Annual Shareholders’ Meeting Presentation and Addresses

MARKET ANNOUNCEMENT

26 April 2023
FOR IMMEDIATE RELEASE





2023 Annual Shareholders’ Meeting Presentation and Addresses

AUCKLAND, 26 April 2023: NZME Limited (NZX: NZM, ASX: NZM) (“NZME”) attaches the Chairman of
the Meeting and the CEO’s addresses, and presentation which will be delivered at the Annual
Shareholders’ Meeting being held in the NZME iHeart Lounge at 2 Graham Street, Auckland, and online
today, commencing at 3:00pm (NZT).

ENDS

Authorised by the NZME Board

For further information:

Kelly Gunn
GM Communications - NZME
+64 27 213 5625
kelly.gunn@nzme.co.nz

CHAIRMAN OF MEETING’S ADDRESS: BARBARA CHAPMAN

Agenda

Today in my opening address I will go through some of our high-level financial results from the 2022
financial year, as well as speaking about NZME’s guiding principles and some key updates under each.
I’ll then make some comments on the current economic environment and the media industry landscape
in New Zealand.

Following that, I’ll share some details of our capital management plan and our sustainability commitment.
Michael Boggs, our Chief Executive, will cover the financial results in more detail, provide further
information on our progress towards the targets we set out in our three-year strategy, and provide
information as an outlook on the remainder of the year.

We will then proceed to voting on the resolutions as set out in the Notice of Meeting you will have
received. We are proceeding on the basis that these have been read.

Finally, we will turn to the General Business section of the meeting.

Voting on all resolutions will be conducted by way of poll.

2022 Financial Results

Now two years into our three-year strategy, NZME delivered strong results in the 2022 financial year,
despite another challenging year.

Overall operating revenue was up 7 percent on 2021 with a 16 percent growth in digital revenue,
continuing to demonstrate that NZME’s digital transformation and expansion of its digital offering across
multiple platforms is having a positive impact.

NZME’s Statutory Net Profit After Tax (NPAT) was $22.7 million for the year. Operating Earnings Per
Share (EPS) increased to 12.1 cents per share, which was 13% higher than 2021.

Michael will provide further information on the financial results and an outlook for 2023.

Strategic Priorities

When sharing our three-year strategic priorities, shareholders may remember we also shared with you a
set of guiding principles that underpin NZME’s strategy.

These guiding principles were developed to provide the business with a clear and defined framework to
work within, and to ensure business activity is focused on shareholder value creation.

The principle of Customer First – puts an emphasis on doing as it says, putting our customers first, and
providing unique, personalised experiences wherever possible. We have engaged with several global
companies that are leading in this space, and we look forward to continually adapting and improving in
this area.

Win with Quality – means that NZME is committed to delivering world class, premium content and
experiences, and that a high-quality lens is applied to everything we do both internally and externally.

Last year the Board supported a significant focus on quality and trust in our newsroom with codes and
principles that make up NZME’s editorial Code of Conduct and Ethics. The rise of misinformation across
other platforms continues, so the importance of providing our audiences with quality, trusted news
content is more important than ever before.

With Digital Acceleration – we are committed to driving growth across our digital platforms to ensure
we deliver on customers' expectations, delivering a world class digital business.

We know that digital initiatives are drivers of future growth for NZME, as last year showed, with digital
revenue growing 16 percent. We’ve accelerated our digital content offering over the past year, including
with the introduction of Viva Premium. We also continued to expand our digital audio offering through
iHeartRadio, significantly expanding our podcast network, and we continue to grow and develop our
OneRoof digital real estate platform.

Through Audience Expansion – we are prioritising growing audiences across all NZME’s platforms and
becoming indispensable to more people, engaging with audiences we are not currently reaching.

For example, we are looking at how we connect with a younger generation, encouraging them to engage
with our platforms with the type of content they want to see and the experiences they desire. The recent
launch of the NZ Herald’s new digital youth brand ‘What the Actual’, targeting a younger generation,
aims to expand our audience – retaining that generation as lifelong readers or listeners.

Being a Top Performer – is a guiding principle that recognises we expect to continually be measured
against global competitors, as well as against the performance of other publicly listed companies. We will
continue to set new standards and benchmarks for top performance across the business.

2023 Strategic Priorities

Michael will speak in more detail about progress towards NZME’s strategic priorities, as we are now in
the last year of our three-year strategy.

As a reminder, our three strategic priorities are:
• To be New Zealand’s Leading Audio Company
• For The New Zealand Herald to be New Zealand’s Herald by becoming the number one news brand
for all New Zealanders and
• For OneRoof to be the country’s Complete Property Destination.

Under each of these priorities sit clearly defined and measurable targets, and Michael will share more on
NZME’s pleasing progress towards these shortly.

We will be looking to extend our strategic targets into the future, and we will look forward to updating
shareholders at our Investor Day, planned for November this year.

State of economy

We are currently operating in very challenging economic conditions, with inflation contributing to rising
prices and cost pressures, with overall business confidence levels being very low.

This has an impact on advertising revenue, and the impacts this has had on the wider media landscape
has been the subject of much media attention lately, with companies tightening their cost bases and, in
many cases, undertaking downsizing and restructuring measures to reduce costs. For example, two
large media players in New Zealand have recently made significant staff reductions.

