Sky Announces Full Year Result

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

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sky.co.nz







22 August 2025
Sky delivers solid full year results, lifting full year dividend
Sky Network Television Limited (Sky) has today released Full Year Results with all metrics within
the revised Market Guidance ranges provided in February this year
1
and with a 15.8% increase
to the fully imputed FY25 dividend.
Delivered in the context of a challenging economic environment and a complex satellite
migration, along with the completion of number of important projects including the necessary
preparation to successfully acquire Discovery NZ, this is a solid result.
As was the case at the Half Year, Sky’s results include a number of one-off items (largely non-
cash or expected to be cash neutral) that make it more difficult to assess more positive
underlying performance of the business during the period. Adjusted numbers
2
have therefore
been provided to enable a like-for-like comparison.
Key points (financials provided on an adjusted basis
3
)
• Revenue of $755.1 million, (down 1.5%)
• EBITDA of $148.5 million (down 3%)
• Sky’s free cash flow funded FY25 dividend of 22 cents per share (fully imputed),
representing a year-on-year increase of 15.8%.
Chief Executive Sophie Moloney said: “The results we report today have been delivered against
the backdrop of our satellite migration challenges as well as the continued pressure on
household wallets for many New Zealanders. I am grateful for the tenacity of my team to not
only achieve results within the February Guidance ranges, but for also continuing to deliver on
several important projects and milestones during FY25.
“These include securing key content rights, increasing our Advertising market share and
introducing new features like Digital Ad Insertion (DAI) for Sky Sport Now, increasing the
penetration of our new Sky Experience to 37% of our Box base, and of course the significant
diligence work that led to the acquisition of Discovery NZ.
“In breaking news, this morning’s signing of a new five-year partnership with New Zealand Rugby
(on behalf of the SANZAAR Unions) is also a major achievement. It ensures we can continue to
deliver every big moment of rugby to our customers, and it includes a necessary reshaping of

1
Noting that guidance was provided on an underlying basis, excluded one-off items.
2
Non-GAAP financial measures.
3
Non-GAAP financial measures. Information regarding one-off adjustments is available on page 45 of Sky’s 2025
Annual Report and within the investor presentation that forms part of this announcement.

this important deal while also ensuring Sky achieves our target of 47 to 49% of content costs as
a percentage of revenue.
“We have made good progress against the other targets in this second year of our three-year
targets. Progress on capex intensity and employee engagement targets are already consistent
with our FY26 ambition, and while Revenue and EBITDA Margin remain challenging, and will
likely be at the lower end of the range, they are still held in our sights. Customer NPS has
improved since the completion of the satellite migration, and – very pleasingly – we are firmly on
track to deliver on the dividend target of 30 cents.
Financial performance
The one-off items for the period include satellite migration (largely cash neutral by FY26),
accelerated content amortisation and lease modification (both non-cash), and organisational
transformation and transaction costs associated with the Discovery NZ acquisition. It is
therefore appropriate to discuss Adjusted numbers
4
when assessing Sky’s performance against
the prior year.
Adjusted revenue of $755.1 million was at the lower end of guidance (reported $750.7 million),
largely reflecting the prolonged impact of challenging economic conditions and delays in
revenue-generating initiatives due to the necessary prioritisation of satellite migration.
All key ‘growth engine’ revenue lines continued to increase, with Sky Sport Now growth of 16%,
Broadband up 34% and Advertising increasing by 7% year on year. However, this was not
sufficient to offset a Sky Box revenue reduction of 5.8% and modest decline of 2% for Neon.
Sky’s prioritisation of the rollout of the new Sky Experience is important in this context, with
significantly lower churn from those customers with the new Sky Box (less than half that of the
classic Box), given the benefits it brings by unlocking video on demand and content
discoverability. It also has a lower cost to serve, and with the pathway to add revenue from
digital ad replacement.
Disciplined cost management saw an $4.8 million reduction in adjusted expenses to $609.4
million (reported $637.8 million). This included a $7.3 million saving in programming cost and
was achieved whilst continuing to invest to grow Streaming, Broadband and Advertising. As a
result, adjusted EBITDA of $148.5 million (reported $120.6 million), while lower than the prior
year, was at the mid-point of guidance.
Adjusted net profit after tax of $41.1 million (reported $20.6 million), was down year on year, as
expected, due to higher deprecation, following a period of accelerated capital expenditure as
we invested in new products. With the elevated period now behind us, underlying capital
expenditure of $65.2 million (reported $78.4 million), marked a return to the target level of
between 7% to 9% of revenue.
Free cash flow generation remained strong, with reported free cash flow of $24.8 million, 4.6%
higher than the prior year, and underlying free cash flow down slightly on last year at $36.7
million.



