TVNZ has reported a profit for the 2025 financial year, despite continued challenges in the advertising market and a fall in overall revenue.
For the year ended 30 June 2025, the broadcaster recorded underlying operational earnings (EBIT) of $4.9 million and an adjusted net profit after tax of $10.7 million. The final reported profit was $25.7 million, reflecting one-off accounting adjustments. A dividend of $3.1 million will be paid for the year.
Total revenue was down 2.7% to $281.1 million, as weak advertising conditions carried over from last year. Digital advertising, however, grew 12.7% and now makes up a quarter of total ad revenue. TVNZ expects that share to rise to a third in 2026.
The company also reduced underlying costs by $41.2 million, with total costs coming in at $261.2 million.
Chief executive Jodi O’Donnell said staff had shown resilience during what she described as a pivotal year.
“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, 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,” she said.
Digital focus
FY25 marked the first year of TVNZ’s five-year Digital+ strategy, which aims to double TVNZ+’s 18–54 audience, triple digital advertising revenue and create a sustainable operating model.
Weekly audiences for TVNZ+ rose 10.7% to 1.59 million viewers. Local shows such as Shortland Street and Hyundai Country Calendar, alongside international series including The Rookie and Love Island, helped drive growth.
The platform also added a dedicated news section, attracting more than 250,000 accounts weekly, and launched FAST (Free Ad-supported Streaming TV) channels, with more expected in FY26. New advertising and data products were rolled out, including advanced targeting tools and partnerships with global ad-tech firms.
O’Donnell said the mix of broadcast and digital platforms remains important.
“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.”
Looking ahead
TVNZ expects to post operating losses in FY26 and FY27, as it invests heavily in technology to modernise its digital platforms. The projects will be funded from cash reserves.
A new version of TVNZ+ is set to launch in 2026, promising a refreshed user experience and new features. The company also plans to introduce paid streaming events, starting with the FIFA World Cup 2026, and roll out new tools for advertisers, including cross-platform trading and expanded digital audience measurement.
O’Donnell described the investment as essential for TVNZ’s long-term future.
“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,” she said.
An update on FY26 financial performance will be provided at the company’s half-year results 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.
| Title | Account Reach | Streams |
| 1News At Six | 616,015 | 15,751,784 |
| The Day Of The Jackal | 434,308 | 5,072,075 |
| The Rookie | 385,140 | 23,326,393 |
| Bluey | 282,068 | 46,928,221 |
| The Substance | 254,788 | 494,327 |
| Rogue Heroes | 251,268 | 2,469,655 |
| Love Island | 239,053 | 7,800,088 |
| Shortland Street | 226,692 | 15,379,616 |
| Tulsa King | 220,514 | 3,445,696 |
| Hyundai Country Calendar | 216,007 | 2,087,082 |
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.
| Title | Channel | Ave. Audience | Ave. Reach |
| 1News at Six | TVNZ 1 | 594,600 | 865,200 |
| Hyundai Country Calendar | TVNZ 1 | 558,100 | 769,600 |
| New Zealand’s Best Homes With Phil Spencer | TVNZ 1 | 531,500 | 840,500 |
| Grand Designs New Zealand | TVNZ 1 | 461,700 | 756,700 |
| Moving Houses | TVNZ 1 | 431,200 | 676,700 |
| Seven Sharp | TVNZ 1 | 402,600 | 629,300 |
| My Family Mystery | TVNZ 1 | 397,800 | 716,100 |
| Travel Guides Australia | TVNZ 1 | 392,600 | 713,500 |
| Find My Country House New Zealand | TVNZ 1 | 387,800 | 558,500 |
| Off The Grid With Colin and Manu | TVNZ 1 | 384,500 | 627,700 |