For NZME, the significantly quieter real estate market, with fewer new listings, has had a real impact on
our OneRoof business and plays a key role in some of the challenges we are experiencing.

NZME has been continuously managing costs in response to these ongoing pressures. Michael will
share more on this in his address.

Low Leverage and Strong Returns to Shareholders

As a Board we remain focused on returning excess capital to shareholders. Since 2019 the company
has significantly reduced debt and recommenced dividend payments.

We are pleased to have made significant capital and dividend returns to shareholders over the last year,
with more than $43 million distributed to shareholders in 2022.

As shareholders will be aware, we undertook to review our capital and dividend policy settings over the
second half of 2022. Due to NZME’s strong cashflows, the Board announced an increase in the dividend
payout ratio from 30 to 50 percent to 50 to 80 percent of free cash flow. This is subject to being within its
target leverage ratio range of 0.5 to 1 times EBITDA and having regard to NZME’s capital requirements,
operating performance and financial position.

As we have communicated to shareholders previously, the Board has a desire to operate at the lower
end of the target leverage ratio in the current environment. Capital Management remains a key focus of
the Board. It is committed to returning excess capital to shareholders, subject to the operating
environment and investment opportunities. The Board will review commencing a further on-market share
buyback as part of the half year results announcement in August 2023.

Strong Sustainability Commitment

I’d like to turn now to NZME’s Sustainability Commitment. NZME is committed to ensuring we have a
sustainable business that supports the wellbeing of our community, people and the environment.

NZME’s current commitment was initiated in 2019 and aligns with UN Sustainable Development Goals.

Within our framework we currently report against 27 measurable objectives each year in our Annual
Report.

We are in the process of refreshing our Sustainability Commitment as part of a programme of work to
prepare for making our first climate-related disclosures as part of our Annual Report to be issued in
February 2024.

Campaigns that supported the community pillar of our sustainability commitment included the launch of a
major wellbeing and mental health campaign ‘Great Minds’ – the search for happiness. The campaign
has been named as a finalist in the upcoming Voyager Media Awards. As well as this, the Herald and
NZME backed a New Zealand Red Cross fundraiser for Cyclone Gabrielle relief, which raised more than
$13 million in its first two weeks.

New Zealanders look to our platforms for quality news they can trust. We take our responsibility seriously
to ensure our journalism is fair, accurate and balanced, and we aim to connect and empower our
communities. A recent media bias survey reported that the NZ Herald is the most politically balanced
publisher.

Our people are a priority under our Sustainability Commitment, as we provide a workplace that fosters
innovation, engagement, diversity and inclusion.

In 2023 NZME is continuing the Te Rito cadetship programme – an industry collaboration to train and
develop new journalism cadets, including those from Māori, Pasifika and other communities traditionally
under-represented in the media.

In terms of our commitment to our environment, we take our responsibility seriously and continue to
collaborate with our suppliers and partners to ensure best practice sustainable operations. We are in the
process of finalising a Responsible Sourcing Policy to ensure we partner with suppliers who align with
our Sustainability Commitment.

In 2022, NZME’s print operations in Ellerslie, Auckland were awarded the Toitū Enviromark gold
certification. We are gold standard at reducing waste, working efficiently, and minimising
harm to the environment and our people.

The Board and management are strongly committed to a sustainable future.

NZME Board Reflections

Reflecting on 2022, the Board is pleased with the progress the company is making towards its 2023
strategic priority targets, despite continuing to operate in a difficult economic environment. While the
market continues to evolve, so too does NZME as it rises to the challenges faced by its audience and its
customers.

On behalf of the Board and NZME, thank you to our shareholders for your support and confidence in
NZME. We remain committed to creating value for our shareholders and we will continue to engage with
you to ensure you have a thorough understanding of our priorities and strategy moving forward. Thank
you for your feedback and support throughout the year.

I’d also like to thank the Board for their support and for their strong leadership, commitment, innovative
thinking and creativity throughout the year. It’s been a pleasure working with you all once again,
overseeing another strong year of progress for NZME.

Closing remarks

Finally, I’d like to thank Michael, the executive team and the wider NZME team for their commitment to
the strategic priorities and further progressing towards the company’s 2023 targets. And to our
customers and commercial partners – thank you for your ongoing support.

I will now pass on to Michael to deliver his Chief Executive Address discussing progress towards our
strategic goals.

CHIEF EXECUTIVE OFFICER’S ADDRESS – MICHAEL BOGGS
Welcome

Thank you Barbara and Kia ora, welcome everyone. It’s great to be able to hold this meeting in person
this year, and we also welcome those who are joining us online today.

Results summary

Firstly, I will take you through a topline summary of our 2022 financial results, before going into more
detail on each of our strategic priorities a bit later in my presentation.

As Barbara mentioned, we have been operating in what has been a challenging economic environment,
with inflation leading to increases in operating costs across the business. This is not unique to NZME
and is affecting most businesses across the country. Despite the challenges, we were pleased to deliver
a strong earnings result.

Our Operating Revenue grew 7 percent to $364.6 million and Operating EBITDA was up 4 percent to
$64.7 million. Statutory Net Profit After Tax was $22.7 million. This was ahead of the year prior, after
excluding the gain on sale of GrabOne of $15.4 million that boosted last year's net profit after tax. Our
Operating net profit for 2022 after tax was $23.3 million, up 10 percent on the year prior, which was
really pleasing to see.

