NZME (NZM) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with thanks to shareholders for patience due to delayed AGM, caused by multiple shareholder resolutions and nominations requiring careful consideration.

• Hybrid format enabled both in-person and online participation, with instructions for voting and Q&A provided.

• Chairman Barbara Chapman and CEO Michael Boggs delivered addresses outlining the meeting's agenda and company performance.

• Agenda included financial performance review, strategic updates, governance matters, voting on four resolutions, re-election and appointment of directors, auditor's remuneration, and general business.

Financial performance review

• Operating revenue increased 2% to NZD 345.9 million, driven by digital advertising growth, especially from OneRoof and audio businesses.

• Operating net profit after tax was NZD 12.1 million, down from NZD 14.1 million in 2023; statutory net loss after tax was NZD 16 million due to a NZD 24 million non-cash impairment of masthead assets.

• Operating EBITDA for 2024 was NZD 54.2 million, lower than prior year due to challenging market conditions.

• Operating free cash flow was NZD 11.3 million, reflecting lower earnings and higher capital expenditure.

• Net debt at year-end was NZD 24.1 million, within target leverage range.

Board and executive committee updates

• Introduction of board members and executive team, with board supporting nominations of Steven Joyce (proposed new chair) and Jim Grenon as directors.

• Bowen Pan, a technology and marketplace expert, to be appointed as director post-meeting.

• Outgoing chair Barbara Chapman acknowledged for her leadership; new board to meet immediately after AGM to appoint new chair.

• Board includes Barbara Chapman (Chairman), Carol Campbell, Sussan Turner, and Guy Horrocks.