Sky Announces Full Year Result

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz






21 August 2024
Sky delivers solid results and continues to execute on strategy despite tough market conditions

Sky New Zealand has today reported its results for the Financial Year to June 2024, with all key
metrics delivered within the guidance ranges provided, including:
- Revenue of $766.7m, up 1.6% on FY23
- EBITDA of $153m, up 2.9% year on year
- NPAT of $49.2m, down 3.7% due to increased depreciation
- Customer relationships of 938,760
- Free cash flow of $23.7m, up 43.2% year on year
- Dividend of 19 cents per share (fully imputed), up 26.7%
Sky Chairman Philip Bowman commented: “We are pleased to present financial results that
demonstrate solid performance and the resilience of Sky’s strategy despite the significant challenges
faced within the New Zealand economy.”
“Notwithstanding the tough economic conditions affecting many consumer-facing businesses, Sophie
and her leadership team have delivered a third consecutive year of revenue growth, and results within
our Market guidance across all metrics.”
“Focussed actions to maximise revenue opportunities and to control costs to deliver margin growth
have strengthened free cash flow, while at the same time we have continued to invest in the business.
These actions have enabled the Sky Board to increase shareholder income by delivering a 26.7%
increase in the FY24 dividend to 19 cents per share (fully imputed), demonstrating we are on the path
to our 3-year target of doubling the FY23 dividend.”
Chief Executive Sophie Moloney said: “Today’s results are particularly gratifying given the tough
environment we are operating in. They are the result of a lot of hard work from the talented Sky team,
and they reinforce the strength of the Sky strategy to maximise the value of our unrivalled content
across multiple products.”
“Our Sky Box business continues to provide enduring strength, as we also pursue higher growth
options from newer products and revenue streams.”
FY24 Financial Results: key points
Revenue was within the guidance range at $766.7m, with growth of $12.4m, an increase of 1.6%
year on year.
While Sky Box revenue reduced 2% year on year, all other revenue lines were in growth and speak to
the positive portfolio effect of Sky’s business and increased revenue diversity achieved over recent

years, including Streaming (up 7%), Broadband (up 40%), Commercial (up 2%), Advertising (up 13%
1
),
and Other Revenue (up 9%).
Key successes include the outcomes achieved by Sky Sport Now (with H1 being a particular stand-out,
thanks in large part to the Rugby World Cup 2023, and with strong revenue growth of 33%), and from
the increased focus that has delivered growth in advertising revenue and increased market share in a
challenged market.
Overall customer numbers were down year on year to 938,760. These overall numbers were impacted
by events beyond Sky’s control such as the lack of acquisition driving content supply for Neon due in
part to the US writers’ and actors’ strikes, and the cost-of -living challenges for many New Zealanders.
Also, Sky took the decision to slow down marketing of the new Sky Box in H1 in order to complete
enhancements and refresh the go-to-market settings from March this year.
Sky’s continued focus on costs held the increase in operating expenses to just 0.8% or $5m year on
year. This includes the $8m impact of the cost of growth, with Sky delivering real, permanent savings
as planned (including a significant reduction in costs stemming from the full year impact of FY23
transformational changes of $6m).
Sky’s cost control efforts contributed to a creditable EBITDA result of $153.0m, an increase of $4.3m.
Pleasingly, even in a challenging year, the continued focus on growing revenue ahead of costs
delivered another period of margin growth to 20%, moving closer to Sky’s FY26 target of between 21%
to 23%.
Net Profit After Tax of $49.2m was just below the mid-point of guidance, and slightly down year on
year (as expected) due to higher depreciation costs associated with Sky’s new products.
Capital expenditure increased to $82.9m to accelerate the rollout of new products to more customers.
This is an important investment that brings customers into a new and richer experience through a
digital interface that also brings future opportunity for Sky.
Delivery of FY24 priorities
Sophie commented: “The delivery of this solid financial result reflects our continued execution on
our strategy, and was underpinned by our focus on our three key priorities for FY24:
- Lift employee engagement: Making Sky a great place to work for our people, with a clear
sense of purpose, and shared values and direction, is crucial to the success of our business.
Our latest employee engagement results delivered a 12-percentage point increase over the
past 12 months, which is a hugely significant shift with more emphasis to follow in FY25.

- Roll out the new Sky experience: There has been a positive increase in the take-up of the new
Sky experience available via the new Sky Box and Sky Pod, with 21% of the base now using
these digital products. At year end, 88,000 customers were using the new Sky Boxes, and
11,000 the Sky Pods, with a total of over 112,000 new Sky Boxes and Sky Pods in active use in
customer homes, including multi-room devices. A meaningful 12-point increase in the Net
Promoter Score (NPS) for the new Sky Box when compared to the wider Box base provides
additional evidence that the new Sky experience is delivering value for our customers.


1
On a like-for-like basis, excluding RugbyPass revenue in the prior period

- Grow new revenue streams: In year one of a multi-year roadmap for growth, Sky secured
market share of 12.6% (up 2.7 percentage points on the previous year) and grew revenue by
13% in a market where TV advertising spend contracted 13.8% year on year. The success of
our strategy is a recognition of the strength of Sky’s highly engaging content, particularly for
sport, with independent research confirming the high-attention value of Sky content that has
strong appeal for advertising customers.
These three priorities will continue to be a focus in FY25, with a fourth priority added:
- Deepen content engagement: This is an extension of our content strategy as we look to
ensure that our disciplined approach to our content investments (by using our rich data to
ensure we’re getting the right content for our sport and entertainment customers, at the right
price) encompasses driving the engagement with, and performance of, our content
throughout the life of each deal.
“As we advised the market on Monday 19 August 2024, another major initiative in FY25 will be the
successful migration of customers from our current Optus D2 satellite to an alternative satellite
solution. Our agreement with Optus secures us continuity of satellite supply until 2031, and we are
focused on ensuring a successful migration and smooth transition for customers in Q4 of FY25.”
Capital management
Sky continues to have a strong focus on shareholder returns through dividends and share buybacks.
Sky is making solid progress towards its target to ‘double the dividend’ from FY23 to FY26,
demonstrating the Board’s ongoing confidence in Sky’s ability to generate sustainable levels of free
cash flow, economic conditions notwithstanding.
The initial share buyback concluded at the end of March 2024, with $14.2 million of a possible $15
million deployed.
Philip Bowman says: “The Board continues to believe the company is undervalued by the Market and
as a result approved a further share buyback programme. This second programme for up to $15
million commenced on 1 April with close to half this sum deployed when the programme was paused
for the FY24 year-end blackout on 31 May. Having announced our FY24 results, we intend to
recommence the programme depending on market conditions.”
In July 2024 Sky successfully completed a competitive process to restructure Sky’s Banking Facility, at
the same time electing to reduce the Facility limit to $100m from $150m. The new agreement runs to
September 2027 and was concluded with the incumbent banks on more favourable and flexible terms,
reflecting Sky’s improving performance over successive financial years and the positive outlook for
free cash flow generation.
“As the current period of elevated capital investment on the new Sky Box begins to ease during FY25
and returns to long-term levels during FY26, Sky should generate higher sustainable free cash to fund
the growth in dividend to our previously communicated target level.”
Outlook and guidance
“Whilst economic challenges are expected to continue in FY25, Sky is forecasting further revenue
growth and delivery of additional cost reduction opportunities including transformation initiatives.”
Sophie said: “A year ago we shared 3-year targets to highlight our areas of focus to deliver on strategy.
We remain on track to deliver these targets, with the exception of the revenue target, largely due to
the headwinds encountered in FY24. The slower-than-expected start means we need to reset this
CAGR based target to give clarity on our revised expectations. This now sees us targeting revenue

growth of 1-2% p.a. to FY26, with all other targets remaining unchanged, including our programming
cost and capex targets set as a percentage of revenue.”
Sky has released guidance for FY25 including:
- Revenue of $760m to $785m
- EBITDA of $150m to $170m
- NPAT of $40m to $55m
- Capex of $55m to $70m
- Dividend of at least 21 cents per share.
EBITDA, NPAT and Dividend guidance excludes one-off costs associated with transformation
initiatives. NPAT guidance reflects the current Optus agreement and may be subject to change. Capex
guidance excludes costs associated with the completion of satellite migration in FY25, currently
estimated to be in the range of $10m to $15m, subject to further review as planning for migration by
May 2025 continues
2
. Financial support from Optus to effectively off-set mitigation spend will flow
through right-of -use costs on leases in FY25 and FY26.
Sophie concluded: “As we close out FY24 and head into FY25, we are already seeing some superb
customer engagement, particularly around the Paris Olympics and as we start to receive exciting new
content from our BBC partnership such as the critically-acclaimed The Jetty, and not forgetting the
excellent access to many 24x7 news channels in this year of the US Elections. It is an encouraging start
to the year ahead and we are looking forward to a positive year for our customers, our crew, our
partners and our investors.”
ENDS
Authorised by Kirstin Jones, Company Secretary

Sky will hold a webcast briefing at 10am NZT to discuss the Results. Details on how to participate are
available here: Sky FY24 Results webcast details


Investor queries to: Media queries to:
Amanda West Karina Healy
Investor Relations Head of Corporate Communications
amanda.west@sky.co.nz karina.healy@sky.co.nz


2
Compared with the $4.5m spend in FY24, which was also excluded from Capex guidance

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)


Results for announcement to the market
Name of issuer Sky Network Television Limited
Reporting Period 12 months to 30 June 2024
Previous Reporting Period 12 months to 30 June 2023
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$766,734 1.6% increase
Total Revenue $766,734 1.6% increase
Net profit/(loss) from
continuing operations
$48,964 3.7% decrease
Total net profit/(loss) $49,223 3.7% decrease
Final Dividend
Amount per Quoted Equity
Security
$0.12
Imputed amount per Quoted
Equity Security
$0.04666667
Record Date 6 September 2024
Dividend Payment Date 20 September 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$ 1.04959 $0.90550
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further explanation refer to the financial commentary and
audited financial statements attached.
Authority for this announcement
Name of person

authorised
to make this announcement
Ciara McGuigan
Contact person for this
announcement
Ciara McGuigan
Contact phone number
+64 21 880 377

Contact email address Ciara.mcguigan@sky.co.nz
Date of release through MAP

21/08/2024

Audited financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2022



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Sky Network Television Limited
Financial product name/description Ordinary Shares
NZX ticker code SKT
ISIN (If unknown, check on NZX
website)
NZSKTE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 06/09/2024
Ex-Date (one business day before the
Record Date)
05/09/2024
Payment date (and allotment date for
DRP)
20/09/2024
Total monies associated with the
distribution
$16,521,001
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.16666667
Gross taxable amount $0.16666667
Total cash distribution $0.12000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.02117647
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.04666667
Resident Withholding Tax per
financial product
$0.00833333

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Ciara McGuigan
Contact person for this
announcement
Ciara McGuigan
Contact phone number +64 21 880 377
Contact email address Ciara.mcguigan@sky.co.nz
Date of release through MAP

21/08/2024

---

SKY ANNUAL REPORT 2024
Share Stories.
Share Possibilities.
Share Joy.
SKY ANNUAL REPORT 2024
© Getty Images

Our cover shot of the Black Ferns
Sevens winning the gold medal
at the Paris Olympics beautifully
encapsulates our purpose
here at Sky:
To Share Stories,
To Share Possibilities,
To Share Joy.
Every day, we connect with
special people across all
aspects of our business,
including customers, our
crew and our partners.
This year’s report includes
testimonials from people
who have shared the role
that Sky plays in their
lives and how it influences
their experiences.
We hope you enjoy their
stories, and we thank
them for participating.
Sky’s Annual
Report for
2024
Welcome to
In the past year we’ve had the privilege
of covering four World Cups and now the
Paris Olympics. Witnessing the Black Ferns
Sevens win their Gold Medal at Stade
de France was a powerful reminder of
the impact of sport. I’m incredibly proud
to be part of the team that’s delivering
these moments for Kiwi audiences.
Will Meiklejohn
SKY SPORT PRODUCER
Sharing the
thrill of sport
with NZ.

Contents
Chairman’s Letter 2
Chief Executive’s Letter 5
Our Content 13
New Sky Experience 23
Streaming 27
Sky Open 30
Sky Sales 31
Sky Broadband 33
Sky Business 35
Sustainability at Sky 36
Board of Directors 44
Leadership Team 46
Corporate Governance
Statement
47
Company Information 63
Our 2024 Financials 71
Financial overview 72
Financial statements 79
Independent auditor’s report 120
Directory 126
Rangiata, Sky.
You might have heard us referring to ourselves as Rangiata, Sky.
Rangiata is the Māori name crafted for Sky, by Pānia Papa and
Leon Te Heketū Blake in 2020. Rangi means Sky and ata (as a
compounded word for ataata) means reflections - encapsulating
our ability to reflect the stories of Aotearoa New Zealand, across
the Sky through our multi-platforms.
Sky / 2024 Annual Report
/ 1

Dear Shareholders,
Welcome to Sky’s
Annual Report for FY24.
We are pleased to present financial results that
demonstrate solid performance and the resilience
of our strategy despite the significant challenges
facing the New Zealand economy.
Notwithstanding the tough economic conditions
affecting many consumer-facing businesses, and
the particular challenges facing the local media
sector, the leadership team of your company
has delivered a third consecutive year of revenue
growth, and results within our Market guidance
across all metrics.
Focussed actions to maximise revenue
opportunities and to control costs to deliver
margin growth have strengthened free cash flow,
while at the same time we have continued to
invest in the business. These actions have enabled
your Board to increase shareholder income by
delivering a 26.7% in increase in the FY24 dividend
to 19 cents per share (fully imputed).
The advertising revenue growth and increased
advertising market share achieved by the Sky
Sales team is particularly welcome given very
difficult market conditions. This reflects the
increased capability and innovation of a refreshed
team that has identified and actioned new
opportunities, including those in digital advertising.
The year on year decline in overall customer
numbers reflects the environment in which we
are operating as well as specific events that
Sophie addresses in her letter. These include the
decision to pause the roll-out of new Sky Boxes
in the first half of the fiscal year while software
improvements were made, and the impact
of the US writers’ and actors’ strikes on the
entertainment content pipeline for Neon.
Importantly the strength of our sport streaming
service, Sky Sport Now, enabled our streaming
revenue to remain healthy, with the breadth and
depth of the Sky Sport offer delivering customer
value and appeal. Overall, our unrivalled content
offering, and multi-platform strategy remain a
key competitive advantage. Balancing the needs
and meeting the expectations of our Sky Box
subscribers whilst continuing to expand our digital
reach to deliver new revenue streams is core to our
strategy, and underpins our success in the year.
It is evident from trends in the global media
sector that the ‘dash to digital’ has come with
a very high price tag, and we are now seeing
a swing back to bundling models, industry
consolidation and companies grappling with
challenging levels of debt. As many global
providers now seek ways to stem losses and
develop sustainable business models, the industry
will likely see ongoing price increases, reductions
in production and content investment, and
further consolidation.
Closer to home, the health of the local media
sector remains a concern. Strengthening the
foundations of the sector is important for the
wider community as well as all local participants.
Chairman’s
Letter
2 /

While we can expect more structural change
in the sector over the coming period, the value
of local voices, stories and perspectives remain
too important to lose. Whilst it is not the role
of democratic Governments to intervene to
resolve these issues, there is a need for modern,
platform-neutral regulatory settings and
appropriate mechanisms for Government to
support local content creation, and to ensure
a level playing field for local players competing
against global media and technology companies.
We welcome recent announcements from
Government that indicate useful moves in
this direction, and will continue to engage
constructively with Ministers, officials and sector
participants, playing our role as an essential
local business in this important sector.
Whilst Sky has not historically supported a
direct newsgathering role, we play a key role in
providing access to news content, both local and
international, to New Zealanders right across the
country via satellite and the Sky Box. Through
Sky Originals we support the production and
sharing of local stories, and our investment in
New Zealand sport remains a crucial source of
funding for many local sports bodies and athletes.
Alongside the daily focus on delivering the sport
and entertainment that our customers love, and
executing on our strategy, Sophie and her team
will need to navigate two significant matters in
the coming year:
•The migration from the current Optus D-series
satellite, which is now expected to reach the
end of its commercial operation in May 2025,
to an alternative solution to which Sky has
contracted access. As we have communicated,
we continue to receive assurance of security of
satellite service from Optus to 2031.
•The negotiation of a new rights contract with
New Zealand Rugby (“NZR”) and SANZAAR to
replace the existing contract that will expire in
December 2025. We now have a much clearer
view about the sport that our customers
love to watch, how much they are willing to
pay to do this, and the role that free-to-air
plays in supporting rugby in New Zealand.
Our significantly enhanced data analytics
capabilities which enables us to model the
economics of sports rights is now a key
driver of negotiations. NZR is a longstanding
and valued partner, and we look forward to
constructive negotiations.
More broadly, we understand that the next 12
months will not be plain sailing for many of our
customers, and for the New Zealand economy
generally. Economists warn that conditions will
continue to be challenging and may deteriorate
further before economic activity picks up.
The Board and Management are alive to this
reality as we look ahead to the coming year.
We remain focused on delivering great customer
experiences, increasing the appeal of our content,
enhancing the engagement of our crew, and
growing new revenue streams – leading to
increased returns for you, our shareholders.
Board Matters
Capital Management
Last year we set an ambitious target to double
the dividend by FY26, and we are pleased with
progress towards this target. This demonstrates
our ongoing confidence in Sky’s ability to
generate sustainable levels of free cash flow,
economic conditions notwithstanding.
The initial share buyback concluded at the end
of March 2024, and whilst the receipt of a non-
binding indicative offer necessitated an additional
two-month pause, the final sum deployed was
$14.2 million of a possible $15 million.
The Board continues to believe the company is
undervalued by the Market and as a result approved
a further share buyback programme. This second
Continued over page...
Sky / 2024 Annual Report
/ 3

programme for up to $15 million commenced on
1 April with close to half this sum deployed when
the programme was paused for the FY24 year-end
blackout on 31 May. Having announced our FY24
results, we intend to recommence the programme
depending on market conditions.
Subsequent to year end, Management
successfully completed a competitive process
to restructure Sky’s Banking Facility, at the
same time electing to reduce the Facility limit
to $100m from $150m. This new agreement,
running to September 2027, was concluded
with the incumbent banks on more favourable
and flexible terms, reflecting Sky’s improving
performance over successive financial years and
the positive outlook for free cash generation.
As the current period of elevated capital
investment on the new Sky Box begins to ease
during FY25 and returns to long-term run levels
during FY26, the Company should generate
higher sustainable free cash to fund the growth
in dividend to our previously communicated
target level, and potentially create optionality
for additional capital management activities.
Strong governance focus
Towards the end of the financial year, an internal
Board effectiveness review was completed,
including structured interviews that I conducted
with each Director and the CEO. In summary
the review demonstrated that the refreshment
of the Board undertaken over recent years has
improved the mix of skills around the table, and
the effectiveness of the Board. The dynamics
of the Board and the openness of debate and
constructive challenge have also improved, as
against past reviews.
The formation last year of the Content Rights
Committee has provided additional governance
oversight and support to Management for this
crucial aspect of Sky’s business. It has also
been effective in driving improved interrogation
of data and modelling of the business cases
to support rights investment which is the
Company’s largest area of cost.
I am grateful to Board colleagues for their
significant additional work and diligence during
the period where Sky was navigating the NBIO
process. In this context I am mindful of the lack of
headroom in the current director fee pool, which
was last increased nine years ago in October 2015.
In light of the very limited flexibility available within
the current pool, your Board intends to seek an
increase to allow an appropriate level of headroom.
Details will be set out for shareholders in the Notice
of Meeting which will be published in October.
In closing, I would like to thank Sophie for her
excellent leadership of Sky, both strategically and
operationally. Sophie, her Executive Leadership
Team, and the wider Sky team have all worked
hard to achieve positive outcomes during what
has probably been the most testing economic
environment since the Global Financial Crisis.
My thanks also to my Board colleagues for their
significant time commitment, good judgement,
good humour, and collegiality as they exercised
their roles in Sky’s governance.
Finally, thank you, our shareholders, for your
continued support of Sky. I look forward to
addressing you, and meeting some of you, at
our Annual Shareholder Meeting in November.