As Barbara mentioned, during 2022 we distributed $43 million to shareholders – a reflection of the
strength of NZME’s balance sheet. These distributions were made through an on-market share buyback
programme of $17.6 million, the 2021 final dividend and a 2022 interim dividend of $15.7 million and a
further special dividend of $9.7 million.

For the 2022 financial year, the Board declared interim and final dividends totalling 9 cents per share, up
1 cent per share on the year prior.

Given these distributions, NZME’s net debt increased by $31 million and was $17.5 million at the end of
2022.

These results once again demonstrate that despite a challenging economic environment, NZME
continues to be adaptable and flexible, delivering strong earnings growth, making significant progress to
meet the targets we set for the business, as we come into the last year of our three-year strategy.

Compelling Platforms for Audiences and Advertisers

NZME is proud to be one of the country’s leading media and entertainment companies, with multiple
platforms across audio, publishing and real estate. Through those platforms we reach more than 3.6
million New Zealanders – whether that’s across our print publications, our radio or digital audio brands,
our various online platforms, or through our many real estate publications nationwide.

The strength and prominence of our brands sees us having phenomenal reach across the country,
engaging with Kiwis while they’re at home, when they’re at work, while they’re travelling and when
they’re out and about in their communities. NZME’s brands are everywhere, from the top of the North
Island to the bottom of the South, and we are proud of the role we play in our local communities.

Our audio platforms include an impressive nationwide broadcast network with 10 radio stations that span
multiple communities and demographics, as well as our high-performing digital audio platform
iHeartRadio. We reach 2 million people each week across our audio network, and 1.2 million digital
audio listeners each month. We have the country’s top radio station in Newstalk ZB, and our iHeartRadio
podcast network also takes out top spot with 800,000 monthly listeners.

We also reach 2.7 million people each month through our publishing platforms, which includes New
Zealand’s number one daily newspaper – The New Zealand Herald. We had 209,000 print and digital
subscribers at December 2022, which as well as our regional and community publications, includes NZ
Herald Premium and BusinessDesk.

Our OneRoof real estate products – print and digital - reach more than 820,000 people per month.
OneRoof is the most read property newspaper section in New Zealand. Hosting 89% of all real estate
listings nationwide, 564,000 Kiwis per month are visiting our OneRoof website.

NZME’s impressive audience reach and continued digital growth means we offer a vast array of
opportunities for advertisers to get their message across effectively to their target audiences, via these
multiple platforms. We continue to be an extremely strong player in New Zealand’s media industry and
we are leaders in innovation, digital transformation and developing multi-functional brands and channels
to reach 3.6 million Kiwis.

Market Share Growth across all platforms

The graphs you can see on screen now show the changes in total market revenue across our Radio,
Print and Digital platforms. The black lines represent NZME’s market share and as you can see,
pleasingly, we have continually grown our market share across each of these platforms since 2019.

Radio revenue market share reached 41.4 percent in December 2022 - the highest it has been since
2016.

Digital transformation delivering growth

Across all three of our strategic pillars – Audio, Publishing and OneRoof – we delivered increased digital
revenue in 2022, with total digital revenue up 16 percent on the year prior.

The left-hand graph on this page shows that once again we have seen significant growth in our digital
audio revenue through iHeartRadio – up 54 percent to $6.8 million in 2022. Digital audio is a platform
that has significant potential and that we are committed to growing. I will speak more about that when I
go into more detail about our strategic priority areas.

Digital publishing revenue grew by 12 percent in 2022, and I will speak shortly about some of the new
products we introduced in the online space, to help us grow our digital publishing revenue further.

Our OneRoof digital revenue grew 30 percent year on year, which was a significant achievement
considering the slowing real estate market during the year.

Our ongoing focus on digital transformation and diversification of our platforms continues to have a
positive influence on business performance, with digital revenues becoming a more significant part of our
total revenues.

Digital revenue’s share of total advertising revenue has nearly doubled over the last three years and in
2022 represented 27 percent of total advertising revenue and that’s coincided with us having record
audiences across radio and digital audio platforms, as well as strong growth in publishing and digital
platforms, including OneRoof.

Strategic Priorities

Let me now update you on progress against each of our strategic priorities.

New Zealand’s Leading Audio Company

Turning now to our first strategic priority, which is to be New Zealand’s leading audio company. This
priority is supported by the three key pillars you can see on the left-hand side. We continue to make
progress towards our 2023 targets for audio.

With audience share for 2022 at 37.7 percent we are ahead of our goal to grow our share of the market
by one percentage point per annum.

As well as continuing to grow our reach through acquiring new frequencies, we have also expanded our
audience appeal through our focus on our iHeartRadio digital audio platform. This has included
significant growth in our NZME podcast network, which has remained the number one podcast network
in the country since the New Zealand Triton Podcast Ranker was introduced. The introduction of a
number of new podcasts with high profile hosts, as well as our news and music radio stations adding
digital content for listeners to enjoy, sees digital audio expanding rapidly.

On top of this, we have grown youth audio and our sports entertainment offerings with the Alternative
Commentary Collective. Our music radio stations are also well positioned for growth both terrestrially
and digitally.

Our radio revenue market share grew half a percentage point in 2022 which is short of our target growth.
We have been working together with the Radio Broadcasters Association and other industry players to
improve audio advocacy, with the objective of growing New Zealand’s overall radio market.

