NZME Full Year Results to 31 December 2025

NZME 2025 Full Year Results
Please refer to the following documents in relation to the NZME Full Year Results to 31 December
2025:

1. NZME 2025 Full Year Results NZX Form
2. NZME 2025 Full Year Results Announcement
3. NZME 2025 Full Year Results Investor Presentation
4. NZME 2025 Annual Report and Consolidated Financial Statements
5. Distribution Notice - NZX Form
6. ASX Compliance Letter

ENDS

Authorised by Michael Boggs, Chief Executive Officer.
For further information:

For media For investors
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz
Jo Hempstead
Chief Financial Officer
Jo.hempstead@nzme.co.nz

MARKET ANNOUNCEMENT
24 February 2026
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 12 months to 31 December 2025
Previous Reporting Period 12 months to 31 December 2024
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$345,550

(1.4%)
Total Revenue $345,550 (1.4%)
Net profit/(loss) from
continuing operations
$13,087 182%
Total net profit/(loss) $13,087 182%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.06000000
Imputed amount per Quoted
Equity Security
$ 0.02333333
Record Date 06 March 2026
Dividend Payment Date 18 March 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.11) $(0.12)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached 2025 Annual Report and the 2025 Full Year
Results Presentation for full commentary on results.
Authority for this announcement
Name of person authorised
to make this announcement
Michael Boggs, CEO
Contact person for this
announcement
Jo Hempstead, Chief Financial Officer
Contact phone number 021 244 5898
Contact email address jo.hempstead@nzme.co.nz
Date of release through MAP 24 February 2026

Audited financial statements accompany this announcement.

---

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

1
NEW ZEALAND MEDIA AND ENTERTAINMENT
MARKET ANNOUNCEMENT

24 February 2026



NZME Limited 2025 Full Year Financial Results

AUCKLAND, 24 February 2026: NZME Limited (NZX and ASX: NZM) (NZME) ) has announced its
financial results for the full year ended 31 December 2025 reporting Operating Earnings Before Interest,
Tax, Depreciation and Amortisation (EBITDA)
1
of $62.3 million, up from $54.2 million the year prior, or
15%.

The company reported a Statutory Net Profit After Tax of $13.1 million. Operating Revenue
1
for the year
was $345.1 million, down from the year prior due to the closure of community publications in December
2024. Normalised operating revenue growth was 1%. The company’s Operating Expenses
1
were 4%
lower than the year prior, in part reflecting the savings initiatives implemented early in 2025.

NZME’s Operating NPAT
1
for 2025 was $17.7 million, resulting in operating earnings per share
1
of 9.4
cents, compared with 6.5 cents in 2024.

Michael Boggs, NZME Chief Executive Officer, says the strong performance reflects a huge amount of
hard work from NZME teams up and down the country, helped by easing inflation and improving business
and consumer confidence.

"I am proud to deliver these results today on behalf of our team of 1,100 who have worked so hard
through several challenging years. We’ve remained focused on our digital-first strategy, continuing to
innovate and adapt to changing audience and client needs, we’ve reduced our costs, and we’ve simplified
our structure to allow us to operate at pace, placing specialist support services under each of our three
main business divisions," he says.

Steven Joyce, NZME Board Chair says: “2025 provided a challenging economic climate for many New
Zealand businesses and NZME was no exception. It’s pleasing to be able to report an improved profit
performance to shareholders, despite that challenging backdrop.”

Key divisional highlights

• OneRoof turned in a solid performance with continued digital listings revenue growth – up 18% from
the prior year, helping drive a 32% improvement in EBITDA. Other digital revenue from the property
platform grew 22%.
• The company’s Audio division had a strong performance, with profitability up 23%, driven by
improved overall revenue growth of 5%, including digital audio revenue growth of 10%. Audio also
showed positive signs heading into 2026, with year on year revenue share
2
increasing from
September to December 2025.
• The Publishing division saw growth of 3% in digital subscription revenue, and the number of digital
subscribers grew 10% to 166,000. Pleasingly, total subscriptions grew 3% year on year from 236,000
to 243,000. The division also delivered improved profitability, with a 31% growth in digital publishing
Operating EBITDA
1
.

Capital management

NZME distributed $16.9 million to shareholders over the past year comprising of $11.3 million in a 2024
final dividend payout of 6.0 cents per share and $5.6 million through a 2025 interim dividend of 3.0 cents
per share.

Net debt has reduced by $8.6 million to $15.5 million which is below NZME’s target leverage ratio range,
highlighting the strong balance sheet capacity to support shareholder returns.

NZME Limited. 2-4 Graham Street, Private Bag 92198, Victoria Street West, Auckland.
2
A final dividend of 6.0 cents per share has been declared and will be payable on 18 March 2026 which
brings total dividends to 9.0 cents per share for the year, consistent with 2024. This fits within the
company’s dividend policy of paying dividends between 50 and 80% of free cash flow, with a total payout
ratio of 67%. It also reflects confidence in the business and NZME’s commitment to returning value to
shareholders.

Outlook

Boggs says NZME is cautiously optimistic heading into 2026.

“NZME is well positioned to benefit from an economic upturn and we’re focused on delivering top line
revenue growth in 2026. We’re seeing encouraging signs of recovery with advertising revenues for the
first quarter on track to deliver an estimated 3% growth year on year. It’s pleasing to see activity levels
and market sentiment continuing to improve, and we’re anticipating a gradual recovery as inflationary
pressures and global economic uncertainty linger.

“The company completed a number of savings initiatives in 2025 to deliver annualised cost savings of
$12 million that will be fully realised in 2026. This will result in a further improvement in costs of $3 million
in 2026, whilst we continue to proactively manage costs,” he says.

OneRoof remains a priority focus by accelerating its expansion across the country while improving
audience experience and marketing performance across all our platforms. This is expected to deliver
improved profitability in the short term and significant value creation in the medium term.

Joyce says: “We have entered 2026 with a strong balance sheet, diversified revenue streams and strong
market positions across Audio, Publishing and OneRoof, providing a solid foundation for future growth.
The renewed momentum and focus we have built through 2025 positions us strongly for 2026 and
beyond.

“We are committed to advancing our market position and returns to shareholders through continual
innovation, deeper audience engagement and enhanced advertiser value,” says Joyce.

The full set of NZME’s 2025 Full Year Financial Results materials can be found here.


ENDS

Authorised by Michael Boggs, Chief Executive Officer

For further information please contact:

For media

For investors
Kelly Gunn
GM Communications
+64 27 213 5625
kelly.gunn@nzme.co.nz
Jo Hempstead
Chief Financial Officer
+64 21 244 5898
jo.hempstead@nzme.co.nz

Sources:

1. Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-
recurring expenses to allow for a like for like comparison between 2024 and 2025 financial years. Please refer to
pages 41-42 of the NZME 2025 Full Year Results presentation for a detailed reconciliation.
2. RBA Monthly Radio Market Report last 12 months to December 2025 (radio and digital revenue share between
NZME and Mediaworks).

---

1
For the year ended 31 December 2025
NZME full year results.

2
2
Agenda.
Key highlights3
Results summary4
Trading environment and market performance6
2025 full year financial results8
Divisional performance15
Outlook37
Q&A39
Supplementary information40

3
3
Key highlights.
Disciplined governance and financial management
•Strong cost management with ongoing targeted savings focus.
•Balance sheet capacity to support shareholder returns.
•Transformed governance structure bringing enhanced expertise in key
areas and a renewed strategic focus.
3
Strategic innovation & investment
•Strengthened OneRoof product and engineering capability to deliver
enhanced user experiences across web and mobile.
•Launch of Herald Now, live-streaming news to meet growing audience
preference for video-based news consumption.
•iHeartCountry NZ radio launched across Auckland and six other markets to
fill a clear gap in the New Zealand market.
2
Strength of performance from our core
•Radio resurgence after a sluggish couple of years.
•Underlying Print publishing performance bucks the trend.
•OneRoof digital listings revenue growth continues.
1

4
4
Operating EBITDA 15% higher than last year.
•Lower total operating revenue due to the closure of
community publications in December 2024, with
normalised revenue growth of 1%.
•Operating expenses 4% lower than last year
reflecting savings initiatives early in the financial year.
•Statutory net profit after tax of $13.1 million. 2024
included a $24 million non-cash impairment of
intangible assets.
•Free cash flow was $25.4 million and $14.1 million
better than 2024, as a result of improved operating
earnings and lower tax payments.
•Net debt of $15.5 million represents 0.3 times EBITDA.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-recurring expenses to allow for a like for like comparison between 2024 and 2025 financial years.
Please refer to pages 41-42 of this results presentation for a detailed reconciliation.
2.Operating revenue shown includes other income. 2024 operating revenue includes $6.9 million of advertising revenue generated from community publications that were closed in December 2024. References
made in this presentation to adjusted or normalised operating revenue exclude this amount to allow for a like for like comparison between 2024 and 2025 financial years.
Results summary.
For the full year ended 31 December 2025
$62.3m
Operating EBITDA
1
2024 $54.2m
6.0cps
Final dividend
Payable on
18 Mar 2026
$345.1m
Operating revenue
1,2
2024 $350.2m
$13.1m
Statutory NPAT
2024 ($16.0m) loss
9.4cps
Operating EPS
1
2024 6.5cps
$25.4m
Free cash flow
2024 $11.3m
$15.5m
Net debt
2024 $24.1m
$17.7m
Operating NPAT
1
2024 $12.1m

5
5
Improved performance across OneRoof, Audio and
Publishing underpin a 15% EBITDA increase.
•Audio revenue growth of 5% the primary driver for
improved EBITDA, along with strong cost control.
•Cost savings from a reshaped newsroom, plus
reduced low margin third party activity has
delivered Digital publishing margin gains of +5%.
•OneRoof digital revenues grew by 19%, somewhat
offset by 17% print revenue decline.
Operating EBITDA by division.
For the full year ended 31 December 2025
$ million
20252024% change
1
OneRoof3.6 2.7 32%
Audio26.9 21.9 23%
Digital publishing14.7 11.2 31%
Print publishing22.9 23.3 (2%)
Total publishing37.634.59%
Corporate and other(5.8) (5.0) (15%)
Operating EBITDA
(incl. NZ IFRS16)
2
62.3 54.2 15%
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

6
6
Signs of gradual recovery underway late in 2025,
with easing inflation and improving confidence.
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.Westpac Bank forecasts.
Confidence continues to strengthen, though global uncertainty and
domestic cost pressures may temper growth into 2026.
Variances in forecasts from the start of the year compared with the end
of the year illustrate the volatility throughout 2025 and into 2026.
(60.0)
(40.0)
(20.0)
-
20.0
40.0
60.0
80.0
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
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Business confidenceConsumer confidence
Business and Consumer Confidence
1
-
1.0%
2.0%
3.0%
4.0%
Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26Dec-26
ActualFeb-26 forecastNov-25 forecastFeb-25 forecast
Consumers price index (CPI)
2
(2.0%)
-
2.0%
4.0%
6.0%
8.0%
10.0%
Dec-24Mar-25Jun-25Sep-25Dec-25Mar-26Jun-26Sep-26Dec-26
ActualFeb-26 forecastNov-25 forecastFeb-25 forecast
REINZ house price index (HPI)
2

7
7
Publishing
Audio
NZME reaches 9 out of 10 Kiwis
1
1.NZME Reach Study n=1,001 nationally representative June 2025 (unduplicated audience across NZME print, digital, radio & podcasts).
2.Nielsen CMI Q4 24 – Q3 25 Nov 25 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
3.Nielsen Online Ratings December 2025 (desktop and domestic traffic only, does not include exclusive mobile app audience).
4.GfK Comm RAM, S3/25, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
5.NZ Triton Webcast Metrics Jan-Dec 2025, average monthly reach (NZ based listening).
Strong audiences across digital and traditional
platforms.
OneRoof
+18%
OneRoof digital
listing revenue
+22%
OneRoof other
digital revenue
Print audience
311,000
2
Digital audience
660,000
3
+10%
Digital audio
revenue
+3%
Podcast
revenue
Radio audience
1,713,200
4
Digital audience
1,048,000
5
+3%
Digital subscription
revenue
-7%
Digital advertising
revenue
Print audience
1,235,000
2
Digital audience
1,841,000
3
Note: The decline in digital advertising revenue was driven by a
reduction in programmatic revenue and a deliberate reduction
in digital performance marketing revenue through low-margin
third-party channels.
Some audiences may be duplicated across platforms.

8
8
2025 full year
financial results.

