NZME 2026 Half Year Results

NZME 2026 Half Year Results

Please refer to the following documents in relation to the NZME Half Year Results to 30 June 2026:

1. NZME 2026 Half Year Results NZX Form
2. NZME 2026 Half Year Results Announcement
3. NZME 2026 Half Year Results Investor Presentation
4. NZME 2026 Consolidated Interim Financial Statements
5. Distribution Notice - NZX Form

Chief Executive Officer Michael Boggs, and Chief Financial Officer Jo Hempstead, will discuss the HY26
results by webcast at 10.00am New Zealand time today.

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

To register to attend please CLICK HERE

ENDS

Authorised by Michael Boggs, Chief Executive Officer.

For further information:

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

MARKET ANNOUNCEMENT
25 August 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 6 months to 30 June 2026
Previous Reporting Period 6 months to 30 June 2025
Currency NZD
Amount (NZ$000s) Percentage change
Revenue from continuing
operations
$167,146

0.7%
Total Revenue $167,146 0.7%
Net profit/(loss) from
continuing operations
$6,626 (1,786.7%)
Total net profit/(loss) $6,626 (1,786.7%)
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$ 0.01166667
Record Date 11 September 2026
Dividend Payment Date 23 September 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$(0.13) $(0.11)
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached NZX results announcement commentary, the
2026 Consolidated Interim Financial Statements and the 2026
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 25 August 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

25 August 2026



NZME delivers stronger first half result

AUCKLAND, 25 August 2026: NZME Limited (NZX and ASX: NZM) has announced a stronger result for
the half year ended 30 June 2026 as compared to the same period in 2025, with Operating Revenue
1
and
other income of $167.0 million, up from $165.7 million, and Operating EBITDA
1
of $26.5 million, up 11
percent. Statutory Net Profit After Tax was $6.6 million, compared with a Statutory Net Loss After Tax of
$0.4 million, while net debt reduced by $13.9 million to $19.4 million.

Michael Boggs, NZME Chief Executive Officer, says NZME delivered the stronger first half despite economic
conditions remaining tougher than expected at the beginning of the year.

“Our core businesses across Audio, Publishing and OneRoof remained resilient. Audio carried its momentum
from the second half of 2025 into the first half of 2026, Publishing held earnings while continuing to shift its
revenue mix toward digital, and OneRoof continued to grow EBITDA despite a subdued property market.
We delivered this result while continuing to invest in the digital products and platforms that will shape NZME’s
next decade, including new NZ Herald and OneRoof apps,” he says.

Key highlights:
• Advertising revenue grew 2 percent to $118.6 million, in line with the wider market, despite challenging
economic conditions.
• Audio was the standout performer, with operating revenue up 8 percent to $61.8 million and operating
EBITDA up 19 percent to $11.9 million, supported by growth across radio and digital audio advertising.
• Publishing operating EBITDA was steady at $15.3 million, with digital publishing EBITDA up 11 percent
to $6.3 million and total subscriptions across print and digital now exceeding 250,000.
• OneRoof digital revenue grew 4 percent, and the new OneRoof app has lifted monthly app users by 54
percent since launch.
• Free cash flow increased by $5.1 million to $7.3 million, and the Board has declared a fully imputed
interim dividend of 3 cents per share, payable on 23 September 2026.

Steven Joyce, NZME Board Chair, says: “NZME remains focused on improving overall operating efficiencies,
off its current cost base, while also growing revenue. Key areas include the recently announced print plant
investment which will deliver reductions of $7 million in annualised benefits, new initiatives leveraging AI and
Automation, also of $7 million annualised, plus negotiated reductions in the Auckland Central office operating
lease costs, which are due to be finalised late in 2026.”

Trading conditions remain volatile, with consumer confidence still soft, discretionary spending restrained and
advertising demand uneven across sectors. NZME expects economic recovery momentum to improve into
2027, pointing to a modest lift in demand across the second half of 2026. Subject to trading conditions in the
second half, and assuming no further material deterioration in market conditions, NZME expects full-year
2026 Operating EBITDA
1
to be ahead of the $62.3 million reported in 2025.

ENDS
Authorised by Michael Boggs, Chief Executive Officer

Source:
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 the 2025 and 2026 financial years. Please refer to
pages 42-43 of the results presentation for a detailed reconciliation.

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

---

1
NZME interim
results.
for the six months ended
30 June 2026

2
2 |
Agenda.
Results summary3
Key highlights4
Trading environment and market
performance
5
2026 half year financial results8
Divisional performance16
Outlook38
Q&A40
Supplementary information41
Azura Lane – Host, Flava Breakfast

3
Statutory NPAT improved from a $0.4 million loss in H1
2025 to a $6.6 million profit.
•Group revenue grew 1%, driven by strong Audio
performance, which offset softer-than-expected growth
in other segments.
•Operating expenses were 1% lower than the prior
period, reflecting the ongoing benefit of cost-saving
initiatives implemented in 2025.
•Operating EBITDA grew 11% year-on-year, highlighting
revenue growth and continued cost discipline.
•Operating margin of 15.9% has improved 146bps from
H1 2025 (14.4%).
•Free cash flow increased to $7.3million, an
improvement of $5.1 million, supported by stronger
operating earnings, lower interest costs, and the
absence of non-recurring cash outflows incurred in the
prior period.
•Net debt reduced to $19.4 million, representing a
leverage ratio of 0.4x EBITDA.
Results summary.
for the six months ended 30 June 2026
1
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.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 2025 and 2026
financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.
3.Operating revenue shown includes other income.
4.Interim dividend payable on 23 September 2026.
3 |
$167.0m
Operating revenue
2,3
▲ $1.3m [+1%]
$19.4m
Net debt
▼ $13.9m
3cps
Interim dividend
4
No change
$6.6m
Statutory NPAT
▲ $7.0m
3.5cps
Operating EPS
2
▲ 1.8cps
$6.6m
Operating NPAT
2
▲ $3.2m
$26.5m
Operating EBITDA
2
▲ $2.6m [+11%]
$7.3m
Free cash flow
▲ $5.1m

4
Key highlights.
4 |
Strength
of core
App first,
always
Disciplined
financial
management
H1 YoY Audio
revenue growth
+8%
New 10-year commitment with iHeartRadio.
Over 1.3 million podcast monthly active listeners
and digital radio TLH has grown 8% YoY.
3
New NZ Herald app
launched in June
The new NZ Herald app has been built from
the ground up for New Zealanders who want
to make news their own.
Market-leading audio platforms with revenue
growing faster than the market
1
, anchored by
New Zealand's #1 talk brand, Newstalk ZB.
2
+11%
Digital profit growth and tight cost control
absorb the print decline, returning Publishing
to a firmer footing.
Digital Publishing
EBITDA growth YoY
+9%
OneRoof EBITDA
growth YoY
Digital growth reflects stronger upgrade
volumes and better yield, with print, marketing
and selling costs controlled to deliver the result.
New iHeart app increases
digital revenue and capability
New OneRoof app and
leadership team
New senior leadership in place and technology
team brought inhouse, delivering a new app
and building momentum for the year ahead.
+2%
Growth in total H1
Advertising revenue
-1%
Lower total operating
costs YoY
$13.9m
Reduction in
Net Debt YoY
Ad revenue up 2% YoY - underpinned by larger
agency clients who have grown at a faster rate
than SME customers.
Costs down 1% through disciplined cost control,
combining with revenue growth to create
positive earnings leverage.
Net debt reduced by $13.9m YoY, strengthening
the balance sheet and offering future funding
flexibility.
AudioPublishingOneRoof
1.RBA Monthly Radio Market Report last 6 months to June 2026.
2.Gfk Comm RAM S1/26, Total NZ, Cume, M-S 12mn-12mn (unless otherwise stated).
3.NZ Triton Webcast Metrics Jan 26 - Jun 26, average monthly reach (NZ based listening).

5
The difficult economic environment continues, with
signs of confidence not yet reflected in market activity.
1.ANZ Business Confidence and ANZ-Roy Morgan Consumer Confidence surveys.
2.Statistics NZ – June Quarter 2026.
3.Reserve Bank of New Zealand.
4.Standard Media Index | Comms Council (June 2026 report).
5 |
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
Feb-26
Mar-26
Apr-26
May-26
Jun-26
Jul-26
Business confidenceConsumer confidence
Business and Consumer Confidence
1
HEADWINDS
TAILWINDS
•Inflation is high at 4.1%
2
and continues to constrain discretionary
spend, though pressure could moderate if fuel prices ease.
•The first OCR increase in 3 years
3
indicates the end of the easing
cycle and recent OCR increases and mortgage rate hikes may
continue to impact housing activity.
•Unemployment sits at 5.6% (+0.4pts YoY)
2
contributing to weak
domestic demand and softer advertising conditions across
consumer categories.
•Both business and consumer confidence is trending upwards in
the last few months from the lowest point over the last 3 years, as
expectations on market conditions improve.
1
•Total agency market ad spend is up 2.0% to $537.3 million for H1
2026 on the back of stronger Digital (+4%), Outdoor (+7%) and
Radio (+9%) sectors.
4
54.4
96.0
99.3
56.1
Note: Net reading above 50 for Business confidence and 100 for Consumer
confidence is considered a positive outlook
Positive Confidence
Negative Confidence

6
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.NZME Reach Study n=1,001 nationally representative June 2025 (unduplicated audience across NZME print, digital, radio & podcasts).
3.GfK Comm RAM, S1/26, Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated).
4.NZ Triton Webcast Metrics Jan 26 - Jun 26, average monthly reach (NZ based listening).
5.Nielsen CMI Q2 25 – Q1 26 May 26 Fused AP15+ (Publishing Print = weekly print excluding Real Estate. OneRoof Print = Real Estate sections).
6.Nielsen Online Ratings June 2026 (desktop and domestic traffic only, does not include exclusive mobile app audience).
Attracting audiences like no other,
underpinning digital revenue streams.
NZME reaches 9 out of 10 Kiwis
2
Some audiences may be duplicated across platforms.
OneRoof
+3%
Auckland digital
listing revenue
1
Print audience
320,000
5
Digital audience
598,000
6
+13%
Rest of NZ digital
listing revenue
1
Audio
+8%
Radio revenue
1
Radio audience
1,838,700
3
Digital audience
1,028,500
4
+16%
Digital audio
revenue
1
Publishing
+1%
Digital
subscription
revenue
1
Print audience
1,231,000
5
Digital audience
1,939,000
6
+1%
Core digital
advertising
revenue
1
6 |

7
Operating EBITDA increased 11%, driven by strong
contributions from Audio.
•Audio revenue growth of 8% was the primary
driver for improved EBITDA.
•Improvement in digital publishing profitability has
offset revenue declines in print.
•OneRoof digital revenues grew by 4%, well below
expectations, however they were offset by a 15%
decline in print revenue.
•Corporate and other improvements in costs
contributed to the overall EBITDA result.
Operating EBITDA by division.
for the six months ended 30 June 2026
1
7 |
$ million
H1 2026H1 2025% change
Audio11.9 10.0
▲
+19%
Publishing15.315.4-
Digital publishing6.3 5.7
▲
+11%
Print publishing9.0 9.6
▼
-7%
OneRoof1.81.6
▲
+9%
Corporate and other(2.4) (3.1)
▼
-21%
Operating EBITDA
(incl. NZ IFRS16)
2
26.5 23.9
▲
+11%
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

8
8 |
2026 half year
financial results.
Garth Bray– Host, Herald NOW Business

9
Improved operating performance through
revenue growth and rationalisation of
expenses.
•Advertising revenue growth of 2% in
challenging economic conditions.
•Operating revenue grew by 1%, largely driven
by a strong performance in Audio.
•Operating expenses reduced by 1% and
contributed to strong EBITDA improvement.
•Operating NPAT of $6.6 million for the half
year was an increase of $3.2 million on H1
2025, a positive improvement in challenging
market conditions.
•In addition to improved operating results,
Statutory NPAT recovery reflects lower non-
recurring expenses incurred vs. the prior
period.
Operating results
1
.
for the six months ended 30 June 2026
2
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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.
2.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
$ million
H1 2026H1 2025% change
Reader revenue37.939.2
▼
-3%
Advertising revenue118.6116.3
▲
+2%
Other revenue8.68.1
▲
+6%
Operating revenue165.1163.5
▲
+1%
Other income1.92.1
▼
-10%
Operating revenue and other income167.0 165.7
▲
+1%
Operating expenses(140.5) (141.8)
▼
-1%
Operating EBITDA
1
26.5 23.9
▲
+11%
Depreciation and amortisation on owned assets(8.7) (9.5)
▼
-9%
Depreciation on leased assets(5.9) (6.2)
▼
-5%
Interest income0.1 0.2
▼
-49%
Finance cost(2.7) (3.6)
▼
-24%
Operating NPBT9.44.9
▲
+93%
Income tax expense(2.8) (1.5)
▲
+78%
Operating NPAT6.63.4
▲
+100%
Operating earnings per share (cents)3.51.8
▲
+98%
Statutory NPAT6.6(0.4)
▲
+1,787%
9 |