In 2022, we achieved the 2023 target we set as part of our three-year strategy to grow digital audio. This
saw digital audio revenue represent 5.1 percent of total audio revenue in 2022.

New Zealand’s Herald

We have made significant progress towards becoming New Zealand’s Herald, already meeting some of
the 2023 targets we set as part of our three-year strategy in 2020.

Total subscribers increased to 209,000, with more than half of these being paid digital subscribers. In
2022 we acquired business news website BusinessDesk and launched Viva Premium - an online
subscription for access to Viva’s first-class fashion, food, beauty, culture and design content. Both of
these provide us with significant opportunities for growth.

With the increase in digital advertising revenue, it now represents 48 percent of total publishing
advertising revenue.

In 2023 we will be introducing a number of new products that will allow us to continue to offer more
personalised experiences for our audiences, grow our engagement and audience numbers, and deliver
new opportunities for advertisers.

Your Complete Property Destination

Now we turn to OneRoof – our real estate platform, where we are progressing our position with OneRoof
becoming your complete property destination.

Once again, OneRoof has grown its website audience, significantly reducing the gap to the number one
player in New Zealand’s real estate market.

The percentage of listings upgraded has continued its impressive growth in Auckland and last year we
saw a large improvement in listings upgraded outside of Auckland, reflecting NZME’s increased
recognition of OneRoof around New Zealand.

With listings outside of Auckland representing nearly two thirds of total new listings, this remains a key
opportunity for growth.

We have appointed a OneRoof advisory board which has members with digital start-up, property portal
and user experience expertise.

We remain focused on growing overall digital OneRoof revenue, while also maintaining the print
revenue.

With continued growth of product penetration, and with the real estate market returning back to a more
normal state in the future, OneRoof is well positioned to deliver to EBITDA targets in 2024 and beyond.

NZME Executive Team

Now turning to our NZME Executive team, who are all here with us in person today. Can I please ask
you to all stand up so our shareholders who join us here in the room can see you.

During this year NZME Managing Editor Shayne Currie has moved into a new role as NZME Editor at
Large. I’m sure many of you will have seen the quality and engaging content that Shayne has been
producing in his new role over recent weeks.

I am proud to lead an Executive team that has such a depth of talent and skills, as well as strength in
leadership. We are committed as a team to our strategic priorities and delivering for you as
shareholders of NZME.

Our People

In 2022, NZME launched a new employer brand promise, ‘This Could Lead Anywhere’, which highlights
the endless possibilities available to team members at NZME.

Utilising the breadth of our many platforms, this external recruitment campaign promotes the company’s
promise to future employees by profiling various NZME team members. This includes long-standing

NZME’ers Mike Hosking and Kerre Woodham, and numerous people across our business. I’ll share a
short video from this campaign with you all shortly.

In addition to being an external campaign to attract new talent to NZME, the campaign involves new
initiatives to help inspire NZME’s internal team. This includes a new leadership programme called
‘Develop Me’ to accelerate leadership capabilities across the business. We also have a special
induction for new starters in our business, and ongoing reward and engagement activities.

I’m delighted that NZME’s employee engagement, measured through our employee feedback platform,
is continuing to show high and improving levels of engagement.

Business and Consumer Confidence Impacts Market

As I noted earlier in the presentation, NZME has been increasing market share across each of our
platforms. However, both business and consumer confidence have had an impact on the overall market
since the back end of 2022.

On the screen, the left-hand chart shows NZME’s overall advertising revenue by month, back to January
2022. The black line compares to the prior year and the orange line compares to 2019.

As you’ll see, Quarter 4 2022 was below the levels achieved in Quarter 4 2021. This trend has
continued into 2023, with Quarter 1 2023 below the levels achieved in Quarter 1 2022. We are seeing
an improving trend with the bookings we are currently recording for May 2023.

In relation to real estate listings, the right-hand chart highlights the total market change in new residential
for sale listings by month, back to January 2022.

Once again, you’ll see that Quarter 4 2022, has seen a significant reduction in new listings, from those
listed in Quarter 4 2021. This trend has also continued into the first quarter of 2023. We expect it may
be some time before we see an improvement in this trend.

Market and Outlook

Now moving to how we are tracking for 2023, and our outlook for the year.

As I just noted, the operating environment continues to be uncertain.

Advertising revenue has been weaker in the first quarter of 2023 compared to 2022.

NZME advertising revenue would be in growth year-on-year if we adjusted for advertising spend by the
Ministry of Health in 2022 and Real Estate customer declines this year.

It is worth noting that the first quarter 2022 included advertising spend by the Ministry of Health regarding
Covid-19 information.

In addition, given the current decline in the real estate market, real estate customer revenue across all of
our platforms has contributed to 60% of the revenue reduction in the first quarter of 2023.

May 2023 advertising revenue bookings to date reflect an improving trend for NZME.

We are mitigating cost pressure through disciplined cost management across the business.

Despite the weaker economic environment and lower business confidence, NZME expects 2023 EBITDA
in the range of $59-$64 million.

Conclusion

Finally, I would like to say a big thanks on behalf of myself and the Executive Team to our fantastic team
of people across NZME. We’ve achieved some really positive results in what has certainly been
challenging times, and it’s been our team who have made that possible.

I’d also like to say a big thank you to our audiences, our customers and business partners, and you, our
shareholders for your ongoing support.

