Slides
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1 NZME interim results. for the six months ended 30 June 2026
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2 2 | Agenda. Results summary 3 Key highlights 4 T rading environment and market performance 5 2026 half year financial results 8 Divisional performance 16 Outlook 38 Q&A 40 Supplementary information 41 Azura Lane – Host, Flava Breakfast
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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 $7.3 million, 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 20261 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 revenue2,3 ▲ $1.3m [+1%] $19.4m Net debt ▼ $13.9m 3cps Interim dividend4 No change $6.6m Statutory NPAT ▲ $7.0m 3.5cps Operating EPS2 ▲ 1.8cps $6.6m Operating NPAT2 ▲ $3.2m $26.5m Operating EBITDA2 ▲ $2.6m [+11%] $7.3m Free cash flow ▲ $5.1m
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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. Audio Publishing OneRoof 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).
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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 confidence Consumer confidence Business and Consumer Confidence1 HEADWINDSTAILWINDS • 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 years3 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
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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 & podca sts). 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 Kiwis2 Some audiences may be duplicated across platforms. OneRoof +3% Auckland digital listing revenue1 Print audience 320,0005 Digital audience 598,0006 +13% Rest of NZ digital listing revenue1 Audio +8% Radio revenue1 Radio audience 1,838,7003 Digital audience 1,028,5004 +16% Digital audio revenue1 Publishing +1% Digital subscription revenue1 Print audience 1,231,0005 Digital audience 1,939,0006 +1% Core digital advertising revenue1 6 |
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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 20261 7 | $ million H1 2026 H1 2025 % change Audio 11.9 10.0 ▲ +19% Publishing 15.3 15.4 - Digital publishing 6.3 5.7 ▲ +11% Print publishing 9.0 9.6 ▼ -7% OneRoof 1.8 1.6 ▲ +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.
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8 8 | 2026 half year financial results. Garth Bray– Host, Herald NOW Business
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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 results1. for the six months ended 30 June 20262 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 2026 H1 2025 % change Reader revenue 37.9 39.2 ▼ -3% Advertising revenue 118.6 116.3 ▲ +2% Other revenue 8.6 8.1 ▲ +6% Operating revenue 165.1 163.5 ▲ +1% Other income 1.9 2.1 ▼ -10% Operating revenue and other income 167.0 165.7 ▲ +1% Operating expenses (140.5) (141.8) ▼ -1% Operating EBITDA1 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 income 0.1 0.2 ▼ -49% Finance cost (2.7) (3.6) ▼ -24% Operating NPBT 9.4 4.9 ▲ +93% Income tax expense (2.8) (1.5) ▲ +78% Operating NPAT 6.6 3.4 ▲ +100% Operating earnings per share (cents) 3.5 1.8 ▲ +98% Statutory NPAT 6.6 (0.4) ▲ +1,787% 9 |
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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 revenue1 movements. for the six months ended 30 June 20262 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)
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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 $12 million of annualised savings initiatives. Expenses. for the six months ended 30 June 20261 $ million H1 2026 H1 2025 % change People 70.5 70.8 ▼ -0% Print and distribution 22.8 23.8 ▼ -4% Selling and marketing 20.7 20.0 ▲ +3% Content 10.2 10.0 ▲ +2% Property 3.8 4.0 ▼ -5% Third party fulfilment 1.0 1.7 ▼ -37% Technology and communications 5.8 5.7 ▲ +2% Other expenses 5.6 5.7 ▼ -2% Total operating expenses2 140.5 141.8 ▼ -1% Total non-recurring expenses 0.0 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.
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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 expenses1 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
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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 20261 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 receivables 38.7 40.9 Inventories 3.2 2.8 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) 2.4 3.3 Net bank debt (19.4) (33.3) Deferred tax 8.8 8.2 Net assets 93.3 89.8 Leverage ratio2 0.4 0.9 13 |
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14 Free cash flow of $7.3m reflects the operating performance, improving by $5.1m. • Cash flow from operations of $19.3 million was $4.3 million 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 2026 H1 2025 Operating EBITDA1 26.5 23.9 Interest paid on bank facilities (0.7) (1.1) Interest received on leases 0.1 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 operations 19.3 15.0 Capital expenditure (4.7) (5.6) Lease principal repayment (7.3) (7.1) Free cash flow 7.3 2.2 Receipt from JV wind up 0.1 - 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.
