier product penetration
driving a higher average yield.
•OneRoof print revenue also benefited from a
recovering market, with year-on-year growth of 10%
partially offset by higher print and distribution costs.
•People cost reflects additional sales resource.
•Higher selling and marketing costs support additional
revenue.
1.EBITDA is a non-GAAP measure and excludes exceptional items.

27
1.Nielsen Online Ratings January 2023 December 2024 monthly average of the last quarter of each period (desktop, mobile web and domestic traffic only, does not include exclusive mobile app audience).
2.2023 listings upgrade % figures presented reflect adjustments (due to a revised methodology) that differ when compared to figures reported for the year ended 31 December 2023.
3.EBITDA is a non-GAAP measure and excludes exceptional items.
Your essential property platform.
Progress against strategic priorities
Engagement
Reduce
audience
gap to #1
Double
listing
enquiries
within
three years
Audience
606k,
187k gap to
#1
1
-
Audience
854k,
Achieved
#1
1
+32% YoY
•New brand campaign, including TVC in 2025 focused on benefits of
OneRoof.
•Continue leveraging NZME digital, print and audio assets through
integrations to grow audience share and engagement.
•Launch of App 2.0 during Q1 2025 providing improved UX and search.
•Natural language search to be implemented.
Listings upgrade %
2
60%
Auckland
40% Rest of
NZ
41%
Auckland
17% Rest of
NZ
43%
Auckland
24% Rest of
NZ
•Fully dedicated sales team implemented, with previous shared sales
resources from across NZME now fully dedicated to OneRoof (~20 staff
impacted). This supports strong regional drive for listing upgrades.
•Focus on commitments from each real estate brand/office.
•Potential to charge for base listings.
Revenue mix
78% Digital
22% Print
54% Digital
46% Print
61% Digital
39% Print
•Print remains a key add on for high end properties and passive market.
EBITDA
3
margin
(pre NZ IFRS16)
15-25%
(10%)
7%
Metric
2026
target
2023
actual
2024
actual
2025 initiatives

28
OneRoof has significant opportunity for growth.
Proven growth trajectory with significant future opportunity across market, upgrades and yields
202220232024
New residential listings (000s)
1
Auckland40 35 43
Rest of NZ69 63 74
Total109 98 118
Residential listings upgrade %
Auckland
31% 41% 43%
Rest of NZ
11% 17% 24%
Total18% 26% 31%
Average revenue per upgrade
Auckland413 422 470
Rest of NZ267 265 279
Total357 354 377
Revenue ($ million)
Auckland5.1 6.0 8.7
Rest of NZ2.0 2.9 4.9
Total7.1 8.9 13.7
Source: NZME Analysis.
1.OneRoof new residential listings variances compared with new market listings (as shown on page 25) are due to classification differences, such as treatment of rural lifestyle properties and how apartment
developments are counted (one vs. many listings).
Market to still recover
(+9% to reach historical average)
Short term listing upgrade targets
60% Auckland / 40% Rest of NZ
1,149
699
470
279
Auckland
Rest of NZ
Highest value package2024 average
Yield potential is significant

29
Number one
in audio.

30
1.GfK RAM, S1 2017 – 2024, Total NZ, M-S12mn-12mn, Share %, (historical data available upon request).
2.GfK RAM, S3 2024, Total NZ, M-F6am-9am, AP10+, Cume.
Number one in audio.
Delivering on our strategy
Create the most listened to and
loved content
Grow podcast engagement
and monetisation
Deliver customer solutions to
grow revenue share
Newstalk ZB remains the
#1 radio station
1
and
Newstalk ZB and ZM
have the most breakfast
listeners in the country
2
Integrated digital and
broadcast campaigns
grew 11% year-on-year
Podcast revenue has
increased by 67%
year-on-year and is a key
driver of digital audio
growth

31
1.2
2.2
3.7
202220232024
Podcast revenue ($ million)
1.Triton Podcast Metrics NZJanuary 2022 -December 2024.
Podcast monetisation driving digital growth.
18%
27%
34%
202220232024
Podcast share of digital audio revenue
15
18
21
202220232024
Millions
Podcast downloaded hours (million)
1

32
1.GfK RAM,2020 - 2024, Total NZ, M-S12mn-12mn, AP10+, Cume (based on the last survey of each year).
2.RBAMonthly Radio Market Report rolling 12 months as at December 2022 - 2024 (radio and digital revenue share between NZME and Mediaworks) .
Audio revenue share exceeds audience share.
Driving impact through top personalities and a powerful omnichannel portfolio
NZME boasts an unrivalled
audience across our
omnichannel media mix,
meeting consumers where
they are.
At the heart of this are our
market-leading audio
personalities, unlocking ideas
that drive engagement and
commercial value.
From talent-led concepts, we
amplify audio opportunities
across multiple platforms,
maximising impact.
An unmatched proposition in
the New Zealand market.
35.6%
37.4%
37.7%
37.5%
36.6%
20202021202220232024
Audience share
1
42.8%
44.5%
44.6%
202220232024
Revenue share
2
NZME talent integrated with customer brands

33
23.3
(2.6)
1.2 21.9
2023H1H22024
EBITDA (incl. NZ IFRS 16) movement by half vs. 2023 ($ million)
Audio financial results.
For the year ended 31 December 2024
Digital momentum continues with podcast revenues growing
+67%, plus streaming radio growth of +19%.
•Broadcast radio revenue flat on last year is pleasing given the
total market declined slightly year on year.
•Higher selling and marketing costs were the key driver of
reduced EBITDA:
•Higher one-off marketing spend and promotional costs in
first half for key promotions and events to deliver
improved revenue ($2.6 million more in H1 vs. 2023).
•Increased agency commission cost with higher proportion
of revenue sold through this channel.
•Increased content costs relate to timing differences of sports
rights costs.
•The 2
nd
half improved by $1.2 million compared to the 2
nd
half
2023.
$ million
20242023% change
Digital audio advertising10.8 8.2 32%
Radio advertising104.2 104.0 -
Other1.5 1.4 6%
Operating revenue116.6 113.6 3%
People(56.2) (55.8) (1%)
Selling and marketing(16.8) (14.2) (18%)
Content(8.5) (7.7) (10%)
Other expenses(13.2) (12.6) (4%)
Operating expenses(94.6) (90.4) (5%)
EBITDA (incl. NZ IFRS16)
1
21.9 23.3 (6%)
NZ IFRS16 adjustment(8.6) (8.1) (6%)
EBITDA (pre NZ IFRS16)
1
13.3 15.1 (12%)
EBITDA
1
margin (pre NZ IFRS16)11% 13%
(2 ppt)
1.EBITDA is a non-GAAP measure and excludes exceptional items.

34
Number one in audio.
Progress against strategic priorities
Audience share
(% of radio audience)
> 1% share point
growth per annum
37.5%
1
36.6%
1
•Focus on priority brands to grow 25-54 audience share.
•Increase Newstalk ZB's digital content offeringto increase time spent with the brand.
•Optimise terrestrial commercialinventory model togrow both audience share and
time spent listening.
•Deepen audience opportunities in NZME Podcast Network with new local and
international content.
Revenue share
> 1% share point
growth per annum
44.5%
2
44.6%
2
•Improve attribution tools to demonstrate to customers the power of NZME audiences
and integrated campaigns across platforms.
•Innovate using new CRM to deliver single view of customer and highlight share
opportunities.
•Set the standard for thought leadership in the audio industry, improving advocacy for
both terrestrial and digital audio.
Digital audio revenue
percentage
12%
7.4%
9.4%
•Grow demand for digital audio audiences by using NZME's total audience data.
•Simplify digital audio commercialtechnology and processes, aiding client
engagement.
•Partner with iHeartRadio and others to bring new innovations to market for both
audiences and clients.
EBITDA
3
margin
(pre NZ IFRS16)
15-17%
13%
11%•Margin improvements to be driven through revenue growth and cost initiatives.
Metric
2026
target
2023
actual
2024
actual
2025 initiatives
1.GfK RAM,S3 2023 - 2024, Total NZ, M-S12mn-12mn, AP10+, Share %.
2.RBAMonthly Radio Market Report rolling 12 months as at December 2024 (radio and digital revenue share between NZME and Mediaworks).
3.EBITDA is a non-GAAP measure and excludes exceptional items.

35
New
leading news
destination.

36
1.Nielsen DCRDec 2024 (App Launches).
2.NZME analysis.
3.Nielsen CMI Q3 23 Q4 24 December 24 Fused AP15+ (NZH Monday to Saturday & Herald On Sunday).
Delivering on our strategy
Scalable digital audience and
advertising News platform
New Zealand's most-
visited news app
1
+16% year on year
growth in digital
subscriptions
2
High quality and efficient print
business

#1 newspaper every day
of the week
3
Expert journalism that grows
subscriber lifetime value

37
Source: NZME analysis. NZ Herald online revenue and article data. Subscriber revenues includes subscriptions and advertising.
The NZ Herald balances free versus premium stories to maximise audience and profitability
2024 Top 10 Premium Stories: 800k page views
2024 Top 10 Free Stories: 5.2m page views
Free users generate 59% ($36m)
of NZ Herald digital revenue
Subscribers generate 41% ($25m)
of NZ Herald digital revenue
The business of journalism.
The NZ Herald balances free versus premium stories to maximise audience and profitability

38
-
0.50
1.00
1.50
2.00
2.50
-
2.0
4.0
6.0
8.0
10.0
Yield ($ per copy)
Subscriber copies (million)
Print subscriptions
Yield
Subscriber copies
Publishing operating highlights.
Trended results over the last three years
-
25
50
75
100
125
150
175
200
225
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Total # of subscriptions (000s)
-
50
100
150
200
-
30
60
90
120
Annual $ per subsciber (yield)
# of subscirbers (000s)
Individual subscribersCorporate subscribers
Individual yieldCorporate yield
Digital subscriptions
Digital only subscriptions
+22% CAGR
Print only
Digital enabled
Digital only
Balancing subscription growth with targeted
yield improvement
Print subscriber declines offset with
+7% CAGR yield gains
Source: NZME analysis.