Thank you also to Barbara Chapman and the NZME Board for their ongoing support and guidance – it is
much appreciated.

I look forward to answering any questions you have before the end of today’s meeting.

I’ll hand you back to Barbara, but before she joins again, let me leave you with a one of the ‘This Could
Lead Anywhere’ videos I mentioned earlier. I’d like you to meet one of our fabulous team members
Kiran.

---

NZME ANNUAL
SHAREHOLDERS’ MEETING
KEEPING KIWIS IN THE KNOW
26 APRIL 2023

2
WELCOME
BARBARA CHAPMAN
INDEPENDENT CHAIRMAN

3
AGENDA
1. Chairman’s Address
2. Chief Executive Officer’s Address
3. Ordinary Resolutions
Resolution 1: Re-election of Director
Resolution 2: Auditor’s Remuneration
4. General Business

4
CHAIRMAN’S
ADDRESS
BARBARA CHAPMAN
INDEPENDENT CHAIRMAN

5
2022 FINANCIAL RESULTS
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16but exclude exceptional items to allow for a like-for-like comparison between 2021 and 2022 financial years. 2021 has been restated to excludethe impact
ofGrabOne(sold October 2021). Please refer to pages 38-39 of the NZME 2022 Full Year ResultsPresentationfor a detailed reconciliation.
•Operating Revenue
1
7%
•Statutory Net Profit66%
•Operating Net Profit After Tax
1
10%
•Operating Earnings per share 12.1 cents per share

6
NEW ZEALAND’S
LEADING AUDIO
COMPANY
Create New Zealand’s best
local audio content
Grow broadcast and
digital reach
Grow market revenue share
and digital revenue
The #1 News brand for
all New Zealanders
Subscriber
first
Be a safe, scalable
destination for advertisers
NEW ZEALAND’S
HERALD
Strengthen core residential
listings business
Be indispensable
to agents
Expand the
portfolio
YOUR COMPLETE
PROPERTY
DESTINATION
Customer FirstWin with Quality
Digital Acceleration
Audience Expansion
Top Performer
STRATEGIC PRIORITIES

7
STATE OF THE ECONOMY

8
Distributions to shareholders were $43 million during
2022 including:
•2021 final dividend of 5 cents per share, totaling $9.9
million;
•Interim dividend of 3 cents per share, totaling $5.8 million;
•Special dividend of 5 cents per share, totaling $9.7 million;
and
•On-market share buyback, totaling $17.6 million.
•Fully imputed final dividend declared of 6 cents per share, paid on
22 March 2023.
•Net debt position of $17.5 million as at 31 December 2022.
•Leverage ratio remains below target range.
•The Board believes it is appropriate to operate at the lower end of
the target leverage ratio in the current operating environment.
•Capital Management remains a key focus of the Board. It is
committed to returning excess capital to shareholders subject to the
operating environment and investment opportunities. The Board will
review commencing a further on-market share buyback as part of
the half year results announcement in August 2023.
1.Operating results presented are non-GAAP measures that exclude exceptional items to allow for a like-for-like comparison betweenfinancial years. 2021 has been
restated to excludethe impact ofGrabOne(sold October 2021). Please refer to pages 38-39 of the NZME 2022 Full Year Results Presentation for a detailed
reconciliation.
1.8
1.5
0.6
0.4
-0.4
0.1
0.6
1.1
1.6
2.1
-20
0
20
40
60
80
100
120
20182019202020212022
Leverage Radio
(Net Debt / 12 month operating EBITDA)
Net Debt ($m)
Net Debt and Leverage Ratio
Net Debt / (Cash) (LHS)Leaverage Ratio (RHS)
LOW LEVERAGE AND STRONG RETURNS
TO SHAREHOLDERS