9
9
Improved operating performance despite the
impact of a stuttering economy.
•Operating revenue grew by 1% after normalising
for closed Communities publications.
•Operating expenses reduced by 4% and
contributed to strong EBITDA improvement.
•Depreciation and amortisation expenses increased
as the proportion of capital spend continues to shift
toward shorter life technology related investment.
•Operating NPAT of $17.7 million for the year was
an increase of $5.6 million on 2024; a positive
improvement in challenging market conditions.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 41-42 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
.
For the full year ended 31 December 2025
$ million
20252024% change
2
Reader revenue78.2 80.9 (3%)
Revenue from closed community publications-6.9 (100%)
Advertising revenue (excl. closed communities)244.7 241.3 1%
Other revenue18.3 16.8 9%
Operating revenue341.3 345.9 (1%)
Other income3.8 4.3 (11%)
Operating revenue and other income345.1 350.2 (1%)
Operating revenue (excl. closed communities)345.1 343.3 1%
Operating expenses(282.8) (296.0) 4%
Operating EBITDA62.3 54.2 15%
Depreciation and amortisation on owned assets(18.7) (17.7) (6%)
Depreciation on leased assets(12.2) (12.2) -
Interest income0.4 0.4 -
Finance cost(6.7) (7.8) 15%
Operating NPBT25.1 16.8 49%
Taxation expense(7.4) (4.8) (55%)
Operating NPAT17.712.1 46%
Operating earnings per share (cents)9.46.5 45%

10
10
Operating revenue is above a normalised 2024,
adjusting for the closure of community
publications.
•OneRoof digital revenue growth maintained,
although continuing to be constrained by a slower
real estate market and a reduction in OneRoof print
revenues.
•Audio advertising revenue grew 5%, with strong
gains through the second half of 2025.
•Digital programmatic advertising revenue was
particularly impacted by weaker market conditions.
•Decreased digital performance marketing revenue
resulted from a deliberate reduction in activity
given the usage of low-margin third-party channels.
•Core digital and print advertising revenues were at
similar levels to 2024.
•Total reader revenue declined 3%, with reduced
print subscriber revenue outpacing a 3% increase
in digital subscriber revenue. Print subscriber
volumes reduced by 9%, offset with 5% yield gains.
Operating revenue
1
movements.
For the full year ended 31 December 2025
350.2
(6.9)
343.3
3.0
(1.8)
1.1
4.6
(2.0)
(1.4)
(0.5)
0.7
(3.4)
1.3
0.1 345.1
$ million
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 41-42 of this results presentation for a detailed reconciliation.

11
11
Total operating expenses reduced by $13 million
from targeted savings initiatives and the impact of
closed community publications.
•Lower people expenses from the savings initiatives
implemented early in the year.
•Print and distribution expenses were down by 9%
and reflect the impact of closed community
publications and decreases in overall print
volumes.
•Increased agency commission expenses were the
main reason for selling and marketing increases.
•Reduced third party fulfilment expenses reflect the
decrease in performance marketing revenue.
•Non-recurring expenses include restructuring costs
incurred as part of the $12 million of annualised
savings initiatives.
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
Expenses.
For the full year ended 31 December 2025
$ million
20252024% change
1
People
140.1 145.7 4%
Print and distribution
47.2 51.8 9%
Selling and marketing
40.2 39.3 (2%)
Content
20.4 21.2 4%
Property
7.6 7.5 (2%)
Third party fulfilment
3.0 4.7 36%
Technology and communications
11.5 11.8 3%
Other expenses
12.8 13.9 8%
Total operating expenses
282.8 296.0 4%
Total non-recurring expenses
6.5 4.5 (45%)

12
12
Net debt of $15.5m is below the target leverage
range of 0.5 – 1.0 times EBITDA (pre NZ IFRS 16).

•Net working capital excluding cash is $5.1 million
lower than December 2024 primarily due to a tax
payable position that was a tax receivable last year,
as well as lower trade receivables and inventories.
•Net debt reduced by $8.6 million to $15.5 million,
with improved operating earnings the largest
contributor, along with lower tax payments and
capital expenditure, offset somewhat by higher
non-recurring expenses.
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 31 December 2025
$ million
31 December
2025
31 December
2024
Trade and other receivables
40.1 41.5
Inventories
1.6 2.5
Trade and other payables
(43.8) (44.7)
Current tax receivable / (payable)
(1.2) 2.5
Net working capital excluding cash
(3.3) 1.8
Property, plant and equipment, intangibles and
other non-current assets
127.9 137.1
Right-of-use assets (NZ IFRS16)
49.0
54.7
Lease liabilities (NZ IFRS16)
(71.7) (79.8)
Finance lease receivable (NZ IFRS16)
3.3 3.6
Net debt
(15.5) (24.1)
Deferred tax
8.1
8.1
Net assets
97.9 101.3
Leverage ratio
1
0.3 0.7

13
13
Improved free cash flow reflects the positive
earnings performance.
•Cash flow from operations of $50.4 million was
$12.5 million higher than 2024, with improved
operating earnings and lower tax paid, partly offset
by higher non-recurring expenses.
•The ‘other’ movement in cash flow from operations
for 2024 relates to a tax obligation arising on the
issue of shares under a long-term incentive.
•Capital expenditure was lower for 2025, with 2024
including accelerated digital product development
activity.
•Distributions to shareholders were similar to 2024
with a consistent dividend maintained.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 41-42 of this results presentation for a detailed reconciliation.
Cash flows.
For the full year ended 31 December 2025
$ million
20252024
Operating EBITDA
1
62.3 54.2
Interest paid on bank facilities(2.1) (2.7)
Interest received on leases0.2 0.2
Interest paid on leases(4.2) (4.6)
Non-recurring expenses(6.4) (4.3)
Tax paid(1.9) (5.2)
Working capital movement (excluding tax)1.71.7
Other (non-cash)0.6 (1.4)
Cash flow from operations50.4 37.9
Capital expenditure(10.7) (12.7)
Lease principal repayment(14.3) (13.8)
Free cash flow25.4 11.3
Purchase of OneRoof shares(0.4) (0.4)
Third party loan repayment0.7 -
Dividends paid(16.9) (16.8)
Cash movement in net debt8.8 (5.9)
Other movements (0.2) (0.2)
Movement in net debt8.6 (6.1)

14
14
Net debt finished the year $8.6 million lower
than December 2024.
•Leverage ratio of 0.3 is below the target range
of 0.5 to 1.0 times EBITDA

(pre NZ IFRS 16)
1
.
•Fully imputed final dividend of 6.0 cents per
share has been declared and is payable on 18
March 2026.
•Dividends declared for 2025 of 9.0 cents per
share ($16.9 million) represent 67% of free
cash flow ($25.4 million), in accordance with
the policy below.
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however exclude non-recurring expenses to allow for a like for like
comparison between 2024 and 2025 financial years. Please refer to pages 41-42 of this results presentation for a detailed reconciliation.
Capital management.
For the full year ended 31 December 2025
31 December
2025
31 December
2024
12-months operating EBITDA (pre NZ IFRS 16)
1
($ million)
44.6 36.5
12-months interest expense ($ million)
2.12.8
Net interest cover
(Operating EBITDA (pre NZ IFRS 16)
1
/ interest expense)
21.2 13.0
Net debt ($ million)
15.524.1
Leverage ratio
(Net debt / 12-month operating EBITDA (pre NZ IFRS 16)
1
)
0.30.7
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/
$17.5m
$31.6m
$18.0m
$30.0m
$24.1m
$33.3m
$15.5m
0.4
0.8
0.5
0.8
0.7
0.9
0.3
Dec-22Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25
Net debt and leverage
Net debt / (Cash) $mLeverage ratio

15
15
Divisional
performance.

16
16
Your essential property platform.
OneRoof.

17
17
cc
1.REINZ and Tony Alexander, an independent NZ economist.
2.NZME analysis.
3.Revenue impact
OneRoof digital growth continues.
19% growth in OneRoof residential listings revenue compared with +3% REINZ market listings movement.
+3% YOY+7% YOY
3
+10% YOY
3
c
-
20
40
60
80
100
120
140
160
180
2007200820092010201120122013201420152016201720182019202020212022202320242025
New market listings (000s)
1
2007-2025 average
-
10%
20%
30%
40%
50%
AucklandRest of NZ
202320242025
OneRoof residential listings upgrades
2
-
100
200
300
400
500
600
AucklandRest of NZ
202320242025
OneRoof average yield ($)
2

18
18
Continued digital revenue growth, up 19% on last
year, more than offsetting print revenues, and
driving 32% EBITDA improvement.
•Increased upgrade conversion rates and higher
yields delivered the strong digital revenue growth.
•Lower print revenues impacted by reduced
advertising through the channel, which tends to
skew toward higher-value properties.
•People expenses were up 10%, reflecting
investment in sales capability outside Auckland.
•Print and distribution expenses were down 6%,
directly related to lower print revenues.
•Lower selling and marketing expenses and content
costs offset other increases across property,
technology and communications.
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
OneRoof financial results.
For the full year ended 31 December 2025
$ million
20252024% change
1
Digital19.2 16.2 19%
Print8.8 10.6 (17%)
Other0.4 0.4 -
Operating revenue28.5 27.2 5%
People(8.9) (8.1) (10%)
Print and distribution(5.2) (5.6) 6%
Selling and marketing(6.9) (7.2) 4%
Content(1.9) (2.1) 11%
Other expenses(2.0) (1.6) (26%)
Operating expenses(24.8) (24.4) (2%)
Operating EBITDA (incl. NZ IFRS16)
2
3.6 2.7 32%
NZ IFRS16 adjustment(1.0) (0.8) (26%)
Operating EBITDA (pre NZ IFRS16)
2
2.6 2.0 35%
Operating EBITDA
2
margin (pre NZ IFRS16)9% 7% 2 ppt

19
19
-
200
400
600
800
1,000
1,200
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
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Enquiries trend
Audience (000s)
Online audience and enquiries
OneRoof audienceTrade Me Property audienceOneRoof enquiries
Source: Nielsen Online Ratings December 2022 – December 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 2023.
OneRoof audience and enquiries.
Consistent enquiries growth driving quality lead generation for agents and vendors.
•Marketing in the second
half of 2025 was
refocussed on delivering
enquiries to agents,
rather than an overall
total audience.
•This has been effective
at delivering, but at the
cost of total audience.
•2026 initiatives are
focused on delivering
continued enquiries
growth , as well as
audience growth
through enhanced user
experiences via product
improvements.
* Trade Me Property’s annual “Hunt for
the Hundy” promotion drives periodic,
albeit temporary, audience uplift.

20
20
1.Nielsen Online Ratings Jan 2023 – Dec 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.
Your essential property platform.
Progress against strategic priorities
Engagement
Audience
606k,
187k gap to #1
-
Audience
854k,
Achieved #1
+32% YoY
Audience
647k,
235k gap to #1
+32% YoY
•Deliver new mobile app in first quarter of 2026, significantly enhancing user
experience and functionality.
•Insource the technology development team, at no incremental cost, to improve
velocity of delivery.
•Further refine and optimise online acquisition strategies with audience growth
focussed on delivering enquiries for agents and landlords.
•Leverage NZME’s entire product range to support faster growth and
innovation.
Listings upgrade %
2
41% Auckland
17% Rest of NZ
43% Auckland
24% Rest of NZ
45% Auckland
26% Rest of NZ
•Leverage strategic partnership plans and strengthen key external relationships.
•Enhance leadership capability and improve sales operations effectiveness.
•Increase regional focus to unlock new growth opportunities.
Revenue mix
54% Digital
46% Print
61% Digital
39% Print
69% Digital
31% Print
•Optimise the value of our print proposition while accelerating digital growth.
EBITDA
3
margin
(pre NZ IFRS16)
(10%)
7%9%
•EBITDA improvements in the short term given continued revenue growth, with
acceleration in the midterm term.
Metric
2023
actual
2024
actual
2025
actual
2026 initiatives

21
21
3. Delivering on significant yield potential
1,149
699
528
294
470
279
Auckland
Rest of NZ
Highest value package2025 average2024 average
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 each year 2007 to 2025
OneRoof growth opportunity.
Significant future opportunity across each of market listings, upgrades and yields.
202320242025
New residential listings (000s)
1
Auckland
35 43 44
Rest of NZ
63 74 76
Total
98 118 120
Residential listings upgrade %
Auckland
41% 43% 45%
Rest of NZ
17% 24% 26%
Total
26% 31% 33%
Average revenue per upgrade
Auckland
422 470 528
Rest of NZ
265 279 294
Total
354 377 410
Revenue ($ million)
Auckland
6.0 8.7 10.4
Rest of NZ
2.9 4.9 5.9
Total
8.9 13.7 16.3
1. Market to still recover
(+10% to reach historical average
2
)
2. Short term listing upgrade targets
60% Auckland / 40% Rest of NZ

22
22
OneRoof app update.
Improved search experiencewith a hybrid map/list
view and cleaner card formatting.
Instant value contextwith OneRoof Estimates and/or
RV’s (council rating valuation) shown on listings and
map pins.
Intuitive information architecturethat prioritises key
data and promotes high-value actions like Enquire,
Save, and Share.
Consistent listing experiencewith a unified user
interface across on-market and not-listed properties.

23
23
Investor proposition
Our Vision: NZ’s #1 Real Estate Market Place - every property, every buyer, built for mobile.
Market perspective
OneRoof value proposition.
Agents will strengthen their dealmaking capability,
capturing the wave of buyer demand that OneRoof
unlocks.
Buyers will get clarity, trust and access to the entire
market.
Sellers will benefit from greater visibility and buyer
competition for their property.
We will deliver on our vision through a mobile
experience with data transparency and improved
insights for buyers, agents and sellers.
Key investments include:
•Strengthening inhouse product and engineering
capability to deliver faster.
•Investment in growth marketing – the OneRoof
brand is already top of mind.
Profitability expected to grow in the short-term
but accelerate in the mid-term.

24
24
Number one in audio.
Audio.

