Dear Shareholders

It is my pleasure to present to you Nation Media Group's Chairman's report for the year ending 31 December 2024.

Business Performance

The Group continued to demonstrate remarkable resilience and adaptability amidst diverse challenges in the operating environment and relentless disruption in the media industry.

Notwithstanding the challenges, the Group's product innovation and ongoing organizational transformation initiatives continued to drive improvement in its operating performance as enumerated in more detail in the Group CEO's report.

Group turnover for the year at Kshs 6.2 billion was 12.5% below prior year. Despite the decline in total revenue, the Group recorded a growth of 11% in its digital business which is testament to the prospects of the efforts being directed at monetization of our digital assets.

Continued focus on cost containment and increased digitization of the business processes led to a reduction of 17.2% in operating costs, which contributed to a marginal reduction in the loss before tax from Kshs 0.4 billion in 2023 to Kshs 0.3 billion in 2024.

We firmly believe in the media's power not only to inform, but also to educate and empower. Our content is designed to shed light on matters that affect lives and livelihoods, bridging the gap between information and action.

Thought Leadership & Impact

Nation Media Group has continued to play a pivotal role in distilling and contextualising the critical issues shaping the continent. Across our platforms, we have consistently amplified diverse voices—from academia, industry, civil society, and beyond—reflecting the breadth and depth of African thought and experience.

We firmly believe in the media's power not only to inform, but also to educate and empower and our content is designed to shed light on matters that affect lives and livelihoods, bridging the gap between information and action.

Over the past 66 years, NMG has proudly taken on the role of explainer, societal watchdog, and champion of democracy. The result is a more informed, engaged, and empowered citizenry across the region - one better equipped to shape its own future.

Beyond our daily journalism, NMG continues to invest in thought leadership as a powerful platform for diverse stakeholders to share ideas, spark dialogue, and chart actionable solutions.

In 2024, we sharpened our focus on sustainability - covering issues such as healthcare, climate change, gender equality, and education - through impactful regional forums including the Health Summit, Earthwise, and Rising Woman among others.

We also hosted the inaugural Invest Somalia Conference and Expo in Mogadishu, marking a significant milestone in regional engagement following Somalia's admission into the East African Community (EAC) in 2023.

With over 750 delegates in attendance, the event served as a catalyst for new partnerships and cross-border trade opportunities. Entrepreneurs and investors alike found new grounds for collaboration, unlocking avenues for business growth and regional integration.

These forums underscore our unique ability to convene stakeholders with a common purpose. Leveraging our regional reach and credibility, the Group will continue to drive meaningful change and deliver enduring impact through its thought leadership endeavours.

Outlook

The East African media landscape is dynamic, vibrant, and increasingly shaped by global trends and shifting consumer expectations. The proliferation of technology and increase in access to the internet has significantly expanded media consumption across the region and led to the rise of independent online platforms, thereby increasing competition.

While this has posed new challenges, it has also sparked greater creativity and enriched content diversity. At Nation Media Group, we have reorganised our operations to remain agile and future-ready, in the face of this changing media landscape.

However, the digital revolution has also brought new complexities. Audiences are now more fragmented, gravitating toward real-time, personalised, and interactive content thus making it more challenging for traditional media houses to monetize digital media. In addition, the rise of misinformation and disinformation has undermined trust in online content.

In response, NMG has reinforced its role as a trusted source of verified news and information. Our digital platforms have become vital reference points for audiences seeking accuracy and integrity.

The media sector in East Africa also continues to grapple with soft censorship, including legal and regulatory pressure, coordinated social media attacks. In 2024, NMG experienced some of these pressures first-hand across the region.

Strategy Update

Despite the difficulties affecting the industry, our unwavering commitment to journalistic excellence and innovation has strengthened our market position in the region, and reinforced our role as a trusted source of information for the communities we serve.

In 2024, we sharpened our focus on sustainability - covering issues such as healthcare, climate change, gender equality, and education - through impactful regional forums

Strategy Implementation

Now at the mid-point of our 5-year strategy, The NorthStar, NMG is committed to fulfilling its mandate and will continue to invest in future-proofing the organisation and to ensure its long-term success.

I am glad to report that we have made significant strides on this agenda, from scaling our data and technical capabilities to enable us to know our customers and thereby serve them better across platforms. This has in turn supported the second and third pillars of our strategy, which are to enhance our customer lifecycle value through a variety of cross-platform innovations and to diversify our sources of revenue, respectively.

We have also invested heavily in our talent through new hires who possess unique skills, and increased talent development to ensure we are fit-for-purpose now and in the future. Lastly, we have invested in our brands, which have shown significant resilience in an age of misinformation and disinformation.

Governance

Nation Media Group is anchored in a robust governance framework that underpins ethical leadership, strategic oversight, and long-term value creation. The Group Board brings together a diverse blend of international expertise and experience.

Supported by specialised committees, the Board provides strategic direction across critical areas including risk management, editorial independence, talent development and sustainability. This governance structure ensures that NMG remains agile, innovative, and aligned with the expectations of all our stakeholders.

In 2024, the Board deepened its understanding of emerging technologies, notably Artificial Intelligence (AI), to strengthen its ability to guide the Group through its digital transformation.

Further, changes across the Group and regional Boards were implemented to ensure that the leadership is aligned with the organisation's future ambitions. These developments reflect the Board's continued focus on succession planning as a strategic priority, in an increasingly complex operating environment.

