Sky ASM 2024 - Addresses and Presentation

Sky New Zealand
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New Zealand

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New Zealand

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14 November 2024

Sky ASM Chairman’s and Chief Executive’s Address and Presentation
The 2024 Annual Meeting of Shareholders of Sky Network Television Limited (Sky) will be held today,
Thursday 14 November 2024, commencing at 10:30am (NZDT) at the Maritime Room, Princes Wharf,
Auckland and via the Computershare online meeting platform at https://meetnow.global/nz. Sky
shareholders are warmly encouraged to participate.
Copies of the Chairman’s and Chief Executive’s addresses and presentation are attached and will be
available on Sky’s website www.sky.co.nz/investor-centre.
At today’s meeting, Sky Chairman Philip Bowman will provide an overview of Sky’s FY24 Financial
Results, including commenting on the ongoing difficult economic conditions facing New Zealand
businesses, and the solid performance Sky has delivered in this context. Philip will outline the two
key priorities for the company in the coming period: the migration to a new satellite by May 2025,
and the negotiation of a new rights partnership with New Zealand Rugby and SANZAAR. In this
regard, while the Exclusive Negotiating Period with NZR Commercial (NZRC) has concluded, Sky and
NZRC remain in constructive and ongoing negotiations. Philip will also provide an update on capital
management matters.
Sky Chief Executive Sophie Moloney will expand on Sky’s programme to migrate from the current
Optus D2 satellite in the coming months. The key points:
- As outlined in Sky’s update on satellite supply on 19 August 2024, Sky has an agreement in
place with Optus that provides Sky with security of supply over satellite services to 2031.

- Noting the expedited requirement to transition from the Optus D2 satellite to a new satellite
by May 2025, Optus has offered Sky two satellite path options, one of which will be available
at the existing orbital position (160 degrees East) and is preferred as it offers a smoother
customer transition, and the other at 156 degrees East.

- Significant testing and customer communications are already underway and will continue to
build, with the goal of ensuring Sky customers have a seamless experience during the
migration process.

- Sky has previously undertaken successful satellite migrations and is confident it can achieve
the migration to either of the two options by May 2025. There remains an inherent
technology and logistical risk to the successful migration to an alternative satellite, with on-
the-ground technology updates also required.

- From a cost of delivery perspective, commercial arrangements with Optus mean the
programme will remain largely cash neutral by FY26. While the preferred satellite option
comes at a lower cost, the final cost of the alternative option cannot yet be precisely
quantified. Sky has taken a conservative approach to forecasting, including significant
contingency, and has increased the upper limit of the satellite migration capex to $20m
(from the capex envelope of $10m to $15m outlined at Sky’s FY24 Results). Sky and Optus
have agreed confidential terms regarding support for incremental costs incurred to ensure a
seamless satellite transition.

- Satellite migration capex is excluded from FY25 Capex Guidance, and in both scenarios the
dividend is protected.

Sophie will provide an update on Sky’s progress to date in FY25, noting that with the continued
economic pressure and rephasing of revenue-generating initiatives due to the satellite migration,
Sky is seeing some softening in customer and advertising revenues. Costs will be weighted to the
first half, largely driven by programming, given the timing of the Paris Olympics early in H1, and with
a one-off acceleration of amortisation related to the expanded agreement with Warner Bros.
Discovery, announced on 22 October. The firm focus on costs will continue with a number of
initiatives underway.
Noting that one-off accelerated amortisation is excluded from guidance forecasts, Sky confirms
there is no change to guidance
1
provided on 21 August 2024, including conviction on delivering the
FY25 dividend of at least 21 cents per share. Sky continues to monitor trading conditions closely.
ENDS
Authorised by Kirstin Jones, Company Secretary

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

1
Subject to no adverse change in operating conditions, including future economic headwinds. EBITDA, NPAT and dividend guidance
exclude one-off transformation costs. Capex guidance excludes one-off capital expenditure related to satellite migration. Free cash flow
used for the purposes of dividend guidance excludes satellite migration capex and one-offs.