25
25
1.RBAMonthly Radio Market Report last 12 months to December 2025 (radio and digital revenue share between NZME and Mediaworks).
2.NZME analysis.
Audio operating highlights.
Increasing Agency channel mix a key driver of
positive year-on-year revenue growth.
Digital audio revenue growth continues,
accounting for 10% of total audio revenue.
Positive year-on-year revenue share gains
through the latter part of 2025.
47%
50%
52%
202320242025
Agency share of Audio revenue
2
-
10%
20%
30%
40%
50%
Monthly revenue share
1

(3.0%)
(2.0%)
(1.0%)
-
1.0%
2.0%
Monthly revenue share vs. prior year
1
8.2
10.8
11.9
202320242025
Digital audio revenue ($ million)
2

26
26
Audio profitability up 23% driven by improved
revenue growth.
•Total operating revenue reflects improved audio
advertising market.
•People expenses held flat year on year with
targeted savings offsetting wage and salary
inflation.
•Selling and marketing expenses are 7% higher due
to increased Agency commissions as a greater
portion of sales delivered through this channel.
•Lower content costs and other expenses resulted in
total expenses increasing just 1%.
•Audio delivered an operating margin of 15% up 4
percentage points year on year.
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Audio financial results.
For the full year ended 31 December 2025
$ million
20252024% change
1
Digital audio advertising11.9 10.8 10%
Radio advertising108.9 104.2 4%
Other1.4 1.5 (5%)
Operating revenue122.2 116.6 5%
People(56.2) (56.2) -
Selling and marketing(18.0) (16.8) (7%)
Content(8.4) (8.5) 1%
Other expenses(12.8) (13.2) 3%
Operating expenses(95.3) (94.6) (1%)
Operating EBITDA (incl. NZ IFRS16)
2
26.9 21.9 23%
NZ IFRS16 adjustment(8.8) (8.6) (2%)
Operating EBITDA (pre NZ IFRS16)
2
18.1 13.3 36%
Operating EBITDA
2
margin (pre NZ IFRS16)15% 11% 4 ppt

27
27
1.GfK RAM,S3 2023, S3 2024, S3 2025, Total NZ, M-S12mn-12mn, AP10+, Share %.
2.RBAMonthly Radio Market Report rolling 12 months as at December 2025 (radio and digital revenue share between NZME and Mediaworks).
3.EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Progress against strategic priorities
Audience share
(% of radio
audience)
1
37.5%
36.6%35.9%
•Accelerating growth by strengthening ZM and The Hits across both audience
engagement and revenue performance. Changes already made to Coast.
•iHeartCountry NZ – evolution of the brand and content offering to grow audience share.
•Capitalise on strong domestic news cycle, including NZ Elections, to increase Newstalk
ZB audience and engagement.
•Enrich first-party data to engage new and existing audiences
Revenue share
2
44.5%
44.6%44.3%
•Enhancements to yield and pricing managementintroduced to improve revenue
through increased visibility of inventory and more effective price targeting.
•Improve specialist digital delivery team to support sales team through process
simplification.
•Introduce advertising opportunities on iHeartCountry NZ as its audience is measured in
2026.
Digital audio
revenue
percentage
7.4%
9.4%9.9%
•Evolve total audio planning to leverage different listening experiences.
•Leverage newly introduced iHeartRadio personalisation features while continuing to
leverage future development including in-app short form video.
•Increased focus on video podcasting to boost discovery and open up new revenue
opportunities.
EBITDA
3
margin
(pre NZ IFRS16)
13%
11%15%
•Improve margin through continued revenue growth.
Metric
2023
actual
2024
actual
2025
actual
2026 initiatives
Targeting number one in audio.

28
28
New Zealand’s leading news
destination.
Publishing.

29
29
Source: NZME analysis
Publishing operating highlights.
Source: NZME analysis
Total number of subscriptions +3% year on year with
sustained digital subscription uptake more than
offsetting print declines.
Dynamic yield management delivering +3% digital
subscription revenue growth, offset by longer
introductory offers to increase engagement.
Print subscriber decline slowed through the second
half of 2025 and was partially offset by improved yield
growth over the same period.
-
50
100
150
200
-
25
50
75
100
125
150
Annual $ per subscriber (yield)
# of subscriber’s
Individual subscribersCorporate subscribers
Individual yieldCorporate yield
Digital subscriptions
-
0.4
0.8
1.2
1.6
2.0
2.4
2.8
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Yield ($ per copy)
Subscriber copies (million)
Print subscriptions
Yield
Subscriber
copies
-
50
100
150
200
250
Print onlyDigital enabledDigital only
Total # of subscriptions (000s)

30
30
Improved profitability following the exit of
community newspapers, newsroom restructuring,
and reduced focus on low yielding revenues.
•Reader revenue decreased by 3% with slower digital
subscription growth of 3% offset by continued print
subscriber and retail outlet declines.
•Lower digital advertising revenue was driven by a
temporary reduction in programmatic revenue and a
deliberate reduction in digital performance marketing
revenue through low-margin third-party channels.
•Print advertising revenue was maintained after
normalising for closed Communities publications.
1.2024 operating results presented reflect classification adjustments that differ to the operating results as reported for the full year ended 30 December 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.
Publishing financial results.
For the full year ended 31 December 2025
$ million
20252024
1
% change
2
Digital subscriptions23.3 22.6 3%
Print subscriptions43.3 45.7 (5%)
Retail outlet sales11.6 12.6 (8%)
Total reader revenue78.2 80.9 (3%)
Digital advertising49.6 53.5 (7%)
Revenue from closed community publications- 6.9 (100%)
Print advertising (excl. closed communities)46.3 46.0 1%
Total advertising revenue95.9 106.4 (10%)
Other18.0 16.6 9%
Operating revenue192.1203.8 (6%)
People(70.5) (77.5) 9%
Print and distribution(41.9) (46.3) 9%
Selling and marketing(15.3) (15.4) -
Content(10.2) (10.6) 5%
Third party fulfilment(3.0) (4.3) 31%
Other expenses(13.6) (15.1) 10%
Operating expenses(154.5) (169.3) 9%
Operating EBITDA (incl. NZ IFRS16)
3
37.6 34.5 9%
NZ IFRS16 adjustment(7.9) (8.2) 4%
Operating EBITDA (pre NZ IFRS16)
3
29.7 26.3 13%
Operating EBITDA
2
margin (pre NZ IFRS16)15% 13% 2 ppt
2024Closed
communities
Normalised
2024
Revenue excl.
closed
communities
2025
52.9
(6.9)
46.0
0.3 46.3
Print advertising revenue movements ($m)

31
31
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
Publishing financial results – digital and print.
For the full year ended 31 December 2025
$ million
Digital PublishingPrint Publishing
20252024% change
1
20252024% change
1
Subscription revenue23.3 22.6 3% 43.3 45.7 (5%)
Retail outlet sales- - - 11.6 12.6 (8%)
Revenue from closed community publications- - - -6.9(100%)
Advertising revenue (excl. closed communities)49.6 53.5 (7%) 46.3 46.01%
Other7.8 7.5 4% 10.29.1 12%
Operating revenue80.7 83.6 (3%) 111.4 120.2 (7%)
People(37.8) (42.1) 10% (32.7) (35.5) 8%
Print and distribution- - - (41.9) (46.3) 9%
Selling and marketing(10.4) (9.8) (7%) (4.9) (5.6) 13%
Content(8.4) (9.1) 8% (1.8) (1.5) (15%)
Third party fulfilment(3.0) (4.3) 31% - - -
Other expenses(6.5) (7.1) 10% (7.1) (8.0) 11%
Operating expenses(66.1) (72.4) 9% (88.5) (96.9) 9%
Operating EBITDA (incl. NZ IFRS16)
2
14.7 11.2 31% 22.923.3 (2%)
NZ IFRS16 adjustment(2.5) (2.6) 3% (5.3) (5.6) 5%
Operating EBITDA (pre NZ IFRS16)
2
12.1 8.6 41% 17.6 17.8 (1%)
Operating EBITDA
2
margin (pre NZ IFRS16)15% 10% 5 ppt16% 15% 1 ppt
Improved EBITDA
margins for print and
digital as a reshaped
Publishing division is
positioned to deliver
sustainable growth.

32
32
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
130,000
151,000166,000
•New mobile app to be launched in first half of 2026, deepening audience engagement
and growth.
•Migrate BusinessDesk to core digital and subscription platforms to enhance user
experience, grow subscriptions and seamlessly bundle with wider NZ Herald offerings.
•Deliver improved personalisation to strengthen engagement and retention.
Digital advertising revenue
percentage
1
50%
50%52%
•Build out commercial offering for Herald NOW channels including optimising partnership
with Sky’s Three.
•Focus on multimedia and high value audience data propositions, including video and
programmatic commercial specialisation.
EBITDA
2
margin
(pre NZ IFRS16)
11%
10%15%
•Strong focus on productivity across content generation and production.
•Reader revenue growth through optimising subscription product mix.
Print publishing
Subscription volume
1
92,000
85,00078,000
•Expansion of subscription bundle offers to improve acquisition and reduce churn.
•Test subscription contracts to enhance retention.
•Partner with new reward program to drive acquisition.
Print advertising revenue
percentage
1
50%
50%48%
•Continue development of specialised print only sales team.
•Simplified print packages to compliment radio and digital campaigns.
•Optimise sales opportunities to align with planned print content
EBITDA
2
margin
(pre NZ IFRS16)
17%
15%16%
•Further growth of third party print and distribution business.
•AI driven productivity improvements in customer service and content production.
Progress against strategic priorities
Metric
2023
actual
2024
actual
2025
actual
2026 initiatives

33
33
Subscription-led businesses create more value.
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.
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.
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
-
100
200
300
20152016201720182019202020212022202320242025
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
CasualEngagedSubscribed
Average monthly digital users
>1million
~500k
~200k
CasualEngagedSubscribed
Average monthly revenue
per user (ARPU)
<$1
$4 - 6
>$10
Casual
Engaged
Advertising
revenue
Subscription
revenue
Subscribed
Attribution of digital
revenue by user

34
34
Corporate and
other.

35
35
Corporate and Other includes the unallocated costs
associated with Group management and governance,
together with the company’s Events business.
Corporate and other financial results.
For the full year ended 31 December 2025
$ million
20252024% change
1
Operating revenue
2.3 2.6 (12%)
People
(4.4) (3.9) (14%)
Other expenses
(3.7) (3.8) 4%
Operating expenses
(8.1) (7.7) (5%)
Operating EBITDA (incl. NZ IFRS16)
2
(5.8) (5.0) (15%)
NZ IFRS16 adjustment
(0.1) (0.1) -
Operating EBITDA (pre NZ IFRS16)
2
(5.8) (5.1) (14%)
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

36
36
•Improved performance delivers Operating EBITDA
growth of 15%.
•NPAT impacted by non-recurring expenses,
substantially relating to restructuring in the first
quarter of 2025,which will deliver $12 million in
annualised cost reductions.
Summary of Result.
For the full year ended 31 December 2025
$ million
20252024% change
1
OneRoof3.6 2.7 32%
Audio26.9 21.9 23%
Digital publishing14.7 11.2 31%
Print publishing22.9 23.3 (2%)
Corporate and other(5.8) (5.0) (15%)
Operating EBITDA (incl. NZ IFRS16)
2
62.3 54.2 15%
Exceptional and other items (incl. reclass of items)(6.1) (28.8) 79%
EBITDA (incl. NZ IFRS16)56.3 25.4 122%
Depreciation and amortisation(31.0) (29.9) (4%)
EBIT (incl. NZ IFRS16)25.3 (4.5) 663%
Interest expense(6.7) (7.8) 15%
Share of loss of JV's- (0.2) 100%
Net profit/(loss) before tax18.6 (12.5) 249%
Taxation expense(5.6) (3.5) (57%)
Net profit/(loss) after tax13.1 (16.0) 182%
1.Favourable variances are displayed as positive figures and unfavourable variances are displayed as negative (in brackets) figures.
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

37
37
Outlook.

38
38
Looking ahead.
Operating environment
•We are cautiously optimistic heading into 2026, with activity and sentiment lifting, although recovery may be gradual with
lingering inflationary pressures and global uncertainty.
•Advertising revenues for the first quarter are on track to deliver an estimated 3% growth year-on-year.
•Savings initiatives completed in 2025 to achieve annualised cost reductions of $12 million will be fully realised through
2026 and will deliver a further improvement of $3 million in 2026. We continue to proactively manage our cost structure.
Operational focus
•This year has seen us undertake a comprehensive review across all three operating divisions, improving operating
structures and P&L accountability within each division. This will ensure divisional executives have tighter control and
accountability over their planned growth and success.
•Accelerating OneRoof's expansion remains a key focus which is expected to deliver improved profitability in the short
term and significant value creation in the medium term.
Capital management
•The board is committed to creating shareholder value. Given the strength of the balance sheet the Company is well
positioned to deliver strong dividend returns based on performance.

39
39
Q&A

40
40
Supplementary
information.