39
$ million
20242023% change
Digital subscriptions22.6 20.6 10%
Print subscriptions45.7 47.0 (3%)
Retail outlet sales12.6 12.9 (2%)
Total reader revenue80.9 80.6 -
Digital advertising51.3 52.9 (3%)
Print advertising55.0 57.6 (4%)
Total advertising revenue106.4 110.5 (4%)
Other16.6 18.6 (11%)
Operating revenue203.8 209.6 (3%)
People(77.5) (78.0) 1%
Print and distribution(46.3) (45.9) (1%)
Selling and marketing(15.4) (15.2) (1%)
Content(10.6) (10.1) (5%)
Third party fulfilment(4.3) (6.1) 29%
Other expenses(15.1) (15.6) 3%
Operating expenses(169.3) (171.0) 1%
EBITDA (incl. NZ IFRS16)
1
34.5 38.6 (11%)
NZ IFRS16 adjustment(8.2) (8.2) -
EBITDA (pre NZ IFRS16)
1
26.3 30.4 (13%)
EBITDA
1
margin (pre NZ IFRS16)13% 15%
(2 ppt)
Publishing financial results.
For the year ended 31 December 2024
Digital subscription growth underpinned overall
subscription revenue growth.
•Print subscriber and retail outlet sales revenue
declined but at a lower rate than previous years.
•Advertising revenue decline of 4% reflects difficult
trading conditions.
•Digital advertising revenue was impacted by a
reduction in low value revenue resold to third party
networks, offset by lower third-party fulfilment costs.
Core publishing revenue grew despite the challenging
market.
•Other revenue is lower due to reduced grant revenue
partially offset by increased third party print and
distribution revenue.
•Continued emphasis on efficiency and cost control
delivered a net 1% cost reduction.
1.EBITDA is a non-GAAP measure and excludes exceptional items.

40
Publishing financial results digital and print.
For the year ended 31 December 2024
$ million
Digital PublishingPrint Publishing
20242023
2
% change20242023
2
% change
Subscription revenue22.6 20.6 10% 45.7 47.0 (3%)
Retail outlet sales- --12.6 12.9 (2%)
Advertising revenue53.5 54.8 (2%) 52.9 55.7 (5%)
Other7.5 10.9 (31%) 9.1 7.7 18%
Operating revenue83.6 86.3 (3%) 120.2 123.3 (2%)
People(42.1) (43.4) 3% (35.5) (34.5) (3%)
Print and distribution- --(46.3) (45.9) (1%)
Selling and marketing(9.8) (9.4) (4%) (5.6) (5.8) 3%
Content(9.1) (8.6) (6%) (1.5) (1.5) -
Third party fulfilment(4.3) (6.1) 29% - - -
Other expenses(7.1) (7.3) 2% (8.0) (8.3) 4%
Operating expenses(72.4) (74.8) 3% (96.9) (96.2) (1%)
EBITDA (incl. NZ IFRS16)
1
11.2 11.6 (3%) 23.3 27.1 (14%)
NZ IFRS16 adjustment(2.6) (2.3) (15%) (5.6) (5.9) 6%
EBITDA (pre NZ IFRS16)
1
8.6 9.3 (8%) 17.8 21.1 (16%)
EBITDA
1
margin (pre NZ IFRS16)10% 11%
(1 ppt)
15% 17%
(2 ppt)
1.EBITDA is a non-GAAP measure and excludes exceptional items.
2.2023 operating results presented reflect reclassification adjustments that differ when compared to operating results as reported for the year ended 31 December 2023.

41
News streaming product
development (FAST video)
•Delivering increased demand
from clients and younger
audiences
•Always on video-based
offering: live breaking news
and in-depth journalism
•Connecting directly with NZ
Herald audience, plus
distributing off-platform
•Auto-curated homepage with
personalised, regionalised and
top news lifting traffic and
conversions
•Initial exploration of editorial
AI tool to automate back-end
production processes
Refreshed newsroom model

•
specialist digital desks,
alongside specialist print team.
•
•Deliver $4 million in annualised
savings.
AI enabled news and
newsroom experience

Future focused initiatives

42
Progress against strategic priorities
Digital publishing
Subscription volume
190,000
130,000
151,000
•Grow subscriber lifetime value by orchestrating the customer journey dynamically to
•Migrate BusinessDesk to core digital and subscription platforms to enhance user
experience and grow subscriptions.
Digital advertising revenue
percentage
60%
50%
50%
•Build deeper reader relationships and trust by serving relevant homepage and content
experiences to different segments leveraging new capabilities.
•Enrich NZ Herald story telling with new News video streaming proposition to fulfill
audience and advertiser demand for video.
•Enhanced premium advertising experience enabled by advanced data capabilities.
EBITDA
1
margin
(pre NZ IFRS16)
14-16%
11%
10%
•Reimagine the newsroom operating model to focus on Live News and Premium
journalism and realise AI-driven productivity benefits.
Print publishing
Subscription volume
>65,000
92,000
85,000
•
programme.
Print advertising revenue
percentage
40%
50%
50%•Expand low cost to serve model to retain and service long tail of small print advertisers.
EBITDA
1
margin
(pre NZ IFRS16)
13-15%
17%
15%
•Create a stand alone Print business that is lean, agile and can be reshaped as revenues
decline.
Source: NZME analysis.
1.EBITDA is a non-GAAP measure and excludes exceptional items.
Metric
2026
target
2023
actual
2024
actual
2025 initiatives

43
Outlook.

44
(20.0)
-
20.0
40.0
60.0
80.0
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Business confidenceConsumer confidence
Business and Consumer Confidence
1
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Official cash rate (OCR)
3
forecast
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.Westpac Bank forecasts.
3.ANZ Bank forecasts.
Early signs of recovery are evident.
-
1.0%
2.0%
3.0%
4.0%
5.0%
Consumers price index (CPI)
2
forecast
(2.0%)
-
2.0%
4.0%
6.0%
8.0%
10.0%
REINZ house price index (HPI)
2
forecast

45
More optimistic outlook for 2025.

46
Trading update.
Operating environment
The beginning of 2025 has started well and is anticipated to deliver advertising revenue growth of 4% for the first quarter of 2025 after adjusting for the
recent exit of community newspapers.
OneRoof has continued its strong audience performance into 2025 and is delivering year on year digital revenue growth of 30% across January and
February 2025.
Given the revenue growth to date and our focus on cost control, subject to the continuing improvement in market advertising demand, we expect to deliver
improved operating results during 2025.
Capital management
The Board is committed to ensuring that the shareholder value created by OneRoof is recognised through the strategic review process. The Board is
cognisant of corporate activity that is currently taking place in this sector.
Despite the difficult trading environment and lower profitability for 2024, the strong capital position enables NZME to deliver a final dividend in line with last
year.
We expect lower capital investment in 2025. However, we will assess opportunities that may become available to increase earnings and shareholder value
from time to time.

47
Q&A.

48
Supplementary
Information.

49
Corporate and other financial results.
For the year ended 31 December 2024
$ million
20242023% change
Operating revenue
2.6 2.5 5%
People
(3.9) (2.9) (31%)
Other expenses
(3.8) (4.0) 5%
Operating expenses
(7.7) (6.9) (10%)
EBITDA (incl. NZ IFRS16)
1
(5.0) (4.4) (13%)
NZ IFRS16 adjustment
(0.1) (0.1) (11%)
EBITDA (pre NZ IFRS16)
1
(5.1) (4.5) (13%)
1.EBITDA is a non-GAAP measure and excludes exceptional items.

50
Reconciliation of operating results to financial statements.
For the year ended 31 December 2024
$ 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 revenue80.9 - 80.9 - - 80.9
Advertising revenue248.2 - 248.2 - - 248.2
Other revenue16.8 - 16.8 - - 16.8
Operating revenue345.9 - 345.9 - - 345.9
Other income5.1 (0.8) 4.3 0.4 0.1 4.7
Operating revenue

and other income351.0 (0.8) 350.2 0.4 0.1 350.6
Expenses(314.4) 18.4 (296.0) - (4.5) (300.5)
EBITDA36.5 17.6 54.2 0.4 (4.4) 50.1
Depreciation and amortisation(17.7) (12.2) (29.9) - - (29.9)
Impairment of intangible assets
- - - - (24.0) (24.0)
Impairment of equity accounted investments
- - - - (0.7) (0.7)
EBIT
18.9 5.4 24.3 0.4 (29.1) (4.5)
Share of loss of JV's
- - - - (0.2) (0.2)
Net interest expense
(3.1) (4.4) (7.4) (0.4) - (7.8)
Net profit/(loss) before tax
15.8 1.0 16.8 - (29.3) (12.5)
Tax
(4.8) - (4.8) - 1.2 (3.5)
Net profit/(loss) after tax
11.0 1.0 12.1 - (28.1) (16.0)