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1


Sky Annual Meeting 2024
Chairman’s Address
Good morning fellow shareholders. As your chairman, Philip Bowman, it is my pleasure to
welcome you to Sky’s 2024 Annual Meeting.
My Chairman’s Letter in the FY24 Annual Report gave a concise summary of events during the
year, and also commented on the key priorities for FY25. I will comment briefly on the FY24
Financial Results, then touch on two key priorities I mentioned in this letter to shareholders,
before providing the usual update on capital management matters.
FY24 performance
Against a very difficult economic backdrop your company delivered a solid performance in FY24
reporting all key metrics within the Market guidance ranges provided - albeit with revenue at the
lower end.
At the time of first releasing the Market guidance in August 2023, we were aware of the potential
challenges ahead for the local economy given the impact of rising inflation and borrowing rates
on employment and disposable incomes. For many households and companies, the challenge
turned out to be significantly greater than initially anticipated, as economic pressures intensified
during the second half of the year. It is encouraging that a combination of strong management
and the resilience of Sky’s business model allowed the Company to deliver these results against
this difficult backdrop.
Under Sophie’s leadership, the Sky team demonstrated a disciplined performance with revenue
growth of 1.6%, driven by strong execution on a number of initiatives (including strong growth in
advertising market share). This revenue growth was combined with expenses increasing by just
0.8% - a long way below the prevailing rate of inflation. reflecting management’s focus on cost
control. Together, these factors delivered an expanded margin performance and growth in
EBITDA. NPAT was down slightly, largely due to increased depreciation as we rolled out the new
Sky experience which many more of our customers are now enjoying.
Importantly, free cash flow grew strongly. As well as funding investment in improved customer
experience, this allowed your Board to significantly increase the dividend paid to you as
shareholders. Your company concluded the year in a healthy financial position, with a strong
balance sheet, cash on hand of $38 million and a bank facility successfully renegotiated on more
favourable and flexible terms – reflecting Sky’s much-improved financial position and outlook.
Whilst your company has performed well, we are mindful of the disruption and change within
local media sector. While not immune, we are somewhat insulated due to the steps we have
already taken to respond to industry changes, and through a more diverse revenue profile.
Maintaining a strong and vibrant local media ecosystem is vitally important both nationally and
at a community level. The value and cultural importance of local voices, stories and perspectives
should not be underestimated. I would highlight Sky’s longstanding and deep investment in local
sporting codes, the impact of which is perhaps not always fully appreciated but is of vital
importance to the local sports landscape. Over recent years, our commitment to the local

2

creative sectors through Sky Originals – especially in partnership with NZ on Air - has grown to be
an important part of our content strategy as a New Zealand focused business. We are extremely
pleased with the audience response and external recognition that our commissioned
productions are generating, with several of our recent titles nominated in the upcoming NZ TV
Awards. These include Dark City - The Cleaner, which has been nominated in six categories.
Importantly, the strategic steps we have taken to expand Sky’s product and revenue base in a
fiscally prudent way see us well positioned in a global context. Internationally the ‘dash to digital’
has led to challenging debt levels, industry consolidation and in some instances a choice to
deepen local partnerships with existing customer relationships rather than going direct to
consumer at this time. Your Board and management believe this bodes well for local providers
with a well-established and unique market position – such as the one that Sky holds in this
country.
Sky remains an organisation in change, but one that over the past few years has developed a
strong record of delivering on the initiatives it has set out to achieve, and of grasping new
opportunities at pace. This greater agility is important in the context of the two significant
priorities that I mentioned in my FY24 letter to shareholders.

Firstly: migration to a new satellite
As we announced to the market In August, we were advised that the new Optus 11 satellite,
expected to be in service from 2025 was experiencing further manufacturing delays. As a result,
this spacecraft is now unlikely to be in service until 2027.
At the same time an updated fuel assessment resulted in the end of useful life of the current
Optus D2 satellite being brought forward by seven months, to May 2025.
We have a long-standing agreement with Optus that provides Sky with security of supply over
satellite services to 2031, and the need to migrate to a new satellite was always anticipated and
planned for. However, this news has required a significant acceleration of our efforts to meet the
new timeline and an increase in costs which are largely offset by financial support from Optus.
Optus have provided two satellite path options to replace Optus D2, both with challenges and
opportunities. We are currently progressing both of these paths in parallel, and Sophie will
provide more details on the options and the overall migration programme in her address.
From a Board perspective, and for you as fellow Sky investors, the migration to a new satellite in
this expedited timeframe is not without risk. The process will take careful navigation by Sophie
and her team alongside our expert partners. For this reason, the migration programme is the core
priority for Sky over the coming six months, and your Board is providing significant oversight,
guidance and challenge.
A second significant matter for Sophie and her team is the negotiation with New Zealand Rugby
and SANZAAR, to renew the current rights agreement which runs through to December 2025.
We have entered these discussions in a significantly improved position to when we last
negotiated the SANZAAR rights in 2019. We have a much better understanding of the value our
customers place on this content, derived from extensive analysis of what they choose to watch
and how much they are willing to pay. Sky is committed to continuing the positive relationships
we’ve built with New Zealand Rugby over more than three decades, producing and delivering the