41
41
Reconciliation of operating results to financial statements.
For the full year ended 31 December 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
78.2 - 78.2 - - 78.2
Advertising revenue
244.7 - 244.7 - - 244.7
Other revenue
18.3 - 18.3 - - 18.3
Operating revenue
341.3 - 341.3 - - 341.3
Other income
4.6(0.8) 3.80.4 0.1 4.3
Operating revenue

and other income
345.9 (0.8) 345.1 0.4 0.1 345.5
Expenses
(301.3) 18.5 (282.8) - (6.5) (289.3)
EBITDA
44.6 17.7 62.30.4 (6.4) 56.3
Depreciation and amortisation
(18.7) (12.2) (31.0) (31.0)
EBIT
25.9 5.5 31.4 0.4 (6.4) 25.3
Net interest expense
(2.3) (4.0) (6.3) (0.4) (6.7)
Net profit/(loss) before tax
23.6 1.5 25.1 - (6.4) 18.6
Tax
(7.5) (7.4) 1.8 (5.6)
Net profit/(loss) after tax
16.2 1.5 17.7 - (4.6) 13.1

42
42
Reconciliation of operating results to financial statements.
For the full year ended 31 December 2024
$ million
Operating
results excl. NZ
IFRS 16
NZ IFRS 16
adjustments
Operating
results incl. NZ
IFRS 16
Reclass of
items
Non-recurring
items
Per financial
statements
Reader revenue
80.9 - 80.9 - - 80.9
Advertising revenue
248.2 - 248.2 - - 248.2
Other revenue
16.8 - 16.8 - - 16.8
Operating revenue
345.9 - 345.9 - - 345.9
Other income
5.1 (0.8) 4.3 0.4 0.1 4.7
Operating revenue

and other income
351.0 (0.8) 350.2 0.4 0.1 350.6
Expenses
(314.4) 18.4 (296.0) - (4.5) (300.5)
EBITDA
36.5 17.6 54.2 0.4 (4.4) 50.1
Depreciation and amortisation
(17.7) (12.2) (29.9) (29.9)
Impairment of intangible assets
(24.0) (24.0)
Impairment of equity accounted investments
(0.7) (0.7)
EBIT
18.9 5.4 24.3 0.4 (29.1) (4.5)
Share of loss of JV's
(0.2) (0.2)
Net interest expense
(3.1) (4.4) (7.4) (0.4) (7.8)
Net profit/(loss) before tax
15.8 1.0 16.8 - (29.3) (12.5)
Tax
(4.8) (4.8) 1.2 (3.5)
Net profit/(loss) after tax
11.0 1.0 12.1 - (28.1) (16.0)

43
43
Disclaimer.
The information in this presentation is of a general nature and does not
constitute financial product advice, investment advice, legal, financial, tax or
any other recommendation or advice. This presentation constitutes summary
information only, and you should not rely on it in isolation from the full detail set
out in NZME’s Consolidated Financial Statements for the year ended 31
December 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 41-42 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
NZME Limited Annual Report for
the year ended 31 December 2025

This annual report is dated 23 February 2026 and is signed on behalf
of the Board of Directors.
Contents
Results summary 4
Divisional highlights 5
Chairman and CEO report 6
Financial commentary 12
Our sustainability commitment 16
2025 awards 22
NZME board 24
NZME executive team 26
Corporate governance 28
Statutory disclosures 40
Consolidated financial statements 46
Independent auditor's report 96
Directory 100
Steven Joyce Carol Campbell
Chairman Director
Date: 23 February 2026
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

ANNUAL REPORT 2025 3

Results
summary
For the year end 31 December 2025
Operating revenue
1, 2

2024 $350.2m
Operating EBITDA
1

2024 $54.2m
$345.1m$62.3m
Operating NPAT
1

2024 $12.1m
Operating EPS
1

2024 6.5cps
$ 17.7m9.4cps
Statutory NPAT
2024 ($16.0m) loss
Free cash flow
2024 $11.3m
$13.1m$25.4m
Net debt
2024 $24.1m
Final dividend
Payable on 18 March 2026
$15.5m6.0cps
1
Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude non-recurring
expenses to allow for a like for like comparison between 2024 and 2025 financial years. Please refer to pages 41-42 of the
NZME 2025 Full Year Results presentation for a detailed reconciliation.
2
Operating revenue shown includes other income. 2024 operating revenue includes $6.9 million of advertising revenue
generated from community publications that were closed in December 2024. References made in this report and the NZME
2025 Full Year Results presentation to adjusted or normalised operating revenue exclude this amount to allow for a like for like
comparison between 2024 and 2025 financial years.
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

Divisional
highlights
Audio
Radio
brands
10
Publishing
Increase in digital-
only subscriptions
year-on-year
10%
Print publications
across New Zealand
12
OneRoof
Increase in
listings enquiries
year-on-year
32%
Listings
upgrades outside
of Auckland
26%
Listings
upgrades
in Auckland
45%
Increase in
digital revenue
year-on-year
19%
1
Nielsen Online Ratings December 2025 (desktop and domestic traffic only, does not include exclusive mobile app audience).
2
GfK Comm RAM, S3/25, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
3
NZ Triton Webcast Metrics
Jan-Dec 2025, average monthly reach (NZ based listening).
4
RBA Monthly Radio Market Report last 12 months to December
2025 (radio and digital revenue share between NZME and Mediaworks).
5
Nielsen CMI Q4 24 – Q3 25 Nov 25 Fused AP15+
(Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
Digital audience
1,048,000
3
Digital audience
660,000
1
Digital audience
1,841,000
1
Print audience
1,235,000
5
Radio audience
1,713,200
2
NZME radio brand
audience market share
35.9%
2
NZME audio revenue
market share
44.3%
4
Subscribers across print and digital
243,000
ANNUAL REPORT 2025 5

2025 provided a challenging economic climate for many
New Zealand businesses, and NZME was no exception.
It is therefore pleasing to be able to report an improved
profit performance to shareholders, despite that
challenging backdrop.
Revenues for the year remained relatively flat on a like
for like basis in 2025. NZME discontinued its unprofitable
community newspaper network in late 2024, and once that
revenue is netted out, revenue grew very slightly across
the continuing businesses.
We maintained a strong focus on cost discipline and
operational efficiency in 2025. Cost reduction initiatives
undertaken primarily in the first half of the year delivered
significant savings, and these are largely reflected in the
full year result.
The board and management see further opportunity to
reduce administrative costs particularly, and some steps
taken in the second half of 2025 will be reflected in 2026.
We will continue seeking to both improve our financial
performance and create opportunities to invest further
in our content and marketing. This dual objective has
already delivered tangible benefits both to our operational
performance and to shareholder returns. It will remain an
ongoing priority as we continue to build a leaner, more
agile organisation.
The year saw changes in governance at NZME as we
welcomed new NZME Board members Steven Joyce as
Chairman (and co-author of this report), Jim Grenon and
Bowen Pan. This has renewed energy in the Boardroom,
with new Directors bringing fresh perspectives, experience
and skills to complement our existing Board members.
This governance renewal has strengthened our capacity to
navigate the opportunities and challenges which lie ahead,
while maintaining our commitment to shareholder value
creation across our operations.
Chairman and
CEO report
+3YOY
+10YOY
$62.3m
We are pleased to present New Zealand Media
and Entertainment’s Annual Report for the year
ended 31 December 2025
OneRoof digital
listing revenue
Digital audio
revenue
Digital subscription
revenue
Operating EBITDA
up 15% YOY
%
%
+18YOY
%
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

A key strategic focus during the
year has been simplification
of our leadership and decision
making, with a renewed focus
around three core operating
divisions - Publishing, Audio,
and OneRoof, alongside our
integrated sales operation. This
restructuring will drive greater
accountability by placing support
services under the direct control
of divisional leadership, ensuring
decisions are made closer to our
customers and audiences.
The new approach is reflected in
a revised organisational structure,
which creates clearer lines of
accountability and decision-
making authority. The result will
be a more nimble organisation
capable of responding swiftly to
market dynamics while continuing
to extract cost efficiencies that
can be reinvested in content
creation, marketing initiatives,
and an improved bottom line
for shareholders.
Our digital-first strategy
continued to progress during
2025. This remains a long-term
focus for us as we continue
to innovate and adapt to
changing audience and client
behaviours and needs. We
are encouraged by positive
momentum across several key
initiatives. OneRoof delivered
continued improvement, our
digital audio business showed
strong growth particularly in
podcasting and streaming, and
our digital subscription base
continued to expand despite
challenging market conditions.
Digital transformation will remain
a priority as we adapt to evolving
consumer behaviours and
technology platforms.
The beginning of 2026 has been
encouraging, and we remain
focused on three key priorities:
realising the full value potential
of OneRoof, maintaining strong
governance and operational
discipline, and adapting our cost
base to preserve profitability
while positioning ourselves
to capture market share as
economic conditions improve.
Financial Results – highlights
NZME reported a Statutory Net
Profit After Tax (NPAT) for 2025
of $13.1 million. This compares
to a Statutory Net Loss After Tax
of $16.0 million in 2024, which
included an impairment of
intangible assets of $24.0 million.
Operating EBITDA was $62.3 million
in 2025 which was 15% above last
year’s $54.2 million.
Operating Revenue was
$345.1 million in 2025, which was
1% lower than the 2024 Operating
Revenue of $350.2 million. 2025
revenue was impacted by the
strategic decision in December
2024 to close or sell 14 of
NZME’s community newspaper
publications due to unprofitability.
After adjusting for the closed
community publications,
operating revenue for 2025 was
1% higher than 2024, with the
business demonstrating resilience
despite a prolonged economic
slowdown.
NZME’s Operating NPAT for 2025
was $17.7 million, resulting in
operating earnings per share
of 9.4 cents, compared with
6.5 cents in 2024.
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
Our digital-first strategy continued to
progress during 2025. This remains a
long-term focus for us as we continue to
innovate and adapt to changing audience
and client behaviours and needs.
ANNUAL REPORT 2025 7

NZME maintained a strong
balance sheet with a reduction in
net debt seeing our leverage ratio
drop below the target range of
0.5 to 1.0 times EBITDA, providing
flexibility to invest in growth
opportunities while maintaining
financial discipline, should those
opportunities arise.
The Board has declared total
dividends of 9.0 cents per
share, consistent with 2024.
This comfortably fits within
the dividend policy of paying
dividends between 50-80%
of free cash flows, with a total
payout ratio of 67%. This reflects
confidence in the business and
our commitment to returning
value to shareholders.
We have welcomed Jo
Hempstead as our new CFO
in early 2026. Jo joins us from
The Warehouse Group (also
a NZX listed company) where
she was General Manager -
Finance, reporting to the Chief
Financial Officer. She has more
than two decades of financial
leadership experience across
retail, technology and media,
including senior finance roles at
Microsoft NZ and The Economist.
Her financial expertise and strong
leadership skills and experience
in large scale transformation
across large businesses such
as The Warehouse Group will
be invaluable as we continue to
strengthen and grow NZME.
Publishing
Our Publishing business
delivered digital subscription
revenue growth of 3%, with total
subscriptions increasing by 3%
to reach more than 243,000
subscribers. Furthermore, the
digital publishing business
delivered a 31% increase in
operating EBITDA for the
year, and digital revenue
now represents over 42%
of total publishing revenue.
As noted above, we have
implemented a more unified
and accountable organisational
structure across our digital
and print publishing divisions.
Matt Wilson has now taken on
executive responsibility for the
whole publishing business,
including overall responsibility
for growing advertising,
subscriber revenues and
profitability. Murray Kirkness
continues as our Managing
Editor, with responsibility for
all editorial content.
The new Editorial Advisory
Board commenced meeting
in September 2025, taking a
strategic view of the publishing
content direction, supporting
the editorial leadership team to
improve overall diversity and
quality of content. The Editorial
Advisory Board will take a longer-
term longitudinal view of content
and audience trends while
looking ahead to key editorial
topics and projects. Ensuring we
have the opportunity to recruit
key staff and develop them will
also be a focus of the Editorial
Advisory Board.
We continue to innovate across
our Publishing business. Herald
NOW, a weekday video news
programme hosted by well-
known broadcaster Ryan Bridge,
was introduced in May 2025. The
show has achieved immediate
cut-through, achieving 1 million
unique monthly viewers
1
across
our own Herald channels and
YouTube. In early 2026 we added
the show to Sky-owned platforms
ThreeNow (TV on demand) and
Three (linear TV from later in
the year). We are also further
expanding our video offering with
a new daily business show due
to launch in the current month,
and this will also broadcast across
Sky TV, Herald NOW and YouTube.
We are currently developing a
new NZ Herald mobile app that
will allow improved navigation
and personalisation, and this will
be launched in the first half of the
year. In addition, we will renew our
focus on accelerating the growth
of BusinessDesk with the pending
appointment of a dedicated
publisher to lead the offering,
in addition to re-platforming of
the masthead to provide greater
bundling and integration with
other NZME offerings.
Audio
Audio delivered improved
performance in 2025, with
both digital and terrestrial radio
revenue showing growth. Digital
audio revenue grew by 10%, with
podcasts now established as a
key growth driver, representing
more than 30% of total digital
audio revenue.
Furthermore, we continued
to maintain our strong market
position throughout the year, with
average revenue market share
across the year of 44.3%2.
Our Audio division is also
benefiting from the simplified
organisational structure, allowing
our Chief of Audio, Jason
Winstanley, to have end to end
accountability with delivery and
Our Publishing business delivered digital
subscription revenue growth of 3%, with
total subscriptions increasing by 3% to
reach more than 243,000 subscribers.
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

support functions now contained
within the radio leadership team.
NZME continued to lead the
charge in breakfast radio, with
Newstalk ZB’s Mike Hosking and
ZM’s Fletch, Vaughan and Hayley
maintaining their positions as the
country's top breakfast shows.
Newstalk ZB remains the
powerhouse within our radio
offering overall, both for listeners
and advertisers. To complement
this we have begun re-focusing
some of the NZME music
brands to ensure they provide a
stronger contribution alongside
Newstalk ZB, clearly delivering
to their target audience through
improved talent management,
music offerings and marketing.
The initial focus has been on
Coast FM, and we are seeing
pleasing early results from the
changes made.
Innovation remained a priority
for our Audio division with the
launch of iHeartCountry NZ in
Auckland and six other markets in
May 2025, filling a clear gap in the
New Zealand market and creating
opportunities for incremental
revenue growth. As the brand
continues to establish itself, our
focus is on deepening audience
engagement through product
evolution, partnerships and the
considered introduction of on
air hosts to further strengthen
connection with listeners.
In October 2025 we launched
an upgraded iHeartRadio app
with new features. These include
the ability to select 15 favourite
stations or podcasts to your
homepage and easily see
what’s trending across NZME’s
radio stations and podcasts.
In addition, as a first for New
Zealand, we have delivered on
the most requested feature from
our audiences - the ability to see
the lyrics of songs as they play on
live streaming radio. Building on
this momentum, we will continue
to enhance the iHeartRadio
experience in 2026, including the
introduction of short form video
content to support discovery,
engagement and connection
with our audio brands.
Digital audio revenue grew by 10% with
podcasts now established as a key growth
driver, representing more than 30% of
total digital audio revenue.
ANNUAL REPORT 2025 9

