• OneRoof delivered an EBITDA improvement of $0.6 million
• OneRoof outperformed the market with 16% growth in residential listings revenue
• Overall audio revenue grew, with digital audio revenue up 6%

NZME Limited has announced its financial results for the half year ended 30 June 2025, reporting Operating Revenue of $165.7 million - down 3% from the previous corresponding period, in part because of the closure of the company's community newspaper network in December last year. Operating EBITDA was $23.9 million for the half, an increase of nearly 12% over the same period last year. The Group reported a Statutory Net Loss After Tax of $0.4 million after $5.2 million of non-recurring costs, primarily related to restructuring and costs associated with the Annual Shareholders' Meeting. Key highlights include OneRoof delivering an EBITDA improvement of $0.6 million and outperforming the market with 16% growth in residential listings revenue, overall audio revenue growth with digital audio revenue up 6%, and a 5% year-on-year increase in subscriptions across NZME's Publishing division. The company is focused on three key areas: realizing the value of OneRoof, strengthening governance through additional specialists and an Editorial Advisory Board, and adapting to the difficult market conditions.

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

Despite the market recovery continuing to be slow, economists remain optimistic there will be improvements in the year ahead. NZME has made annualized cost reductions of $12.0 million during the half, $2.0 million of which was recognized in the second quarter, and the company has seen strong performance in advertising revenue in July 2025 - up 2% year on year.