NZME Updates FY23 Guidance

NZME Updates FY23 Guidance AUCKLAND, 7 November 2023: NZME Limited (NZX: NZM, ASX: NZM) ("NZME") notes that the economic environment over the past year has been challenging. Advertising revenue for the first half of 2023 was down 7 percent year on year. Given this, NZME provided an update in August that it expected to achieve EBITDA at the bottom of the guidance range of $59 million to $64 million for 2023. The second half has seen improvement in business confidence, but this is not yet consistently reflected in advertising revenue results: o Quarter 3 advertising revenue was down 2 percent year on year o Quarter 4 started with October advertising revenue growth of 1 percent year on year o November (the largest revenue month of the year) and December are currently pacing slower, with a number of customer campaigns being cancelled or deferred until 2024 Given the current advertising revenue volatility in the market, NZME amends its guidance for EBITDA to be between $57 million and $59 million for 2023. NZME is continuing its transition to a digital-led business and will update its shareholders at its Investor Day on 15 November 2023. ENDS Authorised by the Board of NZME Limited. For further information: For media Kelly Gunn GM Communications +64 27 213 5625 Kelly.gunn@nzme.co.nz For investors David Mackrell Chief Financial Officer +64 21 311 911 David.mackrell@nzme.co.nz End CA:00421156 For:NZM Type:MKTUPDTE Time:2023-11-07 08:30:20