OneRoof
2025 saw OneRoof deliver
continued digital residential
listings revenue growth of 19%,
driven by improvements in listings
upgrades and average yield.
Agents and vendors continued
to recognise the value of the
platform's integrated offering
across NZME's ecosystem of
audio and publishing channels
– a point of difference that other
property platforms cannot match.
2025 has been a year of change
and consolidation within
OneRoof. We started the year
by bringing all business unit
functions, including sales, into
the operating division. With the
support of new NZME Board
Director Bowen Pan, we have
mapped out a strong strategic
plan that is expected to deliver
significant shareholder value in
the medium term.
There has been significant
change in the OneRoof senior
leadership team, with James
MacAvoy joining us early in 2026
as the Chief of OneRoof. James
has an extensive background
in marketplace and technology
businesses focused on growth
and delivering groundbreaking
solutions. The OneRoof senior
leadership team has also seen
the introduction of four new roles
- Head of Commercial, Head of
Engineering, Head of Product and
Head of Growth.
Our OneRoof product offering
continues to improve. A new
OneRoof app will be released
in early 2026 and the currently
outsourced technology
development team will be
brought in house to allow
improved control and faster
delivery. This is expected to
improve the speed of innovation
at a reduced cost.
We continue to work closely
with the real estate industry
to build stronger partnerships
and improved solutions to
help them with servicing
their agents, vendors, buyers,
landlords and renters.
NZME Sales Operations
During 2025 we split our sales
teams into two distinct divisions
across publishing and audio.
OneRoof continues to have its
own dedicated sales team, which
reflects the specialist nature of its
real estate client base.
Renata Hayward was appointed in
May to lead our direct sales team
which has team members across
New Zealand. This team works
closely with small and medium
businesses who purchase print,
radio and digital products from us
to advertise their brands, services
and products. While 2025 was a
tough year economically for many
small and medium businesses,
we have seen an improved
performance in our direct
business, and this has continued
in the first two months of 2026.
Greg McCrea now leads our
agency sales team. Greg and his
team are focused on building
strong relationships with our
media agency customers
and their clients, by building
strong solutions utilising all
NZME’s products. These are
often customised to ensure a
compelling proposition is put to
the end customer. In the second
half of 2025 we saw larger
businesses beginning to reinvest
in their media spend ahead of an
anticipated market recovery.
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

This softened a little in January
2026 as some pulled back after
a softer than expected December.
We are confident that this will
improve through the year as
the economic recovery gathers
steam.
NZME once again claimed the
prestigious Media Publisher of
the Year award at the 2025 IAB
New Zealand Digital Advertising
Awards, marking back-to-back
wins in the top category.
The annual awards recognise,
celebrate and champion the
digital advertising industry and its
most outstanding organisations
and practitioners.
This award recognised that we
have significantly expanded our
digital offering at NZME with the
launch of Herald NOW – a cutting
edge, live digital news streaming
platform, delivering quality video
content to Kiwis across multiple
channels. We've also introduced
market-first innovations like text-
to-speech technology via the NZ
Herald website, refreshed our
iHeart app, and developed other
world class automation tools
across our digital business.
Outlook
We are cautiously optimistic
heading into 2026. While activity
levels and market sentiment
continue to improve, we
anticipate a gradual recovery as
inflationary pressures and global
economic uncertainty linger.
NZME is well positioned to
benefit from an economic
upturn and delivering top line
revenue growth is our primary
focus, with advertising revenues
for the first quarter on track to
deliver an estimated 3% growth
year-on-year.
A number of savings initiatives
were completed in 2025 to
deliver annualised cost savings
of $12 million that will be fully
realised in 2026, resulting in
a further improvement of
$3 million in 2026. In addition,
we continue to proactively
manage our cost structure.
The aforementioned
comprehensive review including
streamlining operations across
each business unit will deliver
improved accountability for
planned growth and success.
OneRoof remains a priority focus
by accelerating its expansion
across the country while
improving audience experience
and marketing performance
across all our platforms. This is
expected to deliver improved
profitability in the short term
and significant value creation
in the medium term.
Our strong balance sheet,
diversified revenue streams, and
leading market positions across
Audio, Publishing and OneRoof
provide a solid foundation for
future growth. The momentum we
built through 2025 positions us
strongly for 2026 and beyond.
Conclusion
At NZME we are committed to
advancing our market position
through continual innovation,
expanding our offering to enrich
audience experiences, deepen
engagement and enhance
advertiser value.
Despite market challenges in
2025, our resilient team delivered
improved performance through
their commitment, dedication
and adaptability.
Of course, this year’s results
couldn’t be achieved without the
collective efforts of our team of
1,100 people across the country
– thank you to all of you who work
hard every day to deliver fantastic
content, entertainment and
trusted news to our audiences,
and to those who provide
excellent service to our partners.
Thank you to the NZME Board
for their strategic guidance
throughout the year, particularly
as we welcomed new members
who brought fresh perspectives
and valuable expertise. Your
focus on value creation has
strengthened our position as
New Zealand's top multi media
company.
Thanks also to our engaged
audience of nine in every 10
Kiwis3, our loyal advertising
customers and agency partners,
and our valued shareholders.
Thank you for your continued
support of NZME.
Michael Boggs
Chief Executive Officer
Steven Joyce
Chairman
1 Brightcove and YouTube Analytics Jun-Sep 2025. 2 RBA Monthly Radio Market Report, 12 months to December 2025 (radio
and digital revenue share between NZME and Mediaworks). 3 NZME Reach Study n=1,001 nationally representative June 2025
(unduplicated audience across NZME print, digital, radio & podcasts).
ANNUAL REPORT 2025 11

Financial Results
NZME has reported a Statutory Net Profit After
Tax for 2025 of $13.1 million. In 2024, the company
reported a Net Loss After Tax of $16.0 million,
which included an impairment of intangible assets
of $24 million.
Operating EBITDA1 was $62.3 million in 2025 which
was 15% above last year’s $54.2 million. Operating
Revenue1 was $345.1 million in 2025 which was
1% lower than the 2024 operating revenue of
$350.2 million, or 1% higher after adjusting for
the closure of community publications in
December 2024.
Operating Expenses were 4% lower at $282.8 million,
due to:
• People costs were 4% lower than 2024 as a
result of the savings initiatives implemented
early in the year.
• Print and Distribution costs were 9% lower
year-on-year which primarily reflects the
decision to close several community
publications in December 2024, as well as
reduced overall volumes across other print
publications, including OneRoof.
• Selling and Marketing costs were
2% higher than 2024 due to increased
agency commission.
• Content costs were 4% lower with reduced
contributor costs as part of newsroom
changes implemented early in the year.
• Third party fulfilment costs were 36% lower
as a result of a deliberate reduction in the
amount of digital performance marketing sold
through low-margin third party platforms.
NZME’s Operating NPAT1 for 2025 was $17.7 million,
resulting in operating earnings per share of 9.4 cents,
compared with 6.5 cents in 2024.
Balance Sheet and Cash Flow
Net debt decreased by $8.6 million to $15.5 million
at 31 December 2025, with higher operating
cash flows and lower capital expenditure, while
distributions to shareholders remained flat.
Net working capital excluding cash decreased by
$5.1 million with a lower receivables balance and
paper stock inventories at the end of the year, as well
as an end of year tax payable balance compared to
a receivable balance at 31 December 2024.
Plant property and equipment, intangibles and other
non-current assets decreased due to depreciation
and amortisation exceeding capital expenditure.
Right of Use assets reduced in line with the reduction
in lease liabilities as the term reduces.
Cash flow from operations for the year was
$50.4 million, which is higher than 2024 due
to higher operating earnings, as well as a
decrease in tax paid.
Capital expenditure was $10.7 million, a decrease
on last year which had reflected accelerated
development of key digital products for both
OneRoof and Publishing in 2024.
Financial
commentary
1 Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude non-recurring
expenses to allow for a like for like comparison between 2024 and 2025 financial years. Please refer to pages 41-42 of the NZME
2025 Full Year Results presentation for a detailed reconciliation.
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

The OneRoof division includes the OneRoof digital
property platform together with all of NZME’s
dedicated real estate print publications.
Total OneRoof revenue was $28.5 million for 2025,
an increase of 5% year-on-year. Underpinning this
was 19% growth in residential listings revenue,
delivered through continued gains in listings
upgrades, along with average yield improvements.
However, OneRoof print revenue was impacted by a
challenging market, with year-on-year decline of 17%.
OneRoof is steadily delivering on its potential,
with leading audience engagement, a proven
growth trajectory and significant opportunity
from further market growth, listings upgrades
and yield potential.
OneRoof
1 REINZ and Tony Alexander, an independent NZ economist. 2 NZME analysis.
-
100
200
300
400
500
600
AucklandRest of NZ
OneRoof average yield ($)
202220232024
-
10%
20%
30%
40%
50%
AucklandRest of NZ
202220232024
OneRoof residential listings
upgrades
-
20
40
60
80
100
120
140
160
180
2007200920112013201520172019202120232025
2007 - 2024 average
New market listings (000s)
ANNUAL REPORT 2025 13

Audio
The audio division encompasses NZME’s radio
brands, digital audio platform iHeartRadio, and
the NZME Podcast Network which is the leading
podcast network in New Zealand.
Total audio revenue for the year was $122.2 million,
a 5% improvement on last year with digital audio
revenue increasing by 10% to $11.9 million.
NZME’s total average audio revenue market share
for 2025 decreased slightly by 0.3% to 44.3%1,
versus an audience share of 35.9%2. While the first
half was challenging, there were positive signs
through the second half of 2025,with year-on-
year revenue share1 increases from September to
December 2025 enabling a strong start in 2026.
Podcast monetisation is a key strategic focus in
driving digital audio growth, with strengthening
audience engagement and international
partnerships that allow NZME to provide an
expansive advertising proposition at relatively
low incremental cost.
1 RBA Monthly Radio Market Report, 12 months to December 2025 (radio and digital revenue share between NZME
and Mediaworks). 2 GfK RAM, S3 2025, Total NZ, M-S 12mn-12 mn, AP10+, Share %.3 NZME analysis.
Revenue share
-
5%
10%
15%
20%
25%
30%
35%
40%
45%
Jan 25
Feb 25
Mar 25
Apr 25
May 25
Jun 25
Jul 25
Aug 25
Sep 25
Oct 25
Nov 25
Dec 25
Digital audio revenue ($ million)
8.2
10.8
11.9
202320242025
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

The Publishing division includes NZME’s market
leading digital news and journalism products,
encompassing NZ Herald and BusinessDesk
together with its print publications.
Total publishing revenue for the year was
$192.1 million, which was 6% lower than 2024, but
only 2% lower when adjusting for the community
publications closing in December 2024. Total
reader revenue was 3% lower than 2024 year on
year, with digital subscription revenue growth of
3% only partly offsetting lower print subscriber
and retail outlet sales. Digital-only subscriptions
increased by 10% to 166,000, contributing to
total publishing subscriptions of more than
243,000, up from 236,000 at the end of 2024.
Publishing advertising revenue of $95.9 million
was down 10% compared to last year, or 4% down
after adjusting for the closure of community
publications in December 2024. Print advertising
was up 1% year-on-year after adjusting for
the community publications closing. Digital
advertising decreased by 7%, driven by a
significant reduction in low value revenue sold
onto third party networks, while core digital
advertising revenues were down 1% year-on-year,
a reflection of the challenging market.
Publishing
-
50
100
150
200
-
25
50
75
100
125
150
Annual $ per subscriber (yield)
# of subscribers (000s)
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Sep 24
Dec 24
Mar 25
Jun 25
Sep 25
Dec 25
Individual SubscribersCorporate Subscribers
Individual YieldCorporateYield
Digital Subscriptions
-
50
100
150
200
250
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Sep 24
Dec 24
Mar 25
Jun 25
Sep 25
Dec 25
Print OnlyDigital EnabledDigital Only
Total # of subscriptions (000s)
ANNUAL REPORT 2025 15