3

rugby that New Zealanders love to watch and helping to grow the game across the country. At the
same time we recognise our customers cannot and should not be expected to take on a
disproportionate share of the cost of funding New Zealand Rugby’s business.
These negotiations are confidential to the parties, and we do not have further information to share
at this juncture, other than to note that while the Exclusive Negotiating Period concluded at the
end of October, we remain in constructive dialogue with representatives from NZ Rugby
Commercial, against the backdrop of significant potential change in the governance of NZ Rugby.
We continue to bring a constructive and future-focused mindset to the negotiating table and will
look to achieve an outcome that reflects the value that our customers and shareholders place on
this partnership.
Before I turn to board matters, I will briefly mention that, like other New Zealand listed companies,
your Board and Management have worked to deliver Sky’s first climate-related disclosure. We
acknowledge the important intent behind the new regime and support the role it serves to ensure
appropriate preparation and action on climate impacts. At the same time, the heavy compliance
and financial burdens, and punitive overlay are real. We therefore welcome the External
Reporting Board’s recent consultation moves. Ultimately, this work should lead to improved
outcomes for businesses, society and our environment and we are committed to playing our part.
Those of you who are avid readers of our Annual Reports will be aware of the role Sky has played
for many years in the 'ESG’ space, including proactive steps to improve our environmental
outcomes, our commitment to helping girls and women to ‘See The Possible’ through showcasing
women in sport, and broadcasting and championing the use of te reo Māori on our screens. We
will continue to report to you on these initiatives where we are making a difference, alongside the
mandated climate report.
Turning now to board matters, and our capital management programme.
As you have seen, we are delivering strong dividend growth and remain on target to achieve our
target of 30 cents per share (fully imputed) by FY26. The 26.7% increase delivered in FY24 reflects
both the strong free cash flow generation of the business and the Board’s confidence in the future
as economic conditions improve and further initiatives are delivered by Management.
Adding to this, $16.9 million was deployed in FY24 to buy back shares which reduced the number
of shares on issue by 4.3%.
Summarising all this activity, the total amount of cash returned to shareholders over the course
of FY23 and FY24 was approximately 89 cents per share.
The current buyback remains in place with $7.8 million available to deploy. However, from time
to time, Sky must pause Market activity when it is engaged in significant negotiations that are
potentially price sensitive. Given the ongoing negotiations with NZR, we are not currently in
market buying back shares. That said, your Board maintains its view that Sky’s shares remain
under-valued, with the share buyback a tangible means for us to communicate this to the market
whilst also delivering value for shareholders.
Once the satellite migration and negotiations with NZR have been concluded, it will be
appropriate to review further capital management opportunities, including the option to
introduce a prudent amount of leverage to the balance sheet.

4

Board acknowledgements
Over the past 12 months your Board has worked diligently in its stewardship of your company,
providing advice and constructive challenge to Management against the challenging micro-
economic environment. As with any good Board, Directors can, and do, bring different views and
debate can be intense.
Shortly, you will be asked to consider the resolution to be put to the meeting regarding a proposed
increase to the Director Fee Pool. I will reserve my comments on this subject for that part of the
meeting, however, will make the point now that Sky is a complex business, your directors are
effective and hardworking, with an exceptional mix of international and local expertise, and I am
privileged to lead them.
Management
I would like to take this opportunity publicly to thank Sophie, her executive leadership team and
the wider Sky team for their significant contribution on behalf of customers, business partners,
and each other. In doing so, the Sky team delivered another year of positive performance for
shareholders.
Closing comment
There are both exciting and challenging times ahead. Management is focused on refining and
executing a clear strategy, and under Sophie’s leadership is well equipped to address the
challenges and deliver the opportunities that will present.
ENDS

