Sky Releases Climate-Related Disclosure

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New Zealand

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Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz






30 October 2024

Sky Releases Climate-Related Disclosure
Sky Network Television (Sky) is pleased to present our first Climate-Related Disclosure (CRD)
prepared in accordance with the Aotearoa New Zealand Climate Standards (NZ CS).
The CRD covers the 12-months ended 30 June 2024 and should be read in conjunction with Sky’s
FY24 Annual Report, released on 21 August 2024.
A copy of Sky’s FY24 CRD is available on our website at www.sky.co.nz/investor-centre/results-
and-reports

Authorised by Kirstin Jones, Company Secretary
Investor queries to: Media queries to:
Amanda West Karina Healy
Head of Investor Relations Head of Corporate Communications
+64 21 043 9674 +64 21 085 08077
Amanda.West@sky.co.nz Karina.Healy@sky.co.nz

---

Climate-Related
Disclosure Report 2024
FOR THE 12 MONTHS TO 30 JUNE 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Message from the Chair
and Chief Executive
We are pleased to present Sky’s first Climate-Related
Disclosure (CRD) Report, prepared in accordance with
the Aotearoa New Zealand Climate Standards (NZ CS).
As a proudly local Aotearoa New Zealand media
business, Sky recognises its responsibility to take steps
to reduce its impact on the environment and to ensure
its business is resilient in the face of a changing world.
This inaugural CRD Report sets out our understanding
of the potential risks and opportunities for our business,
and our initial thinking on how we can adapt and
respond to the challenges posed by climate change.
FY24 has seen us undertake significant activity in
preparation for this first reporting phase. The process
has involved people from all areas of our organisation,
along with input from expert external advisors. This
work programme has helped to expand our collective
knowledge, develop and test our thinking, and take
early steps towards creating and strengthening Sky’s
resilience. We recognise there is more to be done in the
years ahead and are committed to this process.
The significant majority of Sky’s emissions footprint
is within the Scope 3 category that is beyond our own
operations and outside of our direct control yet reported
within our value chain. In FY24 we have expanded
our reporting of these emissions and will continue to
develop this further in FY25, whilst acknowledging the
known complexities of calculating Scope 3 emissions,
and the potential duplication of their reporting with
other organisations.
We have not yet set greenhouse gas emissions reduction
targets but intend to consider this in the future. We are
committed to continuing to assess our emissions profile
and options for appropriate targets.
While the process and compliance elements of
developing a CRD has at times been challenging and
time-consuming, we acknowledge and support the
role that climate reporting can play in prompting
strategic thinking around climate impacts, and keeping
stakeholders informed on progress and plans.
We welcome recent moves by the External Reporting
Board (XRB) to facilitate consultation with Climate
Reporting Entities in New Zealand to capture feedback
that could reduce the significant compliance burden,
while maintaining the integrity and intent of the regime.
We wholeheartedly support a direction of travel where
CRDs are not just a reporting process but also an
effective tool to stimulate tangible actions to reduce
emissions across New Zealand companies.
Contents
About this report 3
Governance 5
Strategy 8
Risk 19
Metrics and targets 20
Glossary 28
This report is dated 29 October 2024
and is signed on behalf of Sky Network
Television Limited:
Sophie Moloney
Chief Executive
Keith Smith
Independent Audit and
Risk Committee Chair
Philip Bowman
Independent Chair
Philip Bowman
Independent Chair
P1SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Important note
This report is published by Sky for the reporting period
for the 12 months to 30 June 2024, and was approved
by the Board on 29 October 2024 and reflects Sky’s
current understanding as at 29 October 2024.
This report reflects Sky’s current assessment of
its climate related risks and opportunities, and how
Sky is responding to these. This is the first time that
Sky has conducted this assessment. This report has
been prepared on the basis of Sky’s initial climate
related scenario analysis, and its understanding
of, and response to, the climate-related risks and
opportunities, and the current and anticipated
impacts of climate change, that it has identified.
Assessment of climate change risks, opportunities
and impacts is an evolving challenge and involves
significant uncertainty. This report necessarily
contains estimates and assumptions about future
external physical and transitional changes driven by
climate change and their anticipated impacts on Sky’s
business. The approach, understanding, responses,
estimates and assumptions included in this report
will continue to evolve and develop over time.
This report contains forward looking statements,
including climate related scenarios, targets,
assumptions, climate projections, forecasts,
statements of Sky’s future intentions, estimates
and judgements. These statements have been based
on Sky’s current understanding of climate change,
Sky’s assumptions, forecasts, projections and internal
planning, and are therefore subject to significant
uncertainty and change. The archetypes, modelling
and datasets used by Sky in the creation of its
climate-related scenarios and associated outputs are
highly subjective and subject to significant change
as predictive modelling of the impacts of climate
change improves over time. We are reliant on third
party sources for the provision of the underlying data
behind our scenarios. These sources have been clearly
set out in the Strategy section of this report. Sky
cautions against reliance on these scenarios, and on all
statements in this report that are necessarily subject
to significant risks, uncertainties, and/or assumptions.
Sky provides no representation that any statements
will not change or will remain correct after publication
of the report. The risks and opportunities described in
this report are based on such assumptions, and so may
not eventuate or may be more or less significant than
anticipated. There are many factors that could cause
Sky’s actual results, performance or achievement
of climate-related metrics to differ materially from
those described, including economic and technological
viability, as well as climatic, government, consumer,
and market factors outside of Sky’s control. Sky
has used reasonable efforts to fairly present such
forward-looking statements and is committed to
progressing its response to climate-related risks and
opportunities over time. However, such assessments
are constrained by the ever-changing and developing
nature of this subject matter and the availability
and quality of the information that is available to it
at the date of this report. Sky remains committed
to progressing its response to climate-related risks
and opportunities over time, and to report progress
each year, but cautions against any person’s reliance
on aspects of this report that are necessarily less
reliable than other aspects of Sky’s annual reporting.
To the maximum extent permitted by law, Sky and its
directors, officers, employees and contractors do not
accept any liability for any loss or damage arising in any
way from or in connection with any information provided
or omitted as part of the climate-related disclosures.
This report is for information purposes only and
nothing in this report should be interpreted as guidance
or advice on earnings, investment requirements,
future share performance or any other legal,
financial or tax advice or guidance. Unless otherwise
stated, all currency amounts are in NZ dollars.
P2SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYGOVERNANCECONTENTS
Sky Network Television Limited (Sky) is a climate-
reporting entity under the Financial Markets Conduct
Act 2013. This is Sky’s inaugural climate report, for the
financial year ending 30 June 2024. This report complies
with the Aotearoa New Zealand Climate Standards (NZ
CS) issued by the External Reporting Board.
Sky is committed to playing its part in addressing the
challenges presented by climate change. We are in the
early stages of our journey and our plans and disclosure
will continue to evolve as we progress.
Our focus in this first year of reporting under the NZ
CS disclosure regime has been to establish appropriate
frameworks and to develop our understanding of the
potential impacts for our business, engaging expert
advice where needed to ensure our process is robust,
is able to be integrated within our business, and to
allow us to identify next steps.
We will continue to report our progress annually
as required by NZ CS.
Adoption provisions
In preparing this report, Sky has applied the following
adoption provisions:
• Adoption provision 1: Current financial impacts,
noting that Sky has disclosed a preliminary view on
FY24 impacts on page 8.
• Adoption provision 2: Anticipated financial impacts.
• Adoption provision 3: Transition planning, noting that
Sky has disclosed progress to date as required by
NZ CS 2.
• Adoption provision 4: Scope 3 GHG emissions, applied
to a selected subset of Sky’s Scope 3 emissions,
as detailed on page 24.