4
Non-GAAP financial measures. Information regarding one-off adjustments is available on page 45 of Sky’s 2025
Annual Report and within the investor presentation that forms part of this announcement.

Project Migrate
Sophie said: “FY25 brought one of the most complex operational challenges in our history: the
accelerated migration to a new satellite following Optus’ advice that the existing D2 satellite
was reaching end-of-life earlier than anticipated. With more than 450,000 customers relying on
satellite delivery, and 62% of our FY25 revenue earned through our Sky Box business, this
project became a top priority. While the migration was far from straightforward, it was
successfully achieved in April 2025.”
Sky has provided additional information on the expected financial outcome of the satellite
migration programme, noting this is expected to be largely cash neutral by the end of FY26.
Across FY24 and FY25, this included $17.7 million in capital expenditure and $7.3 million of
one-off EBITDA impacts (from foregone revenue and incremental costs), partly off-set by capex
rebates received to date from Optus of $10.2 million.
A final capex allocation of between $2 and $4 million will complete the programme in FY26, with
a further $6.1 million of capex rebates and $8.2 of compensation for revenue and cost impacts
will be received in FY26 to bring the programme to a largely cash neutral outcome.
Dividend and Capital Management
Sky remains in a healthy fiscal position, with ongoing sustainable free cash flow generation, $32
million of cash on hand, and a strong balance sheet, including a $100 million undrawn bank
facility.
The Board’s confidence in the long-term outlook for the business and continued strong cash
flow generation have supported an increased final dividend of 13.5 cents per share (fully
imputed). This brings total dividends for the year to 22 cents per share, fully imputed, that
equates to 82.5% of the adjusted free cash flow and represents a year-on-year increase of
15.8%.
Sky’s most recent buyback programme expired on 31 March 2025, having paused in June 2024
in the lead up to annual results, and continued on pause in November 2024, due to ongoing NZR
negotiations.
The Board has resolved to pause further capital management actions in the short term as Sky
prioritises the integration of Sky Free (formerly Discovery NZ) and Sky, with this decision to be
reviewed periodically as transaction synergies are delivered.
Acquisition update
Sophie said: “Three weeks in, we’re excited by the opportunities the acquisition of Sky Free
unlocks. It positions Sky to scale faster and to grow and further diversify our revenue streams,
particularly in advertising and digital, and it delivers some of the ‘missing pieces’ for our future
success, including the successful and growing BVOD service ThreeNow.”
“Successfully integrating Sky and Sky Free and starting to optimise the synergies this presents
across both businesses is now a key priority for FY26 and beyond. Planning is well advanced,
aided by a thorough and detailed diligence process, and with a strong governance framework
and appropriate Executive oversight whilst ensuring no distraction to the ongoing delivery of
FY26 priorities.”