9
We look forward to the continued
implementation of our sustainability
initiatives and to have meaningful,
sustainable practices for the wider
community, the wellbeing of our people
and the environment.
We are in the process of refreshing our
Sustainability Commitment as part of a
programmeof work to prepare for making
our first climate-related disclosures as
part of our Annual Report to be issued in
February 2024.
The following is a snapshot of our
activity for 2022.
RESPONSIBLE REPORTING AND
BROADCASTING
NZME maintains a balanced reporting
platform as Covid-19 and other major
events continued to disrupt countries
around the world, directly impacting
New Zealanders.
CONNECTING COMMUNITIES
NZME’s Great Mindsproject examined
the state of our nation’s mental health
and explored the growing impact mental
health has on Kiwis while searching for
ways to improve it.
Talanoa, Voices of the Pacific was
launched with the NZ Herald, to increase
the diversity of content and contributors
on our platforms.
The first Te Ritojournalism one-year
cadet training programme was
completed, part of a media industry
partnership to inject the industry with
voices that better reflect our diverse
communities.
SHARING OUR PLATFORMS
NZME partners with a number of
organisations to champion charitable
causes including over 1.5 million dollars
raised with W orld Vision through the
Ukraine Appeal.
Other partners included the Graeme
Dingle Foundation, Leukaemia & Blood
Cancer New Zealand, Men’s Health
W eek, W omen's Refuge (Shielded
Initiative), The Funding Network New
Zealand and the Sir John Kirwan
Foundation.
PROMOTING A HEALTHY, DIVERSE
AND SAFE WORKPLACE
NZMEstrivestomaintainitspositionasan
employerofchoiceinthemediaindustry.In
2022NZMEfinishedtheyearwithan
EmployeeNetPromoterScorethatwas
withinthetop25percent,andapproaching
thetop10%,ofconsumermedia
businessesglobally.
In2022theprotectionofourteamfromthe
risksofCOVID-19hasagainbeenapriority
focus,whichincludedcontinuingtosupport
flexiblewaysofworkingthatalsohelpto
ensurebusinesscontinuity.
EQUIPPING OUR PEOPLE
NZMEhaslaunchedaleadership
developmentprogrammeforourleaders.
Thenewprogramme,“DevelopMe”,willbe
rolledoutin2023andaimstocreate
vibrantandexceptionalleadershipacross
NZME.
CHAMPIONING THE CRAFT
NZME continues to employ 21 interns and
cadets across the business, including the
Te RitoProgramme and continuation of our
TupuToapartnership.
NZME has been recognised with a number
of industry awards and nominations
including:Voyager Media Awards, NZ
Radio Awards, IAB Awards, Beacon
Awards, INMA Awards, Deloitte Top 200
Award, New Zealand HR Awards and Grad
NZ's 2022 Student Survey.
RECYCLING
NZME launched a new sustainable
fashion-forward partnership with New
Zealand clothing design house RUBY
through Liam patterns. NZME and RUBY
created a circular solution, turning
wastepaper from the end of newspaper
print rolls from NZME’s Ellerslie printing
press into printed clothing patterns under
RUBY’s Liam Patterns brand.
NZME’s print operations at Ellerslie were
awarded the Toitūenviromarkgold
certification. W e are gold standard at
reducing waste, working efficiently, and
minimisingharm to the environment and
our people.
BEST PRACTICE
NZME continues to collaborate with our
suppliers and partners to ensure best
practice sustainable operations.
W e are in the process of finalising a
Responsible Sourcing Policy to ensure
we partner with suppliers aligned with
our focus on the environment and
sustainability.
NZME has adopted Modern Slavery
Statements and continues to work on
adopting a Responsible Sourcing Policy.
RESPONSIBILITY
The NZ Herald continues to take part in
Covering Climate Now -a global news
media initiative.
STRONG SUSTAINABILITY COMMITMENT

10
Barbara Chapman
Independent Chairman
Carol Campbell
Independent Director
David Gibson
Independent Director
Sussan Turner
Independent Director
Guy Horrocks
Independent Director
NZME BOARD

11
BARBARA
CHAPMAN
INDEPENDENT CHAIRMAN

12
MICHAEL
BOGGS
CHIEF EXECUTIVE OFFICER

13
1.Operating results presented are non-GAAP measures that include the impact of NZ IFRS 16, however, exclude exceptional items to allow for a like for like comparison between 2021 and 2022 financial years.2021 has been restated to
excludethe impact ofGrabOne(sold October 2021). Please refer to pages 38-39of thisresults presentation for a detailed reconciliation.
12.1cps
Operating EPS
1
202110.7cps 13%
$22.7m
Statutory NPAT
2021$34.4m 66%
$364.6m
Operating Revenue
1
2021$342.2m 7%
$64.7m
Operating EBITDA
1
2021$62.4m 4%
$23.3m
Operating NPAT
1
2021$21.1m10%
$43.0m
Distributed to shareholders
during the year
9.0 cps
Total Ordinary Dividends for
2022
$17.5m
Net Debt
RESULTS SUMMARY
For the full year ending 31 December 2022

14
Something about revenue
Print Advertising
Digital Advertising
Digital ClassifiedsPrint AdvertisingDigital Advertising
Reader Revenue
Radio AdvertisingDigital Advertising
Reaches over 820,000
4
•564,000 Kiwis are using oneroof.co.nz
5
•The most read property newspaper print section in NZ
4
•89% of residential for-sale listings nationwide
6
Reaches 2.0 million
1
•1.2 million digital audio listeners are reached monthly
2
•NZ’s #1 radio station & breakfast show on Newstalk ZB
1
•NZ’s #1 podcast network
3
, with over 800,000 monthly
listeners
3
Reaches 2.7 million
4
•Over 2.2 million NZ Herald weekly brand
•audience
4
•#1 Daily newspaper in NZ
4
•209,000 subscriptions across print and digital
Reaches over
3.6 million
New Zealanders
1
COMPELLING PLATFORMS FOR
AUDIENCES AND ADVERTISERS
1.GfK RAM, Commercial Radio, Total NZ 4/2022, M-S 12mn-12mn, M-F 6am-9am, Share %, Cume 000, AP10+.
2.Adswizz monthly reach Jan-Dec 2022 (monthly average).
3.Triton NZ Podranker Dec 2022 (monthly average Jan-Dec 22).
4.Nielsen CMI Q4 21 –Q3 22 November 22 Fused AP15+. Monthly coverage for Daily & Community titles, W eekly coverage for Newspaper Inserted Magazines, Monthly UA for Digital (domestic web traffic only, doesn’t include app), W eekly Reach for Radio (GfK RAM
S3 22). Note:Fused data has potential for duplication
5.Nielsen Online Ratings monthly average Q4 2022 AP15+ (domestic web traffic only, doesn’t include app).
6.OneRoof’slistings as a percentage of residential for-sale real estate listings on trademe.co.nz. Dec 2022 monthly average.

