Additional Information in relation to previous disclosures

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

16 May 2025
Additional Information in relation to previous disclosures

AUCKLAND, 16 May 2025: NZME Limited (NZX and ASX: NZM) (NZME or the Company) refers to its
announcement on 31 March 2025 which advised a change of date of the Annual Shareholders’ Meeting to
3 June 2025 and provided a Shareholder Update presentation. The Shareholders Update included
information which compared NZME’s shareholder returns over certain periods to other listed companies.

Page 3 of the Shareholder Update included a 5 year and 1 year Total Shareholder Return (TSR) which was
shown as a compound annual growth rate (CAGR). TSR is a metric which calculates the return to
shareholders over time based on the change in share price during the period considered and the dividends
received during the period considered. The result can be impacted by significant share price movements at
the start or end of the period considered.

The purpose of the comparison was to highlight the performance of NZME compared to NZX and ASX listed
peer companies during the tenure of the current Board. This meant that 5 years was selected as the most
relevant calculation period, together with the most recent 1 year time period. The end date for those time
periods, of 28 March 2025, was the date the information was prepared.

With Covid uncertainty impacting share prices at the beginning of 2020, the media market has been subject
to increased disruption and volatility over the period from 2020 to 2025. NZME considers that providing
further details of NZME’s performance during this 5 year period will assist shareholders in assessing its
performance. The table below includes the TSR CAGR for 2 years, 3 years and 4 years in addition to the 1
year and 5 year periods set out in the Shareholder Update.
Total Shareholder Return CAGR (relevant periods ending 28 March 2025)
1

1 Year 2 Year 3 Year 4 Year 5 Year
NZME 45.2% 16.3% (1.0%) 18.7% 51.7%
Nine Entertainment (4.2%) (6.2%) (14.3%) (10.0%) 16.0%
Seven West (18.4%) (38.1%) (38.4%) (24.2%) 15.0%
Sky TV (8.1%) 3.6% 8.1% 18.3% 16.9%
2
ARN Media (28.6%) (21.0%) (26.6%) (18.4%) (6.7%)
Southern Cross Media (30.9%) (12.4%) (24.7% (21.6%) (7.6%)
REA 23.5% 30.9% 20.6% 14.0% 27.0%
CAR (8.4%) 24.1% 21.3% 19.9% 26.6%
Seek (9.4%) (0.5%) (6.6%) (3.8%) 11.5%
Domain 34.7%
3
15.5% 4.7% 1.6% 19.7%
3

NZX50 1.5% 2.2% 1.0% (0.1%) 5.2%

1
The market data as per Factset as at 28 March 2025.
2
Sky TV’s total Shareholder Return CAGR numbers for the 5 year period has been corrected for a previous data error which has since been
identified.
3
Domain’s total Shareholder Return CAGR numbers for the 1 year and 5 year periods have been corrected for a previous data error which
has since been identified.

The table below sets out NZME’s share price performance over the same 5 year period, together with the
share price performance of the same NZX and ASX listed peer companies over that period.

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

16 May 2025
Share price performance (period ending 28 March 2025)
1


1 year 2 year 3 year 4 year 5 year
NZME 34% 13% (28%) 39% 462%
NZX50 (1%) (2%) (6%) (12%) 12%
Seven West (18%) (62%) (77%) (67%) 101%
ARN media (31%) (45%) (68%) (65%) (44%)
Nine Entertainment (10%) (21%) (47%) (47%) 64%
Southern Cross Media (31%) (26%) (63%) (69%) (44%)
Seek (11%) (4%) (23%) (21%) 60%
REA 22% 68% 70% 62% 215%
Domain 32% 28% 9% (1%) 129%
CAR (10%) 48% 67% 89% 190%
SKT (15%) (7%) (12%) 37% 53%
1
The market data as per Factset as at 28 March 2025

Page 3 of the Shareholder Update also included performance commentary for certain unlisted peers of
NZME, and did not provide details of NZME’s comparable performance at those points in time. Accordingly,
the performance commentary included in the Shareholder Update was not directly comparable to the wider
comparison of NZME’s performance against listed peers which was drawn over a different time period and
used TSR CAGR data.

Page 4 of the Shareholder Update included a summary of NZME’s cash returns to shareholders over the
last four financial years, and the free cash flow that supported those returns, together with the net debt and
leverage metrics as at the end of each of the last four financial years (NZME’s financial year end is 31
December). Leverage is a point in time metric and has no direct relationship to TSR. As set out above, 5
year and 1 year Total Shareholder Return is shown as a Compound Annual Growth Rate (CAGR).

NZME wishes to clarify that:
• the TSR on page 3 of the Shareholder Presentation was to 28 March 2025 (as referred to in footnote
(1) on page 3 of the Shareholder Presentation) and therefore the TSR included NZMEs interim and
final FY24 dividend;

• the leverage metric on page 4 of the Shareholder Presentation was calculated as at 31 December
(being NZME’s financial year end) and therefore included the interim FY24 dividend but excluded the
final FY24 dividend given the timing of when NZME’s dividends are declared and paid.

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