• Adoption provision 6: Comparatives for metrics,
noting that Sky has provided one year of comparative
GHG emissions data.
• Adoption provision 7: Analysis of trends, noting that
Sky has provided an analysis of trends in its GHG
emissions data against the FY23 base year (one year).
About this
report
ABOUT THIS REPORT
P3SKY CLIMATE DISCLOSURE STATEMENT 2024P3SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYGOVERNANCE
OUR PURPOSE
Share Stories. Share Possibilities. Share Joy.
OUR AMBITION
To be Aotearoa NZ’s most engaging and essential media company
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
ABOUT THIS REPORT
A responsible and sustainably profitable, Aotearoa-focused business
OUR ENDURING COMMITMENT
Sky’s business model
and strategy
Sky is a leading Aotearoa New Zealand-based
media company.
Sky has long-term rights agreements with leading local
and global content rights partners including sports
bodies, studios and international news organisations.
Combined with Sky’s own commissioned local content
(through Sky Originals) and in-house production of
live sport and studio shows, this positions Sky as
the leading aggregator of sport and entertainment
content in Aotearoa New Zealand.
Sky’s content is made available across our multi-
platform product range which includes: Sky Box
1
and
Sky Pod
2
, and Streaming services: Sky Sport Now
(for sport) and Neon (for entertainment), as well as
through Sky Business customers (including hospitality
and accommodation providers), and free to air
through Sky Open. In addition, Sky provides ‘made
for entertainment’ broadband services through
Sky Broadband.
Sky’s revenue is largely generated through customer
subscriptions which are predominantly recurring,
and through advertising revenue.
Every day, Sky connects the people of Aotearoa
New Zealand with the best global and local sport
and entertainment content to achieve our Purpose:
To Share Stories.
To Share Possibilities.
To Share Joy.
1. Sky Box provides Satellite or Satellite/IP access to Sky content and the
Sky Go companion app.
2. Sky Pod provides IP access to Sky and the Sky Go companion app.
CONTENTS
P4SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYABOUT THIS REPORTCONTENTS
Governance
Board oversight
Sky’s Board is responsible for challenging, providing input
into and approving Sky’s vision, purpose and strategic
direction. Sky’s Board oversees and is ultimately
responsible for group-wide risks and opportunities,
including those related to climate. The Board is
responsible for ensuring that Sky has an appropriate
risk management framework and adequate procedures
in place to identify and manage the principal financial
and non-financial risks of the business, including those
relating to climate, as set out in the Board Charter.
Management completes a Strategic Risk Assessment
annually (or more frequently as required) to identify
risks which are significant to Sky’s ability to execute
successfully our strategy and achieve our objectives.
This reporting is provided to the Board and is considered
by the Board when approving and reviewing the
implementation of Sky’s broader strategy.
In the process of completing this initial climate
report we have identified climate-related risks and
opportunities for Sky, with the impacts of climate
change now incorporated within Sky’s documented
strategic risks. From FY25 we intend to report and
discuss climate-related risks and opportunities annually
at the Board level as part of strategic planning.
The Audit and Risk Committee
The Board is assisted in its oversight of risk
management by the Audit and Risk Committee (ARC)
which has delegated oversight of risk management
activities. The ARC is responsible for overseeing
Sky’s risk management programme and evaluating
the effectiveness of its risk management activities.
In addition, the ARC oversees the monitoring, review
and reporting of key risks and issues in line with Sky’s
Enterprise-wide Risk Management (ERM) Framework.
Sky’s ERM Framework helps to ensure that significant
strategic and operational risks, including physical and
transitional risks associated with climate change, are
identified, assessed and adequately controlled and
monitored. The execution of the ERM Framework is the
responsibility of the Chief Executive Officer (CEO), the
Executive Leadership Team (the Executive Team) and
Senior Management. The Chief Financial Officer (CFO)
is responsible for administering the Framework and for
co-ordinating Sky’s effort to ensure risk management
activity is appropriately focussed across the business.
The ARC has responsibility for monitoring the progress
of initiatives to address climate-related risks. This year,
the climate-related risks and opportunities identified
as part of the preparation of our climate report were
reported to the ARC by Management. The ARC receives
an update on broader risk reporting at least four
times per year, and from FY25 this will include climate-
related risks. The ARC also receives an enterprise-wide
Strategic Risk Assessment on an annual basis (or more
frequently as required) and this incorporates reporting
on climate risks.
The ARC minutes are made available to the Board
following every meeting and the ARC Chair provides an
update to the next scheduled Board meeting based on
those minutes. The Chair of the Board is also a member
of the ARC. A standing invitation exists for the Chief
Executive Officer and the Chief Financial Officer to
attend ARC meetings.
GOVERNANCE
P5SKY CLIMATE DISCLOSURE STATEMENT 2024P5SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYABOUT THIS REPORTCONTENTS
Skills and expertise
Members of the Board have undertaken personal
development on climate-related topics including ESG,
climate governance and future financial accounting
implications, including through Chapter Zero, the
New Zealand Institute of Directors (IoD) and the
Australian Institute of Company Directors (AICD). The
full Board also received a briefing by an external expert
on the CRD regime and climate-related risks in 2024.
In addition, Sky’s Directors have experience gained
through their individual board positions on at least four
other climate reporting entities, as well as a number of
international companies that provide exposure and a
global perspective on climate change risk management
and reporting.
Remuneration
The People and Performance Committee of the Board
is responsible for Sky’s people and performance
strategy and policies, including CEO and Executive Team
remuneration. Sky’s Short Term Incentive Plan (STIP)
which applies to the CEO, the Executive Team and
nominated direct reports to the Executive Team includes
non-financial performance metrics covering employee
engagement and customer experience. Climate-related
key performance metrics are not currently incorporated
into Sky’s STIP.
Management’s role
Sky’s Executive Team is responsible for the identification
and day-to-day management of climate-related risks
and opportunities.
The Executive Team is responsible for ensuring climate-
related risks and opportunities are considered and
incorporated within Sky’s strategic planning process.
This includes seeking specialist external advice where
appropriate to supplement input from subject matter
experts throughout the business.
Sky is at the early stages of our journey in understanding
how climate related risks and opportunities may
impact our business. Some of our operational decisions
have already aligned with GHG emissions reductions,
including the rollout of the new Sky Box and Sky Pod
which are more energy-efficient than the classic Sky Box.
We are aiming to increasingly embed management of
broader climate-related risks and opportunities within
Sky’s annual planning and operational process.
Reporting
Sky’s Executive Team reports on climate-related
matters to the ARC with input from other governance
and management forums as required, including
the Sustainability Governance Committee (SGC)
and the Risk Governance Steering Committee
(RGSC) detailed below. Reporting takes place under
separate Sustainability and Risk agenda items at
the relevant forum.
Climate-related risks are reviewed on at least a six-
monthly basis as part of the wider ERM programme
and more frequently as required. From FY25, the
detailed climate-related risks and opportunities will be
reported to and discussed with the Executive Team on
a six-monthly basis before being referred to the ARC.
We aim to set emissions reduction targets in the
future, in which case reporting on progress would
be provided to the ARC. In FY24, Sustainability
and ESG was an agenda item at three of the four
ARC meetings, including discussions on CRD, the
governance framework, climate-related risks and
opportunities, Sky’s GHG emissions and Sky’s climate-
related scenarios.
Sustainability Governance Committee
Sky’s Sustainability Governance Committee (SGC) has
responsibility for overseeing Sky’s approach to assessing
climate-related risks and opportunities and the delivery
of Sky’s broader climate disclosures. The SGC is chaired
by the Chief Corporate Affairs Officer and includes
senior leaders with appropriate experience to carry out
the Committee’s role.