Our
sustainability
commitment
At NZME we understand that our role
extends beyond delivering news and
entertainment. Every day we connect
with more than 3.5 million Kiwis
across our platforms – from the New
Zealand Herald to Newstalk ZB, The
Hits, iHeartRadio and OneRoof. This
reach comes with responsibility: to
inform with integrity, to support the
communities we serve, to champion
our people, and to protect the
environment we all share.
Our sustainability commitment
is about creating lasting value
– for our employees, our audiences,
our partners, our shareholders and
for all New Zealanders. We're taking
action on the issues that matter most:
fostering an inclusive workplace,
engaging meaningfully with our
communities, and protecting the
environment.
CAS E STU DY:
Champions Awards
Three times a year NZME holds a Champions Awards ceremony for the
1,100 people across the company, recognising outstanding NZMEers
who go above and beyond in demonstrating our core values of being
Curious, Confident and Connected.
CHAMPIONS
AWARDS
iHeart Lounge or via Zoom
CAS E STU DY:
Diwali
This Diwali our Auckland Central and
Ellerslie offices came together in a
vibrant celebration of culture and
community, with a traditional Biryani
lunch, traditional dance and henna art.
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
KidsCan Handball-a-thon
For the second year, Jono, Ben and Megan
from The Hits Breakfast took on another
non-stop 24-hour handball challenge raising
money for KidsCan. With dozens of Kiwi
celebrities taking part in the event, more than
$510,000 was raised for Kiwi kids in need.
CAS E STU DY:
Chinese New Year
Our Cultural Diversity Pou organised a festive celebration for
Chinese New Year – the Year of the Snake. Our Auckland Central
office enjoyed a traditional Chinese meal and special lion dance
ceremony to mark the occasion.
CAS E STU DY:
Radio Hauraki’s third ‘Day in Loo’
Radio Hauraki and The Alternative
Commentary Collective delivered a
12-hour live broadcast raising awareness
for bowel cancer and much-needed
funds for Bowel Cancer NZ. They were
joined by celebrities including comedian
Dai Henwood and sporting legends Ian
Jones, Martin Guptill, Monty Betham
and many more. Their conversations
tackled the stigma around bowel cancer,
a disease affecting thousands of Kiwis
every year.
ANNUAL REPORT 2025 17

Our
people
We're building a workplace where everyone
belongs and exceptional talent flourishes. With
an Employee Net Promoter Score in the top 5%
of consumer media businesses globally, we're
proving that when you invest in your people,
everyone wins. We're also dedicated to health
and safety excellence, developing the next
generation of journalists and broadcasters, and
nurturing the craft that keeps Kiwis informed and
entertained.
FULL TIME
79%
PART TIME
9%
CASUAL
10%
CONTRACTOR
3%
Contract
type
4554
21%
5564
16%
<24
9%
3544
23%
65+
6%
2534
25%
Age group
300 FTE
200 FTE
100 FTE
0
< 1 Y3 - 5 Y6 - 10 Y21 - 30 Y31 Y +11 - 20 Y1 -2 Y
Length of service (years)
FM
44%
56%
49%
51%
70%
30%33%
67%
People
Leaders
Executive
Board
Sta
Gender / level
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

Our
communities
As one of New Zealand's largest media
companies, we have a unique responsibility
to facilitate the conversations that shape our
nation. We deliver quality, trusted, diverse and
balanced journalism and entertainment across all
our platforms - holding the powerful to account,
and giving voice to the stories that matter most
to Kiwis. Beyond our editorial work, we actively
partner with charitable organisations throughout
the year, using our reach and influence to
support causes that strengthen our communities
and create positive changes.
CAS E STU DY:
ANZ Donation Station for Daffodil Day
NZME got behind the Cancer Society and Daffodil Day by partnering
with ANZ for the second year of the ANZ Donation Station, hosted
by ZM. The live broadcast saw ZM hosts joined by Kiwi celebrities
including artists Cassie Henderson, Ella Monnery and Kings, Shortland
Steet actor Michael Galvin, Black Sticks Olympian Olivia Merry and
many more. The event raised $70,545 for the Cancer Society.
ANNUAL REPORT 2025 19

Our
environment
We are committed to protecting our environment.
We regularly report on environmental matters,
helping keep our communities informed and up
to date on key issues. We’re also collaborating
with our suppliers to minimise our environmental
footprint.
CAS E STU DY:
Supplying Ruby with newsprint
Popular New Zealand fashion brand, Ruby, uses NZ Herald’s end-of-
roll newsprint from our Ellerslie print plant for their clothing range
patterns. Ruby uses around 50 – 60 metres from each newsprint
roll to create patterns, ensuring the newsprint cut offs previously
disposed of are now being put to good use.
CAS E STU DY:
Recycling Week
We proudly supported Reclaim in their nationwide annual campaign, Recycling
Week, educating Kiwis on waste minimisation and, of course, recycling.
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

CAS E STU DY:
Toitu Certification
For the fourteenth year, our print operations were awarded
the Toitū Enviromark Gold certification. NZME has attained
gold level certification since 2011.
ANNUAL REPORT 2025 21

INMA Awards
2024 Digital Sales
Excellence (Team)
NZME Agency Sales Team
NZME
Voyager Media Awards
Newspaper of the Year + Weekly
Newspaper of the Year:
NZ Herald on Sunday
NZME
Best Newspaper Magazine:
Viva
NZME
Regional Newspaper of the Year:
Hawkes Bay Today
NZME
News Journalist of the Year:
Michael Morrah
NZ Herald, NZME
Best Up and Coming Journalist:
Bonnie Jansen
NZME
Gordon McLauchlan Journalism
Award: Kim Knight
NZ Herald, NZME
Best Coverage of a Major
News Event:
Philip Polkinghorne murder trial
NZME
Best Innovation in Digital
Storytelling:
Whenua: Our land, our history
NZME
Best Shortform Video:
Kaipara District Council votes
to disestablish Māori ward
NZME
Pride in Print Awards
Overall Publication Gold:
The Weekend Sun – Issue 1233
Ellerslie, NZME
Four Gold Awards
• Valley Voice Rural Lifestyles
(October 2024)
• The Weekend Sun
– Issue 1233
• The New Zealand Herald
– Edition 48,867
• The New Zealand Herald
– Edition 48,985
Ellerslie, NZME
Beacon Awards
Media Business of the Year:
NZME
NZME
Sales Team of the Year:
Agency Sales Team
NZME
New Zealand Screen Awards
Finalist - Best Presenter:
News and Current Affairs:
Ryan Bridge
Herald NOW,
NZME
Finalist - Reporter of the Year:
Michael Morrah
NZ Herald,
NZME
2025 awards
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

Network Station of the Year:
Newstalk ZB
NZME
Sir Paul Holmes Broadcaster of
the Year: Heather du Plessis-Allan
Newstalk ZB,
NZME
Outstanding Contribution
to Radio: Jamie Mackay
NZME
Services to Broadcasting
• Niva Retimanu (NZME)
• Malcolm Jordan (NZME)
• Daniel Wrightson (NZME)
NZME
Best Music Network Breakfast
Show:
ZM’s Fletch, Vaughan & Hayley
ZM, NZME
Best Music Network Host:
Lorna Riley
Coast, NZME
Best Local Music Host:
Hayley Bath
The Hits Tauran-
ga, NZME
Best Talk Presenter – Breakfast
or Drive: Mike Hosking - The Mike
Hosking Breakfast
Newstalk ZB,
NZME
Best Talk Presenter – Non-Break-
fast or Drive: Marcus Lush Nights
Newstalk ZB,
NZME
Best Show Producer or Producing
Team – Talk Show:
The Mike Hosking Breakfast Team
Newstalk ZB,
NZME
Best Show Producer or Producing
Team – Talk Show:
The Mike Hosking Breakfast Team
Newstalk ZB,
NZME
Best Video – Short Form:
Hauraki PIEkings
Radio Hauraki,
NZME
Best Digital Content:
ZM Online
ZM, NZME
Associated Craft Award:
Larissa O’Reilly
The Hits, NZME
Best New Talent – Off-Air:
Pixie Cockerill
ZM, NZME
Best New Talent – Presenter:
Jazz Thornton
iHeartRadio,
NZME
Best Client Promotion /
Activation: ANZ Donation Station
NZME
Best Community Campaign:
The Hits KidsCanBall
The Hits, NZME
Best Commercial Campaign:
Oamaru Honda Song a Long
NZME Oamaru
Best Sponsorship & Partnership:
Dad’s Pies Hauraki Pie
Radio Hauraki,
NZME
Metropolitan/Network
Sales Team of the Year: NZME
Auckland Agency Sales Team
NZME
Best Comedy Podcast:
The Matt & Jerry Show Podcast
Radio Hauraki,
NZME
Best History & Documentary
Podcast: Heaven’s Helpline
iHeartRadio,
NZME
Best Sports Podcast:
Sportscafe-ish
iHeartRadio,
NZME
Best Reo Māori Podcast:
Kōrero
iHeartRadio,
NZME
Podcast of the Year:
Sportscafe-ish
iHeartRadio,
NZME
The Blackie Award:
Pinot Wahs
Radio Hauraki,
NZME
Best Marketing Campaign
(Joint Winner):
The Hits Cash'n'Car Campaign
The Hits, NZME
Radio & Podcast Awards
IAB Awards
2025 Media Publisher of the Year:
NZME
NZME
2025 Emerging Talent:
Ester Monti - Digital Performance
Manager – Strategy
NZME
NZ Shareholders' Association
Business Journalism Awards
Business News:
Jenée Tibshraeny- NZ Herald
NZ Herald,
NZME
ANNUAL REPORT 2025 23

Steven Joyce
Independent Chairman
Steven joined the NZME Board as Chair in June 2025.
An accomplished businessman and politician, Steven established and built
media company RadioWorks NZ over 14 years, then served as campaign
chair for the National Party for five general elections and as a Cabinet
Minister for nine years. During his time in government, he was responsible
for a number of portfolios including Finance, Infrastructure, Economic
Development, Transport, Communications and IT.
Steven currently runs his own consultancy business, Joyce Advisory Ltd
and is an Independent Director of Winton Land Ltd, The lcehouse Ltd,
lcehouse Ventures Ltd, and Foodstuffs North Island Limited.
In the 2025 King's Birthday Honours, Steven was made a Companion of
the New Zealand Order of Merit for his services as a Member of Parliament.
As well as being NZME Board Chair, Steven is a member of NZME's Audit
and Risk Committee and People Remuneration & Nominations Committee.
Carol Campbell
Independent Director
Carol joined
the NZME Board in May 2016.
Carol Campbell is a Chartered Accountant and Fellow of CAANZ and
Chartered member of the Institute of Directors. Carol was a partner at EY
for over 25 years and has been a professional Director for the last 10 years.
Carol has extensive financial experience and a sound understanding of
efficient board governance.
She is a director of T&G Global Limited, Asset Plus
Limited, Chubb Insurance
Limited and a
number of other private companies.
Carol chairs NZME's Audit and Risk Committee.
NZME Board
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

Jim Grenon
Non - independent Director
Jim joined the NZME Board in June 2025.
He is a seasoned executive and investor with over 35 years of experience in
organisational growth, operational improvement and corporate turnarounds,
primarily in Canada and the United States. With academic training in both
law and economics, Jim brings a multidisciplinary perspective to business
leadership and governance.
He has served on the boards of numerous public entities. This includes
companies listed on the Vancouver, Toronto and New York Stock Exchanges.
In 1995, Jim founded TOM Capital in Calgary, Canada, where he remains the
primary investor and an active shareholder. TOM Capital manages a diverse
portfolio of private companies.
Jim is a member of NZME's Audit and Risk Committee and People
Remuneration & Nominations Committee.
Guy Horrocks
Independent Director
Guy joined the NZME Board in February 2021.
Guy established himself as an early pioneer of the mobile app industry
co-founding the worlds first commercial iPhone app company in 2007,
Polar Bear Farm.
With clients including Expedia, DreamWorks, HBO, OREO, CNN, Time
Magazine as well as The New Zealand Herald, Horrocks helped launch
over 100 mobile apps with his award-winning mobile agency Carnival Labs,
many of which were featured by Apple.
Guy holds numerous board and advisor positions with companies like
New Zealand Mint, Jade Software, KEA and Tracksuit.
Guy is a member of NZME's OneRoof Advisory Board and is a member
of the People Remuneration & Nominations Committee.
Bowen Pan
Independent Director
Bowen joined the NZME board in June 2025.
He is a product and business leader with deep experience building and
scaling digital platforms, marketplaces and AI-driven software across
global technology and media companies. He led the creation of Facebook
Marketplace and held senior product leadership roles at Trade Me, Meta,
Stripe and Common Room.
Through Redwood Pan Group, Bowen advises founders, executives
and boards on product strategy, go-to-market execution, AI strategy,
and organisational design, helping established organisations and high-
growth companies turn technological change into sustained commercial
advantage. He also serves on the advisory board of the University of
Auckland Business School.
Bowen chairs NZME’s OneRoof Advisory Board.
Sussan Turner
Independent Director
Sussan joined the NZME Board in July 2018
For the past 25 years, Sussan has held senior leadership roles across
media companies, including Group CEO of MediaWorks, Managing Director
of Radio Otago, and CEO of RadioWorks.
She is currently Director of Aspire2 Group Limited, one of the leading tertiary
education groups in New Zealand, and is passionate about building executive
teams and company cultures.
Sussan chairs NZME's People, Remuneration & Nominations Committee
and is also a member of the OneRoof Advisory Board.
ANNUAL REPORT 2025 25