10
Operating revenue growth has been driven by
Audio which has offset declines across other areas.
•Audio advertising revenue grew 8%, continuing on
the gains seen in the second half of 2025.
•Publishing digital advertising down 4% as
decreased digital performance marketing revenue
resulted from a deliberate reduction in usage of
low-margin third-party channels.
•Total reader revenue declined 3%, with reduced
print subscriber revenue outpacing a 1% increase
in digital subscriber revenue. Print subscriber
volumes reduced by 9%, offset with 5% yield gains.
•OneRoof revenue growth has slowed with digital
revenues constrained by the Auckland market and
overall print revenues declining.
Operating revenue
1
movements.
for the six months ended 30 June 2026
2
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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.
2.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
10 |
165.7
0.9
4.0
(0.6)
(0.3)
(0.1)
0.1
(1.4)
0.4
(0.7)
(0.8)
167.0
NZD, $million
Total Audio
+$4.9m
Digital Advertising
($1.0m)
Print & Digital sub over
time
Chart of term of
subscriber (FOR BOARD)

11
Total operating expenses reduced by $1.3 million as
targeted savings have been offset by inflationary
pressures and reinvestment in strategic roles.
•Lower people expenses from the savings initiatives
implemented last year have been impacted by wage
inflation, KiwiSaver changes and planned
reinvestment into selected strategic roles.
•Print and distribution expenses improved by 4% due
to decreases in overall print volumes.
•Reduced third party fulfilment expenses reflect the
decrease in digital performance marketing revenue.
•Non-recurring expenses in H1 2025 include
restructuring costs incurred as part of the
$12million of annualised savings initiatives.
Expenses.
for the six months ended 30 June 2026
1
$ million
H1 2026H1 2025% change
People70.5 70.8
▼
-0%
Print and distribution22.8 23.8
▼
-4%
Selling and marketing20.7 20.0
▲
+3%
Content10.2 10.0
▲
+2%
Property3.84.0
▼
-5%
Third party fulfilment1.0 1.7
▼
-37%
Technology and communications5.8 5.7
▲
+2%
Other expenses5.6 5.7
▼
-2%
Total operating expenses
2
140.5 141.8
▼
-1%
Total non-recurring expenses0.0 5.2
▼
-100%
11 |
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.

12
141.8
(3.1)
1.3
0.2
0.4
0.7
0.3
(1.0)
0.6
(0.6)
(0.1)
140.5
Key movements in operating expenses
1
highlight
the reinvestment in people costs and savings across
the business to deliver a $1.3m improvement.
•Final quarter of 2025 cost out savings have offset
impacts of wage inflation and KiwiSaver, and
allowed investment in the OneRoof engineering
team, Herald NOW and new Christchurch positions.
•Print savings of $1.1m driven by reduced volume
which has more than offset ongoing distribution
costs impacted by fuel cost increases ($0.1m).
•Selling and marketing costs largely reflect an
increase in the proportion of agency sales and the
respective commission paid.
Operating expenses movements.
for the six months ended 30 June 2026
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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.
12 |
NZD, $million
People cost saving
$0.3m

13
Net debt reduced by $13.9m.
•Net working capital excluding cash is $3.8 million
lower than June 2025 primarily due to a tax
payable position that was a tax receivable last year,
as well as lower trade receivables.
•Net debt reduced to $19.4 million, with improved
operating earnings, lower capital expenditure and
interest costs, and the absence of non-recurring
cash outflows incurred in the prior period.
Balance sheet.
as at 30 June 2026
1
1.All comparatives are measured against the balance as at 30 June 2025 (H1 2025).
2.Net debt / 12-month operating EBITDA (pre NZ IFRS 16). EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
30 June
2026
30 June
2025
Trade and other receivables38.7 40.9
Inventories3.22.8
Trade and other payables
(41.0) (44.9)
Current tax (payable) /receivable(2.2) 3.6
Net working capital excluding cash
(1.4) 2.4
Property, plant and equipment, intangibles and
other non-current assets
124.1 133.4
Right-of-use assets (NZ IFRS16)
45.4
52.2
Lease liabilities (NZ IFRS16)
(66.6) (76.4)
Finance lease receivable (NZ IFRS16)
2.43.3
Net bank debt
(19.4) (33.3)
Deferred tax
8.8
8.2
Net assets
93.3 89.8
Leverage ratio
2
0.4 0.9
13 |

14
Free cash flow of $7.3m reflects the operating
performance, improving by $5.1m.
•Cash flow from operations of $19.3 million was
$4.3million higher than H1 2025.
•The higher tax paid in 2026 is primarily due to
higher provisional tax payments.
•The working capital movement saw an improvement
in debtor days, plus a reduction in payables due to
timing and fewer one-off expenses incurred in 2025.
•Capital expenditure was lower in H1 2026. Full year
BAU capital expenditure is expected to be between
$10-$12 million.
•Final dividend of 6cps was paid in March, consistent
with the prior year.
Cash flows.
for the six months ended 30 June 2026
$ million
H1 2026H1 2025
Operating EBITDA
1
26.523.9
Interest paid on bank facilities(0.7) (1.1)
Interest received on leases0.1 0.1
Interest paid on leases(1.9) (2.2)
Non-recurring expenses(0.0) (5.2)
Tax paid(2.5) (1.3)
Working capital movement (excluding tax)(2.9)0.5
Other (non-cash)0.7 0.3
Cash flow from operations19.3 15.0
Capital expenditure(4.7) (5.6)
Lease principal repayment(7.3) (7.1)
Free cash flow7.32.2
Receipt from JV wind up0.1-
Dividends paid(11.3) (11.3)
Cash movement in net debt(3.9)(9.0)
Other movements (0.0) (0.2)
Movement in net debt(3.9) (9.2)
14 |
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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.

15
Net debt finished at $19.4 million, which was
$13.9 million lower than June 2025.
•Leverage ratio of 0.4 is below the target range of
0.5 to 1.0 times EBITDA

(pre NZ IFRS 16)
1
.
•Fully imputed interim dividend of 3 cents per
share ($5.6 million) has been declared and is
payable on 23 September 2026.
•This interim dividend is consistent with NZME’s
Dividend Policy, as per below.
Capital management and dividend.
for the six months ended 30 June 2026
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 2025 and 2026 financial years. Please refer to pages 42-43 of this results presentation for a detailed reconciliation.
2.Net interest cover is calculated on 12 month operating EBITDA (pre-NZ IFRS 16) adjusted to include extraordinary and abnormal items in excess of $5.0m
for a financial year, divided by 12-month interest expense (excluding NZ IFRS 16 interest expense).
30 June
2026
30 June
2025
12-months operating EBITDA (pre NZ IFRS 16)
1
($ million)
46.138.3
12-months interest expense ($ million)
1.82.6
Net interest cover
2

(Operating EBITDA (pre NZ IFRS 16)

/ interest expense)
26.1x 15.0x
Net debt ($ million)
19.433.3
Leverage ratio
(Net debt / 12-month operating EBITDA (pre NZ IFRS 16)
1
)
0.40.9
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/
31.6m
18.0m
30.0m
24.1m
33.3m
15.5m
19.4m
0.8
0.5
0.8
0.7
0.9
0.3
0.4
Jun-23Dec-23Jun-24Dec-24Jun-25Dec-25Jun-26
Net debt and leverage
Net debt / (Cash) $mLeverage ratio
15 |

16
16 |
Divisional
performance.

17
Audio.
17 |
Number one in audio.

18
+7%
+13%
+4%
-3%
Jun-26
May-26
Apr-26
Mar-26
Feb-26
Jan-26
Dec-25
Nov-25
Oct-25
Sep-25
Aug-25
Jul-25
Jun-25
May-25
Apr-25
Mar-25
Feb-25
Jan-25
$3.8m
$5.0m
$5.3m
$6.2m
H1 2023H1 2024H1 2025H1 2026
H1 Digital audio revenue
1

Audio key highlights.
18 |
continuous YoY revenue growth
over the last 15 months
1
15 months
Audio continues to demonstrate strong momentum,
with H1 2026 revenue up 8% on H1 2025, highlighting
the strength and consistency of performance.
1.NZME analysis.
2.NZME analysis based on customers managed via agency channels – H1 FY23-26 only.
3.NZ Triton Webcast Metrics Jul 25 - Jun 26, average monthly (NZ based listening).
YoY increase in digital
audio revenue
1
+16%
Digital radio total listening hours has grown by 8% YoY

and podcast downloads have increased by 4% over the
same period

leading to digital audio representing 10% of
audio revenue
3
.
growth in agency share
of audio revenue YoY
1
+3pts
Larger agency customers are growing ahead of the
market, lifting their share of audio revenue to 51%
(+15% YoY), whereas non-agency customers have
grown 2% YoY.
43%
46%
48%
51%
H1 2023H1 2024H1 2025H1 2026
Agency share of Audio revenue
2
Monthly revenue growth YoY
1

19
Audio profitability up 19% driven by strong
revenue growth.
•Operating revenue increased 8%, reflecting
continued strength in the audio advertising
market, with growth in both radio advertising and
digital audio revenue.
•People expenses increased year on year, driven
by wage inflation, KiwiSaver changes and a higher
proportion of commercial people costs
supporting revenue growth.
•Selling and marketing expenses increased 16%,
reflecting higher agency commissions as agency-
sourced revenue remained strong, together with
targeted marketing investment in key stations.
•Despite higher operating costs, revenue growth
more than offset expense increases, delivering an
operating EBITDA of $11.9 million, up $1.9
million year on year.
Audio financial results.
for the six months ended 30 June 2026
1
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2026H1 2025% change
Digital audio advertising6.25.3
▲
+16%
Radio advertising55.051.0
▲
+8%
Other0.60.8
▼
-22%
Operating revenue61.8 57.1
▲
+8%
People(29.4) (28.1)
▲
+5%
Selling and marketing(10.1) (8.7)
▲
+16%
Content(4.0) (4.1)
▼
-2%
Other expenses(6.3) (6.2)
▲
+1%
Operating expenses(49.9) (47.1)
▲
+6%
Operating EBITDA (incl. NZ IFRS16)
2
11.9 10.0
▲
+19%
NZ IFRS16 adjustment(4.5) (4.4)
▲
+2%
Operating EBITDA (pre NZ IFRS16)
2
7.4 5.7
▲
+31%
Operating EBITDA
2
margin
(pre NZ IFRS16)
12% 10%
▲
+2 ppt
19 |

20
Number one in Audio.
20 |
Revenue growing faster than the market
Audio revenue grew 8% YoY in H1, ahead of the market
1
, with 15
consecutive months of year-on-year growth.
Long-term commitment to iHeartRadio
Committed to iHeartRadio with a 10-year contract extension, underpinning
our digital audio strategy.
The Hits at a record audience
More than 460,000 listeners nationwide – the highest audience number
since launch in 2014.
2
Coast reformat delivering results
Formatting changes through the half have continued to see Coast as the #1
music station on iHeartRadio with 5.9m TLH.
3
Investment in Canterbury underway
Supported by Christchurch-specific content, marketing and activation
activity across the region.
iHeartCountry scaling nationwide
Growth continues with 21 frequencies providing nationwide coverage, and
commercials introduced in May after 12 months commercial free.
1.RBA Monthly Radio Market Report last 6 months to June 2026.
2.Gfk Comm RAM S1/26, Total NZ, Cume, M-S 12mn-12mn (unless otherwise stated).
3.NZ Triton Webcast Metrics Jan-Jun 2026.
Audience share momentum
Sustained, always-on marketing behind priority growth brands The
Hits and Coast to compete more strongly against our rivals.
Investment in Canterbury
Local content, promotions and marketing for ZM and The Hits to
drive audience and revenue growth in Christchurch over time.
Continued revenue share growth
Momentum to continue, reflecting both audience and yield
improvements.
Digital audio a key focus
Ensuring iHeartRadio is a default in every media plan, accelerating
digital revenue growth.
2026 General Election opportunity
Newstalk ZB and iHeartRadio podcasts will lead election coverage,
lifting news engagement in the second half.
AM/FM radio spectrum renewals
Renewals for 2031 are underway.
H1 achievements.Looking forward.

