Annual Shareholders' Meeting Presentation and Addresses

NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

3 June 2025




2025 Annual Shareholders’ Meeting Presentation and Addresses


AUCKLAND, 3 June 2025: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) attaches the
Chairman of the Meeting and Chief Executive Officer’s addresses and presentation to be
delivered at the Annual Shareholders’ Meeting today. The meeting is being held in the NZME
iHeart Lounge at 2 Graham Street, Auckland and online, commencing at 2:00pm (NZT).

ENDS

Authorised by the NZME Board.

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

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
CHAIRMAN’S ADDRESS: BARBARA CHAPMAN

Kia ora, hello everyone and welcome to New Zealand Media and Entertainment’s Annual
Shareholders’ Meeting 2025.

My name is Barbara Chapman, and I am the Chairman of the NZME Board.

At the outset I’d like to thank our shareholders for your forbearance as we worked though the
matters that caused us to delay this year’s ASM. As you will be aware, in the lead up to the
original Meeting date the Company received a number of shareholder proposals and director
nominations, some of which were amended over a short period of time. In the interests of enabling
all shareholders to properly consider these proposals and nominations, we made the decision to
delay the meeting to today.

So, thank you for your patience and a very warm welcome to many of our valued shareholders who
are joining us here in person today, and to those who are joining us online through our virtual
platform provided by our share registrar, MUFG Pension and Market Services.

Shareholders here in person can vote in the room today, and shareholders can also vote and ask
questions online. If those who are joining us online would like to submit questions, please do so as
soon as you can to allow us to answer them at the appropriate time during the meeting. You can do
this by clicking ‘ask a question’ within the online platform, selecting the item of business, typing
your question and click ‘submit’. We will also open the floor to questions from shareholders joining
us here in person.

I will provide you with further instructions on questions as we come to that part of the meeting. For
those shareholders joining us online, if you have any issues, please refer to the virtual annual
meeting online portal guide or you can phone the helpline on 0800 200 200 or +64 9 967 7751 if
calling from overseas.

Agenda

The purpose of this meeting is to cover the Company’s performance over the financial year ending
December 2024, share some progress on our strategy and initiatives, and provide a trading
update. Further on in the meeting we will address the required governance matters through voting
on four formal resolutions, and then we will open up to general business.

Today I’m going to firstly share some high-level financial results from NZME’s 2024 financial year
before speaking about our strategic priorities and three recent initiatives which further support our
strategy.

I’d also like to share some highlights about how the business has evolved over the past five years,
the high levels of engagement in our team, and touch on our strong capital management
performance despite the economic challenges that have impacted the wider media industry both
globally and locally.

Michael Boggs will then cover the financial results in more detail and speak about the progress we
are making on our three-year strategy, as well as providing an outlook on the remainder of the
year.

After that, as mentioned earlier, we will proceed to voting on the resolutions as set out in the Notice
of Meeting you will have received. We are proceeding on the basis that these have been read.
Sussan Turner, Steven Joyce and James Grenon will be speaking to their nominations, and you
will be able to ask them questions at that time.

And then finally, we will turn to the General Business section of the meeting. Shareholders and
proxy holders will be able to ask further questions when we get to that point.

Voting on all resolutions will be conducted by way of a poll.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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NZME Board members
I would now like to introduce you to our NZME Board members, all of whom are here today. We
have:

• Carol Campbell

• Sussan Turner

• And Guy Horrocks

I would also like to introduce:

• Michael Boggs, Chief Executive Officer

• Genevieve O’Halloran, General Counsel and Company Secretary

I would like to welcome Steven Joyce who the NZME Board is collectively supporting to join the
Board as a new Director and as our proposed new Chairman. If elected to the Board by
shareholders the directors intend to hold a Board meeting immediately after this ASM to appoint
Steven as Chairman.

I also welcome director nominee Jim Grenon, who the Board is also collectively supporting to join
the Board as a new Director.

NZME’s Executive team is also here today, along with our legal advisors, Bell Gully, and our
auditors, PwC.

The Company Secretary has confirmed to me that the Notice of Meeting has been sent to
shareholders and other persons entitled to receive it. I have also been advised that we have a
quorum present. On that basis, I formally declare the meeting open.

Proxies have been appointed for the purposes of this meeting in respect of approximately
111,954,913 shares, representing 59.58% of the total number of shares on issue.

