“Advertising revenues are currently tracking to deliver approximately 3% growth across the first four months of 2026,” Boggs told the meeting.
He said first-quarter 2026 profitability had improved year-on-year, “reflecting the advertising revenue growth we are seeing and the run-rate benefit of cost savings initiatives implemented during 2025″.
NZME owns the NZ Herald, Newstalk ZB, property website/app OneRoof, BusinessDesk and a suite of entertainment radio stations, including ZM and The Hits.
NZME chief executive Michael Boggs. Photo / Annaleise Shortland
Boggs noted the company’s OneRoof business had more direct exposure to property market conditions.
“While its long-term value proposition remains compelling, the pace of expansion may be moderated in the near term given the softer property market conditions, inflationary pressures, and the potential for higher interest rates.”
More broadly, he said that given the current operating environment, “the outlook remains subject to heightened economic uncertainty and global volatility”.
“Management continues to closely manage costs, prioritise returns on investment, and preserve financial flexibility.”
That focus on costs was reiterated by Boggs later in the meeting, while his own remuneration levels were raised by influential Australian-based shareholder Roger Colman, who flew to Auckland for the gathering.
NZME directors Kate Parsons (left), Guy Horrocks and Jim Grenon. Photo / Annaleise Shortland
A few minutes earlier in the meeting, Colman presented NZME director and major shareholder Jim Grenon with a small toy lawnmower mounted on a plaque, in recognition, he said, of Grenon helping cut costs over the past 12 months.
Colman later followed that up with a question that he said he was asking on behalf of another shareholder he was representing – it was focused on Boggs’ salary since 2016.
“I think the board has to start looking – this is now my opinion from the voices I hear – at CEO succession in due course.”
Colman also said there had been “a bit of disquiet” about some of the “pretty poor market share performance of the company”.
Joyce said in response that Boggs had taken a reduction in remuneration in recent times, “which is appreciated by the board”.
According to the latest NZME annual report, Boggs earned $1,182,302, including a base salary of $809,822 in 2025.
NZME chairman Steven Joyce. Photo / Annaleise Shortland
Joyce referred to the broader financial performance of the company over the past 12 months, following the overhaul of its board.
“We feel that this is very much a report card on a first year of improving profitability for the company, and we believe there’s plenty of work to do both on the revenue growth side and on the cost reduction side,” Joyce said.
“I’d say let’s see how the next year goes – subject to, of course, who’s invading who around the world – but we’re feeling positive about the direction of travel and we definitely understand the desire for improved performance.
“I’d ask you to see the December year 2025 as the first step along that path.”
In February, NZME announced operating ebitda of $62.3 million for 2025, up 15% on the previous year, and a net profit after tax of $13.1m, turning around the previous year’s $16m loss.
The result for the 12 months to December 31 had been partially driven by a “radio resurgence”, the company told investors in February, as well as operating ebitda growth in digital publishing and property portal OneRoof.
In his own formal address today, Joyce also acknowledged the uncertainty.
“Business and consumer confidence had started to strengthen through 2025, but that has now tempered due to global events and domestic cost pressures.
“As you can see by those stark changes to the Consumer Price Index and REINZ House Price Index forecasts … movements over the last six months reflect that current volatility, which has led to a dampened outlook for 2026 compared with prior economic forecasts.”
However, he said NZME was confident it was positioning itself well “to take advantage of any upside that occurs as the year progresses”.
NZME did not provide any earnings guidance at the meeting.
Shareholders today overwhelmingly re-elected directors Bowen Pan and Kate Parsons, in a meeting that was far less intense than last year’s gathering, in which a new board was installed, including Grenon, and Joyce as chairman.
Grenon, who now holds just over 19.90% of the company, was also at today’s annual shareholders meeting, but apart from saying a brief thank you to Colman, he did not address the meeting.
At one stage today, a shareholder raised concerns about the Herald’s climate coverage, and the response he had received from the newsroom. He felt it was a political response. The full details of the complaint were not outlined at the meeting.
In response, Joyce said: “We are not here to be a political organisation, we are here to be a media organisation.”
He said the company’s editor-in-chief Murray Kirkness was reviewing the matter.
Independent workplace review
Boggs told the meeting that the period in which former OneRoof boss Greg Hornblow had been arrested and charged was “disturbing”.
Hornblow’s sacking and the subsequent departure of two other senior NZME managers led to an independent workplace review.
Joyce updated shareholders on that today.
“In February of this year, the board commissioned an independent workplace review following the termination of employment of three senior managers from two of our business units late last year.
“The review concluded that the departure of the three senior managers from OneRoof and ZM addressed specific safety and welfare issues which were identified at the time in those two businesses.
“More generally, the review found that NZME had more work to do in order to ‘promote and maintain a supportive work environment in which employees and other persons are treated with respect and dignity’.
“The report found that in order to encourage people to report inappropriate conduct in the future, a number of company practices will need to be strengthened.
“The board will oversee delivery of those changes and will receive regular reporting on progress, with staff also being kept updated.”
While Pan and Parsons were re-elected to the board, Dunedin City councillor Benedict Ong – who nominated himself – missed out, with a landslide of votes against his nomination.
Ong gave an impassioned speech to the meeting, but had to leave early, before the meeting was over.
Notes to the meeting stated that the board did not have sufficient information to form a view on what Ong’s skills and expertise would bring to the table.
“The board is of the view that the ongoing board, which, following the retirement of Carol Campbell, will be comprised of six directors including those directors up for re-election, is an appropriate size, and possesses an appropriate balance of skills and expertise having regard to the size and nature of NZME’s business.”
NZME shares sat at $1.10 on Wednesday evening, up 1c on the previous close.
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.