21
Publishing.
21 |
New Zealand’s leading
news destination.

22
Publishing key highlights.
22 |
Lift in total video views
across all platforms YoY
3
+132%
Ryan Bridge TODAY and Herald NOW have added a
significant volume of content that can be shared across
multiple platforms. The new video module on the
NZHerald.co.nz homepage and the Watch section of the
app have seen strong contribution to incremental views.
1.Nielsen Digital Content Ratings (DCR) NZ market - Jan 2025–Jun 2026.
2.Google Analytics (GA4) - Jan 2025–Jun 2026.
3.NZME analysis – Brightcove, YouTube & Social Media platforms (Facebook, Instagram & TikTok) (Jan–Jun 2026).
4.NZME analysis.
Total NZ Herald app
launches in H1 2026
1
>108m
The NZ Herald app has 9% more launches in the first half
of 2026 than its nearest competitor
1
. App engagement
time now at 57% across all users with more time spent in
app than web
2
. The new app is expected to drive further
engagement and accelerate digital performance.
Lift in total
subscriptions to 250k
4
+6%
More New Zealanders are embracing digital news with
subscriptions for NZ Herald up 5% and BusinessDesk up
18%. Average yield has fallen 12% as bundling
increases. Now over 70% of subscribers are digital-only,
up 13% to 176k.
-
50
100
150
200
250
Print onlyDigital enabledDigital only
Total subscriptions (000s)
4
40%
35%
25%
NZ HeraldSocial MediaYouTube
Total video views by platform
(H1 2026)
3
NZ Herald app
(% of total NZ Herald interactions
across both app and web)
2
29%
34%
54%
57%
2025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2
Engagement
time
Sessions
Digital
only
Print
only
Digital
enabled

23
Stable profitability with tight cost control despite
inflationary pressures and reduced focus on low
yielding digital revenues.
•Reader revenue decreased by 3% with slower digital
subscription growth of 1% offset by continued print
subscriber and retail outlet declines.
•Lower digital advertising revenue was driven largely
by a reduction in digital performance marketing
revenue through low-margin third-party
channels.Core digital advertising was stable year-
on-year.
•Print advertising revenue decline of 5% was better
than historical trends of an average of 7% to 8%.
Publishing financial results.
for the six months ended 30 June 2026
1
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2026H1 2025% change
Digital subscriptions11.711.5
▲
+1%
Print subscriptions20.8 21.7
▼
-4%
Retail outlet sales5.4 6.0
▼
-10%
Total reader revenue37.9 39.2
▼
-3%
Digital advertising22.6 23.6
▼
-4%
Print advertising20.9 22.0
▼
-5%
Total advertising revenue43.5 45.6
▼
-5%
Other9.1 8.7
▲
+5%
Operating revenue90.593.5
▼
-3%
People(34.7) (36.2)
▼
-4%
Print and distribution(20.4) (21.0)
▼
-3%
Selling and marketing(7.3) (7.6)
▼
-4%
Content(5.0) (5.0)
▲
+1%
Third party fulfilment(1.0) (1.6)
▼
-36%
Other expenses(6.6) (6.6)
▲
+0%
Operating expenses(75.1) (78.1)
▼
-4%
Operating EBITDA (incl. NZ IFRS16)
2
15.3 15.4
▼
-0%
NZ IFRS16 adjustment(3.8) (4.0)
▼
-4%
Operating EBITDA (pre NZ IFRS16)
2
11.5 11.4
▲
+1%
Operating EBITDA
2
margin
(pre NZ IFRS16)
13% 12%
▲
+1 ppt
23 |
▼ ▲ ▼ ▲

24
Publishing financial results – digital and print.
for the six months ended 30 June 2026
1
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
Digital PublishingPrint Publishing
H1 2026H1 2025% changeH1 2026H1 2025% change
Subscription revenue11.711.5
▲
+1%20.821.7
▼
-4%
Retail outlet sales-- - - 5.46.0
▼
-10%
Advertising revenue22.623.6
▼
-4%20.922.0
▼
-5%
Other4.33.9
▲
+9%4.84.8
▲
+1%
Operating revenue38.639.1
▼
-1%51.954.4
▼
-5%
People(18.9)(19.4)
▼
-3%(15.9)(16.8)
▼
-6%
Print and distribution--- - (20.4)(21.0)
▼
-3%
Selling and marketing(4.8)(5.1)
▼
-5%(2.5)(2.6)
▼
-1%
Content(4.3)(4.2)
▲
+0%(0.8)(0.7)
▲
+6%
Third party fulfilment(1.0)(1.6)
▼
-36%--- -
Other expenses(3.3)(3.0)
▲
+9%(3.4)(3.6)
▼
-7%
Operating expenses(32.2)(33.4)
▼
-3%(42.9)(44.8)
▼
-4%
Operating EBITDA (incl. NZ IFRS16)
2
6.35.7
▲
+11%9.09.6
▼
-7%
NZ IFRS16 adjustment(1.2)(1.3)
▼
-7%(2.6)(2.7)
▼
-3%
Operating EBITDA (pre NZ IFRS16)
2
5.14.4
▲
+16%6.47.0
▼
-8%
Operating EBITDA
2
margin (pre NZ IFRS16)13% 11%
▲
+2ppt12% 13%
▼
-1ppt
24 |

25
25 |
New NZ Herald App Launch.
The new NZ Herald App offers a smarter, faster, more personal way to stay informed with the news worth knowing.
Key features:
•Customisable news feed
with ‘My Herald’
•Dynamic bottom
navigation bar
•Best practice accessibility
•Offline reading
•Dedicated ‘Watch’ section
•Integrated OneRoof
property portal
Coming soon:
New Weather and
Listen sections
1.Nielsen DCR Jan-Jun 2026 app launches.
2.Google Analytics Jan-Jun 2026.
5x
App users read an average
of 5 times more pages than
web users
2
108.6m
more pages
Total app launches,
9% higher than nearest
competitor
1
>6x
App users spend more time
per day than web, overall
engaged time per app user
has increased 8% YoY
2
580k
Distinct app users who
have engaged with app
2
The latest version of the NZ Herald app was released at the end of June
and was built from the ground up by our talented in-house digital
team. It's a completely new ecosystem – new architecture, new features
and a new user experience.
more time
H1 2026
App performance

26
Subscriptions.
26 |
1.NZME analysis.
2.Subscription numbers as at the end of June in each respective year and includes Digital enabled subscriptions.
3.Digital yield reflects subscription revenue only.
CasualEngagedSubscribed
Average monthly
digital users
1
>1 million
~500k
~200k
Subscription
revenue
(shaded only)
Advertising
revenue
89%
85%
80%
74%
10%
11%
12%
13%
1%
2%
4%
6%
2%
4%
7%
174k
185k
201k
218k
2023-H12024-H12025-H12026-H1
Digital subscriptions
2
Listener
Viva
BusinessDesk
NZ Herald
Subscribers are our most valuable audience – delivering 54% of the digital revenue.
Whilst subscribed users are the smallest cohort of our audience, their contribution far
outweighs their size. Only 34% of all digital revenues is from subscriptions with the
balance from advertising across all user types. The focus on growing subscribers is a
key step to driving engagement and leveraging first party data to maximise advertising
revenue alongside subscriptions.
NZ Herald has still seen
ongoing growth of +5%
YoY and BusinessDesk
growth of +18% YoY.
Strong contributors to
the increase of digital
subscriptions over the
last few years have
been the Listener
(+58% vs June 2025)
and Viva Premium
(+61% vs June 2025)
platforms.
Much of the growth has
been from bundling
subscriptions together
for individual users
which reduces the
average yield, but sees
strong engagement
across multiple
platforms.
Print subscription revenue has fallen 4% YoY despite a 9% volume decline over
H1 2026, whilst disciplined pricing has continued to lift per-copy yield by 5%.
Digital subscriptions are the key focus to embed ongoing recurring revenues.
6%
39%
20%
34%
CasualEngagedSubscribed
Attribution of digital
revenue by user
1
54%
$172
$176
$189
$194
$170
$188
$144
$178
Individual yieldIndividual yield (NZH)
Digital yield
3
2023-H12024-H12025-H12026-H1

27
Holding profit, shifting the mix
We continue to manage print for cash while scaling digital. Print
revenue decline slowed to 5% YoY (vs. 7-8% historically),
subscription churn hit a four-year low, and network optimisation
delivered significant savings despite fuel increases.
Growing appetite for our video content
Ryan Bridge TODAY and Herald NOW drove more than 792,000
hours of engagement, with more than 6 million views of Herald
NOW since the start of 2026
1
.
Pricing for value, not just volume
Personalised pricing with Mather Economics grows ARPU, with a
new yield pathway live from August.
BusinessDesk momentum
Reader revenue up 9% YoY and overall subscriptions have grown
18% year on year
2
.
Award-winning newsrooms
8 wins at the NZ Media Awards, including Rotorua Daily Post as
Newspaper of the Year and Regional Newspaper of the Year, and
NZ Herald as Metropolitan Newspaper of the Year.
Publishing - New Zealand’s leading news destination.
27 |
Looking forward.
Print plant investment
We have committed to newsprint, acquiring a smaller and more efficient
print plant for a right-sized Auckland site to deliver better efficiency and
material annual savings.
Personalised paywall to lift conversion
A personalised paywall, launching on nzherald.co.nz in H2, intending to
deliver uplifts in both web and app conversions.
BusinessDesk investment for growth
New website and app launching Q3, plus new content launching for
weekend readership, The Life.
Video expansion onto free-to-air TV
Ryan Bridge TODAY and Herald NOW expanded onto channel Three on
the 4th August, which has taken our newsrooms into linear TV for the
first time and will grow audiences well beyond our own platforms.
2026 NZ Election coverage
NZ Herald will deliver comprehensive political coverage and events like
the Leaders’ Debates and Mood of the Boardroom, while Herald NOW
and Ryan Bridge TODAY drive live political programming and video
engagement.
H1 achievements.
1.NZME analysis - Brightcove, YouTube & Social Media platforms (Facebook, Instagram & TikTok) (Jan–Jun 2026).
2.NZME analysis - subscription numbers as at the end of June in each respective year.

28
OneRoof.
28 |
Your essential property platform.

29
OneRoof key highlights.
29 |
Growth in OneRoof Rest of NZ
residential listings revenue YoY
2
+13%
Upgrade rates (+140bps) and average yield (+8%)
have both lifted, taking Rest of NZ to 36% of total
OneRoof residential listings revenue.
1.Real Estate Institute of New Zealand (REINZ) market listings (Jan 2023 - Jun 2026).
2.NZME analysis.
Growth in OneRoof Operating
EBITDA
+9%
New leadership team bringing renewed focus
A deliberate leadership reset with new senior
leaders in place introducing new capability and
ambition to accelerate growth
Market
Listings
-Value
-Days to sell
-Number of listings
45k
46k
57k
53k
58k
55k
60k
$775k
$784k
$770k
$778k
H1H2H1H2H1H2H1
2023202420252026
Median
sale price
New
listings
New market listings and median
sale prices
$263
$276
$285
$307
15%
23%
25%
26%
2023-H12024-H12025-H12026-H1
OneRoof residential listings
Rest of NZ
2
Listings
Upgrade %
Average
Yield ($)
New listings across New
Zealand in H1 2026
1
60k
New market listings up 3% YoY, returning new listings
to historical levels. Days to sell however remains
longer than historical averages.
+3%
In Auckland, stock has returned as REINZ listings
are up +7%, but properties are taking longer to sell
and median sale price is flat. This is keeping
vendors cautious on their marketing investment.
Growth in OneRoof Auckland
residential listings revenue YoY
2
Listings
Upgrade %
Average
Yield ($)
$424
$465
$522
$537
38%
44%
45%
43%
2023-H12024-H12025-H12026-H1
OneRoof residential listings
Auckland
2
Reset of leadership team and technology stack to deliver renewed growth.
App first

30
OneRoof financial results.
for the six months ended 30 June 2026
1
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
$ million
H1 2026H1 2025% change
Digital9.99.5
▲
+4%
Print4.1 4.8
▼
-15%
Other0.2 0.2
▲
+8%
Operating revenue14.1 14.5
▼
-2%
People(4.7) (4.5)
▲
+5%
Print and distribution(2.5) (2.8)
▼
-12%
Selling and marketing(3.2) (3.7)
▼
-13%
Content(1.0) (0.9)
▲
+19%
Other expenses(0.9) (1.0)
▼
-5%
Operating expenses(12.4) (12.9)
▼
-4%
Operating EBITDA (incl. NZ IFRS16)
2
1.8 1.6
▲
+9%
NZ IFRS16 adjustment(0.5) (0.5)
▼
-1%
Operating EBITDA (pre NZ IFRS16)
2
1.3 1.1
▲
+14%
Operating EBITDA
2
margin
(pre NZ IFRS16)
9% 8%
▲
+1 ppt
30 |
Despite significant leadership change, digital revenues and
EBITDA delivered growth.
•Digital advertising revenue increased $0.4 million (+4%), but did
not fully recover the $0.7 million (-15%) decline in print
advertising.
•Auckland revenue was soft, as weaker conversion was cushioned
by improvements in listings volume and yield.
•Regional performance was strong, with growth in conversion
and yield outweighing lower levels of new listings.
•People costs increased $0.2 million reflecting continued
investment in leadership, sales, CRM, engineering, product, and
design capability.
•Print and distribution costs reduced $0.3 million, broadly in line
with lower print activity.
•Selling and marketing costs reduced $0.5 million, a deliberate
choice as we focused our efforts on improving the quality of our
technology and content.