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1


Sky Annual Meeting 2024
Chief Executive’s Address

Thank you, Philip and tēnā tātou katoa, good morning everyone.
What we’ve just seen is a brief taster of the content Sky has the privilege to share with customers
every day. It is apt that this clip includes some of the many highlights from our Olympics coverage,
where we brought the challenges and triumphs of our athletes in Paris to supporters back home
in Aotearoa New Zealand.
This was an important brand moment for Sky, as we delivered these incredible scenes to New
Zealanders, across all of our platforms, in a very real expression of our Purpose:
To share stories.
To share possibilities.
To share joy.
Behind the scenes it takes an incredible amount of planning, hard work and dedication across
the business to deliver in this way – and I couldn’t be more proud of the way our teams in Paris
and back home performed.
I mentioned in my letter to shareholders a favourite 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.”
Teamwork is indeed one of Sky’s most powerful competitive strengths and through it, we’ve been
able to deliver for customers, partners, each other, and for you, our investors, in FY24. We will
see this in action again in the year ahead, particularly as we work through the migration to a new
satellite which I will come on to.
This time last year I shared with you our Purpose, our Ambition, and the strategic pathways that
would drive future success. One year on, we see that clarity of purpose has supported operational
outcomes that underpin our financial performance.
On the financial performance of your business, my focus continues to be on driving margin to
support our free cashflow generation and, as Philip touched on, our dividend yield. . While the
share price doesn’t yet reflect our confidence in the free cash flow generation of this business,
the dividend yield does as we head towards our FY26 target of 30 cents per share.
In addition to noting our three-year targets in August, I also referenced our delivery against the
three key priorities of Lifting employee engagement; Rolling out the new Sky Experience; and
Generating new revenue streams. In the interests of time today, I won’t step through them all
again, but I encourage you to read about the achievements in our Annual Report if you haven’t
already. The short point is we’ve delivered significant uplifts and improvements against each of
these priorities as is depicted on the accompanying slide.

2

It took a huge amount of team work to secure those uplifts, and because we are a business that
is about staying the course, despite the macro-economic challenges, these key priorities remain
in focus into FY25.
In addition, we have added a fourth priority: to deepen content engagement.
We know we have some incredibly engaging content, in fact, by the closing ceremony of the
Olympics in Paris, New Zealanders had collectively watched more than 58.3 million hours of our
coverage – which is quite a statistic!
• Our continued focus is on securing the right content, at the right price, and to ensure we
are measuring the performance of each investment through content engagement
metrics.
• On this front, we’re very pleased to have secured an expanded partnership with BBC as
showcased with the launch of BBC First on 1 October which is already engaging our loyal
box customers, myself included!
• More recently on the sporting front, we signed a new 3-year deal with the A-Leagues just
as the local competition is heating up.
• And a couple of weeks ago we announced a new partnership with Warner Brothers
Discovery, confirming Sky as the exclusive home of Max in New Zealand, with the new
Max-branded content already engaging customers on both Neon and the New Sky
Experience since the launch on 30 October.
In highlighting these 4 priorities, I do want to point out that, had we known about the seven-month
acceleration required to migrate satellites at the time we were setting our FY25 priorities, this
critical project would have been front and centre on this page – and now it is!
Despite the ability to deliver via IP, satellite connectivity remains a vitally important delivery
mechanism for this country and for our higher ARPU customer base.
Since becoming aware of this acceleration, we’ve been very clear with our team that Project
Migrate is our number one priority until it’s delivered by May 2025 and so is to take precedence
over any other plans where there is contention on resources.
Of course, where there is no contention, our teams are delivering to plan. As an example, in
keeping with the priority to accelerate advertising, our Ad Sales team delivered an important
milestone this last month, with the introduction of digital ad insertion on Sky Sport Now.
Reflecting on the other 3 key priorities for FY25 and how these are effectively encapsulated
by Project Migrate:
• I believe there is no better opportunity for employee engagement than having a single
galvanising focus as a team – which this project certainly gives us!
• Continuing to deploy our New Sky Experience is a vital part of our mitigation strategy –
with the IP-only operating mode on the roadmap for delivery early next year; and
• From a content perspective – we will not only be utilising our creative and story-telling
abilities to communicate with customers but also to ensure they can continue to deepen
their engagement with our content throughout this time.