Philip Bowman
4 /

Dear Shareholders,
As I write this letter the
country is caught up in
Olympics fever, delivered
by Sky to all of Aotearoa
New Zealand.
As the wonderful photo on the front cover shows,
there is no better example of our Purpose here
at Rangiata, Sky – ‘to share stories, to share
possibilities, to share joy’.
It has been a privilege to deliver the Olympics
to all of New Zealand, and I am grateful to the
entire Sky team for their hard work.
My team well know that I am a big fan of the
following quote from Patrick Lencioni: “Not
finance. Not strategy. Not technology. It is
teamwork that remains the ultimate competitive
advantage, both because it is so powerful and
so rare.”
This is indeed one of our competitive strengths,
and is a recurring theme across the financial
year. All of Team Sky have worked hard to deliver
for our customers, for our partners, and for each
other – resulting in the outcomes we report to
you today.
However, unlike the Olympians that we have
been so proud to showcase, while we strive for
excellence ours is not a finite game with a gold
medal or a trophy for the winner. Our focus is on
long term sustained success – with our ‘enduring
commitment’ to be a responsible, sustainably-
profitable, Aotearoa-focused business.
How do we continue to achieve this? By being
clear on our purpose, and on our ambition to be
Aotearoa NZ’s most engaging, and an essential,
media company.
In this letter I share key insights on our FY24
financial performance, a brief report card on
our FY24 priorities and a look ahead to our FY25
priorities and beyond, to our 3-year targets.
I hope that as you read it, we continually
reinforce the strength of the Sky strategy
and what sets us apart:
Our multi-product offer, maximising the value of
our unrivalled content to meet New Zealanders
where they are.
Our Sky Box business continues to provide
enduring strength, while we pursue higher
growth options from newer products and
revenue streams.
Financial performance
FY24 Financial Highlights
Revenue $766.7m
EBITDA $153m
NPAT $49.2m
Free cash flow$23.7m
Dividend (cents per share)19c
In what was an extremely tough environment, we
produced a solid result with our third consecutive
year of revenue growth.
Revenue was within the guidance range at
$766.7m, with growth of $12.4m and 1.6% year
on year. While I am the first to acknowledge that
we wanted to deliver a higher level of revenue
in FY24 (and as part of our 3-year targets,
as I touch on the next page), in the current
environment achieving any revenue growth is a
significant achievement.
Chief
Executive’s
Letter
Continued over page...
Sky / 2024 Annual Report
/ 5

While Sky Box revenue reduced 2%, all other
revenue lines were in growth and speak to the
portfolio effect of our business:
• Streaming +7%
• Broadband +40%
• Commercial +2%
• Advertising +13%
1
• Other +9%
We are especially pleased with the strong
outcomes achieved by Sky Sport Now (with
H1 being a particular stand-out, thanks in
large part to the Rugby World Cup 2023,
and with strong revenue growth of 33%),
and by our Sky Sales team in growing
advertising revenue and increasing our
market share in a challenged market.
Like the revenue story for FY24, our overall
customer numbers at 938,760 are lower than
where we would like to them to be, impacted by
choices we made during FY24 and some events
beyond our control:
•We chose to slow down marketing of our
new Sky Box in H1 while we sought to make
enhancements based on customer feedback and
internal testing. It was the right thing to do, and
we are pleased to see the increase in customer
satisfaction and uptake in H2 resulting in 21% of
our Sky Box base now on the new Box or Pod.
•The US writers’ and actors’ strikes had an
unplanned and tough impact on the content
pipeline, which particularly affected our
entertainment streaming service Neon.
Neon is also not immune from the now-
ingrained consumer habit to switch off or
between entertainment apps, especially when
individuals’ wallets are under pressure.
•And, of course, we are operating in an
environment where many of our customers
are struggling with the cost of living, which we
remain mindful of as we head into FY25.
We report pleasing growth in Broadband
customers of 36% year on year, offering
additional value for customers. We are seeing
12% lower churn in those customers who have
Sky Broadband with their Sky Box, confirming
the value of the bundle.
Our continued focus on costs held the increase in
operating expenses to just 0.8% or $5m year on year.
This includes the $8m impact of the cost of growth,
as we delivered real, permanent savings as planned.
This includes a significant reduction in costs
stemming from the full year impact of FY23
transformational changes of $6m.
Our cost control efforts contributed to a creditable
EBITDA result of $153m, an increase of $4.3m and
just below the midpoint of guidance.
1. On a like-for-like basis, excluding RugbyPass revenue in the prior period
Pleasingly, even in a challenging year, the
continued focus on growing revenue ahead of
costs delivered another period of margin growth
to 20%, as we move closer to our FY26 target of
between 21% to 23%.
Net Profit After Tax of $49.2m was also just below
the mid-point of guidance, and slightly down year
on year (as expected) due to higher depreciation
costs associated with our new products.
As we signalled, capital expenditure increased
to $82.9m to accelerate the rollout of new
products to more customers. This is an important
investment that brings customers into a new and
richer experience through a digital interface that
also brings opportunity for Sky.
In addition to investing in the new Sky Experience
we were pleased to deliver an increased return
to you, our shareholders. And as Philip noted in
his letter, the dividend result is pleasing with the
26.7% increase to 19 cents per share a sign of
things to come as we move towards our FY26
target of 30 cents per share.
Progress against 3-year targets
Today’s results confirm we are on track to deliver
on all but one of our six 3-year targets – the one
exception being the compound revenue growth
target of 3-4% which largely reflects the incredibly
challenging economic conditions in our first year of
delivery. While we remain very determined to deliver
growth in the revenue line, we will need to reset
this target, all the while reinforcing that all other
metrics are on track and without change, including
those calculated as a percentage of revenue.
FY26 Targets
Revenue growth+1–2% p.a.
EBITDA margin21–23%
Programming costsBetween 47–49%
of revenue
CapexReturns to 7–9%
of revenue
Customer NPS+19 points
Employee engagement+14 points
DividendDouble the
FY23 dividend
of 15 cps
6 /

Delivery of FY24 priorities
The delivery of our solid financial result reflects
our continued execution on our strategy, and
was underpinned by our focus on our three key
priorities for FY24:
1. Lift Employee Engagement
Making Sky a great place to work for our people,
with a clear sense of purpose, and shared values
and direction, is crucial to the success of our
business. In FY24 we articulated our Purpose and
Ambition and provided clarity and alignment on
our strategic priorities alongside investing in the
skills of our leadership group.
Our latest employee engagement results delivered
a 12-percentage point increase over the past 12
months, which is a hugely significant shift with
more emphasis to follow in FY25.
2. Roll out the new Sky experience
I am pleased to say that post the hard work
of our teams, listening and responding to
customer feedback, the new Sky Box and Sky
Pod are performing well for customers – with
the Olympics providing a brilliant opportunity
to showcase the ease of access of the immense
levels of on-demand content on offer. At year
end, 88,000 customers were using the new
Boxes and 11,000 the new Pods, with a total
of over 112,000 new Sky Boxes and Sky Pods in
active use in customer homes, including multi-
room devices.
Importantly, we’ve seen a meaningful increase in
the Net Promoter Score (NPS – a measure of a
customer’s willingness to recommend a product
or service) across the Sky Box base, with the
new Sky Box achieving a customer NPS 12 points
higher than the wider base.
3. Grow new revenue streams
I am also extremely proud of the team’s
achievements in year one of a multi-year roadmap
for growth in the advertising and new revenue
areas, where we secured market share of 12.6%
(up 2.7 percentage points on the previous year)
and grew revenue by 13% in a market where
TV advertising spend contracted 13.8% year on
year. The success of our strategy is a recognition
of the strength of our highly engaging content,
particularly for sport, with independent research
confirming the high-attention value of Sky content
that has strong appeal for advertising customers.
Our goal is to deliver new and innovative
opportunities for advertising clients, which
included delivering an entirely new revenue line
in digital advertising during H2, along with new
formats and brand integrations.
We have firm ambitions in this space, and
have the leadership talent and capability and a
strengthened market position to go after it.
Looking ahead to FY25
All three FY24 priorities remain in focus for
FY25 as we stay the course on the execution of
our strategy during these turbulent economic
times. We’re bringing refreshed momentum (and
refreshed wording that speaks to the next phase
in our journey) as we continue to progress these
important priorities. And we’ve added a fourth,
which is to deepen content engagement.
Grow engagement
together
Supercharge new
Sky experience
Accelerate advertising
Deepen content
engagement
All four are important lead indicators to the
sustainable achievement of our strategy.
Deepening content engagement
Our new priority to ‘deepen content engagement’
is an extension of our content strategy as we
look to ensure that our disciplined approach to
our content investments – by using our rich data
to ensure we’re getting the right content for our
sport and entertainment customers, at the right
price – encompasses driving the engagement
with, and performance of, our content during the
life of each content deal.
It is vital that we continue to work with our key
partners to promote and showcase their content,
along with our own Sky Originals’ shows (such as
Dark City: The Cleaner), as we aim to maximise
the value of our investment across each of our
products, including via Sky Open, for the benefit
of all of Aotearoa.
Delivering a successful satellite migration
As we have communicated this week, a major
focus for my team in FY25 will be the successful
migration from the Optus D2 satellite to an
alternative satellite by May 2025. The team
has been planning for this migration for some
time, drawing on our knowledge and skill from
previous successful migrations. So, while it’s
now an accelerated timeframe and technology
projects are inherently challenging, I am confident
that we have the experience and expertise to
go after delivery of the project with a constant
focus on a smooth transition for our customers.
We know the importance of satellite delivery for
New Zealanders, and are determined to deliver.
Continued over page...
Sky / 2024 Annual Report
/ 7

Being a responsible,
sustainably-profitable
Aotearoa focused business
Along with our financial results and delivering on
our priorities is our underlying commitment to be
a responsible, Aotearoa-focused business. Our
Sustainability section on page 36 sets this out
in more detail, and I highlight a few of the ways
that we are working to make a difference:
•Our role as a local broadcaster showcasing
New Zealand voices, stories and diversity on
screen through Sky Originals and through
our sports production, and continuing our
commitment to helping girls and women in
sport to ‘See The Possible’.
•Our important te ao Māori strategy which is
becoming more deeply embedded, influencing
the way we operate throughout Sky as well
as playing out in the way we show up on
screen through te reo Māori commentary
and pronunciation.
•Our commitment to increasing accessibility for
all New Zealanders, with a significant increase of
captions on Neon to 55% of our catalogue (and
more to come), and continuing to increase the
captions available on Sky Open and Sky content.
Our first Climate Disclosure Statement will be
published by 31 October, where we will report our
progress and commitment to a more sustainable
environmental future.
In closing
As Philip outlines in his letter, we recognise that
FY25 continues to pose challenges due to a tough
economic environment.
We continue to position the company to capture
the growth opportunities presented, including new
opportunities to accelerate in digital advertising,
and to lean into our competitive strengths. With a
clear strategy and buoyed by the progress made in
FY24, you can be assured that my team and I will
maintain our execution pace.
I am incredibly grateful to Philip and the Board
for their supportive challenge and guidance.
I am proud to lead a superb team of people
at Sky, and thank my Executive team, our Sky
leaders and all Sky crew for their hard work
and passion. We were thrilled to welcome Ciara
McGuigan as Sky’s Chief Financial Officer in
the latter part of the financial year, and Ciara
has swiftly made a positive impact beyond the
considerable financial capability she brings to the
role. I look forward to introducing Ciara to you
at our Annual Shareholders Meeting, and soon
after, welcoming Kym Niblock as Sky’s new Chief
Digital and Technology Officer.
As a team we faced conditions that challenged
us during the year and I’m proud of the way
the wider Sky team has maintained focus and
stepped up to find new pathways to achieve for
our customers, our partners, our investors and
for each other.
Finally, my thanks to you, our investors, for your
enduring support.
Yours sincerely,
Sophie Moloney
Chief Executive
8 /

OUR PURPOSE
Share Stories.
Share Possibilities.
Share Joy.
OUR AMBITION
To be Aotearoa NZ’s most engaging
and essential media company
OUR ENDURING COMMITMENT
A responsible and sustainably profitable, Aotearoa-focused business
FY25 PRIORITIES
Grow engagement
together
Supercharge new Sky
experience
Accelerate
advertising
Deepen content
engagement
STRATEGIC PATHWAYS
Making Sky a
great place to
work
Giving customers
content they love
Meeting customers
where they are
Giving customers
the experience they
expect
Providing
innovative solutions
for our partners
and clients
© Getty Images
/ 9
Sky / 2024 Annual Report

to New Zealanders all around the
country in ways that work for them.
Sky brings the best in global and
local sport and entertainment...
10 /

to New Zealanders all around the
country in ways that work for them.
Sky brings the best in global and
local sport and entertainment...
/ 11

© 2022 Paramount Pictures
As big Wahs fans, we need league wherever we go,
and Sky Sport Now is ideal for our busy family. With
the ability to stream sport channels across many
devices and browsers, we always have a way to get
our sport fix, whether at home or out and about.