The SGC met five times in FY24 and provides regular
updates on its progress to the Executive Team via the
Chair and, via the Executive Team, to the ARC. The SGC
has organised briefings by external experts regarding
the NZ CS regime and Sky’s climate-related risks
and opportunities.
Risk Governance Steering Committee
Sky’s Risk Governance Steering Committee (RGSC)
assists management with fulfilling its obligations
under the Controlling and Managing Risk Policy at an
operational level, including the ongoing implementation
and management of the ERM within the business.
The RGSC includes members of Sky’s Executive Team,
including the CFO, and relevant senior leaders with
appropriate experience.
The RGSC reports to the ARC on a quarterly basis,
in line with the cadence of the ARC meetings.
The RGSC ensures business ownership of risk and
risk oversight occurs within Sky, including acting as
a conduit through which information concerning the
identification and resolution of risks and issues moves
between the ARC, the Executive Team and the business.
GOVERNANCE
P6SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKSTRATEGYABOUT THIS REPORTCONTENTS
Governance structure chart
Board of Directors
Oversees and is ultimately responsible for group-wide risks and opportunities and ensuring Sky has an appropriate
risk management framework and adequate procedures in place to identify and manage the principal financial and
non-financial risks of the business. Sets the risk appetite within which the Board expects management to operate.
Receives updates from the ARC following every ARC meeting and reporting directly from the ELT as required,
including an annual Strategic Risk Assessment.
Audit and Risk Committee (ARC)
Responsible for overseeing Sky’s risk management programme and evaluating the effectiveness of its risk
management activities. Oversees the monitoring, review and reporting of key risks and issues in line with Sky’s ERM
framework, including risk related to climate change.
Receives reporting from the ELT on risks, and from FY25 this will include climate-related risks as part of the ERM on at least
a six monthly basis.
Executive Leadership Team (ELT)
Responsible for the identification and day to day management of climate-related risks and opportunities and ensuring
climate-related risks and opportunities are considered and incorporated within Sky’s strategic planning process.
Receives regular reporting from the SGC and the RGSC.
Sustainability Governance Committee (SGC)
Responsible for overseeing Sky’s approach to sustainability, encompassing
Environmental, Social and Governance matters. Includes oversight to ensure a
robust approach to assessing climate-related risk and opportunities.
Oversees the delivery of Sky’s Climate Disclosure obligations.
Provides updates to the ELT via the Chair and via the ELT to the ARC
on a regular basis.
Risk Governance Steering Committee (RGSC)
Oversees the operational application of the Controlling and Managing Risk
Policy including the ongoing implementation and management of the ERM.
Ensures business ownership of risk and risk oversight, including acting as a
conduit through which information concerning the identification and resolution
of risks and issues moves between the ARC, the Executive Leadership Team
and the business.
GOVERNANCE
P7SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Strategy
Current climate-related impacts
Sky has conducted an initial assessment of current
climate-related impacts on Sky this year. It is anticipated
that this will be refined in future reporting years. In
relation to current climate-related
financial impacts, Sky
is relying on Adoption Provision 1. We also express below
a preliminary view as to the current
financial impacts of
climate change based on our initial assessment.
Physical
While some areas in New Zealand experienced extreme
weather-related events during the 2024 financial year,
there were no material physical impacts to Sky, and
accordingly no material financial impacts, were identified.
Transitional
We have increased our sustainability efforts in recent
years to include a greater focus on environmental
matters. As our journey continued in FY24 we engaged
specialist external advisors to provide challenge
and advice. This has contributed to building internal
capability, provided expertise to help identify the
potential climate-related impacts on our business,
and created the foundation for developing our climate
transition roadmap. While not insignificant, the
financial impact from engaging external advisors and
allocating internal resources during the financial year
was not considered material for Sky.
Scenario analysis
In line with the requirements of NZ CS 1, in FY24 Sky
undertook stand-alone climate scenario analysis
to better understand the potential physical and
transitional risks and opportunities we may face as
a result of climate change. The resulting scenario
narratives provide a method to test the short, medium
and long-term resilience of Sky’s business and strategy
against three temperature-based future scenarios.
They are intended to be plausible and challenging,
but do not represent inevitable outcomes.
We engaged EY to support our understanding of the
potential physical and transitional impacts of climate-
change and to facilitate our climate scenario modelling.
In determining the most appropriate scenarios for this
work, a number of globally-recognised frameworks were
considered, covering a range of temperature outcomes
and transitional pathways. The three scenarios selected
were developed internationally by The Network for
Greening the Financial Sector (NGFS) and were chosen
for their ability to test Sky’s resilience across a range
of potential pathways and circumstances. As noted on
pages 2 and 11, the data underlying these scenarios,
and the assumptions they are based on, is subject to
significant uncertainty and change as climate modelling
evolves and improves.
STRATEGY
P8SKY CLIMATE DISCLOSURE STATEMENT 2024P8SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Fig.1: NGFS scenarios framework
Disorderly
A sudden and
unanticipated global
response is disruptive
but sufficient enough
to meet climate goals
Disorderly
Orderly
Global emissions
start reducing now in
a measured way to
meet climate goals
Orderly
Too Little Too Late
Not enough is done
to meet climate
goals, the presence of
physical risks spurs a
disorderly transition
Too Little Too Late
Hothouse world
Emissions continue
to increase, as very
little, if anything is
done to avert the
physical risks
Hothouse world
Transition risksTransition risks
Physical risksPhysical risks
HighHigh
HighHigh
LowLow
LowLow
Fig.2: Sky’s chosen scenarios
1. Net Zero 2050
Limits global warming to 1.5°C by 2100 through
stringent climate policies and innovation, reaching
global net zero CO₂ emissions by around 2050.
2. Fragmented World
Results in warming of 2.7°C by 2100. This scenario
assumes limited and delayed policy action to reduce
greenhouse gas emissions is insufficient to prevent
significant climate change.
3. Current Policies
Results in warming of >3.0°C by 2100. This scenario
assumes that only currently implemented policies
are preserved, leading to high physical risks.
The first and third scenarios ‘Net Zero 2050’ and
‘Current Policies’ are aligned with the required
temperature settings outlined in NZ CS 1, of
1.5°C and 3.0°C or greater. The second scenario
‘Fragmented World’ was selected to stress test
Sky’s resilience against a scenario, where both
transition and physical risks are high. Under this
scenario New Zealand is assumed to be an early
mover on stringent climate policy action, but due
to global inaction, does not avoid the high physical
impacts of climate change.
The NGFS scenarios are relatively aligned to
other recognised scenarios developed by the
Intergovernmental Panel on Climate Change (IPCC)
6th assessment and the Shared Socio-economic
Pathways (SSP) scenarios and NIWA representative
concentration warming pathways (RCP).
1
Net Zero
2050
(1.5°C)
3
Current
Policies
(>3°C)
2
Fragmented
World
(2.7°C)
STRATEGY
Three chosen scenarios
P9SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Our chosen timeframes and the rationale for their
selection is defined as follows:
2. STEEP analysis is a framework used to assess how Social, Technology,
Economic, Environmental and Political external factors affect a business
3. NGFS Climate Scenarios Technical Documentation V4.2 November 2023
4. Bodeker, G., Cullen, N., Katurji, M., McDonald, A., Morgenstern, O., Noone, D.,
Renwick, J., Revell, L. and Tait, A. (2022). Prepared for the Ministry for the
Environment, Report number CR 501, 51p. Accessed from: Climate-Change-
Projections-Guidance-FINAL.pdf (environment.govt.nz)
5. Accessed from: Ināia tonu nei: a low emissions future for Aotearoa
(climatecommission.govt.nz)
6. Accessed from: Projected regional climate change hazards | NIWA
7. Accessed from: Sea levels and sea-level rise | NIWA
8. Accessed from: National Climate Change Risk Assessment – Main Report
(environment.govt.nz)
Short-term
0-5 years
• Aligns to Sky’s 5-year planning cycle
• Enables an assessment of risks and opportunities
in the near term
• Enables an assessment of the risks and
opportunities to 2030
1
Medium-term
6-10 years
• Aligns to the remaining lease term at Sky’s
Mt Wellington premises (to 2032)
• Aligns to the current Optus satellite agreement
(2031)
• Enables an assessment of key transition risk
period which will occur over the next decade
Long-term
11-25 years
• Enables physical risks to be better understood as
they will amplify over the longer term
• Enables an assessment of the risks and
opportunities out to 2050
1
These timeframes have also been applied to our
identified climate-related risks and opportunities.
