NZME 2025 Half Year Results

NZME 2025 Half Year Results

Please refer to the following documents in relation to the NZME Half Year Results to 30 June 2025:

1. NZME 2025 Half Year Results NZX Form
2. NZME 2025 Half Year Results Announcement
3. NZME 2025 Half Year Results Investor Presentation
4. NZME 2025 Consolidated Interim Financial Statements
5. Distribution Notice - NZX Form

Chief Executive Officer Michael Boggs, and Chief Financial Officer David Mackrell, will discuss the HY25
results by webcast at 10.00am New Zealand time today.

The webcast will be available later today at www.nzme.co.nz/investor-relations/webcasts

To register to attend please CLICK HERE

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information:

For Investors For Media
David Mackrell
Chief Financial Officer
T: +64 21 311 911
Email: david.mackrell@nzme.co.nz
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz

MARKET ANNOUNCEMENT
26 August 2025
FOR IMMEDIATE RELEASE
NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
1

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)




Results for announcement to the market
Name of issuer NZME Limited
Reporting Period 6 months to 30 June 2025
Previous Reporting Period 6 months to 30 June 2024
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$165,940

(3.1%)

Total Revenue $165,940 (3.1%)
Net profit/(loss) from
continuing operations
$(393) (120.8%)

Total net profit/(loss) $(393) (120.8%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 12 September 2025
Dividend Payment Date 24 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.17) $(0.12)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX results announcement commentary, the
2025 Consolidated Interim Financial Statements and the 2025
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 August 2025

Consolidated interim financial statements reviewed in accordance with New Zealand Standard
on Review Engagements 2410: Review of Financial Statements Performed by the Independent
Auditor of the Entity 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 August 2025



NZME announces 2025 Half Year Results

AUCKLAND, 26 August 2025: NZME Limited (NZX and ASX: NZM) (NZME) has today announced its
financial results for the half year ended 30 June 2025, reporting Operating Revenue
1
of $165.7 million – down
three percent from the previous corresponding period, in part because of the closure of the company’s
community newspaper network in December last year. Operating EBITDA
1
was $23.9 million for the half, an
increase of nearly 12 percent over the same period last year.

The Group reported a Statutory Net Loss After Tax of $0.4 million after $5.2 million of non-recurring costs.
The majority of these were one off costs associated with restructuring across the business as well as legal
and consulting costs associated with the Annual Shareholders’ Meeting in June 2025, which was significantly
more complex than in other years.

Michael Boggs, NZME Chief Executive Officer says: “Despite New Zealand’s slower than expected economic
recovery and the flow on impacts of that on the market, NZME has performed well with our underlying
operating performance
1
increasing by 12 percent.

“Some one off costs impacted our overall reported profit. However, NZME’s Operating Net Profit After Tax
1

was 22 percent higher than 2024, which was pleasing given the slower market recovery. We have already
seen strong performance at the start of the second half of the year, with overall advertising revenue for July
up 2 percent year on year and improved profitability.”

Key highlights:
• OneRoof delivered an EBITDA
2
improvement of $0.6 million compared to the same period last year.
• OneRoof outperformed the market with a 16% growth in residential listings revenue compared with the
1% growth in Real Estate Industry NZ’s (REINZ) market listings.
• Overall revenue in the Audio division grew from $56.4 million to $57.1 million compared to the first half of
2024. Digital revenue grew by 6% over the same period with growth expected to lift further in the second
half of the year.
• NZME’s podcast revenue increased from $1.5 million to $1.7 million and the share of digital audio revenue
obtained from podcasts also grew by 3% to 32%.
• Subscriptions across NZME’s Publishing division continued to grow with a 5% year on year increase,
supported by sustained uptake in digital subscriptions.
• Free cash flow was $2.2 million - a $2.9 million improvement on the first half of 2024.
• Net debt of $33.3 million at the end of June is $9.2 million higher than the start of the year as a result of
payment of the 2024 final dividend in March.
• Net debt remains within the target leverage range and was $3.3 million higher than the end of June 2024.

Areas of focus

Complementary to its three-year digital transformation, NZME is currently focused on three key areas:

1) OneRoof value realisation
NZME launched a strategic review to accelerate OneRoof’s growth and realise its full potential in delivering
value for shareholders. The review has highlighted the significant value creation opportunity of the OneRoof
business. The new Board is focused in the short-term on growing OneRoof organically, while keeping strategic
opportunities under constant review.

2) Governance – additional specialists
NZME also undertook to recruit additional specialists from a governance perspective. As well as the election
of Steven Joyce and Jim Grenon at NZME’s 2025 Annual Shareholders’ Meeting, technology and marketplace
expert Bowen Pan was subsequently appointed as a Director by the Board.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
Additionally, the Board has now established an Editorial Advisory Board to provide advice, support and
constructive challenge to the NZME editorial team on matters of editorial policy and direction. The Editorial
Advisory Board does not have executive or decision-making powers but will provide independent counsel to
the Chief Content Officer and the NZME Board on editorial standards, audience development and digital
transformation initiatives.

The Editorial Advisory Board members are:
• Miriyana Alexander (Chair) - former Head of Premium at the NZ Herald who has held roles as Editor of
the Weekend Herald and Herald on Sunday. She has also previously been Chair of the New Zealand
Media Freedom Committee and was a winner of the prestigious Cambridge University Wolfson Press
Fellowship.
• Philip Crump - lawyer and governance leader with more than 25 years of international experience in
leveraged finance, debt restructuring, and private equity. Current member of Waitangi Tribunal and NZ
on Air Board.
• Josie Pagani - CEO of Childfund New Zealand, international and political commentator and columnist.
• Brent Webling – former Chief Sub-Editor at The Dominion, The Sunday Times and The Dominion Post.
Former Parliamentary and Ministerial Press Secretary. Current Director of WeblingMedia Ltd.

Furthermore, to support the growth and acceleration of OneRoof, the Board has also formalised the
establishment of a OneRoof Advisory Board reporting to the main Board and chaired by NZME Board Director
Bowen Pan.

3) Adapting to the difficult market conditions

The difficult economic environment continues, with business confidence showing signs of recovery but with
consumer confidence continuing to fluctuate. With market commentators advising economic improvement is
now expected to occur in 2026, NZME is adjusting its cost base to preserve profitability, while it works on
lifting market share to benefit from the eventual market upswing.

Capital management

The final 2024 dividend of 6 cents per share was paid on 31 March 2025. Net debt at 30 June 2025 was $33.3
million which was seasonally higher than the $24.1 million at 31 December 2024. The leverage ratio of 0.9 at
the end of the half remains within the target range of 0.5 to 1.0 times rolling 12 month EBITDA (pre NZ IFRS
16)
3
.

In June 2025 the company’s bank loan facilities were extended to 31 August 2028, increasing the total facilities
limit to $60.0 million.

The Board has declared a fully imputed interim dividend for the 2025 year of 3.0 cents per share which is
payable on 24 September 2025.

Outlook

Despite the market recovery continuing to be slow, economists remain optimistic there will be improvements
in the year ahead.

Big brands, represented by media agencies, are investing in building their brand profiles, which is of benefit
to NZME as they seek cross platform advertising opportunities. However, small to medium businesses are
still challenged. As the economic environment improves, we expect their marketing investment to increase.

NZME has made annualised cost reductions of $12.0 million during the half, $2.0 million of which was
recognised in the second quarter of the year. The full impact will be seen in the second half of 2025 and into
2026.

NZME has seen strong performance in advertising revenue in July 2025 – up 2% year on year (adjusting for
the closure of our community newspaper network) and improved operating profit year on year.

Steven Joyce, NZME Board Chair says: “The Board is focused on improving shareholder value through short-
term profitability improvements, OneRoof’s growth strategy, continuation of the company’s digital acceleration
programme and improving the overall experience for NZME’s audiences.”

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
3

Based on current performance, without allowing for significant economic improvements, NZME expects to
deliver Operating EBITDA
2
for the full year in the range of $57.0 million to $59.0 million. Under the Company’s
dividend policy
3
, this level of EBITDA would enable a full year dividend similar to the 2024 year (3c interim
plus 6c final), subject to a Board decision at the time.

Conclusion

Michael Boggs says: “Despite challenging economic conditions, our team has delivered pleasing results and
I’d like to thank them for their continued commitment to strive for further growth and improvement in the second
half of the year.

“Thanks also to the 3.5 million New Zealanders
4
who connect with NZME via our platforms and to our
shareholders for their ongoing support of our strategic vision and ongoing transformation journey,” says
Boggs.

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, excludes non-
recurring expenses to allow for a like for like comparison between 2024 and 2025 financial years. Please refer to pages
40-41 of the results presentation for a detailed reconciliation.
2. Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
3. NZME Dividend Policy: https://www.nzme.co.nz/investor-relations/dividends
4. Nielsen CMI Q2 24 – Q1 25 June 25 Fused AP15+. Monthly coverage for Daily, Sunday & Weekend Sun titles, weekly
coverage for Newspaper Inserted Magazines, monthly UA for Digital, weekly reach for Radio (GfK RAM S1 25). Note:
Fused data has potential for duplication.

---

For the half year ended 30 June 2025
NZME Interim results.

Agenda.
Update on areas of focus3
Results summary4
Trading environment and market
performance
6
2025 half year financial results8
Divisional performance15
Outlook35
Q&A38
Supplementary information39
Ryan Bridge – Host, Herald NOW and NewstalkZB

Update on areas of focus.
1
OneRoof value realisation
Governance – additional specialists
Adapting to the difficult market conditions
•External review highlights significant value
creation opportunity
•New Board to assess growth and acceleration
opportunities
•Board changes
•Appointment of marketplace specialist
•Editorial Advisory Board implemented
•Review of strategy underway
•Market recovery remains slow and uneven
•Adjusting cost base to preserve profitability
•Focus on lifting market share to benefit from
eventual upswing
2
3

Results summary.
For the half year ended 30 June 2025
$23.9m
Operating EBITDA
1
H1 2024 $21.4m
3.0cps
Interim dividend
Payable on 24 Sep
2025
$165.7m
Operating revenue
1
H1 2024 $171.0m
($0.4m)
Statutory NPAT
H1 2024 $1.9m
1.8cps
Operating EPS
1
H1 2024 1.5cps
Operating EBITDA for the half 12% higher than last
year.
•Operating revenue lower due to the closure of
several community publications in December 2024
and reduced resold low margin digital advertising
revenue.
•Statutory net loss after tax of $0.4 million includes
$5.2 million of non-recurring expenses relating
primarily to significant cost out restructuring and
legal and consulting costs in relation to the annual
shareholders meeting.
•Free cash flow was $2.2 million which was $2.9
million better than the first half of 2024.
•Net debt of $33.3 million remains within the
targeted leverage range.
$2.2m
Free cash flow
H1 2024 ($0.7m)
$33.3m
Net debt
H1 2024 $30.0m
$3.4m
Operating NPAT
1
H1 2024 $2.8m
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, excludes non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.

Operating revenue lower with closure of
community publications
•OneRoof digital revenue continues to grow
although lower print revenue partially offset this in
the half.
•Audio advertising revenue grew 1%.
•Programmatic was lower due to a weaker market.
•Reduced activity on low-margin third-party digital
performance marketing revenue.
•Print advertising was lower due to the closure of
several community publications with minimal
contribution.
•Reader revenue was lower with print subscriber
revenue decline outpacing the increase in digital
subscriber revenue. Print subscribers were 10%
lower partially offset by a 4% yield increase.
Operating revenue movements.
For the half year ended 30 June 2025
Net revenue impact of
closing community
publications and acquiring
Sun Media and Gisborne
Herald publishing assets.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, excludes non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.
171.0
1.7
(0.4)
(1.0)
0.3
0.4
(1.0)
(0.8)
(0.5)
(2.8)
0.5
(1.8)
165.7
Operating revenue movements ($ million)

1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.Westpac Bank forecasts at 28 July 2025..
Delayed economic recovery, hampered by
persistent inflation risks and global uncertainty.
(80.0)
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Business confidenceConsumer confidence
Business and Consumer Confidence
1
-
1.0%
2.0%
3.0%
4.0%
5.0%
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25
ActualFeb forecastJuly forecast
Consumers price index (CPI)
2
(2.0%)
-
2.0%
4.0%
6.0%
8.0%
10.0%
Mar-24Jun-24Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25
ActualFeb forecastJuly forecast
REINZ house price index (HPI)
2
Our cautious optimism in recent periods has not yet played out.
Market commentators now expect improvement from 2026. We have
reshaped the business and cost structure given the delayed recovery.