Maddock Price
SKY SPORT NOW
Sharing
league
moments.
12 /

As New Zealand’s largest
aggregator of sport and
entertainment content, the
breadth and depth of Sky’s
portfolio is unrivalled.
Our content strategy continues to be
underpinned by our ability to meet
New Zealanders where they are, and
in ways that work for them. Whether
by satellite, streaming or free-to-air,
our product choice helps us to deliver
value for our customers and partners.
We value what our customers value,
and by strengthening our capability
in the use of data and insights, we
understand what our customers
are watching and can ensure that
what matters most is available to
them across Sky’s platforms. These
insights informed our content rights
and partnerships strategy through
FY24 and beyond.
Our Content
Sky / 2024 Annual Report
/ 13

Sport
1. Nielsen TAM, AP5+ reach, RWC Tournament
2. Sky Internal Data
3. Nielsen TAM, AP5+
4. Nielsen TAM, AP5+ reach
In another huge year for Sky Sport,
we delivered world-class sporting
action from across the globe and
showcased New Zealanders in action
here in Aotearoa New Zealand and
on the world stage.
Our international offering included the Rugby World Cup,
FIFA Women’s World Cup, Netball World Cup, ICC Men’s
Cricket World Cup, English Premier League, Formula 1,
Indycar, Supercars, Tour de France, Australian Open, Roland-
Garros, NFL, NBA, MLB, UFC, NHL, PGA Tour, Masters, PGA
Championship, U.S. Open, and The Open Championship.
Our focus on New Zealanders in action comprised extensive
coverage of the All Blacks, Black Ferns, Silver Ferns, Black
Caps, White Ferns, All Whites, Football Ferns, New Zealand
Warriors, New Zealand Breakers and Wellington Phoenix.
Popular competitions include DHL Super Rugby Pacific,
Super Rugby Aupiki, NRL Premiership, ANZ Premiership
Netball, Men’s and Women’s A-League, Sal’s NBL and Tauihi
Basketball Aotearoa.
World Rugby and the
Rugby World Cup 2023
Sky was the official New Zealand broadcaster for the men’s
2023 Rugby World Cup in France in September, as part of
our wide-ranging World Rugby deal for exclusive rights to
premium competitions through to the end of the decade.
The partnership includes every men’s and women’s Rugby
World Cup, the new WXV (international women’s fifteens
competition) and the HSBC World Rugby Sevens Series
(involving the Black Ferns Sevens and All Blacks Sevens).
The Rugby World Cup was a pinnacle moment for Sky
as New Zealanders across Aotearoa tuned in to support
the All Blacks and watch world-class rugby action:
•Over 2.5 million New Zealanders watched the
tournament on Sky Sport and free-to-air on Sky Open,
with 1.5 million New Zealanders tuning in for the final
between the All Blacks and South Africa.
1
•There were over 7 million streams across Sky Go
and Sky Sport Now.
2

As part of our commitment to normalise the use of te
reo Māori, we also offered te reo Māori commentary for
All Blacks matches, enjoyed by over 71,000 New Zealanders
who tuned in on Sky Sport, and a further 25,000 streams
across Sky Go and Sky Sport Now.
2023 FIFA Women’s World Cup
We were also delighted with the engagement from
New Zealanders for the 2023 FIFA Women’s World Cup
in July, with over 2.2 million people watching across Sky
Sport and Sky Open. This audience equates to 46.1% of
all New Zealanders aged 5+, with half of those viewers
female (1.1 million).
3
New Zealanders were hooked from the first whistle
with the Football Ferns’ opening game against Norway
delivering an historic first ever FIFA World Cup win for
the Ferns and reaching nearly 900,000 viewers. With
a win in the bag, the Football Ferns’ last group match
against Switzerland drew an even larger audience,
reaching over 1 million New Zealanders across Sky
and Sky Open, the highest viewership recorded in
New Zealand for the tournament.
In what was a watershed event for women’s sport in New
Zealand, the FIFA Women’s World Cup audience surpassed
television audiences for the popular 2021 Women’s Rugby
World Cup (1.9 million), the ICC Women’s World Cup (1.1
million) and last year’s Commonwealth Games (1.9 million).
4
The event was a special example of Sky’s commitment
to help girls and women ‘See the Possible’ in sport, and
you can read more about this commitment on page 41.
14 /

I am grateful for the opportunities Sky
has given me, including joining a growing list
of amazing wāhine toa who have worked
on All Blacks test matches. It’s not lost on
me that production teams receive criticism
for using women in sports coverage, but Sky
makes a conscious effort to ignore gender
bias and reward those who are deserving.
There is a Samoan proverb that resonates with
my career at Sky; ‘O le tele o sulu e maia ai
figota, e mama se avega pe a ta amo fa’atasi’,
which translates to ‘my strength does not
come from me alone but from many’.

Taylah Johnson
SKY SPORT PRESENTER
Sharing
game day
excitement.
/ 15
Sky / 2024 Annual Report

Olympic Games Paris 2024
The Olympics is an event like no other and as the exclusive
New Zealand TV broadcast partner for the Games of the
XXXIII Olympiad Paris 2024, we used all our platforms
to deliver extensive coverage of this exceptional event to
New Zealanders from July 2024.
Sky Sport, Sky Sport Now and Sky Go offered customers
twelve channels of Olympics coverage, along with Sky’s
curated Gold channel providing coverage of the ‘best of
the best’ and with a focus on New Zealanders in action.
Customers were able to enjoy daily live coverage from 7pm
to 9am, and replays, highlights and special features during
non-competition times. Customers could also access an
array of on-demand content, including key event highlights
and replays, short clips, athlete reactions and feature pieces
from the Sky team.
Additionally, Sky Open had extensive Olympics content
free-to-air, including a breakfast review show and evening
highlights show, alongside a selection of live content, and
replays and highlights.
With Sky delivering the Paris Olympics across all of our
platforms, including free-to-air, we were able to make
strategic use of broadcast sponsorship and integrations.
Key sponsors included Toyota, 2Degrees, Beef & Lamb as
well as My Food Bag as a secondary sponsor.
With the event falling in the FY25 year and concluding
in mid-August 2024, we will provide further details in
the 2025 Annual Report.
In partnership with the International Olympic Committee
and the New Zealand Olympic Committee, we were excited
to bring this incredibly special event from the world stage to
the shores of Aotearoa NZ.
Sharing Olympic
moments.
Growing up, I remember watching
my heroes compete on Sky. Seeing
their incredible achievements inspired
me to chase my dreams in sport.
Now, as I compete at the Olympic
Games, as New Zealand’s first ever
male speed climber, it’s surreal to
think that I might be inspiring the
next generation of athletes.
Julian David
OLYMPIAN
16 /

Our partnership with Sky marked a
pivotal moment for women’s basketball
in Aotearoa, bringing equity to the game
and introducing commercial innovations
that benefit our fans, our players, our
league, and Sky. This collaboration has
set a new standard for basketball and the
broader women’s sporting landscape.
Maree Taylor
GENERAL MANAGER
TAUIHI BASKETBALL AOTEAROA
Sharing the stage with
women’s basketball.
Commercial innovation and our desire
to drive an equitable playing field and
achieve stronger commercial outcomes
for women’s sport is a core part of our
‘See Your Possible’ commitment.
In support of this, and as Commercial
Partner and Broadcaster, in FY24 we were
pleased to be part of a raft of changes to
Tauihi Basketball Aotearoa. They included
increasing player wages and opening
up the opportunity for international
teams and players to join the league.
Our stakeholders describe the impact:
Teaming up with Sky has been instrumental
for us players at Tauihi Basketball Aotearoa.
The increased support and recognition have
elevated our women’s league, attracting
international talent while also giving our
New Zealand players a stage at home.
This partnership has really enhanced our
opportunities both on and off the court.
Stella Beck
TOKOMANAWA QUEENS &
TALL FERNS CAPTAIN
/ 17
Sky / 2024 Annual Report
/ 17

Significant audience engagement
for key competitions
1. Nielsen TAM AP05+, Data: Cumulative reach, Super Rugby Pacific 2023 & 2024, Sky Sport 1-4 & Sky Open
2. Sky Internal Data
3. Nielsen TAM AP05+, Data: Cumulative reach, NRL 2023 & 2024, Sky Sport 1-4 & Sky Open
4. Sky Internal Data, NRL 2024
5. Nielsen TAM, Data: Cumulative reach, AP05+ for Super Rugby Aupiki 2024 total coverage, Sky Sports 1-4 & Sky Open
Alongside the major global events that New Zealanders enjoyed
on Sky, the strength of the Sky Sport offer is the season-
long competitions that draw fans from across the country
throughout the year. It is pleasing to report significant audience
growth across some of the key competitions, including:
•A 12% viewership increase of the DHL Super Rugby
Pacific 2024 competition, with nearly 2.1 million
New Zealanders tuning in to watch the action on Sky
Sport and free-to-air on Sky Open.
1
Almost 250,000
unique viewers also enjoyed the action on our digital
channels Sky Sport Now and Sky Go.
2
•A 14% increase in NRL viewership across the season to
date, with nearly 1.6 million New Zealanders watching
matches on Sky Sport and free-to-air on Sky Open after
ten rounds of competition.
3
We also saw a very pleasing
19% increase
4
in streaming audiences, as rugby league
fandom continues to grow.
•Over 680,000 New Zealanders watched the Sky Super
Rugby Aupiki 2024 season on Sky Sport and free-to-air
on Sky Open
5
and the competition was streamed over a
quarter of a million times, thanks to over 72,000 unique
viewers on Sky Sport Now and Sky Go.
2
In a world first,
thanks to a partnership with 2degrees, the final was also
broadcast live on TikTok.
Securing the content that
matters to our customers
Sky customers value being able to watch the best of
international cricket from around the world, particularly
when it involves New Zealand teams in action, so we
were very pleased to announce a new five-year deal with
the International Cricket Council (ICC) in May. Sky is the
exclusive New Zealand broadcaster for all ICC men’s and
women’s events through to the end of 2028, meaning
New Zealand cricket fans can watch the BLACKCAPS and
WHITE FERNS compete around the globe in top tier events.
The deal includes 16 international competitions, including
ICC Men’s and Women’s Cricket World Cups, ICC Men’s and
Women’s T20 World Cups, ICC Champions Trophies, the
World Test Championship Finals and U19 World Cups. We
will also continue the popular No Boundaries review show
on selected international matches.
We also confirmed a three-year extension with Roland-Garros
with Sky being the official and exclusive broadcaster in
New Zealand for the Grand Slam until 2026. We know that
Sky customers love tennis and the Roland-Garros tournament
is an iconic highlight in the tennis calendar.
Netball will continue to be showcased on Sky in 2025 with a
one-year extension to our existing broadcasting partnership,
with at least ten international Silver Ferns games to be
broadcast exclusively on Sky platforms, including live
and delayed coverage on Sky Open, along with the ANZ
Premiership competition. One match a weekend will also be
shown free-to-air on TVNZ, through a partnership with Sport
NZ and Netball NZ. We’re pleased to continue to support
women’s sport through our longstanding partnership with
Netball NZ, and look forward to continuing to work together
to grow viewership and engagement and to strengthen fans’
connection to the game in 2025.
In respect of each recent acquisition, we have deployed our
data-driven approach to value what the content is worth
to our customers and to Sky. Using our powerful viewership
data allows us to determine the revenue attributable to the
content of each deal, and where applicable, a production
cost envelope that reflects the content’s value. It is the
disciplined use of this approach that sees Sky well on track
to deliver on the three-year target of reducing programming
costs to within 47% to 49% of revenue.
18 /

Sharing British
Favourites.
We are delighted to have
strengthened our longstanding,
collaborative partnership with Sky
this year. New Zealand audiences
have a significant appetite for British
shows, and through our partnership,
we’re able to deliver compelling
content to Sky customers, across
its array of products and platforms,
contributing to our shared success.
Fiona Lang
GENERAL MANAGER
BBC STUDIOS AUSTRALIA AND NEW ZEALAND
Entertainment
From edgy dramas to comedy, factual
and lifestyle shows to ‘easy watching’
TV, our strong offering of global news
services and our local slate of Sky
Originals content, there’s something
for everyone across our platforms.
British content remains hugely popular with our audiences
and in April we announced an expansion of our partnership
with BBC Studios with a multi-year wide-ranging deal
that gives Sky audiences access to the best British content
across our platforms including Sky Box, Sky Pod, Sky Go,
Neon and Sky Open.
As part of this expanded partnership, we are also looking
forward to launching the new channel BBC First exclusively
with Sky in the coming months, which will see us become
home to the biggest dramas from the UK with a mix of
brand-new titles such as The Jetty and Return to Paradise
as well as the latest seasons of our audience favourites.
Importantly, this deal will also see BBC UKTV, Sky’s number
one entertainment channel, continue to offer our audiences
the best British entertainment as well as Sky having priority
access to premium British drama in New Zealand.
This partnership is an important step in our content and
product strategies as we ensure we have the breadth
and depth of content that our customers value across
all our Sky products and will also further strengthen our
advertising proposition across digital and linear.
Through our partnership with Warner Bros. Discovery we
offered our customers HBO, Max Originals and Warner Bros.
Movies titles, as well as a range of entertainment channels
through FY24. Season two of House of the Dragon returned,
and we welcomed Greta Gerwig’s Golden Globe-winning
hit, Barbie, with Margot Robbie, exclusively to Sky. Other
key entertainment titles included HBO Original The Regime,
starring Kate Winslet, and NBCU series The Tattooist of
Auschwitz, both of which screened on SoHo and Neon.
The production of our News First at 5.30pm bulletin ended
in July, due to the closure of Warner Bros. Discovery’s
Newshub. International news remains an important part of
our Sky offer, with a strong selection of news and current
affairs channels including Sky News, CNN, Fox News, BBC
World and CNBC.
The impact of the prolonged writers’ and actors’ strikes
has been felt throughout our industry in FY24, however
our multi-product approach and depth of content that
stretches well beyond acquired scripted entertainment
provided some measure of insulation.
Sky / 2024 Annual Report
/ 19

Sky Originals
Sky Originals continued to grow our slate of proud local
content, commissioning more shows in FY24 than ever
before for Sky’s premium platforms and channels.
A swag of shows produced by some of Aotearoa’s most
talented creatives hit local screens this year, including
Dynamic Planet, a blue-chip natural history series from the
highly regarded NHNZ Worldwide production company,
and the cautionary tale Apartment Disasters in the non-
scripted world. These were followed by innovative comedy/
dramas Spinal Destination and Miles From Nowhere, with
both shows receiving financial backing from offshore
distribution companies, clearly illustrating an appetite for
local New Zealand content in international territories.
Our most successful Sky Originals show this year was Dark
City: The Cleaner, a serial killer show based in Christchurch
backed by NZ On Air, Screen Canterbury, the New Zealand
Screen Production Rebate and Hollywood heavyweights,
Lionsgate. The series premiered on Neon and SoHo, and was
a resounding success, being the third most watched show on
Neon in March 2024. Looking ahead, attracting international
finance to support local New Zealand content is a funding
model we are increasingly pursuing.
Our valued relationship with NZ On Air has continued to go
from strength to strength, with the support of production
funding for the following shows:
•Red Rocks: A premium family drama series co-funded
between New Zealand and the USA.
•The Ridge: Psychological thriller produced in conjunction
with BBC Scotland and Great Southern Film and
Television, and co-funded by international partners from
France and Finland along with the New Zealand Screen
Production Rebate and Sky Originals.
•The Choir Games: A non-scripted series following
two choirs from New Zealand and the USA as they
embark on a journey to the World Choir Games held
in New Zealand in 2024.
•Mind Menders: An in-depth series investigating psychedelic
drugs and their use for the treatment of anxiety.
•Wheel Blacks: Bodies on the Line: A documentary series
following New Zealand’s wheelchair rugby team the Wheel
Blacks as they battle to rise above declining resources for
a chance to qualify for the 2024 Paris Paralympics.
NZ On Air aims to support the development of quality,
inclusive and discoverable content and we believe
these shows will be a valuable addition to the locally
commissioned and produced content.
The reputation of our Sky Originals team and content
continues to grow, with new shows being developed with
creatives domestically and from around the world. The
content we are commissioning is also picking up critical
recognition with season one of Not Even winning Best
Comedy Script at the 2023 New Zealand TV Awards.
Sharing local
talent.
Working on Dark City: The
Cleaner was a gift and a rarity; a
local production with international
backing that had the confidence
to place local talent at the front
and centre, proving we can create
world-class content when we have
the resources. Sky Originals believed
in the strength of the talent here in
Aotearoa and put their money where
their mouth is, providing a platform
for our local content to go global. If
New Zealand wants to contribute
to this Golden Age of television,
we need so much more of this.
Chelsea Preston Crayford
ACTOR, DARK CITY: THE CLEANER
20 /

Sky Originals continued to
grow our slate of proud local
content, commissioning more
shows in FY24 than ever
before for Sky’s premium
platforms and channels.
/ 21
Sky / 2024 Annual Report

I’m absolutely thrilled with the new Sky Box.
The new homepage is easy to navigate, and
the layout makes you realise just how much
Sky content there is to choose from, as well
as having all my favourite apps. Being able to
record five channels at once has been a game-
changer for our household and we’re loving the
new feature of being able to watch a live event
from the start if we miss it. This is more than an
upgrade – it’s a whole new Sky experience.

Christy Thompson
NEW SKY BOX CUSTOMER
Sharing my
excitement.
22 /

Our multi-product, multi-platform strategy is a key competitive
advantage in a market that is experiencing unprecedented
change, as we provide customers with a range of viewing and
price options to access Sky’s unrivalled content.
The new Sky Box
The launch of the new Sky Box was a major milestone
in the previous financial year, and our goal of enhancing
customers’ experience was a key focus for FY24.
As a ‘hybrid’ box, it combines the best of satellite TV and
streaming, and is changing the way our customers engage
with our content.
One of the key benefits of the new Sky experience is the
way it showcases the breadth of content that is available
to our Sky Box customers. The ease of content discovery
and access to on-demand content highlights the depth
and breadth of the Sky catalogue, delivering our customers
more value from their subscription.
As we acknowledged at the Half Year results, the roll-out
of the new Sky experience did not go entirely to plan. In the
first half, following customer feedback and ongoing internal
testing, we chose to slow down the new Sky Box roll-out
while we resolved some final teething issues. We also used
the time to improve the service experience and streamline
logistics, designed to lift customer experience further.
Customer feedback tells us we’re on the right track, with
satisfaction strongly increasing.
Taking the time to reset was an important and worthwhile
action, and we actively returned to market from February
2024, promoting the new Sky Box with campaigns and
offers to drive uptake. We are confident that we are
delivering a much-improved customer experience, with
advancements in the overall performance and feature
capability of the new Sky Box.
At the full year, the number of new Sky Boxes in customer
homes had risen to 88,000, with the bulk of the growth
(65%) occurring between December 2023 and June 2024,
driven by new direct marketing activity, on air advertising
and increased sales and service support (including actively
upgrading older devices through tech support).
Customer education has also been an important component
of the campaign, with ‘how to’ videos to guide customers
through the change and to support self-service, lifting self-
installation to an impressive 95%. Removing barriers to
entry was a focus in the second half, with a campaign to
offer the new Sky Box at no upfront cost, and a simplified
‘one click’ online upgrade process.
About the new Sky Box
•The new Sky Box uses a combination of
satellite and IP to deliver content into
customers’ homes.
•Customers can record up to five shows while
watching another live programme, thanks to
the 1TB hard drive.
•The voice remote enables users to search for
content and access the homepage simply by
using voice commands.
•The homepage provides a seamless and
unified viewing experience, allowing
customers to watch and stream their
favourite Sky TV channels, along with the
free-to-air channels and on-demand content
using a single remote.
•Android-powered device which only requires
an HDMI port via the TV, a Wi-Fi network or
LAN connection, and satellite dish.
•4k-HDR enabled for future deployment.
New Sky Experience
Sky / 2024 Annual Report
/ 23

The Sky Pod
The internet-delivered Sky Pod that we launched in
FY23 marked a first for Sky, providing access to the
Sky experience without the need for a satellite dish.
The Sky Pod is easy for customers to self-install by
plugging directly into the HDMI socket of the TV, and
with a fully digital sign-up and activation process.
Sky Go
Our companion app, Sky Go, continues to deliver to our
Sky Box and Sky Pod customers who use it to watch on a
second screen or when out and about, adding additional
value to their Sky service.
Ahead of the Olympics, we made improvements to Sky
Go by introducing user profiles so viewers can follow the
content they love and continue watching shows they started
at home on the go, as well as launching instant replays.
Close to half of our Sky Box customers had Sky Go linked
to their Sky accounts in FY24, and we expect upcoming
enhancements (including the choice to watch sport either
live or from the start, and an easy new in-app registration
process) will give customers even more reasons to sign up.
We’ve recently made changes to viewing concurrency (e.g.
the number of streams of the same content at the same
time for a single account), enabling customers to stream
two different pieces of content at the same time, via Sky
Go, along with watching on their Sky Box at home. The Sky
Go app is free for Sky customers with a Sky Box or Pod in
their home and like other streaming services around the
world, we want to ensure households can enjoy Sky flexibly,
while simultaneously discouraging password sharing.
24 /

The Sky Pod is the ultimate in convenience –
super quick and easy to get up and running, with
no need for a satellite dish. Having everything
in one place – including easy access to the apps
I like - has made my experience a breeze.