In FY26 Sky Free is expected to deliver positive proforma underlying free cash flow, with an 11
month gross revenue contribution of approximately $85m from advertising and revenue-share
arrangements and with capex of between $3 – 4 million. By FY28 Sky sees potential for at least
$10m p.a. of incremental EBITDA on a Group basis.
A Purchase Price Accounting (or PPA) process will commence shortly and as part of this, will
determine the fair value of assets acquired, such as content. The outcome will have a Profit and
Loss impact in FY26 although no impact on cash flow, and we note this is expected to result in a
one-off ‘bargain purchase’ gain.
Outlook and Guidance
In light of the PPA process, Sky has provided guidance on a ‘stand-alone’ Sky-only basis.
This guidance reflects Sky’s expectation that economic conditions will remain challenging, at
least in the near term. While FY26 includes a six-month impact from the new NZR deal, the first
year reduction will be more muted as a portion of the final payments under the existing deal
flow through to FY26. While Sky will continue to be disciplined in cost management, we will
reinvest in marketing, customer experience and people after a challenging FY25 and to lay the
groundwork for acceleration from FY27.
This sees stand-alone FY26 Guidance
5
for Sky of Revenue of between $745 to $770 million;
EBITDA of between $142 - $162 million and Capex
6
of between $60 and $70 million. Sky will no
longer provide guidance on net profit after tax as it is not considered a meaningful metric for
market valuation purposes.
Sky’s dividend guidance of at least 30 cents per share (fully imputed), reflects the target set in
FY23 to double that year’s 15 cps dividend in three years and will represent an increase of 36%.
Sky expects to provide a further update to the Market on the business as a whole at the Half
Year, assuming the PPA process is completed.

ENDS
Authorised by: Kirstin Jones, Company Secretary
Investor queries to:
Amanda West
Head of Investor Relations and Corporate Sustainability
Amanda.West@sky.co.nz

Media queries to:
Ellie Brosnahan
Head of Communications
Ellie.Brosnahan@sky.co.nz

5
Revenue and EBITDA guidance are subject to no adverse change in operating conditions, including future economic
headwinds. EBITDA guidance excludes one-off costs associated with transformation initiatives, transaction fees and
net integration costs.
6
Capex guidance excludes a final allocation of $2 - $4 million for satellite migration.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer Sky Network Television Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$750,723 2.1% decrease
Total Revenue $750,723 2.1% decrease
Net profit/(loss) from
continuing operations
$20,228 58.7% decrease
Total net profit/(loss) $20,590 58.2% decrease
Final Dividend
Amount per Quoted Equity
Security
$0.13500000
Imputed amount per Quoted
Equity Security
$0.05250000
Record Date 5 September 2025
Dividend Payment Date 19 September 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$ 0.95417 $1.04959
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
For further explanation refer to the financial commentary and
audited financial statements attached.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number
+64 21 621 114
Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP

22 /08/2025
Audi
ted financial statements accompany this announcement.

---

Distribution Notice

Updated as at June 2022



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

Section 1: Issuer information
Name of issuer Sky Network Television Limited
Financial product name/description Ordinary Shares
NZX ticker code SKT
ISIN (If unknown, check on NZX
website)
NZSKTE0001S6
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year X Quarterly
Half Year Special
DRP applies
Record date 05/09/2025
Ex-Date (one business day before the
Record Date)
04/09/2025
Payment date (and allotment date for
DRP)
19/09/2025
Total monies associated with the
distribution
$18,586,126
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.18750000
Gross taxable amount $0.18750000
Total cash distribution $0.13500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.02382353
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed

Fully imputed X
Partial imputation
No imputation
If fully or partially imputed, please
state imputation rate as % applied
28%
Imputation tax credits per financial
product
$0.05250000
Resident Withholding Tax per
financial product
$0.00937500

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Hirst
Contact person for this
announcement
Andrew Hirst
Contact phone number +64 21 621 114
Contact email address Andrew.Hirst@sky.co.nz
Date of release through MAP

22/08/2025

---

Share Stories.
Share Possibilities.
Share Joy.
SKY ANNUAL REPORT 2025

Chairman’s Letter 1
Chief Executive’s Letter 2
Our Strategy 5
Strategic Pathways
Giving customers the content they love 8
Meeting customers where they are
Giving customers the experience they expect
12
Providing innovative solutions for our
partners and clients
14
Making Sky a great place to work 16
Our Enduring Commitment
A responsible and sustainably profitable,
Aotearoa NZ-focused business
18
Board of Directors 20
Leadership Team 22
Corporate Governance Statement 23
Company Information 37
Our 2025 Financials
Financial overview 44
Financial statements 52
Independent auditor’s report 90
Directory 96
Contents