My fellow directors and I intend to vote all discretionary proxies we have received in favour of the
Resolutions as set out in the Notice of Meeting.

The Financial Statements for the 12 months to 31 December 2024, together with the Auditor’s
Report, are set out in the Company’s Annual Report, which has previously been distributed to
shareholders, and we will address any questions on the Financial Statements in the General
Business section at the end of this meeting.

There will be a recording of today’s meeting made available on our website following the
conclusion of the meeting.

Three strategic priorities

Despite the tough environment, NZME continues to make progress on our 2023 three-year
strategic priorities, which are:

• For OneRoof to be your essential property platform.
• For NZME to be number one in audio.
• And to be New Zealand’s Leading News Destination.

Media is about audiences – how we reach them, engage them, and monetise them. Within that
context NZME’s strategic focus has digital transformation at its heart, and over the past year we
have continued to innovate and invest in digital products, enhancing customer experiences, putting
our audiences first and leveraging emerging technologies to grow our competitive advantage. This
gives us a solid foundation for future growth.

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

But while digital audiences and revenue continue to grow in importance, our print and terrestrial
radio platforms remain hugely valuable for both our audiences and advertisers. Our integrated
approach, which sees our digital and traditional channels complement each other, means we can
leverage the strengths of all our platforms to provide the best possible offering to our diverse
audiences and advertisers across the country, despite continued challenges across the media
industry.

2024 performance

NZME made good progress on our strategic transformation in the 2024 financial year.

Pleasingly, operating revenue increased by 2 percent to $345.9 million from the prior year. This
was a good outcome given the challenges facing the advertising market in New Zealand.

NZME’s Operating Net Profit After Tax (NPAT) was $12.1 million. However, we reported a
Statutory Net Loss after Tax of $16 million due to a non-cash impairment adjustment of $24 million,
being the write down of masthead assets.

Operating Earnings Per Share (EPS) were 6.5 cents per share.

Operating free cash flow of $11.3 million reflected lower earnings and higher capital expenditure in
comparison to 2023.

$16.8 million was distributed to shareholders during the year.

The Board declared a fully imputed final dividend of 6.0 cents per share, consistent with the year
prior, which was paid to shareholders on 31 March.

Michael will provide further information on the financial results and an update on the outlook in his
address.

Recent areas of focus

In February we announced three new initiatives:

The first was OneRoof value realisation. OneRoof continues to be a very strong performer with
significant future growth potential and NZME is committed to continuing to accelerate its growth.
We have commenced an independent strategic review of the OneRoof business, which will look at
a number of opportunities to realise its full potential in delivering value for shareholders and an
update will be provided at NZME’s half year results.

The second was in relation to recruiting additional specialists from a governance perspective. As
well as the NZME Board supporting the nominations of Steven Joyce and Jim Grenon today, it is
also proposed that Mr Bowen Pan, a technology and marketplace expert, will be appointed as a
director by the Board after this meeting. An editorial advisory board will also be established to
assist and advise the editorial team.

And our third new initiative has focused on setting a new tone for New Zealand and our newsroom
team across the country has done a fantastic job with the “On the Up” editorial campaign, using the
power of journalism to showcase people, organisations and businesses achieving great things or
overcoming the odds. This, coupled with the very recent launch of our “Herald Now” breakfast
show hosted by Ryan Bridge, will bring new audiences and opportunities for NZME in the future.

The business has evolved

I’d now like to move on to some key highlights across NZME over the past five years which
demonstrate just how much the business has evolved, despite challenging economic conditions.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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Firstly, NZME reaches nine in every 10 Kiwis across our audio, publishing and digital platforms – a
phenomenal number of people. Through our digital transformation strategy, we are continuing to
focus on innovating, adapting quickly to changing audience preferences and offering new products
to expand on that reach.

OneRoof continues to go from strength to strength, delivering significant year-on-year growth, with
digital revenues increasing by an average of more than 40% per year over the last five years.

NZME remains in the top 10% of media companies globally for employee engagement through our
Employee Net Promoter score. This metric assesses employee job satisfaction and how likely it
would be for a staff member to recommend NZME as a place to work.

Finally, disciplined capital management has enabled us to reduce net debt by more than $50
million since 2019 whilst also returning over $80 million to shareholders in that time.

