TVNZ Navigates Challenging Year To Deliver Strong FY25 Result

TVNZ successfully navigated FY25’s challenging economic conditions and today’s result places the business in a strong position to leverage its mass reach audiences, advance its ambitious digital strategy and deliver on its aspiration to be New Zealand’s number one streaming platform for local content, trusted news, entertainment and sport.

For the year ended 30 June 2025, TVNZ reported underlying operational earnings (EBIT) of $4.9 million and an adjusted Net Profit After Tax of $10.7 million, at the top end of guidance provided at the FY25 interim results.

The final reported Net Profit After Tax (NPAT) of $25.7 million includes net positive, non-cash impairment adjustments. TVNZ has also confirmed a dividend of $3.1 million for FY25.

Total revenue decreased by 2.7% year-on-year to $281.1 million, as challenging trading conditions and market disruption experienced in FY24 persisted into FY25 across the sector. Positively, digital advertising revenue grew 12.7% year-on-year, making up a quarter of total advertising revenue. TVNZ’s digital advertising growth outperformed the market in FY25 and is forecast to grow to a third of total advertising revenue in FY26.

Concerted efforts were made to reset the operating cost base of the business to align with a digitally led future and respond to the immediate economic outlook. Underlying costs reduced by $41.2 million, with additional accounting adjustments related to the FY24 impairment bringing total costs to $261.2 million for FY25. Strong cash management underpins TVNZ’s FY25 performance.

“I’m proud of the commitment and resilience TVNZers have shown to deliver this result. As a business we’re made huge strides toward our ‘digital first’ goals, but importantly, we’ve done this while keeping our focus firmly on audiences and advertisers and what they need today. We’re entering the new financial year with momentum and determination. We have an exciting 12 months ahead of us,” said TVNZ Chief Executive, Jodi O’Donnell.

Digital+ Year One

TVNZ delivered the first year of its five-year Digital+ strategy in FY25. The plan sets out three key objectives for transitioning to a digital-first media business; to double TVNZ+’s 18-54 audience, triple digital advertising revenue and create a sustainable operational model. FY25 involved setting the foundations for significant and business-wide technological change through design and mobilisation stages, in readiness for moving to execution phases in FY26 and FY27.

Year-on-year sustained digital growth underpins TVNZ’s strategic direction. In FY25, TVNZ+ reaffirmed its position as the biggest and most loved local streaming platform, sitting behind YouTube and Netflix in market. Weekly audience grew to 1.59 million New Zealanders, an audience increase of 10.7% year-on-year. News, local favourites including Shortland Street and Hyundai Country Calendar and premium international including The Day Of The Jackal, Rogue Heroes, The Rookie and Love Island powered this growth.

A dedicated home for news on TVNZ+ was developed, with news clips and exclusive in-depth content now reaching over 250,000 accounts weekly. FAST channels (Free Ad-supported Streaming TV) were launched, with new channels set to land across FY26. For advertisers, new ad and data products debuted. TVNZ+’s Activate suite of products introduced sophisticated measurement, advanced targeting (including advertiser first party data matching) and innovative ad-tech solutions through global partnerships, driving revenue increases without disrupting TVNZ+’s premium, ad-light offering.

“TVNZ still provides New Zealand’s biggest free-to-air offering, reaching 2.4 million Kiwis weekly. Increasingly though, our audiences are engaging with us online. We’re focused on managing our audience transition through offering the products and services we know our audiences and advertisers love and securing the best content to air across our channels and platforms.

The FY26 slate is world-class and recent confirmation of the ANZ Premiership Netball, National Provincial Rugby and FIFA World Cup 26 means there’s a lot for viewers to look forward to,” said O’Donnell.

Future Outlook

In FY26 and FY27, TVNZ is expected to deliver an underlying operations earning (EBIT) loss at the end of each year. A significant one-off investment in technology projects to drive strategic outcomes for the business will impact the results. This critical investment continues to be self-funded through cash reserves. Outside of this investment, the newly reset cost base of the business and forecasted revenue will remain in lockstep.

In FY26, audiences can expect to see the launch of a new TVNZ+ platform which will upgrade the user experience and enable cutting-edge features and functionality. TVNZ will diversify into pay-tv events, with recently announced FIFA World Cup 26 ™ the first offering.

For commercial partners, comprehensive digital audience measurement will roll out, and self-service cross-platform trading on TVNZ 1, 2 DUKE and TVNZ+ will enable advertisers to buy TV just as easily as they do any other digital advertising propositions. Addressing ‘tech debt’ will continue, with modernised technology deployed through FY26 and FY27.

“TVNZ’s transition to a digital-first operating model is well underway. FY26 and FY27 is where this investment will impact our bottom line. This is a once in a generation opportunity to invest in TVNZ and secure a vibrant and sustainable future. It will ensure we can continue to serve all New Zealanders with our unique content mix of local content, trusted news, exhilarating sporting moments and the very best entertainment well into the future,” said O’Donnell.

An update on expected FY26 financial performance will be provided at the half year result in early 2026.

AUDIENCE SNAPSHOT

TVNZ+

TVNZ+ audience grew 10.7% year-on-year. Three of the top 10 streaming shows were local, with 1News at Six retaining its number one spot.

Broadcast TV

TVNZ Broadcast audiences held strong with a weekly reach of 2.4 million New Zealanders. Nine of the top 10 broadcast shows across all broadcast channels were local and all appeared on TVNZ 1.

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