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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 it ems 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) 46.1 38.3 12-months interest expense ($ million) 1.8 2.6 Net interest cover2 (Operating EBITDA (pre NZ IFRS 16) / interest expense) 26.1x 15.0x Net debt ($ million) 19.4 33.3 Leverage ratio (Net debt / 12-month operating EBITDA (pre NZ IFRS 16)1) 0.4 0.9 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-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Net debt and leverage Net debt / (Cash) $m Leverage ratio 15 |
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16 16 | Divisional performance.
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17 Audio. 17 | Number one in audio.
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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 2023 H1 2024 H1 2025 H1 2026 H1 Digital audio revenue1 Audio key highlights. 18 | continuous YoY revenue growth over the last 15 months115 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 revenue1+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 revenue3. growth in agency share of audio revenue YoY1+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 2023 H1 2024 H1 2025 H1 2026 Agency share of Audio revenue2Monthly revenue growth YoY1
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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 20261 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 2026 H1 2025 % change Digital audio advertising 6.2 5.3 ▲ +16% Radio advertising 55.0 51.0 ▲ +8% Other 0.6 0.8 ▼ -22% Operating revenue 61.8 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 EBITDA2 margin (pre NZ IFRS16) 12% 10% ▲ +2 ppt 19 |
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20 Number one in Audio. 20 | Revenue growing faster than the market Audio revenue grew 8% YoY in H1, ahead of the market1, 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.
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21 Publishing. 21 | New Zealand’ s leading news destination.
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22 P ublishing key highlights. 22 | Lift in total video views across all platforms YoY3+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 20261>108m The NZ Herald app has 9% more launches in the first half of 2026 than its nearest competitor1. App engagement time now at 57% across all users with more time spent in app than web2. The new app is expected to drive further engagement and accelerate digital performance. Lift in total subscriptions to 250k4+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 only Digital enabled Digital 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-Q1 2025-Q2 2025-Q3 2025-Q4 2026-Q1 2026-Q2 Engagement time Sessions Digital only Print only Digital enabled
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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%. P ublishing financial results. for the six months ended 30 June 20261 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 2026 H1 2025 % change Digital subscriptions 11.7 11.5 ▲ +1% Print subscriptions 20.8 21.7 ▼ -4% Retail outlet sales 5.4 6.0 ▼ -10% Total reader revenue 37.9 39.2 ▼ -3% Digital advertising 22.6 23.6 ▼ -4% Print advertising 20.9 22.0 ▼ -5% Total advertising revenue 43.5 45.6 ▼ -5% Other 9.1 8.7 ▲ +5% Operating revenue 90.5 93.5 ▼ -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 EBITDA2 margin (pre NZ IFRS16) 13% 12% ▲ +1 ppt 23 | ▼ ▲ ▼ ▲
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24 P ublishing financial results – digital and print. for the six months ended 30 June 20261 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 Publishing Print Publishing H1 2026 H1 2025 % change H1 2026 H1 2025 % change Subscription revenue 11.7 11.5 ▲ +1% 20.8 21.7 ▼ -4% Retail outlet sales - - - - 5.4 6.0 ▼ -10% Advertising revenue 22.6 23.6 ▼ -4% 20.9 22.0 ▼ -5% Other 4.3 3.9 ▲ +9% 4.8 4.8 ▲ +1% Operating revenue 38.6 39.1 ▼ -1% 51.9 54.4 ▼ -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 6.3 5.7 ▲ +11% 9.0 9.6 ▼ -7% NZ IFRS16 adjustment (1.2) (1.3) ▼ -7% (2.6) (2.7) ▼ -3% Operating EBITDA (pre NZ IFRS16)2 5.1 4.4 ▲ +16% 6.4 7.0 ▼ -8% Operating EBITDA2 margin (pre NZ IFRS16) 13% 11% ▲ +2ppt 12% 13% ▼ -1ppt 24 |
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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 users2 108.6m more pages Total app launches, 9% higher than nearest competitor1 >6x App users spend more time per day than web, overall engaged time per app user has increased 8% YoY2 580k Distinct app users who have engaged with app2 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
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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. Casual Engaged Subscribed Average monthly digital users1 >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-H1 2024-H1 2025-H1 2026-H1 Digital subscriptions2 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% Casual Engaged Subscribed Attribution of digital revenue by user1 54% $172 $176$189 $194 $170 $188 $144 $178 Individual yield Individual yield (NZH) Digital yield3 2023-H1 2024-H1 2025-H1 2026-H1
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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 20261. 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 year2. 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. P ublishing - 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.