51
Reconciliation of operating results to financial statements.
For the year 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 revenue
80.6 - 80.6 - - 80.6
Advertising revenue
243.0 - 243.0 - - 243.0
Other revenue
17.1 - 17.1 - - 17.1
Operating revenue
340.8 - 340.8 - - 340.8
Other income
6.6 (0.8) 5.8 0.4 0.6 6.9
Operating revenue

and other income
347.3 (0.8) 346.6 0.4 0.6 347.6
Expenses
(308.2) 17.8 (290.4) - (2.6) (293.0)
EBITDA
39.1 17.1 56.2 0.4 (2.0) 54.6
Depreciation and amortisation
(16.6) (12.0) (28.6) - - (28.6)
EBIT
22.5 5.1 27.5 0.4 (2.0) 26.0
Share of loss of JV's
- - - - (0.6) (0.6)
Net interest expense
(2.7) (4.5) (7.2) (0.4) - (7.7)
Net profit/(loss) before tax
19.7 0.6 20.3 - (2.6) 17.8
Tax
(6.2) - (6.2) - 0.7 (5.6)
Net profit/(loss) after tax
13.5 0.6 14.1 - (1.9) 12.2

52
Impairment of intangibles.
$24 million impairment of Publishing intangible assets recognised for the year ended 31 December 2024
As at 31 December 2024
$ million
AudioPublishingOneRoofTotal
Goodwill----
Mastheads and brands29.251.9-81.1
Non-amortising intangible
assets
29.251.9-81.1
•NZME undertakes periodic impairment testing of three
operating segments / cash generating units (CGU);
Audio, Publishing, and OneRoof.
•-
term plans, with more conservative assumptions
applied; considered appropriate for impairment
testing.
•Testing is required to be made based on events and
knowledge as at 31 December 2024.
•Outcome of 2024 impairment review is a $24 million
impairment of intangible assets of the Publishing CGU,
mainly due to the impact of the closure of
Communities publications, slower than anticipated
market recovery and adjusted allocation of future
capital expenditure across the Group.
•The impairment impacts Statutory NPAT in the income
statement but does not affect operating results or cash
flows.
As at 31 December 2023
$ million
AudioPublishingOneRoofTotal
Goodwill-2.7-2.7
Mastheads and brands29.273.2-102.4
Non-amortising intangible
assets
29.275.9-105.1

53
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 Consolidated Financial Statements for the year ended 31
December 2024.
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 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 50-51 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 2024, certain prior period information has been reclassified 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.

54

---

BE SEEN. BE HEARD. EVERYONE'S HERE.
Keeping Kiwis
in the know
NZME Limited Annual Report for
the year ended 31 December 2024

Contents
2024 financial results summary 4
Division key metrics 5
Chairman’s and CEO’s report 6
Financial commentary 12
Our sustainability commitment 16
Climate related disclosures 27
2024 awards 48
The board 50
The executive team 52
Corporate governance 54
Statutory disclosures 65
Consolidated financial statements 70
Independent auditor’s report 120
Directory 124
This annual report is dated 25 February 2025 and
is signed on behalf of the Board of Directors by:
Barbara Chapman Carol Campbell
Chairman Director
Date: 25 February 2025
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

ANNUAL REPORT 2024 3

Results
summary
For the year end 31 December 2024
Operating revenue
1

2023 $340.8m
Operating EBITDA
1

2023 $56.2m
$345.9m$54.2m
Operating NPAT
1

2023 $14.1m
Operating EPS
1

20 23 7.7cp s
$12.1m6.5cps
Statutory NPAT
2023 $12.2m
Cash flow from operations
20 23 $ 17.3m
($16.0m)$11.3m
Net debt
2023 $18.0m
Final dividend
Payable on 31 March 2025
$24.1m6.0cps
1
GfK Comm RAM, S3/24, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

Division
key metrics
Audio
Radio
brands
10
Publishing
Increase in digital-
only subscriptions
year-on-year
16%
Print publications
across New Zealand
12
OneRoof
Increase in
listings enquiries
year-on-year
32%
Listings
upgrades outside
of Auckland
24%
Listings
upgrades
in Auckland
43%
Increase in
digital revenue
year-on-year
51%
1
GfK Comm RAM, S3/24, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated). 2 Adswizz Jan-Sep 2024 & Triton
Metrics NZ Nov-Dec 2024, average monthly reach. (October figures unavailable due to transition to Triton) 3 RBA Monthly
Radio Market Report rolling 12 months as at December 2024 (radio and digital revenue share between NZME and Mediaworks)
4 Nielsen Online Ratings December 2024 (desktop and domestic traffic only, does not include exclusive mobile app audience).
5 Nielsen CMI Q3 23 – Q4 24 December 24 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print
= Real Estate sections).
iHeartRadio audience
943,300
2
OneRoof.co.nz audience
793,000
4
nzherald.co.nz audience
2,035,000
4
Print audience
1,704,000
5
Radio audience
1,862,600
1
NZME radio brand
audience market share
36.6%
1
NZME audio revenue
market share
44.6%
3
Subscribers across print and digital
236,000
ANNUAL REPORT 2024 5

Kia ora and welcome to New Zealand Media and
Entertainment’s Annual Report for the year ended
31 December 2024.
There have been several key things that have helped drive
NZME’s success in what has been a very challenging time
for the media industry. With a clear strategy that has digital
transformation at its heart, a consistent customer focus,
and continued innovation and investment in our digital
capability, this has created a strong foundation for growth.
We remain strongly focused on digital transformation,
rapidly enhancing our customer experiences and
leveraging emerging technologies to grow our competitive
advantage.
The digital landscape is crucial in today's media
environment, which is why our growth strategy focuses
on enhancing our digital capabilities, whilst maintaining
the strength of our traditional platforms. We're focused on
enhancing user experiences across all our platforms, using
tools to leverage data insights to better serve our audiences.
Both digital and traditional print and terrestrial radio
platforms play important complementary roles. While
digital continues to grow in importance, print and
terrestrial radio remain valued mediums for our audiences
and advertisers. Our integrated approach sees us leverage
the strengths of both digital and traditional media to
provide the best possible offering to our diverse audiences
across the country.
Despite continued challenges across the media industry,
NZME has performed well thanks to a digital strategy and
our uniqueness in offering a strong, diverse portfolio of
platforms for advertisers.
OneRoof has performed strongly, once again growing
both audience and revenue, demonstrating its significant
potential in creating value for shareholders. We remain
confident that OneRoof will continue to grow at pace,
Chairman and
CEO report
+10YOY
+32YOY
$345.9m
We are pleased to present New Zealand Media
and Entertainment’s Annual Report for the year
ended 31 December 2024
OneRoof digital
listing revenue
Digital audio
revenue
Digital subscription
revenue
Total operating revenue
up 2% YOY
%
%
+51YOY
%
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

delivering value for agents and
audiences into the future whilst
also expanding on its current
product offering to open up
further revenue opportunities.
We continue to invest in news and
journalism with quality and trust a
top priority, ensuring we are giving
different perspectives on issues
and offering a broad spectrum of
opinion. We constantly innovate
with automation technology
allowing us to auto-curate
and offer increased reader
personalisation, improving
audience engagement and
revenue generation capabilities.
In our audio division we
outperform our competitors in
the digital audio space, growing
our digital audio revenue as well
as podcast and digital radio
streaming revenue.
Given the difficult trading
environment our focus on
product profitability and
simplifying our business was
critical to the company remaining
strong and profitable.
Financial Results – highlights
NZME’s operating EBITDA was
$54.2 million in 2024, which
was $2 million lower than 2023
reflecting difficult trading in the
second and third quarters of the
year. However, this was a solid
result given the challenging
trading environment.
Statutory net loss after tax was
$16.0 million after a $24 million
non-cash impairment of intangible
assets. Operating earnings per
share was 6.5 cents per share.
Despite challenging economic
conditions continuing to impact
the media industry with continued
weaker demand in advertising,
NZME lifted its Operating Revenue
for the year to $345.9 million, up
2% from $340.8 million in 2023.
Cash flow from operations was
$11.3 million, reflecting lower
earnings and a higher capital
spend for the year.
We continue to focus on our digital
transformation strategy, which has
led to digital revenues now making
up 31% of our total revenue.
Our balance sheet remains strong
with net debt in the middle of our
target leverage ratio range.
Key achievements
As New Zealand’s largest multi-
media company NZME continues
to reach nine in every ten Kiwis1,
with large scale audiences
engaging with its brands across
Audio, Publishing and OneRoof.
2.5 million Kiwis2 turn to NZME’s
digital platforms each month
alone, and combined with
our terrestrial audio and print
publications, having an audience
of 3.5 million people2 across
the country is a phenomenal
achievement. Nevertheless, we
are focused on driving further
audience growth as we strive
to reach more people across
different demographics to deliver
growth in share both from an
audience perspective but also
in our share of revenue.
Scalable digital audience
and advertising news platform
Expert journalism that
grows subscriber
lifetime value
High quality and efficient
print business
New Zealand’s
leading news
destination
Create the most
listened to and
loved content
Deliver customer
solutions to grow
revenue shares
Grow podcast
engagement
and monetisation
Number One in Audio
Superior listings 
experience
and performance
Grow
listings 
revenue
Accelerate
non-listings
product revenue
Your essential property platform
We continue to invest in news and
journalism with quality and trust a
top priority, ensuring we are giving
different perspectives on issues and
offering a broad spectrum of opinion.
ANNUAL REPORT 2024 7

