Nzme Limited · NZX:NZM
Nzme — FY2025 Earnings Presentation
43 slides from Nzme's earnings presentation, February 2026
Slide 1: NZME full year results
NZME full year results. 1 For the year ended 31 December 2025
Slide 2: Agenda
Agenda. Key highlights 3 Results summary 4 Trading environment and market performance 6 2025 full year financial results 8 Divisional performance 15 Outlook 37 Q&A 39 Supplementary information 40 2 2
Slide 3: Key highlights
Key highlights. Strength of performance from our core • Radio resurgence after a sluggish couple of years. 1 • Underlying Print publishing performance bucks the trend. • OneRoof digital listings revenue growth continues. Strategic innovation & investment • Strengthened OneRoof product and engineerin
Slide 4: Results summary
Results summary. For the full year ended 31 December 2025 Operating EBITDA 15% higher than last year. $345.1m $62.3m • Lower total operating revenue due to the closure of Operating revenue1,2 Operating EBITDA1 community publications in December 2024, with 2024 $350.2m 2024 $54.2m normalised revenue
Slide 5: Operating EBITDA by division
Operating EBITDA by division. For the full year ended 31 December 2025 $ million 2025 2024 % change1 Improved performance across OneRoof, Audio and OneRoof 3.6 2.7 32% Publishing underpin a 15% EBITDA increase. Audio 26.9 21.9 23% • Audio revenue growth of 5% the primary driver for improved EBITDA,
Slide 6: Signs of gradual recovery underway late in 2025, with easing inflation and improving confidence
Signs of gradual recovery underway late in 2025, with easing inflation and improving confidence. Confidence continues to strengthen, though global uncertainty and Variances in forecasts from the start of the year compared with the end domestic cost pressures may temper growth into 2026. of the year
Slide 7: Strong audiences across digital and traditional platforms
Strong audiences across digital and traditional platforms. NZME reaches 9 out of 10 Kiwis1 OneRoof Audio Publishing +18% +22% +10% +3% +3% -7% OneRoof digital OneRoof other Digital audio Podcast Digital subscription Digital advertising listing revenue digital revenue revenue revenue revenue revenue
Slide 8: 2025 full year financial results
2025 full year financial results. 8 8
Slide 9: Operating results
Operating results1. For the full year ended 31 December 2025 $ million 2025 2024 % change2 Reader revenue 78.2 80.9 (3%) Revenue from closed community publications - 6.9 (100%) Advertising revenue (excl. closed communities) 244.7 241.3 1% Improved operating performance despite the Other revenue 18.3
Slide 10: Operating revenue movements
Operating revenue1 movements. For the full year ended 31 December 2025 Operating revenue is above a normalised 2024, adjusting for the closure of community publications. $ million • OneRoof digital revenue growth maintained, 350.2 4.6 although continuing to be constrained by a slower 3.0 0.7 343.3 1
Slide 11: Expenses
Expenses. For the full year ended 31 December 2025 $ million 2025 2024 % change1 Total operating expenses reduced by $13 million from targeted savings initiatives and the impact of People 140.1 145.7 4% closed community publications. Print and distribution 47.2 51.8 9% • Lower people expenses from t
Slide 12: Balance sheet
Balance sheet. As at 31 December 2025 31 December 31 December $ million 2025 2024 Trade and other receivables 40.1 41.5 Net debt of $15.5m is below the target leverage range of 0.5 – 1.0 times EBITDA (pre NZ IFRS 16). Inventories 1.6 2.5 Trade and other payables (43.8) (44.7) • Net working capital e
Slide 13: Cash flows
Cash flows. For the full year ended 31 December 2025 $ million 2025 2024 Operating EBITDA1 62.3 54.2 Interest paid on bank facilities (2.1) (2.7) Improved free cash flow reflects the positive Interest received on leases 0.2 0.2 earnings performance. Interest paid on leases (4.2) (4.6) Non-recurring
Slide 14: Capital management
Capital management. For the full year ended 31 December 2025 Net debt finished the year $8.6 million lower than December 2024. 31 December 31 December 2025 2024 • Leverage ratio of 0.3 is below the target range 12-months operating EBITDA (pre NZ IFRS 16) 1 ($ million) 44.6 36.5 of 0.5 to 1.0 times E
Slide 15: Divisional performance
Divisional performance. 15 15
Slide 16: OneRoof
OneRoof. Your essential property platform. 16 16
Slide 17: OneRoof digital growth continues
OneRoof digital growth continues. 19% growth in OneRoof residential listings revenue compared with +3% REINZ market listings movement. New market listings (000s)1 OneRoof residential listings upgrades2 OneRoof average yield ($)2 180 50% 600 160 140 40% 500 2007-2025 average 120 400 30% 100 80 c c 30
Slide 18: OneRoof financial results
OneRoof financial results. For the full year ended 31 December 2025 $ million 2025 2024 % change1 Continued digital revenue growth, up 19% on last Digital 19.2 16.2 19% year, more than offsetting print revenues, and Print 8.8 10.6 (17%) driving 32% EBITDA improvement. Other 0.4 0.4 - • Increased upg
Slide 19: OneRoof audience and enquiries
OneRoof audience and enquiries. Consistent enquiries growth driving quality lead generation for agents and vendors. Online audience and enquiries * Trade Me Property’s annual “Hunt for 1,200 the Hundy” promotion drives periodic, albeit temporary, audience uplift. • Marketing in the second half of 20
Slide 20: Your essential property platform
Your essential property platform. Progress against strategic priorities 2023 2024 2025 Metric 2026 initiatives actual actual actual Audience Audience Audience • Deliver new mobile app in first quarter of 2026, significantly enhancing user 606k, 854k, 647k, experience and functionality. 187k gap to #
Slide 21: OneRoof growth opportunity
OneRoof growth opportunity. Significant future opportunity across each of market listings, upgrades and yields. 2023 2024 2025 New residential listings (000s)1 1. Market to still recover Auckland 35 43 44 (+10% to reach historical average2) Rest of NZ 63 74 76 Total 98 118 120 Residential listings u