Our external advisors worked with an internal team
of subject matter experts, recruited from across Sky,
to facilitate the scenario modelling process. A number
of internal team members had earlier been involved
in a process to identify a long list of potential climate
related risks and opportunities (CRRO), with the
scenario analysis workstream expanding on this work.
As with the initial CRRO workshops, the scenario
analysis process began with sharing information on
climate change from a global and national perspective.
The focal question posed to the internal team was to
consider how climate change could plausibly affect our
business and strategy. This was explored through a
STEEP
2
analysis process to develop scenario narratives.
We then explored the potential CRRO arising from
each scenario. This enabled the identification of any new
CRRO and stress tested those identified in phase one
of our assessment under each scenario and timeframe.
This produced a spectrum of potential climate impacts
under different settings. Additional sessions were
used to review and refine the scenario analysis before
the scenarios were shared with and approved by the
Executive Team and the ARC.
In addition to considering the NGFS technical
documentation
3
the scenario narratives drew on
supplementary reference material including: Aotearoa
New Zealand climate change projections guidance:
Interpreting the latest IPCC WG1 report findings
4
;
Climate Change Commission, Ināia tonu nei: A low
emissions future for Aotearoa (2021)
5
; NIWA, Projected
regional climate change hazards
6
; NIWA, Sea levels
and sea level rise
7
; Ministry for the Environment,
National Climate Change Risk Assessment for
New Zealand (2020)
8
.
STRATEGY
1. A key date in New Zealand and International climate agreements and targets.
P10SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Sky’s chosen climate scenarios
Sky’s three climate scenarios were
selected to test the resilience of our
business and strategy under a range
of temperature settings and pathways.
As noted on page 2 and 8, scenario
analysis is subject to significant
uncertainty and change as climate
modelling evolves and improves. These
scenarios do not represent Sky’s view of
the future, but plausible and challenging
scenarios of how the future could evolve,
in order to test Sky’s resilience, as
required by NZ CS 1.
Scenario
Net Zero 2050
Orderly
Fragmented World
Too Little Too Late
Current Policies
Hothouse World
Temperature Setting1.5°C by 2100 2.7°C by 2100>3.0°C by 2100
Scenario ReferenceNGFS ‘Net Zero 2050’
IPCC SSP1-1.9
NIWA RCP 2.6
NGFS ‘Fragmented World’
IPCC SSP2-4.5
MfE RCP 4.5
NGFS ‘Current Policies’
IPCC SSP3-7.0
NIWA RCP 8.5
Energy PathwaysRapid transition to renewable
energy sources
Mixed pace of transition to
renewable energy sources
followed by accelerated
adoption
Continued use of fossil fuels
at current levels
Emissions PathwayEmissions steadily decrease to
net zero by 2050
Delayed and divergent climate
policy response among
countries globally
Emissions are not reduced
significantly from current
levels
Carbon Dioxide RemovalMedium - highLow - mediumLow
Physical Risk SeverityModerate across all time
horizons
Moderate in the short term
and long term. High in the
medium term
Moderate in the short term.
High in the medium and long
term
Transitional Risk SeverityHigh in the short and medium
terms. Moderate in the long
term
High across the short and
medium terms for the
domestic market. Low for the
international market. Medium
in the long term for the
domestic market. High for the
international market
Moderate in the short term.
High in the medium to long
term
STRATEGY
P11SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Net Zero 2050
Orderly
The Net Zero 2050 scenario
describes a fast-acting global and
domestic economy that mobilises
through stringent climate policies
and innovation to create a smooth
transition towards global climate
targets. As a result, high transition
impacts are faced in the nearer
term, but the effort is rewarded
with physical impacts being
limited to a moderate level.
Risk and Opportunity Drivers
Social
Climate action results in increased demand for international news and factual
content about the rapidly transitioning world.
Technological
Investment in technologies to combat climate change and its impacts leads to rapid
advancements in energy efficiency and the capabilities of utility infrastructure. Over
time, investment to improve the resilience of infrastructure and service delivery is
prioritised, reducing the impacts of climate-related events.
Economic
High domestic and global carbon prices drive the transition and increase supply
chain, transport and production costs. In the short to medium term this leads to
cost-of-living pressures that impact discretionary spending, while in the long term
these costs are reduced as emissions reduction targets are achieved.
Environmental
More frequent and severe extreme weather events occur in the short to medium
term, due to warming locked in by historical and future emissions. Longer term
physical impacts of climate change are avoided as systems begin to stabilise.
Political
In the short to medium term, increased regulation and stringent policy action leads
to high carbon costs to drive the transition, increasing cost pressures and creating
higher levels of inequity.
POLICY
AMBITION
POLICY
REACTION
TECHNOLOGY
CHANGE
CO₂ REMOVAL
REGIONAL POLICY
VARIATION
1.5°C
Immediate
and smooth
Fast
change
Medium-high
use
Medium
variation
STRATEGY
P12SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Fragmented World
Too Little Too Late
The Fragmented World scenario
describes a major rift between the
global and domestic economies,
whereby New Zealand and a number
of developed nations strive to meet
global climate targets through
rapid transition while the rest of
the world fails to act. This exposes
New Zealand to high transition
risks as well as high physical risks
as global emissions continue to rise
and warm the atmosphere, despite
our domestic efforts.
Risk and Opportunity Drivers
Social
The fragmented transition leads to social unrest in economies that take swifter
action. Consumers are driven to spend less and stay at home more, increasing
demand for in-home entertainment services.
Technological
Lack of global transition leads to slow technological development, resulting in
domestic utility infrastructure providers and media companies facing increased
challenges to develop innovative and resilient low-emissions solutions.
Economic
Significant transition and physical impacts eventuate for the domestic market,
leading to compound cost pressures throughout the economy. New Zealand is less
globally competitive in the short to medium term but benefits in the longer term.
Environmental
New Zealand’s vulnerability to climate impacts leads to an increase in severity and
frequency of acute weather events in the short and medium term due to the lack of
fast and cohesive global climate action.
Political
The New Zealand economy is faced with disproportionately higher costs and
increased regulation in the short to medium term compared to the global economy
due to fast and ambitious domestic climate policy.
POLICY
AMBITION
POLICY
REACTION
TECHNOLOGY
CHANGE
CO₂ REMOVAL
REGIONAL POLICY
VARIATION
2.7°C
Delayed and
fragmented
First slow, then
fragmented
Low-Medium
use
High
variation
STRATEGY
P13SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Current Policies
Hot House World
The Current Policies scenario
describes a future where only current
policies are implemented and no
further action on climate change
is taken to tackle emissions. This
avoids the impacts associated with
transitioning but sets the world on
track for a significant and irreversible
level of atmospheric warming and
physical risk.
Risk and Opportunity Drivers
Social
Demand for in-home entertainment increases and viewer content preferences
evolve in response to the significantly changed climate, leading to increased demand
for international news and factual content as well as opportunities to escape the
confronting physical issues brought on by climate change.
Technological
Inadequate policies result in frequent disruptions to key infrastructure, with
increased maintenance costs, lower levels of reliability and a slow pace of climate
technology development.