Michael Boggs
Chief Executive Officer
Michael has led New Zealand Media and Entertainment
(NZME) as Chief Executive Officer since March 2016,
following his role as the company's Chief Financial
Officer. Under his leadership, NZME continues
to execute a comprehensive growth strategy,
accelerating development across the group's
brands with particular focus on subscription and
classified offerings, digital and video content, while
ensuring sustainable growth of our traditional print
and radio platforms.
His extensive executive experience includes
serving as Chief Financial Officer at Tower
Limited, where he managed multibillion-dollar
assets, Pacific Islands operations, the earthquake
recovery programme, and the strategic divestment
of Tower's life insurance, health insurance and
investment management businesses. This
transformative work earned him CFO of the Year
at the 2014 New Zealand CFO Awards.
Michael brings significant telecommunications
and technology sector expertise from executive
roles in finance, commercial and business
functions at major organisations, including
Telstra's New Zealand operations.
Renata Hayward
Chief Commercial Officer
- Direct
Renata has been our Chief Commercial Officer –
Direct, since May 2025. Previous to this Renata was
the Regional Head – Northern Commercial.
Renata is responsible for developing and
implementing the commercial strategy across all
NZME’s direct markets, growing market share and
delivering revenue targets.
With her extensive experience in the New Zealand
media landscape, Renata brings a wealth of
knowledge to our commercial direct team and
is well known for her expertise in building high
performing teams.
Jo Hempstead
Chief Financial Officer
Jo started as Chief Financial Officer in January 2026.
Jo brings more than two decades of financial
leadership experience across retail, technology,
and media sectors. She joins NZME from NZX
listed The Warehouse Group, where she served
as General Manager – Finance, reporting
to the Chief Financial Officer. She has led
strategic financial planning, commercial and
transformation initiatives across one of
New Zealand’s largest retailers. Her career
also includes senior finance roles at Microsoft
New Zealand and The Economist.
Murray Kirkness
Chief Content Officer
- Publishing
Murray has been Chief Content Officer
(Publishing) since June 2023, a role
encompassing the NZME Editor-in-Chief position.
Murray leads NZME’s editorial team of about 270
people nationwide to deliver high-quality, trusted
news and content across multiple channels.
Murray’s role includes growing the company’s
various digital subscription platforms such as Herald
Premium and BusinessDesk, and responsibilities
across radio news and print publications including
the NZ Herald and NZME’s regional newspapers.
Murray has extensive experience in newsrooms
across New Zealand and Australia.
NZME
executive team
26 NEW ZEALAND MEDIA AND ENTERTAINMENT

James MacAvoy
Chief Of Oneroof
James started as Chief of OneRoof in January 2026.
James brings extensive experience in digital
transformation and technology-led growth, having
held CEO and senior leadership roles across
multiple high-growth platforms including Trade Me,
Retail Works, OnSend.com, Xero and Goodnest.
His expertise spans product development, data
analytics and online customer acquisition, with
particular strength in building platforms that
connect businesses with consumers. James has
deep experience working with diverse client
audiences, having built teams and partnerships
across markets in New Zealand, Australia, the
UK and the USA, and has a proven track record
in driving operational excellence and strategic
growth in competitive digital environments.
Katie Macdiarmid
Chief Information Officer
Katie has been our Chief Information Officer since
September 2024. Prior to this she held the role
of GM Digital Products and GM Digital Business
Operations leading the design, delivery, and
operating model evolution for NZME’s digital
product experiences.
Katie has more than 25 years of experience in
technology and leadership roles across multiple
industries including media and telecommunications
in the United Kingdom and New Zealand.
Katie is responsible for leading the digital growth
of NZME, through deep audience engagement
and reader monetisation, NZME’s end-to-end
technology ecosystem and the adoption of
AI across the enterprise to maximise NZME’s
competitive advantage.
Greg McCrea
Chief Commercial Officer -
Agency
Greg has been Chief Commercial Officer – Agency
since May 2025. Previous to this Greg held the role
of Commercial Director - Agency and Strategic
Accounts.
Greg is responsible for all agency revenue and national
strategic accounts, as well as overseeing trading and
investment across those portfolios.
Greg has many years of senior sales experience,
including nine years at News Corp Australia in Sydney.
Chris Wallace
Chief People Officer
Chris has been our Chief People Officer, joining in
April 2024.
Chris brings extensive HR, strategy and operations
experience from roles across New Zealand and
internationally, including Air New Zealand,
Westpac, Samsung Electronics and Bank of China.
He specialises in leading dynamic organisations
with a people focus on diversity, development
and engagement.
As Chief People Officer, Chris leads our Culture
and Performance team, overseeing HR, wellness,
health and safety, property and facilities,
recruitment, employer brand, and learning
and development initiatives.
Matt Wilson
Chief Publishing Officer
Matt has been our Chief Publishing Officer since
December 2025. In his role he is responsible for
the digital and print operations of the Publishing
division.
Prior to that he was our Chief Operations Officer.
His passion for media has resulted in over three
decades of experience working across NZME’s
newspaper brands, including finance roles in
print, commercial, content and corporate through
to leading the newspaper sales, print and NZ
Herald product functions.
Matt has a strong passion for the industry
and serves on Print NZ and News Publishers’
Association (NPA) boards.
Matt’s focus on operating performance has
driven a strong passion for NZME's people,
their engagement and the culture fostered
in the company.
Jason Winstanley
Chief Audio Officer
Jason has been Chief Audio Officer
since 2021, building on nearly 20 years of
radio leadership within NZME. With one of New
Zealand's most comprehensive radio leadership
backgrounds, he has successfully led multiple
music brands, including five years as Content
Director of The Hits before heading Newstalk
ZB, where he drove record audience growth and
commercial success.
As Chief Audio Officer, Jason leads NZME's
radio and digital audio strategy, focusing on
the iHeartRadio streaming platform and NZME
Podcast Network. Under his leadership, NZME has
emerged as New Zealand's leader in local digital
audio content and commercial opportunities,
while his empowering leadership style drives
innovation across our audio platforms.
ANNUAL REPORT 2025 27

GOVERNANCE FRAMEWORK
NZME Limited (“the Company”) is listed on the NZX
Main Board and has a Foreign Exempt Listing on
the ASX (both under the ticker code “NZM”). The
ASX Foreign Exempt Listing category is based on
a principle of substituted compliance recognising
that, for secondary listings, the primary regulatory
role and oversight rests with the home exchange
and the supervisory regulator in that jurisdiction.
As such, the company is required to comply with a
limited set of ASX Listing Rules.
The Company’s Corporate governance
framework, as described in this section, therefore
primarily takes into consideration contemporary
standards in New Zealand, incorporating the NZX
Corporate governance Code (“NZX Code”).
NZME Limited and its subsidiary companies
(“the Group”) is committed to having a strong
governance framework and therefore complies
with the recommendations of the NZX Code
(unless specifically stated otherwise).
Recommendation 8.5 of the NZX Corporate
Governance Code recommends that a board of
an NZX listed issuer ensure that a notice of annual
meeting is posted on the issuer’s website at least
twenty (20) working days prior to the meeting.
The Notice of Meeting for the 2025 Annual
Shareholders’ Meeting (“ASM”) was released to
shareholders ten (10) working days prior to the
2025 meeting. This was due to change to the
closing date of director nominations for the ASM,
following the Board’s decision on 31 March 2025
to re-schedule the ASM.
The Corporate Governance policies referred to
in this section reflect the Group’s governance
framework as at 31 December 2025 (unless
otherwise stated) and are available on the
Company’s website. The Board of the Company has
approved this Corporate Governance statement.
PRINCIPLE 1
CODE OF ETHICAL BEHAVIOUR
Directors should set high standards of ethical
behaviour, model this behaviour and hold
management accountable for these standards
being followed throughout the organisation.
Code of Conduct & Ethics
The Company’s Code of Conduct & Ethics
governs the Company and its subsidiaries’
commercial operations and the conduct of
directors, employees, consultants and all other
people when they represent the Company and
its subsidiaries. The Code of Conduct & Ethics
comprises certain fundamental principles and
demonstrates the high standards of conduct
expected of us. The current Code of Conduct &
Ethics was updated in June 2023.
Reporting of breaches of the Code is encouraged
and steps for doing so are set out in the Code of
Conduct & Ethics and the Whistleblower Policy.
The Company has provided training on the Code
of Conduct & Ethics in the form of online training
emailed to all staff.
The Company also has an Editorial Code of
Ethics which was reviewed by the Editorial
Advisory Board, in partnership with NZME
editorial leadership, in 2025, with resulting
Corporate
governance
28 NEW ZEALAND MEDIA AND ENTERTAINMENT

recommendations to be considered by the NZME
Board in 2026. This Code is published on the
Company’s website and highlights the Group’s
principal responsibility to the truth – and to its
communities and audiences – and the Group’s
commitment to journalism of the highest quality
possible that earns the trust of its audiences. The
Code states the Group’s belief that freedom of
the press and dissemination of editorial content is
a cornerstone of a healthy, thriving democracy.
The Code includes the Group’s responsibilities
in relation to accuracy, independence, opinion,
editing, diversity, conduct and integrity.
Securities Trading Policy
The Securities Trading Policy, which was reviewed
and updated based on best practice in 2025 and
is available on the Company’s website, details
the Company’s trading policy and guidelines,
including trading restrictions on dealing in the
Company’s quoted financial products. This policy
applies to the directors and all employees and
contractors of the Group.
The Securities Trading Policy places additional
trading restrictions on the directors of the
Company, the Chief Executive Officer (“CEO”)
and their direct reports (and employees reporting
directly to them), all administrative staff of the CEO
and direct reports referred to above and anyone
else notified by NZME’s General Counsel.
PRINCIPLE 2
BOARD COMPOSITION
& PERFORMANCE
To ensure an effective Board, there should be
a balance of independence, skills, knowledge,
experience and perspectives.
Role of the Board and Board Charter
The business and affairs of the Company is managed
under the direction and supervision of the Board
currently comprised (and as at 31 December 2025 was
comprised) of independent director and Chairman,
Steven Joyce, non-independent director Jim Grenon
and independent directors; Carol Campbell, Sussan
Turner, Guy Horrocks and Bowen Pan. Steven Joyce
and Jim Grenon were elected on 3 June 2025, and
Bowen Pan was appointed on 13 June 2025. The
directors acknowledge their duty to act in good faith
and in the best interests of the Company. Steven
Joyce was confirmed as chair on 3 June 2025.
The objective of the Company is to generate
growth, corporate profit and shareholder gain
from the activities of the Group. In pursuing this
objective, the role of the Board is to assume
accountability for the success of the Company
by taking overall responsibility for the strategic
direction and monitoring of operational
management of the Group in accordance with
good corporate governance principles. More
details regarding the main functions of the Board
and the distinction from the roles of management
can be found in the Board Charter available on the
Company’s website.
Barbara Chapman resigned as Chair and director
on 3 June 2025 and David Gibson resigned as
director on 14 April 2025.
Director Nomination and Appointment
Directors are appointed by the Company’s
shareholders, with rotation and retirement being
determined by the Company’s constitution.
The Board may appoint directors. Directors
appointed by the Board are required to retire and
stand for election at the first annual shareholders’
meeting after their appointment. The People,
Remuneration and Nominations Committee
recommends to the Board potential candidates
for appointment as directors. The Committee
follows the nomination and appointment
processes set out in the People, Remuneration
and Nominations Committee Charter available
on the Company’s website.
The Company enters into written agreements with
each newly appointed director establishing the
terms of their appointment.
Director Independence and Profiles
With the exception of Jim Grenon, all of the
Company’s directors, including the Chair,
are independent directors for the purposes
of the NZX Listing Rules as none of them are
executives of the Company or have direct or
indirect interests, positions, associations or
relationships that could reasonably influence,
or could reasonably be perceived to influence,
in a material way, their capacity to bring an
independent view to decisions, act in best
interests or represent the interests of the
Company’s financial product holders generally.
ANNUAL REPORT 2025 29

Continued
Corporate governance
In its determination of the directors'
independence, the Board has considered (among
other factors), the factors in table 2.4 of the
NZX Corporate Governance Code and with the
exception of Jim Grenon, understands none of
such factors are applicable to any director on the
Board. Prior to appointing Mr Grenon, the Board
determined that Mr Grenon did not qualify as an
independent director for the purposes of the NZX
Listing Rules as he is a substantial product holder
of NZME, which is a “Disqualifying Relationship”
under the NZX Listing Rules and a factor in table
2.4 of the NZX Corporate Governance Code.
The profile for each director is available on the
Company’s website and on page 24 - 25.
Information about director attendance at
meetings and the date of appointment of each
director is available on page 32 and page 34.
Information about director ownership interests
is set out on page 40.
Diversity and Inclusion
The Group believes in the value of a diverse and
inclusive workforce.
The Group is currently operating in accordance
with, and applying the principles of, its Diversity
and Inclusion Policy which is available on the
Company’s website.
The Board is comfortable with the Company’s
2025 performance with respect to its Diversity
and Inclusion Policy and objectives but notes the
ongoing nature of efforts to meet those objectives.
The table below includes the quantitative breakdown
as to the gender composition of the Group’s
Board and Officers as at 31 December 2025, in
accordance with the NZX listing rules.
As atBoardOfficers
1
MaleFemale
Gender
Diverse
MaleFemale
Gender
Diverse
31 December 2025420730
31 December 2024230620
31 December 2023230430
Director Access to Training, Information
and Advice
On appointment the Company’s directors are
offered induction training as to their responsibilities
and to enable the director to become familiar
with the Company’s operations and sites. Further
training on pertinent topics is provided to the Board
during the year.
All directors have access to the advice and
assistance of the General Counsel on the Board’s
affairs and governance matters. In addition, all
directors may access such information and seek
independent advice to the extent they consider it
necessary to fulfil their duties and responsibilities.
Performance Review
The Chair meets annually with directors of
the Company to discuss their performance.
The Board reviews its performance as a whole,
and the performance of its committees, on an
annual basis. The Board may choose to use
external facilitators, where appropriate, to
assist with reviewing the performance of
directors, the Board and its Committees.
1 The term ‘Officer’ is defined in the NZX Listing Rules as a person, however designated, who is concerned or takes part in the
management of the Issuer’s business, and reports directly to (i) the Board or (ii) a person who reports to the Board. NZME has
interpreted this to mean the Chief Executive and any person reporting to the Chief Executive or the Board directly. The numbers
above therefore include the CEO and other members of the Group Executive Team.
30 NEW ZEALAND MEDIA AND ENTERTAINMENT