This has all been delivered against the backdrop of a global pandemic, pressure on operating
costs, a high-interest rate environment, and a slow economic recovery leading to challenges for
businesses and consumers. I’m proud of what has been achieved to ensure NZME can continue to
evolve and is well positioned for future growth.

Closing remarks

In closing, NZME maintains a well-defined strategic direction prioritising digital transformation and
forward-thinking initiatives, ensuring the company is positioned for long-term success.

I’m highly confident that the business is in a strong position and will be able to take advantage of
improvements as industry conditions stabilise.

To our valued shareholders, on behalf of our Board thank you for your continued investment in our
vision.

I want to acknowledge our Board members for their exceptional contributions and steadfast
dedication. Thank you all for your support of me as Chair, and I wish the new board well. I would
also like to thank David Gibson for his tenure and contribution to the NZME Board.

Michael Boggs, NZME’s executive leadership team, and the whole NZME team across the country
- thank you for everything you bring, every day, and for your determination to keep Kiwis in the
know.

And lastly, to our clients, business partners and audiences throughout New Zealand, thank you for
your ongoing engagement and support of NZME.

I'll now invite Michael to present his Chief Executive's address.

Michael, over to you.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
6
CHIEF EXECUTIVE OFFICER’S ADDRESS: Michael Boggs

Thank you, Barbara and good afternoon, everyone. 
 
Thank you to those joining us today, whether it is here in person at our NZME Auckland Central
office or online. 

Results summary

Overall, despite the challenges across the market, NZME continued to make good progress
towards our strategic targets.

Operating Revenue improved by 2 percent year on year driven by strong digital advertising
revenue growth for our OneRoof and Audio businesses.

One of the key highlights for the year was the 51% growth in OneRoof’s digital revenue year on
year. This certainly demonstrates the strong potential for growth of our real estate business, and
we are focused on realising the full potential of that business. We expect to provide a further
update for shareholders at our half year results.

Operating EBITDA for 2024 was $54.2 million which was lower than the prior year reflecting a
challenging operating environment particular during both the second and third quarters of the year.

As Barbara mentioned, we reported a Statutory Net Loss After Tax of $16 million. This included a
non-cash impairment adjustment of $24 million to the value of non-amortising intangible assets.
These intangible assets primarily represent the values ascribed to masthead assets at a time when
the earning potential of mastheads was much greater.

Our operating free cash flow reflects lower earnings and a higher capital spend for the year.

Net debt is in the middle of the target leverage range at $24.1 million.

The ongoing challenges across our industry led to a number of organisations in the media industry
making large scale changes last year or, in some cases, closing parts of their operations. NZME
responded to these challenges with the closure of its community newspaper products and a
number of staffing reductions across the business. We remain focused on growing overall
revenues while minimising costs. 

Attracting New Zealand audiences like no other

NZME offers a unique portfolio of platforms and brands which attract Kiwi audiences like no other,
reaching 9 out of every 10 Kiwis via our OneRoof, Audio and Publishing platforms.

This slide highlights the significant audiences reached across the country via each of our
platforms.

The audiences from the traditional platforms of print and terrestrial radio are shown at the top
number for each box with the digital audiences shown in the lower half of each box.

NZME’s overall audience reach across New Zealand is 3.5 million people.

Digital transformation continues

NZME’s digital transformation strategy continues to result in a changing mix of revenue across our
different business units, which you can see in this slide.

With 2.5 million Kiwis engaging with NZME’s digital platforms, digital revenue has grown to $103
million. Digital revenue now represents 31% of NZME’s total advertising revenue, more than
double the portion of digital revenue in 2019.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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We are focused on delivering digital growth across each of our three strategic pillars of OneRoof,
Audio and Publishing.

Importantly, these charts also highlight the strength of traditional media such as our print and
broadcast radio channels, and the huge financial contribution they continue to make across our
business.

Our digital first strategy is focused on continuing our market leading digital transformation in order
to deliver value to our shareholders.

Let’s now turn to each of our business divisions.

OneRoof

Firstly, OneRoof where our strategic focus is on it being your essential property platform.

Here you can see our three priorities within the OneRoof business – to have superior listings
experience and performance, to grow listings revenue and to accelerate OneRoof’s non-listings
portfolio.