31
31 |
New OneRoof App Launch.
The OneRoof app makes it easy to navigate all things property, in one place.
Features recently launched that
give new users a reason to
return in their first 30 days:
•New app with refreshed design
•More estimate visibility
•More filters for easier search
•More detailed data on every
listing
Looking ahead:
Continuing to sharpen the app
experience and core conversion
pathways - search, saves and
property tracking to deepen
engagement and drive more
value for our audiences.
1.Google Analytics, January–June 2026. Growth rates compare monthly averages.
7 in 10
Monthly users returned the
following month, sustained
throughout the half despite
the rapid audience growth
1
+54%
Growth in monthly app
users, increasing in every
month across H1 2026
1
+53%
Daily active users growth,
with daily engagement rates
holding steady
1
The OneRoof app had a standout first half, with sustained month-on-
month audience growth and engagement holding firm as the audience
scaled – supported by the latest major app release earlier this year.
Lift in the number of users
viewing property listings
each day
1
+24%
H1 2026
App performance

32
H1 achievements.Looking forward.
1.OneRoof GA4 app analytics, monthly active users (30-day), OneRoof app only (iOS + Android).
2.REINZ data (Jan 2023 - Jun 2026).
3.NZME analysis.
32 |
OneRoof - Your essential property platform.
Rebuilding the team
The team has been rebuilt across leadership and technology,
strengthening strategic direction and product capability.
Building the new OneRoof app
The new app launched in March, with app monthly active users
up 54% since January
1
. Plus we have moved technology
development in-house to drive fast development of our tech
stack.
Regions leading, Auckland slower to recover
Rest of NZ revenue grew 13% YoY, driven by upgrade rates up
140 basis points and yield up 8%, taking it to 36% of listings
revenue. Auckland grew 3%, with upgrades easing to 43% and
properties take longer to sell
2
.
Earnings quality improving faster than revenue
Operating EBITDA grew despite revenue declining 2% YoY, as
digital advertising grew $0.4m and cost discipline delivered
$0.7m of savings. Digital is now 71% of revenue.
Experienced leadership
Strong new leadership roles in place across Executive, Sales, Product
and Technology.
Market recovery still ahead
Opportunity for growth when vendor confidence and days-to-sell
normalise, particularly in Auckland.
Headroom in upgrade penetration
Upgrade conversion is 33% nationally - 43% in Auckland and 26%
across the Rest of NZ - against near-term ambitions of 60% and 40%
3
.
Pricing and product mix opportunity
Average revenue per upgrade grew 4% YoY to $423, with further
opportunity from premium product adoption, packaging and pricing
discipline to better capture the value delivered to agents and vendors.
Continued mix shift and investment
Investment is prioritised behind product and app, supporting margin
improvement over time given a substantially fixed cost base.

33
Corporate and
other.
33 |

34
Corporate and other costs are lower year on
year by 18%.
•Corporate and other includes the unallocated
costs associated with Group management
and governance, together with the company’s
events business.
•The events business ran 3 successful events in
the first half (same number of events as
2025). This year the events were Women’s
Expos across Palmerston North, Hawkes Bay
and Wellington.
•Other expenses included $300k of savings
across insurance, professional fees, travel and
entertainment.
34 |
Corporate and other financial results.
for the six months ended 30 June 2026
1
$ million
H1 2026H1 2025% change
Operating revenue0.6 0.6
▲
+2%
People(1.6) (2.0)
▼
-18%
Other expenses(1.4) (1.6)
▼
-17%
Operating expenses(3.0) (3.7)
▼
-18%
Operating EBITDA (incl. NZ IFRS16)
2
(2.4) (3.1)
▼
-21%
NZ IFRS16 adjustment(0.0) (0.0)
▼
-9%
Operating EBITDA (pre NZ IFRS16)
2
(2.5) (3.1)
▼
-21%
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

35
Improved performance delivers Operating EBITDA
growth of 11%.
•Audio - Operating EBITDA of $11.9 million (+19%),
driven by 8% revenue growth, with radio advertising
up 8% and digital audio revenue up 16%.
•Digital publishing - Operating EBITDA of $6.3
million (+11%), with subscription growth and
disciplined cost management offsetting a 4% decline
in digital advertising revenue.
•Print publishing - Operating EBITDA of $9.0 million
(-7%), with a 5% revenue decline partly offset by
$1.1million of print savings and lower people costs.
•OneRoof - Operating EBITDA of $1.8 million (+9%),
as 4% digital revenue growth and cost savings more
than offset a 15% decline in print revenue.
•Corporate and other - Costs improved by
$0.7million, reflecting an 18% reduction in
operating expenses across people and other costs.
NPAT improved from a $0.4 million loss in H1 2025 to a
$6.6 million profit, also supported by lower depreciation
and interest costs.
35 |
Summary of results.
for the six months ended 30 June 2026
1
$ million
H1 2026H1 2025% change
Audio11.910.0
▲
+19%
Digital publishing6.35.7
▲
+11%
Print publishing9.09.6
▼
-7%
OneRoof1.81.6
▲
+9%
Corporate and other(2.4)(3.1)
▼
-21%
Operating EBITDA (incl. NZ IFRS16)
2
26.5 23.9
▲
+11%
Exceptional and other items
(incl. reclass of items)
0.1(5.2)
▲
+102%
EBITDA (incl. NZ IFRS16)26.7 18.7
▲
+41%
Depreciation and amortisation(14.5) (15.7)
▼
-7%
EBIT (incl. NZ IFRS16)12.13.0
▲
+274%
Interest expense(2.7) (3.3)
▼
-24%
Share of loss of JV’s(0.0) - -
Net profit / (loss) before tax9.4 (0.3)
▲
+2,994%
Income tax expense(2.8) (0.1)
▲
+3,970%
Net profit / (loss) after tax6.6 (0.4)
▲
+1,787%
1.All comparatives are measured against the six months ended 30 June 2025 (H1 2025).
2.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
▼ ▲ ▼ ▲

36
Cost out.
Cost discipline remains a key focus. Ongoing efficiency gains, combined with targeted investments that lower our cost
base, enables NZME to build resilience and create capacity to invest for the future.
36 |
Print plant investment.
Print efficiencies to be delivered by the purchase
of a print press that will provide us with a right-
sized plant and better operational efficiencies
into the future.
Total investment: Up to $15m, expected spend of
~$7m in 2026, ~$8m in 2027
Payback: 3 years upon becoming operational
1
Timelines:
•2026 Purchase print press, identify new building
•2027 New plant operational – old plant
decommissioned
•2028 Savings ~$3-5m
1

•2029 Savings ~$7m
1
•2030 Investment breakeven reached with ongoing
annual savings of ~$7m
1
Efficiency initiatives.
Structurally lower our cost base and lift
productivity – automating manual workflows,
utilising AI to deliver the next wave of efficiency.
Benefits:
•Annualised savings of $4m, delivered in Q4 2026,
with full benefit realised in 2027
2
.
•A further $3m of annualised savings to be delivered
in H1 2027, with full benefit realised in 2028
2
.
•Further opportunities expected to support revenue
growth.
Timelines:
•2026 Delivery of key operational changes, agentic
capability, training and adoption.
•2027 Shift focus to incremental revenue and
innovation opportunities.
•2028 Full annualised benefits realised.
Central Auckland lease.
Negotiations have concluded on our Central
Auckland lease on materially improved terms
that lower our fixed cost base, pending final
approval from all parties by the end of 2026.
Benefit: Reduced square meterage rates
3
Expiry: Term extension beyond 2030 end date
Optionality: Exit earlier than expiry and/or reduce space
at points during term
Timelines:
•Negotiations complete and Heads of Terms agreed,
backdated to November 2025.
•The impact of the changes to the Central Auckland
lease have not been included in the H1 2026 Interim
Financial statements given final landlord shareholder
approval is yet to take place.
•Medium term profitability reduced at NPAT level due
to IFRS16 accounting, however NPAT improvement
over the term of the lease and anticipated cashflow
improvement realised on execution of lease.
1.Anticipated savings against 2026 operating costs and subject to volumes.
2.Anticipated savings against 2026 operating costs.
3.Rates relative to existing lease terms.

37
Key initiatives.
37 |
New NZ Herald app
The new NZ Herald app has been built from
the ground up for New Zealanders who want
to make the news their own.
Efficiency initiatives
New initiatives, leveraging AI, are being
implemented across the business to lift
productivity and speed to market.
Investment in dynamic paywall
Investment in a new dynamic paywall to
improve user experience, subscriber
conversion, and yield.
Rent reductions
Rent reduction negotiated in Auckland,
lowering fixed costs, subject to final
landlord shareholder approval.
Refined iHeart app
New 10-year commitment with iHeartRadio,
with the new app lifting digital revenue and
capability.
Audio
OneRoof engineering
moved inhouse
OneRoof engineering brought inhouse,
giving us direct control of the product
roadmap and faster delivery.
OneRoof
New print plant
New print plant secures long-term
print capability with a more efficient,
lower-cost production footprint.
Publishing
Publishing
Publishing
New OneRoof app and
leadership team
New senior leadership team and a new
OneRoof app provide a platform for
increased momentum in the year ahead.
OneRoof
GroupGroup
Ryan Bridge TODAY and Herald
NOW Business on TV3
Ryan Bridge TODAY and Herald NOW
Business now broadcast on TV3, extending
our news brands to a new screen audience.
Publishing

38
38 |
Outlook.
Niva Retimanu – Newsreader, Newstalk ZB Breakfast

39
Looking ahead.
Trading environment and operational focus
•The first six months focused on returning to revenue growth while at the same time maintaining tight cost discipline.
•Advertising revenue grew 2 percent in the first half, led by the strong performance of Audio, while ongoing cost discipline positions us to convert an
improvement in demand into margin growth.
•Looking forward, we expect the trading environment to remain volatile as consumer confidence remains soft and discretionary spending is
restrained as households absorb higher living costs and mortgage rates.
•We expect recovery momentum to improve into 2027 - supporting modest lift in demand over the final six months of 2026.
•We will continue to focus on controllable levers to support earnings resilience and fund future growth. Already under action are the print plant
efficiencies, productivity initiatives and Auckland occupancy cost reductions.
•Our five-year content supply agreement with Google concludes in December 2026. We are actively working to renew or replace it while expanding
content licensing and AI monetisation opportunities across global digital platforms.
Capital management
•Given the strength of the balance sheet NZME is well positioned to continue to deliver strong dividend returns while also prioritising selective
investment in growth and cost out opportunities.
•We will prioritise investment in the short term behind OneRoof, digital subscriptions and video. We will invest in the more efficient print plant and
continue to leverage technology and AI to deliver productivity gains across our cost base.
•Subject to trading conditions in the second half, and assuming no material deterioration in market conditions, NZME expects full-year 2026
Operating EBITDA
1
to be ahead of the 2025 result.
39 |1.Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.

