“Subject to trading conditions in the second half, and assuming no further material deterioration in market conditions, NZME expects full-year 2026 operating ebitda [earnings before interest, taxes, depreciation, and amortisation] to be ahead of the $62.3m reported in 2025,” the company told the NZX.
For the six months to June 30, operating revenue and other income was $167m, up from $165.7m. The post-tax profit of $6.6m compared with a $400,000 loss in the same period last year.
Net debt reduced by $13.9m to $19.4m.
The NZME board declared an interim dividend of 3 cents per share.
NZME chair Steven Joyce also pointed to future cost savings.
“NZME remains focused on improving overall operating efficiencies, off its current cost base, while also growing revenue.
“Key areas include the recently announced print plant investment, which will deliver reductions of $7m in annualised benefits, new initiatives leveraging AI and automation, also of $7m annualised, plus negotiated reductions in the Auckland Central office operating lease costs, which are due to be finalised late in 2026.”
For the six months to June 30, the company’s advertising revenue grew 2% to $118.6m, which it said was in line with the wider market.
NZME chair Steven Joyce (top left) and chief executive Michael Boggs.
“Audio was the standout performer, with operating revenue up 8% to $61.8 m and operating ebitda up 19% to $11.9m, supported by growth across radio and digital audio advertising,” the company said.
“Publishing operating ebitda was steady at $15.3m, with digital publishing ebitda up 11% to $6.3m and total subscriptions across print and digital now exceeding 250,000.
“OneRoof digital revenue grew 4%, and the new OneRoof app has lifted monthly app users by 54% since launch.”
State-owned TVNZ and publicly listed Sky TV are also delivering their latest financial results this week – an important window on the fortunes of media and the state of the overall economy.
All three media firms rely heavily on commercial revenue, and their results and outlooks are being watched closely for any hint that marketing budgets are being loosened, which would be an encouraging sign of rising business confidence.
NZME chief executive Michael Boggs. Photo / Jason Dorday
NZME chief executive Michael Boggs told staff in an email: “We will be continuing to invest for growth as revenue remains at the heart of us improving performance over both the short and longer term.
“As you will all know, we are always focused on ways we can reduce our costs, and that will continue to be a focus moving forward. You will have seen and heard examples across the business of where we’ve successfully used technology and automation to help us work smarter and be more efficient, and we’ll continue to look at ways we can do that.
“We’ll also be disciplined in managing vacancies across the business – with careful consideration around each vacant role.”
Boggs told the NZX that NZME had delivered the stronger first half despite tougher than expected economic conditions.
“Our core businesses across audio, publishing and OneRoof remained resilient.
“Audio carried its momentum from the second half of 2025 into the first half of 2026, publishing held earnings while continuing to shift its revenue mix towards digital, and OneRoof continued to grow ebitda despite a subdued property market.
“We delivered this result while continuing to invest in the digital products and platforms that will shape NZME’s next decade, including new NZ Herald and OneRoof apps.”
Today’s result follows a full-year, post-tax profit of $13.1m and operating ebitda of $62.3 million in 2025.
That result for the 12 months to December 31 was partially driven by a “radio resurgence”, the company told investors this year, as well as operating ebitda growth in digital publishing and property portal OneRoof.
At the time, Boggs described the result as a “strong performance” and, in a market outlook, he said the company was “cautiously optimistic” heading into 2026, with advertising revenues on track for 3% growth, year-on-year, in the first quarter.
NZME said the 2025 financial results were also “helped by easing inflation and improving business and consumer confidence”.
In his market outlook at the time, Boggs said: “NZME is well-positioned to benefit from an economic upturn, and we’re focused on delivering top-line revenue growth in 2026.
“We’re seeing encouraging signs of recovery with advertising revenues for the first quarter on track to deliver an estimated 3% growth year on year.
“It’s pleasing to see activity levels and market sentiment continuing to improve, and we’re anticipating a gradual recovery as inflationary pressures and global economic uncertainty linger.”
NZME shares closed at $1.12 on Monday, a two-month high.
Sky TV and TVNZ will announce their financial results on Friday.
Editor-at-Large Shayne Currie is one of New Zealand’s most experienced senior journalists and media leaders. He has held executive and senior editorial roles at NZME including Managing Editor, NZ Herald Editor and Herald on Sunday Editor and has a small shareholding in NZME.