1.NZME Reach Study n=1001 nationally representative June 2025 (unduplicated audience across NZME print, digital, radio & podcasts).
2.Nielsen CMI Q2 24 – Q1 25 May 25 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
3.Nielsen Online Ratings June 2025 (desktop and domestic traffic only, does not include exclusive mobile app audience).
4.GfK Comm RAM, S1/25, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
5.NZ Triton Webcast Metrics Jan-Jun 2025, average monthly reach (NZ based listening).
Attracting audiences like no other, underpinning
digital revenue streams.
OneRoof audience
Audio audience
Publishing audience
+22%
OneRoof digital
listing revenue
+16%
OneRoof other
digital revenue
+6%
Digital audio
revenue
+14%
Podcast
revenue
+4%
Digital subscription
revenue
-9%
Digital advertising
revenue

2025 half year
financial results.

Improved Audio and Digital publishing are key
drivers of improvement
•Audio performance improved through revenue
growth of 1% and cost reduction of 3%.
•Digital publishing margin has improved by
reducing low margin activity and cost reductions to
achieve a 9% lower cost base.
•OneRoof grew digital revenue by 22% but this was
offset by lower print revenue.
1.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Operating results summary chart
21.4
0.6
(0.4)
2.1
1.2
(0.5)
(0.4)
23.9
Operating EBITDA (incl. NZ IFRS16)
1
movements ($ million)
For the half year ended 30 June 2025

Improved operating result on lower revenue
•Advertising revenue 3% lower with closure of
Communities at the end of December the key
driver.
•Operating costs 5% lower resulting in EBITDA 12%
better than the last year.
•Depreciation and amortisation was higher with
capital spend in recent years being shorter life
technology related spend.
•Operating NPAT was 22% higher than the first half
of 2024.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, excludes non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
Operating results
1
.
$ million
H1 2025H1 2024% change
2
Reader revenue39.2 40.5 (3%)
Advertising revenue116.3 120.3 (3%)
Other revenue8.1 7.5 8%
Operating revenue163.5 168.3 (3%)
Other income2.1 2.7 (23%)
Operating revenue and other income165.7 171.0 (3%)
Operating expenses(141.8) (149.6) 5%
Operating EBITDA23.9 21.4 12%
Depreciation and amortisation on owned assets(9.5) (8.5) (12%)
Depreciation on leased assets(6.2) (5.5) (12%)
Interest income0.2 0.29%
Finance cost(3.6) (3.7) 4%
Operating NPBT4.9 4.0 24%
Taxation expense(1.5) (1.2) (29%)
Operating NPAT3.4 2.8 22%
Operating earnings per share (cents)1.8 1.5 21%
For the half year ended 30 June 2025

Lower cost base
•Exit of community newspapers in December 2024.
•Lower third-party fulfilment costs reduced
performance marketing revenue.
•Reduced legal and other costs.
•Implemented initiatives including reshaping the
newsroom to deliver annualised costs savings of
$12 million with $2 million recognised in the
second quarter. The full impact of these cost
reductions will be seen in the second half.
•Non-recurring expenses primarily relate to the
major restructuring in the half, particularly
regarding the newsroom changes together with
legal and consulting costs in relation to the annual
shareholders meeting.
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
Expenses.
For the half year ended 30 June 2025
$ million
H1 2025H1 2024% change
1
People
70.8 73.8 4%
Print and distribution
23.8 25.7 7%
Selling and marketing
20.0 20.2 1%
Content
10.0 10.1 2%
Property
4.0 4.4 9%
Third party fulfilment
1.7 2.7 39%
Technology and communications
5.7 5.7 (0%)
Other expenses
5.7 6.9 17%
Total operating expenses
141.8 149.6 5%
Total non-recurring expenses
5.2 0.9 -

Net debt of $33.3m remains within target leverage
range
•Net debt is seasonally $9.2 million higher than
December and $3.3 million higher than June 2024
with main driver being the payment of the final
2024 dividend in March 2025 and the large first half
non-recurring expenditure.
•Net working capital is $0.6 million higher than
December 2024 due to a higher tax receivable
balance and $1.7 million lower than June 2024.
1.Net debt / 12-month operating EBITDA (pre NZ IFRS 16). EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Balance sheet.
As at 30 June 2025
$ million
30 June
2025
31 December
2024
Trade and other receivables
40.9 41.5
Inventories
2.8 2.5
Trade and other payables
(44.9) (44.7)
Current tax receivable
3.6 2.5
Net working capital excluding cash
2.4 1.8
Property, plant and equipment, intangibles and
other non-current assets
133.4 137.1
Right-of-use assets (NZ IFRS16)
52.2
54.7
Lease liabilities (NZ IFRS16)
(76.4) (79.8)
Finance lease receivable (NZ IFRS16)
3.3 3.6
Net debt
(33.3) (24.1)
Deferred tax
8.2
8.1
Net assets
89.8 101.3
Leverage ratio
1
0.90.7

Improved free cash flow
•Free cash flow stronger due to improved operating
earnings with higher non-recurring expenses offset
by lower tax paid.
•The “other” movement in free cash flow for 2024
relates to a tax obligation arising on the issue of
shares under a long-term incentive.
•Capital expenditure was lower than the first half of
last year. Full year capital expenditure is expected
to be between $10 million and $11 million.
•Final dividend of 6 cents per share paid in March.
Cash flows.
For the half year ended 30 June 2025
$ million
H1 2025H1 2024
Operating EBITDA
1
23.9 21.4
Interest paid on bank facilities
(1.1) (1.3)
Interest paid on leases
(2.2) (2.1)
Interest received on leases
0.1 0.1
Non-recurring expenses
(5.2) (0.8)
Tax paid
(1.3) (4.6)
Working capital movement (excluding tax)
0.5 0.7
Other (non-cash)
0.3 (1.3)
Cash flow from operations
15.0 12.1
Capital expenditure
(5.6) (6.4)
Lease principal repayment
(7.1) (6.4)
Free cash flow
2.2 (0.7)
Final dividend paid
(11.3) (11.2)
Cash movement in net debt
(9.0) (11.9)
Other movements
(0.2) (0.1)
Movement in net debt
(9.2) (12.0)
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, excludes non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.

Net debt is projected to reduce by the end of the year and
be lower than the start of the year.
•Leverage ratio at the end of the half remains within the
target range of 0.5 to 1.0 times EBITDA

(pre NZ IFRS 16)
1
.
•Extended bank loan facilities to 31 August 2028 increasing
the total facilities limit to $60 million.
•Fully imputed interim dividend of 3.0 cents per share has
been declared and is payable on 24 September 2025.
Capital management.
For the half year ended 30 June 2025
30 June
2025
31 December
2024
12-months operating EBITDA (pre NZ IFRS 16)
1
($ million)
38.3 36.5
12-months interest expense ($ million)
2.6 2.8
Net interest cover
(Operating EBITDA (pre NZ IFRS 16)
1
/ interest expense)
15.0 13.0
Net debt ($ million)
33.3 24.1
Leverage ratio
(Net debt / 12-month operating EBITDA (pre NZ IFRS 16)
1
)
0.9 0.7
$98.3m
$74.7m
$33.8m
($13.5m)
$17.5m
$31.6m
$18.0m
$30.0m
$24.1m
$33.3m
1.8
1.5
0.6
-
0.4
0.8
0.5
0.8
0.7
0.9
FY 2018FY 2019FY 2020FY 2021FY 2022H1 2023FY 2023H1 2024FY 2024H1 2025
Net debt and leverage
Net debt / (Cash) $mLeverage ratio
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)
1
.
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, excludes non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 40-41 of this results presentation for a detailed reconciliation.

Divisional
performance.

OneRoof.
Your essential property
platform.

cc
OneRoof growth continues to outpace market.
+16% growth in OneRoof residential listings revenue compared with +1% REINZ market listings movement.
1.REINZ and Tony Alexander, an independent NZ economist. Figures shown represent total listings for the first six months ended June of each year.
2.NZME analysis.
3.Revenue impact
+1% YOY+4% YOY
3
+8% YOY
3
-
10%
20%
30%
40%
50%
AucklandRest of NZ
H1 2023H1 2024H1 2025
OneRoof residential listings upgrades
2
c
-
100
200
300
400
500
600
AucklandRest of NZ
H1 2023H1 2024H1 2025
OneRoof average yield ($)
2
-
10
20
30
40
50
60
70
80
90
100
2007200820092010201120122013201420152016201720182019202020212022202320242025
New market listings (000s)
1
2007-2024 average

OneRoof audience.
Sustained web audience numbers since matching #1 in market.
Source: Nielsen Online Ratings December 2021 – June 2025 (desktop, mobile web and domestic traffic only, does not include exclusive mobile app audience) *December
2023 is taken from Nielsen CMI December fused due to no competitor figures reported in Online Ratings for December ‘23.
-
200
400
600
800
1,000
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
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Oneroof.co.nzTrademe.co.nz
Monthly online audience (000s)

Digital revenue growth 22%
•Market new listings were just 1% higher than last
year.
•Upgrade conversion rate of new listings improved
by 4% to 32% and yield improved by 8% through
product mix.
•Print revenue was lower largely due to the new
listings skewed toward lower-value properties.
•Overall costs were 2% higher than last year with the
investment in sales people outside of Auckland to
support growth.
•H1 2024 revenue has been adjusted by $0.4 million
to ensure a like for like comparison with H1 2025
reflecting a revenue recognition change made at
the end of 2024 to defer the portion of revenue for
classified advertising campaigns relating to future
accounting periods. The full year 2024 revenue was
reported on this basis so no adjustment will be
required for the full year.
OneRoof financial results.
For the half year ended 30 June 2025
1.H1 2024 operating results presented reflect listings revenue recognition consistent with 2025 and differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2025H1 2024
1
% change
2
Digital9.5 7.8 22%
Print4.8 5.8 (18%)
Other0.2 0.1 16%
Operating revenue14.5 13.7 5.4%
People(4.5) (4.2) (8%)
Print and distribution(2.8) (2.9) 4%
Selling and marketing(3.7) (3.7) -
Content(0.9) (1.0) 15%
Other expenses(1.0) (0.8) (14%)
Operating expenses(12.9) (12.7) (2%)
Operating EBITDA (incl. NZ IFRS16)
3
1.6 1.0 52%
NZ IFRS16 adjustment(0.5) (0.4) (34%)
Operating EBITDA (pre NZ IFRS16)
3
1.1 0.7 62%
Operating EBITDA
3
margin (pre NZ IFRS16)8% 5% 3 ppt

Your essential property platform.
Progress against strategic priorities
1.Nielsen Online Ratings January 2023 – June 2025 monthly average of the last quarter of each period (desktop, mobile web and domestic traffic only, excludes 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.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Engagement
Reduce
audience
gap to #1
1
Double listing
enquiries
within three
years
Audience
606k,
187k gap to #1
-
Audience
854k,
Achieved #1
+32% YoY
Audience
719k,
52k gap to #1
+25% YoY
•Delivered new brand campaign, including TVC launched, plus campaigns to
drive app downloads.
•App 2.0 launched providing improved UX, search and new features.
•New Agent-funded Boost product, Amplify, launched and providing impressive
enquiries growth.
•Continued leveraging NZME assets through integrations to grow audience.
Listings upgrade %
2
60% Auckland
40% Rest of NZ
41% Auckland
17% Rest of NZ
43% Auckland
24% Rest of NZ
45% Auckland
25% Rest of NZ
•Implemented new sales structure from Jan 2025 with nationwide network of
sales professionals to deliver OneRoof focused growth.
•Initiated partnership agreements to deliver guaranteed upgrade levels.
Revenue mix
78% Digital
22% Print
54% Digital
46% Print
61% Digital
39% Print
67% Digital
33% Print
•Digital revenue growth continues, driven by a focus on yield and conversion
growth.
•New listings levels have been lower than anticipated, with stock skewed toward
lower-value properties and decreasing print real estate product demand.
EBITDA
3
margin
(pre NZ IFRS16)
15-25%
(10%)
7%8%
Metric
2026
target
2023
actual
2024
actual
H1 2025
actual
2025 initiatives
progress update

OneRoof growth opportunity.
Significant future opportunity across each of market listings, upgrades and yields.
Source: NZME Analysis.
1.OneRoof new residential listings differ to New REINZ market listings shown on page 17 due to classification differences, such as rural lifestyle properties and apartment developments.
2.Based on total listings for the first six months ended June of each year 2007 to 2024
H1 2023H1 2024H1 2025
New residential listings (000s)
1
Auckland
17 23 23
Rest of NZ
31 38 40
Total
48 61 63
Residential listings upgrade %
Auckland
38% 44% 45%
Rest of NZ
15% 23% 25%
Total
23% 31% 32%
Average revenue per upgrade
Auckland
424 465 522
Rest of NZ
263 276 285
Total
354 378 407
Revenue ($ million)
Auckland
2.7 4.7 5.5
Rest of NZ
1.3 2.4 2.8
Total
3.9 7.2 8.3
1,149
699
522
285
470
279
Auckland
Rest of NZ
Highest value packageH1 2025 average2024 average
Delivering on significant yield potential
Market to still recover
(+9% to reach historical average
2
)
Short term listing upgrade targets
60% Auckland / 40% Rest of NZ

Audio.
Number one in audio.

