TVNZ delivers strong FY25 despite tough market

AUCKLAND, Today: TVNZ has come through a tough FY25 and landed in a strong spot. With mass reach audiences and a growing digital push, the broadcaster is aiming to become New Zealand’s top streaming destination.

For the year ending 30 June 2025, TVNZ recorded $4.9 million in underlying operational earnings (EBIT) and $10.7 million in adjusted Net Profit After Tax, hitting the upper end of earlier guidance.

The final Net Profit After Tax stood at $25.7 million, thanks to net positive non-cash adjustments. Shareholders also get a $3.1 million dividend for FY25.

Revenue dropped 2.7% year-on-year to $281.1 million, but digital advertising told a different story, climbing 12.7% and now making up a quarter of TVNZ’s total ad revenue.

The business cut operating costs by $41.2 million, helped by accounting adjustments tied to FY24. Total costs landed at $261.2 million, with strong cash management supporting the year’s performance.

“I’m proud of the commitment and resilience TVNZers have shown to deliver this result. As a business we’ve made huge strides toward our ‘digital first’ goals,” said Chief Executive Jodi O’Donnell.

FINANCIAL SNAPSHOT

“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.”

Digital+ Year One
FY25 was the first step in TVNZ’s five-year Digital+ strategy, built around doubling TVNZ+’s 18–54 audience, tripling digital ad revenue and creating a sustainable digital-first operating model.

Audience numbers on TVNZ+ hit 1.59 million weekly, up 10.7% year-on-year. Local hits like Shortland Street and Hyundai Country Calendar powered growth, alongside global titles like Love Island, The Rookie and The Day of the Jackal.

News also got its own home on TVNZ+, with clips and in-depth exclusives reaching more than 250,000 accounts weekly. FAST channels launched, and new advertising tools rolled out to boost revenue.

“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,” O’Donnell said.

“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.”

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. 

Looking Ahead
TVNZ expects EBIT losses in FY26 and FY27 as it invests heavily in technology projects. These one-off costs will be self-funded through cash reserves to drive long-term digital outcomes.

FY26 will see the launch of a new TVNZ+ platform with improved features and user experience. The company is also moving into pay-TV events, starting with FIFA World Cup 26.

Advertisers can expect advanced digital audience measurement and self-service cross-platform trading. Meanwhile, TVNZ will continue addressing “tech debt” with updated systems across 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,” said O’Donnell.

“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.”

An update on expected FY26 financial performance will be shared with the half-year result in early 2026.

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.