Nick Healy
SKY POD FAN*
* AND SKY CREW FAMILY
Sharing
easy setup.
Sky / 2024 Annual Report
/ 25

It’s incredibly satisfying to be able to resolve
a customer’s issue or get their Sky experience
off to a great start. Working directly with our
customers, addressing their concerns, and
simplifying their setups is so rewarding. I see
myself as an ambassador for Sky and seeing their
appreciation firsthand really makes my day.

Utarenga Tinokura
SKY TECHNICIAN
Sharing
friendly
service.
26 /

1. Customer relationships reported on a 90-day lookback basis
2. Engagement is defined as customers that viewed content during a week, using 12-month weighted average
Sky Sport Now, Sky’s sport streaming
app, continues to go from strength to
strength with Kiwi audiences, achieving
impressive results this year with 33%
revenue growth.
The delivery of key sporting moments in FY24, particularly
the Rugby World Cup, saw customer growth and a very
strong H1 performance. As expected, customer numbers
pulled back from those highs in the quieter summer period,
however Sky Sport Now is still showing strong year-on-
year growth with the customer base increasing by 12% this
year to 160,000 New Zealanders.
1
The strong slate of sport
content enabled us to implement increases in the price of
monthly and annual passes in FY24, as we continue to invest
in the local and global sport content that customers love.
Our broad Sky Sport Now offering in FY24 was anchored
by the Rugby World Cup, FIFA Women’s World Cup, ICC
Men’s Cricket World Cup, English Premier League, NRL
Premiership and Super Rugby Pacific.
In particular, we have seen the NRL and fandom of the One
NZ Warriors resonate with streaming fans, as a younger
demographic samples and enjoys Sky Sport Now. After 17
rounds of NRL competition in FY24, 120,590 unique viewers
had streamed NRL matches more than 6 million times, up
30% on the prior year.
In August, with our technology partner Endeavor, we
introduced a new platform for Sky Sport Now, seamlessly
migrating customers to the enhanced version. This delivered
better Video On Demand (VOD) catalogue presentation
and easier content discoverability for customers, as well as
the much appreciated option to watch live content from
the start of the event. These feature enhancements have
been well received by customers with strong engagement
continuing at 79%.
2
In addition to our core subscription tiers, bespoke event
passes continue to be popular with casual audiences, whose
fandom is ad hoc or event-specific, and during the year
we have offered event passes for the Rugby World Cup,
2023 FIFA Women’s World Cup and Netball World Cup,
as well as the Olympic Games Paris 2024 in FY25.
Streaming
/ 27
Sky / 2024 Annual Report

Neon, Sky’s premium entertainment
streaming service, is home to some of
Aotearoa NZ’s most popular and most
watched programmes including Barbie,
The Tattooist of Auschwitz, House of the
Dragon and top performing Sky Originals
local show, Dark City: The Cleaner.
The US writers’ and actors’ strikes, while finally settled in
November 2023, contributed to a challenging year for Neon.
The flow-on impact to the entertainment content delivery
pipeline delayed the arrival of key acquisition-driving titles to
the second half of FY24, or in some cases, through to FY25.
While this meant that our year-end customer numbers
were lower than the prior year, the welcome return of
mega-titles (starting with the long-awaited second season
of House of the Dragon in mid-June) is now proving to be
an important opportunity to win back customers who have
previously enjoyed Neon.
In FY24, we continued to improve the Neon customer
experience by releasing new features including Skip Intro,
and new big screen TV apps. Neon competes strongly with
local and global competitors in this space and is planning to
deliver additional features including Quick Login, Likes and
Hub Pages in the coming months.
Accessibility is also a priority and the team has been
working hard to increase the amount of content with
captioning available, with 55% of content on Neon now
captioned, an increase of 22% in FY24. We will continue to
increase this in FY25.
During the year, Neon became the first Subscription Video
On Demand (SVOD) platform in New Zealand to offer
premium digital advertising, partnering with over 50 top-
tier brands who secured their place alongside some of
the world’s most popular content. The launch of the Neon
Basic tier over 18 months ago occurred with this strategic
roadmap in mind, enabling us to reposition this lower-priced
tier to include a light ad load (of less than one minute
of advertising per hour of content), along with low ad
frequency caps that limit exposure to repeats - ensuring a
high attention environment for advertisers and a seamless
experience for viewers.
Upgrading the Neon Basic tier to HD and adding a second
stream to enhance value, we also introduced profile
demographics to coincide with the launch of Neon’s
advertising tier. This first-party data on customer gender
and age allows users to have a more personalised experience,
as well as offering a data-driven approach to advertisers.
Neon’s win back strategy continues to be an area of focus
and has increased the number of returning customers to
Neon, showcasing the overall effectiveness of targeted
marketing as key content titles including Yellowstone,
The Handmaids Tale, The White Lotus, Yellowjackets and
Gangs of London return in the coming months. Retention
remains key, assisted by improvements to our features and
personalisation offering.
28 /

I love the range of content on Neon, from
local gems to international titles. Season two
of House of the Dragon has got me completely
hooked. Neon has become my ultimate go-
to for unwinding on the couch and ending
my day with quality entertainment.

Sendhil Rungasamy
NEON CUSTOMER
Sharing
couch
time bliss.
Sky / 2024 Annual Report
/ 29 / 29

Free-to-air plays an important role in
our strategy to deliver our awesome
content to New Zealanders in ways
that work for them, enabling us to
deliver to more audiences, grow the fan
base of sporting codes, and maximise
our advertising revenue - while
maintaining our premium service for
our valued paying customers.
In FY24 we revitalised our free-to-air channel, Sky Open,
with a bold and distinctive channel identity linked to the
Sky master brand. The launch was timed to maximise the
interest and opportunity generated by the 2023 Rugby
World Cup, resulting in a 7% year-on-year increase in all day
share vs all people 25-54.
1
Sky Open brings together some of Sky’s most exciting
sporting moments, original programming from Sky Originals,
late runs of some of Sky’s most popular shows, plus a range
of entertainment content for a broad audience.
Across the year Sky shared more top-flight sport on free-
to-air than ever before, including extensive coverage of the
FIFA Women’s World Cup, and 12 matches from the 2023
Rugby World Cup.
1. TV Map
2. Nielsen TAM - All People 5+ cume reach
From February 2024 through to the end of June, there was
an average of 30 hours of primetime sport each month,
including Friday Night NRL, Saturday Night Super Rugby
Pacific, Super Rugby Aupiki and Sunday afternoon local
basketball with the hugely engaging Sal’s NBL.
During the year we introduced a new ‘live start’ initiative
where a selection of NRL and Super Rugby matches on Sky
Open on Friday and Saturday nights had the same live start
time as premium Sky Sport broadcasts, but showed more
advertising throughout the match, ending with an average
delay of 18-20 minutes by the final whistle. This enabled us
to create additional inventory for advertisers free-to-air
while delivering a more premium experience with a lower ad
load on our paid products.
Utilising the opportunity to promote our subscription
services to our large free-to-air audience, we developed
tactically-placed baselines and promos within Sky Open
sport coverage to encourage viewers to upgrade to Sky
Sport Now. Specially-developed offers were included in the
baselines and promos and bespoke landing pages and QR
codes used to track sales and audience behaviour.
As part of our broader revamp of the Sky Open schedule, and
acknowledging the importance of consistency for audiences,
we introduced themed nights across the week encompassing
categories such as factual, male-skewed reality and action,
female-skewed lifestyle and family movies.
Strong entertainment content is also vital to Sky Open, and
in FY24 viewers have had the opportunity to sample some
of Sky and Neon’s best shows such as early seasons of
Yellowstone and Fear the Walking Dead, airing 6-12 months
after their original launch on Sky and Neon.
Local voices, local stories
Our commitment to local storytelling remains a key part
of Sky’s free-to-air promise. Through our long-standing
relationship with NZ On Air, who have supported and
funded a number of Sky Original series this year, we have
proudly shared factual series Designing Dreams, Lost In
France, A Living Hell and Dynamic Planet, as well as scripted
content Raised By Refugees, Miles from Nowhere, Spinal
Destination and Dark City: The Cleaner with New Zealand
audiences, reaching up to 925,000 viewers.
2

Sky Open
30 /

The growth of Sky’s advertising
business was a key strategic focus
in FY24, as we looked to provide
innovative solutions for our partners
and clients, and succeeded in delivering
remarkable results across the year.
With enhanced leadership and increased resource, Sky
Sales has recorded a notable 2.7% increase in market share
year-on-year, achieving 12.6% for FY24.
1
This success is
underscored by a significant 13% increase in revenue for Sky,
in a market where linear TV revenue reduced by 13.8%.
2
Sport gave an impressive start to FY24 revenues with the
FIFA Women’s World Cup followed by a dream Warriors run
in the NRL, leading into the Rugby World Cup.
The return of the Rugby World Cup to Sky in late 2023
was an important opportunity for our advertising team,
adding value for customers while also providing revenue
opportunities. In addition to advertising revenue, Sky
welcomed two new broadcast sponsors, Uber and Temu,
working closely with both brands to provide integration
opportunities within broadcast. These integrations included
product placement in studio with Uber Eats deliveries, as
well as branded content initiatives such as ‘Uber Rides with
1. FY23 revenue share % and TV market revenue restated as per June 2024 PwC Quarterly Performance Report
2. Includes TV and digital revenue. Excludes RugbyPass revenue in prior periods.
Legends’ where we interviewed past All Blacks and Black
Ferns legends during an Uber ride, driving significant brand
alignment with the tournament.
We were thrilled when our partners EssenceMediacom and
Uber won two silver awards for ‘Best Use of Content’ and
‘Best Collaboration,’ at the annual Beacon Awards which
celebrate outstanding media thinking in Aotearoa NZ. This was
a resounding endorsement of the campaign and Sky’s Uber
integration activity through our Rugby World Cup coverage.
This initiative was followed by the launch of advertising on
Neon, becoming the first Subscription Video On Demand
(SVOD) platform in New Zealand to offer premium digital
advertising and partnering with over 50 top-tier brands –
you can read more on page 28.
We have continued to expand our offering and
commissioned independent analysis from Amplified
Intelligence, to complete a study of the effectiveness of
Sky’s advertising platforms and content offering across
both linear TV and streaming platforms. A key objective of
the study was to measure the audience attention paid to
both our content and advertising across the Sky network.
The results have shown that sport is the highest attention
environment for advertising, reinforcing the high value
opportunity for brands to partner with Sky and access
unrivalled live sport content.
Sky Sales
Sky’s Uber integration activity through
our Rugby World Cup coverage included
‘Uber Rides with Legends’.
Continued over page...
/ 31
Sky / 2024 Annual Report

Sharing fun
experiences
with the fans.
We’ve seen a real step change
in the approach from Sky in the
last 12 months. The team have
done a fantastic job bringing KFC’s
broadcast sponsorship of Super
Rugby to life. The half time ‘Catch
the Colonel’ activations and a live
cross to a world first KFC Gravy
Train really delivered for us and
added some fun for the fans.
Clark Wilson
GM MARKETING,
RESTAURANT BRANDS LIMITED
As part of our commitment to provide innovative solutions
to our clients we have launched squeezeback advertising in
our NRL and Super Rugby Pacific coverage. This is a unique
format in this market that allows brands to be displayed
in an L-shaped graphic alongside live sport, ensuring
audiences can continue to enjoy uninterrupted viewing while
simultaneously providing premium brand opportunities
for partners. Clients including KFC, One New Zealand and
Bunnings have already jumped on board to partner with us.
As part of KFC’s sponsorship of Super Rugby Pacific, a
unique activation called ‘Catch the Colonel’ was introduced,
with fans at Super Rugby matches racing a digital Colonel
displayed on the LED sideline signage, and winners receiving a
$500 KFC voucher. This activation resonated with rugby fans
across New Zealand – one notable race featured fan Nathan,
who initially lost to the Colonel despite a valiant effort in
gumboots. The hashtag #JusticeForNathan trended on social
media, leading to a rematch where Nathan triumphed and
claimed his voucher, demonstrating the engaging nature of
our creative partnerships.
Welcoming additional talent to our advertising team has
enabled us to create new opportunities for content integration
and a new major partnership with Entain, the operator of
New Zealand’s official sports betting agency TAB, has been
established. This partnership includes betting odds incorporated
into the pre-game build-up of select sporting events on our
platforms, enhancing engagement and excitement for our
audience. All integrations are clearly branded as segments
produced by the New Zealand TAB and are accompanied by
safe gambling precautions and R18 messaging.
Our trade marketing function has also expanded, becoming
a critical component of our success with an ‘always on’
strategy targeting agencies and direct advertisers. This
fresh approach has increased Sky’s share of voice within
the market, and included Sky in the consideration set for
agencies and brands seeking advertising partnerships.
Our involvement in events such as the Independent
Media Agencies New Zealand (IMANZ) networking event,
sponsorship of iMedia summit, and becoming a media
partner of the Interactive Advertising Bureau (IAB) form
part of this strategic focus, putting Sky firmly on the
radar for major advertisers.
KFC CATCH THE COLONEL
BUNNINGS SQUEEZBACK ADVERTISING
32 /

Sky Broadband Partnership
with Summerset
In FY24, a key milestone for Sky Broadband was the
final stage of the rollout of our partnership with
Summerset, providing broadband for 10 retirement
villages across the country.
Summerset was faced with outdated technology and
needed to upgrade to fibre. Through collaboration with
Local Fibre Companies (LFCs), Sky Broadband handled
the removal of end-of-life cables and the installation
of fibre, becoming Summerset’s preferred partner for
broadband services.
Requiring a comprehensive approach and ensuring smooth
implementation, this collaboration confirmed valuable
lessons about the capability of partnerships, and how
to operationalise opportunities. Our team was involved
in every aspect, from marketing and sales through to
installation and delivery to residents within the villages.
Our focus was on making the transition easy for residents
to understand with a no-fuss, seamless implementation.
Pleasingly 70% of residents across the 10 villages took
the opportunity to sign up with Sky Broadband.
This successful partnership serves as a template for future
business opportunities, showcasing our ability to execute
large-scale projects and deliver exceptional results.
Sky Broadband continues to
grow with 36,000 customers
nationwide at the end of FY24.
Bundling remains an important part of Sky Broadband’s
proposition, delivering on an experience that is ‘made
for entertainment’ working seamlessly with Sky
subscription services.
92% of Sky Broadband customers have a Sky Box, delivering
7% attachment to the Sky TV customer base. When it comes
to new Sky Box acquisitions, 24% of these customers are also
choosing to use Sky Broadband.
From October 2023, Sky Broadband monthly packages
increased by $5.00, as a result of Local Fibre Companies
(LFCs) increasing wholesale prices. This was the first price
increase in two years, as we ensure the sustainability of
our offering in a highly competitive market. Importantly,
we have maintained focus on margin and have confidence
in the value we are providing our customers with the high
quality of service they expect from our award-winning
Wi-Fi 6 technology offering.
Adding to Sky Broadband’s Canstar Customer’s Choice
Award, a Consumer New Zealand survey also found that Sky
Broadband had the highest level of overall satisfaction and
was also the top scorer when it came to speed and reliability.
Customer experience is at the heart of Sky Broadband’s
strategy, making this recognition even more special.
Looking ahead to FY25 and beyond, as we accelerate
the rollout of the new Sky experience, our focus is to
continue growing the Sky Broadband customer base
through bundled offers, as well as exploring
new partnership opportunities.
Sharing
broadband
with a village.
Partnering with Sky Broadband
has been a hugely positive experience
for our Summerset Village. The Sky
Broadband team made the entire
process incredibly easy for us, from
technology upgrades right through to
service delivery, with our residents now
enjoying improved connectivity. We are
thrilled with the service provided.
Mark Ryan
VILLAGE MANAGER,
SUMMERSET AT BISHOPSCOURT
Sky Broadband
/ 33
Sky / 2024 Annual Report

Sky’s Believe It or Not Quiz has become a
weekly highlight at the Morningside Tavern.
Every Monday draws in a lively crowd and
an excuse to get together with friends. Our
patrons love the challenge, and it’s been
awesome for business. BION has truly kept
our community engaged and entertained.

