NZME (NZM) AGM 2025 summary

Opening remarks and agenda

• Meeting delayed to allow shareholders to consider multiple resolutions and nominations.

• Hybrid format enabled in-person and online participation, including voting and Q&A.

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

• Agenda included financial performance, strategy updates, governance matters, 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.

• 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.

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

• Operating free cash flow decreased to NZD 11.3 million, reflecting lower earnings and higher capital spend.

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

Board and executive committee updates

• Board introduced new nominees Steven Joyce and Jim Grenon, both supported for election.

• Bowen Pan to be appointed as director post-meeting; editorial advisory board to be established.

• Outgoing Chair Barbara Chapman acknowledged for her leadership; new Chair to be appointed after the meeting.

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

• Ordinary resolutions proposed for re-election of Sussan Turner and appointments of Steven Joyce and James (Jim) Grenon as directors.