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28 OneRoof. 28 | Y our essential property platform.
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29 OneRoof key highlights. 29 | Growth in OneRoof Rest of NZ residential listings revenue YoY2+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 H1 H2 H1 H2 H1 H2 H1 2023 2024 2025 2026 Median sale price New listings New market listings and median sale prices $263 $276 $285 $307 15% 23% 25% 26% 2023-H1 2024-H1 2025-H1 2026-H1 OneRoof residential listings Rest of NZ2 Listings Upgrade % Average Yield ($) New listings across New Zealand in H1 2026160k 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 YoY2 Listings Upgrade % Average Yield ($) $424 $465 $522 $537 38% 44% 45% 43% 2023-H1 2024-H1 2025-H1 2026-H1 OneRoof residential listings Auckland2 Reset of leadership team and technology stack to deliver renewed growth. App first
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30 OneRoof financial results. for the six months ended 30 June 20261 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 2026 H1 2025 % change Digital 9.9 9.5 ▲ +4% Print 4.1 4.8 ▼ -15% Other 0.2 0.2 ▲ +8% Operating revenue 14.1 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 EBITDA2 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.
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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 growth1 +54% Growth in monthly app users, increasing in every month across H1 20261 +53% Daily active users growth, with daily engagement rates holding steady1 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 day1+24% H1 2026 App performance
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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 - Y our 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.
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33 Corporate and other. 33 |
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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 20261 $ million H1 2026 H1 2025 % change Operating revenue 0.6 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.
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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 $1.1 million 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 $0.7 million, 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 20261 $ million H1 2026 H1 2025 % change Audio 11.9 10.0 ▲ +19% Digital publishing 6.3 5.7 ▲ +11% Print publishing 9.0 9.6 ▼ -7% OneRoof 1.8 1.6 ▲ +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) 12.1 3.0 ▲ +274% Interest expense (2.7) (3.3) ▼ -24% Share of loss of JV’s (0.0) - - Net profit / (loss) before tax 9.4 (0.3) ▲ +2,994% Income tax expense (2.8) (0.1) ▲ +3,970% Net profit / (loss) after tax 6.6 (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. ▼ ▲ ▼ ▲
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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 operational1 Timelines: • 2026 Purchase print press, identify new building • 2027 New plant operational – old plant decommissioned • 2028 Savings ~$3-5m1 • 2029 Savings ~$7m1 • 2030 Investment breakeven reached with ongoing annual savings of ~$7m1 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 20272. • A further $3m of annualised savings to be delivered in H1 2027, with full benefit realised in 20282. • 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 rates3 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.
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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
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38 38 | Outlook. Niva Retimanu – Newsreader, Newstalk ZB Breakfast
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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 EBITDA1 to be ahead of the 2025 result. 39 | 1. Operating EBITDA is a non-GAAP measure and excludes non-recurring expenses.
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40 40 | Q&A. Jono, Ben & Megan - Hosts, The Hits Breakfast
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41 Supplementary information. 41 |
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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) 1.9 0.1 0.0 2.0 Operating revenue and other income 167.4 (0.4) 167.0 0.1 0.0 167.1 Expenses (149.6) 9.2 (140.5) - (0.0) (140.5) EBITDA 17.8 8.8 26.5 0.1 (0.0) 26.7 Depreciation and amortisation (8.7) (5.9) (14.5) (14.5) EBIT 9.1 2.9 12.0 0.1 (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 8.3 1.1 9.4 - (0.0) 9.4 Income tax expense (2.8) - (2.8) - 0.0 (2.8) Net profit / (loss) after tax 5.5 1.1 6.6 - (0.0) 6.6 42 |
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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) 2.1 0.2 0.0 2.4 Operating revenue and other income 166.1 (0.4) 165.7 0.2 0.0 165.9 Expenses (151.0) 9.3 (141.8) - (5.2) (147.0) EBITDA 15.0 8.9 23.9 0.2 (5.2) 18.9 Depreciation and amortisation (9.5) (6.2) (15.7) - - (15.7) EBIT 5.5 2.7 8.2 0.2 (5.2) 3.2 Net interest expense (1.3) (2.1) (3.3) (0.2) (3.6) Net profit / (loss) before tax 4.3 0.6 4.9 - (5.2) (0.3) Income tax expense (1.5) - (1.5) - 1.5 (0.1) Net profit / (loss) after tax 2.7 0.6 3.4 - (3.7) (0.4) 43 |
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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).
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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 |
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