OneRoof’s listings performance has continued to improve. Strong audience growth enabled us to
deliver a 32% increase in listing enquires year on year.

The majority of OneRoof digital revenue is generated by listings being upgraded on the OneRoof
property portal. During the year we saw a 44 percent increase in the number of listings being
upgraded versus the prior year.

We are also focused on accelerating OneRoof’s non-listings revenue portfolio. This portfolio
includes sponsorship and general advertising revenues. This has seen our digital advertising
revenue up by 60 percent.

The strength of the OneRoof platform, and its overall performance, saw OneRoof deliver an
EBITDA improvement of $4 million over the year prior. This was in line with our strategy to deliver
profitability in the OneRoof business during 2024.

Audio

Now moving on to our Audio division, which includes our many radio stations, our digital audio
platform iHeartRadio and our leading podcast network.

Our strategic focus is to be number one in audio.
 
We want to create the most listened to and loved content across all our audio brands. For more
than 17 years, our Newstalk ZB station has been the number one commercial radio station. It,
along with our ZM music station attract the most breakfast listeners in the country.

NZME has a wide portfolio of brands and talent. We leverage these to deliver customer solutions
and to drive brand engagement. Our integrated digital and broadcast campaigns across our
portfolio grew by 11% year on year.

We are also focused on growing podcast engagement and monetisation. Our podcast revenue
increased by 67 percent year on year and is a key driver of our digital audio revenue growth. We
see significant further potential across our digital and podcast networks.

Publishing

Now we will move on to our Publishing division, which has a strategic focus to be New Zealand’s
leading news destination.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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We are focused on having a scalable digital audience and advertising news platform. Pleasingly,
based on Nielsen’s ratings, The New Zealand Herald was New Zealand’s most visited news app
last year. We are continuing to improve the functionality and experience of the app.

Expert journalism is at the heart of growing subscriber lifetime value, and I am pleased to say our
digital subscriptions continued to grow last year. They increased by 16% year on year in what has
been a difficult environment for our subscribers.

Our print products are valuable and we must maintain a high quality and efficient print business.
Pleasingly, The New Zealand Herald is ranked the number one newspaper every day of the week.

The business of journalism

To maximise audiences and overall profitability, we must balance free and premium stories across
the New Zealand Herald platforms.

In 2024 our top ten free stories delivered 5.2 million page views. This important but free audience
delivered 59 percent, or $36 million of our New Zealand Herald digital advertising revenue.

This compares to our top ten premium stories which achieved a smaller 800 thousand page views.
Our premium subscribers generated 41 percent, or $25 million of New Zealand Herald’s digital
subscriptions and advertising revenue.

Looking ahead

Let me now provide some context around how we’re viewing the trading environment and provide a
trading update.

Unfortunately the market remains volatile and economic commentators have softened their outlook
from what was expected earlier in the year.

On the left hand side you can see business confidence trended upwards in the second half of
2024, but is now reversing that trend, including a recent drop of 12 points in May’s ANZ Business
Outlook survey, which was released last week. Consumer confidence remains subdued and also
fell 5 points.

On the right, the consumer price index rose to 2.5 percent during the first three months of 2025
with businesses and households expecting higher price increases than had previously been
anticipated. Despite this, underlying inflation continues to fall.

House prices are expected to recover through this coming year. But again, this recovery is later
than predicted even as recently as back in February this year.

Pleasingly, the economy is showing signs of recovery and lower interest rates are supporting
overall economic activity. However, the market is not improving as much as we originally expected
– it remains volatile and therefore we are taking a cautious yet optimistic approach.

Trading update

The first four months of 2025 have delivered a higher Operating EBITDA than 2024.

A number of cost reduction initiatives have been completed in the first half of this year and are
expected to deliver annualised savings of $12 million.

These cost reduction initiatives include the $4 million previously announced relating to our
refreshed newsroom operating model.

However, the restructuring costs relating to these cost reduction initiatives are not reflected in our
2025 year to date Operating EBITDA figure.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
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While the market outlook remains uncertain, the first four months of trading combined with our cost
savings initiatives see us well placed to deliver improved operating results for 2025.

Closing remarks

In closing, I want to say a big thank you on behalf of myself and the Executive team to our
dedicated team throughout NZME.

Despite the challenges for our industry, our team has remained unwavering in executing our
strategic vision, which has led to several encouraging results.