STRATEGIC FOCUS
Your Essential
Property Platform
NZME’s OneRoof division’s
strategic priorities are:
• Delivering a superior listings
experience and performance
• Growing listings revenue
•
Accelerating our non-listings
portfolio
OneRoof has been a standout
performer, reporting positive
EBITDA of $2.7 million compared
to an EBITDA loss in 2023.
OneRoof grew listings enquiries
by 32% year on year and overtook
its nearest competitor to become
number one for online web
audience3 for the first time. This
is a remarkable achievement
and demonstrates the continued
strength and potential of OneRoof
and its ability to be your essential
property platform.
Further adding to its continued
growth in digital audience,
OneRoof’s digital revenue has
increased by 51% and now makes
up 61% of OneRoof’s total revenue
– up from 54% in 2023. OneRoof
has also increased its listing
upgrades with 43% of listings
upgraded in Auckland in 2024
– up 2% from 2023, with 24% of
listings upgraded for the rest of
New Zealand (up from 17%).
OneRoof’s print publications have
also performed extremely well,
with print revenue growing by
10% year on year.
We are also focused on other
key opportunities within the real
estate sector including retirement,
rental and commercial property
listings, with plans to grow in these
areas as the real estate market
strengthens in 2025.
OneRoof’s strong growth across
the year, despite the real estate
market recovering at a slower
rate than previously expected,
demonstrates the value agents,
vendors and advertisers are
continuing to see in OneRoof.
The fact OneRoof can enable an
integrated advertising offering
across multiple platforms, thanks
to NZME’s ecosystem of multiple
channels including audio and
publishing, is a strong point
of difference other real estate
platforms cannot offer agents
and vendors.
In November 2024, along with
Tella, we launched a new digital
home loans portal allowing
people to apply for home loans
directly from the OneRoof
website. The portal sees
OneRoof broadening its offering,
meaning Kiwis can now use the
platform to see out their entire
property journey from start to
finish. This helps simplify the
property buying process for
home buyers, homeowners and
investors, providing a quality user
experience and opening the door
to a new era of property purchase
and investment in New Zealand.
Number One in Audio
NZME’s Audio division’s strategic
priorities are:
•
Creating the most listened
to and loved content
• Delivering customer solutions
to grow revenue share
•
G
rowing podcast
engagement and
monetisation
NZME’s digital audio performance
has been particularly strong, with
digital audio revenue reaching
$10.8 million - a 32% increase on
the previous year’s $8.3 million.
Podcasts have continued to be
a key growth driver for NZME
growing revenue by 67% year on
year, while digital radio streaming
revenue has increased by 19%
over the same period.
Broadcast radio revenue
remained flat on last year which
was pleasing given the market
declined slightly year on year.
We are focused on priority radio
brands to grow our share of
audience in the valuable 25-54
age demographic and growing
our revenue share in market.
OneRoof grew listings enquiries by 32% year on year and overtook its nearest
competitor to become number one for online web audience3 for the first time.
OneRoof has been a standout performer,
reporting positive EBITDA of $2.7 million.
1 NZME Reach Study, n=1000 nationally representative (Jan 2024 unduplicated audience across NZME print, digital, radio &
podcasts). 2 Nielsen CMI Q4 23 - Q3 24 Dec 24 Fused AP15+. *Monthly coverage for Daily & Weekend Sun titles, weekly coverage
for Newspaper Inserted Magazines, monthly UA for Digital, weekly reach for Radio (GfK RAM S2 24). Note: Fused data has
potential for duplication. 3 Nielsen Online Ratings December 2024 (desktop, mobile web and domestic traffic only, does not
include exclusive mobile app audience) 4 GfK RAM, S1 2017 - 2024, Total NZ, M-S 12mn-12mn, AP10+, Share % (historical data
available upon request) 5 GfK RAM, S3 2024, Total NZ, M-F 6am-9am, AP10+, Cume.
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

NZME maintained its strong
market position in broadcasting
throughout the year, with
Newstalk ZB continuing to
lead as New Zealand's premier
commercial radio station4.
The company demonstrated
particular strength in breakfast
programming, securing the
country's top two breakfast shows
with Mike Hosking on Newstalk
ZB and the ZM team of Fletch,
Vaughan and Hayley ranking first
and second respectively5.
The company's excellence
in broadcasting was further
recognised at the 2024 New
Zealand Radio and Podcast
Awards, where NZME dominated
the premier category, claiming
seven out of ten awards. Notable
victories included Newstalk
ZB's Network Station of the Year
award, ZM's Fletch, Vaughan and
Hayley securing Network Music
Breakfast Show honours and Tom
Sainsbury's Small Town Scandal
being named Podcast of the Year.
As our digital audio offering
grows, we’ve also looked at ways
to further expand our advertising
opportunities including by
consolidating our streaming and
ad-serving infrastructure. This
has enhanced our advertising
capabilities, enabling more
precise targeting through
improved data analytics and the
integration of first and third party
data across a unified digital audio
inventory.
The strong talent offering we
have at NZME, as well as our
in-house resource, allows us to
differentiate our podcast offering
from our competitors, using
our own talent where possible
and our own studio facilities,
production technology and teams
to ensure podcasting remains a
cost effective, revenue generating
platform now and into the future.
ANNUAL REPORT 2024 9

New Zealand’s Leading
News Destination
NZME’s Publishing division’s
strategic priorities are:
• Scalable digital audience and
advertising news platform
• Expert journalism that grows
subscriber lifetime value
• High quality and efficient
print business
Our digital subscription business
demonstrated resilience in a
challenging market, achieving
notable growth in both
volume and revenue. Digital
subscriptions revenue grew 10%
compared to 2023, to $22.6
million. The introduction of
enhanced paywall functionality
and other capabilities enabled
more sophisticated targeting
and segmentation, driving
subscription volume while
increasing average revenue
per user through strategic
bundle offerings.
2024 was a year of significant
expansion and digital
transformation for our
newsrooms. At the end of
2024, NZME sold or closed 14
of its community newspaper
publications due to the poor
profitability of the network. NZME
strengthened its North Island
presence through the strategic
acquisition of Gisborne Herald
and Sun Media in Bay of Plenty,
expanding our local and regional
journalism footprint.
Our commitment to digital
innovation was further
demonstrated by significant
innovation and modernisation
of our digital ecosystem.
This was highlighted by
the implementation of new
automation technology to auto-
curate and personalise features
on the NZ Herald homepage,
which was further supported by a
comprehensive website redesign.
These improvements have
significantly enhanced audience
engagement and revenue
generation capabilities.
The newsroom underwent a
transformative shift to a truly
digital-first model, supported
by new data tools and a new
editorial automated technology
tool, First Look, to help edit
article copy before it has human
oversight. This has measurably
improved both productivity and
content quality in the newsroom.
Our dedication to excellence in
journalism received international
recognition, with multiple
prestigious accolades including
the International News Media
Award for Best Use of Print for
our Cyclone Gabrielle: Special
Free Edition, the Voyager Media
Award for Newspaper of the Year
awarded to Hawke's Bay Today,
and the IAB NZ Award for Media
Publisher of the Year.
Our digital subscription business
demonstrated resilience in a challenging
market, achieving notable growth in both
volume and revenue.
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

Michael Boggs
Chief Executive Officer
Barbara Chapman
Chairman
Strategic focus areas
With a strong digital transformation
strategy at the heart of our
business, NZME also has three
significant new areas of focus
to drive success.
1. OneRoof value realisation
On
eRoof continues to be a
very strong performer and one
with significant future growth
potential. In order to continue to
accelerate its growth and realise
its full potential in delivering
value for shareholders we have
commenced an independent
strategic review of OneRoof
which would look at a number
of opportunities including:
•
The potential separation of
OneRoof to enable raising
external capital, either
public or private, to surface
its value
•
Lo
oking at potential pathways
to value recognition and
monetisation
• Consolidation opportunities
for OneRoof
• Additional resourcing
and extra capacity
opportunities to accelerate
OneRoof’s growth
A progress update on this
independent review will
be provided at NZME’s half
year results.
2. Governance
– additional specialists
With digital transformation at
the heart of NZME’s overarching
strategy, the NZME Board is
seeking a new member with
experience in digital acceleration
to further complement the vast
experience and skills of the
current Board.
A new OneRoof Board will also
be implemented this year which
will include the appointment of a
property marketplace specialist.
3. Setting a new tone
for New Zealand
NZME will also focus on taking a
l
eadership position to help New
Zealand thrive, using its various
p
latforms including the NZ
Herald to support the reboot and
acceleration of New Zealand’s
e
conomic recovery, sharing
stories of success and building
positive momentum.
This is in line with the company’s
commitment to keeping Kiwis in the
know and connecting communities
by facilitating conversations about
the topics that matter.
Capital Management
The Board and management is
f
ocused on creating shareholder
value and the company is pleased
to have made distributions to
s
hareholders over the past year
of $16.8 million comprising of:
• 20
23 final dividend of
6 cents per share
•
2024 Interim dividend
of 3 cents per share.
Net
debt finished the year at
$24.1 million which was higher
than last year but remains in
the middle of our target leverage
ratio range.
Despite
the difficult t rading
environment and lower profitability
for 2024, the strong capital position
enables NZME to
deliver a final
dividend in line with last year.
We expect lower
capital investment
in 2025. However, we will assess
opportunities that may become
available
to increase earnings
and shareholder value from time
t
o time.
Outlook
The beginning of
2025 has
started well delivering anticipated
advertising revenue growth of
4%
for the first quarter of 2025 after
adjusting for the recent exit
of
community newspapers.
OneRoof has continued its strong
audience performance into 2025
and is delivering year on year
digital revenue growth of 30%
across January and February 2025.
Given the revenue growth to
date and our focus on cost
control, subject to the continuing
improvement in market advertising
demand, we expect to deliver
improved operating results
during 2025.
Conclusion
We are committed to advancing
our market position through
continual innovation, expanding
our offering to enrich audience
experiences, deepening
engagement and enhancing
advertiser value.
Despite market challenges in
2024, NZME's resilient team of
1,200 people from Kaitaia to Bluff
delivered a strong performance
through their unwavering
dedication and adaptability.
Thank you to each and every
one of you for your efforts.
We extend our sincere
appreciation also to the NZME
Board and Executive team for their
strategic guidance throughout the
year. Your deep understanding
of our industry, along with your
innovative approach to addressing
challenges, has strengthened our
position as New Zealand’s top
multi-media company, laying a
solid foundation for future growth.
Of course, NZME’s success stems
from the collective support of
many: our talented team of 1200
people up and down the country,
our engaged audience of
3.5 million Kiwis, our loyal
advertising customers and
agency partners and our
committed shareholders. Thank
you for your continued support.
ANNUAL REPORT 2024 11