3

So, where are we at with Project Migrate?
As Philip mentioned, our current Optus D2 satellite will reach the end of its useful life in May, and
we have expedited our migration to a new one.
As we advised the market back in August, Optus has offered us two satellite options and we are
actively preparing for them.
Both have challenges and opportunities.
• Our preferred option is a satellite that is able to be moved to the same position in space
as our existing D2 satellite, at 160 degrees East, and therefore allows a smoother
customer transition as there is no change to the current satellite signal location.
• However, there are some dependencies and events that must occur in order for that
spacecraft to be made available to us.
• This work is being undertaken by our satellite provider Optus, and on the current plans we
should have confidence in this option by the end of January.
• While the process of getting this satellite ready for service is a business-as-usual
activity, it still carries some risk.
• We are therefore running a dual pathway programme, and preparing for use of another
Optus-provided satellite in parallel.
• It is readily available to us now but in the different location, of 156 degrees East, and
therefore requires us to undertake a programme to ensure that every customer home can
‘see’ the signal from the new location.
• This is something we’ve previously anticipated such that the majority of our customers
already have a dual signal device attached to their satellite dish, to point to the two
locations.
• What we need to do is to test the signal with the satellite at the 156 degrees East
location. For those customers who have an internet-connected Sky Box, we can do this
remotely without our customers needing to do anything.
• For those customers who don’t have an IP-connected Box, we are now in the process of
communicating with them to ensure they are able to receive the signal through a test
channel on their Sky Box. If they can’t see the test channel, we will schedule and deploy
technicians to each home to get them set up.
• As many of you who are customers will know and perhaps have experienced, technicians
visiting Sky homes to check dishes and satellite signals is a very standard, business-as-
usual activity.
• Of course, if a customer has a more complex home set up or is living in a multi-dwelling
unit in a block of flats or similar then it may take a longer visit to resolve any signal issues.
• The good news is that – especially with the support of our new Downer outsourced
partnership – we have more than enough capacity to meet the demand based on the test
results we’ve achieved to date.

4

• In this scenario, we will be relying on our customers to engage, and you will see us ramp
up communications as we work to reach everyone over the summer period.
To summarise, there are two options we are pursuing. And to give comfort, while there are varying
degrees of complexity risk and cost, either option provides us with assurance of satellite supply,
and we are currently progressing both pathways until we have certainty of supply to move ahead
with our preferred option.
From a cost of delivery perspective, as shared in our cover release today, we have commercial
arrangements with Optus which mean this programme will remain largely cash neutral by the end
of FY26.
While the preferred option comes at a lower upfront cost, the final cost of the alternative option
cannot yet be precisely quantified. Accordingly, we have taken a conservative approach to
forecasting, including significant contingency, and have thereby increased the upper limit of our
Satellite Migration capex to $20m, from the capex envelope of $10m to $15m outlined at our year
end results.
As a reminder, satellite migration capex is excluded from our FY25 Capex Guidance, and the
important news is that whichever the scenario, the dividend is protected.
Before I close out, I will share a few comments on the performance of our business this financial
year.
• General revenue pressures have continued in the first half as New Zealanders take a
cautious approach to spending.
• As a result, we are seeing some softening in customer and advertising revenues. We’re
also rescheduling certain planned revenue-driving activities due to the focus on Project
Migrate.
• I also note costs will be weighted to the first half, which is largely driven by our
Programming line, given the timing of the Paris Olympics early in H1.
• And we have a one-off amortisation acceleration relating to the exciting agreement with
Warner Brothers Discovery as announced last month.
Rest assured, we remain disciplined as always with a number of initiatives underway across
revenue and cost lines.
The guidance provided at the time of our full year results is unchanged, noting that the one-off
accelerated amortisation is excluded, and we have a firm path and conviction on our dividend
guidance of at least 21 cents per share.
Thank you
I am incredibly proud of how we performed in FY24 and the proof it provides of what we can deliver
together as a team.
My sincere thanks go to our hard working and dedicated Board. I don’t underestimate how
fortunate we are to have such incredible depth of experience to draw on for me and my Executive
team. This is visibly on display both in a Board context and within each of the Board committees.
The balance of challenge, advice and support you provide is truly appreciated – thank you.

5

To my Executive Team and the wider Sky crew – you are making a positive difference every day:
please know this and please keep it up!
To our shareholders – thank you for your trust in our team and your support of our
business. Acknowledging the way we have reshaped and reinvigorated Sky these past few years,
despite the challenges, leaves me in no doubt of our determination as a team to deliver on our
priorities in FY25 for the benefit of our customers, our partners, and, of course, for you, our
shareholders.
Thank you.
ENDS

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© SKY 2021
2024 Annual
Meeting of
Shareholders
14 November 2024

© SKY 2021
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2

© SKY 2021
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Voting at the meeting
3

© SKY 2021
Welcome

© SKY 2021
5
Board and Executives
Philip Bowman
Independent Chair
Sophie Moloney
Chief Executive Independent Deputy Chair
Joan Withers
Independent Director
Mike Darcey
Independent Director
Mark Buckman
Independent Director
Kirstin Jones
Company Secretary
Independent Director
Belinda Rowe
Keith Smith