Slide 22: OneRoof app update
OneRoof app update. Improved search experience with a hybrid map/list view and cleaner card formatting. Instant value context with OneRoof Estimates and/or RV’s (council rating valuation) shown on listings and map pins. Intuitive information architecture that prioritises key data and promotes high-v
Slide 23: OneRoof value proposition
OneRoof value proposition. Our Vision: NZ’s #1 Real Estate Market Place - every property, every buyer, built for mobile. Market perspective Investor proposition Agents will strengthen their dealmaking capability, We will deliver on our vision through a mobile capturing the wave of buyer demand that
Slide 24: Audio
Audio. Number one in audio. 24 24
Slide 25: Audio operating highlights
Audio operating highlights. Positive year-on-year revenue share gains Increasing Agency channel mix a key driver of Digital audio revenue growth continues, through the latter part of 2025. positive year-on-year revenue growth. accounting for 10% of total audio revenue. Monthly revenue share1 Agency
Slide 26: Audio financial results
Audio financial results. For the full year ended 31 December 2025 $ million 2025 2024 % change1 Digital audio advertising 11.9 10.8 10% Audio profitability up 23% driven by improved revenue growth. Radio advertising 108.9 104.2 4% Other 1.4 1.5 (5%) • Total operating revenue reflects improved audio
Slide 27: Targeting number one in audio
Targeting number one in audio. Progress against strategic priorities 2023 2024 2025 Metric 2026 initiatives actual actual actual • Accelerating growth by strengthening ZM and The Hits across both audience engagement and revenue performance. Changes already made to Coast. Audience share • iHeartCount
Slide 28: Publishing
Publishing. New Zealand’s leading news destination. 28 28
Slide 29: Publishing operating highlights
Publishing operating highlights. Source: NZMEofanalysis Total number subscriptions +3% year on year with Dynamic yield management delivering +3% digital Print subscriber decline slowed through the second sustained digital subscription uptake more than subscription revenue growth, offset by longer ha
Slide 30: Publishing financial results
Publishing financial results. Improved profitability following the exit of community newspapers, newsroom restructuring, For the full year ended 31 December 2025 and reduced focus on low yielding revenues. $ million 2025 20241 % change2 • Reader revenue decreased by 3% with slower digital Digital su
Slide 31: Publishing financial results – digital and print
Publishing financial results – digital and print. For the full year ended 31 December 2025 $ million Digital Publishing Print Publishing 2025 2024 % change1 2025 2024 % change1 Subscription revenue 23.3 22.6 3% 43.3 45.7 (5%) Retail outlet sales - - - 11.6 12.6 (8%) Revenue from closed community pub
Slide 32: New Zealand's leading news destination
New Zealand’s leading news destination. Progress against strategic priorities 2023 2024 2025 Metric 2026 initiatives actual actual actual Digital publishing • New mobile app to be launched in first half of 2026, deepening audience engagement and growth. Subscription volume1 130,000 151,000 166,000 •
Slide 33: Subscription-led businesses create more value
Subscription-led businesses create more value. We continue our transition to a subscription-led business, as have Increasing engagement with NZME’s publishing content delivers other global publishers, such as the New York Times. greater value, reinforcing our subscription-led strategy. Average month
Slide 34: Corporate and other
Corporate and other. 34 34
Slide 35: Corporate and other financial results
Corporate and other financial results. For the full year ended 31 December 2025 $ million 2025 2024 % change1 Operating revenue 2.3 2.6 (12%) People (4.4) (3.9) (14%) Other expenses (3.7) (3.8) 4% Corporate and Other includes the unallocated costs Operating expenses (8.1) (7.7) (5%) associated with
Slide 36: Summary of Result
Summary of Result. For the full year ended 31 December 2025 $ million 2025 2024 % change1 OneRoof 3.6 2.7 32% Audio 26.9 21.9 23% Digital publishing 14.7 11.2 31% Print publishing 22.9 23.3 (2%) • Improved performance delivers Operating EBITDA Corporate and other (5.8) (5.0) (15%) growth of 15%. Ope
Slide 37: Outlook
Outlook. 37 37
Slide 38: Looking ahead
Looking ahead. Operating environment • We are cautiously optimistic heading into 2026, with activity and sentiment lifting, although recovery may be gradual with lingering inflationary pressures and global uncertainty. • Advertising revenues for the first quarter are on track to deliver an estimated
Slide 39: Q&A
Q&A 39 39
Slide 40: Supplementary information
Supplementary information. 40 40
Slide 41: Reconciliation of operating results to financial statements (2025)
Reconciliation of operating results to financial statements. For the full year ended 31 December 2025 Operating Operating NZ IFRS 16 Reclass of Non-recurring Per financial $ million results excl. NZ results incl. NZ adjustments items items statements IFRS 16 IFRS 16 Reader revenue 78.2 - 78.2 - - 78
Slide 42: Reconciliation of operating results to financial statements (2024)
Reconciliation of operating results to financial statements. For the full year ended 31 December 2024 Operating Operating NZ IFRS 16 Reclass of Non-recurring Per financial $ million results excl. NZ results incl. NZ adjustments items items statements IFRS 16 IFRS 16 Reader revenue 80.9 - 80.9 - - 80
Slide 43: Disclaimer
Disclaimer. The information in this presentation is of a general nature and does not While reasonable care has been taken in compiling this presentation, none of constitute financial product advice, investment advice, legal, financial, tax or NZME Limited nor its subsidiaries, directors, employees,