Financial Results
NZME has reported a Statutory Net Loss After
Tax for 2024 of $16.0 million, which includes an
impairment of intangible assets of $24 million.
In 2023, the company reported a Net Profit After
Tax of $12.2 million.
Operating EBITDA
1
was $54.2 million in 2024
which was 4% below last year’s $56.2 million.
Operating Revenue
1
was $345.9 million in 2024
which was 2% higher than the 2023 operating
revenue of $340.8 million.
Operating Expenses were 2% higher at $296.0 million,
due to:
•P
eople costs were 1% higher than 2023 with
ad
ditional roles from the Gisborne Herald
and Sun Media publications, and inflationary
pr
essure on salaries and wages, somewhat offset
by imp
roved efficiencies.
•Print and Distribution costs were 2% higher year
on year due to increased delivery costs and
h
igher materials costs due to a larger portion of
the volume being premium quality. Overall print
volumes were similar with increased OneRoof
a
nd third party print volumes, combined with the
addition of the Gisborne Herald and Sun Media
publications, offsetting reduced volumes
across other print publi
cations.
•S
elling and Marketing costs were 9% higher than
2023 relating to higher agency commission as a
result of a higher portion of revenue through the
c
hannel together with increased selling costs
associated with the revenue growth of OneRoof.
•Content costs were 8% higher due to increased
activity and licence costs.
• Th
ird party fulfilment costs were 27% lower as
a result of a significant reduction in the amount
of digital performance marketing sold onto third
party platforms.
Following the company’s annual review of the
carrying value of intangible assets an impairment of
Publishing unit’s intangible assets of $24 million has
been recognised in the income statement.
NZME’s Operating NPAT for 2024 was $12.1 million,
resulting in an operating earnings per share of 6.5 cents,
compared with 7.7 cents in 2023.
Balance Sheet and Cash Flow
Net debt increased by $6.1 million to $24.1 million at
31 December 2024, with lower operating cash flows
and higher capital expenditure, while distributions
to shareholders remained flat.
Net working capital excluding cash increased by
$1.4 million largely as a result of higher receivables
at the end of the year. Lower paper stock inventories
were offset by end of year tax receivable balance
compared to a small payable as at 31 December 2023.
Plant, property and equipment, intangibles
and other non-current assets decreased due to
depreciation and amortisation exceeding capital
expenditure and the impairment charge processed.
Right of Use assets reduced in line with the
reduction in lease liabilities as the term reduces.
Cashflow from operations for the year was
$37.9 million, which is lower than 2023 due
to lower operating earnings, as well as an increase
in non-recurring expenses.
Capital expenditure was $12.7 million, an increase
on 2023 levels with accelerated development of key
digital products for both OneRoof and Publishing.
Financial
commentary
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 2023 and 2024 financial years. Please refer to pages 50 - 51 of the 2024
Full Year Results Presentation for a detailed reconciliation.
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

The OneRoof division includes the OneRoof digital
property platform together with all of NZME’s
dedicated real estate print publications.
Total OneRoof revenue was $27.2 million for 2024,
an increase of 31% year on year. Underpinning this
was 51% growth in digital revenue, significantly
outpacing the real estate market recovery with
new listings growth of 20%, and delivered through
continued gains in listings upgrades, along with
average yield improvements. Print revenue also
benefited from a recovering market, with year on
year growth of 10%.
OneRoof is delivering on its potential, with leading
audience engagement, a proven growth trajectory
and significant opportunity from further market
growth, listings upgrades and yield potential.
OneRoof listings upgrade %
2
New market listings (000's)
1
OneRoof
OneRoof average yield ($)
2
0
100
200
300
400
500
Auckland
Rest of NZ
202220232024
Auckland
-
10%
20%
30%
40%
50%
Rest of NZ
202220232024
110.128
0
20
40
60
80
100
120
140
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1 REINZ and Tony Alexander (NZ economist, www.tonyalexander.nz). 2 NZME Analysis
ANNUAL REPORT 2024 13

Audio
Podcast downloaded hours (million)1
202220232024

15

21

18
Podcast share of digital audio revenue
0.3393780
44
18%
27%
34%
202220232024
The audio division encompasses NZME’s radio
brands, digital audio platform iHeartRadio, and
the NZME Podcast Network which is the leading
podcast net work in New Zealand.
Total audio revenue for the year was $116.6 million,
a 3% improvement on last year with digital audio
revenue increasing by 32% to $10.8 million.
NZME has increased total audio revenue market
share to 44.6% year on year, versus an audience
share of 36.6%. A small reduction in audience
share recently has seen consumers moving
to less ad-accessible channels, yet NZME has
been very successful in driving impact with
market-leading audio personalities and a
powerful omnichannel portfolio.
1 Triton Podcast Metrics NZ January 2022 - December 2024
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

The Publishing division includes NZME’s market
leading digital news and journalism products,
encompassing NZ Herald and BusinessDesk
together with its print publications.
Total publishing revenue for the year was
$203.8 million, which was 3% lower than 2023.
Total reader revenue was flat year on year, with
digital subscription revenue growth of 10%
offsetting lower print subscriber and retail outlet
sales. Digital-only subscriptions increased by
16% to 151,000, contributing to total publishing
subscriptions of 236,000, up from 222,000
at the end of 2023.
Publishing advertising revenue of $106.4 million
was down 4% compared to last year, with print
advertising down 4%, while digital advertising
decreased by 3%. Lower total digital advertising
revenue was driven by a 25% reduction in low
value revenue sold on to third party networks,
with 4% growth in core digital products despite
a challenging market.
Publishing
Digital subscriptions
0
50
100
150
200
0
25
50
75
100
125
Dec 21
Mar 22
Jun 22
Annual $ per subsciber (yield)
# of subscirbers (000s)
Individual subscribersCorporate subscribers
Individual yieldCorporate yield
Sep 22
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Sep 24
Dec 24
Dec 21
225
200
175
150
125
100
75
50
25
-
Mar 22
Jun 22
Sep 22
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Sep 24
Dec 24
Print onlyDigital EntiltedDigital only
Subscriber mix (000's)
ANNUAL REPORT 2024 15

Our
sustainability
commitment
At New Zealand Media and Entertainment (NZME),
we're more than just headlines and broadcasts
– we're an integral part of the daily lives of Kiwis.
Whether it's Mike Hosking's Newstalk ZB Breakfast
Show or the latest breaking story on the New
Zealand Herald, we're committed to getting
the real story to real people. We embrace our
responsibility to support communities, empower
our people, protect the environment, and keep
Kiwis in the know.
2024 marks a turning point in how we're tackling
our environmental impact. We've set refreshed
targets, backed by robust data and practical
actions. You'll find our climate-related disclosures
and progress from page 27.
Every day we connect with more than 3.5 million
New Zealanders across our brands including
NZ Herald, The Hits radio network, our digital
audio platform iHeartRadio and our OneRoof
property platform. Our position as a leading
media organisation demands we deliver balanced,
trustworthy, and entertaining content that
reflects our diverse communities and facilitates
conversations that matter most to Kiwis.
Our workplace culture emphasises innovation,
diversity, inclusion, and engagement. By fostering
a safe and engaging work environment, we nurture
and retain the exceptional talent driving NZME
forward. We're proud that 51% of our leaders are
women and we acknowledge there remains more
work ahead in other areas of diversity.
Climate change isn't just something we report
on – it's a challenge we're actively tackling.
Our company car fleet is now 39% hybrid and
we achieved a 15.1% reduction in our Scope 1
emissions and a 5.4% reduction in our Scope 2
emissions, compared to 2022 (our base year).
By 2032, we are aiming to cut our carbon emissions
across NZME by 50.4% as we commit to being
part of the climate change solution.
NZME's sustainability commitment creates
long-term value for our employees, customers,
audiences, and shareholders while contributing to
a more sustainable future for all New Zealanders.
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
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.
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
Breast Cancer Cure (The Hits Dunedin)
Taking place in the heart of Dunedin, Callum & P from The Hits
walked around the local iconic Octagon for 600 minutes
raising funds for Breast Cancer Cure (BCC) and raised awareness
for more than 600 lives lost each year to the disease in
New Zealand. With a goal to raise $10,000 to assist Breast
Cancer Cure in conducting their research into finding a cure,
Callum & P exceeded expectations and raised $28,000.
CAS E STU DY:
Salvation Army (The Hits Rotorua)
The Hits Rotorua's annual Fill the Bus campaign has been running
for 10 years and 2024 was another huge success with more than
10,500 food donations donated to the Rotorua Salvation Army
foodbank. This event has helped many people over the years
going through hardship - especially at Christmas. The event is
always a highlight of the Rotorua Daily Post’s six-week Christmas
appeal, which hit $100,000
in donations for the first
time this year.
CAS E STU DY:
Tauranga Food Bank (The Hits Tauranga)
The 2024 Bay of Plenty Times Christmas
Appeal was a record-breaker, raising more
than $300,000 in cash and food donations
for the Tauranga Community Foodbank.
It was a combined effort between the
BOP Times, The Hits Tauranga and
Sun Media teams.
CAS E STU DY:
KidsCan
The Hits radio hosts Jono Pryor and
Ben Boyce, along with ‘How to Dad’
Jordan Watson, completed a non-stop,
24-hour handball challenge to raise
money for charity KidsCan. They
exceeded their $350,000 goal,
raising $474,221 for the cause.
ANNUAL REPORT 2024 17