Audio operating highlights.
47%
48%
52%
H1 2023H1 2024H1 2025
Agency share of Audio revenue
1
27%
29%
32%
H1 2023H1 2024H1 2025
Podcast share of NZME digital audio
revenue
1
Positive year on year revenue growth
underpinned by increasing Agency mix.
Podcast growth continues and has become a
core pillar of digital audio revenue.
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
Revenue share
2
Revenue share increased through Q2 2025 to
45% and slightly ahead of 12-month average.
1.NZME analysis
2.RBAMonthly Radio Market Report last 12 months to June 2025 (radio and digital revenue share between NZME and Mediaworks).

Audio revenue growth and margin increased
•Overall revenue was up 1% year on year, with
broadcast revenue returning to growth.
•Digital revenue has grown by 6% against last year
growth expected to lift in the second half.
•Selling and marketing expense is 2% lower with
marketing down 24%. Agency commission is 11%
higher due to a greater portion of sales through
this channel
•Overall costs are 3% lower with reduced people
costs and lower selling and marketing costs the key
driver.
•As a result the EBITDA margin is improved.
Audio financial results.
For the half year ended 30 June 2025
1.H1 2024 operating results presented reflect classification adjustments that differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2025H1 2024
1
% change
2
Digital audio advertising5.3 5.0 6%
Radio advertising51.0 50.6 1%
Other0.8 0.8 -
Operating revenue57.1 56.4 1%
People(28.1) (28.6) 2%
Selling and marketing(8.7) (8.9) 2%
Content(4.1) (3.8) (7%)
Other expenses(6.2) (7.0) 12%
Operating expenses(47.1) (48.4) 3%
Operating EBITDA (incl. NZ IFRS16)
3
10.0 8.0 26%
NZ IFRS16 adjustment(4.4) (3.8) (16%)
Operating EBITDA (pre NZ IFRS16)
3
5.7 4.2 35%
Operating EBITDA
3
margin (pre NZ IFRS16)10% 7% 3 ppt

Progress against strategic priorities
1.GfK RAM,S3 2023, S3 2024, S1 2025, Total NZ, M-S12mn-12mn, AP10+, Share %.
2.RBAMonthly Radio Market Report rolling 12 months as at June 2025 (radio and digital revenue share between NZME and Mediaworks).
3.EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Audience share
(% of radio
audience)
1
> 1% share point
growth per
annum
37.5%
36.6%36.3%
•Continued focus on The Hits and Coast to drive audience and revenue growth.
•iHeartCountry NZ launched in Auckland and 6 other markets to take advantage of
growing audience demand and fill a clear gap in the New Zealand market.
•Flava introduced in to Wellington and Tauranga to grow the national footprint.
Revenue share
2
> 1% share point
growth per
annum
44.5%
44.6%44.1%
•Continued industry advocacy collaboration for terrestrial and digital audio, including
presentation of the Infinite Dial New Zealand 2025 research presented to market.
•Realignment of Create Me division to modernise workflows, align teams with strategic
goals, and ensuring clarity in execution for our clients.
•Created a new commercial framework for new audio brand - iHeartCountry NZ – to drive
incremental revenue growth.
Digital audio
revenue
percentage
12%
7.4%
9.4%9.4%
•Streaming successfully transitioned to the Triton ad-serving platform which is now fully
operational.
•Plans completed for upgraded iHeartRadio app to deliver enhanced user experience
and functionality. This will happen in Q3.
•Extended partnership ensures long-term stability and strategic alignment with the iHeart
brand.
•Added BBC Podcast Network to our commercial reseller network to continue to build
reach for Kiwi clients.
•Cross-platform content initiatives are underway, leveraging catch-up podcasts to grow
and engage audiences (e.g. Hauraki Paid to Talk).
EBITDA
3
margin
(pre NZ IFRS16)
15-17%
13%
11%10%•Audio margin is forecast to improve with forecast revenue growth.
Metric
2026
target
2023
actual
2024
actual
H1 2025
actual
2025 initiatives
progress update
Number one in audio.

Publishing.
New Zealand’s leading news
destination.

Publishing operating highlights.
Source: NZME analysis
-
50
100
150
200
250
Print onlyDigital EnabledDigital only
Total # of subscriptions (000s)
-
50
100
150
200
-
25
50
75
100
125
Annual $ per subsciber (yield)
# of subscirbers (000s)
Individual subscribersCorporate subscribers
Individual yieldCorporate yield
Digital subscriptions
-
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
Total subscriptions +5% year on year with
sustained digital subscription uptake.
Dynamic yield management delivering +4%
digital subscription revenue growth.
Print subscriber decline partially offset by yield
growth.
Source: NZME analysis

Revenue lower due to the exit of community
newspapers, plus reduced programmatic and
digital performance marketing activity
•Reader revenue was 3% lower with print subscriber
revenue and retail outlet sales down 6% compared
to H1 2024.
•Core digital revenue was 2% lower with the
significant reduction in digital advertising driven by
programmatic and the decision to deprioritise low
yielding digital performance marketing.
•Print advertising revenue is 11% lower due to the
closure of several communities in December 2024.
Publishing financial results.
For the half year ended 30 June 2025
1.H1 2024 operating results presented reflect classification adjustments that differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2025H1 2024
1
% change
2
Digital subscriptions11.5 11.1 4%
Print subscriptions21.7 23.1 (6%)
Retail outlet sales6.0 6.4 (6%)
Total reader revenue39.2 40.5 (3%)
Digital advertising23.6 25.8 (9%)
Print advertising22.0 24.8 (11%)
Total advertising revenue45.6 50.7 (10%)
Other8.7 8.6 1%
Operating revenue93.5 99.8 (6%)
People(36.2) (39.3) 8%
Print and distribution(21.0) (22.8) 8%
Selling and marketing(7.6) (7.6) -
Content(5.0) (5.3) 5%
Third party fulfilment(1.6) (2.4) 33%
Other expenses(6.6) (7.7) 14%
Operating expenses(78.1) (85.1) 8%
Operating EBITDA (incl. NZ IFRS16)
3
15.4 14.7 5%
NZ IFRS16 adjustment(4.0) (4.0) -
Operating EBITDA (pre NZ IFRS16)
3
11.4 10.7 6%
Operating EBITDA
3
margin (pre NZ IFRS16)12% 11% 1 ppt

Publishing financial results – digital and print.
For the half year ended 30 June 2025
1.H1 2024 operating results presented reflect adjustments relating to Newsroom cost allocations that differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
Digital PublishingPrint Publishing
H1 2025H1 2024
1
% change
2
H1 2025H1 2024
1
% change
2
Subscription revenue11.5 11.1 4% 21.7 23.1 (6%)
Retail outlet sales- - - 6.0 6.4 (6%)
Advertising revenue23.6 25.8 (9%) 22.0 24.8 (11%)
Other3.9 4.2 (7%) 4.8 4.4 8%
Operating revenue39.1 41.1 (5%) 54.4 58.7 (7%)
People(19.4) (21.2) 8% (16.8) (18.1) 7%
Print and distribution- - - (21.0) (22.8) 8%
Selling and marketing(5.1) (4.8) (5%) (2.6) (2.8) 8%
Content(4.2) (4.6) 7% (0.7) (0.7) -
Third party fulfilment(1.6) (2.4) 33% - - -
Other expenses(3.0) (3.6) 16% (3.6) (4.1) 12%
Operating expenses(33.4) (36.6) 9% (44.8) (48.6) 8%
Operating EBITDA (incl. NZ IFRS16)
3
5.7 4.6 25% 9.6 10.1 (5%)
NZ IFRS16 adjustment(1.3) (1.2) (3%) (2.7) (2.7) -
Operating EBITDA (pre NZ IFRS16)
3
4.4 3.3 34% 7.0 7.4 (6%)
Operating EBITDA
3
margin (pre NZ IFRS16)11% 8% 3 ppt13% 13% -
Digital publishing bears
the cost of the majority
of journalists.
As a digital first editorial
team, content produced
for thedigital platform
is thenconverted and
used in print
publications.
Only roles dedicated to
print publishing are
included in the print
publishing cost.

Metric
2026
target
2023
actual
2024
actual
H1 2025
actual
2025 initiatives
progress update
New Zealand’s leading news destination.
1.NZME analysis
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Digital publishing
Subscription volume
1
190,000
130,000
151,000155,000
•Focus on key segments and digital bundle strategy to drive digital subscriptions
growth.
•Subscriber journeys enhanced to manage retention and customer lifetime value.
Digital advertising
revenue percentage
1
60%
50%
50%52%
•Digital has gained mix from the closure of print communities circa +4%.
•Growth in digital advertising revenue remains challenged, delaying the uptake in
digital advertising revenue percentage. Focus on multimedia and high value
audience data propositions and video and programmatic specialisation.
EBITDA
2
margin
(pre NZ IFRS16)
14-16%
11%
10%11%
•Growth in reader revenue but advertising revenue growth remains challenged.
•Strong cost control particularly in people costs following newsroom restructure.
Print publishing
Subscription volume
1
>65,000
92,000
85,00081,000
•Specialist retention team reducing churn.
•Implemented new sales channel to replace long term database sales partnerships.
Print advertising revenue
percentage
1
40%
50%
50%48%
•Establishment of print only telesales team to target new business.
•Closure of Communities newspapers reduced print share circa 4%.
EBITDA
2
margin
(pre NZ IFRS16)
13-15%
17%
15%13%
•Revenue growth in third party printing and distribution.
•Subscriber yield management program continues to optimise yield and retention.
•Strong cost control.
Progress against strategic priorities

Subscription-led businesses create more value.
We continue our transition to a subscription-led business, as have
other global publishers, such as the New York Times.
Increasing engagement with NZME’s publishing content delivers
greater value, reinforcing our subscription-led strategy.
Casual
Engaged
Advertising
revenue
Subscripton
revenue
Subscribed
Attribution of digital
revenue by user
CasualEngagedSubscribed
Average monthly digital users
1
>1million
~500k
~200k
CasualEngagedSubscribed
Average monthly revenue
per user (ARPU)
<$1
$4 - 6
>$10
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
-
100
200
300
20152016201720182019202020212022202320242025F
Digital % of total revenue
Revenue ($ million)
Digital AdvertisingDigital CirculationPrint Circulation
Print AdvertisingDigital revenue %
Publishing revenue source
NZH Digital
Subscriptions
introduced
BusinessDesk
acquired
Communities
closures
Gisborne Herald
& Sun Media
acquired
Source: NZME analysis of total publishing revenue and NZ Herald online revenue and article data.
1.User definitions: ‘Casual’ spends <10 sessions per month on NZ Herald; ‘Engaged’ spends >10 sessions per month, with some logged in; ‘Subscribed’ have a NZ Herald
online subscription.

Corporate and
other.

