MediaWorks Reports Return to Profitability in a Strong FY25 Performance

MediaWorks has today released its full year financial results for the year ended 31 December 2025 (FY25), highlighting a strong return to profitability and sustained growth as a standalone business.

Following the strategic separation from the Outdoor business, MediaWorks Radio (comprising New Zealand’s leading radio brands and the digital platform rova) delivered a compelling performance, with double-digit revenue growth and a significant improvement in net profit.

Financial Performance Highlights

The FY25 results represent a major milestone for the business, delivering growth across all key financial metrics:

Net Profit: MediaWorks achieved a post tax profit of $3.8 million, a turnaround of $22 million from the $18.2 million loss reported in FY24.
EBITDA: Underlying earnings reached $28.3 million, an increase of $11.8 million (72%) from $16.5 million in the prior year.
Revenue: Total revenue reached $167.8 million, an increase of $15.2 million (10%) from $152.6 million in FY24, with both radio and digital audio delivering strong year-on-year growth.
Operating Cash Flow: Net cash generated from operating activities rose to $21.9 million, a 69% increase compared to the prior year.

MediaWorks CEO Wendy Palmer said: "These results are the strongest the business has delivered in recent years. To return to a bottom line profit while growing our audience and revenue share is a testament to the focus of our teams. By simplifying our operations to focus solely on Audio - our heritage and passion - we have been able to capitalise on our strategy with more discipline."

MediaWorks Chairman Barclay Nettlefold said: "The successful separation of the Audio and Outdoor divisions has validated the strength of the standalone Audio business. With a return to profitability and a clear strategic path forward, MediaWorks is exceptionally well positioned to continue its growth as New Zealand's leading audio-led media platform."

MediaWorks CFO Mike Asbridge said: "Achieving a $22 million NPAT turnaround in one year is a significant milestone for MediaWorks. These are the best results we have seen in a long time, both in terms of year on year growth and delivering a clear profit. It demonstrates that our brands and digital platforms are delivering exactly what both our audiences and advertisers recognise as high value."

Market Leadership and Content Innovation

MediaWorks remains New Zealand’s primary radio destination, reaching 2.36 million Kiwis weekly with 58.6% market share in the key 25-54 demographic. [1]

Breeze welcomes a new sister station to the brand with the launch of Breeze Classic in November ‘25. Together the Breeze and Breeze Classic brand reaches 797,000 unique listeners across NZ every week, broadening audience reach and enhancing the network’s appeal across key commercial demographics. [2]
Mai FM: Achieved the top position in the Auckland market, becoming the #1 station for all people 10+ in the city with 227,000 listeners every week tuning in. [2]
Audience Gains: Total audience share increased to 53.7% for the year. Notable growth was seen in Christchurch, where audience share reached 63.7% following Simon Barnett’s return to More FM Breakfast. [2]

Digital and Podcast Growth

The rova platform continues to drive the company’s digital transformation, with digital audio revenue performing strongly in FY25.

rova originals: The podcast Not For Radio continues to lead for Mediaworks across podcast charts, while the sports focused DSPN network has now surpassed 11 million views on YouTube.
Premium Talent: Broadcaster Brodie Kane joined the network late in the year, bringing her popular series Kiwi Yarns and newly launched podcast Let Her Finish to the rova platform.

FY26 Trading and Outlook

Momentum from FY25 has continued into Q1 2026, with MediaWorks delivering strong year-on-year growth in both revenue and EBITDA. Digital remains a key growth driver, with revenue increasing by more than 50% versus the same period last year.

[^1]: GfK COMMERCIAL RAM, S3/25, Cume, AP25-54, M-S 12mn-12mn, unless otherwise stated [^2]: GfK COMMERCIAL RAM, S3/25, Cume, AP10+, M-S 12mn-12mn, unless otherwise stated