PRINCIPLE 3
BOARD COMMITTEES
The Board should use committees where this
will enhance its effectiveness in key areas, while
retaining Board responsibility.
The Board has two standing Committees; the Audit
and Risk Committee and the People, Remuneration
and Nominations Committee, to assist in carrying
out its responsibilities. The Committees operate
under Board approved charters which are
available on the Company’s website. The Board
may establish other committees from time to time
to deal with specific projects or matters relating
to the Company’s various activities. All Board
directors may, but are not required to, attend the
meetings of Committees that they have not been
appointed to.
The Board does not have a separate Health and
Safety Committee, but Health and Safety is
considered by the full Board.
The Board did not identify a need for any other
standing Board committees during the year
ended 31 December 2025.
In addition to Board Committees, the Board
also established the Editorial Advisory Board
in August 2025. The Editorial Advisory Board
is a non-executive advisory body, providing
independent counsel to the Chief Content
Officer and the NZME Board on editorial
standards, audience development and digital
transformation initiatives.
The Company also has an NZME Takeover Response
Manual (not publicly available) as recommended by
Recommendation 3.6 of the NZX Code.
Audit and Risk Committee
The Committee consists of two independent
directors and one non-independent director
(one of whom has an accounting and financial
background). The functions of the Audit and Risk
Committee are to:
• Review, consider and if necessary, investigate
any reports or findings arising from any audit
function either internally or externally;
• Evaluate financial information and climate
reporting submitted to it, along with relevant
policies and procedures; and
• Assess the effectiveness of risk management
throughout the Group.
The Committee is also responsible for
communicating and engaging with the external
auditors and for oversight and review of the risk
management framework. For further information,
also refer to the Committee’s charter which is
available on the Company’s website.
As at 31 December 2025, Board Chair and
independent director Steven Joyce and non-
independent director Jim Grenon were members
of the Audit and Risk Committee and the
Committee was chaired by independent director
Carol Campbell. Employees and external parties
may attend meetings of the Committee at the
invitation of the Audit and Risk Committee.
People, Remuneration and Nominations
Committee
The People, Remuneration and Nominations
Committee ensures that remuneration policies
and practices are consistent with the strategic
goals of the Group and are relevant to the
achievement of those goals. The Committee
also reviews the remuneration of the CEO and,
in consultation with the CEO, the remuneration
packages of members of the Group Executive
Team reporting directly to the CEO.
The People, Remuneration and Nominations
Committee also makes recommendations to the
Board regarding the composition of the Board,
filling of vacancies, appointing additional directors
to the Board, and to review and adopt Corporate
governance policies and practices which reflect
contemporary standards in New Zealand,
incorporating principles and guidelines issued
by the Financial Markets Authority and the NZX.
For further information, refer to the Committee’s
charter available on the Company’s website.
This charter was updated to reflect current best
practice in August 2023 and was reviewed in 2025.
As at 31 December 2025, Board Chair and
independent director Steven Joyce, independent
director Guy Horrocks and non-independent
director Jim Grenon were members of the People,
Remuneration and Nominations Committee and
the Committee was chaired by independent
director Sussan Turner. Employees and external
parties may attend meetings of the Committee
at the invitation of the People, Remuneration and
Nominations Committee.
ANNUAL REPORT 2025 31

Board & Committee Attendance 1 January 2025 to 31 December 2025
Attendance of meetings reflects the Directors' time in office.
Director BoardAudit and Risk
People, Remuneration
and Nominations
Steven Joyce***7 of 73 of 33 of 3
Carol Campbell28 of 304 of 4N/A
Jim Grenon***7 of 73 of 33 of 3
Guy Horrocks27 of 30N/A4 of 4
Bowen Pan***7 of 7N/AN/A
Sussan Turner30 of 30N/A4 of 4
Barbara Chapman*22 of 221 of 11 of 1
David Gibson**14 of 151 of 11 of 1
* Resigned as Chair and director on 3 June 2025.
** Resigned as director on 14 April 2025.
*** Joined the NZME Board June 2025.
PRINCIPLE 4
REPORTING & DISCLOSURE
The Board should demand integrity in financial
and non-financial reporting, and in the
timeliness and balance of corporate disclosures.
Market Disclosure Policy
The Board has policies and procedures in place
to keep investors and staff informed of material
information about the Company and to ensure
compliance with the continuous disclosure
obligations under the Financial Markets Conduct
Act 2013 and the NZX Listing Rules.
The Market Disclosure Policy (available on the
Company’s website) is designed to ensure that:
• There is full and timely disclosure of the
Company’s activities and price sensitive
information to shareholders and the market; and
• All stakeholders (including shareholders,
the market and other interested parties) have an
equal opportunity to receive and obtain externally
available information issued by the Company.
The Company will immediately notify the market
of any material information concerning the
Company in accordance with legislative and
regulatory disclosure requirements.
Corporate governance documents
The following documents have been adopted
by the Company and are available on the
Company’s website under the Corporate
governance section:
• Company Constitution
• Board Charter
• Code of Conduct & Ethics
• Remuneration Policy
• Diversity and Inclusion Policy
• Editorial Code of Ethics
• Fraud Policy
• Market Disclosure Policy
• Whistleblower Policy
Continued
Corporate governance
32 NEW ZEALAND MEDIA AND ENTERTAINMENT

• Securities Trading Policy
• Audit and Risk Committee Charter
• People, Remuneration and Nominations
Committee Charter
• Editorial Advisory Board Policy
• OneRoof Advisory Board Policy
• Risk Management Policy
• Health and Safety Policy
• Modern Slavery Statement (pursuant to
Australian legislation)
Financial Reporting and Disclosure
The Company is committed to providing financial
reporting that is balanced, clear and objective.
The Audit and Risk Committee oversees the
quality, integrity and timeliness of external
financial reporting. The Group’s Consolidated
Financial Statements for the year ended
31 December 2025 are set out on pages 46 - 95.
Also refer to the reports from the Chair and the
CEO in this Annual Report and the NZME Full
Year 2025 Results Presentation (available on the
Company’s website) for additional information.
The Group’s Consolidated Financial Statements
are audited by the Company’s external auditor,
PricewaterhouseCoopers.
Non-Financial Reporting and Disclosure
The Company provides non-financial disclosures
relating to health and safety, risk management
and sustainability, including its interaction with its
communities, people and environment – see the
Group’s Sustainability Commitment on page 16.
Non-financial information included in this Annual
Report and other non-financial disclosures
reported by the Company that have not been
audited or the subject of external assurance
are internally verified and checked by the
Company’s management team, compared to the
previous reporting period and cross- checked
against other data.
PRINCIPLE 5
REMUNERATION
The remuneration of directors and executives
should be transparent, fair and reasonable.
Remuneration Policy
The Company’s Remuneration Policy (available on
its website) outlines the Company’s approach to
the remuneration of its directors and executives.
The People, Remuneration & Nominations
Committee is responsible for reviewing non-
executive directors’ remuneration and benefits.
The pool available to be paid to non-executive
directors is subject to shareholder approval and
is currently fixed at $900,000 per annum (as
set out in the Explanatory Memorandum for the
Demerger of NZME by APN dated 11 May 2016).
The levels of fixed fees payable to non-executive
directors reflects the time commitment
and responsibilities of the role. The People,
Remuneration & Nominations Committee
obtains independent advice, as necessary, and
considers the results of market comparison and
a benchmarking assessment in setting the fixed
fees payable to non-executive directors.
While the Company does not pay equity-based
remuneration to its non-executive directors, it
encourages those directors to hold shares in
the Company to better align their interests with
the interests of other shareholders. The People,
Remuneration & Nominations Committee is also
responsible for reviewing the remuneration
package of the CEO and, in consultation with the
CEO, the remuneration packages of members of
the Group Executive Team reporting directly to
the CEO.
The Company conducts external benchmarking
analysis to determine the market rate for a
role. The Company provides a combination of
cash and non-cash benefits and takes a total
remuneration approach. The Company reviews
remuneration with the objective of achieving pay
equality, including by gender.
Directors’ Remuneration:
The fees paid to each director depend on the duties
of the director, including committee work. The
current fees per annum for 2025 were as follows:
ANNUAL REPORT 2025 33

1 January 2025 to 31 December 2025
Fees ($)
Chairman of the NZME Board175,100
Membership of the NZME Board103,000
Chairman of NZME Board Committees20,600
Chairman of OneRoof Advisory Committee (from 1-9-25)20,600
Membership of NZME Board Committees10,300
Membership of OneRoof Advisory Committee (to 31-8-25)7,725
Membership of OneRoof Advisory Committee (from 1-9-25)10,300
Total fees paid to each director and former director during 2025 are shown in the following table:
Date
appointed
Date
resigned
Chairman
of the
Board ($)
Board
Member
($)
Committee
Chair ($)
Committee
Member ($)
Advisory
Board
($)
Total
($)
Steven
Joyce
3 June 2025-101,169--11,330-112,499
Carol
Campbell
24 June 2016--103,00020,600--123,600
Jim
Grenon
3 June 2025-59,511-11,330-70,841
Guy
Horrocks
8 February 2021--103,000-10,3008,583121,883
Bowen
Pan
13 June 2025--56,650--8,54065,190
Sussan
Turner
16 July 2018--103,00013,7913,4338,583128,807
Barbara
Chapman
18 April 20183 June 202574,418--4,377-78,795
David
Gibson
8 December 201714 April 2025-30,0386,0083,004-39,050
Total fees paid 2025740,666
In October 2024, in the recommendation of
the People, Remuneration and Nominations
Committee, the Board resolved to approve a 3%
increase to all current Director fees (including
Chairman, Director and Committee fees), effective
1 January 2025. There has been no change to
the Directors' fee pool. In addition to the fees
noted in the table above, Bowen Pan was paid a
gross amount of $51,200 in 2025 for additional
consulting services provided to OneRoof.
BMS Risk was appointed as NZME’s Insurance
Broker on 22 August 2025. Steven Joyce declared
his role as an adviser to BMS Risk at the time and
did not take part in the decision to appoint them.
Directors are also entitled to be reimbursed for
all reasonable travel, accommodation and other
costs incurred by them in connection with their
attendance at Company Board or shareholder
meetings or otherwise in connection with
Company business. Any such amounts are
not included in the table above.
Continued
Corporate governance
34 NEW ZEALAND MEDIA AND ENTERTAINMENT

Chief Executive Officer’s Remuneration
Ye a r
Salary
A
Benefits
B
SubtotalBonus
C
Shares
(TIP)
D
Subtotal
Remuneration
(paid)
2025809,822 34,436 844,258 338,044 - 338,044 1,182,302
2024872,859 26,186 899,045 - 992,428 992,428 1,891,473
Five Year Summary - CEO Remuneration (earned)
Ye a r
Salary and
benefits
AB
Bonus
(STI)
E
Shares
(STI)
F
STI
Subtotal
Shares
LTIP
G
Total
Remuneration
(earned)
Percentage
STI against
maximum
H
2025844,258 240,894 172,067 412,961 1,257,219 61.2%
2024899,045 338,044 241,460 579,504 1,478,549 56.7%
2023908,848 - - - 908,848 -
2022919,732 318,906 471,707 790,613 1,710,345 80.5%
2021886,906 428,820 428,820 428,820 1,744,546 76.4%
A
Salary includes normal basic salary and paid leave.
B
Benefits relate to company contributions to KiwiSaver.
C
Bonus payments are those paid during the current accounting period and excludes any bonus accrual not yet paid.
D
Shares (TIP) includes the gross benefit of the rights issued including PAYE payable in relation to the benefit paid.
No shares were issued during 2025. For the 2024 year this relates to shares issued on 31 December 2024 in relation
to the 2021 Total incentive Plan ("TIP") and shares issued in relation to the 2022 short term incentive. The 2021 TIP
shares were originally valued based on a share price of $0.737 but were valued at $1.06 at the time of issue and
accordingly the higher value is recorded as remuneration for the year.
E
Bonus payments earned for the year.
F
Since 2022 the incentive scheme has a portion of the short term incentive which is in the form of performance
rights which vest 12 months after the conclusion of the performance period.
G
For the 2021 TIP scheme the rights vested in 2022 but were issued after a two year deferral period. For the purpose
of the amount earned the shares are valued at the price in the time of the scheme invitation. During the period from
vesting to being exercised additional rights were awarded for dividends foregone during this period.
H
Value of bonus and rights awarded for the year as a percentage of the maximum award available.
Shares and Rights
Michael Boggs held 2,988,774 shares in the
company as at 31 December 2025 with an additional
157,833 shares issued to him on 5 January 2026 in
respect of the Group's Total Incentive Plan ("TIP")
and the short term incentive component of the
2024 TIP. In addition to the remuneration disclosed
above, as at 23 February 2026, Michael Boggs held
1,141,988 performance rights issued to him under the
various TIP schemes. Please refer to note 4.3 of the
Consolidated Financial Statements for a summary
of the TIP and the performance criteria used to
determine performance based payments.
Employee Remuneration
The Group paid remuneration including
benefits in excess of $100,000 to employees
(other than directors) during the year ended
31 December 2025. The salary banding for
these employees are disclosed in the following
table (bands with zero number of employees
have been excluded).
ANNUAL REPORT 2025 35