Dave Gunn
MORNINGSIDE TAVERN MANAGER
Sharing quiz
night cheers.
34 /

Partnering with 6000+ commercial
clients across the country, Sky Business
provides licensed premises, hotels
and motels, retirement villages, gyms,
sports clubs and other venues access to
our superb range of content, bringing
New Zealanders together to enjoy
sport and entertainment.
During challenging economic conditions, demand for our
product grows as a drawcard for attracting patrons, and our
content proves to be extremely valuable as people look to
enjoy key sporting and entertainment moments for the price
of a pint or a meal, a gym workout or as part of a night’s stay.
In FY24 Sky Business embarked on a strategy to upgrade
and enhance our customer offering, creating new
opportunities for them to showcase Sky’s content to
their guests and patrons.
This has particularly been the case in the accommodation
sector where Sky’s market share of hotel and motel
rooms in New Zealand held steady in FY24. 90% of Sky’s
hotel and motel rooms are now fully digital, delivering
a better experience for guests, and our most recent
innovation – the launch of our premium accommodation
‘compendium’ solution – has got off to a great start,
with 23 major hotels now offering this service through
exclusive partnership. This provides a total in-room solution,
combining on-screen access to services such as guest
information, ordering and check-out alongside seamless
access to Sky channels and secure casting capabilities.
Our increased digital presence and recent product
innovations mean our unrivalled content is part of a
more compelling solution for our accommodation sector
customers. Adding to this, our recent Samsung reseller
partnership offers additional appeal throughout our wider
customer base, with each new service reducing the likelihood
of churn while delivering a positive impact on revenue.
Looking ahead to FY25, Sky Business will continue to
leverage our investment in the new Sky Box and Sky Pod,
offering further improvements to digital services and
showcasing the new Sky experience to a wider audience
in rooms and venues throughout New Zealand.
Sky’s quiz events company, Believe it or Not (BION),
continues to grow with an average of 250 quiz events
held every week, across the country with average weekly
attendance of 24,000 people. BION provides a great excuse
for friends and colleagues to meet up for some fun while
also filling an otherwise quieter night at hospitality venues
throughout New Zealand. As a post-script, Sky welcomed
TV personality and BION brand ambassador Shaun Wallace
back to New Zealand in July 2024, where he held five major
BION charity quiz events across the country, raising money
for various charities and surprising patrons at one of our
BION venues with a memorable guest appearance.
The launch of Sky’s
‘compendium’ solution
has got off to a great
start, with 23 major
hotels now offering
this service through
exclusive partnership.
Sky Business
/ 35
Sky / 2024 Annual Report

This commitment underpins our
approach to Environmental, Social
and Governance topics – whether it’s
playing our part in the community or
for the environment, championing the
use of te reo Māori or helping young
women and girls to ‘see their possible’
in sport and broadcasting.
We have been working to develop a Sustainability
Framework that captures the Environmental, Social and
Governance (ESG) matters that are most important
and relevant to Rangiata, Sky and our stakeholders. The
process has involved engaging with internal and external
stakeholders to identify and prioritise the Material Factors
that are most important for Sky. The outcomes of the
prioritisation work will guide our future plans to ensure our
sustainability efforts are focused on the areas where we
can make a meaningful impact.
We are grateful for the high level of engagement from
stakeholders in this process, and look forward to sharing
the results as part of the Climate-Related Disclosure
report that Sky is publishing later this year.
The core themes are shown on the next page.
In the following section we share a snapshot of Sky’s work
as a responsible, Aotearoa-focused business, with an
emphasis on our Social and Environmental impacts (noting
the Corporate Governance Statement on page 47 provides
detail on our Governance commitments and policies).
Many of these initiatives are championed by Sky crew,
and will continue to be built upon as Sky’s sustainability
journey continues.
The bedrock of our strategy at Sky, and what
we call our ‘Enduring Commitment’, is to be
a responsible and sustainably profitable,
Aotearoa-focused business.
Sustainability at Sky
36 /

Environmental
MATERIAL FACTOROUR ASPIRATION
Environmental impact
We care about the environment
Taking action to manage and reduce our environmental impact and reporting responsibly.
Environmental advocacy
We advocate for a sustainable future
Raising awareness and positive action towards environmentally sustainable outcomes.
Responsible consumption
We use resources wisely
Sourcing and using resources responsibly through efficient consumption choices and
limiting our impact by reducing waste.
Social
MATERIAL FACTOROUR ASPIRATION
Affirming our commitment
to te ao Māori (a Māori
world view)
We value our place in Aotearoa NZ
Our enduring commitment to Aotearoa NZ means that we’re proud to be normalising te
reo Māori (the Māori Language) in our content, products and experiences.
Cultural contribution
We reflect the diverse communities of Aotearoa NZ
Ensuring our programming, production and talent reflect the diversity of our audiences
and the peoples and cultures of Aotearoa NZ.
Social Impact and
giving back
We use our platform and our voice for good
Championing and supporting vibrant local sports and creative sectors within Aotearoa
NZ. Sharing the moments that contribute to building community and connection.
Supporting positive societal outcomes.
Passionate and
responsible broadcaster
We value our audience’s trust
Caring for our audience and championing excellence in our craft. Taking responsibility
to ensure the quality and accuracy of our content and productions. Upholding industry
standards and enabling fair and equitable access.
Diversity, equity
and inclusion
We value the individual
Providing an inclusive working environment that encourages and values diversity and
reflects the communities we serve. Developing and nurturing talent and empowering our
people to be their authentic best selves.
Safety and wellbeing
We care for our team
Providing a supportive and effective work place that safeguards employees from harm.
Valuing crew wellbeing and creating an environment where all can thrive.
Governance
MATERIAL FACTOROUR ASPIRATION
Corporate governance
and business ethics
We ensure effective governance practice
Valuing and upholding ethical standards and striving to ensure governance policies and
operational practices safeguard stakeholder interests.
Data privacy and integrity
We protect stakeholder data
Respecting the trust our customers place in us and vigilantly protecting their information
and privacy.
Responsible and principled
procurement
We source responsibly
Striving to ensure procurement practices are socially, economically and environmentally
responsible, and acting ethically and fairly in business partnerships.
Sustainability at Sky: what matters most
Sky / 2024 Annual Report
/ 37

Environmental impact
1. The Exemption Notice provides relief to climate reporting entities (CRE) from the requirement to include a copy of or link to the climate statement in the
CRE’s annual report
Sky’s environmental footprint
and climate disclosure reporting
In FY23 Sky began tracking greenhouse gas (GHG)
emissions to capture Scope 1, Scope 2 and selected Scope
3 emissions (including some non-mandatory) within our
value chain. This formed our initial base-line inventory
which was certified by Toitū Envirocare in accordance with
ISO 14064-1, and confirmed Sky’s accreditation as a Toitū
carbonreduce certified organisation.
Sky is a climate-reporting entity (CRE) under the Financial
Markets Conduct Act 2013. As such, from FY24 Sky is
required to report against the Aotearoa New Zealand
Climate Standards published by the External Reporting
Board in December 2022.
During the year our efforts have focused on preparing
for Sky’s first disclosure under the new standards. This
has included expanding the capture of additional Scope 3
emissions sources within our value chain. As an extension of
this work we are exploring emissions reduction opportunities
within our business and have a process in place to review
emissions targets, including longer term targets. We are
using the Science Based Target initiative’s (SBTi’s) tools to
assess our emissions reduction pathways, although we are
not currently seeking formal SBTi validation.
In preparing for our initial climate disclosure we have also
completed scenario analysis to understand the plausible
physical and transitional risks and opportunities for our
business that may result from climate change.
Where appropriate, we have engaged expert support
to assist us on this journey and we will communicate
the results of this work in our first Climate Disclosure
Statement. Sky is relying on the Financial Markets Conduct
(Requirement to Include Climate Statements in Annual
Report) Exemption Notice 2023
1
, with our first initial
Climate Disclosure Statement due to be published by
31 October 2024. This will be available on Sky’s website:
www.sky.co.nz/investor-centre/results-and-reports.
Promoting climate awareness
We recognise Sky has a unique opportunity to share stories
that inform, raise awareness and inspire positive outcomes
– including stories that connect our audiences with the
natural environment.
This year, we were pleased to support locally-based
production company, NHNZ Worldwide, to share an epic
new series: Dynamic Planet with Sky audiences across Sky
Box, Neon and free-to-air on Sky Open. Filmed over three
years, Dynamic Planet travels to the extremes on all seven
continents to meet an extraordinary group of people and
animals living and working on the front line of climate
change, revealing how science, nature and tradition can
prepare us for the future.
The series shines a light on animals’ changing behaviour
as they adapt to a warming world and explores cutting-
edge science seeking solutions as local conservationists and
indigenous leaders look to tackle the challenges presented by
climate change impacts.
The expansion of our BBC partnership means that Sky
audiences can continue to access world-class factual shows
from some of the most inspiring and passionate experts in
the world on BBC Earth including, David Attenborough’s
acclaimed Planet Earth and Blue Planet series. And for our
younger viewers, BBC’s CBeebies show Ranger Hamza’s Eco
Quest explores nature’s wonders and the important role these
play in our environment.
38 /

Rangiata, Sky honoured to
receive Māori Language Award
It was an honour to be acknowledged for the way
in which we are implementing and embedding te
reo Māori into our workplace, with Sky receiving
the Pakihi (Business) Award at the 2024 Ngā Tohu
Reo Māori (Māori Language Awards). The Award
recognised our efforts to integrate te reo Māori into
our operations, products, and services, contributing
to the normalisation of the language in the
commercial sector.
Social Impact
Affirming our commitment
to te ao Māori
FY24 marked the first year of Rangiata, Sky’s inaugural
strategy Kia Rere to showcase national pride and identity
through Māori leadership and the accurate and appropriate
use of te reo Māori (the Māori language) and tikanga Māori
(practices and values).
Kia Rere, meaning ‘to fly’ or ‘take flight’, is a commitment
to promoting meaningful, authentic relationships with
Māori and producing content that reflects the stories of
our audiences and customers.
In FY24:
•We offered te reo Māori commentary on All Blacks
matches during the Rugby World Cup, with 71,000
viewers tuning in on Sky Sport and 25,000 people
streaming on Sky Go and Sky Sport Now.
•In another first, our coverage of the 2024 NRL All Stars
matches between Indigenous and Māori men’s and
women’s teams included bilingual commentary.
•We deepened our commitment through a collaborative
partnership with Whakaata Māori (Māori Television) to
normalise te reo, tikanga and Māori leadership on air. This
partnership included sharing the broadcast of two Māori
All Blacks v Japan XV rugby matches in June and July, with
a shared te reo commentary team. By broadcasting the
matches on Whakaata Māori, we made these important
events accessible to new audiences.
•We also partnered with Te Māngai Pāho for the national
Matariki commemoration broadcasts, reaching nearly
130,000 viewers.
Internally:
•We invested in a second year of the Te Kaa Māori cultural
training programme for leaders across Sky, delivered by
our partners Maurea Consulting, to support our people
to deepen their understanding of te ao Māori and their
cultural competency.
•Tikanga Māori was woven into our Customer Service
Experience training modules with a core focus on
principles of Manaakitanga (caring for others),
Whanaungatanga (strengthening relationships) and
Kotahitanga (acting in unison).
•We hosted Te Tiriti o Waitangi workshops in partnership
with Maurea Consulting, to build greater understanding
of the history and connection to Aotearoa NZ.
One key initiative of Kia Rere has been Kuaka, Sky’s
indigenous culture programme delivered by our partners,
Indigenous Growth Limited. Kuaka takes participants on an
immersive multi-day experience over a number of months
to unlock and enhance their leadership potential. The
programme is purposefully delivered through a te ao Māori
(Māori worldview) lens that has resonated strongly.
Our goal is for our team at Rangiata Sky to reflect the
diversity of Aotearoa NZ and in particular Māori, as part
of our Kia Rere Strategy.
Encouraging Inclusion
Sky’s enthusiastic Inclusion Team is a group of dedicated
Sky employees who champion diversity within Sky to nurture
inclusivity in the workplace. Key annual activities are centred
around four themes of Pride, te ao Māori, Women In Sport
and Pasifika. Each series of events draws the team together
in a way that is consistent with our purpose – to share
stories, to share possibilities, to share joy – and to celebrate
and learn more about the richness of diversity within Sky.
The Inclusion Team also encourages and empowers others
to take the lead in promoting Sky’s inclusive culture and
expand visibility across the business. In FY24 this included
crew-led Eid, Diwali, Pink Shirt Day, Tongan and Samoan
Language Week events.
Sky / 2024 Annual Report
/ 39

Before my Kuaka journey, I had no idea
what Ko Au (me) was. The course pushed me
beyond my comfort zone, and I have grown
personally and professionally, finding my voice
in meetings and embracing my cultural identity
at work. Thank you, Sky for bringing te reo
into my workplace and making it a norm.

Tisera Lelaulu
SKY KUAKA LEVEL 3 GRADUATE,
LEAD SAMOAN LANGUAGE WEEK
Sharing
my voice.
40 /

See Your Possible
Our commitment to helping girls and women to ‘See Your
Possible’ in sport and broadcasting was reinforced with
a superb year of women’s sport on Sky in FY24. The FIFA
Women’s World Cup was watched by a phenomenal 2.2
million New Zealanders (across Sky and free-to-air on Sky
Open), showcasing the best women football players from
around the world, with key events like the Netball World
Cup and rugby’s WXV 1 tournament sitting alongside our
full regular schedule of women’s sport.
See Your Possible is also about showcasing the roles of
women in sport broadcasting, and we have a formidable
team of women on-air at Sky including Kirstie Stanway,
Laura McGoldrick, Rikki Swannell, Kimberlee Downs,
Storm Purvis, Courtney Tairi, Honey Hireme-Smiler,
Ravinder Hunia, Taylah Johnson, Anna Wilcox, Taylor
Curtis, Anna Stanley and Adine Wilson.
Our studio show The Women’s Game had its first full
season in 2024, with an almost entirely female crew, led by
producer Ravinder Hunia and hosted by Laura McGoldrick.
It delivers important conversations about women’s sport,
sharing experiences from the perspective of athletes,
coaches and administrators. It has attracted support from
sponsor 2degrees, who share our passion for this kaupapa
(principle or philosophy).
Using our platform to tell women’s stories in sport, our
documentary Game Changers gave aspiring female rugby
coaches a voice, showing audiences the barriers they have
overcome for equity in the rugby coaching profession.
Increasing the amount of media coverage about female
athletes and competitions is another way to encourage
New Zealanders to See The Possible in women’s sport, and
we were pleased to extend our support for the excellent
work of the LockerRoom platform again this year.
Commercial innovation and our desire to drive an
equitable playing field and achieve stronger commercial
outcomes for women’s sport is part of our commitment
to See Your Possible. In support of this, in FY24 we
were pleased to be part of a raft of changes to Tauihi
Basketball Aotearoa, as part of our involvement in the
league as Commercial Partner and Broadcaster. This
included increasing player wages and opening up the
opportunity for international teams and players to join
the league. We are thrilled to support the growth of the
women’s basketball game in Aotearoa NZ in a way that
aligns with our mission to support girls and women
across a range of sport.
Sky / 2024 Annual Report
/ 41

Passionate and
Responsible Broadcaster
We take our role as a trusted broadcaster very seriously,
and we are privileged to be able to make a positive impact
on our communities by reflecting the people and cultures
we represent.
Broadcasting Standards
We are committed to upholding New Zealand broadcasting
standards, including under the Broadcasting Standard
Authority’s (BSA) Code of Broadcasting Standards (for
our Pay TV and free-to-air content), and the codes for
Commercial Video On Demand (CVOD) for Neon).
In the 2024 financial year:
• We took such care to meet Broadcasting Standards that
there were only seven complaints to the BSA across all
of Sky’s content, none of which were upheld. For context,
the BSA received 169 complaints in its last reported year
about all New Zealand broadcasters.
• We made significant efforts to achieve full compliance
with the new CVOD regime, which we achieved ahead of
schedule in December 2023. No complaints were made to
the Office of Film and Literature Classification for Neon.