Corporate and Other includes the unallocated costs
associated with the Group management and
governance together with the company’s Events
business.
Corporate and other financial results.
$ million
H1 2025H1 2024
1
% change
2
Operating revenue
0.6 0.7 (21%)
People
(2.0) (1.7) (17%)
Other expenses
(1.6) (1.6) -
Operating expenses
(3.7) (3.4) (8%)
Operating EBITDA (incl. NZ IFRS16)
3
(3.1) (2.7) (16%)
NZ IFRS16 adjustment
---
Operating EBITDA (pre NZ IFRS16)
3
(3.1) (2.7) (16%)
1.H1 2024 operating results presented reflect classification adjustments that differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

•Improved performance delivers Operating EBITDA
growth.
•NPAT impacted by non-recurring expenseswhich
will deliver $12 million in annualised cost
reductions.
Summary of Result.
$ million
H1 2025H1 2024
1
% change
2
OneRoof1.6 1.0 54%
OneRoof H1 2024 revenue adjustment- 0.4 -
Audio10.0 8.0 26%
Digital publishing5.7 4.6 25%
Print publishing9.6 10.1 (5%)
Corporate and other(3.1) (2.7) (16%)
Operating EBITDA (incl. NZ IFRS16)
3
23.9 21.4 12%
Non-recurring expenses(5.2) (0.9) -
EBITDA (incl. NZ IFRS16)18.7 20.5 (9%)
Depreciation and amortisation(15.7) (14.0) (12%)
EBIT (incl. NZ IFRS16)3.0 6.5 (54%)
Net interest expense(3.3) (3.5) 5%
Share of loss of JV's- (0.2) 100%
Net profit/(loss) before tax(0.3) 2.8 (112%)
Taxation expense(0.1) (1.0) 93%
Net profit/(loss) after tax(0.4) 1.9 (122%)
1.H1 2024 operating results presented reflect classification adjustments that differ to the operating results as reported for the half year ended 30 June 2024.
2.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
3.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

Outlook.
Mike Hosking - Host, NewstalkZB

1.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses. 2. NZME’s Dividend Policy is available at https://www.nzme.co.nz/investor-
relations/dividends
Trading Update.
•Market recovery continues to be slow but economists remain optimistic ofimprovements in the
year ahead.
•Big brands, represented by media agencies, are investing in building their brand profiles. Many
SME's are still struggling but are expected to return to spending whenthe environment improves.
•Annualised cost reductions of $12 million were completed, with $2 million recognised in the
second quarter. The full impact will be seen in the second half and into 2026.
•July saw strong performance across the business with advertising revenue 2% up year on year
(adjusting for exit of communities) with improved profitability year on year.
•Based on current performance, without significant economic improvements, NZME expects to
deliver an Operating EBITDA
1
in the range of $57m to $59m.
•Under the company’s dividend policy
2
, this levelof EBITDAwouldenable a full year
dividendsimilar to the 2024 year (3c plus 6c), subject to a board decision at the time.

Board Focus.
The Board is focused on improving shareholder value through:
•Review of strategy across all three divisions
•OneRoof growth acceleration
•Improving overall audience experience and performance
•Digital revenue growth
•Proactively optimising cost structure
•Short term profitability improvements

Q&A
Lorna Riley – Host, Coast

Supplementary
information.

Reconciliation of operating results to financial statements.
For the half year ended 30 June 2025
$ million
Operating
results excl. NZ
IFRS 16
NZ IFRS 16
adjustments
Operating
results incl. NZ
IFRS 16
Reclass of
items
Non-recurring
items
Per financial
statements
Reader revenue
39.2 - 39.2 - - 39.2
Advertising revenue
116.3 - 116.3 - - 116.3
Other revenue
8.1 - 8.1 - - 8.1
Operating revenue
163.5 - 163.5 - - 163.5
Other income
2.5 (0.4) 2.1 0.2 - 2.4
Operating revenue

and other income
166.1 (0.4) 165.7 0.2 - 165.9
Expenses
(151.0) 9.3 (141.8) - (5.2) (147.0)
EBITDA
15.0 8.9 23.9 0.2 (5.2) 18.9
Depreciation and amortisation
(9.5) (6.2) (15.7) --(15.7)
EBIT
5.5 2.7 8.2 0.2 (5.2) 3.2
Share of loss of JV's
- -----
Net interest expense
(1.3) (2.1) (3.3) (0.2) -(3.6)
Net profit/(loss) before tax
4.3 0.6 4.9 - (5.2) (0.3)
Tax
(1.5) -(1.5) -1.5(0.1)
Net profit/(loss) after tax
2.7 0.6 3.4 - (3.7) (0.4)

Reconciliation of operating results to financial statements.
For the half year ended 30 June 2024
$ million
Operating
results excl. NZ
IFRS 16
NZ IFRS 16
adjustments
Operating
results incl. NZ
IFRS 16
Reclass of
items
Non-recurring
items
Per financial
statements
Reader revenue
40.5 - 40.5 - - 40.5
Advertising revenue
120.3 - 120.3 - - 120.3
Other revenue
7.5 - 7.5 - - 7.5
Operating revenue
168.3 - 168.3 - - 168.3
Other income
3.1 (0.4) 2.7 0.2 - 3.0
Operating revenue

and other income
171.4 (0.4) 171.0 0.2 - 171.3
Expenses
(158.1) 8.5 (149.6) - (0.9) (150.5)
EBITDA
13.3 8.1 21.4 0.2 (0.9) 20.7
Depreciation and amortisation
(8.5) (5.5) (14.0) - - (14.0)
EBIT
4.8 2.6 7.5 0.2 (0.9) 6.7
Share of loss of JV's
(0.2) - (0.2) - - (0.2)
Net interest expense
(1.5) (2.0) (3.5) (0.2) - (3.7)
Net profit/(loss) before tax
3.2 0.6 3.8 - (0.9) 2.8
Tax
(1.5) - (1.5) - 0.6 (1.0)
Net profit/(loss) after tax
1.6 0.6 2.2 - (0.3) 1.9

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 six months ended 30
June 2025.
This presentation may contain projections or forward-looking statements
regarding a variety of items. Such projections or forward-looking statements
are based on current expectations, estimates and assumptions and are subject
to a number of risks and uncertainties. There is no assurance that results
contemplated in any projections or forward-looking statements in this
presentation will be realised. Actual results may differ materially from those
projected in this presentation. No person is under any obligation to update this
presentation at any time after its release to you or to provide you with further
information about NZME Limited.
The Group adopted NZ IFRS 16 Leases on 1 January 2019 and IFRS
Interpretations Committee’s (IFRIC’s) agenda decision on configuration and
customisation costs in relation to Software as a Service (SaaS) arrangements in
2021. Operating results as stated throughout this presentation refer to results
including the adjustments for the adoption of NZ IFRS 16, and prior to
exceptional items. Please refer to pages 40-41 of this presentation for detailed
reconciliation of these results to the statutory results.
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.

---

BE SEEN. BE HEARD. EVERYONE'S HERE.
Keeping Kiwis
in the know
Consolidated interim financial statements
for the six months ended 30 June 2025

* In an attempt to make these financial statements easier to read, the notes
to the financial statements have been grouped into six sections; aimed at
grouping items of a similar nature together. The basis of preparation section
presents a summary of material accounting policy information and other
explanatory information that are necessary to understand the basis on
which these consolidated interim financial statements have been prepared.
A summary of the material judgements and estimates is also included under
the basis of preparation section on page 17.
Contents
Chairman and chief executive officer's report
4
Directors' statement
12
Consolidated interim income statement
13
Consolidated interim balance sheet
14
Consolidated interim statement of changes in equity
15
Consolidated interim statement of cash flows
16
Notes to the consolidated interim financial statements*
1.0 Basis of preparation
17
2.0 Group performance
18
3.0 Operating assets and liabilities
22
4.0 Capital management
26
5.0 Group structure and investments in other entities
31
6.0 Other notes
33
Independent auditor's review report
34
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 3

Kia ora,
New Zealand Media and Entertainment’s underlying
operating performance
1
for the first half of 2025
improved by 12% despite the flow on impacts of
New Zealand’s overall subdued economic recovery,
which has been much slower than most economic
forecasts predicted at the start of this year.
The Company continued to progress towards its 2026
strategic priorities for each division. Across OneRoof,
Audio, and Publishing, NZME continues to reach 9 out
of 10 Kiwis
2
. Further detail on financial performance and
future plans in each of the company’s divisions follow.
Financial results
NZME’s Operating Revenue1 was $165.7 million for
the first half of the year – down 3 percent from
$171.0 million for the previous corresponding period.
The lower revenue was a result of the closure of NZME’s
community newspaper network in December 2024,
the reduced activity in selling of low margin third
party digital performance marketing and a weaker
programmatic digital advertising market.
Operating Earnings Before Interest, Tax, Depreciation
and Amortisation (EBITDA)1 was $23.9 million for the
half, an increase from $21.4 million in the first six
months of last year.
The Group reported a Statutory Net Loss After Tax
of $0.4 million – after $5.2 million of non-recurring
expenses. The majority of these were one off costs
associated with restructuring across the business as
well as legal and consulting costs associated with the
Annual Shareholders’ Meeting in June 2025, which was
significantly more complex than in other years.
NZME’s Operating Net Profit After Tax1 was 22% higher
than the first half of 2024.
Chairman and
CEO report
Consolidated interim financial statements
for the six months ended 30 June 2025
$141.8m
Operating expenses
H1 2024 $149.6m
$23.9m
Operating EBITDA
H1 2024 $21.4m
$2.2m
Operating free cash flow
H1 2024 ($0.7m)
Operating revenue
H1 2024 $171.0m
$165.7m
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

Free cash flow was $2.2 million
which was a $2.9 million
improvement on the first
half of 2024.
Net debt was $33.3 million at
the end of June 2025 and is
$9.2 million higher than the
start of the year as a result of
the payment of the 2024 final
dividend in March 2025. Net debt
remains within the target leverage
range and was $3.3 million higher
than at the end of June 2024.
NZME Board
The first half of 2025 was a
period of change for NZME
at governance level.
Two new directors were elected to
the Board at the company’s Annual
Shareholders’ Meeting in June
2025 with Steven Joyce (co-author
of this letter) confirmed as
a Director and subsequently
elected as Chair by the new Board.
Jim Grenon was also elected as
a Director. Subsequently, the
Board appointed Bowen Pan
as a Director.
They join current NZME Board
Directors Carol Campbell,
Sussan Turner and Guy
Horrocks. Previous Chair
Barbara Chapman and Director
David Gibson both stepped
down from the Board and
we thank them both for their
contribution to NZME.
Steven Joyce has extensive
business leadership and
governance experience
gained through his successful
media and government
career. He established and
built RadioWorks NZ Ltd over
14 years, served as National
Party campaign chair for five
general elections, and was
a New Zealand government
minister for nine years,
including Minister of Finance.
He currently serves as an
Independent Director of Winton
Land Ltd, The Icehouse Ltd,
Icehouse Ventures Ltd and
Foodstuffs North Island Limited,
and as an independent board
advisor to RCP New Zealand Ltd
and BMS Risk Ltd.
In New Zealand’s 2025 King’s
Birthday Honours, Mr Joyce
was made a Companion of the
New Zealand Order of Merit for
his services as a Member
of Parliament.
Jim Grenon is an experienced
business executive and
investor with more than 35
years in organisational growth,
operational improvement and
corporate turnarounds across
Canada and the United States.
His board experience includes
nine public companies and
business trusts, including
Canadian Natural Resources
Limited and Foremost Income
Trust. Jim established TOM
Capital in Calgary, where
he continues as the primary
investor and active shareholder.
The firm manages a diversified
portfolio of private companies
across multiple sectors
including manufacturing,
biofuels development, cloud-
based payment systems, and
real estate operations.
Source notes:
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however,
excludes non-recurring expenses to allow for a like for like comparison between 2024 and 2025 financial years. Please
refer to pages 40-41 of the results presentation for a detailed reconciliation.
2
NZME Reach Study n=1001 nationally
representative June 2025 (unduplicated audience across NZME print, digital, radio and podcasts).
3
Operating EBITDA is
a non-GAAP measure and excludes non-recurring expenses.
4
RBA Monthly Radio Market Report last 12 months as at
June 2025 (radio and digital revenue share between NZME and Mediaworks).
5
Triton Podcast Metrics NZ, July 2023 – June
2025.
6
Nielsen CMI Q2 24 – Q1 25 June 25 Fused AP15+. Monthly coverage for Daily, Sunday and Weekend Sun titles, weekly
coverage for Newspaper Inserted Magazines, monthly UA for Digital, weekly reach for Radio (GfK RAM S1 25). Note: Fused
data has potential for duplication.
7
NZME's dividend policy is available at www.nzme.co.nz/investor-relations/dividends
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
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 5