Our
communities
NZME is deeply involved in our communities.
As one of New Zealand’s largest media companies
we 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.
We connect and empower our communities.
CAS E STU DY:
Paralympics New Zealand media partnership
We were proud to partner with Paralympics New Zealand as a media partner for the Paris 2024 Paralympic Games.
Through this partnership, we supported the New Zealand Paralympic team, raising awareness of their athletes’
inspiring journeys. Newstalk ZB and NZ Herald became the official radio and print/digital partners, giving audiences
comprehensive and entertaining coverage of athletes’ campaigns. This collaboration allowed us to highlight the
resilience and achievements of our Kiwi Paralympians, bringing their inspiring stories to all New Zealanders and
raising the team's profile.
Proudly Supported by
18 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 including by opposing
applications for suppression and takedown orders and attempts to prevent access
to court files. In 2024, NZME invested in 17 legal challenges, including opposing
applications for suppression and takedown orders in the High Court, appealing
suppression orders to the Court of Appeal and appearing in an appeal before the
Supreme Court. In addition, NZME’s journalists routinely oppose applications for
orders which attempt to restrain the media’s ability to cover court proceedings.
In 2024, NZME continued with its Open Justice Project, through which NZME
received funding for court reporting through New Zealand On Air’s Public Interest
Journalism Fund.
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
20232024
BSA11
Media Council07
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 are committed to our regional communities through the presence of local
journalists and broadcasters, employing 525 journalists and broadcasters
nationwide.
In 2024 NZME acquired Tauranga’s SunMedia print and digital platforms and the
Gisborne Herald publishing assets, further highlighting its commitment to news
in regional communities.
We increased diversity of content and contributors across our platforms
in 2024 including:
• NZ Herald Talanoa – Voices of the Pacific – promoting greater awareness
and appreciation of Pacific cultures.
• NZ Herald Kahu – comprehensive insights in matters significant to Māori
that foster a deeper understanding of Māori heritage and contemporary
experiences within NZ society.
• M9 - supporting the showcase of unique perspectives in celebration
of events such as Te Matatini, Matariki and Te Wiki o Te Reo Māori.
• Kea Kids News – news made for kids, by kids, hosted on nzherald.co.nz.
• NZME continued its media partnership with Tātaki Auckland Unlimited across
major summer cultural festivals including Lantern Festival and Pasifika.
• In 2024, we launched Korero - a dynamic educational podcast celebrating
the richness and diversity of Māori culture in Aotearoa, presented by a trio of
passionate Māori creatives, including Luke Bird, Marcia Hopa, and Phoenix Ruka.
• Paralympics New Zealand (PNZ) media partnership - “We’ll give you something
to talk about”.
In 2024 we have championed and supported charitable causes,
providing support to:
MusicHelps, KidsCan, Diabetes NZ, Women’s Refuge (Shielded Initiative),
Salvation Army (The Hits Rotorua), Tauranga Food Bank, Breast Cancer Cure,
Kindness Collective Joy Store, A Day in Loo Number Two, The ACC presents
Mindsets with Movember, Daffodil Day.
ANNUAL REPORT 2024 19

CAS E STU DY:
Kōrero Podcast
In 2024, we launched Kōrero
- a dynamic educational podcast
celebrating the richness and
diversity of Māori culture in
Aotearoa, presented by a trio
of passionate Māori creatives,
including Luke Bird, Marcia Hopa,
and Phoenix Ruka.
CAS E STU DY:
Hope is Real
Off the back of two successful
seasons, mental health advocate
and influencer, Jazz Thornton,
returned for a much-anticipated
third season of her Hope Is Real
podcast. The podcast focused on
championing the strength in being
neurodiverse, fostering unfiltered,
open discussions about mental health
issues. NZME is committed to providing
its audience with diverse content, which
can also serve as beneficial resources
for communities.
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
Rural Communities - Celebrating 30 Years of The Country
A moment of Kiwi broadcasting history as NZME’s flagship rural radio show
The Country with Jamie Mackay celebrated 30 years on air. Broadcasting
across several NZME radio stations including Newstalk ZB, GOLD SPORT,
Hokonui, and digital audio platform iHeartRadio, The Country has become
a must-listen for farmers nationwide. Mackay was awarded an Officer
of the New Zealand Order of Merit for his services to broadcasting
and the rural community in this year’s King’s Birthday Honours.
CAS E STU DY:
Daffodil Day
NZME teamed up with ANZ on Daffodil Day in August
to host a special live broadcast event led by ZM
and iHeartRadio, featuring star-studded live music
performances, special guest appearances and epic
fundraising activity for the Cancer Society as part of
the country’s first ever live Donation Station.
CAS E STU DY:
A Day in Loo Number 2
For the second year, the
team at Radio Hauraki raised
awareness and funds for
Bowel Cancer Awareness
Month in June with a 12-hour-
long, live broadcast dubbed
‘Day in Loo Number Two’.
The broadcast included
live performances by
several Kiwi musicians and
interviews with well-known
New Zealanders.
ANNUAL REPORT 2024 21

Our
people
NZME is committed to being an employer of
choice. In 2024 we finished the year with an
Employee Net Promoter Score within the top 5%
percent of consumer media businesses globally.
Through the work of NZME’s Diversity and Inclusion
pou (pillars), NZME continues to deliver a calendar
of events and initiatives to foster inclusion.
Key activity in 2024 included introducing Executive
sponsors for each of the five pou - Tangata Whenua
and Pasifika, Cultural Diversity, Gender Equality,
Rainbow Diversity, Mental Health, Wellbeing,
Lifestages and Neurodiversity, as well as refreshing
our pou membership and purpose.
We maintained our Rainbow Tick accreditation for
2024, awarded to organisations that are making
their workplace a safe environment for everyone,
regardless of sexual orientation. We also launched
neurodiversity guidelines to help our neurodiverse
team members understand the support structures
available to them and equip our leaders with
essential information on creating neurodiverse-
friendly working environments.
We provide a workplace that fosters
innovation, engagement, and inclusion.
FULL TIME
75%
PART TIME
10%
CASUAL
12%
CONTRACTOR
3%
Contract type
4554
20%
5564
16%
<24
10%
3544
24%
65+
6%
2534
24%
Age group
22 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)
Middle Eastern / Latin American / African
ChineseEuropean
Indian
Māori
UndeclaredOther Ethnicity
Other Asian
Pacific Peoples
67%8%9%
5%3%
3%3%
2%
1%
Ethnicity
55%
45%
51%
49%
25%
75%
60%
40%
FM
People
Leaders
Executive
Board
Sta
Gender / level
CAS E STU DY:
Katie Macdiarmid appointed to
Chief Information Officer
In September 2024, NZME appointed Katie Macdiarmid
as Chief Information Officer. Katie has more than
25 years of experience in digital and technology
roles across multiple industries including media
and telecommunications in the United Kingdom
and New Zealand. She has completed an MBA
with distinction, and a thesis on how disruptive
technologies can transform industries. She has
been at NZME since 2017 and held the role of GM
Digital Products at NZME for the past four years,
leading NZME’s digital product and development
teams and operating model.
CAS E STU DY:
The front page podcast
appoints Chelsea Daniels
as new host
The Front Page appointed former
Newstalk ZB news director,
Chelsea Daniels, as its new
host and senior reporter. The
Front Page is the New Zealand
Herald’s daily news podcast,
delivering insightful analysis on
the most significant news stories
each weekday. Daniels brings
many years of broadcasting
experience, having covered
some of the country’s most
significant news stories over
the past decade. She started
her broadcasting career at CTV
in Christchurch, later moving
to senior reporter and news
director roles for Newstalk ZB
in Auckland.
ANNUAL REPORT 2024 23