Economic
Short-term economic benefits from low regulatory costs are overshadowed by
long-term material burdens from physical climate impacts, leading to increased
adaptation costs and economic downturns.
Environmental
Consumers, businesses and key infrastructure are frequently and severely disrupted
by acute extreme weather events and the chronically changing climate.
Political
Lack of strong policy action results in unchecked temperature rise and emissions
growth, with low carbon prices and insufficient funding for adaptation and
emissions reduction research.
POLICY
AMBITION
POLICY
REACTION
TECHNOLOGY
CHANGE
CO₂ REMOVAL
REGIONAL POLICY
VARIATION
3°C+
None –
current policies
Slow changeLow useLow variation
STRATEGY
P14SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
In FY24 Sky undertook an analysis of the potential
physical and transitional risks and opportunities arising
from climate change (CRRO).
As noted on page 10, our external advisors (EY)
facilitated workshops with an internal team of subject
matter experts from across Sky, to identify a long
list of potential CRRO. Consistent with the scenario
analysis workshops, the focal question in the CRRO
workshops was, “How might climate-related risks and
opportunities plausibly impact Sky?”
The Climate Related Risks (CRR) identified were
assessed using Sky’s existing risk matrix framework
to ensure a consistent approach to the assessment and
management of business risk and integration within
the wider ERM framework. Risks were assessed based
on the likelihood of occurrence and consequence of
impact. The matrix considers not only the potential
financial impact but also the impact on operations,
reputation, regulatory compliance, and impacts on
stakeholders such as customers and employees.
Controls and mitigations were also considered to
determine the inherent and residual risk ratings for
each CRR. In conjunction with the scenario analysis
workstream, each risk rating was assessed against
each scenario and over the three time horizons for
each scenario, to develop an overall CRR heat map.
All parts of Sky’s value chain were included in our
climate-related risk and opportunity assessment.
A calibration process in line with Sky’s materiality
assessment was then used to appropriately assimilate
the CRRs within the broader ERM framework. A risk
is considered material if the residual risk (following
application of assessed mitigations) is assessed as
potentially having a major impact on the business.
Material Risks have been grouped based on the
nature of their origin, causation or impacts.
A summary of the key themes and business impacts
that could arise from the CRROs is outlined in the
table on the following pages.
This CRRO identification and analysis process was a
standalone exercise. As outlined on page 6 climate-
related risks are being integrated into the ERM and
will continue to be reviewed on at least a six-monthly
basis as part of the wider ERM programme and more
frequently as required.
Climate related risks
and opportunities
STRATEGY
P15SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
RISK: Increasing frequency and intensity of extreme weather events (Physical)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Direct Impact
Extreme weather events within New Zealand could
impact Sky’s broadcasting capability or that of
third-party infrastructure providers, disrupting
delivery of services and reducing demand from
affected customers which may impact on revenue
and costs.
Short term
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky has Business Continuity Management and Disaster Recovery plans
which are regularly reviewed, updated and tested (where practical).
Planned satellite technology enhancements, assuming these are undertaken
by the responsible third party, are expected to reduce atmospheric impacts,
and IP delivery is also available. Sky continues to seek to develop our
medium to long term response to potential impacts of extreme weather.
Live event content could be subject to cancellations
or disruption that may impact on transactional
revenue and/or production costs. Non-live content
could be subject to scheduling delays.
Medium term
Long term
Fragmented World
Current Policies
Sky expects to continue offering significant depth and breadth of content
rights across sport and entertainment, via multi-year agreements, to limit
the impact of disruption to specific events. We regularly review the nature
of the content acquired and our access to content. Sky is focussed on what
is important to our customers and we utilise data-based insights and
research to help ensure our content strategy is achieved.
Customers’ homes and premises could be impacted
by severe localised weather events, disrupting
access to Sky services. This may lead to increased
costs and potential revenue loss.
Short term
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky has customer support plans in place, including customer care, technical
support and logistics services where practical. Sky maintains an inventory
of physical assets to enable replacement where needed. Sky’s response
plans are regularly reviewed, tested and updated where practical.
Indirect Impacts
Global supply chains of goods and services could be
disrupted more frequently, which may increase input
costs and/or delay delivery of projects.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky aims to mitigate exposure to supply chain risk through diversity of
supply, where practical, local inventory of physical assets and maintaining
close partnerships with key suppliers.
Opportunity
Greater frequency and intensity of adverse weather
events and disruption to transport networks,
may increase the appeal of in-home based
entertainment and informative content options
leading to additional or upgraded subscriptions
and increased viewership.
Short term
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
STRATEGY
P16SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
RISK: Rising cost of living (Transition and Physical)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impacts
Cost of living pressures could reduce consumer
discretionary spending including on content services.
This could lead to existing customers making
budget-driven choices to reduce or cancel services
and potential customers may be less willing to
commit to new spending.
Short term
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky continually monitors the macro-economic environment and utilises
trend analysis of our own data to understand the current and possible
future impacts of an economic downturn, and we will continue to evolve our
response. Sky proactively and responsibly manages our own costs.
Sky monitors customer viewing preferences, subscription trends and value
perceptions.
Opportunity
Cost pressures, including emissions-related
costs, may increase the appeal of in-home based
entertainment options, versus going out, leading to
additional or upgraded subscriptions.
RISK: Increased regulation and a rising carbon price (Transition)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impacts
Increased regulatory intervention to accelerate the
transition to a lower carbon economy could lead to
increased input and compliance costs.
Short term
Medium term
Long term
Net Zero 2050
Fragmented World
Sky responsibly manages our own cost base. We aim to mitigate exposure
to input cost risks through diversity of supply and maintaining close
relationships with key suppliers.
Sky will be assessing the transition pathway options available and will
develop our response as part of our transition planning workstream.
STRATEGY
P17SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSRISKGOVERNANCEABOUT THIS REPORTCONTENTS
Next steps – financial impacts
and transition planning
The next steps are for Sky to understand and model the
potential financial impacts of CRROs while embedding
consideration of the risks and potential opportunities
within our strategy. We will begin drafting our transition
plan, including evolving our plans to manage and
mitigate the potential impacts of climate-related
risks, in FY25. We will also progress our modelling of
the potential financial impacts in FY25. Sky is utilising
Adoption Provision 2 in relation to anticipated financial
impacts and Adoption Provision 3 in relation to
transition planning.
Capital deployment
Currently, CRRO do not serve as direct inputs to Sky’s
internal capital deployment and funding decision
making process. As Sky develops our understanding and
modelling of the potential financial and transitional
impacts of CRRO this will inform our approach to
ensuring alignment of capital allocation and funding
decision processes.
Risk: Stakeholder demands for climate action (Transition)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impacts
Evolving preferences of Sky stakeholders (including
customers, advertisers and investors), could lead
to reputation, revenue and funding impacts if Sky’s
response to climate change is slow or out of step
with expectations.
Short term
Medium term
Net Zero 2050
Fragmented World
Sky has internal checks, policies and processes in place covering compliance
with key legal and regulatory requirements. We monitor changes and
proposed amendments to compliance obligations and engage external legal
advisors to ensure we remain compliant.
Sky will be assessing the transition pathway options available and
developing our response as part of our transition planning workstream.
STRATEGY
P18SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYMETRICS AND TARGETSSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Risk
Risk management
The Board is responsible for ensuring that Sky has an
appropriate risk management framework and adequate
procedures in place to identify and manage the principal
financial and non-financial risks of the business.
Sky’s Controlling and Managing Risk Policy formally
defines the roles and responsibilities for enterprise risk
management across the organisation. The Controlling
and Managing Risk Policy is reviewed and approved
annually by the Board.