Bowen Pan has extensive
experience in digital platforms
and consumer product strategy
at global tech companies. He
founded Facebook Marketplace
and led high-growth services
like Facebook Gaming, Stripe
Apps and Common Room. As an
advisor and investor across New
Zealand, Australia and the United
States, his expertise in scaling
digital products adds value to
NZME’s Board as it expands
its digital and marketplace
offerings. He holds an MBA from
Stanford and Bachelor’s degrees
in Engineering and Property
from the University of Auckland.
The three new directors bring
a diverse range of skills and
experience to the Board and
have been focused on gaining a
comprehensive understanding
of the business in the first
two months, meeting with
the Executive and senior
management across NZME to
gather insights into operations
across the business. The full
Board will now work with
management to review and
refresh the strategy for the
company in the months ahead.
Key areas of focus
Complementary to its three-
year digital transformation,
NZME is currently focused
on three key areas:
1. OneRoof value realisation
NZME launched a strategic review
to accelerate OneRoof’s growth
and realise its full potential in
delivering value for shareholders.
The review has highlighted
the significant value creation
opportunity of the OneRoof
business. The new Board is
focused in the short-term
on growing OneRoof
organically, while keeping
strategic opportunities
under constant review.
2. Governance – additional
specialists
NZME also undertook to recruit
additional specialists from
a governance perspective.
As well as the election of Steven
Joyce and Jim Grenon at NZME’s
2025 Annual Shareholders’
Meeting, technology and
marketplace expert Bowen Pan
was subsequently appointed as
a Director by the Board.
Additionally, the Board
has now established an
Editorial Advisory Board to
provide advice, support and
constructive challenge to
the NZME editorial team on
matters of editorial policy and
direction. The Editorial Advisory
Board does not have executive
or decision-making powers
but will provide independent
counsel to the Chief Content
Officer and the NZME Board on
editorial standards, audience
development and digital
transformation initiatives.
The Editorial Advisory Board will
be chaired by award-winning
editor and journalist Miriyana
Alexander – the former Head of
Premium at the NZ Herald who
has held roles as Editor of the
Weekend Herald and Herald on
Sunday. She has also previously
been Chair of the New Zealand
Media Freedom Committee and
was a winner of the prestigious
Cambridge University Wolfson
Press Fellowship.
The other Editorial Advisory
Board members are:
Philip Crump - lawyer and
governance leader with more
than 25 years of international
experience in leveraged
finance, debt restructuring, and
private equity. Current member
of the Waitangi Tribunal and the
NZ on Air Board.
Josie Pagani - CEO of Childfund
New Zealand, international and
political commentator
and columnist.
Brent Webling – former Chief
Sub-Editor at The Dominion,
The Sunday Times and The
Dominion Post. Former
Parliamentary and Ministerial
Press Secretary. Current
Director of WeblingMedia Ltd.
Furthermore, to support the
growth and acceleration of
OneRoof, the Board has also
formalised the establishment
of a OneRoof Advisory Board
reporting to the main Board and
chaired by NZME Board Director
Bowen Pan.
3. Adapting to the difficult
market conditions
The difficult economic
environment continues,
with business confidence
showing signs of recovery but
with consumer confidence
continuing to fluctuate. With
market commentators advising
economic improvement is now
expected to occur in 2026,
NZME is adjusting its cost base
to preserve profitability, while
it works on lifting market share
to benefit from the eventual
market upswing.
OneRoof
OneRoof delivered an EBITDA
3

improvement of $0.6 million
compared to the same period
last year.
A new sales structure was
implemented in January 2025
with a nationwide network of
dedicated sales professionals
to deliver OneRoof focused
growth. That structure has
proved successful to date.
OneRoof outperformed the
market with a 16% growth in
residential listings revenue
compared with the 1% growth
in Real Estate Industry NZ’s
(REINZ) market listings.
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

OneRoof digital revenue
continued to grow, but this was
partially offset by lower print
revenue in the first half. This
was caused largely by the stock
of properties being skewed
toward lower-value properties.
OneRoof’s listings performance
has continued to improve with a
25% increase in listing enquiries
year on year, off the back of
strong audience growth. A key
element of OneRoof’s revenue
growth has been the number
of listings upgraded, which
increased by 32% on the same
period last year.
In the first half of 2025
OneRoof launched a new
brand marketing campaign to
drive app downloads. A new
and improved OneRoof app
was also launched, providing
improved user experience,
search and new features. The
app experience will be a focus
for the OneRoof business.
Furthermore, a new product was
introduced allowing agents to
boost listings, which has provided
a significant increase in enquiries.
OneRoof continues to leverage
NZME-owned assets to grow
audience.
Audio
NZME’s Audio division had some
pleasing results in the first half.
Overall revenue growing from
$56.4 million to $57.1 million
compared to the first half of
2024. Digital revenue grew by
6% over the same period with
growth expected to lift further
in the second half of the year.
Audio’s revenue share
4
across
the market increased in the
second quarter of 2025 to 45%,
ahead of the 12-month average.
NZME’s podcast revenue
increased from $1.5 million to
$1.7 million and the share of
digital audio revenue obtained
from podcasts also grew by
3% to 32%. Podcast hours
downloaded
5
increased by
2 million to 21 million in total,
compared to the previous
corresponding period.
Overall costs for the audio
division were 3% lower due to a
strong focus on cost reduction,
with lower people costs and
lower selling and marketing
costs the key drivers. Operating
EBITDA
3
for audio also improved
as a result of this, up from
$8.0 million to $10.0 million.
In May 2025, NZME launched
iHeartCountry New Zealand in
Auckland and six other markets
to take advantage of growing
audience demand for a country
music station, filling a clear gap
in the New Zealand market.
Publishing
Subscriptions across our
Publishing division continued
to grow with a 5% year on
year increase, supported by
sustained uptake in digital
subscriptions. A number of
initiatives have been developed
to drive further growth in digital
subscriptions including a
strategy to bundle offerings into
one package, allowing for an
improved user experience.
Publishing revenue was lower in
the first half of 2025 due to the
closure of NZME’s community
newspapers at the end of last
year, as well as reduced digital
performance marketing activity
and lower revenues from
programmatic advertising.
Total reader revenue was 3%
lower with both print subscriber
revenue and retail outlet sales
down 6% compared to the
previous corresponding period.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 7

Having closed several of
its community newspapers
at the end of 2024 due to
unprofitability, the company
made a number of further
changes to reshape its
nationwide news operations
in the first half of 2025, as it
continues to adapt to changing
audience preferences. Changes
were made to newsroom
operations, with specialist
desks based on reporting topics
to deliver a newsroom highly
focused on stories that deliver
strong audience engagement
and/or generate subscriptions.
NZME has also continued to
invest in innovative editorial
tools to improve productivity,
which has included the
development of a number of
automation tools to assist with
homepage curation, grammar
and punctuation, and other
unique features.
The significant potential for
growing video audiences and
revenue saw the launch of
Herald NOW in May 2025 – an
innovative news-streaming
video service, hosted by
well-known broadcaster Ryan
Bridge. The platform offers
audiences a new way to
consume high-quality video
news content and premium
journalism, and it streams live
from the NZ Herald’s purpose-
built studio facilities at NZME
Auckland Central. Herald NOW
is accessible via the NZ Herald
app and the homepage on
desktop and mobile devices.
The daily live stream and a full
published edition of each show
is also made available via NZ
Herald’s YouTube channel.
In April 2025 NZME launched
an editorial led campaign
On The Up across NZ Herald
and regional titles including
Northern Advocate, Bay
of Plenty Times, Weekend
Sun, Rotorua Daily Post,
Waikato Herald, Hawke’s Bay
Today, Gisborne Herald and
Whanganui Chronicle. The
series shines a light on uplifting
stories of New Zealand success
and inspiration, showcasing
people, organisations and
businesses achieving great
things or overcoming the odds.
Covering everything from the
economy to sporting success,
to volunteers in the heartland
who roll up their sleeves and
make a difference for their local
community, the campaign has
garnered widespread positive
feedback from readers.
Capital management
The final 2024 dividend of
6 cents per share was paid
on 31 March 2025. Net debt at
30 June 2025 was $33.3 million
which was seasonally higher
than the $24.1 million at
31 December 2024. The leverage
ratio of 0.9 at the end of the half
remains within the target range
of 0.5 to 1.0 times rolling 12
month EBITDA (pre NZ IFRS 16)
7
.
In June 2025 the company’s
bank loan facilities were
extended to 31 August 2028,
increasing the total facilities
limit to $60.0 million.
The Board has declared a fully
imputed interim dividend for
the 2025 year of 3.0 cents
per share which is payable
on 24 September 2025.
Outlook
Despite the market recovery
continuing to be slow, economists
remain optimistic there will be
improvements in the year ahead.
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

Big brands, represented by media
agencies, are investing in building
their brand profiles, which is of
benefit to NZME as they seek cross
platform advertising opportunities. 
However, small to medium
businesses are still challenged.
As the economic environment
improves, we expect their
marketing investment to increase.
NZME has made annualised cost
reductions of $12.0 million during
the half, $2.0 million of which
was recognised in the second
quarter of the year. The full
impact will be seen in the second
half of 2025 and into 2026.
NZME has seen strong
performance in advertising
revenue in July 2025 – up 2% year
on year (adjusting for the closure
of our community newspaper
network) and improved operating
profit year on year.
The Board is focused on
improving shareholder value
through short-term profitability
improvements, OneRoof’s
growth strategy, continuation
of the company’s strong digital
acceleration programme and
improving the overall experience
for NZME’s audiences.
Based on current performance,
without allowing for significant
economic improvements,
NZME expects to deliver
Operating EBITDA
3
for the
full year in the range of
$57.0 million to $59.0 million.
Under the Company’s dividend
p o li cy 7, this level of EBITDA
would enable a full year dividend
similar to the 2024 year (3c
interim plus 6c final), subject
to a Board decision at the time.
Conclusion
NZME remains committed
to advancing our digital
transformation efforts,
enhancing how customers
interact with us and harnessing
new technologies to strengthen
our market position.
We will continue to introduce
cutting-edge products that lead
the industry while optimising our
operations to boost productivity
and effectiveness across the
organisation, with careful cost
management a key focus.
Despite challenging economic
conditions, our team has
delivered pleasing results.
A big thank you to you all for
your hard work in the first half
of the year and your continued
commitment to strive for further
growth and improvement in the
second half of the year.
We’re also grateful to the
3.5 million New Zealanders
6

who connect with NZME via
our radio stations, digital audio
platform iHeartRadio, our
newspapers, digital platforms
and through our OneRoof
property portal - we appreciate
your loyalty to NZME.
Lastly, we thank our shareholders
for their ongoing support of our
strategic vision and ongoing
transformation journey.
Michael Boggs
Chief Executive Officer
Steven Joyce
Chairman
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 9

Consolidated interim
financial statements
For the six months ended 30 June 2025
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 11

Directors'
statement
The Directors are pleased to present the consolidated interim financial statements of NZME
Limited (the "Company") and its subsidiaries (together the "Group") for the six months ended
30 June 2025, incorporating the consolidated interim financial statements and the independent
auditor's review report.
The Directors are responsible, on behalf of the Company, for presenting these consolidated
interim financial statements in accordance with applicable New Zealand legislation and New
Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting and
International Accounting Standard 34: Interim Financial Reporting and the NZX Listing Rules.
The consolidated interim financial statements for the Group as presented on pages 13 to 33 are
signed on behalf of the Board of Directors, and are authorised for issue on the date below.
For and on behalf of the Board of Directors
Steven Joyce Carol Campbell
Chairman Director