15
Millions $Millions $
1.PwC Radio advertising market benchmark report, FY19 –FY22. Note: report excludes independent broadcasters, contra revenue, and digital audio. 12 months to Dec 2022 compared to the prior corresponding period, rolling 12 month average for
market share.
2.PwC NPA quarterly performance comparison report, Q119 –Q422. Note: report excludes any publishers that are not part of the NPA.12 months to Dec 2022 compared to the prior corresponding period, rolling 4-quarter average for market share.
3.IAB NZ Digital advertising revenue report, Q119 –Q322.*only up until Q32022, Q42022report not available yet. 12 months to Sept 2022 compared to the prior corresponding period for 2022, rolling 4-quarter averagefor market share, YTD
market share for 2022. Note: Includes digital audio.
Millions $
Digital total display advertising (PCP growth)
NZME digital advertising revenue
3
16.0%
Market movement –digital revenue
3
10.7%
NZME digital revenue market share
3
26.5%
Print advertising (PCP growth)
NZME print advertising revenue
2
(2.8)%
Market movement –Print revenue
2
(2.9)%
NZME print revenue market share
2
47.5%
Radio advertising (PCP growth)
NZME radio advertising revenue
1
4.5%
Market movement –Radio revenue
1
3.2%
NZME radio revenue market share
1
41.4%
38.5%
39.0%
39.5%
40.0%
40.5%
41.0%
41.5%
42.0%
190.0
200.0
210.0
220.0
230.0
240.0
250.0
260.0
270.0
2019202020212022
Radio Market Revenue
1
Market RevenueNZME Share
46.0%
46.5%
47.0%
47.5%
48.0%
0.0
50.0
100.0
150.0
200.0
250.0
2019202020212022
Print Market Revenue
2
Market RevenueNZME Share
22.0%
23.0%
24.0%
25.0%
26.0%
27.0%
0.0
50.0
100.0
150.0
200.0
250.0
2019202020212022
Digital Market Revenue
3
Q1 - Q3Q4NZME Share
MARKET SHARE GROWTH ACROSS ALL
PLATFORMS

16
-
2.0
4.0
6.0
8.0
10.0
12.0
2019202020212022
H1H2
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
2019202020212022
H1H2
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2019202020212022
H1H2
DIGITAL AUDIO
REVENUE
DIGITAL PUBLISHING
REVENUE
DIGITAL ONEROOF
REVENUE
1.NZME Analysis.
Revenue ($m)
Revenue ($m)Revenue ($m)
+42%
+85%
+54%
+17%
+32%
+12%
+53%
+90%
+30%
DIGITAL TRANSFORMATION DELIVERING
GROWTH

17
NEW ZEALAND’S
LEADING AUDIO
COMPANY
Create New Zealand’s best
local audio content
Grow broadcast and
digital reach
Grow market revenue share
and digital revenue
The #1 News brand for
all New Zealanders
Subscriber
first
Be a safe, scalable
destination for advertisers
NEW ZEALAND’S
HERALD
Strengthen core residential
listings business
Be indispensable
to agents
Expand the
portfolio
YOUR COMPLETE
PROPERTY
DESTINATION
STRATEGIC PRIORITIES

18
2023 Target
set in 2020
2020
Achievement
2021
Achievement
2022
Achievement
NZME share of total audience
> 1% sharepoint
growthper annum​
35.6%1​37.4%1​37.7%1
Radio Revenue Share
> 1% sharepoint
growthper annum​
40.4%2​40.9%2​41.4%2​
Digital audio revenue as a % of total audio revenue
5%​2.4%​3.4%​5.1%​
EBITDA
3
Margin Target (pre NZIFRS16)
15 –17%14%
4
12%13%
Create New Zealand’s
best local audio
content
Grow broadcast and
digital reach
Grow market revenue
share and digital
revenue
NEW ZEALAND’S
LEADING AUDIO COMPANY
1.GfK Commercial RAM, NZME excl. Partners,M-S 12mn-12mn,
Market Share %, S4 2020 –S4 2022, AP10+.1* Cumulative
Audience, S2 2022.
2.PwC Radio advertising market benchmark report, rolling12-
monthaverage to 31 Dec2022. FY 2020 and 2021 figures as
previously stated in FY 2021 results announced on 23 February
2022.Note: report excludes independent broadcasters, contra
revenue and digital audio.
3.EBITDA is a non-GAAP measure and excludes exceptional items.
4.Includes Covid-19 government wage subsidy received in 2020.
Excluding the impact of the government wage subsidy received in
2020, the EBITDA margin was 10.5%.

19
2023 Target
set in 2020
2020
Achievement
2021
Achievement
2022
Achievement
Subscription Volume Target
More than210,000
by2023year-end​
169,000​191,000​209,0001​
Subscription Volume Mix
Digital Only> Print​32% / 68%​43% / 57%​54% / 46%​
% Households Subscribing
> 12% byyear-end​9%
2
10%
2
11%
2​
Advertising Revenue Mix
> 45%Digital​42% Digital​46% Digital​48% Digital​
EBITDA
3
Margin Target (pre NZ IFRS16)
18-19%
5​
19%
4
18%18%
NEW ZEALAND’S
HERALD
The #1 News
brand for all
New Zealanders
Subscriber first
Be a safe, scalable
destination for
advertisers
1.Includes the impact of the BusinessDesk acquisition.
2.Stats.govt.nz Dwelling and household estimates: Dec2022
quarter.
3.EBITDA is a non-GAAP measure and excludes exceptional
items.
4.Includes Covid-19 government wage subsidy received in
2020. Excluding the impact of the government wage
subsidy received in 2020, the EBITDA margin was 17.0%.
5.Adjusted from19-20% to reflect the change in accounting
policy on SaaS arrangements. Capital expenditure is
expected to reduce by a similar amount.