40
40 |
Q&A.
Jono, Ben & Megan - Hosts, The Hits Breakfast

41
Supplementary
information.
41 |

42
Reconciliation of operating results to financial statements.
for the six months ended 30 June 2026
$ 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
37.9-37.9--37.9
Advertising revenue
118.6-118.6--118.6
Other revenue
8.6-8.6--8.6
Operating revenue
165.1-165.1--165.1
Other income
2.3(0.4)1.90.10.02.0
Operating revenue

and other income
167.4(0.4)167.00.10.0167.1
Expenses
(149.6)9.2(140.5)-(0.0)(140.5)
EBITDA
17.88.826.50.1(0.0)26.7
Depreciation and amortisation
(8.7)(5.9)(14.5)(14.5)
EBIT
9.12.912.00.1(0.0)12.1
Share of loss of JVs(0.0)-(0.0)--(0.0)
Net interest expense
(0.8)(1.8)(2.6)(0.1)-(2.7)
Net profit / (loss) before tax
8.31.19.4-(0.0)9.4
Income tax expense
(2.8)-(2.8)-0.0(2.8)
Net profit / (loss) after tax
5.51.16.6-(0.0)6.6
42 |

43
Reconciliation of operating results to financial statements.
for the six months ended 30 June 2025
$ million
Operating
results excl. NZ
IFRS 16
NZ IFRS 16
adjustments
Operating
results incl. NZ
IFRS 16
Reclass of items
Non-recurring
items
Per financial
statements
Reader revenue
39.2-39.2--39.2
Advertising revenue
116.3-116.3--116.3
Other revenue
8.1-8.1--8.1
Operating revenue
163.5-163.5--163.5
Other income
2.5(0.4)2.10.20.02.4
Operating revenue

and other income
166.1(0.4)165.70.20.0165.9
Expenses
(151.0)9.3(141.8)-(5.2)(147.0)
EBITDA
15.08.923.90.2(5.2)18.9
Depreciation and amortisation
(9.5)(6.2)(15.7)--(15.7)
EBIT
5.52.78.20.2(5.2)3.2
Net interest expense
(1.3)(2.1)(3.3)(0.2)(3.6)
Net profit / (loss) before tax
4.30.64.9-(5.2)(0.3)
Income tax expense
(1.5)-(1.5)-1.5(0.1)
Net profit / (loss) after tax
2.70.63.4-(3.7)(0.4)
43 |

44
Glossary.
44 |
Agency share (Audio) – Proportion of audio advertising revenue sold
through media buying agencies rather than direct to customers.
App launches – The number of times an app is opened by a user, as
measured by Nielsen Digital Content Ratings.
ARPU (Average Revenue Per User) – Average monthly digital revenue
per user.
Audience share (Audio) – NZME's share of total radio listening (GfK
RAM), relative to competitors.
Average revenue per upgrade (OneRoof) – Digital listing revenue
divided by the number of paid listing upgrades in the period.
Basis points (bps) – Units of change in a rate or margin, 100 basis
points equals one percentage point.
Bundling – Selling access to multiple NZME subscription products
under a single subscription. Increases engagement across mastheads
but reduces average yield per subscription.
Cash flow from operations – Operating EBITDA adjusted for interest
paid and received, tax paid, non-recurring cash costs and movements
in working capital. Stated before capital expenditure and lease principal
repayments.
Core digital advertising – Digital advertising sold directly across
NZME's own sites, excluding programmatic and digital performance
marketing.
Cume audience (GfK RAM) – Cumulative audience - the number of
distinct people tuning to a station over the survey period.
Days to sell – Average number of days taken to sell a residential
property, as reported by REINZ.
Digital listing revenue (OneRoof) – Revenue from paid upgrades that
increase a property listing's visibility.
Digital performance marketing – Digital advertising sold through low-
margin third-party channels, priced on measurable outcomes.
Digital-only / digital-enabled / print-only subscriptions – Subscribers
with digital access only, print plus digital access, or print access only,
respectively.
EBIT – Earnings before interest and tax.
EBITDA margin (pre–NZ IFRS 16) – Operating EBITDA excluding the NZ
IFRS 16 lease adjustment, as a percentage of operating revenue.
Engagement tiers (Casual / Engaged / Subscribed) – Segmentation of
digital users by frequency of visits and whether they hold a
subscription.
Engagement time (app share) – The proportion of total NZ Herald
engaged time that occurs in the app rather than on web.
Free cash flow – Cash flow from operations less capital expenditure
and lease principal repayments.
Fully imputed dividend – A dividend with New Zealand tax (imputation)
credits attached.
GfK RAM (Radio Audience Measurement) – The industry-standard
survey of New Zealand commercial radio listening, reported by survey
period (e.g. S1/26).
Google Analytics (GA4) – NZME's web and app analytics platform, used
for sessions, engagement time and app user metrics.
Leverage ratio – Net debt divided by rolling 12-month operating EBITDA
(pre–NZ IFRS 16).
Listings upgrade % (upgrade conversion) – Proportion of new
residential listings on OneRoof that are paid upgrades.
Monthly active users (MAU) – Distinct users engaging with an app or
platform in a given month.
Net bank debt – Total borrowings less cash.
Net interest cover – 12 month operating EBITDA (pre-NZ IFRS 16)
adjusted to include extraordinary and abnormal items in excess of
$5.0m for a financial year, divided by 12-month interest expense
(excluding NZ IFRS 16 interest expense).
Net working capital (excl. cash) – Receivables plus inventories, less
payables and current tax receivable/(payable), excluding current lease
liabilities relating to NZ IFRS 16.
Nielsen CMI – Nielsen Consumer & Media Insights - the industry survey
used for print readership measurement.
Nielsen DCR – Nielsen Digital Content Ratings - the industry measure
of New Zealand digital audience and app activity.
Nielsen Online Ratings – Nielsen's measure of desktop and domestic
web traffic. Does not include exclusive mobile app audience.
Non-GAAP measure – A financial measure not defined by NZ IFRS.
NZME's operating results are non-GAAP measures and are reconciled to
statutory results on pages 42–43.
Non-recurring expenses – One-off costs excluded from Operating
EBITDA and Operating NPAT to aid comparability.
NZ IFRS 16 – Lease-accounting standard requiring leases to be
recognised on balance sheet as right-of-use assets and lease liabilities.
OCR – Official Cash Rate - the Reserve Bank of New Zealand's
benchmark interest rate.
Operating EBITDA – Earnings before interest, tax, depreciation and
amortisation, excluding non-recurring items and including NZ IFRS 16.
Operating EPS – Operating NPAT divided by shares on issue, in cents.
Operating margin – Operating EBITDA (including NZ IFRS 16) as a
percentage of operating revenue and other income.
Operating NPAT – Net profit after tax on the same like-for-like basis as
Operating EBITDA.
Operating revenue – Reader revenue, advertising revenue and other
revenue. Where stated as "operating revenue and other income", it also
includes other income.
Percentage point (ppt) – The difference between two percentages;
equal to 100 basis points.
Programmatic advertising – Digital advertising bought and sold via
automated, algorithm-driven auctions.
RBA (Radio Broadcasters Association) – Industry body publishing the
monthly radio market revenue report used for market share
comparison.
Reader revenue – Digital subscriptions, print subscriptions and retail
outlet sales revenue.
REINZ – Real Estate Institute of New Zealand - source of new listings,
median price and days-to-sell data.
Retail outlet sales – Single-copy print sales through retail outlets,
excluding subscriptions.
Revenue share (Audio) – NZME's share of combined radio and digital
audio market revenue.
Right-of-use assets / lease liabilities – Balance sheet items
recognised under NZ IFRS 16 for leased assets and obligations.
SME – Small and medium-sized enterprise advertisers, typically
booking directly with NZME rather than through a media agency.
Standard Media Index (SMI) – Comms Council-published measure of
agency-booked advertising spend in New Zealand.
Statutory NPAT – Net profit after tax as reported in the financial
statements, including all non-recurring items and NZ IFRS 16.
Third party fulfilment – Costs paid to external providers to deliver
digital performance marketing campaigns.
Total listening hours (TLH) – Total hours of digital audio streamed
across NZME's platforms.
Triton (NZ Triton Webcast Metrics) – Independent measurement of
digital audio streaming and podcast activity in New Zealand.
Yield – Average revenue per unit (e.g. per subscriber, per print copy or
per property listing).

45
Disclaimer.
The information in this presentation is of a general nature and does not
constitute financial product advice, investment advice, legal, financial, tax or
any other recommendation or advice. This presentation constitutes summary
information only, and you should not rely on it in isolation from the full detail
set out in NZME’s Consolidated Financial Statements for the six months ended
30 June 2026.
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 42-43 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.
45 |

46
46
46 |

---

BE SEEN. BE HEARD. EVERYONE'S HERE.
Keeping Kiwis
in the know
Consolidated interim financial statements
for the six months ended 30 June 2026

* In an attempt to make these financial statements easier to read, the notes
to the financial statements have been grouped into six sections; aimed at
grouping items of a similar nature together. The basis of preparation section
presents a summary of material accounting policy information and other
explanatory information that are necessary to understand the basis on
which these consolidated interim financial statements have been prepared.
A summary of the material judgements and estimates is also included under
the basis of preparation section on page 17.
Contents
Chairman and chief executive officer's report
4
Directors' statement
12
Consolidated interim statement of profit or loss
and other comprehensive income
13
Consolidated interim balance sheet
14
Consolidated interim statement of changes in equity
15
Consolidated interim statement of cash flows
16
Notes to the consolidated interim financial statements*
1.0 Basis of preparation
17
2.0 Group performance
19
3.0 Operating assets and liabilities
24
4.0 Capital management
28
5.0 Group structure and investments in other entities
33
6.0 Other notes
35
Independent auditor's review report
36
2 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 3

New Zealand Media and Entertainment delivered a
stronger first half result in 2026, growing earnings,
improving cash flow and reducing debt, despite
geopolitical and economic conditions that remained
tougher than was expected at the beginning of this year.
NZME’s core businesses across Audio, Publishing and
OneRoof remained resilient. Audio carried its momentum
from the second half of 2025 into the first half of 2026,
Publishing held earnings while continuing to shift its
revenue mix toward digital, and OneRoof continued to
grow EBITDA despite recent leadership disruption and
a flat property market.
Operating EBITDA1 was up 11% to $26.5 million compared
to the first half of 2025, statutory net profit after tax was
$6.6 million compared with a $0.4 million loss in the prior
period, and net debt reduced by $13.9 million year on year
to $19.4 million.
We delivered this result while continuing to invest in the
digital products and platforms that will shape NZME’s next
decade. A significant portion of our audience is now
engaging with NZME within apps, and the company is
focusing on an app-first strategy, particularly across
Publishing and OneRoof. New NZ Herald and OneRoof
apps were launched during the half.
The macroeconomic environment remained challenging,
with household budgets under pressure and volatile
business confidence contributing to uneven advertising
demand across sectors. Against that backdrop, the result
reflects stronger Audio momentum, continued progress
in digital products and disciplined cost control.
Across NZME’s platforms we continue to reach nine out
of ten Kiwis2. Our radio brands reach more than 1.8 million
Kiwis each week3 and our digital audio platforms more
than 1 million each month4.
Chairman and
CEO report
Consolidated interim financial statements
for the six months ended 30 June 2026
$26.5m
Operating EBITDA
(+$2.6m)
$6.6m
Net profit after tax
(+$7.0m)
$7.3m
Operating free cash flow
(+$5.1m)
Operating revenue
(+$1.3m)
$ 1 6 7.0 m
4 NEW ZEALAND MEDIA AND ENTERTAINMENT