Date: 25 August 2025
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2025
$’000
June 2024
$’000
Revenue2.1
163,554
168,294
Finance and other income2.1
2,386
2,959
Total revenue and other income
2.1
165,940
171,253
People costs
(75,197)
(74,498)
Print and distribution
(23,816)
(25,739)
Selling and marketing
(20,044)
(20,212)
Content
(9,995)
(10,146)
Property
(4,043)
(4,404)
Third party fulfilment costs
(1,655)
(2,707)
Technology and communications
(5,750)
(5,768)
Other expenses
(6,531)
(7,064)
Expenses from operations before finance costs, depreciation
and amortisation
(147,0 31)
(150,538)
Depreciation and amortisation
(15,672)
(13,968)
Finance costs
(3,562)
(3,707)
Share of joint ventures and associates net loss after tax5.2.2
-
(195)
(Loss) / profit before income tax expense(325)
2,845
Income tax expense
(68)
(952)
Net (loss) / profit after tax(393)
1,893
Net exchange differences on translation of foreign operations
(4)
2
Items that will not be reclassified to profit or loss
Revaluation of freehold land and buildings
-
353
Other comprehensive (loss) / income net of taxation(4)
355
Total comprehensive (loss) / income(397)
2,248
CentsCents
(Loss) / earnings per share attributable to the ordinary shareholders
of the Company
Basic (loss) / earnings per share2.2
(0.21)
1.01
Diluted (loss) / earnings per share2.2
(0.21)
0.99
The above consolidated interim income statement should be read in conjunction with the accompanying notes.
Consolidated interim
income statement
for the six months ended 30 June 2025 (unaudited)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 13

as at 30 June 2025
Consolidated interim
balance sheet
Note
June 2025
(unaudited)
$’000
December 2024
(audited)
$’000
Current assets
Cash and cash equivalents
3,984
4,641
Trade and other receivables3.4
40,895
41,485
Inventories3.5
2,762
2,496
Income tax receivable
3,636
2,524
Total current assets51,277
51,146
Non-current assets
Intangible assets3.1
112,961
115,841
Property, plant and equipment3.2
17, 2 3 6
18,218
Right-of-use assets3.3
52,342
54,710
Other financial assets
815
815
Equity accounted investments5.2.2
1,825
1,825
Other receivables and prepayments3.4
3,815
3,946
Deferred tax assets
8,206
8,064
Total non-current assets1 97, 2 0 0
203,419
Total assets248,477
254,565
Current liabilities
Trade and other payables
44,513
44,375
Current lease liabilities4.2.2
14,105
13,690
Total current liabilities58,618
58,065
Non-current liabilities
Non-current lease liabilities4.2.2
62,382
66,146
Interest-bearing liabilities4.2.1
37, 2 9 9
28,731
Other payables
373
360
Total non-current liabilities100,054
95,237
Total liabilities158,672
153,302
Net assets89,805
101,263
Equity
Share capital
346,728
346,698
Reserves
2,235
2,240
Retained earnings
(259,158)
(247,675)
Total equity89,805
101,263
The above consolidated interim balance sheet should be read in conjunction with the accompanying
notes.
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

for the six months ended 30 June 2025 (unaudited)
Consolidated interim statement
of changes in equity
Note
Share
capital
$’000
Reserves
$’000
Retained
earnings
$’000
Tot a l
$’000
Balance at 1 January 2024
345,365 5,416 (214,834)
135,947
Profit for the period- - 1,893
1,893
Other comprehensive income- 355 -
355
Total comprehensive income
- 355 1,893
2,248
Dividends paid4.1.1- - (11,201)
(11,201)
Supplementary dividends paid4.1.1- - (1,494)
(1,494)
Tax credit on supplementary dividends- - 1,494
1,494
Share based payments474 (2,225)-
(1,751)
Balance at 30 June 2024
345,839 3,546 (224,142)
125,243
Balance at 1 January 2025
346,698 2,240 (247,675)
101,263
Loss for the period- - (393)
(393)
Other comprehensive loss- (4)-
(4)
Total comprehensive loss
- (4)(393)
(397)
Dividends paid4.1.1- - (11,274)
(11,274)
Supplementary dividends paid4.1.1- - (1,284)
(1,284)
Tax credit on supplementary dividends- - 1,284
1,284
Cancellation of performance rights-(184)184
-
Share based payments30 183 -
213
Balance at 30 June 2025
346,728 2,235 (259,158)
89,805
The above consolidated interim statement of changes in equity should be read in conjunction with the
accompanying notes.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 15

for the six months ended 30 June 2025 (unaudited)
Consolidated interim statement
of cash flows
Note
June 2025
$’000
June 2024
$’000
Cash flows from operating activities
Receipts from customers
168,465
166,827
Payments to suppliers and employees
(135,794)
(133,626)
Net GST payments
(13,896)
(14,279)
Government grants
637
1,034
Dividends received
-
47
Interest received
215
198
Interest paid
(3,363)
(3,502)
Income taxes paid
(1,294)
(4,581)
Net cash inflows from operating activities
4.3
14,970
12,118
Cash flows from investing activities
Payments for intangible assets
(3,438)
(5,049)
Payments for property, plant and equipment
(2,205)
(1,360)
Proceeds from sale of property, plant and equipment
18
-
Net cash outflows from investing activities(5,625)
(6,409)
Cash flows from financing activities
Proceeds from borrowings
63,500
84,500
Repayments of borrowings
(55,000)
(70,500)
Payments for borrowing costs
(130)
-
Dividends paid to Company's shareholders4.1.1
(11,274)
(11,201)
Payments for lease liability principal4.2.2
( 7,0 9 8)
(6,380)
Net cash outflows from financing activities(10,002)
(3,581)
Net increase in cash and cash equivalents4.2.1
(657)
2,128
Cash and cash equivalents at beginning of the period
4,641
5,524
Cash and cash equivalents at end of the period3,984
7,6 52
The above consolidated interim statement of cash flows should be read in conjunction with the
accompanying notes.
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

Notes to the consolidated interim
financial statements (unaudited)
1.0 Basis of preparation
1.1 Reporting entity and statutory base
NZME Limited (NZX:NZM, ASX:NZM) is a for-profit
company limited by ordinary shares which are publicly
traded on the NZX Main Board and the Australian
Securities Exchange as a Foreign Exempt Listing. NZME
Limited is incorporated and domiciled in New Zealand.
It is registered under the Companies Act 1993 and is
a FMC reporting entity under Part 7 of the Financial
Markets Conduct Act 2013. The entity’s registered office
is 2 Graham Street, Auckland, 1010, New Zealand.
NZME Limited (the "Company" or "Parent") and its
subsidiaries' (together the "Group") principal activity
during the financial period was the operation of an
integrated media and entertainment business.
1.2 Material accounting policies
These consolidated interim financial statements have
been prepared in accordance with New Zealand
equivalent to International Accounting Standard 34:
Interim Financial Reporting, International Accounting
Standard 34: Interim Financial Reporting and the NZX
Listing Rules.
The consolidated interim financial statements do
not include all notes of the type normally included
in the annual consolidated financial statements.
Accordingly, these consolidated interim financial
statements should be read in conjunction with the
audited consolidated financial statements for the
year ended 31 December 2024. These consolidated
interim financial statements are presented for the Group.
The material accounting policy information used
in the preparation of these consolidated interim
financial statements is generally consistent with that
used in the audited consolidated financial statements
for the year ended 31 December 2024. Where there
have been changes to accounting policy information
or the Directors consider it necessary to disclose
accounting policy information in these consolidated
interim financial statements, accounting policy
information has been included in the relevant note.
These consolidated interim financial statements
are presented in New Zealand dollars, which is the
Company's functional and the Group's presentation
currency, and rounded to the nearest thousand,
except where otherwise stated. These consolidated
interim financial statements were approved for issue
by the Board of Directors on 25 August 2025.
These consolidated interim financial statements
have not been audited, but have been reviewed in
accordance with New Zealand Standard on Review
Engagement 2410: Review of Financial Statements
Performed by the Independent Auditor of the
Entity. The 30 June 2025 and 30 June 2024 figures
and narrative are unaudited while those for
31 December 2024 are audited figures and narrative.
1.2.1 Prior period comparatives
The comparative statement of cash flows has
been restated to show the net GST paid in the
period separately from payments to suppliers
and employees.
1.3 Material accounting estimates
and judgements
The preparation of the consolidated interim
financial statements requires the use of certain
material judgements, accounting estimates and
assumptions, including judgements, estimates and
assumptions concerning the future. The estimates
and assumptions are based on historical experiences
and other factors that are considered to be relevant.
The resulting accounting estimates will by definition,
seldom equal the related actual results and are
reviewed on an ongoing basis. Material areas of
estimation and judgement in these consolidated
interim financial statements are consistent with
those disclosed in the audited consolidated financial
statements for the year ended 31 December 2024
and are as follows:
Areas of material accounting
estimates or judgements
Note
Intangible assets with indefinite

useful lives
3.1
Assumptions and judgements used in
the impairment review of indefinite life
intangible assets
3.1.1
1.4 New standards and interpretations
There have been no changes to accounting policies
or new standards adopted during the period.
1.5 Working capital
As at 30 June 2025 the Group had negative working
capital of $7.3 million compared to negative $6.9 million
as at 31 December 2024. The Group traditionally has
negative working capital primarily due to deferred
revenue of $12.5 million (31 December 2024:
$10.7 million). The Directors are satisfied that
there will be adequate cash flows generated from
operating and financing activities to meet the
obligations of the Group for at least the next 12 months.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 17

2.0 Group performance
2.1 Segment reporting
The Group operates an integrated media and
entertainment business that incorporates the sale of
advertising, goods and services generated from the
audiences attached to the Group's media platforms
and comprises of three operating segments.
All significant operating decisions are based upon
analysis of the three operating segments. The
Executive Team and the Board of Directors have been
identified as the Chief Operating Decision Maker.
The Group’s major products and services are split
into the three segments with revenue, income, direct
and allocated costs reported to the Chief Operating
Decision Maker on this basis. Although the Group
operates in many different markets within New
Zealand, for management reporting purposes the
Group operates in one principal geographical area
being New Zealand as a whole.
The operating segments for the Group are:
• Audio - terrestrial radio stations, digital
iHeartRadio, podcasts and radio brand
websites.
• Publishing - print publications (excluding
dedicated real estate publications) and
digital news websites including nzherald.co.nz.
and BusinessDesk.
• OneRoof - comprises oneroof.co.nz and
dedicated real estate print publications.

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2025
Advertising56,32345,63814,301-
116,262
Circulation and subscription-39,157--
39,157
External printing and distribution-4,267--
4,267
Other6212,295148-
3,064
Segment revenue from integrated
media and entertainment activities
56,944 91,35714,449-
162,750
Revenue from shared services centre95156262
279
Events---525
525
Total revenue from external customers
57,03 9 91,513 14,475 527
163,554
Other income
A
95 1,969 - 107
2 ,171
Finance income- - - 215
215
Total finance and other income
95 1,969 - 322
2,386
Total revenue and other income
57,13 4 93,482 14,475 849
165,940
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time
51,023 56,699 4,973
-
112,695
Recognised over time
6,016 34,814 9,502
527
50,859
Total revenue from external customers
57,03 9 91,513 14,475
527
163,554

Continued
Notes to the consolidated interim
financial statements (unaudited)
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
10,032 15,362 1,600 (3,085)
23,909
Total assets108,762 117,046 8,793 13,876
248,477
Additions of property, plant and
equipment and intangible assets
2,003 2,474 1,136 30
5,643
Total liabilities64,897 78,432 9,377 5,966
158,672
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2024
Advertising55,599 50,686 13,982 -
120,267
Circulation and subscription- 40,520 - -
40,520
External printing and distribution- 3,895 - -
3,895
Other531 2,421 134 -
3,086
Segment revenue from integrated
media and entertainment activities
56,130 97,52 214,116-
1 6 7,76 8
Revenue from shared services centre70 122 16 1
209
Events- - - 317
317
Total revenue from external customers
56,200 97,6 4 4 14,132 318
168,294
Other income
A
150 2,181 - 430
2,761
Finance income- - - 198
198
Total finance and other income
150 2,181 - 628
2,959
Total revenue and other income
56,350 99,825 14,132 946
171,253
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time50,581 61,407 5,808 1
117,797
Recognised over time5,619 36,237 8,324 317
50,497
Total revenue from external customers
56,200 97,6 4 4 14,132
318
168,294
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 19