Increasing accessibility
We acknowledge the increasing number of New Zealanders
who use captions and audio descriptions to aid their
enjoyment of content, and are committed to an ongoing
process of improving our accessibility options.
We have made a major push on our Neon service this year,
reaching 55% of content captioned (an increase of 22% in
the year), and will continue to work to increase this level,
with an emphasis on our most-popular content. Closed
captions are also available on selected on-demand content
on the new Sky Box and Sky Pod.
Captioning is available on 40 of our popular channels on
Sky, including BBC UKTV, Discovery and Nickelodeon as well
as the free-to-air channels that we carry, and we offer live
sport captions on some high priority sport events.
Through our valued partnership with Able, and with support
from NZ On Air, we deliver around 50-60 hours of captioned
content each week on Sky Open. We were pleased to
provide captions on key content for the Paris Olympics,
including the opening and closing ceremonies, daily
highlights, and a selection of live and delayed coverage.
Reflecting the people and cultures we represent
Reflecting our audiences through our broadcasting
platform and within our workforce presents a significant
opportunity to fulfil our role as a responsible business.
We are proud to have world-class and globally-
recognised presenters and commentators here in
Aotearoa New Zealand who enable Kiwis to see
and hear local role models that can inspire.
The stories we tell through our Sky Sport Productions,
as well as those commissioned by our Sky Originals
commissioning team (and supported by NZ on Air),
showcase a range of diverse Kiwi voices and experiences.
Caring for the craft
Sky’s Audio Engineering team recently passed the one-
year milestone on an idea that had its beginnings back
in 2022. It started with the team wanting to contribute
to their profession by sharing their skills with a new
generation of students. They identified an opportunity to
encourage students studying with New Zealand’s School
of Audio Engineering Creative Media Institute (SAE) to
include media and broadcast as a study component.
As a result, over the past year 12 SAE students have had
the opportunity to gain experience at Sky’s Mt Wellington
broadcast facility, providing real world ‘on the tools’
work experience and the opportunity for coaching and
feedback from Sky’s team of audio engineers. Students
work in pairs one day a week over a six-week block
in an immersive learning environment covering post-
production studio operations and the processes to create
a broadcast sound mix as well as opportunities to sit in on
live broadcasts at Sky’s studio facilities.
The initiative has been a resounding win-win: the
students found the experience extremely valuable, with
two graduates going on to work professionally for Sky,
and it was highly rewarding for the Sky team, who have
agreed to extend the partnership to FY25.
42 /

Sky for Good
Sky supports a range of charitable initiatives aligned
with our purpose and values to enhance the lives of
New Zealanders in need. Our long-term relationships
with some of these organisations include:
•Starship: New Zealand’s first hospital built exclusively
for children and young people, where Sky has been a
sponsor since 2001. Our support includes providing free
access to Sky content in all Starship bedrooms and
giving the Starship Foundation airtime on our platforms
for its campaigns.
•Special Children’s Christmas Parties: These events,
held throughout the country, involve nearly 10,000 Kiwi
children with special needs or challenging life or health
circumstances each year. Sky has been a sponsor since
2002, providing financial support and on-the-ground
volunteer help from our crew at the charity’s party events.
•Te Wao Nui Child Health Service and Hospital
(Wellington Children’s Hospital): A leading hospital
dedicated to the health and well-being of children and
young people. Our relationship started in August 2022,
and like our agreement with Starship, we provide free
access to Sky content in hospital bedrooms.
•Halberg Foundation: Sky has proudly supported the
Halberg Foundation over many years. The ISPS Handa
Halberg Awards, the country’s preeminent event to
honour and celebrate New Zealand sporting excellence,
is broadcast on Sky and Sky Open. We sponsor the Sky
Sport Emerging Talent award as well as delivering the
event to New Zealanders right across the country. The
Awards are the major fundraising event for the Halberg
Foundation, which aims to enhance the lives of young
physically disabled New Zealanders by enabling them to
participate in sport and recreation.
We also use our platform and our story-telling
skills to bring communities together and to inspire
New Zealanders, with one special example in FY24 being:
•We The South — Manukau Rovers: A Sky-produced
documentary that tells the story of the Manukau Rovers,
a Mangere rugby club. A story of passion, sacrifice,
and community recovery post-COVID. Sky for Good
supported a special premiere screening at the Mangere
Arts Centre as an opportunity to bring the community
together to celebrate its achievements and give back to
the people who had shared their story of hope.
Sky / 2024 Annual Report
/ 43

Board of Directors
4.5.
2.1.3.
6.
44 /

Philip Bowman
Independent Chairman
Philip was appointed Chair of
Sky in September 2019. Philip
is a distinguished businessman
who has led several major global
companies and served on the board
of a significant number of public
and private companies. Philip brings
knowledge of the media sector,
including having served on the board
of Sky UK for ten years. Other roles
include Group Finance Director of
Bass, CEO of Bass Retail, CEO of
Allied Domecq, CEO of Scottish
Power, CEO of Smiths Group, senior
non-executive director of Burberry,
Chair of Liberty, Chair of Coral
Eurobet, Chair of Miller Group, and
non-executive director of Scottish &
Newcastle. He currently sits on the
boards of two other listed companies,
KMD Brands and Ferrovial SE.
Philip has a degree with honours
in Natural Sciences (University of
Cambridge) and Master in Natural
Sciences (University of Cambridge).
Keith Smith
Independent Director
Keith was appointed to the board in
April 2020. He has a long-standing
record of leadership as a director
and advisor to companies in a
diverse range of industries, including
the energy sector, rural services,
printing, media and exporting.
Keith is a director of Goodman
Property Services (NZ) Limited
(the Manager of listed company,
Goodman Property Trust) and a
director of several other private
companies. He is a past President
of the Chartered Accountants
Australia and New Zealand.
Dame Joan Withers
Independent Director
Dame Joan was appointed to the
board in September 2019. She brings
a wealth of experience spanning a
25–year career in the media industry,
including CEO positions at Fairfax and
the Radio Network, as well as being
the former Chair of TVNZ. Joan’s
depth of governance experience
includes her current roles as Chair
of The Warehouse Group and a
director of ANZ Bank New Zealand,
Origin Energy Ltd. She has previously
held Chair positions at Auckland
International Airport and Mercury NZ
Ltd. Joan is a Trustee of the Louise
Perkins Foundation and was formerly
Chair of a steering committee working
to increase the percentage of South
Auckland Māori and Pacific Island
students taking up roles in the health
sector. She holds a Master of Business
Administration from the University of
Auckland. In 2015, Joan was named
Supreme Winner in the Women of
Influence Awards and Chairperson
of the Year in the Deloitte Top 200
Management Awards. In 2024, Joan
was made a Dame Companion of
the New Zealand Order of Merit.
Belinda Rowe
Independent Director
Belinda was appointed to the board
in March 2023. She has held Global
C Level business leadership roles
in marketing, communications,
digital and media, including with
Publicis Media, Zenith, Mojo
and O2 Telefonica. Belinda also
successfully led the creation of a
compelling content marketing and
sport sponsorship practice across
32 markets. Belinda’s governance
experience includes current non-
executive director roles at ASX-listed
Australian media company ARN
Media Ltd, Temple & Webster Group
and 3P Learning Ltd. She is also on
the board of AFL club, Sydney Swans.
Mike Darcey
Independent Director
With an extensive track record of
strategy and delivery across television,
publishing and technology, Mike was
appointed to the board in September
2017. A New Zealander, he has lived
and worked in the UK since 1989.
Fifteen of those years were spent
at Sky UK, initially as the Director
of Strategy, then six years as Chief
Operating Officer. He played a
prominent role in most of Sky UK’s
major strategic decisions and its
major commercial and regulatory
dealings during this period. From
2013 to 2015, Mike was CEO of
News UK. Since 2015, Mike has had
a series of non-executive roles and
these currently include Chairman of
British Gymnastics and Chairman of
Arqiva Group Limited (the UK’s main
independent provider of television
broadcast infrastructure). He is also
active as a strategy advisor to a series
of major players in the media sector.
Mark Buckman
Independent Director
Mark was appointed to the board in
March 2022. Mark is a highly skilled
business leader based in Australia
with a deep background in technology
digital innovation, marketing, media
and broadcasting, and customer
engagement. His executive career has
spanned North America, UK/Europe,
and APAC, with roles at Foxtel, Telstra,
the Commonwealth Bank of Australia
and McCann. Mark was the Group
Managing Director of Telstra Media
overseeing the company’s PayTV
and digital platforms portfolio; and
Delegate Director across Telstra’s
media investments. Mark is actively
involved as an Advisor in tech start-
ups; and is a past Advisor to Tech
Central. He is a Senior Advisor to
Accenture, and his governance
credentials include the boards of
OzTAM, the Australian free-to-air
television consortium, technology
start-ups and social enterprises.
Mark has also completed post-
graduate studies in Sustainability
and Circular Economy at Cambridge,
AI at MIT and Cybersecurity
at Harvard University.
1.
4.
2.
5.
3.
6.
Sky / 2024 Annual Report
/ 45

Leadership Team
Sophie Moloney
Chief Executive
Ciara McGuigan
Chief Financial Officer
Jonny Errington
Chief Content &
Commercial Officer
Daniel Kelly
Chief Customer Officer
Lauren Quaintance
Chief Media & Data Officer
Chris Major
Chief Corporate Affairs Officer
Antony Welton
Chief Operations &
People Officer
46 /

Corporate
Governance
Statement
/ 47
Sky / 2024 Annual Report

The following disclosures and compliance statements are
provided in accordance with the NZX Corporate Governance
Code (dated 1 April 2023) (NZX Code). This corporate
governance statement is current as at 24 August 2024, and
has been approved by the Board. All key governance policies
and charters referred to below are available on Sky’s website
www.sky.co.nz/investor-centre/corporate-governance.
Sky changed its ASX admission category from a standard ASX
Listing to an ASX Foreign Exempt Listing with effect from 19
July 2024. The change means that Sky is primarily regulated by
its home exchange, the NZX, and is exempt from complying with
most of the ASX’s Listing Rules. Sky continues to have a full
listing on the NZX Main Board and to be listed on the ASX. The
change in admission category delivers a reduction in compliance
related costs and procedural efficiencies and does not affect
shareholders’ ability to trade their shares on the ASX.
NZX Corporate Governance Best Practice Codes
The NZX Code sets standards for effective corporate
governance in New Zealand and Sky is committed to reporting
against these standards. The Board considers that Sky has
complied with the NZX corporate governance best practice
code in all material respects during the 2024 financial year.
1. A culture of acting lawfully,
ethically and responsibly
Directors should set high standards of
ethical behaviours, model these behaviours,
and hold management accountable for
delivering these standards throughout
the organisation.
Statement of Values
Sky’s values were developed through a collaborative
workshop process, led by Sky Culture Champions and
endorsed by the Board. Collectively, the values “Be Yourself”,
“Create Something Amazing” and “Make Someone’s Day”
create a common understanding of the expectations directors,
executives and employees have of each other and themselves.
Code of Ethics
Sky has a Code of Ethics which provides a practical set of
guiding principles for a code of ethical behaviours in respect
of various matters including conflicts of interest, gifts and
entertainment, corporate opportunities, confidentiality,
insider trading and dealing with corporate assets, in addition
to emphasising the requirement to comply with applicable
laws and regulations.
The Code of Ethics applies to Sky’s directors, senior executives,
employees and other persons representing Sky or engaged
to carry out work for Sky, and is available on Sky’s website.
All potential breaches of the Code of Ethics are to be notified
to Sky’s Chief Financial Officer or Chief Executive (or the Chair
of the Sky Board of Directors if the Chief Financial Officer or
Chief Executive are potentially implicated), and any material
breaches will be notified to the Board. No breaches were
notified in FY24.
Sky managers are responsible for providing appropriate and
regular training and ensuring that all Sky employees are aware
of and adhere to Sky’s Code of Ethics.
Sky is in the process of designing a Conduct and Ethics
framework, with input from internal stakeholders to
clearly set out the expectations regarding behaviours
of its people and stakeholders throughout the business.
Sky anticipates that this framework will be adopted
during the course of FY25. Sky’s Code of Ethics will be
updated where necessary to reflect this framework
and Sky will provide training sessions for all employees
on the new framework and revised Code of Ethics.
Whistleblowing/Protected Disclosures
Sky’s Protected Disclosures Policy (or Whistleblower
Policy) provides a process for staff and any other persons
to report any serious wrongdoing and gives protection to
the person making the disclosure in accordance with the
policy. The policy outlines types of behaviour that may be
considered serious wrongdoing, when and how a person can
make a disclosure and how they are protected. This includes
access to an independent third party, qualified to provide
comprehensive advice and access to support. No allegations
were made in FY24.
A review of the policy and underlying processes was
undertaken in 2024 to review and strengthen the framework
and ensure Sky’s procedures continue to reflect best practice
and compliance with the Protected Disclosures (Protection of
Whistleblowers) Act 2022 introduced in July 2022. To ensure
independence and enhance our internal promotion of the
service this review was outsourced to Deloitte.
The Protected Disclosures Policy is posted on Sky’s website.
Any material incidents reported under the Policy will be
notified to Sky’s People and Performance Committee and/
or the Board and this process is formalised in the Protected
Disclosures Policy.
Securities Trading
Sky has a formal Securities Trading Policy, which is posted on
Sky’s website. Sky’s Securities Trading Policy includes robust
procedures to minimise the risk of insider trading. The policy
outlines that directors, officers, employees and contractors
of Sky may not buy or sell securities in Sky, nor may they tip
off others, while in the possession of material information
which is not generally available to the market.
Additional restrictions apply to key management personnel
who are prohibited from trading during prohibited periods
(other than in exceptional circumstances) and must at all times
(including outside prohibited periods) obtain written consent
to trade from the Chief Financial Officer, Chair of the Board
or the Chair of the Audit and Risk Committee (as applicable).
Sky’s Securities Trading Policy affirms the law relating to
insider trading contained in the Financial Markets Conduct Act
2013 and the Australian Corporations Act 2001 (Cth).
Corporate Governance
Statement
48 /

Anti-bribery and Corruption Policy
Sky introduced an Anti-Bribery and Corruption Policy during
the 2022 financial year to specifically set the minimum
standards of conduct expected of Sky (including its
directors, senior managers, employees, contractors and
consultants or any other person who represents Sky or
is engaged to carry out work for Sky and its subsidiaries)
to ensure Sky complies with all relevant anti-bribery and
corruption legislation in all jurisdictions in which it operates
or has dealings. This policy builds on the existing strong
framework established through Sky’s Code of Ethics to
reinforce Sky’s standards, including appropriate controls
around offering and accepting gifts or entertainment.
Breaches of the Anti-Bribery and Corruption Policy must
be reported to the Chief Executive, and the Board will be
informed of any material incidents of bribery or corruption.
No breaches of the Anti-Bribery and Corruption Policy were
reported during the 2024 financial year.
Modern Slavery
Sky filed its third Modern Slavery Statement covering the
period 1 July 2022 to 30 June 2023 with the Australian Border
Force (under the Modern Slavery Act 2018 (Australia)),
with the next filing due by 31 December 2024.
Throughout the 2024 financial year, Sky has continued
to strengthen its efforts to reduce the risk of modern
slavery practices across the Group’s operations and supply
chain. This has been achieved by proactively identifying
and managing suppliers identified as being potential risks.
In particular, Sky has further integrated the Supplier Code
of Conduct into its procurement process, has deployed an
enhanced Supplier Risk Assessment and upgraded its supplier
data, affirming Sky’s commitment to ethical, responsible and
sustainable business conduct.
The next steps in this work will be to further engage with key
suppliers to ascertain their ability to assess and address their
modern slavery risks. All learnings from this process will be
incorporated into Sky’s Procurement Policy, processes and
supplier management practices.
During the 2024 financial year, Sky provided enterprise-wide
staff Procurement Training utilising the new Human Resources
Information Portal (ELMO).
Sky is monitoring the progression of New Zealand’s modern
slavery legislation and remains committed to aligning
its practices with any new regulatory requirements that
may arise.
2. Board composition and
performance
To ensure an effective board, there should
be a balance of independence, skills,
knowledge, experience and perspectives.
Board of Directors – Composition
Sky’s Board is appointed or ratified by the shareholders of
Sky by ordinary resolution. The NZX Listing Rules provide for
a minimum of three directors, and Sky’s constitution provides
for a maximum of ten directors. As at 30 June 2024, the Board
consisted of six directors whose relevant skills, experience and
expertise are outlined in their biographies on page 45.
The Board operates under a written charter (Board Charter),
which sets out the respective roles and responsibilities of the
Board, the Chair and management, and (together with the
delegated authorities policy) those matters expressly reserved
to the Board and those delegated to management. A copy
of the Board Charter is available on Sky’s website.
Nomination and Appointment
The Board considers the Board’s skills, experience and diversity
when evaluating potential board candidates. The objective
is to have a mix of skills represented on the Board that are
relevant to Sky’s business and strategy. The Board is also
responsible for board succession planning generally.
The Board may appoint directors to fill casual vacancies
that occur or add persons to the Board up to the maximum
number prescribed by Sky’s constitution. At each annual
meeting all directors appointed by the Board since the
last annual meeting must retire and seek re-election,
if eligible. Directors must not hold office (without re-
election) past the third annual meeting following the
director’s appointment or 3 years, whichever is longer.
As at 30 June 2024 the Board is comprised of:
Appointed
Philip Bowman
Independent Chair
1 September 2019
Keith Smith
Independent Director and Deputy Chair
21 April 2020
Mike Darcey
Independent Director
19 September 2017
Dame Joan Withers
Independent Director
17 September 2019
Mark Buckman
Independent Director
21 March 2022
Belinda Rowe
Independent Director
1 March 2023
Sky / 2024 Annual Report
/ 49