© SKY 2021
Agenda
Chairman’s Address
Chief Executive’s Address
Formal Business - resolutions
General Business - shareholder questions

© SKY 2021
Chairman’s
Address

© SKY 2021
REVENUE
$
766.7m
FY23: $754.3m
1
+1.6%
NET PROFIT AFTER TAX
$
49.2m
FY23: $51.1m
1
-3.7%
OPERATING EXPENSES
$
614.2m
FY23: $609.2m
1
+0.8%
FREE CASH FLOW
2
$
23.7m
FY23: $16.5m
1
+43.2%
FY24 at a Glance
EBITDA
$
153.0m
FY23: $148.7m
1
+2.9%
DIVIDEND
19.0cps
FY23 15.0cps +26.7%
1.Comparative balances have been restated as set out in note 30 of the 2024 Financial Statements.
2.Free Cash Flow is defined as net cash from operating activities, less net cash used in investing activities less payments for lease liability principal.

© SKY 2021
Investing in local content creation

© SKY 2021

© SKY 2021
Significant Returns to Shareholders
CENTS PER SHARE
Key: f = Forecast.
40
7.3
15
19
21+
3
12
FY22FY23FY24FY25 (f)
Capital Return
Dividend
Buyback

© SKY 2021
Chief Executive’s
Address

© SKY 2021

© SKY 2021
“Not finance. Not strategy.
Not technology.
It is teamwork that
remains the ultimate
competitive advantage,
both because it is
so powerful and
so rare.”
Patrick Lencioni

Sharestories. Sharepossibilities. Sharejoy.
OUR PURPOSE
OUR AMBITION
To be Aotearoa NZ’s most engaging and
essential media company
STRATEGIC PATHWAYS
Giving
customers
content they
love
Meeting
customers
where they are
Providing
innovative
solutions for our
partners and
clients
Giving
customers
the experience
they expect
Making Sky a
great place to
work

FY24 Priorities Achieved

© SKY 2021
Deepen Content Engagement

Sharestories. Sharepossibilities. Sharejoy.
OUR PURPOSE
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
SuccessfuldeliveryofProject Migrate

Project Migrate – Option at 160
◦

Preferred option
Able to move to the same orbital slot as existing D2 satellite
Smoother customer transition
Dependency on satellite technology partners to enable confidence in
this choice in January 2025

Project Migrate – Option at 156
◦
Already available but in a different orbital slot
Firm expectation that the majority of customer homes can ‘see’ the
signal, given the vast majority have a dual device fitted to their dish
A small number still need a dual device
We are communicating and asking customers to test their signal,
where we cannot do that remotely

Project Migrate – Summary
Optus provides assurance of supply to 2031
Option at 160
◦
is preferred - both will be pursued until we have
certainty
We are confident in our ability to deliver either option by May 2025
Commercial arrangements with Optus mean the programme will
remain largely cash neutral by FY26
Conservative forecasting, including significant contingency, increases
upper capex limit to $20m (from $10 - $15m)
1
1. Advised at the time of Sky’s FY24 results on 21 August 2024..

FY25 Update: Guidance Unchanged
Due to economic pressure and rescheduling of some revenue-generating
initiatives we are seeing some softening in customer and advertising
revenues
Costs weighted to H1, driven by programming, including Olympics and
one-off accelerated amortisation relating to expanded WBD agreement
Strong cost focus continues with initiatives underway
Sky confirms no change to guidance
1
(noting this excludes one-off
accelerated amortisation).
Confident in achieving dividend guidance of at least 21 cps
1. Subject to no adverse change in operating conditions, including future economic headwinds. EBITDA, NPAT and dividend guidance exclude one-off transformation
costs. Capex guidance excludes one-off capital expenditure related to satellite migration. Free cash flow for the purposes of dividend guidance excludes satellite
migration capex and one-offs.

© SKY 2021
Formal
Business

© SKY 2021
That the Board be authorised to fix the auditor’s
remuneration for the ensuing year.
Resolution 1

© SKY 2021
That, for the purposes of NZX Listing Rule 2.11.1 and all other
purposes, the maximum aggregate amount of remuneration
payable by the Company to Directors (in their capacity as Directors)
be increased by $165,000 per annum, from a total pool of $950,000
per annum to $1,115,000 per annum, effective from 1 December
2024, with such sum to be divided amongst the Directors as the
Board may from time to time determine.
Resolution 2

© SKY 2021
General
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© SKY 2021
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