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
7,9 18 14,582 1,436 (2,500)
21,436
Total assets
C
112,994 119,849 9,334 12,388
254,565
Additions of property, plant and
equipment and intangible assets
827 4,630 944 8
6,409
Total liabilities
C
64,144 79,234 7, 2 11 2,713
153,302
A
Other income includes Government grants of $0.6 million (2024: $1.0 million) received from the Ministry of Culture
and New Zealand On Air for the production of content, journalism training and creating greater cultural awareness.
There are no unfulfilled conditions or contingencies attaching to these grants. The Group did not benefit directly
from any other forms of Government assistance. Other income also includes rental income of $0.1 million (2024:
$0.1 million) relating to the to operating sub-leases of right-of-use assets. See note 3.4.1 for the income received
from the finance sub-leases on right-of-use assets.
B
Operating adjusted Earnings before Interest, Tax, Depreciation and Amortisation (Operating adjusted EBITDA)
which excludes exceptional items, is a non-GAAP measure that represents the Group’s total segment result which
is regularly monitored by the Chief Operating Decision Maker. Exceptional items are those gains, losses, income
and expense items that are not directly related to the primary business activities of the Group which are determined
in accordance with the NZME Exceptional Items Recognition Framework adopted by the Board. Exceptional items
include redundancies, impairment, one-off projects and the disposal of properties or businesses. These items are
excluded from the segment result that is regularly reviewed by the Chief Operating Decision Maker.
C
Total assets and liabilities as at 31 December 2024.
2.1.1 Revenue recognition
Revenue classified as generated at a point in time
comprises:
• Revenue generated from advertising placed
in print publications and broadcast on radio
stations.
• Circulation and subscription revenue derived
from the sale of print publications.
• External printing and distribution for third
parties.
Revenue classified as generated over time is:
• Subscriptions to digital publications.
• Revenue generated from the supply of online
advertising and other online services.
• Revenue generated by the supply of services
including organising and running events,
back-office services and the supply of content,
created by the Group, to third parties.
Continued
Notes to the consolidated interim
financial statements (unaudited)
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

2.1.2 Reconciliation of operating adjusted EBITDA to net (loss) / profit before income tax expense
Note
June 2025
$’000
June 2024
$’000
For the six months ended 30 June 2025
Operating adjusted EBITDA2.1
23,909
21,436
Finance income
215
198
Depreciation and amortisation
(15,672)
(13,968)
Finance costs
(3,562)
(3,707)
Share of joint ventures and associates net loss after tax5.2.2
-
(195)
Lease adjustments included in revenue
56
11
Lease make good costs
(34)
-
Exceptional items as included in the following expenses:
People costs
Redundancies and associated costs
A
(4,409)
(707)
Technology and communication costs
-
(35)
Other expenses
Professional fees
B
(794)
-
Other - various
(34)
(188)
Net (loss) / profit before income tax expense(325)
2,845
A
The redundancies and associated costs relate to the restructuring of the Group's operations.
B
Legal and consulting costs associated with Annual Shareholders Meeting.
2.2 Earnings per share
June 2025
$’000
June 2024
$’000
Reconciliation of earnings used in calculating basic / diluted
(loss) / earnings per share (EPS)
(Loss) / profit attributable to owners of the parent entity used
in calculating EPS
(393)
1,893
June 2025
Number
June 2024
Number
Weighted average number of shares
Weighted average number of shares for calculating basic EPS
187,899,804
186,634,854
Adjusted for calculation of diluted EPS
2,017,689
4,063,462
Weighted average number of shares in the denominator in calculating
diluted EPS
189,917,493
190,698,316
June 2025
Cents
June 2024
Cents
Basic / diluted (loss) / earnings per share
Basic (loss) / earnings per share
(0.21)
1.01
Diluted (loss) / earnings per share
(0.21)
0.99
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 21

3.0 Operating assets and liabilities
3.1 Intangible assets
Material judgement: The Directors have determined that mastheads and brands have indefinite lives
and are therefore not amortised.
Goodwill
$’000
Software
$’000
Mastheads
and brands
$’000
Radio
licences
$’000
Capital
work in
progress
A

$’000
Tot a l
$’000
As at 31 December 2024
Cost2,69372,125202,22580,253389
357,685
Accumulated amortisation and
impairment
(2,693)(58,056)(121,120)(59,975)-
(241,844)
Net book value-14,06981,10520,278389115,841
For the six months ended 30 June 2025
Opening net book value-14,06981,10520,278389
115,841
Additions----3,438
3,438
Amortisation-(4,696)-(1,622)-
(6,318)
Transfers from capital work in progress-3,497--(3,497)
-
Net book value-12,87081,10518,656330112,961
As at 30 June 2025
Cost2,69375,622202,22580,253330
361,123
Accumulated amortisation and
impairment
(2,693)(62,752)(121,120)(61,597)-
(248,162)
Net book value-12,87081,10518,656330112,961
A
Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not amortised prior to being transferred to the relevant asset category.
Intangible assets not yet available for use, that are included in capital work in progress, are subject to
annual impairment tests. Capital work in progress at 30 June 2025 and 31 December 2024 comprised
of expenditure on digital development projects.
Continued
Notes to the consolidated interim
financial statements (unaudited)
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.1.1 Half year impairment review
Material judgement: As disclosed in note 2.1 the Directors have determined that the Group has
three reportable segments – being "Audio", "Publishing" and "OneRoof". The Directors have also
determined that there are three cash generating units (CGU) for impairment testing because
these are the lowest level for which there are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups of assets. Note 2.1 contains the
allocation of the Group's assets and liabilities across the CGUs except for financing and equity
accounted investments. Those assets and liabilities that do not relate to one of the three CGUs are
grouped as "other". In the consolidated financial statements for the year ended 31 December 2024
it was stated by Management that there were no reasonably possible changes to key assumptions
which could result in impairment of the Audio CGU while, for the Publishing CGU, it was stated that
any reasonably possible adverse changes in the key assumptions may result in further impairment
and Management is of the view that this continues to be the case at 30 June 2025. The OneRoof
CGU does not have any indefinite life intangible assets and any impairment testing of this CGU
would only occur if there were indicators of impairment. Management has conducted a review of
possible impairment indicators for the three CGUs as at 30 June 2025 and concluded that there
are no indicators which would require a full impairment assessment to be performed. Specifically,
Management has considered the trading performance of the Group compared to forecasts used in
the impairment assessment at 31 December 2024 as well as the market capitalisation of the Group
at 30 June 2025.
3.2 Property, plant and equipment
Freehold
land
$’000
Buildings
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Capital
work in
progress
A
$’000
Tot a l
$’000
As at 31 December 2024
Cost or fair value580 261 14,944 248,244 920
264,949
Accumulated depreciation- (16)(12,909)(233,806)-
(246,731)
Net book value580 245 2,035 14,438 920 18,218
For the six months ended 30 June 2025
Opening net book value580 245 2,035 14,438 920
18,218
Additions- - - - 2,205
2,205
Disposals- - - (6)-
(6)
Depreciation- (54)(515)(2,612)-
(3,181)
Transfers from capital work
in progress
- 19 1,030 1,543 (2,592)
-
Net book value580 210 2,550 13,363 533 17, 2 3 6
As at 30 June 2025
Cost or fair value58028015,974249,531533
266,898
Accumulated depreciation-(70)(13,424)(236,168)-
(249,662)
Net book value5802102,55013,363533 17, 2 3 6
A
Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not depreciated prior to being transferred to the relevant asset category.
Capital work in progress at 30 June 2025 and 31 December 2024 is primarily comprised of
expenditure on technology projects.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 23

3.3 Right-of-use assets
Buildings
$’000
Transmission
$’000
Vehicles
$’000
Other
$’000
Tot a l
$’000
As at 31 December 2024
Net book value30,16023,2171,3092454,710
For the six months ended 30 June 2025
Additions2,580-34338
2,961
Depreciation(3,763)(2,060)(345)(5)
(6,173)
Changes in lease payments or lease terms526387(56)(13)
844
Net book value29,50321,5441,2514452,342
3.4 Trade and other receivables
The following table details the Group’s current and non-current trade and other receivables at 30 June 2025.
Note
June 2025
$’000
December 2024
$’000
Trade receivables net of provisions
32,885
35,414
Amounts due from related companies6.1
363
336
Finance lease receivables3.4.1
637
610
Other receivables and prepayments
7,0 1 0
5,125
Total current trade and other receivables40,895
41,485
Other receivables and prepayments
560
367
Finance lease receivables3.4.1
3,255
3,579
Total non-current other receivables and prepayments3,815
3,946
Continued
Notes to the consolidated interim
financial statements (unaudited)
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

3.4.1 Finance lease receivables
$’000
As at 31 December 2024
Current assets
610
Non-current assets
3,579
Net investment in lease receivables at 31 December 20244,189
Interest on lease receivables
103
Total lease receivables before cash receipts4,292
Interest received
(103)
Principal received
(297)
Total cash receipts(400)
Net investment in lease receivables at 30 June 20253,892
Current assets
637
Non-current assets
3,255
Net investment in lease receivables at 30 June 20253,892
3.5 Inventories
inventories is predominantly the stock of newsprint
held at the Ellerslie print plant and is valued at cost.
The longevity of the commodity, and the short
period of time that stock is on hand, reduces the
Group's risk of holding obsolete stock.
During the six months ended 30 June 2025
inventories totalling $5.6 million were expensed
through production and distribution expenses
(2024: $6.8 million).
3.6 Net tangible liabilities
Net tangible liabilities per share is a non-GAAP
measure that is required to be disclosed by the
NZX Listing Rules.
The calculation of the Group's net tangible liabilities
per share and its reconciliation to the consolidated
balance sheet is presented below:
June 2025
$’000
December 2024
$’000
Total assets
248,477
254,565
Deferred tax asset
(8,206)
(8,064)
Intangible assets
(112,961)
(115,841)
Total liabilities
(158,672)
(153,302)
Net tangible liabilities(31,362)
(22,642)
Number of shares issued (in thousands)
1 87,9 0 0
187,9 0 0
Net tangible liabilities per share (in $)($0.17)
($0.12)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 25

4.0 Capital management
4.1 Dividends
4.1.1 Dividends paid and declared
Amounts recognised as distributions to equity holders during the six months ended 30 June 2025:
June 2025
Cents per
Share
June 2024
Cents per
Share
June 2025
$’000
June 2024
$’000
Final dividend declared 25 February 2025,
paid 31 March 2025
6.0
6.0
11,274
11,201
Total dividends declared and paid during
the period
11,274
11,201
Supplementary final dividend for 2024
paid 31 March 2025
1.06
1.06
1,284
1,494
Total supplementary dividends declared
and paid during the period
1,284
1,494
Proposed interim dividend for the year ended
31 December 2025
3.0
3.0
5,637
5,600
The dividends in the above table were unfranked.
Supplementary dividends were paid to registered
shareholders who were not tax residents in New
Zealand and who held less than 10% of the shares
in the Company at the record date for the related
distribution.
The proposed dividend, declared by the Board
of Directors on 25 August 2025, is to be paid on
24 September 2025 to registered shareholders
as at 12 September 2025.
4.1.2 Imputation credits
June 2025
$’000
December 2024
$’000
Imputation credits available for subsequent reporting periods based
on the New Zealand 28% tax rate for the Group
19,543
22,642
4.2 Interest-bearing liabilities
The following table details the Group’s combined net debt at 30 June 2025.
The movements in these balances during the period are provided in notes 4.2.1 Secured bank loans and note
4.2.2 Lease liabilities.
$’000
Bank loans
37, 2 9 9
Cash and cash equivalents
(3,984)
Net bank debt 33,315
Lease liabilities
76,487
Net debt at 30 June 2025109,802
Continued
Notes to the consolidated interim
financial statements (unaudited)
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.2.1 Secured bank loans
$’000
Bank loans
As at 31 December 2024
28,731
Net cash flows
8,500
Gain on loan modification release
149
Payments for borrowing costs
(130)
Amortisation of borrowing costs
49
As at 30 June 202537, 2 9 9
Cash and cash equivalents
As at 31 December 2024
(4,641)
Net cash flows
657
Net bank debt at 30 June 202533,315
The Group is funded from a combination of its own
cash reserves and $60.0 million bilateral bank loan
facilities, which NZME refinanced on 26 June 2025,

of which $37.5 million (31 December 2024:
$29.0 million) is drawn and $22.5 million
(31 December 2024: $21.0 million) is undrawn
as at 30 June 2025. This facility expires on
31 August 2028.
The interest rate for the drawn facility is the BKBM

plus credit margin.
The NZME bilateral facilities contain undertakings
which are customary for facilities of this nature
including, but not limited to, provision of
information, negative pledge and restrictions

on priority indebtedness and disposals of assets.
The assets of the Group are collateral for the
interest-bearing liability.
In addition, the Group must comply with financial
covenants (a net debt to EBITDA ratio and an EBITDA
to net interest expense ratio) for each 12 month period
ending on 31 March, 30 June, 30 September and
31 December. The Group has complied with these
covenants throughout the reporting period.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 27