Publishing reaches a print
audience of 1.23 million5 and a
digital audience of 1.94 million6
and OneRoof reaches 320,000
in print5 and 598,000 online6.
That combined reach is what
makes NZME valuable to
advertisers. It allows us to sell
across platforms and provide a
broad mix of news, entertainment
and information to audiences
across the country. We continue
to grow commercial share through
scale, frequency and new first-party
data initiatives in a market where
audiences and advertising dollars
continue to fragment.
Financial results
NZME’s operating revenue and
other income1 was $167.0 million
for the first half of the year, up
from $165.7 million for the
previous corresponding period.
Advertising revenue grew 2% to
$118.6 million, in line with growth
in the wider market, which was a
good outcome in challenging
economic conditions.
Operating EBITDA1 of $26.5 million
was up $2.6 million or 11%.
Operating net profit after tax of
$6.6 million was almost double
the $3.4 million reported for the
first half of 2025, and operating
earnings per share also increased
to 3.5 cents compared with
1.8 cents for the first half of 2025.
Statutory net profit after tax was
$6.6 million compared with a
statutory loss of $0.4 million in H1
2025 when the result was impacted
by significant restructuring costs.
Operating expenses reduced by
$1.3 million to $140.5 million.
The final tranche of 2025 cost out
savings have offset the impacts
of wage inflation and KiwiSaver
changes, while allowing NZME
to invest in new strategic roles
across OneRoof, Herald NOW,
and in Canterbury.
Free cash flow of $7.3 million was
$5.1 million higher than the prior
period, and we closed the half
with net debt at $19.4 million,
a reduction of $13.9 million year
on year, representing a leverage
ratio of 0.4 times EBITDA.
Audio
Audio was the standout performer
across the Group in the first half.
Audio revenue momentum
strengthened through the second
half of 2025 and continued into
the first half of 2026. This was
supported by growth across
both radio and digital audio
advertising, with digital audio
now representing more than 10%
of total Audio revenue.
Operating revenue grew 8% to
$61.8 million. Radio advertising
revenue increased to $55.0 million
and digital audio advertising grew
16% year on year to $6.2 million.
Audio has seen revenue growth
over the last 15 months, much of
this driven by agency customers
who spent 15% more year on
year and now reflect 51% of all
audio revenue, a 3 percentage
point increase compared to the
first half of 2025. We remain
focused on growing share
through strong brands, audience
leadership and disciplined
digital audio expansion.
Source notes: 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 the 2025 and 2026 financial years. Please
refer to pages 42-43 of the results presentation for a detailed reconciliation. 2 NZME Reach Study n=1,001 nationally
representative June 2025 (unduplicated audience across NZME print, digital, radio & podcasts). 3 GfK Comm RAM, S1/26,
Total NZ, Cume, M-S 12mn-12mn, AP10+ (unless otherwise stated). 4 NZ Triton Webcast Metrics Jan 26 - Jun 26, average
monthly reach (NZ based listening). 5 Nielsen CMI Q2 25 – Q1 26 May 26 Fused AP15+ (Publishing Print = weekly print
excluding Real Estate. OneRoof Print = Real Estate sections). 6 Nielsen Online Ratings June 2026 (desktop and domestic
traffic only, does not include exclusive mobile app audience).
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 5

Operating expenses increased,
mainly driven by wage inflation,
KiwiSaver changes and marketing
costs. However, revenue growth
more than absorbed that
increase, with audio revenue
growth the primary driver for
Audio’s operating EBITDA1
growing 19% year on year
to $11.9 million.
Audience performance
remained strong with NZME
radio stations reaching 1.84
million New Zealanders each
week3. Newstalk ZB remains
New Zealand’s number one
station3, while The Hits reached
more than 460,000 listeners
nationwide3, the highest
audience in its history. Digital
audio also continued to grow,
with Total Listening Hours up
8% year on year, and Podcast
downloads increasing by
4% over the same period4.
During the half we signed a
new 10-year commitment with
iHeartRadio, securing the
platform that underpins our
digital audio growth for the long
term. Our new country music
brand, iHeartCountry New
Zealand, now broadcasts on
21 FM and AM frequencies
nationwide, and we introduced
commercials to that station in
May after running the first
12 months commercial free.
Our terrestrial radio spectrum
renewal negotiations with
government are underway,
with the final value expected to
be confirmed by the end of this
year for terms commencing in
2031, when our current
frequencies expire, providing
us with long-term future
operational certainty in our
Audio division.
NZME was proud to win 22 awards
at the 2026 New Zealand Radio
and Podcast Awards, including a
number of premier awards,
reflecting the talent and craft
across our Audio division.
Publishing
Publishing operating EBITDA1 was
steady, delivering $15.3 million
for the half. Digital publishing
grew 11% to $6.3 million and
print publishing reduced 7%
to $9.0 million.
Print publishing revenue reduced
5% to $51.9 million, with the rate
of decline slower than our
historical trend. The total print
revenue decline of 5% compares
with a historical average of 7% to
8% and print subscription churn is
at its lowest point in four years.
Print subscription revenue was 4%
lower at $20.8 million, with print
subscription volume decline of
9% offset by 5% yield gains. Print
advertising revenue declined 5%
to $20.9 million, again better than
historical trends.
NZME has strategically reshaped
the Publishing revenue mix,
focusing on retaining print
circulation while growing
profitable digital revenue. Digital
publishing operating EBITDA
grew 11% to $6.3 million, almost
entirely offsetting a $0.6 million
reduction in print publishing
EBITDA. Digital publishing is a
material and profitable segment
of the portfolio, and it continues
to fund the largest portion of the
Publishing editorial costs. Print
publishing is only allocated the
resources dedicated solely to
print products. This approach
deliberately demonstrates the
ongoing profitability of the digital
business, without reliance or
support from the print business.
Digital publishing revenue was
1% lower at $38.6 million.
However, the composition
improved significantly with
digital subscription revenue
growing 1% to $11.7 million and
digital subscription volumes
growing to 176,000 from
166,000 year on year.
Furthermore, digital advertising
revenue of $22.6 million was
4% lower, reflecting a reduction
in digital performance marketing
sold through low margin third
party channels, together with
a softer programmatic market.
Core digital advertising was
stable year on year.
Total subscriptions across print
and digital now exceed 250,000,
up 6% year on year, with fewer
print subscribers, but considerably
more paying customers overall.
We expect the increase in digital
subscribers to translate to
increased subscription revenue
in the year ahead, as we focus
on digital yield management.
The value of reader engagement
is clear. Of our digital audience,
over 1 million users are casual,
around 500,000 are engaged
and there are more than 200,000
users who are subscribed. Casual
users contribute a little over 6%
of digital revenues, whereas
engaged and subscribed users
(who together are less than 40%
of the total audience) contribute
the remaining 94%. Every product
decision we now make is aimed at
moving readers up that curve
from casual user to subscriber.
The new NZ Herald app launched
in June, and early engagement
has been positive with the
number of registered users
growing since launch. The app
was built internally, with a focus
on personalisation through the
new My Herald feature, a
dedicated watch section for live
and pre-recorded video, and full
OneRoof integration.
We are proud of the continued
strength and breadth of NZME’s
editorial content. Across our
broad editorial portfolio, our
teams continue to produce
journalism and content which
is relevant to New Zealanders
every day. Our renewed focus
on regional coverage, including in
markets such as Christchurch, is
an important part of that strategy
and is already adding depth to our
audience proposition. We have
also benefited from the support
and engagement of our Editorial
6 NEW ZEALAND MEDIA AND ENTERTAINMENT

Advisory Board, which continues
to provide constructive input to
help guide our investments in the
quality, reach and impact of our
journalism.
BusinessDesk reader revenue
grew 9% year on year, and the
number of subscriptions increased
18% over the same period. In the
second half of 2026 we will
migrate BusinessDesk onto our
core digital and subscription
platforms and introduce a new
dedicated BusinessDesk app.
That re-platforming will reduce
duplicated technology cost,
improve the user experience, and
allow BusinessDesk to be bundled
seamlessly with the wider New
Zealand Herald offering.
Our strategic focus on video
continues to build through live
news shows on weekday
mornings under the Herald NOW
brand. The shows are available
through the new NZ Herald app
Watch function, the NZ Herald
website, NZ Herald’s YouTube
channel, ThreeNow and more
recently via free-to-air television
through Three. Herald NOW
Business and Ryan Bridge TODAY
has delivered over 37 million
views with clips, livestream and
on-demand content across the
NZ Herald, YouTube, ThreeNow
and social media through the first
half of the year. We continue to
extend the commercial offer
around those channels.
NZME won eight awards at the
2026 New Zealand Media
Awards, including Rotorua Daily
Post being named Newspaper of
the Year and Regional Newspaper
of the Year, and the New Zealand
Herald as Metropolitan
Newspaper of the Year.
OneRoof
OneRoof revenue was 2% lower
at $14.1 million, reflecting softer
print revenue and a subdued
property market, particularly in
Auckland. OneRoof’s digital
revenue grew 4% to $9.9 million.
Digital Classifieds revenue grew
5% on the back of growth in listing
numbers, and improvements in
both yield and conversion metrics.
However, this was offset by a
decline in display and native ads
of 1%.
The decline in overall OneRoof
revenue is attributed to print,
which fell 15% to $4.1 million as
vendors continued to pull back
in the softer real estate market.
Print is now 29% of OneRoof
revenue, down from 33%.
During the half we rebuilt the
OneRoof leadership team,
appointing a new Chief of
OneRoof and new senior leaders
across Sales, Product and
Engineering, strengthening the
capability needed to accelerate
growth. We have also revamped
the OneRoof Advisory Board
under the chairmanship of NZME
Director Bowen Pan, and that is
providing strong and regular
support to the management team.
We made a decision in the half
to in-source the technology
behind the OneRoof platform to
increase the pace and impact of
product development. The new
development team is improving
product delivery, strengthening
engineering and growth capability,
and using AI to accelerate the
roadmap and reduce operating
cost. A new Customer Relationship
Management system is also
improving sales visibility and
performance.
The new OneRoof app,
launched in March, is already
changing the shape and
engagement level of the
OneRoof audience. Monthly
app users have grown 54% in
this half year. App users are
more valuable because they
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 7

come back more often than
search-led web visitors. Repeat
usage improves the audience
proposition for agents, supports
stronger product engagement
and gives us a clearer path to
yield growth. Further product
features and promotion are
planned for the second half.
Regional revenue performance
showed early signs of improvement.
‘Rest of New Zealand’ residential
listings revenue grew 13%, with
the listings upgrade rate lifting to
26% and average yield per listings
upgrade rising 8%. The Auckland
property market remained weak,
and this was reflected in OneRoof
performance. Whilst Auckland
digital listing revenue grew 3%, the
upgrade rate slipped to 43% due
to weaker conversion rates, partly
offset by listings volume and a
yield improvement per upgrade.
OneRoof is the clear number two
by audience in New Zealand
residential property6, and the gap
to Trade Me Property is the largest
single revenue opportunity in the
NZME portfolio. Our ambition is
to close that gap and build
OneRoof into New Zealand’s
leading residential property
platform. We believe the
investments during the half in
the OneRoof leadership and
engineering teams will greatly
assist in that regard.
Capital management
Total capital expenditure is
$0.9 million lower than first half
of last year at $4.7 million. The
first half has prioritised spend
towards the New Zealand Herald
app and subscriptions platform,
and the enhanced OneRoof app.
The Board remains focused on
maintaining balance sheet
flexibility while continuing to
invest in growth platforms and
efficiency opportunities.
An example of the latter is the
recent announcement to purchase
a smaller and more efficient print
plant, investing up to $15 million in
setting it up as a replacement for
our aging Ellerslie equipment.
This investment is expected to
yield annual operating savings of
around $7 million, depending on
print volumes, once it is installed
and operational.
Net debt reduced $13.9 million to
$19.4 million as at 30 June 2026,
and the leverage ratio of 0.4 times
sits below our target range of
0.5 to 1.0 times rolling 12-month
EBITDA. Net interest cover
improved to 26.1 times from
15.0 times, and rolling 12-month
operating EBITDA was $46.1 million
against $38.3 million a year earlier.
Net assets were $93.3 million.
Cash flow from operations was
$19.3 million, $4.3 million higher
than the prior period, driven by
improved operating earnings,
lower interest costs and the
absence of the non-recurring
cash outflows incurred in 2025.
Free cash flow was $7.3 million,
an improvement of $5.1 million.
Dividends of $11.3 million were
paid in the half, consistent with
the prior period.
The Board has declared a fully
imputed interim dividend for
the 2026 half year of 3 cents
per share, payable on
23 September 2026.
Operating Efficiency
NZME remains focused on
improving overall operating
efficiencies off its current cost
base, while also growing revenue.
Key areas include the recently
announced print plant investment
which will deliver reductions of
8 NEW ZEALAND MEDIA AND ENTERTAINMENT