We have maintained a strong competitive position relative to our media industry peers in what
continues to be a very competitive environment.

A big thanks also to our shareholders for your continued confidence in NZME and our audiences
and advertising customers who consistently choose our platforms and services.

My sincere thanks also to the NZME Board for their guidance and support throughout this period.

I would also take the time to thank our outgoing Chair, Barbara Chapman. Barbara has been a
huge support to me in her time at NZME and I have greatly appreciated her leadership, wisdom,
strategic insight and unwavering confidence in our business.

She has guided our organisation through some challenging times. Her collaborative approach and
trusted counsel have been significant.

On behalf of everyone at NZME, Barbara, thank you for everything you have done for NZME.

Thanks everyone. I look forward to answering any questions shareholders may have during the
general business portion of today's meeting and to chatting with you all at the conclusion of the
meeting.

I will now hand you back to Barbara.

---

1
NZME Annual Shareholders’ Meeting.
3 June 2025

2
Barbara
Chapman.
Chairman

3
Agenda.
1. Chairman’s Address
2. Chief Executive Officer’s Address
3. Ordinary Resolutions
Resolution 1: Re-election of Director:
Sussan Turner
Resolution 2: Appointment of new NZME Director:
Steven Joyce
Resolution 3: Appointment of new NZME Director:
James (Jim) Grenon
Resolution 4: Auditor’s Remuneration
4. General Business

4
Barbara
Chapman
Chairman
Carol
Campbell
Independent
Director
Sussan
Turner
Independent
Director
Guy
Horrocks
Independent
Director
Board members.

5
Create the most listened to and
loved content
Deliver customer solutions to grow
revenue share
Grow podcast engagement and
monetisation
Your essential property
platform
Three strategic priorities.
Number one in audio.
New Zealand’s leading
news destination
Superior listings
experience and performance
Grow listingsrevenue
Accelerate non-listings
portfolio
Scalable digital audience and
advertising News platform
Expert journalism that grows
subscriber lifetime value
High quality and efficient print
business

6
2024 performance.
$345.9m
Operating Revenue
1
2023 $340.8m
6.5cps
Operating EPS
1
2023 7.7cps
$11.3m
Operating free cash flow
2023 $17.3m
6.0cps
Final dividend
Paid 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.
$12.1m
Operating NPAT
1
2023 $14.1m

7
Recent areas of focus.
OneRoof value realisation
Governance
- additional specialists
Setting a new tone
for New Zealand

8
The Business has evolved.
Record audiences
Product innovation
with digital at the
core
OneRoof continues
to build
momentum
Disciplined capital
management
Global leader in
employee
engagement
Strong shareholder
returns

9
Barbara
Chapman.
Chairman

10
Michael Boggs.
Chief Executive Officer

11
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
Operating free cash
flow
2023 $17.3m
$24.1m
Net debt
2023 $18.0m
6.0cps
Final dividend
Paid 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.
•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.
•Operating free cash flow reflects lower earnings and a
higher capital spend for the year.
•Net debt is in the middle of the target range.

12
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
Attracting New Zealand audiences like no other.
NZME reached 9 out of 10 Kiwis
5
1.Nielsen CMI Q3 23 – Q4 24 December 24 Fused A P15+ (Publishing Pri nt = weekly pri nt excl uding Rea l E st ate. O neRoof Print = Rea l Estat e sections).
2.Nielsen O nl ine Ra tings Decem ber 2024 (desktop and dom estic t raffic only , does not include exclusive mobile a pp audience).
3.GfK Comm RAM, S3/24, T otal NZ, Cum e, M-S 12mn-12m n, A P10+ (unless ot herwise st ated).
4.Adswizz Ja n-Sep 2024 & Trit on Metr ics NZ Nov-Dec 2024, avera ge m ont hl y reach. (O ctober figures una va ilable due to tr ansition to Tri ton).
5.NZME Reach S tudy , n=1000 na tional ly representa tive AP18+ (Ja n 2024 unduplica ted a udience a cross NZ ME pr int, dig ital , ra dio & podca sts).