4.2.2 Lease liabilities
$’000
As at 31 December 2024
Current lease liabilities
13,690
Non-current lease liabilities
66,146
Total lease liabilities at 31 December 202479,836
Interest on lease liabilities
2 ,167
New leases
2,961
Changes in scope, lease terms and other adjustments
788
Total lease liabilities before cash payments85,752
Interest paid on leases
(2 ,167)
Principal payments
( 7,0 9 8)
Total cash payments(9,265)
Total lease liabilities at 30 June 202576,487
Current lease liabilities
14,105
Non-current lease liabilities
62,382
Total lease liabilities at 30 June 202576,487
Continued
Notes to the consolidated interim
financial statements (unaudited)
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

4.3 Cash flow information
June 2025
$’000
June 2024
$’000
Reconciliation of net cash inflows / (outflows) from
operating activities to (loss) / profit for the period:
(Loss) / profit for the period
(393)
1,893
Depreciation and amortisation expense
15,672
13,968
Borrowing cost amortisation
49
49
Gain on loan modification unwinding
149
70
Net (gain) / loss on sale of non-current assets
(12)
90
Change in current / deferred tax payable
(1,225)
(3,629)
Lease adjustments
(56)
(12)
Group's share of retained losses in joint ventures and associates net
of distributions received
-
195
Share based payment expense
183
90
Changes in assets and liabilities:
Trade and other receivables
1,650
(2,224)
Inventories
(265)
1,807
Prepayments
(929)
421
Trade and other payables and employee benefits
147
(600)
Net cash inflows from operating activities14,970
12,118
4.4 Fair value measurement
The Group measures and recognises the following
assets and liabilities at fair value on a recurring
basis:
• Financial assets at fair value through profit
or loss (FVTPL);
• Land and buildings (excluding leasehold
improvements).
4.4.1 Fair value hierarchy
NZ IFRS 13 requires disclosure of fair value
measurements by level of the following fair
value measurement hierarchy:
• Level 1: quoted prices (unadjusted) in active
markets for identical assets or liabilities;
• Level 2: inputs other than quoted prices
included within level 1 that are observable
for the asset or liability, either directly or
indirectly, and
• Level 3: inputs for the asset or liability that
are not based on observable market data
(unobservable inputs).
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 29

4.4.2 Recognised fair value measurements
June 2025
$’000
December 2024
$’000
Freehold land and buildings
Non-financial assets (Level 3)
Freehold land and buildings
Freehold land
580
580
Buildings (excluding leasehold improvements)
210
245
Total non-financial assets790
825
Other financial assets are measured at amortised
cost and comprise of a loan to Eventfinda NZ Ltd.
The loan is interest-bearing and is repayable under
certain conditions.
All fair value measurements referred to above are in
either level 2 or level 3 of the fair value hierarchy and
there were no transfers between levels. The Group’s
policy is to recognise transfers between fair value
hierarchy levels as at the end of the year.
4.4.3 Disclosed fair values
The Group also has a number of assets and liabilities
which are not measured at fair value but for which
fair values are disclosed in these notes.
The carrying amounts of trade receivables and
payables are assumed to approximate their fair
values due to their short-term nature.
The fair value of the non-current trade receivables
are assumed to approximate their carrying values
as the balances comprise of prepayments in relation
to cash already received by the Group and lease
receivables where the carrying value has been
calculated based on net present values of future
cash inflows.
The fair value of interest-bearing liabilities disclosed
in note 4.2 is estimated by discounting the future
contractual cash flows at the current market interest
rates that are available to the Group for similar
financial instruments. For the six months ending
30 June 2025, the borrowing rates were determined
to be between 5.4% and 6.6% (31 December 2024:
between 6.4% and 7.9%), depending on the type of
borrowing. The fair value of borrowings approximates
the carrying amount, as the impact of discounting
is not significant (level 2).
4.4.4 Valuation techniques used to derive
at level 2 and 3 fair values
Recurring fair value measurements
The fair value of financial instruments that are not
traded in an active market is determined using
valuation techniques. These valuation techniques
maximise the use of observable market data where
it is available and rely as little as possible on entity
specific estimates. If all significant inputs required
to fair value an instrument are observable, the
instrument is included in level 2.
If one or more of the significant inputs is not based
on observable market data, the instrument is
included in level 3.
The Group uses Director valuations, supported by an
independent valuation performed in February 2024,
for its freehold land and buildings less subsequent
depreciation for buildings to ensure that the carrying
value of the assets is materially consistent with
their fair value. The land and buildings owned by
the Group are transmission sites and associated
buildings, and as such are specialised and have
limited saleability. The best evidence of fair value
is current prices in an active market for similar
properties; however, these are not readily available
for such specialised sites in such locations. The
Directors believe that the current carrying value of
the assets equates to their fair value given the nature
and location of the assets. All resulting fair value
estimates for properties are included as level 3.
Continued
Notes to the consolidated interim
financial statements (unaudited)
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

5.0 Group structure and investments in other entities
5.1 Controlled entities
The consolidated interim financial statements incorporate the assets, liabilities and results of the subsidiaries
listed below. Unless otherwise stated, they have share capital consisting solely of ordinary shares that are
held directly by the Group, and the proportion of ownership interest held equals the voting rights held by
the Group. All entities are incorporated in, and operate in, New Zealand and the ownership interest is 100%
unless otherwise stated. There were no changes in control during the six months ended 30 June 2025.
Name of entityName of entity
NZME Advisory LimitedNZME Radio Investments Limited
NZME Australia Pty Limited
A
NZME Radio Limited
B
NZME Educational Media LimitedNZME Specialist Limited
NZME Holdings LimitedThe Hive Online Limited
NZME Investments Limited New Zealand Radio Network Limited
NZME Print Limited The Radio Bureau Limited
NZME Publishing LimitedOneRoof Limited
A
Incorporated in, and operates in, Australia.
B
One "Kiwi Share" held by the Minister of Finance. The rights and obligations
are set out in the NZME Radio constitution.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 31

5.2 Interests in other entities
5.2.1 Associates, joint ventures and joint operations
The Group has the following associates, joint ventures and joint operations:
June 2025
Ownership
Interest
December 2024
Ownership
Interest
Name of entity
Eveve New Zealand Limited
A
40%
40%
New Zealand Press Association Limited
A
38.82%
38.82%
Restaurant Hub Limited
A
38%
38%
The Beacon Printing & Publishing Company Limited
A
21%
21%
The Gisborne Herald Company Limited
A
49%
49%
The Wairoa Star Limited
A
40.41%
40.41%
The Radio Bureau
B
50%
50%
A
These entities are classified as joint ventures or associates and are accounted for using the equity method
in these consolidated interim financial statements.
B
The Radio Bureau is classified as a joint operation and the Group has included its direct right to the assets,
liabilities, revenues and expenses of joint operations and its share of any jointly held or incurred assets,
liabilities, revenues and expenses in these consolidated interim financial statements.
5.2.2 Equity accounted investments
$’000
As at 31 December 20241,825
Share of losses in joint ventures and associates
-
As at 30 June 20251,825
The equity accounted investments are not considered to be material to the Group's operations or results and
therefore no disclosures of the summarised financial information for these investments have been made.
Continued
Notes to the consolidated interim
financial statements (unaudited)
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

6.0 Other notes
6.1 Related parties
The following table details the period end balances between the Group and its associates.
June 2025
$’000
December 2024
$’000
Balances with associates
Receivables
363
336
The following table details the transactions between the Group and its associates during the six months
ended 30 June 2025 and 30 June 2024.
June 2025
$’000
June 2024
$’000
Transactions with associates
Advertising revenue earned
-
10
Services provided by the Group
30
273
Services received by the Group
-
(1)
6.2 Commitments and contingent liabilities
The Group is subject to litigation incidental to the business, none of which is expected to be material. No
provision has been made in the consolidated financial statements in relation to its current litigation and the
Directors believe that such litigation will not have a significant effect on the Group's financial position, results
of operations or cash flows.
6.3 Subsequent events
The Directors are not aware of any other material events subsequent to the reporting date.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 33

PwC New Zealand, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000

Independent auditor’s review report
To the shareholders of NZME Limited
Report on the consolidated interim financial statements
Our conclusion
We have reviewed the consolidated interim financial statements of NZME Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated interim balance sheet as at 30 June 2025, and the
consolidated interim income statement, the consolidated interim statement of changes in equity and the
consolidated interim statement of cash flows for the six months ended on that date, and notes, comprising material
accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
consolidated interim financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 30 June 2025, and its financial performance and cash flows for the six months then
ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New
Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor’s responsibilities for the review of the consolidated interim
financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements. Our firm has a corporate subscription with the Group on normal terms. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within the ordinary
course of trading activities of the business. The firm has no other relationship with, or interests in, the Group.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal
control as the Directors determine is necessary to enable the preparation and fair presentation of the consolidated
interim financial statements that are free from material misstatement, whether due to fraud or error.

PwC New Zealand, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000

Independent auditor’s review report
To the shareholders of NZME Limited
Report on the consolidated interim financial statements

Our conclusion
We have reviewed the consolidated interim financial statements of NZME Limited (the Company) and its
subsidiaries (the Group), which comprise the consolidated interim balance sheet as at 30 June 2025, and the
consolidated interim income statement, the consolidated interim statement of changes in equity and the
consolidated interim statement of cash flows for the 6 months ended on that date, and notes, comprising material
accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying
consolidated interim financial statements of the Group do not present fairly, in all material respects, the financial
position of the Group as at 30 June 2025, and its financial performance and cash flows for the 6 months then
ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New
Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised)
Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our
responsibilities are further described in the Auditor’s responsibilities for the review of the consolidated interim
financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to
the audit of the annual financial statements, and we have fulfilled our other ethical responsibilities in accordance
with these ethical requirements. Our firm has a corporate subscription with the Group on normal terms. In
addition, certain partners and employees of our firm may deal with the Group on normal terms within the ordinary
course of trading activities of the business. The firm has no other relationship with, or interests in, the Group.
Responsibilities of Directors for the consolidated interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of
these consolidated interim financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal
control as the Directors determine is necessary to enable the preparation and fair presentation of the consolidated
interim financial statements that are free from material misstatement, whether due to fraud or error.
34 NEW ZEALAND MEDIA AND ENTERTAINMENT

PwC
Auditor’s responsibilities for the review of the consolidated interim financial
statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the consolidated interim financial statements, taken as a whole, are not prepared in all material
respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. The
procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing and International Standards on Auditing (New Zealand) and
consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s shareholders, as a body, for our review procedures, for this report or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 August 2025

2 PwC
Auditor’s responsibilities for the review of the consolidated interim financial
statements
Our responsibility is to express a conclusion on the consolidated interim financial statements based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that causes us to
believe that the consolidated interim financial statements, taken as a whole, are not prepared in all material
respects, in accordance with IAS 34 and NZ IAS 34.
A review of consolidated interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and other review procedures. The
procedures performed in a review are substantially less than those performed in an audit conducted in accordance
with International Standards on Auditing and International Standards on Auditing (New Zealand) and
consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these consolidated interim financial statements.
Who we report to
This report is made solely to the Company’s shareholders, as a body. Our review work has been undertaken so that
we might state those matters which we are required to state to them in our review report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s Shareholders, as a body, for our review procedures, for this report or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
25 August 2025

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2025 35

Directory
Registered Address
NZME Limited
2 Graham St
Auckland 1010
New Zealand
Registered Office Contact Details
Phone: +64 9 379 5050
Website: www.nzme.co.nz
Email: Investor_Relations@nzme.co.nz
Auditors
PricewaterhouseCoopers
Principal Bankers
Westpac
Principal Solicitors
Bell Gully
Share Registry
MUFG Pension & Market Services
Share Registry Contact Details
Postal Address: PO Box 91976
Auckland 1142
Street Address: Level 30 PwC Tower
15 Customs Street West
Auckland
Phone: +64 9 375 5998
Website: www.linkmarketservices.co.nz
Email: enquiries@linkmarketservices.co.nz
36 NEW ZEALAND MEDIA AND ENTERTAINMENT