The Board has delegated oversight of risk management
activities to the ARC which oversees Sky’s risk
management programme, evaluates the effectiveness
of Sky’s risk management activities and oversees the
monitoring, review and reporting of key risks and issues
in line with Sky’s ERM framework.
Sky’s ERM framework ensures that significant strategic
and operational risks, including physical and transitional
risks and opportunities associated with climate change,
are identified, assessed, controlled and monitored.
Climate related risks are reviewed on at least a six-
monthly basis as part of the wider ERM programme and
more frequently as required.
The ARC has responsibility for monitoring the progress
of initiatives to address climate related risks and
opportunities and will receive regular updates from
Management. The ARC receives an enterprise-wide
update of key risks on a six-monthly basis (or more
frequently as required), and from FY25 this will
incorporate climate risks.
The RGSC oversees the operational application of the
Controlling and Managing Risk Policy including the
ongoing implementation and management of the ERM
framework. The RGSC ensures business ownership of
risk and risk oversight, including acting as a conduit
through which information concerning the identification
and resolution of risks and issues moves between the
ARC, the Executive Team and the business.
Whilst the CRRO identification workshops noted on
page 15 were initially conducted as a stand-alone
exercise, the climate-related risks are now being
integrated into the existing risk management processes
under the ERM framework. This will enable the risks
to continue being assessed, evaluated and prioritised
relative to the risk exposure of Sky’s other enterprise
risks. Through their integration, CRR will be treated like
Sky’s other risks.
The SGC retains oversight of CRRO within Sky’s risk
register, and in addition, a primary business unit owner
has also been identified for each risk, consistent with
the approach taken for other operational risks.
RISK
P19SKY CLIMATE DISCLOSURE STATEMENT 2024P19SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Metrics and
Targets
Sky’s greenhouse gas emissions
Sky began collecting and tracking greenhouse gas
(GHG) emissions within our value chain in FY23 with
support from Toitū Envirocare (Toitū).
FY23 emissions tracking focused on Scope 1, Scope 2
and select Scope 3 emissions defined as compulsory
by Toitū, including: business travel, upstream and
downstream freight, disposal of waste and transmission
of energy (T&D losses). In addition, Sky included a
number of other Scope 3 categories, most notably,
indirect emissions from the use of Sky products in
customer homes, travel, accommodation and working
from home. This information formed our base year data
set and Scope 1-3 emissions totals were disclosed in
Sky’s 2023 Annual Report.
In FY24 we have expanded the capture of Scope 3
emissions categories and this work will continue in FY25.
Where possible, historical information for additional
sources has been included in a restatement of FY23
data. A table outlining the restatements is available on
page 23. We provide information on Scope 3 emissions
categories that have not been included in our GHG
emissions inventory on page 24.
Sky’s FY24 GHG emissions have been externally verified
by Toitū. GHG emissions were measured and certified
in accordance with the requirements of International
Standard ISO 14064-1 Greenhouse gases – Part 1:
Specification with guidance at the organisational level
for quantification and reporting of greenhouse gas
emissions and removals (ISO 14064-1:2018) and aligned
with the GHG Protocol. Subsequent to verification and
certification, a non-material discrepancy was identified
in the calculation of Scope 3 indirect emissions from
products used by Sky, which would have led to higher
emissions in this category. The discrepancy will be
reviewed and corrected if appropriate in Sky’s FY25
GHG emissions reporting.
Other metrics
We have disclosed tCO₂e and emissions intensity
(calculated as tCO₂e/$million revenue), which are
widely used metrics within our sector. In addition, we
have undertaken review of potential industry-based
metrics relevant to our business through an initial
scan of international peers and through reviewing
the Sustainability Accounting Standards Board’s
(SASB)
1
standards covering Media and Entertainment.
Development and adoption of specific metrics relevant
to Sky’s business is at an early stage and with limited
take-up across the industry. Sky will continue to
monitor the development of industry metrics that
could assist primary users to better understand our
emissions profile.
Sky does not utilise an internal emissions price.
METRICS AND TARGETS
1. SASB Standards – Media & Entertainment Sustainability Accounting Standard, Services Sector Industry Standard, Version 2023 - 12
P20SKY CLIMATE DISCLOSURE STATEMENT 2024P20SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Analysis of changes between FY23 and FY24
Sky has not set GHG emissions reduction targets but
intends to consider this in future as we continue to assess
our emissions profile and options for appropriate targets.
While this is under consideration, Sky is electing to
withdraw from Toitū’s Carbon Reduce Programme, which
otherwise requires emissions reductions to specified
levels. Sky will still measure and report its emissions with
support from Toitū while this consideration is underway.
Scope 1: In FY24 Sky recorded an 11% reduction in Scope
1 emissions which largely relates to lower fuel usage in
leased vehicles.
Scope 2: In FY24 Sky’s Scope 2 emissions (from imported
energy) show a 62% reduction year on year. Whilst actual
Scope 2 kWh usage (which is within Sky’s control) was
15% lower, the overall percentage change was largely
due to a lower MfE electricity emissions factor which is
used to calculate electricity-based emissions, and which
is outside of Sky’s control. MfE periodically updates
electricity emissions factor data to adjust for changes in
methodology, generation type, fuel type, efficiency, or to
adjust for errors. Toitū emissions verification undertaken
in FY23 and FY24 is based on MfE data available at
the time. Sky is mindful that future movements in the
MfE electricity factor are likely to deteriorate before
potentially improving over time through additional
greening of New Zealand’s electricity generation.
Sky has not used offsets in FY24 or FY23.
Specific activities that have helped Sky to lower Scope 1
and 2 emissions in FY24 include:
• A reduction in Sky’s property footprint following the
exit of leased premises.
• Efficiency improvements to Sky’s in-house data
storage facility in FY24 that will have full year and
ongoing impact from FY25.
• Impacts from outsourcing some operations during
FY23, including partial outsourcing of customer care
and fully outsourced logistics.
METRICS AND TARGETS
Reported GHG emissions FY23 and FY24
ScopeEmissions Source
FY24
(tCO₂e)
FY23
Restated
base year
(tCO₂e)% change
Scope 1Direct emissions 121.1135.9-11%
Scope 2Indirect emissions from imported energy (location-based
method
1
)
386.11,012.2-62%
Total gross Scope 1 and 2 emissions507.21,148.1-56%
Scope 3
measured
emissions
Indirect emissions from transportation 1,007.61,259.8-19%
Indirect emissions from products used by organisation 3,690.93,999.5-8%
Indirect emissions associated with the use of products from
the organisation
3,667.78,968.6-59%
Indirect emissions from other sources ---
Total gross Scope 3 measured emissions8,366.214,227.9-41%
Total gross Scope 1, 2 and Scope 3 measured emissions 8,873.415,376.0-42%
Category 1 direct removals ---
Purchased emission reductions ---
Total net Scope 1, 2 and Scope 3 measured emissions 8,873.415,376.0-42%
Emissions Intensity Ratio (tCO₂e / $millions of Revenue
2
)
Total gross Scope 1 and 2 emissions
1
0.61.3-53%
Total gross Scope 1, 2 and Scope 3 measured emissions
2
11.620.4-43%
1. Scope 2 emissions are reported using a location-based methodology.
2. Emission intensity has been calculated using Scope 1, Scope 2 (location-based) & Scope 3 total measured emissions.
P21SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Scope 3: As with Scope 2 emissions, a portion of Sky’s
Scope 3 emissions also benefitted from a lower FY24
electricity emissions factor. This included a reduction of
59% recorded for the ‘Indirect emissions associated with
the use of products from the organisation’ category.
This category largely relates to electricity usage
associated with Sky products in customer homes.