Management

We are very pleased to welcome Geoffrey Odundo, as our Group Managing Director and Chief Executive Officer. He joined the Group in April 2025, following the departure of Stephen Gitagama, who retired after seventeen years of exemplary service, including six as the Group Chief Executive Officer.

Prior to joining Nation Media Group, Mr. Odundo served as the Chief Executive Officer of the Nairobi Securities Exchange (NSE). He was the founding Managing Director and CEO of Kingdom Securities Limited and held various other senior executive and advisory roles across the financial and corporate sectors.

The Board has full confidence in his leadership and the fresh momentum it brings to our mission of delivering value through trusted journalism and meaningful innovation.

We also wish to sincerely thank Stephen Gitagama for his dedicated service and contribution to the Group.

Board Development

During the year, we bid farewell to Francis Okello, Wangethi Mwangi, Sumayya Hassan and Leonard Mususa who in total served the Group Board for close to fifty years.

I would also like to acknowledge the upcoming departures of Dr. Yasmin Jetha, who has previously chaired the HR committee and served as a member of the Audit and Risk Committee and Strategy and Investments Committee and Prof. Samuel Sejjaaka, a member of the Group Board's Audit and Risk committee and Chairman of the Monitor Publications Limited Board, who will be stepping down from the NMG Board at this year's AGM.

On behalf of the Board, I extend our deepest appreciation to each of them for their outstanding contributions to the organisation and the communities we serve.

It is also my pleasure to welcome the new non-Executive Directors who have joined the NMG Board since my previous report namely: Prof. Nancy Booker, Dean and Associate Professor of Journalism, Media, and Communications at The Aga Khan University's Graduate School of Media and Communications; Paul Kasimu, a leading HR professional who has held top executive HR positions in several blue chip organisations including East African Breweries Plc, Safaricom Group Plc and Kenya Airways; Joe Muganda, former Group CEO of NMG and current Chairperson at Stanbic Bank Kenya; and David Nchimbi, a seasoned consulting professional and Managing Director of Pemandu Associates Limited, a multi-disciplinary consulting firm based in Tanzania.

David is also currently the Board Chairman at NMB Bank (Tanzania) and Tanzania Telecommunications Corporation (TTCL). Their diverse perspectives and wealth of experience across journalism, human capital, financial services, and regional business will be invaluable as we continue our journey of transformation and growth.

Finally, after more than 30 years of dedicated service to Nation Media Group — as Group Chief Executive Officer (1993–2006), Non-Executive Director (2006–2009), and Chairman (2006–2025) — I will be retiring from the Board at the upcoming Annual General Meeting.

It has been an honour to serve this great institution and witness its evolution into a regional leader in independent journalism. I leave with deep gratitude for the trust placed in me and with full confidence in the leadership now in place to take NMG into its next chapter.

Transition

Sadly, the Founder of our Group, His Highness Prince Karim Aga Khan IV, passed on in February this year. A visionary leader and philanthropist, His Highness founded Nation Media Group in 1959 during a pivotal moment in the region's history.

Birthed during the colonial era, the Aga Khan sought to create an independent platform that resonated with the Kenyan citizen and brought to light the aspirations, hopes, dreams, challenges, and experiences of the ordinary person.

Over the years, as NMG has transitioned from a single publication, *Taifa*, to the largest multimedia house in East and Central Africa, with presence across four countries and a digital monthly reach of over 63 million users, the mission for which we were created has remained core to our existence.

In the words of His Highness, spoken at the inaugural Kusi Ideas Festival held in 2019: “We have an opportunity — and responsibility — to assist people and communities to construct strong, resilient foundations, to ensure sustainable progress and lasting, positive change.”

The values that NMG upholds are testament to what His Highness held dear — fairness, impact, citizen participation, empowerment, and equality. His passion, and the foundation upon which he built his legacy, revolved around improving the living conditions and opportunities for people in the most vulnerable parts of the developing world.

Through his initiatives in education, media, healthcare and empowerment, His Highness' commitment to improving lives has, through the Aga Khan Development Network, shaped economic landscapes and fostered long-term development through international collaboration, infrastructure projects, employment, environmental protection, and cultural preservation.

We honour the life of a humble visionary, a global agent of change, a defender of societies and a true advocate of free media. The world is indeed poorer without him.

I wish to also take a moment to congratulate his successor, His Highness Prince Rahim, Aga Khan V, on his ascension to the role. I have no doubt that he will continue to build on the legacy.

Future Outlook

With a focused strategy prioritising new content, driving impact, growing audiences and monetising digital platforms, I believe we are on the right path to drive NMG's business success over the long term.

The Board has full confidence in the energetic team and the strong brand that we have built across the region. We believe that the more we continue the path to fulfil our mission to positively influence society, the more we attract like-minded individuals, organisations and governments to partner with us to scale this agenda in various ways.

Appreciation

As I close, I would like to sincerely thank each of our stakeholders — the Board members I serve with, the Executive and Management teams that implement the strategy, and the staff who drive the daily operations to make this great Company what it is.

I would also like to express our appreciation to all the parties across our value chain, who motivate and support us to achieve our mandate — our shareholders, partners, clients, suppliers, and consumers — whose interconnectedness to our business remains critical to our success.

Asanteni sana