Continued
Our people
InitiativeProgress
Promoting a healthy, diverse and
safe workplace
We are committed to embedding a
high performing health and safety
culture, regularly reporting on our
performance, and implementing
the recommendations from an
independent health and safety
audit. We strive for a collaborative
and welcoming place to work that
celebrates diversity. We adopt and
strengthen policies for the promotion
of gender equality.
Additional focus was given to enhancing health and safety communication and
engagement across the business to ensure health, safety, and wellbeing objectives
were on par with commercial objectives. This positively influenced our health and
wellbeing engagement survey results, achieving an eNPS score of +24, a 2-point
increase compared to the previous survey conducted in 2022 and we are committed
to continual improvement in this area.
Additionally, engagement with contractors is underway regarding the introduction
of a new online pre-qualification process incorporating sustainability assessments
alongside health and safety criteria.
Each of our Diversity and Inclusion pou delivered a calendar of events and
initiatives in 2024 including:
• Lunar/Chinese New Year celebrations
• International Women’s Day
• New Zealand Sign Language Week
• Pink Shirt Day
• International Day against Transphobia and Homophobia
• Matariki celebrations
• Te Wiki o te Reo Māori (Māori language week)
• NZ Mental Health Week awareness
• NZME Wellness Week
• Diwali celebrations.
NZME supports initiatives that reduce the gender pay gap and eliminate gender
inequities across the business. Relevant data points are closely monitored across
the business to hold leaders accountable and ensure continued progress with
diversity, inclusion and reducing inequities.
We are striving for diversity at Board, Executive and People Leader levels.
In 2024, for gender, we have at Board level F60%:M40% (2023: F60%:M40%),
at Executive level F25%:M75% (2023: F43%:M57%) and for our People Leaders
F51%:M49% (2023: F48%:M52%).
At Board level for ethnicity, all members identify as European (2023: all members
identified as European) and at Executive level 12.5% identifying as Chinese and
87.5% as European (2023: 14% identifying as Chinese and 86% as European), and
for our People Leaders we have 8.1% (2023: 85.3%) European, 8.1% (2023: 7.8%)
Māori, 4.9% (2023: 3.5%) Indian, Chinese 0.9% (2023: 1.3%) and 3.0%
(2023: 2.1%) identifying as other ethnicities.
NZME supports flexible working for diverse needs and/or
shared responsibility in the household.
CAS E STU DY:
Madison Reidy makes 2024 Forbes 30 under 30 Asia list
NZ Herald business journalist, Madison Reidy, was the sole New Zealander to
make the media category in the Forbes 30 Under 30 Asia List 2024. Reidy was
nominated for the media, marketing and advertising category which honours the
brightest young entrepreneurs and leaders. Reidy joined NZME in 2022 and hosts
NZ Herald’s investment video show and podcast Markets with Madison. The twice-
weekly show garnered more than 2 million views in 2024.
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
BusinessDesk announces appointment of Victoria Young as editor
Victoria Young was appointed editor of BusinessDesk in March 2024.
With a professional career spanning New Zealand, Singapore, and
London, Victoria Young has been with BusinessDesk since 2019,
initially as a senior reporter before taking on the role of investigations
editor in 2022. She has been instrumental in BusinessDesk growing
as New Zealand’s premium business news brand.
InitiativeProgress
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.
In 2024, NZME made significant strides in empowering our workforce through
strategic AI adoption and comprehensive training initiatives. We've democratised
access to AI tools across the organisation, providing all staff with essential
resources like Co-Pilot Browsing Assistant, while implementing specialised AI
solutions across key departments including sound production, commercial
content, marketing, editorial, and engineering teams. Through structured training
programs and our AI Hub's continuous evaluation of technology partners, we've
observed improvements in productivity and output quality, with successful
graduates from the Section AI-MBA program leading our transformation across
multiple value streams.
In 2024, journalists in NZME's newsroom collectively completed a total of
240 hours of health, safety and security training. This included a particular
emphasis on Broadcasting Standards Authority (BSA) training in response
to updated codes. The training was made widely accessible to all staff.
Our commercial team rolled out a comprehensive training and development
programme to uplift the capability of our sales managers and media specialists.
This programme identified the core competencies needed for success, provided
tailored learning solutions to help our people grow and learn and offered
ongoing coaching for our sales leaders.
Refer to page 48 for our Awards list celebrating the talent and commitment
of our people.
CAS E STU DY:
Sarah Catran appointed as head of digital audio
Sarah Catran, who won Gold at the 2022 IAB Awards for Digital
Audio Sales Excellence, has close to 25 years of media industry
experience in New Zealand and the United Kingdom and
has been with NZME since 2005, working in commercial
and content roles across its radio, print and digital
divisions. In her most recent role as GM Podcast
Commercial and Partnerships she was responsible
for leading NZME’s audience-centric approach
to advertising across its highly successful
podcast network. She was appointed as
Head of Digital Audio in May 2024.
ANNUAL REPORT 2024 25

Our
environment
NZME is committed to operating sustainably
and to minimising our environmental footprint,
transitioning to a low carbon, climate resilient
future. In 2023, NZME commenced reporting
through the new climate-related disclosure
framework as prepared by the External Reporting
Board (XRB) and our full disclosure can be found
on pages 27 - 46.
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.
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.
We accelerate awareness and drive
meaningful action on environmental issues.
CAS E STU DY:
Toitu Certification
NZME’s print operations in Ellerslie,
Auckland were awarded the Toitu
Enviromark Gold certification. NZME
has attained gold level certification
since 2011.
CAS E STU DY:
Liam Patterns Newsprint Supply
New Zealand fashion house, Ruby, utilises end-of-roll newsprint
from The New Zealand Herald print plant for patterns for their
clothing ranges. Ruby uses around 50 – 60 metres from each
newsprint roll to create 18 – 20 Liam patterns.
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

INTRODUCTION
As one of New Zealand's largest media
companies, we have a unique opportunity to
shape public awareness and drive informed
discussions on climate-related issues. Our
responsibility goes beyond delivering the news
—it includes actively enhancing understanding
of climate change, championing sustainable
practices, and inspiring positive action through
our own examples.
Our role in supporting New Zealand's transition
to a low carbon economy focuses on reducing
and mitigating our impact, addressing our
climate risks and opportunities, and
accelerating Kiwi awareness and engagement
on environmental issues.
NZME is a climate-reporting entity under the
Financial Markets Conduct Act 2013. Our second
Climate related disclosures on pages 27 - 46
cover our progress between 1 January 2024 and
31 December 2024 and comply with the Aotearoa
New Zealand Climate Standards issued by the
External Reporting Board (XRB). All figures and
commentary relate to the full year ended
31 December 2024, unless otherwise indicated.
In preparing its climate-related disclosure,
NZME has elected to use the following adoption
provisions:
• Adoption provision 2: Anticipated financial
impacts – While NZME’s process for prioritising
anticipated climate-related risks and opportunities
this year was guided by financial quantification
methods and financial materiality, significant
uncertainty remains in estimating potential
financial impacts. This uncertainty primarily
arises from the assumptions underpinning
each scenario, which influence the scope and
quantification of potential climate impacts. With
further guidance expected from the External
Reporting Board (XRB) for New Zealand climate
reporting entities (CREs), NZME anticipates
conducting a comprehensive financial
quantification of climate risks and opportunities
in 2025, leveraging methods that ensure
consistency and comparability across CREs.
• Adoption provision 4 and 5: Scope 3 GHG
emissions and comparatives – our scope 3
emissions will be reported in our third climate
disclosure, next year.
• Adoption provision 8: Scope 3 GHG emissions
assurance – we will obtain assurance over
our scope 3 emissions in our third climate
disclosure, next year.
Climate related
disclosures
Climate resilience
ANNUAL REPORT 2024 27

Important note
Our climate-related disclosure contains
statements that are based on data, methodologies,
assessments and judgements that are subject
to significant uncertainty, limitations and
assumptions, and which may change. While
NZME has sought to provide accurate information
in respect of the reporting period ended 31
December 2024, we caution reliance being
placed on information in this report, which may
be necessarily less reliable than NZME’s other
public reporting. The climate related data and
other inputs we have used (including from third
parties and our supply chain) may be incomplete,
inconsistent, unreliable or unavailable, and we may
have needed to rely on assumptions, estimates or
proxies instead. Similarly, climate modelling and
scenarios are emerging methodologies that rely
on significant assumptions and judgements and
may not reliably predict future events.
Our climate-related disclosure also contains
forward-looking statements, including with
respect to climate related scenarios, impacts,
targets and ambitions, forecasts and projections,
as well as NZME’s business plans and operations,
future operating environment and market
conditions, which may not eventuate as predicted.
The risks and opportunities described here may
not eventuate or may be more or less significant
than anticipated. There are many factors that
could cause NZME’s actual results, performance or
achievement of climate-related metrics (including
targets) to differ materially from that described,
including economic and technological viability,
as well as climatic, government, consumer, and
market factors outside of NZME’s control.
We similarly caution reliance being placed
on forward-looking statements, which are
necessarily subject to significant risk, uncertainty
and assumptions. We have based our statements
and opinions on reasonable information known to
us at the time of publication, but this information
may change including for reasons beyond NZME’s
control.
While we do not undertake to revise or update
our climate-related disclosure in future, as
the quality and completeness of inputs and
information improves, and our organisational
strategy evolves, we reserve the right to do
so. This note should be read with the specific
limitations, dependencies, uncertainties set
out below, in particular page 42. NZME gives no
representation, guarantee, warranty or assurance
that actual outcomes or performance will occur in
line with forward-looking statements, and, to the
maximum extent permitted by law, NZME does not
accept any liability for any loss arising from use
of, or reliance on, information contained in this
climate disclosure. Nothing in this climate-related
disclosure should be interpreted as capital growth,
earnings or any other legal, financial, tax or other
advice or guidance. For detailed information on
our financial performance, please refer to our
financial statements on pages 70 - 119.
For and on behalf of the Board of Directors.
Barbara Chapman Carol Campbell
Chairman Director


Date: 25 February 2025
Continued
Climate related disclosures
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

Board oversight
NZME's Board of five independent Directors
is responsible for oversight of climate-related
risks and opportunities. Climate-related risks
and 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 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 opportunities,
including climate-related risks and opportunities,
across the business and how those risks and
opportunities shape NZME’s strategy and impact
the setting and achievement of its strategic
priorities.
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 governance,
including on climate-related issues.
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 2024, 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 has included climate change into its skills
matrix. 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.
NZME’S 2024 climate metrics and targets include
its Scope 1 and 2 emissions and associated
targets. These were signed off by the Board in
2023 and emissions progress has been monitored
as part of the Board risk review process.
Governance
ANNUAL REPORT 2024 29