$7 million in annualised benefits,
new initiatives leveraging AI and
Automation in 2026 and 2027
of $7 million annualised, plus
negotiated reductions in the
Auckland Central office operating
lease costs, which are due to
be finalised late in 2026.
We are also cognisant that NZME’s
five-year content supply agreement
with Google concludes in
December 2026. We are actively
working to renew or replace it
while expanding content licensing
and AI monetisation opportunities
across global platforms.
Outlook
Trading conditions remain volatile
as a result of geopolitical events
including the Middle East war.
Consumer confidence is soft,
albeit improving, discretionary
spending remains restrained, and
advertising demand is uneven
across sectors. We expect
economic recovery momentum
to improve into 2027, pointing to a
modest rather than rapid lift in
demand across the final six
months of 2026.
Subject to trading conditions in
the second half, and assuming no
material deterioration in market
conditions, NZME expects
full-year 2026 operating EBITDA1
to be ahead of the 2025 result.
Conclusion
This has been a strong half year
in what remains a difficult trading
market. Profit grew, debt
reduced, Audio momentum
continued, Publishing held
earnings while continuing to shift
toward digital, and OneRoof
improved its earnings.
A great deal of work sits behind
these numbers. We thank
everyone on the NZME team for
their contribution in delivering
this result, and also the New
Zealanders who connect with
us every day through our radio
stations, iHeartRadio,
newspapers, digital platforms
and OneRoof.
We also thank our agency
partners and advertisers for
choosing NZME and look forward
to continuing to work with them
over the next six months.
Lastly, we thank our
shareholders for their continued
support of NZME’s strategy and
of the progress we are making.
Michael Boggs
Chief Executive Officer
Steven Joyce
Chairman
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 9

Consolidated interim
financial statements
for the six months ended 30 June 2026
10 NEW ZEALAND MEDIA AND ENTERTAINMENT

CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 11

Directors'
statement
The Directors are pleased to present the consolidated interim financial statements of NZME
Limited (the "Company") and its subsidiaries (together the "Group") for the six months ended
30 June 2026, incorporating the consolidated interim financial statements and the independent
auditor's review report.
The Directors are responsible, on behalf of the Company, for presenting these consolidated
interim financial statements in accordance with applicable New Zealand legislation and
New Zealand equivalent to International Accounting Standard 34: Interim Financial Reporting,
International Accounting Standard 34: Interim Financial Reporting and the NZX Listing Rules.
The consolidated interim financial statements for the Group as presented on pages 13 to 35
are signed on behalf of the Board of Directors, and are authorised for issue on the date below.
For and on behalf of the Board of Directors
Steven Joyce Kate Parsons
Chairman Director


Date: 24 August 2026
12 NEW ZEALAND MEDIA AND ENTERTAINMENT

Note
June 2026
$’000
June 2025
$’000
Revenue2.1
165,105
163,554
Finance and other income2.1
2,041
2,386
Total revenue and other income
2.1
1 6 7,14 6
165,940
People costs
(70,526)
(75,197)
Print and distribution
(22,829)
(23,816)
Selling and marketing
(20,672)
(20,044)
Content
(10,154)
(9,995)
Property
(3,824)
(4,043)
Third party fulfilment costs
(1,048)
(1,655)
Technology and communications
(5,837)
(5,750)
Other expenses
(5,581)
(6,531)
Expenses from operations before finance costs, depreciation and
amortisation
(140,471)
(147,031)
Depreciation and amortisation
(14,544)
(15,672)
Finance costs
(2,718)
(3,562)
Share of joint ventures and associates net loss after tax5.2.2
(14)
-
Profit / (loss) before income tax expense9,399
(325)
Income tax expense
(2,773)
(68)
Net profit / (loss) after tax6,626
(393)
Other comprehensive income
Items that may be reclassified to profit or loss
Net exchange differences on translation of foreign operations
6
(4)
Other comprehensive income / (loss) net of taxation6
(4)
Total comprehensive income / (loss) 6,632
(397)
Profit / (loss) for the period is attributable to:
Owners of the Company
6,626
(393)
Total comprehensive income / (loss) is attributable to:
Owners of the Company
6,632
(397)
CentsCents
Earnings / (loss) per share attributable to the ordinary shareholders
of the Company
Basic earnings / (loss) per share2.2
3.52
(0.21)
Diluted earnings / (loss) per share2.2
3.49
(0.21)
for the six months ended 30 June 2026 (unaudited)
Consolidated interim statement of profit
or loss and other comprehensive income
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 13

as at 30 June 2026
Consolidated interim
balance sheet
Note
June 2026
(unaudited)
$’000
December 2025
(audited)
$’000
Current assets
Cash and cash equivalents
5,424
8,804
Trade and other receivables3.4
38,656
40,060
Inventories3.5
3,176
1,627
Income tax receivable
40
28
Total current assets47, 2 9 6
50,519
Non-current assets
Intangible assets3.1
108,126
110,235
Property, plant and equipment3.2
13,898
15,711
Right-of-use assets3.3
45,351
49,005
Equity accounted investments5.2.2
1,689
1,825
Other receivables and prepayments3.4
2,844
3,399
Deferred tax asset
8,836
8,149
Total non-current assets180,74 4
188,324
Total assets228,040
238,843
Current liabilities
Trade and other payables3.6
41,035
43,815
Current lease liabilities4.2.2
14,710
14,515
Current tax provision
2,246
1,178
Total current liabilities57,9 9 1
59,508
Non-current liabilities
Non-current lease liabilities4.2.2
51,922
57,16 4
Interest-bearing liabilities4.2.1
24,849
24,311
Other payables
-
-
Total non-current liabilities76,771
81,475
Total liabilities134,762
140,983
Net assets93,278
97,8 6 0
Equity
Share capital
346,936
346,770
Reserves
2 ,174
2,405
Retained earnings
(255,832)
(251,315)
Total equity93,278
97,8 6 0
14 NEW ZEALAND MEDIA AND ENTERTAINMENT

for the six months ended 30 June 2026 (unaudited)
Consolidated interim statement
of changes in equity
Note
Share
capital
$’000
Reserves
$’000
Retained
earnings
$’000
Tot a l
$’000
Balance at 1 January 2025
346,698 2,240 (247,675)
101,263
Loss for the period- - (393)
(393)
Other comprehensive loss- (4)-
(4)
Total comprehensive loss
- (4)(393)
(397)
Dividends paid4.1.1- - (11,274)
(11,274)
Supplementary dividends paid4.1.1- - (1,284)
(1,284)
Tax credit on supplementary dividends- - 1,284
1,284
Cancellation of performance rights- (184)184
-
Share based payments30 183 -
213
Balance at 30 June 2025
346,728 2,235 (259,158)
89,805
Balance at 1 January 2026
346,770 2,405 (251,315)
97, 8 6 0
Profit for the period- - 6,626
6,626
Other comprehensive income- 6 -
6
Total comprehensive income
- 6 6,626
6,632
Dividends paid4.1.1- - (11,291)
(11,291)
Supplementary dividends paid4.1.1- - (1,050)
(1,050)
Tax credit on supplementary dividends- - 1,050
1,050
Deferred tax on share schemes(71)--
(71)
Cancellation of performance rights- (97)97
-
Share based payments expense-148 -
148
Equity investments revaluation release-(51)51
-
Total incentive plan ("TIP") settlement237 (237)-
-
Balance at 30 June 2026
346,936 2,174 (255,832)
93,278
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 15

for the six months ended 30 June 2026 (unaudited)
Consolidated interim statement
of cash flows
Note
June 2026
$’000
June 2025
$’000
Cash flows from operating activities
Receipts from customers
169,673
168,465
Payments to suppliers and employees
(131,745)
(135,794)
Net GST payments
(14,164)
(13,896)
Government grants
552
637
Interest received
129
215
Interest paid
(2,668)
(3,363)
Income taxes paid
(2 ,474)
(1,294)
Net cash inflows from operating activities
4.3
19,303
14,970
Cash flows from investing activities
Payments for intangible assets
(3,544)
(3,438)
Payments for property, plant and equipment
(1,197)
(2,205)
Proceeds from sale of property, plant and equipment
-
18
Receipt from investment in other entities5.2.2
122
-
Net cash outflows from investing activities(4,619)
(5,625)
Cash flows from financing activities
Proceeds from borrowings
30,000
63,500
Repayments of borrowings
(29,500)
(55,000)
Payments for borrowing costs
-
(130)
Dividends paid to Company's shareholders4.1.1
(11,291)
(11,274)
Payments for lease liability principal4.2.2
(7,273)
( 7,0 9 8)
Net cash outflows from financing activities(18,064)
(10,002)
Net decrease in cash and cash equivalents4.2.1
(3,380)
(657)
Cash and cash equivalents at beginning of the period
8,804
4,641
Cash and cash equivalents at end of the period5,424
3,984
16 NEW ZEALAND MEDIA AND ENTERTAINMENT

Notes to the consolidated interim
financial statements (unaudited)
1.0 Basis of preparation
1.1 Reporting entity and statutory base
NZME Limited (NZX:NZM, ASX:NZM) is a for-profit
company limited by ordinary shares which are
publicly traded on the NZX Main Board and the
Australian Securities Exchange as a Foreign Exempt
Listing. NZME Limited is incorporated and domiciled
in New Zealand. It is registered under the Companies
Act 1993 and is an FMC reporting entity under
Part 7 of the Financial Markets Conduct Act 2013.
The entity’s registered office is 2 Graham Street,
Auckland, 1010, New Zealand.
NZME Limited (the "Company" or "Parent") and its
subsidiaries' (together the "Group") principal activity
during the financial period was the operation of an
integrated media and entertainment business.
1.2 Material accounting policies
These consolidated interim financial statements
have been prepared in accordance with New Zealand
equivalent to International Accounting Standard 34:
Interim Financial Reporting, International Accounting
Standard 34: Interim Financial Reporting and the
NZX Listing Rules.
The consolidated interim financial statements do
not include all notes of the type normally included
in the annual consolidated financial statements.
Accordingly, these consolidated interim financial
statements should be read in conjunction with the
audited consolidated financial statements for the
year ended 31 December 2025. These consolidated
interim financial statements are presented for
the Group.
The material accounting policy information used
in the preparation of these consolidated interim
financial statements is generally consistent with that
used in the audited consolidated financial statements
for the year ended 31 December 2025. Where there
have been changes to accounting policy information
or the Directors consider it necessary to disclose
accounting policy information in these consolidated
interim financial statements, accounting policy
information has been included in the relevant note.
These consolidated interim financial statements
are presented in New Zealand dollars, which is the
Company's functional and the Group's presentation
currency, and rounded to the nearest thousand,
except where otherwise stated. These consolidated
interim financial statements were approved for issue
by the Board of Directors on 24 August 2026.
These consolidated interim financial statements
have not been audited, but have been reviewed in
accordance with New Zealand Standard on Review
Engagement 2410: Review of Financial Statements
Performed by the Independent Auditor of the Entity.
The 30 June 2026 and 30 June 2025 figures
and narrative are unaudited while those for
31 December 2025 are audited figures and narrative.
1.3 Material accounting estimates
and judgements
The preparation of the consolidated interim
financial statements requires the use of certain
material judgements, accounting estimates and
assumptions, including judgements, estimates and
assumptions concerning the future. The estimates
and assumptions are based on historical experience
and other factors that are considered to be relevant.
The resulting accounting estimates will by definition,
seldom equal the related actual results and are
reviewed on an ongoing basis. Material areas of
estimation and judgement in these consolidated
interim financial statements are consistent with
those disclosed in the audited consolidated financial
statements for the year ended 31 December 2025
and are as follows:
Areas of material accounting
estimates or judgements
Note
Intangible assets with indefinite

useful lives
3.1
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 17

1.4 New standards and interpretations
A number of new accounting standards are effective
for annual periods beginning after 1 January 2026.
• NZ IFRS 9 and NZ IFRS 7 amendment -
Amendments to the Classification and
Measurement of Financial Instruments.
These amendments are effective from
1 January 2026 and have no significant
impact on the Group's consolidated interim
financial statements.
• NZ IFRS 18: Presentation and Disclosure
in Financial Statements.
This new standard, which is mandatory for the
Group in the 2027 financial year, is expected to
change the presentation of the Group’s primary
financial statements. The Group is continuing
to assess the impact of the standard and will
disclose more information in the Group's
consolidated financial statements for the year
ended 31 December 2026.
1.5 Working capital
As at 30 June 2026 the Group had negative
working capital of $10.7 million compared to
negative $9.0 million as at 31 December 2025.
The Group traditionally has negative working capital
primarily due to deferred revenue of $13.0 million
(31 December 2025: $10.8 million). The Directors
are satisfied that there will be adequate cash flows
generated from operating and financing activities
to meet the obligations of the Group for at least the
next 12 months.
Continued
Notes to the consolidated interim
financial statements (unaudited)
18 NEW ZEALAND MEDIA AND ENTERTAINMENT