13
$287m
$50m
2019
$229m
$95m
2023
$226m
$103m
2024
Digital transformation continues.
2.5 million Kiwis turn to NZME’s digital platforms each month
1

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

14
OneRoof
Your essential property platform.

15
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

16
Audio
Number one in audio.

17
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-9a m, 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 across NZME’s portfolio
grew 11% year-on-year
Podcast revenue has increased by
67% year-on-year and
is a key driver of digital audio growth

18
Publishing
New Zealand’s leading news destination.

19
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).
New Zealand’s leading news destination.
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

20
Source: NZME analysis. NZ Herald online revenue and article data. Subscriber revenues includes subscriptions and advertising.
2024 Top 10 Premium Stories: 800k page views
2024 Top 10 Free Stories: 5.2 million 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

21
Looking ahead.

22
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.Westpac Bank forecasts.
The market remains volatile with commentators softening their
outlook since earlier in the year.
(2.0%)
-
2.0%
4.0%
6.0%
8.0%
10.0%
Mar-24Jun-24Sep-2 4Dec-24Mar-25Jun-25Sep-2 5Dec-25
ActualFeb forecastMay forecast
REINZ house price index (HPI)
2
(80.0)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
May-21
Jul-21
Sep-2 1
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-2 2
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-2 3
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-2 4
Nov-24
Jan-25
Mar-25
May-25
Business confidenceConsumer c onfidence
Business and Consumer Confidence
1
-
1.0%
2.0%
3.0%
4.0%
5.0%
Mar-24Jun-24Sep-2 4Dec-24Mar-25Jun-25Sep-2 5Dec-25
ActualFeb forecastMay forecast
Consumers price index (CPI)
2

23
1.EBITDA is a non-GAAP measure and excludes exceptional items.
Trading update.
•The first four months of 2025 has delivered a higher Operating EBITDA
1
than 2024.
•Cost reduction initiatives completed in the first half of 2025 will deliver annualised savings of $12 million. These
initiatives include the $4 million previously announced relating to our refreshed newsroom operating model.
•Restructuring costs relating to these improvement initiatives are not reflected in 2025 YTD Operating EBITDA
1
.
•While the market outlook remains uncertain, the first four months of trading combined with cost savings initiatives
sees us well placed to deliver improved operating results for 2025.

24
Michael Boggs.
Chief Executive Officer

25
Barbara
Chapman.
Chairman

26
Ordinary
resolutions.

27
Ordinary resolution 1.
Re-election of Director
To consider and, if thought fit, to pass the following ordinary
resolution:
Sussan Turner
That Sussan Turner, who retires by rotation and is eligible for
re-election, be re-elected as a Director of NZME Limited.

28
Ordinary resolution 2.
Appointment of new NZME Director:
Steven Joyce
To consider and, if thought fit, to pass the following ordinary
resolution:
Steven Joyce
That Steven Joyce be appointed as a Director of NZME Limited,
with effect from conclusion of the Annual Shareholders’
Meeting.
This resolution relates to a director nomination proposed by a shareholder, Mr
Stephen Donoghue-Cox, following NZME’s call for nomination of Directors on 31
March 2025.

29
Ordinary resolution 3.
Appointment of new NZME Director:
James (Jim) Grenon
To consider and, if thought fit, to pass the following ordinary
resolution:
James (Jim) Grenon
That James (Jim) Grenon be appointed as a Director of NZME
Limited, with effect from conclusion of the Annual
Shareholders’ Meeting.
This resolution relates to a Director nomination proposed by a shareholder, JTG 4
Limited (JTG), following NZME’s call for nomination of Directors on 31 March
2025.

30
Ordinary resolution 4.
Auditor's remuneration
To consider and, if thought fit, to pass the following ordinary
resolution:
Auditor's remuneration
That the Directors of NZME Limited be authorised to fix the
fees and expenses of the auditor for the financial year ending
31 December 2025.

31
General
business.

32

33
Disclaimer.
The information in this presentation is of a general nature and does not constitute
financial product advice, investment advice, legal, financial, tax or any other
recommendation or advice. This presentation constitutes summary information only, and
you should not rely on it in isolation from the full detail set out in NZME’s Consolidated
Financial Statements for the year ended 31 December 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
Committee’s (IFRIC’s) agenda decision on configuration and customisation costs in
relation to Software as a Service (SaaS) arrangements in 2021. Operating results as stated
throughout this presentation refer to results including the adjustments for the adoption
of NZ IFRS 16, and prior to exceptional items. 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.