Before appointing directors to the Board, or putting
candidates forward at annual meetings for re-election,
the Board ensures that appropriate checks are carried out
to ensure candidates have the necessary skills to act for
Sky. Material information that is relevant to a decision on
whether or not to elect or re-elect the director is provided
to shareholders. Written agreements are in place with each
Board member and senior executive setting out the terms
of their appointment.
New Board members receive induction training to gain an
understanding of Sky’s business and operations including its
financial, strategic and risk management position as well as
a director’s rights, duties and responsibilities, the role of the
Board, the Board committees and the executive management
team. It is expected that all directors will be required to stay
informed of changes to, and emerging issues in, director
duties and responsibilities. In addition, visits to specific
company operations, when appropriate, and briefings from
key executives and industry experts will be arranged.
The Board will periodically review whether there is a need for
existing directors and/or the Board as a whole to undertake
professional development to maintain the skills and knowledge
to perform their roles as directors effectively and to deal with
new and emerging business and governance issues. Sky will
reimburse directors for reasonable costs incurred in attending
appropriate conferences and training courses.
Sky ensures that a majority of its Board are independent
directors and that the role of Chair of the Board and Chief
Executive are separate. At 30 June 2024 all of the directors of
Sky were independent directors, having regard to the factors
in NZX Recommendation 2.4 (none of which apply to the
directors of Sky). The Chair of Sky’s Board is Philip Bowman,
an independent director (and is not the Chief Executive of Sky).
Delegations
To enable the effective functioning of the day-to-day business
of Sky, the Board has delegated certain of its powers to Sky’s
Chief Executive and senior management. Those powers are
set out in Sky’s delegated authorities policy (with treasury
management delegations set out in the Treasury Policy)
and relate to how Sky employees are able to authorise any
transaction with a financial implication, or to perform other
functions relating to human resource matters or finance and
legal matters. Specifically, Board approval is required for:
• any action or transaction that exceeds the limits delegated
to the Chief Executive; and
• appointing or removing authorised signatories to bank
accounts, entering into overdraft facilities or similar
credit arrangements, or entering into loans, mortgages,
debentures or other financial instruments.
There is no delegation to any person to raise capital or to
specifically borrow money by any means whatsoever. Such
transactions may only be performed with Board approval.
The Board is responsible for monitoring those delegations and
approving all changes to the delegated authorities policy and
the Treasury Policy from time to time (the Board may amend
or withdraw delegations at its sole discretion at any time).
All delegated authorities are exercised on the Board’s behalf
in accordance with relevant company policies and procedures.
Meetings
The Board has regularly scheduled meetings and also meets
when a matter of particular significance arises. During the
year between 1 July 2023 and 30 June 2024, there were
11 Board meetings. Attendance was as follows:
Board meetings held
while a director
Attendance at
Board meetings
Philip Bowman
1111
Keith Smith
1111
Mike Darcey
1111
Dame Joan Withers
1111
Mark Buckman
1111
Belinda Rowe
1111
Role of the Board
The Board oversees Sky’s business and is responsible for its
corporate governance. The Board sets corporate policies and
the strategic direction of Sky and oversees management
with the objective of enhancing the interests of shareholders.
Management is responsible for the implementation of the
corporate policies set by the Board, as well as the day-to-day
running of Sky’s business including risk management and
controls and liaising with the Board about these matters.
Various information reports are sent to the Board in order
to keep them informed about Sky’s business including
reports during the financial year ended 30 June 2024 on
the effectiveness of the management of material legal and
business risks. Directors also receive operating and financial
reports, and have access to senior management at Board and
committee meetings.
50 /

Directors Skills and Experience
The aim of the Board is to have a mix of skills represented on the Board that are relevant to Sky’s business. The skills matrix for the
directors is set out below:
Primary skills Secondary skills
Skills attribute
Philip
Bowman
Dame Joan
Withers
Keith
Smith
Mike
Darcey
Mark
Buckman
Belinda
Rowe
Pay Television and Media Industry –
including experience in overseas markets
Strategic content partnerships
Customer Experience development
Technology, Data and Innovation
Public Company Governance including
Risk and Sustainability Management
Finance/Accounting and Commercial
including Corporate Transactions
CEO and Executive Experience
People Management and Culture
Board Performance
Board performance, including the performance of Board
committees and individual directors, is reviewed and evaluated
periodically and as the need arises in accordance with the
process set out in the Board Charter. A formal evaluation
exercise was initiated during the 2024 financial year.
Executive Performance
Executive performance is reviewed and evaluated on a
continual basis by the Board and Chief Executive, and
periodically as the need arises, in accordance with the People
and Performance Committee Charter and the Remuneration
Policy, and more formally, annually at financial year end.
Executive performance is assessed as input into annual
salary reviews and through participation in Sky’s short-term
incentive (STI) and long-term incentive (LTI) scheme. The
components of Sky’s STI and LTI scheme consider in the
first instance a participation gateway regarding Health
and Safety performance.
Assessment criteria for the STI and LTI are set out in the
Remuneration section on pages 54-58. A formal evaluation
of senior executive performance for the 2024 financial year
has been undertaken following the completion of that period.
Company Secretary
The Company Secretary is accountable directly to the
Board, through the Chair, on all matters to do with the
proper functioning of the Board. The Company Secretary
is Kirstin Jones.
Independent Advice
Sky has a procedure for Board members to seek independent
professional advice at Sky’s expense (as set out in the
Board Charter).
Diversity
Sky recognises diversity and inclusion as a strategic asset for
Sky’s current and future success. Sky values diversity of gender,
age, ethnic and cultural background, sexuality, experience
and beliefs. Sky’s Board and management believe that an
organisation that reflects the diversity of its current and future
customers will be able to deliver better, more personalised
customer experiences, and customer value, to continue to grow
successfully, and to attract and retain the best talent.
Sky’s commitment to both diversity and a company
environment of inclusivity where all crew know they belong
is reflected in Sky’s Diversity and Inclusion Policy, which is
reviewed annually. Sky believes that a diverse workforce
supports an inclusive culture. This starts with inclusive
recruitment practices including the way we advertise.
The Board acknowledges the importance of diversity both
on boards and within companies, and as noted in Sky’s Board
Charter. This is one of the characteristics that is considered
when evaluating new director candidates. As at 30 June 2024,
Sky’s Board has two female directors and four male directors.
Sky’s officers (being a person who is concerned or takes part
in the management of Sky and reports to the Board, or to a
person who reports to the Board) includes four female officers
and three male officers. The appointment of an additional
female officer was announced in June 2024, with this person
due to commence employment with Sky during the 2025
financial year. The officers include the Chief Executive and
the members of Sky’s Executive Leadership team who report
directly to the Chief Executive.
Sky’s diversity metrics include gender balanced leadership.
Under Sky’s Champions for Change partnership, Sky is
committed to our measurable objectives in this area of 40%
men, 40% women and 20% of either gender in our senior
leadership cohort. Sky achieved these targets in FY24 with
53% female senior leaders and 47% male senior leaders.
Sky / 2024 Annual Report
/ 51

As set out on page 39, Sky has committed to embedding the
principles of te ao Māori into everyday life at Sky. In addition to
this commitment, Sky has focused on three inclusion priorities
of Gender Balance, Pasifika and Pride in FY24.
The Kia Rere programme sets the strategic direction for
Sky to normalise te reo, tikanga and Māori leadership on air,
with Sky’s people and in the community. Sky has fostered
an authentic approach to Māori & Pasifika employee impact
through the Kuaka leadership development programme, and
by making indigenous cultures more visible to all crew through
company-wide events and communication.
Sky’s approach to workplace inclusion ensures appropriate
enablement mechanisms are in place for all crew to
demonstrate leadership that celebrates diversity and
strengthens unity. Sky is a Pride Pledge Gold supporter and
has undertaken employee education and awareness raising
activities throughout FY24.
The chart below represents Sky’s gender and age
diversification as at 30 June 2024:
2024Board LevelOfficersAll staff
Women
24282
Men
43392
Gender diverse
004
Prefer not to say
004
Total number
67682
Over 45
100%100%41%
2023Board LevelOfficersAll staff
Women
24290
Men
44372
Gender diverse
001
Prefer not to say
008
Total number
68671
Over 45
100%100%41%
(1) For the purpose of Recommendation 1.5(c)(3) of the ASX Corporate
Governance Principles and Recommendations (4th edition), “senior
executives” has the same meaning as the “officers” referred to in the
chart above as defined under the NZX Listing Rules.
The table below provides a detailed breakdown of the age
diversity of Sky’s workforce:
Age20242023
<3013%13%
30 – 3926%30%
40 – 4933%32%
50 – 5921%20%
60 – 696%4%
>701%1%
3. Board committees
The Board should use committees
where this will enhance its effectiveness
in key areas, while still retaining Board
responsibility.
The Board has established the following committees to act
for, and/or make recommendations to, the full Board on
certain matters as described below.
Audit and Risk Committee
The Audit and Risk Committee is responsible for overseeing the
financial and accounting activities of Sky including accounting
and reporting, external and internal auditors, tax planning
and compliance, treasury and general risk management.
The Committee operates under a formal Audit and Risk
Committee Charter available on Sky’s website.
The Charter also contains the External Audit Independence
Group Policy, the object of which is to ensure that audit
independence is maintained, such that Sky’s external financial
reporting is viewed as being highly reliable and credible.
As at 30 June 2024, the members of the Committee, who
are independent directors, are Keith Smith (ARC Chair, Board
Deputy Chair), Philip Bowman (Board Chair), and Dame Joan
Withers. There are no non-independent committee members.
All directors who are not members of the Audit and Risk
Committee may attend Audit and Risk Committee meetings
without invitation. A standing invitation exists for the Chief
Executive and the Chief Financial Officer to attend Audit
and Risk Committee meetings.
People and Performance Committee
The People and Performance Committee is responsible for
providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors, Chief
Executive and senior executives, overseeing Sky’s people and
performance strategy and policies, including remuneration.
The Committee also ensures that before appointing executives,
appropriate checks are carried out to ensure candidates have
the necessary skills to act for Sky.
The current members, who are independent directors, are
Mark Buckman (PPC Chair), Dame Joan Withers and Belinda
Rowe. There are no non-independent committee members.
The Committee’s Charter is available on Sky’s website.
Sky management may only attend Committee meetings
by invitation.
1
1
52 /

Content Rights Committee
The Content Rights Committee is responsible for (i) providing
guidance, challenge, strategic input and counsel to Sky’s
management in relation to content rights arrangements;
(ii) approving Sky’s pursuit and negotiation of content rights
arrangements; and (iii) where applicable authority has been
delegated to the Committee by the Board, approving Sky’s
entry into and modification of content rights arrangements
in accordance with such delegated authority. The current
members, who are independent directors, are Philip Bowman
(CRC Chair, Board Chair), Keith Smith (Board Deputy Chair),
and Mike Darcey. There are no non-independent
committee members.
The Committee’s Charter is available on Sky’s website.
Sky management may only attend Committee meetings
by invitation.
Disclosure Committee
The Disclosure Committee is responsible for monitoring,
determining, implementing and enforcing Sky’s disclosure
obligations under relevant legislation and stock exchange
listing rules.
The Committee members are Philip Bowman (Board Chair)
and Keith Smith (ARC Chair, Board Deputy Chair), or in
the absence of either Chair, another director, along with
the Chief Executive Officer, Chief Financial Officer and
Company Secretary.
Ad-hoc Committees
The Board established a number of ad-hoc committees
during the 2024 financial year to assist the Board in fulfilling
its responsibilities in relation to specific matters. Each such
committee was established by Board resolution (clearly
prescribing the membership of the committee and the role
of the committee) and required to regularly report back
to the Board on proceedings. The Board retains ultimate
responsibility for the relevant matters.
Board Membership
Sky’s Board is responsible for ensuring the balance of skills,
knowledge, experience, independence and diversity of
directors remains relevant to Sky’s business and strategy and
enables the Board to discharge its duties and responsibilities
effectively. The Board considers these factors when assessing
Board succession and evaluating potential Board candidates.
The Board does not have a formal nomination committee
constituted by a Board committee charter. The Board or a
nominations sub-committee of the Board (which is distinct
from the People and Performance Committee) evaluates
potential Board candidates to be considered for appointment.
To be eligible for appointment as directors, candidates must
demonstrate appropriate qualities and experience. Directors
will be selected based on all the above factors including the
needs of the Board at the time.
Committee Meetings
During the financial year ended 30 June 2024 attendance at
committee meetings were as reflected in the table below:
Committee meetings
held while a
Committee member
Attendance
at Committee
meetings
Audit and Risk Committee
Keith Smith (Chair)
44
Dame Joan Withers
44
Philip Bowman
44
People and Performance Committee
Mark Buckman (Chair)
66
Dame Joan Withers
66
Mike Darcey
1
33
Belinda Rowe
2
33
Content Rights Committee
Philip Bowman (Chair)
44
Keith Smith
44
Mike Darcey
44
(1) Mike Darcey retired from the People and Performance Committee on
1 December 2023.
(2) Belinda Rowe was appointed to the People and Performance Committee
on 1 December 2023.
Takeover Protocol
The Sky Board has approved a Takeover Protocol that outlines
the procedures when dealing with takeover offers. This is
available on Sky’s website.
Sky / 2024 Annual Report
/ 53

4. Reporting and disclosure
The Board should demand integrity
in financial and non-financial reporting
and in the timeliness and balance of
corporate disclosures.
Sky endeavours to provide investors and stakeholders with
financial and non-financial reporting that is clear, meaningful,
timely and balanced. All key governance documents and
policies, as well as all material stock exchange announcements,
interim and annual reports and investor presentations are
available online at www.sky.co.nz/investor-centre.
Financial Reporting
The Audit and Risk Committee oversees the preparation of
Sky’s financial statements, including materiality guidance and
setting policy to ensure the information presented is useful for
investors and other stakeholders.
Sky endeavours to prepare financial statements that are easy
to read by using clear, precise language and by structuring
the report so that it is logically presented, and that policies
and related notes are combined in a format that is consistent
and logical.
Directors, Chair and Board Committees’ Confirmation
of Financial Statements
Each year Sky’s Chief Executive and Chief Financial Officer
confirm in a written statement to the Board that the financial
statements are true and correct, are prepared in accordance
with applicable accounting standards and present fairly Sky’s
financial position.
Continuous Disclosure
Sky is committed to keeping shareholders and the wider
market informed of material information relating to its
business, financial performance and strategy to ensure
that trading in Sky’s securities takes place in an efficient
well -informed market at all times.
When Sky provides a substantive investor or analyst
presentation, such as those prepared for investor results
briefings, shareholder meetings, or investor day events,
a copy of the material to be presented is released to the
NZX and ASX ahead of the presentation.
Sky has a Continuous Disclosure Policy that is available
on Sky’s website. The policy sets out Sky’s responsibilities in
relation to its continuous disclosure obligations under the NZX
and ASX Listing Rules and the Financial Markets Conduct Act
2013. The policy establishes the procedures required to fulfil
Sky’s obligations and details the process to appropriately
identify and determine any material information that may
require disclosure.
In most circumstances, material market announcements are
approved by the full Board prior to their release. Copies of all
material market announcements are promptly circulated to
the Board after they have been made.
5. Remuneration
The remuneration of directors and
executives should be transparent,
fair and reasonable.
Sky’s Remuneration Framework
Sky is committed to being an innovative employer, presenting
fair, market comparable and inclusive remuneration strategies
to ensure the strongest talent is attracted to, remains with
and is committed to the performance of the business.
Sky’s approach to remuneration demonstrates the
intention to ensure clear alignment between remuneration
and sustainable, long-term stakeholder interests. Sky’s
remuneration policy provides detailed information regarding
the company’s remuneration framework and the approach to
Board and key management personnel (KMP) remuneration.
A copy of the policy is available on Sky’s website.
Stakeholder views and interests were considered in the
design of Sky’s remuneration framework to ensure an
appropriate focus on performance supports the delivery of
Sky’s business strategy. This is achieved through targeting
the delivery of commercial results with the main drivers of
company performance being a core component of Sky’s
senior leaders’ compensation.
The People and Performance Committee is responsible
for providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors,
Chief Executive and senior executives, and overseeing
Sky’s people and performance strategy and policies,
including remuneration.
The Board approves Sky’s Remuneration Policy and all
components of remuneration, including director fees,
fixed remuneration, the quantum and terms of short term
incentives (STI) and the quantum and terms of any long
term incentives (LTI).
Fixed Remuneration
Fixed remuneration includes base salary and KiwiSaver.
The salary component of fixed remuneration is reviewed on
an annual basis against market benchmarks while benefits
are reviewed as appropriate. Executive fixed remuneration
is reviewed annually and tested against relevant independent
external benchmark data, with any increases approved by
the PPC and the Board.
54 /

Employee Benefits
Sky is committed to offering additional benefits that support
employee wellbeing, customer service and both attract and
retain great talent. These benefits are reviewed regularly
to ensure their continued efficacy. Current benefits on
offer include:
• Paid parental leave of 3 months at full pay or 6 months
at half pay with KiwiSaver contributions included.
• Family support beyond parenting, including flexible working
arrangements above the legislative requirements and leave
associated with intergenerational family units to care for
in the home.
• The ability to give back to the community with a volunteer day.
• Gender affirmation leave and support.
• Free and discounted Sky services.
• Discounted wellbeing services, including gym membership.
Short Term Incentive Plan
Sky’s Short Term Incentive plan (STI) provides a direct link
between delivery of strategic or performance objectives
(both financial and non-financial) and remuneration outcomes.
The Chief Executive, the Executive Team and direct reports to
the Executive Team are eligible to take part in Sky’s STI plan.
The STI framework and specific metrics are considered by
the People and Performance Committee and recommended
to the Board for approval on an annual basis. The Board
retains discretion to deny an award under Sky’s STI plan,
where it would reward conduct that is contrary to Sky’s
values or risk appetite.
The entitlement percentage for the FY24 period was set at
50% of base salary for the Chief Executive and 35% of base
salary for other executives. Other eligible staff are entitled to
15% of base salary. The STI measures for FY24 were divided
between Financial Performance, accounting for 55% of the
award and non-financial, lead indicators. The measures used
were: Total Revenue, EBITDA, Content (content costs as a
percentage of revenue), Employee Engagement, Customer
Experience (3 month rolling average NPS), Advertising
(advertising diversification rating).
Sky’s STI plan includes an overarching Health and Safety
hurdle whereby the STI will be forfeited in the case of a
successful prosecution under the Health and Safety at
Work Act 2015.
Short Term Incentive (STI) achievement FY24
MeasureTargetWeightingAchievement
Overall
Performance
Financial
Revenue
$ 7 8 7. 1 m15%95%
112.6%
EBITDA
$160m25%83%
Content
Costs as %
of Revenue
51 .1%15%100%
Non-financial
Employee
Engagement
+6pp15%150%
Customer
Experience
+4pp20%150%
Advertising
+13%10%100%
Long Term Incentive Plan
A Long Term Incentive Plan (LTI) was introduced in FY24
for the Chief Executive and Executive team. The purpose of
the LTI is to incentivise the performance and retention of Sky’s
key executives and create further alignment with shareholders’
interests, consistent with contemporary market standards.
The plan is structured as a performance rights plan with
a three-year vesting period to September 2026, with service
rights conditions. The performance conditions are set by
the Board, having regard to Sky’s medium and longer-term
performance objectives with key measures being:
• 50% based on Absolute Total Shareholder Return CAGR
performance of greater or equal to 12.9% per annum
to achieve 100% vesting with proportional straight-line
vesting from 50% at performance of greater or equal to
11.9% per annum.
• 50% based on Relative Total Shareholder Return CAGR
performance of greater or equal to 75th percentile to
achieve 100% vesting with proportional straight-line
vesting from 50% at performance of greater or equal to
50th percentile.
Participants in the LTI are prohibited from entering into
transactions to hedge or otherwise limit the economic risk of
participating in the plan. The percentage of potential LTI varies
by role with the Chief Executive’s LTI set at a maximum of 50%
of base salary and executive participation set at a maximum
of 25% of base salary.
Sky / 2024 Annual Report
/ 55