2.0 Group performance
2.1 Segment reporting
The Group operates an integrated media and
entertainment business that incorporates the sale of
advertising, goods and services generated from the
audiences attached to the Group's media platforms
and comprises three operating segments.
All significant operating decisions are based upon
analysis of the three operating segments. The
Executive Team and the Board of Directors have been
identified as the Chief Operating Decision Maker.
The Group’s major products and services are split
into the three segments with revenue, income, direct
and allocated costs reported to the Chief Operating
Decision Maker on this basis. Although the Group
operates in many different markets within New
Zealand, for management reporting purposes the
Group operates in one principal geographical area
being New Zealand as a whole.
The operating segments for the Group are:
• Audio - terrestrial radio stations, digital
iHeartRadio, podcasts and radio brand
websites.
• Publishing - print publications (excluding
dedicated real estate publications) and digital
news websites including nzherald.co.nz and
BusinessDesk.
• OneRoof - comprises oneroof.co.nz and
dedicated real estate print publications.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 19

Continued
Notes to the consolidated interim
financial statements (unaudited)
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2026
Advertising61,18543,48313,948-
118,616
Circulation and subscription-37,8 6 4--
37, 8 6 4
External printing and distribution-4,367--
4,367
Other4012,800153-
3,354
Segment revenue from integrated
media and entertainment activities
61,586 88,51414,101-
164,201
Revenue from shared services centre131196362
365
Events---539
539
Total revenue from external customers
61,717 88,710 14,137 541
165,105
Other income
A
100 1,762 - 50
1,912
Finance income- - - 129
129
Total finance and other income
100 1,762 - 179
2,041
Total revenue and other income
61,817 90,472 14,137 720
1 6 7,14 6
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time
55,033 53,827 4,209
-
113,069
Recognised over time
6,684 34,883 9,928
541
52,036
Total revenue from external customers
61,717 88,710 14,137
541
165,105

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
11,888 15,329 1,763 (2,431)
26,549
Total assets101,395 108,498 8,044 10,103
228,040
Additions of property, plant and
equipment and intangible assets
1,530 2,084 1,104 23
4,741
Total liabilities55,971 65,019 7,70 5 6,067
134,762
20 NEW ZEALAND MEDIA AND ENTERTAINMENT

Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
For the six months ended 30 June 2025
Advertising56,323 45,638 14,301 -
116,262
Circulation and subscription- 39,157 - -
39,157
External printing and distribution- 4,267 - -
4,267
Other621 2,295 148 -
3,064
Segment revenue from integrated
media and entertainment activities
56,944 91,35714,449-
162,750
Revenue from shared services centre95 156 26 2
279
Events- - - 525
525
Total revenue from external customers
57,03 9 91,513 14,475 527
163,554
Other income
A
95 1,969 - 107
2 ,171
Finance income- - - 215
215
Total finance and other income
95 1,969 - 322
2,386
Total revenue and other income
57,13 4 93,482 14,475 849
165,940
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Timing of revenue recognition
Recognised at a point in time51,023 56,699 4,973 -
112,695
Recognised over time6,016 34,814 9,502 527
50,859
Total revenue from external customers
57,03 9 91,513 14,475
527
163,554
Audio
$’000
Publishing
$’000
OneRoof
$’000
Other
$’000
Tot a l
$’000
Operating adjusted EBITDA
B
10,032 15,362 1,600 (3,085)
23,909
Total assets
C
107,3 81 113,529 8,307 9,626
238,843
Additions of property, plant and
equipment and intangible assets
2,003 2,474 1,136 30
5,643
Total liabilities
C
59,069 69,946 8,027 3,941
140,983
A
Other income includes Government grants of $0.6 million (2025: $0.6 million) received from the Ministry of Culture
and New Zealand On Air for the production of content, journalism training and creating greater cultural awareness.
There are no unfulfilled conditions or contingencies attaching to these grants. The Group did not benefit directly
from any other forms of Government assistance.
B
Operating adjusted Earnings before Interest, Tax, Depreciation and Amortisation (Operating adjusted EBITDA)
which excludes exceptional items, is a non-GAAP measure that represents the Group’s total segment result which
is regularly monitored by the Chief Operating Decision Maker. Exceptional items are those gains, losses, income
and expense items that are not directly related to the primary business activities of the Group which are determined
in accordance with the NZME Exceptional Items Recognition Framework adopted by the Board. Exceptional items
include redundancies, impairment, one-off projects and the disposal of properties or businesses. These items are
excluded from the segment result that is regularly reviewed by the Chief Operating Decision Maker.
C
Total assets and liabilities as at 31 December 2025.
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 21

2.1.1 Revenue recognition
Revenue classified as generated at a point in time
comprises:
• Revenue generated from advertising placed
in print publications and broadcast on radio
stations.
• Circulation and subscription revenue derived
from the sale of print publications.
• External printing and distribution for third
parties.
Revenue classified as generated over time is:
• Subscriptions to digital publications.
• Revenue generated from the supply of online
advertising and other online services.
• Revenue generated by the supply of services
including organising and running events,
back-office services and the supply of content,
created by the Group, to third parties.
2.1.2 Reconciliation of operating adjusted EBITDA to net profit / (loss) before income tax expense
Note
June 2026
$’000
June 2025
$’000
For the six months ended 30 June 2026
Operating adjusted EBITDA2.1
26,549
23,909
Finance income
129
215
Depreciation and amortisation
(14,544)
(15,672)
Finance costs
(2,718)
(3,562)
Share of joint ventures and associates net loss after tax5.2.2
(14)
-
Lease adjustments included in revenue
1
56
Lease make good costs
(4)
(34)
Exceptional items as included in the following expenses:
People costs
Redundancies and associated costs
A
-
(4,409)
Other expenses
Professional fees
B
-
(794)
Other - various
-
(34)
Net profit / (loss) before income tax expense9,399
(325)
A
The redundancies and associated costs relate to the restructuring of the Group's operations.
B
Legal and consulting costs associated with the Annual Shareholders Meeting.
Continued
Notes to the consolidated interim
financial statements (unaudited)
22 NEW ZEALAND MEDIA AND ENTERTAINMENT

2.2 Earnings per share
June 2026
$’000
June 2025
$’000
Profit / (loss) attributable to owners of the parent entity used in calculating EPS
6,626
(393)
June 2026
Number
June 2025
Number
Weighted average number of shares
Weighted average number of shares for calculating basic EPS
188,174,154
187,899,804
Adjusted for calculation of diluted EPS
A
1,541,103
-
Weighted average number of shares in the denominator in calculating
diluted EPS
189,715,257
187,899,804
A
For the six months ended 30 June 2025, 2,017,689 potential ordinary shares were excluded from the
calculation of diluted loss per share because their inclusion would have reduced the loss per share
and was therefore anti-dilutive.
June 2026
Cents
June 2025
Cents
Basic / diluted earnings / (loss) per share
Basic earnings / (loss) per share
3.52
(0.21)
Diluted earnings / (loss) per share
3.49
(0.21)
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 23

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

$’000
Tot a l
$’000
As at 31 December 2025
Cost2,6937 7,6 3 4202,22580,2921,635
364,479
Accumulated amortisation
and impairment
(2,693)(67, 20 8)(121,120)(63,223)-
(254,244)
Net book value-10,42681,10517,0691,635110,235
For the six months ended 30 June 2026
Opening net book value-10,42681,10517,0 6 91,635
110,235
Additions---133,531
3,544
Amortisation-(4,026)-(1,627)-
(5,653)
Transfers from capital work in progress-3,514--(3,514)
-
Net book value-9,91481,10515,4551,652108,126
As at 30 June 2026
Cost2,69381,148202,22580,3051,652
368,023
Accumulated amortisation
and impairment
(2,693)(71,234)(121,120)(64,850)-
(259,897)
Net book value-9,91481,10515,4551,652108,126
A
Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not amortised prior to being transferred to the relevant asset category.
Intangible assets not yet available for use, that are included in capital work in progress, are subject to
annual impairment tests. Capital work in progress at 30 June 2026 and 31 December 2025 comprises
expenditure incurred on digital development projects.
3.1.1 Half year impairment review
The Directors are required to assess at each reporting
date, whether there are any indicators of impairment
for finite life assets. For any indefinite life assets, the
Directors are required to undertake an impairment test
at the lowest level of cash generating unit ("CGU").
As disclosed in note 2.1 the Directors have determined
that the Group has three operating segments – being
"Audio", "Publishing" and "OneRoof". The Directors
have also determined that there are three CGUs for
impairment testing because these are the lowest level
for which there are separately identifiable cash inflows
which are largely independent of the cash inflows
from other assets or groups of assets. Those assets
and liabilities that do not relate to one of the three
CGUs are grouped as "other".
In the consolidated financial statements for the
year ended 31 December 2025 it was stated by
Management that there were no reasonably possible
changes to key assumptions which could result
in impairment of the Audio CGU while, for the
Publishing CGU, it was stated that any reasonably
possible adverse changes in the key assumptions
Continued
Notes to the consolidated interim
financial statements (unaudited)
24 NEW ZEALAND MEDIA AND ENTERTAINMENT

may result in reduced headroom and Management
is of the view that this continues to be the case at
30 June 2026. The OneRoof CGU does not have any
indefinite life intangible assets and any impairment
testing of this CGU would only occur if there were
indicators of impairment.
Management has conducted a review of possible
impairment indicators for the three CGUs as at
30 June 2026 and concluded that there are no
indicators which would require a full impairment
assessment to be performed. Specifically,
Management has considered the trading
performance of the Group compared to
forecasts used in the impairment assessment at
31 December 2025 as well as the market
capitalisation of the Group at 30 June 2026.
3.2 Property, plant and equipment
Freehold
land
$’000
Buildings
$’000
Leasehold
improvements
$’000
Plant and
equipment
$’000
Capital
work in
progress
A
$’000
Tot a l
$’000
As at 31 December 2025
Cost or fair value580 261 16,123 249,477 203
266,644
Accumulated depreciation- (79)(13,980)(236,874)-
(250,933)
Net book value580 182 2 ,143 12,603 203 15,711
For the six months ended 30 June 2026
Opening net book value580 182 2,143 12,603 203
15,711
Additions- - - - 1,197
1,197
Depreciation- (11)(543)(2,456)-
(3,010)
Transfers from capital work
in progress
- - 33 1,223 (1,256)
-
Net book value580 171 1,633 11,370 144 13,898
As at 30 June 2026
Cost or fair value58026116,156250,680144
267,821
Accumulated depreciation-(90)(14,523)(239,310)-
(253,923)
Net book value5801711,63311,370144 13,898
A
Capital work in progress is transferred to the relevant asset category once the project is completed.
Capital work in progress is not depreciated prior to being transferred to the relevant asset category.
Capital work in progress at 30 June 2026 and 31 December 2025 primarily comprises expenditure
incurred on technology projects.
3.3 Right-of-use assets
Buildings
$’000
Transmission
$’000
Vehicles
$’000
Other
$’000
Tot a l
$’000
As at 31 December 2025
Net book value2 7,0 4220,3311,5943849,005
For the six months ended 30 June 2026
Additions73-406-
479
Depreciation(3,416)(2,082)(378)(5)
(5,881)
Changes in scope or lease terms1641,57410-
1,748
Net book value23,86319,8231,6323345,351
CONSOLIDATED INTERIM FINANCIAL STATEMENTS 2026 25

3.4 Trade and other receivables
The following table details the Group’s current and non-current trade and other receivables at 30 June 2026.
Note
June 2026
$’000
December 2025
$’000
Trade receivables net of provisions
31,519
32,779
Amounts due from related companies6.1
-
284
Finance lease receivables3.4.1
629
603
Other receivables and prepayments
6,508
6,394
Total current trade and other receivables38,656
40,060
Other receivables and prepayments
428
663
Finance lease receivables3.4.1
2,416
2,736
Total non-current other receivables and prepayments2,844
3,399
3.4.1 Finance lease receivables
$’000
As at 31 December 2025
Current assets
603
Non-current assets
2,736
Net investment in lease receivables at 31 December 20253,339
Interest on lease receivables
80
Total lease receivables before cash receipts3,419
Interest received
(80)
Principal received
(294)
Total cash receipts(374)
Net investment in lease receivables at 30 June 20263,045
Current assets
629
Non-current assets
2,416
Net investment in lease receivables at 30 June 20263,045
Continued
Notes to the consolidated interim
financial statements (unaudited)
26 NEW ZEALAND MEDIA AND ENTERTAINMENT