Management’s role
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 Climate-
related Disclosure Working Group (“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
programme and strategic implementation.
Climate-related responsibilities have been
assigned to management level positions that
have accountability for identifying, managing,
and reporting climate-related issues. The
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, Chief People Officer and the Health,
Safety & Compliance Manager; with assistance
from 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.
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. The CFO engages with
the Board and/or 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.
Performance Review
The Chairman meets annually with directors of
the Company to discuss their performances.
The Board reviews its performance as a whole,
and the performance of its committees, on an
annual basis. The Board may choose to use
external facilitators, where appropriate, to assist
with reviewing the performance of directors, the
Board and its Committees.
STRATEGY
Current physical and transition climate impacts
In 2024 NZME only encountered one climate
transition risk – the impact of legislative reporting
requirements in accordance with the Aotearoa
New Zealand Climate Standards. The costs
incurred were quantified at between NZ$0.3
million – $0.4 million which included the direct
costs associated with the use of external
consultants/expertise and independent assurance
of Scope 1 and 2 greenhouse gas emissions,
and indirect costs associated with internal time
and resource. The costs incurred aligns with the
anticipated financial impact of enterprise risks
identified as having a ‘minor’ consequence or
above on NZME’s revenue (<NZ$0.5 million),
outlined in our Risk Management Framework.
No material physical impacts have occurred
in the reporting period.
Scenario analysis
Methodologies and assumptions
In 2024 the CRD Working Group engaged Oxygen
Consulting to support our scenario analysis.
We reviewed and refreshed the three climate
scenarios developed in 2023, to build in
more entity-specific drivers and conditions.
The foundation of these scenarios utilise 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. New Zealand and industry-specific
reference data was overlayed to these scenarios,
to develop detailed narratives and parameters
to evaluate our climate-related risks and
opportunities in 2024 (Figures 1 -3).
Continued
Climate related disclosures
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

The scenarios 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); Extreme weather (New Zealand
Climate Projections, NZ Government); GDP,
Population growth, Urbanisation, and Technology
(Shared Socio-economic Pathways, IPCC 6th
Assessment report); Regulatory/Policy (Shared
Climate Policy Assumptions for New Zealand
(SPANZ); Transportation (NZ Transport Sector
Scenarios); Consumer sentiment (NZ Retail
Sector Scenarios).
We conducted three scenario analysis workshops,
reviewing our material risks and opportunities
identified in 2023 under the refreshed 2024
scenarios, and sought to quantify the financial
impact as a basis to determining our most material
risks and opportunities in 2024. The CRD Working
Group met three times following these workshops,
to finalise the risks and opportunities identified,
test the resilience of our strategy and discuss the
management response in place or required to
address risks or harness opportunities.
Figure 1: Overview of NZME’s 2024 climate scenarios
Aotearoa NZ and the world
gradually become more
sustainable, emphasising
environmental respect and
social support. Improved global
management, investment in
education and healthcare, and
a focus on well-being lead to
reduced inequality and more
efficient resource use.
Global warming is kept well
below 2°C by the end of the
century.
Aotearoa NZ and the world follow
existing trends, with uneven
progress across countries.
Efforts toward Sustainable
Development Goals advance
slowly, and while environmental
degradation continues, there are
some improvements. Resource
use becomes less intense, and
the global population grows
moderately before leveling off.
Income inequality persists with
gradual improvements.
By the end of the century, global
warming reaches about 3°C,
worsening environmental and
social challenges.
Competitive markets and
innovation drive rapid
technological progress. Global
markets become more Integrated,
and significant investments boost
health, education, and Institutions.
Economic growth continues with
heavy fossil fuel use and resource-
Intensive lifestyles. The global
economy expands rapidly while
the population peaks and then
declines.
Local environmental Issues
are managed, but by the end
of the century, global warming
reaches around 4°C, leading to
severe environmental and social
challenges.
Carbon Insensitive
Ref: SSP5-8.5
Status Quo

Ref: SSP2-4.5
Deep Decarbonisation

Ref: SSP1-2.6
We reviewed and refreshed the three
climate scenarios developed in 2023,
to build in more entity-specific drivers
and conditions.
ANNUAL REPORT 2024 31

Figure 2: NZME’s 2024 Scenario parameters – global and New Zealand context
Deep Decarbonisation
Reference scenario: SSP1-2.6
Status Quo
Reference scenario: SSP2-4.5
Carbon Insensitive

Reference scenario: SSP5-8.5
Global Issues
Warming by 21001.3 - 2.40C2.1 - 3.50C1.3 - 2.40C
Extreme weather events
Moderate frequency,
decreasing over time
Increase in frequency and
severity throughout the
century
Significant increase in frequency
and severity, especially by the
end of the century
Population by 2100
6.96bn 9.03bn 7.38bn
Urbanisation at 2100
92%
78%
93%
Technological changeModerate to fastModerateFast
Aotearoa NZ Trends
Average warming by 2099
1.450C3.270C4.70C
Number of very hot days
>300C per year to 2099
6.66.81 7.7
Heavy rainfall (99th
percentile) per annum
15.8%14.4%22.2%
Climate policyStringent migration, targeting
Net Zero 2050; adaptation
focused on strategic transition
in land use and urban design
NZ lags in global migration,
adopting weak targets.
Adaptation is piecemeal,
reactive and economically
motivated
Limited migration or transition
focus. Short term economic
interests drive adaptation,
neglecting vulnerable groups
Transportation
Consumer sentimentRapid reorientation towards
sustainable lifestyles, focus
on wellbeing and conscious
consumption
Current consumption trends
continue, adoption of more
sustainable lifestylesby
successive generations
Consumer sentiment mostly
focused on economic growth,
convenience & consumption
Continued
Climate related disclosures
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

Figure 3: NZME’s 2024 entity-specific scenario narratives
Rapid integration of sustainability
into NZME’s operations.
Short Term
(1-3 Years)
Medium Term
(4-10 Years)
Long Term
(11-30 Years)
Very
Long Term
(31-70 Years)
Demand for content focused on
sustainability and climate transition
issues increases.
Enhanced business continuity measures
for climate resilience established across the media
industry.
Investment in digital infrastructure and platforms.
Advanced AI and data analytics personalises content,
catering to audience interest in sustainability.
New revenue streams through diversification into
innovative media formats and content partnerships
focused on sustainability.
Implementation of activities to improve
climate resilience of media infrastructure
to withstand extreme weather.
NZME plays a crucial role in New Zealand’s
sustainability dialogues, influencing policy
and public behaviour through its
platforms.
NZME’s media infrastructure is increasingly resilient
and well adapted, allowing it to maintain operations
even during climate-related disruptions.
While crisis reporting remains important, the
focus shifts towards long-term climate trends and
sustainability achievements, reflecting global
progress.
Deep Decarbonisation
Short Term
(1-3 Years)
Medium Term
(4-10 Years)
Long Term
(11-30 Years)
Very
Long Term
(31-70 Years)
Short Term
(1-3 Years)
Medium Term
(4-10 Years)
Long Term
(11-30 Years)
Very
Long Term
(31-70 Years)
The global climate stabilises, with
low-moderate frequency of extreme
weather events, and the NZME’s media
infrastructure is fully resilient.
Organisations including NZME, face
the challenge of balancing commercial
interests with social responsibility as
moderate increases in extreme weather
events begin to impact operations.
Financial constraints limit the scope of mitigation
e‚orts and investment in infrastructure resilience.
New regulations on climate disclosure and content
accuracy require investment in compliance systems
and additional advisory support.
The digital transition trend and content platform
preferences are disjointed, making it challenging
for NZME to develop a long-term strategy for the
evolution of its content platforms.
Extreme weather event frequency increases,
causing more frequent operational disruption
a‚ecting transmission and distribution and
causing supply chain disruption.
While there is moderate progress on
sustainability, crisis reporting, particularly
during extreme weather events, becomes
a critical service.
Extreme weather events become more frequent
and severe, leading to increased vulnerabilities in
media transmission and digital infrastructure, and
media companies struggle to maintain consistent
coverage.
E‚orts to adapt are hampered by inconsistent
progress in global climate action, resulting in
periodic service failures during disasters.
In an uncertain world, the media industry’s
focus shifts to maintaining market position
rather than driving transformational change,
with limited new opportunities for growth.
NZME experiences rapid growth driven
by economic expansion and
technological innovation.
Digital platforms dominate, while print media faces
disruptions due to supply chain issues and extreme
weather.
There is high demand for real-time coverage of
extreme weather events, but media infrastructure
struggles to handle spikes demand during crisis.
Audiences become increasingly
fragmented, with content tailored to
reinforce their worldviews. Sensationalised
reporting becomes more common, driving
engagement but also increasing skepticism.
Increasing technological innovation, utilising
AI, VR, and other cutting-edge technologies
is used to deliver media content.
Severe climate impacts
and extreme inequality.
Supply chain disruptions becoming more common,
a‚ecting both print and digital operations.
Regulatory pressures mount as governments seek
to curb misinformation and enforce stricter content
accuracy standards.
As catastrophic weather events become more
frequent and severe, media infrastructure faces
significant challenges. E‚orts to adapt are
reactive and insu‚icient, leading to frequent
disruptions in service.
The global climate stabilises, with low-moderate
frequency of extreme weather events,
and the NZME’s media infrastructure is
fully resilient.
Status Quo
Carbon Intensive
ANNUAL REPORT 2024 33