Sky Executive Key Management Personnel Remuneration Objectives
Shareholder value
creation through equity
components.
An appropriate balance
of ‘fixed’ and ‘at risk’
components.
Creation of reward
differentiation to drive
performance culture
and behaviours.
Attract, motivate and
retain executive talent
required at each stage
of development.
Total Annual Remuneration (TAR) or Total Target Remuneration (TTR)
is set by reference to relevant market benchmarks
FixedAt Risk
Fixed Annual Remuneration (FAR)Short Term Incentives (STI)Long Term Incentives (LTI)
Fixed remuneration is set based
on relevant market relativities,
as determined by the Board but
will reflect role and responsibilities,
performance, qualifications,
experience and geographic location.
STI key performance indicators (KPI)
will be determined by the Board
based on key Financial and Non-
Financial criteria aligned to deliver
Sky’s priority business strategies.
Performance conditions will be set
by the Board and linked to total
shareholder returns and relative
shareholder return.
Remuneration will be delivered as
Base salary plus any allowances
(includes Superannuation or
equivalent).
Paid, as cash, on completion of
the relevant performance period.
Deferral of a portion of the STI into
equity (performance rights) will
be considered.
Awarded as equity and will
vest (or not) at the end of the
performance period which will
be a minimum of three years.
Strategic intent and market positioning
FAR for executive KMP will typically
be positioned between the median
and 75th percentile (+/-) compared
to relevant market data considering
expertise, competitive tensions and
performance in the role.
Performance incentive is directed to
achieving key strategic or financial
targets. FAR and STI opportunity is
targeted to be positioned at about
the 75th percentile of the relevant
benchmark group.
LTI is intended to align executive
KMP with shareholder interests.
LTI opportunity should ideally
be positioned at or about the
75th percentile.
Total Annual Remuneration (TAR) or Total Target Remuneration (TTR)
TAR or TTR is intended to be positioned in the upper 3rd quartile compared to relevant market based comparisons.
4th quartile TAR or TTR may be derived if demonstrable outperformance is achieved by Sky.
56 /

Chief Executive Remuneration
Sky has a People & Performance Committee (PPC)
comprised of 3 independent directors. Management
attends PPC meetings by invitation. The PPC is responsible for
reviewing and recommending Chief Executive remuneration
to Sky’s Board annually. In FY24, the PPC sought external
and independent advice, including benchmark data, from
Crichton & Associates on the Chief Executive’s remuneration.
Sky’s Chief Executive, Sophie Moloney has a permanent
employment agreement with Sky. The agreement includes a
period of notice from the individual of 6 months and allows for
a provision of consultative agreed termination notice from the
company, referred to as the “No Fault Termination Clause”.
This clause allows for the agreed termination of the contract
with six months’ pay and six months’ notice. In addition, there
is the provision for a redundancy payment of 44 weeks.
The Chief Executive’s remuneration includes fixed
remuneration of base salary plus KiwiSaver. In the context
of the introduction of a Long Term Incentive plan, the Chief
Executive’s fixed remuneration was unchanged in FY24.
The variable benefits in the Chief Executive’s remuneration
are a Short Term Incentive (STI) plan and Long Term Incentive
(LTI) plan. The STI is set at 50% of base salary. The LTI plan
was introduced in FY24, after consideration of the external
advice sought. The LTI is structured as a performance rights
plan with a three-year vesting period with service rights
conditions. The Chief Executive’s maximum potential earnings
from the LTI is 50% of base salary per annum.
The Chief Executive’s remuneration for the role in each financial
year since taking up the position on 1 December 2020
1
is set out
in the table below:
$20242023
2
2022

2021
4
Base salary
3
970,424969,423932,500544,000
STI
182,785293,737330,568236,000
Total
remuneration
1,153,2091,263,1601,263,068780,000
(1) Amounts shown are the actual paid during the period.
(2) Sky’s 2023 Annual Report included STI on the basis of the amount ‘earned’,
this has been restated to show the amount ‘paid’ during the period.
(3) In FY24 the Chief Executive’s base salary was $970,000 per annum. Other
benefits paid to the CEO were as follows: FY24 KiwiSaver employer
contribution: $34,596 (FY23: $37,895, FY22: $38,978, $FY21 $22,532).
(4) FY21 remuneration includes 6 months tenure in the CEO position.
The Chief Executive has a significant portion of remuneration
‘at risk’ and linked to performance. For the financial year
ended 30 June 2024 the Chief Executive’s STI was awarded at
50% of base salary, which will be paid during FY25. Under the
2024 LTI plan the Chief Executive was granted 198,329 share
rights on 20th October 2023, based on the value weighted
average price calculated from 24 August to 6 September
2023. This represents 50% of the Chief Executive’s base salary,
subject to achievement of agreed performance measures and
a vesting period, as set out on page 55.
Pay Equity and Diversity
Sky has committed to paying all employees the living wage or
more. At 30 June 2024 all permanent Sky employees were paid
the living wage or more.
Median Pay Gap
The median pay gap indicates the number of times greater
the Chief Executive’s remuneration is to an employee paid at
the median of all Sky employees. At 30 June 2024 the Chief
Executive’s base salary of $970,000 (on an annualised basis)
was 10.6 times that of the median employee at $91.700. On a
total earnings basis, including STI Earned, the median pay gap
was 12 times.
Sky / 2024 Annual Report
/ 57

Employee Remuneration
The following table shows the number of
employees and former employees of Sky
and its subsidiaries whose remuneration and
benefits for the year ended 30 June 2024 were
within the specified bands above $100,000.
The remuneration figures shown in the table
include all monetary payments actually paid
during the year ended 30 June 2024, including
severance and STI payments.
The table does not include amounts paid post
30 June 2024 that relate to the 2024 financial
year, such as STI bonuses.
Remuneration
Range ($)
Number of
employees
100,000 – 110,00044
110,001 – 120,00040
120,001 – 130,00037
130,001 – 140,00035
140,001 – 150,00020
150,001 – 160,00034
160,001 – 170,00016
170,001 – 180,0007
180,001 – 190,0007
190,001 – 200,0006
200,001 – 210,0004
210,001 – 220,0006
220,001 – 230,0002
230,001 – 240,0002
240,001 – 250,0004
250,001 – 260,0006
260,001 – 270,0004
280,001 – 290,0003
290,001 – 300,0002
300,001 – 310,0002
320,001 – 330,0003
330,001 – 340,0001
340,001 – 350,0001
400,001 – 410,0001
430,001 – 440,0001
440,001 – 450,0001
450,001 – 460,0001
460,001 – 470,0001
560,001 – 570,0001
1,150,001 – 1,160,0001
Total
293
Director Remuneration
Directors do not receive any performance or equity-based remuneration,
superannuation or retirement benefits (for their role as directors). This reflects
the role of the directors which is to provide oversight and guide strategy, whereas
the role of management is to operate the business and execute Sky’s strategy.
The directors’ fee pool has been set at a maximum amount of $950,000 per
annum since it was last approved by shareholders in October 2015.
Annual Fee Structure ($)
Year ended
30 June 2024
Year ended
30 June 2023
Board fees
Board Chair
$220,500$210,000
Deputy Chair
$143,325$136,500
Independent Director
$110,250$105,000
Board Committee Fees
Audit and Risk Committee
Chair
$20,000$20,000
Member
$12,000$12,000
People and Performance Committee
Chair
$12,000$12,000
Member
$8,000$8,000
Content Rights Committee
Member
$5,000$5 000
Fees paid to Sky Directors in the year ended 30 June 2024 are set out
in the table below:
NameBoard Fees
Audit
and Risk
Committee
People
and
Performance
Committee
Content
Rights
Committee
Total
Remuneration
Philip Bowman
(Chair)
1
220,500--5,000225,500
Keith Smith
(Deputy Chair)
143,32520,000-5,000
168,325
Mike Darcey
2
110,250-3,3335,000118,583
Dame Joan Withers
110,25012,0008,000-130,250
Mark Buckman
110,250-12,000-122,250
Belinda Rowe
3
110,250-4,667-114,917
Totals
804,82532,00028,00015,000879,825
(1) The Board Chair is a member of the Audit and Risk Committee, (and is not the Chair of the
Committee), however he does not receive a separate fee for this role.
(2) Mike Darcey retired from the People and Performance Committee on 1 December 2023.
(3) Belinda Rowe was appointed to the People and Performance Committee on 1 December 2023.
58 /

6. Risk management
Directors should have a sound
understanding of the material risks faced
by the issuer and how to manage them.
The Board should regularly verify that
the issuer has appropriate processes
that identify and manage potential
and relevant risks.
Sky’s risk management framework is overseen and monitored
by both the Board and the Audit and Risk Committee. The
Audit and Risk Committee in conjunction with management
regularly report to the Board on the effectiveness of the
management of Sky’s risks and whether the risk management
framework and systems of internal compliance and control are
operating efficiently and effectively in all material respects.
Sky has a Controlling and Managing Risk Policy which provides
an overview of Sky’s risk management process. The Policy
outlines Sky’s risk management objectives and guidelines
and provides a framework to identify, manage and report
on risks both financial and non-financial. The Audit and Risk
Committee reviews Sky’s risk management framework
with management at least annually to satisfy itself that it
continues to be sound and to ensure that Sky is operating
with due regard to the risk appetite set by the Board.
Sky recognises that having a robust and well-documented
enterprise-wide risk management framework is critical to
support the management of risks across Sky. Management,
with oversight by the Audit and Risk Committee, continue
to identify and implement improvements to Sky’s risk
management processes in line with the enterprise-wide risk
management framework, while maintaining its focus on
managing both near and long-term risks, including risks due
to climate change, to best support Sky’s current and future
business and operating goals.
Sky’s internal audit function is outsourced to Ernst & Young
(EY). An annual internal audit plan is presented and approved
by the Audit and Risk Committee and the Audit and Risk
Committee receives internal audit reports during the year and
monitors completion of action items that arise. Sky’s internal
audit function assists it to better accomplish its objectives
by bringing a systemic, disciplined approach to evaluating
and continually improving the effectiveness of Sky’s risk
management and internal control processes.
Sky has identified the following strategic risks that could affect results and performance:
Strategic risksDescriptionMitigation
Satellite migration
Sky’s current satellite (Optus D2) will reach
end of life in 2025, requiring migration to
an alternative satellite. There are inherent
technology risks to the successful migration
to a new satellite, with on-the-ground
technology updates also required.
Sky has two satellite path options to replace Optus D2 and
has successfully undertaken satellite migrations in the past.
A comprehensive migration programme is in place to ensure
a smooth transition for customers, including by undertaking
significant testing and customer communications ahead of any
migration steps. As a further immediate mitigant to customer
disruption, Sky provides all Sky Box customers with the companion
app, Sky Go, which provides IP access to their Sky content without
dependence on a satellite signal. Sky will continue its accelerated
rollout of the new, internet-connected Sky Box and the IP-only Sky
Pod which will serve to further derisk any potential disruption.
Technology
infrastructure
Reliability of the provision of Technology
infrastructure is critical to the provision
of Sky services.
Sky has robust Business Continuity Management and Disaster
Recovery plans which are regularly reviewed, updated and tested
(where practicable).
Cybersecurity
Cybersecurity risk mitigation is critical for the
safe and reliable operation of Sky’s business,
including to protect sensitive data.
Sky has a comprehensive cybersecurity programme that includes
tools and systems designed to prevent and detect potential
threats to cybersecurity, privacy and data breaches. This
programme is continually monitored, tested and improved.
Accessing and
securing market
leading content
Accessing and securing great content at the
right price is critical to Sky’s future.
Providing customers with the content they value in a financially
sustainable way is central to Sky’s strategy. In recent years,
Sky has secured significant multi-year content rights deals.
It continually reviews the nature of the content acquired and
its access to content. Sky is focused on what is important to
its customers and utilises data-based insights and research
to ensure its content strategy is achieved.
Negative impact
of prolonged
significant
New Zealand
economic
downturn
A prolonged significant downturn of the
New Zealand economy could have a major
impact on Sky achieving its financial goals.
Sky continually monitors the macro-economic environment and
utilises trend analysis of its own data to understand the current
and possible future impacts of an economic downturn. Sky has
a robust strategy to respond to future impacts by continually
monitoring value to customers, ensuring content is accessible and
meeting customers where they are. Sky proactively and responsibly
manages its own costs to ensure sustainability while maintaining
an exceptional experience for our crew and customers.
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Strategic risksDescriptionMitigation
Strategy execution
Failure to execute strategic initiatives could
impact Sky’s reputation and ability to meet
financial goals.
In conjunction with the Board, Sky’s executive team continue to
refine Sky’s strategic goals and have a clear path to achieving
those goals. This includes engaging with the Sky team more
broadly to ensure the whole business is aligned.
Adverse impact of
geopolitical events
Sky’s product and content supply chain
could be negatively impacted by global
geopolitical events.
Sky actively monitors for potential adverse impacts of geopolitical
events and seeks to mitigate exposure through diversity of supply,
alternate delivery methods, local stores of physical assets and
close partnerships with its suppliers.
Legislative
and regulatory
compliance
The ever changing legal and regulatory
landscape within which Sky operates
together with Sky’s evolving product mix
and delivery methods, and obligations as a
publicly listed company create a risk that
Sky could inadvertently fail to comply.
Sky has robust policies and procedures covering compliance with
key legal and regulatory requirements. Sky’s internal legal team
monitors changes and proposed amendments to its compliance
obligations. Sky also engages external legal advisors to ensure it
remains compliant.
Physical risks
associated with
natural disasters
or climate change
impacts
An increase in the intensity or frequency of
natural disasters or climate related events
could impact Sky’s ability to deliver its content
and lead to reduced demand for its services
from impacted customers.
As noted above, Sky has robust Business Continuity and Disaster
Recovery plans to ensure it is best placed to withstand climatic
events and natural disasters. Sky continues to develop its medium to
long term response to the potential impacts of climate change.
Health and safety
of workers
Sky’s health and safety protocols may be
insufficient to prevent harm or injuries to its
workers while they carry out their duties.
Sky takes the health, safety and wellbeing of its workers very
seriously and is committed to ensuring that employees and those
who work with Sky, do so in a safe environment. Sky continues to
invest in its health, safety and wellbeing processes and procedures
to ensure it is a safe place to work. This includes risk identification,
mitigation and continuous improvement initiatives by in-house
experts and external expert review.
Ability to attract,
retain and engage
specialist talent
Attracting, retaining and engaging specialist
employees in key areas is critical to Sky
delivering on its strategic goals.
Sky continues to invest in its people and culture programmes
including building leadership capability across the business,
improving access to the tools, systems and processes needed
to enable employees to achieve their potential. Sky has utilised
co-source and out-source partnerships as appropriate to access
specialist resource at scale, where needed. Sky continues to focus
on Te Ao Māori and the opportunities presented by imbedding its
principles within Sky.
Competition
Sky operates within an extremely competitive
market with New Zealanders now able to
access the content they want to watch more
easily than ever before.
If Sky fails to respond to new competitors or changes to customers’
needs, it could fail to meet strategic and financial goals. While Sky
is focused on delivering its strategic goals, it continually monitors
its market environment using customer feedback and data insights
to ensure its content and delivery approach remain relevant and in
demand. Sky remains focused on connecting New Zealanders with
the sport and entertainment they love, in ways that work for them,
right across the country.
Health and safety
Sky is committed to providing a safe, healthy workplace where
all workers can thrive. In the last financial year, Sky has been
working on a strategic health and safety plan and an annual
action plan for the next three years. Sky’s strategic approach
to health and safety is to:
• safeguard the wellbeing of its people by providing a safe
and inclusive workplace environment;
• fulfil all safety obligations within the business, in line with
the strategic intent, corporate objectives and legislative
requirements; and
• share a vision and commitment to a safety culture that
drives continual improvement and organisational resilience
at all levels within Sky.
A Health and Safety update is provided at Sky’s monthly Risk
Management Steering Committee meeting, and regular reports
are provided to the Executive team, Audit and Risk Committee,
People and Performance Committee, and Board to ensure that
Sky remains compliant with its health and safety obligations.
Sky continued audits of its field services provided by service
providers in FY24. In conjunction with its field services
technicians and installer companies, Sky completed 510
audits in the field.
Sky had zero notifiable injuries in the 2024 financial year.
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