20
2023 Target
set in 2020
2020
Achievement
2021
Achievement
2022
Achievement
Residential Listings
96% of listings​
(100% of
non-
privatelistings)​
89%
1​
91%
1
89%
1
Audience
Reduce gap to#1
459k,
gap to #1 of250k
2​
497k,
gap to #1 of396k
2
564k,
gap to #1
of152k
2​
Listings Upgrade %
50% of Auckland
residentiallistings
22% of regional
residentiallistings
17.6%Auckland​
3.9%Regional​
23.5%Auckland​
5.4%Regional​
40.9%Auckland​
14.9%Regional5​
Revenue
Digital > Print24% / 76%​38% / 62%​46% / 54%​
EBITDA
3
Margin Target (pre NZ IFRS16)
15 -25%8%
4​
7%(9%)
Strengthen core
residential listings
business
Be indispensable
to agents
Expand the portfolio
YOUR COMPLETE
PROPERTY DESTINATION
1.OneRoof’slistings as a percentage of residential for-sale
real estate listings on trademe.co.nz. Dec 2022 monthly
average. Excluding private listings. FY 2020 and 2021
figures as previously stated in 2021 FY results announced
on 23 February 2022.
2.Nielsen Online Ratings, monthly average for Q42021, Q2
2022& Q4 2022(domestic web traffic only, doesn’t include
app).
3.EBITDA is a non-GAAP measure and excludes exceptional
items.
4.Includes Covid-19 government wage subsidy received in
2020. Excluding the impact of the government wage subsidy
received in 2020, the EBITDA margin was 4.7%.
5.As of Q4 2022

21
NZME EXECUTIVE TEAM
Michael Boggs
Chief Executive Officer
Paul Hancox
Chief Commercial Officer
Greg Hornblow
Acting Chief of OneRoof
Carolyn Luey
Chief Digital & Publishing
Officer
David Mackrell
Chief Financial Officer
Katie Mills
Chief Marketing Officer
Matt Wilson
Chief Operating Officer
Allison Whitney
General Counsel
Jason Winstanley
Chief Radio Officer

22
OUR PEOPLE

23
BUSINESS AND CONSUMER CONFIDENCE
IMPACTS MARKET
-30.0%
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
JanFebMarAprMayJunJulAugSepOctNovDecJanFebMar
year-on-year
1.NZME AnalysisJan 2019 –May 2023, April and May based on current bookings
2.Realestate.co.nz monthly new listings report Jan 2019 –March2023.
Residential Real Estate New Listings
Total Market Jan 2022 –Mar2023
2
% Listings
NZME Advertising Revenue Jan 2022 –May 2023
1
% change
•Second half of 2022 and start of 2023 impacted by business uncertainty.
•Second half of 2022 and start of 2023 reflects a significantly weaker
property market.
Growth on prior year
given lockdown
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
JanFebMarAprMayJunJulAugSepOctNovDecJanFebMarAprMay
v 2019year-on-year
Growth on prior year
given lockdown

24
MARKET ANDOUTLOOK
The operating environment continues to be uncertain.
Advertising revenue has been weaker in the first quarter of 2023 compared to 2022.
NZME advertising revenue would be in growth year-on-year if we adjusted for advertising spend by the Ministry of
Health in 2022 and Real Estate customer declines this year:
•First quarter 2022 included advertising spend by the Ministry of Health regarding Covid-19 information.
•Given the current decline in the real estate market, real estate customer revenue across all of our platforms
has contributed to 60% of the revenue reduction in the first quarter of 2023.
May 2023 advertising revenue bookings to date reflect an improving trend for NZME.
We are mitigating cost pressure through disciplined cost management across the business.
Despite the weaker economic environment and lower business confidence, NZME expects 2023 EBITDA in the range
of $59-$64 million.

25
MICHAEL
BOGGS
CHIEF EXECUTIVE OFFICER

26
ORDINARY
RESOLUTIONS

27
To consider and, if thought fit, to pass
the following ordinary resolution:
Barbara Chapman
That Barbara Chapman, who retires by
rotation and is eligible for
re-election, be re-elected as a Director
of NZME.
ORDINARY
RESOLUTION 1:
RE-ELECTION OF DIRECTOR

28
ORDINARY
RESOLUTION 2:
AUDITOR’S REMUNERATION
To consider and, if thought fit, to pass
the following ordinary resolution:
Auditor’s Remuneration
That the Directors of NZME be authorised
to fix the fees and expenses of the auditor
for the financial year ending 31 December
2023.

29
GENERAL
BUSINESS

30
30

31
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 full year ended 31 December 2022.
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. 2021 has been restated to
exclude the impact of GrabOne. Please refer to pages 38-39 of the annual results presentation for detailed
reconciliation of these results to the statutory results. See note 1.2.2 of the consolidated interim financial
statements for the year ended 31 December 2022 for the restatement adjustments that have been applied.
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.
DISCLAIMER