Specific activities that have helped to lower our Scope 3
emissions profile include:
• Sky is refreshing our device fleet through the
introduction of a new Sky Box and Sky Pod. The
changing box fleet (including the change in the mix
of devices as well as an overall reduction in box
numbers) is positively impacting emissions, as higher
emitting, older box types are replaced with new,
lower emissions alternatives.
• Increased efficiency from a number of Sky’s suppliers.
Activities that may impact our emissions profile
over time:
• Changes to electricity emissions factors as mentioned
above, which impact Scope 2 and some Scope 3
categories. In future, Sky may choose to restate
historical emissions factor data to adjust for
this impact.
• Transport based emissions may fluctuate between
periods due to travel associated with content
production for major international events such as the
Rugby World Cup and the Olympics.
• Sky’s planned migration to a new satellite could result
in additional electricity use at our Mt Wellington site
for a short period in FY25.
• Changes implemented to logistics and operations
settings in FY24 led to a 22% reduction in the total
number of service call outs that will have delivered
a positive impact, although these emissions are not
currently included in our GHG emissions inventory.
Some service call outs in FY24 related to satellite
migration activity as disclosed to the market on
19 August 2024
1
. This activity will increase in FY25
before returning to the new, lower level as we
accelerate migration to a new satellite by May 2025.
• Increased demand for Sky Broadband products would
be likely to result in increased indirect cradle-to grave-
emissions from equipment.
• Increased demand for streaming and on-demand
content is likely to lead to increased use of data
centre capacity. At the same time, data centre
operating efficiency is expected to improve over time.
• Following an acceleration of investment to build
inventory of new Sky Box and Sky Pod products
this will begin to moderate in FY25, resulting in
lower emissions associated with raw material,
manufacturing and end-of-life processes.
Business activities vulnerable to transition and
physical risks
Through the process of assessing Sky’s potential
exposure to risks we have established there is no
residual exposure to transitional or physical risks, above
a rating of moderate in the short term. Accordingly,
we have assessed that no aspects of Sky’s business
activities or assets are currently vulnerable to our
identified climate-related transition or physical risks.
We expect to continue to take action to address
potential risks, in line with our enterprise-wide approach
to risk management and will be working on our
transition plans in FY25.
We have assessed that all aspects of our business
activities are currently aligned with our identified
climate-related opportunities.
Sky has deployed $0.8m in capital expenditure during
FY24 on projects related to the efficiency of our in-
house data storage facility that have contributed to
lower Scope 2 emissions.
1. Link to Market announcement: Sky provides update on status of satellite supply, 19 August 2024
METRICS AND TARGETS
P22SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Restated FY23 Emissions
ScopeCategory
FY23
Base Year
(Restated)
(tCO₂e)
Adjustments
FY23
Base Year
(Previously
reported)
(tCO₂e)
Scope 1Direct emissions135.9
135.9
Scope 2Indirect emissions from imported energy (location-based
method
1
)
1,012.2
5.71,006.5
Total gross Scope 1 & 2 emissions1,148.1
5.71,142.4
Scope 3
measured
emissions
Indirect emissions from transportation 1,259.8
1,259.8
Indirect emissions from products used by organisation3,999.5
3,840.4159.1
Indirect emissions associated with the use of products
from the organisation
8,968.6
49.58,919.1
Indirect emissions from other sources -
-
Total gross Scope 3 measured emissions 14,227.9
3,889.8 10,338.1
Total gross Scope 1, 2 and Scope 3 measured emissions15,376.0
3,895.511,480.4
Direct removals -
-
Purchased emission reductions -
-
Total net Scope 1, 2 and Scope 3 measured emissions 15,376.0
3,895.511,480.4
1. Emissions are reported using a location-based methodology.
METRICS AND TARGETS
GHG inventory basis of preparation
Sky began collecting and tracking GHG emissions within
our value chain in FY23, and included an initial disclosure
of Scope 1, Scope 2 and limited Scope 3 emissions in our
2023 Annual Report.
The 2023 disclosure included all available Scope 1
and 2 data identified at that time. In FY24 additional
information from a landlord led to a minor restatement
of Scope 2 emissions.
In the latest financial year Sky also worked to expand
disclosure of Scope 3 emissions. In some cases, this
information was not previously available. Where
possible, we have sourced historical information and
restated FY23 data to assist readers to form a view
on the change in Sky’s emissions profile over time.
The process to broaden Scope 3 emissions capture
included engaging with suppliers to add indirect
emissions associated with products and services
used by Sky including related to purchased goods and
services such as telecommunications, data warehousing
and logistics. Additional information provided by the
manufacturers of products used by Sky customers
also enabled the inclusion of emissions related to raw
material, manufacturing and end-of-life processes.
The nature of emissions reporting means that certain
categories of Sky’s reported Scope 3 emissions will
be reported by other entities as their Scope 1 and
2 emissions. This may result in double counting of
emissions between Sky’s and other entities’ emissions
inventories. Sky is reliant on information supplied by
third parties in determining its Scope 3 emissions
inventory and therefore is reliant on the reliability
of the data received.
P23SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
GHG emissions exclusions
A number of Scope 3 emissions sources within Sky’s
value chain are not currently included in our GHG
inventory, largely due to limitations on the availability
or reliability of source information.
• Content: Whilst our GHG inventory includes emissions
related to Sky’s production of sports events and
studio shows, emissions associated with purchased
content are not currently included within Sky’s
GHG emissions inventory. This includes emissions
relating to the production of pass-through channels,
content sourced from studio partners, sports content
not produced by Sky and the emissions related to
content partners.
• Customer support: We track and disclose emissions
relating to our small team of Auckland based in-
house service technicians. Whilst we maintain
records of each service call to customer premises
undertaken on Sky’s behalf by external contractors,
it is currently not possible to track the emissions
from this activity. Source data is not available or
is of low quality and significant estimation would
be required that is likely to produce an inaccurate
result and is therefore excluded from the current
emissions inventory. Consolidation of service
provision to a single provider during FY25 will
enable high quality information to be collected
and reported in future, as outlined on page 21.
• Commercial customers: Sky currently captures
emissions related to Sky Box use in customer homes.
A methodology for capturing emissions related to Sky
Box use at commercial customer premises is currently
under development.
• Further work will be undertaken in FY25 to
capture Scope 3 emissions data primarily relating
to purchased goods and services where these
are material.
Sky has utilised adoption provision 4 under NZ CS 2
relating to disclosure of Scope 3 emissions. In the
coming year we will work towards finalising our Scope
3 emissions inventory and where possible we will source
historical information. This may result in a material
restatement of historical data.
Organisational boundaries
An operational control consolidation approach was
used to account for emissions, with reference to
the methodology described in the GHG Protocol, a
Corporate Accounting and Reporting Standard, and
the ISO 14064-1:2018 standard
1
. Sky has an interest
in two businesses where ownership is less than 100%.
Emissions from these businesses are not considered
material. Sky subsidiaries that are inactive or holding
companies are excluded as they have no emissions from
their operations. A full list of subsidiary businesses is
included on page 66 of Sky’s 2024 Annual Report.
1. Control: the organisation accounts for all GHG emissions and/or removals from facilities over which it has financial or operational control.
2. New Zealand Ministry for Environment – MfE Guidance for Voluntary Greenhouse Gas Reporting (2022, 2023 and 2024). MfE periodically updates emissions factor data. Toitū emissions verification undertaken in FY23 and FY24 is based on MfE data available at the time.
3. Carbon Transparency Climate Report 2022 (CT2022), www.climate-transparency.org
METRICS AND TARGETS
Emissions sources and
methodology for data
collection and uncertainty
The table on page 25 provides details on data sources
and the calculation methodologies and assumptions
used in the preparation of Sky’s GHG emissions
inventory.
Sky is reliant on information supplied by third parties
in determining its emissions inventory and therefore is
reliant on the reliability of the data received. Sky has
sourced emissions factor data from Toitū Envirocare
which generally use the relevant MfE emissions
factors
2
. Other sources included in our inventory
include pre-calculated emissions data provided by
suppliers, supplier emissions intensity data (tCO₂e),
Toitū and Climate Transparency
3
.
P24SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTSMETRICS AND TARGETS
Emissions TypeEmissions SourceData Source and Calculation MethodUncertainty, Assumptions and Estimates
Scope 1
Direct EmissionsMobile combustion –
leased fleet vehicles
Fuel card data reported by supplier in monthly invoicing,
providing volume of fuel (litres) by fuel type.
Low uncertainty. Reliance on supplier to provide
complete and accurate invoice data.
Scope 2
Imported ElectricityPurchased electricity using
location-based method
Direct invoicing from electricity retailers for Sky
leased and owned properties (Mt Wellington
and Albany). Based on kWh data.
Indirect invoicing from landlord for leased property
(Central City, Auckland). Based on kWh data.
Low uncertainty. A third-party energy
management company provides invoice
verification checks on a monthly basis.
Medium uncertainty. Reliance on supplier to
provide complete and accurate data.
Scope 3
Indirect emissions
from transportation
Business travel –
Transport
Travel company invoicing includes pre-calculated
kgCO₂e for flights and rental vehicles. Employee
mileage claims include distance, fuel type and (in most
cases) cc rating. Taxi/Uber invoicing includes distance.
Low uncertainty. Reliance on suppliers and
employees to provide complete and accurate data.
Some assumptions applied where vehicle types
not available, however employee mileage and taxi/
Uber are not significant categories for Sky.
Business travel –
Accommodation
Travel company invoicing includes pre-calculated
kgCO₂e.
Medium uncertainty. Reliance on supplier
to provide complete and accurate data
with some estimation assumed.
Upstream FreightSupplier invoicing provides weight and shipping
location details. International shipping websites and
distance mapping tools used to calculate tonne per km
for conversion to tCO₂e.
Medium uncertainty. Reliance on supplier
to provide complete and accurate data.
Average distances applied.
Downstream FreightSupplier invoicing through third-party logistics
company provides pre-calculated tCO₂e. Other
supplier data calculated on spend-based method.
Low to Medium uncertainty due to mix of calculation
methods. Reliance on supplier and third-parties
to provide complete and accurate data.
Working from HomeBased on survey and on-site attendance data.
Calculation based on MfE and Toitū emissions factors.
Medium uncertainty due to averaging of distance
data and transportation type, and survey frequency.
P25SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Emissions TypeEmissions SourceData Source and Calculation MethodUncertainty, Assumptions and Estimates
Scope 3 continued
Indirect emissions
from products used
by organisation
Transmission of energy –
(T&D losses)
Invoices from electricity retailers and suppliers.Low uncertainty. Reliance on suppliers to provide
complete and accurate data.
Purchased goods and services –
supplier pre-calculated
Supplier invoicing or specific reporting for some goods
and services categories includes pre-calculated tCO₂e
data (e.g. data centre usage, certified manufacturing
data for some Sky products).
Low to medium uncertainty. Lags in receipt of some
reports requires use of estimates or averages. High
level of reliance on suppliers to provide complete and
accurate data.
Purchased goods and services –
not pre-calculated
Supplier invoicing and reporting. A combination of
calculation methods used based on most accurate
approach (e.g. spend data using supplier tCO₂e
emissions intensity factor; supplier estimates of
kWh attributable to Sky based on percentage of site
usage or headcount (calculation methods include
MfE NZ; Climate Transparency); spend based method
(calculation methods include MfE, NZ)).
High uncertainty. Medium to high reliance on averages
or estimates. Up-to-date intensity data and receipt of
information may lag reporting timeframes requiring
use of estimates. Some impact from exchange rate
conversion to NZD.
WasteSupplier invoicing provides waste type and weight or
bin size for calculating tCO₂e. Waste at third-party
logistics supplier attributable to Sky calculated using
spend-based method.
Medium uncertainty. Averages and estimates used.
Reliance on suppliers, including via third-parties, to
provide complete and accurate data.
METRICS AND TARGETS
P26SKY CLIMATE DISCLOSURE STATEMENT 2024

GLOSSARYRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Emissions TypeEmissions SourceData Source and Calculation MethodUncertainty, Assumptions and Estimates
Scope 3 continued
Indirect emissions
associated with the
use of products from
the organisation
Raw materials and
manufacturing
Suppliers of products used in customer homes provide
pre-calculated cradle to grave kgCO₂e per unit data,
including raw material and manufacturing emissions.
Independent, cradle to grave product carbon footprint
verification provided for some product categories (SGS
Group). Emissions calculations for reporting purposes
based on receipt date of inventory.
Low uncertainty. Reliance on suppliers to provide
complete and accurate data and update as necessary.
Use stage of sold productsEmissions derived from internal data for product
numbers, type and model (Sky Box, Sky Pod, Sky
Broadband routers), internal and supplier derived data
on average kWh per product, and average viewership
data.
High uncertainty based on use of average data,
assumptions on customer energy sources, and
customer behaviours.
End of life of sold productsSuppliers of new products used in customer homes
provide pre-calculated cradle to grave kgCO₂e per
unit data, including end of life emissions. Independent,
cradle to grave product carbon footprint verification
provided for some product categories (SGS Group).
Emissions calculations for reporting purposes based
on receipt date of inventory. End of life emissions for
pre-existing products (Sky Box) not currently reported.
Recycling programme in place.
Low uncertainty for included sources. Reliance on
suppliers to provide complete and accurate data and
update as necessary.
METRICS AND TARGETS
P27SKY CLIMATE DISCLOSURE STATEMENT 2024

METRICS AND TARGETSRISKSTRATEGYGOVERNANCEABOUT THIS REPORTCONTENTS
Glossary
GLOSSARY
ARC: Audit and Risk Committee, a committee of the Board
Board: Refers to Sky’s Board of Directors unless
otherwise stated
CRD: Climate Related Disclosure
CRE: Climate Reporting Entity
CRR: Climate Related Risks
CRRO: Climate Related Risks and Opportunities
ERM: Enterprise Risk Management (framework)
ESG: Environmental, Social and Governance
ELT or Executive Team: Executive Leadership Team,
comprised of the Chief Executive and direct reports
to the Chief Executive
FMA: New Zealand Financial Markets Authority
GHG emissions: Greenhouse gas emissions
IPCC: Intergovernmental Panel on Climate Change
MfE: New Zealand’s Ministry for the Environment, the
Government’s primary adviser on environmental matters
NGFS: The Network for Greening the Financial Sector
NZ CS 1: Aotearoa New Zealand Climate Standard 1:
Climate-related Disclosures
NZ CS 2: Aotearoa New Zealand Climate Standard 2:
Adoption of Aotearoa New Zealand Climate Standards
NZ CS 3: Aotearoa New Zealand Climate Standard 3:
General requirements for Climate-related Disclosures
PPC: People and performance committee, a committee
of the Board
RGSC: Risk Governance Steering Committee
SGC: Sustainability Governance Committee
SSP: Shared Socio-economic Pathway
STEEP: STEEP analysis is a framework used to assess
how Social, Technology, Economic, Environmental and
Political external factors affect a business
STIP: Sky’s short-term incentive plan
tCO₂e: Tons of carbon dioxide equivalent. The universal
unit of measurement to indicate the global warming
potential of each of the seven GHGs, expressed in terms
of the global warming potential of one unit of carbon
dioxide for 100 years
XRB: New Zealand External Reporting Board
P28SKY CLIMATE DISCLOSURE STATEMENT 2024P28SKY CLIMATE DISCLOSURE STATEMENT 2024