Dear Shareholders,
Welcome to Sky’s Annual Report for FY25.
The Year in Review
Once again, the past year proved to be very challenging
for the New Zealand economy and consumers. Against
this backdrop, which was worse than widely forecast,
and compounded by the challenges of a complex
satellite migration, your company delivered another
set of solid financial results, with Adjusted Revenue at
the lower end and Adjusted EBITDA at the mid-point
of revised Market Guidance given in February this year.
These results, combined with strong cash management,
have allowed the Board to declare an increased fully
imputed final dividend of 13.5 cents per share, resulting
in an increase of 15.8 percent in full year dividend.
In my letter to shareholders a year ago, I highlighted two key
objectives for Management, namely the successful transition
from the end-of-life Optus D-series satellite to a new
satellite, and the negotiation of a new rights contract with
New Zealand Rugby (“NZR”) and SANZAAR. The satellite
migration is now complete but not without significant
disruption to our business and service issues for some
customers that I outlined in my letter accompanying the half
year results. Negotiations with NZR have very recently been
completed successfully and, subject to shareholder approval
at the Annual Shareholder Meeting, Sky has secured a
further 5-year rights contract on terms that are fair to both
parties. The new agreement secures exclusive access for
Sky’s customers to every big rugby moment for the next five
years, and - with our backing - also enables NZR to pursue a
supplemental free-to-air arrangement for provincial rugby
in New Zealand with TVNZ. This reflects our comfort to
negotiate co-exclusive or non-exclusive free-to-air and pay
partnerships where our data analysis demonstrates that the
price of exclusive rights does not make economic sense for
Sky within its ecosystem. The Board and Management look
forward to working with NZR to support NZR’s strategic
priorities in New Zealand to strengthen fandom and grow
the game at all levels.
I also wrote last year about the health of the local media
sector and the likelihood of further structural change. The
work undertaken by Management to strengthen Sky’s
commercial position over recent years helped create the
conditions to acquire Discovery New Zealand (“DNZ”) from
Warner Bros. Discovery for a nominal consideration and on
a debt-free basis. This acquisition aligns with our stated
strategy to grow advertising and digital revenues and also
strengthens Sky’s position in the local media ecosystem.
Investor and analyst feedback on the transaction has been
overwhelmingly positive. In addition to bringing a BVOD
platform which will accelerate Sky’s digital transition,
there are significant cost synergies and potential revenue
synergies between the two businesses. Management will
be tightly focused on integration of the two businesses and
delivery of synergies throughout FY26.
Shareholder Returns and Capital Management
At last year’s Annual Shareholders’ Meeting, I noted that
the Board would consider additional capital management
options once satellite migration and renewal of NZR
rights were completed. We also advised the Market in
November 2024 that the existing Share Buyback would be
paused during the ongoing NZR negotiations. Following
the acquisition of DNZ, the Board has resolved to pause
further capital management actions in the short term. This
situation will be reviewed periodically as synergies from the
DNZ transaction are delivered.
Governance
An internal Board effectiveness review was again
completed at the end of the financial year. This concluded
that the Board continues to operate effectively. One
recommendation that will be actioned over the next
year is to review the mix of skills in light of the DNZ
acquisition. Meanwhile the open debate between
Directors and the constructive challenge of Management
continued to improve during a very busy year with a
significant number of ad-hoc meetings. I would like to
take this opportunity to thank Board colleagues for their
continued support and contribution to your company.
I would also like to thank Sophie for her leadership of Sky
throughout the year. Sophie, her Executive team, and
the wider Sky workforce navigated significant challenges
– especially a difficult satellite migration under tight
timeframes. The results achieved in FY25 are a testament
to the teamwork and unwavering focus on delivering
value for customers, partners, and shareholders.
Finally, thank you – our shareholders – for your continued
support of Sky. Over the course of the financial year
end 30 June 2025 the share price appreciated some 27
percent and the annual dividend increased by nearly
16 percent. FY26 will be an exciting year following the
acquisition of DNZ and I look forward to updating you
on this in my letter accompanying the half year results.
Meanwhile I look forward to meeting some of you at
our Annual Shareholders’ Meeting in November.
Philip Bowman
Independent Chairman
Chairman’s
Letter
Sky / 2025 Annual Report
/ 1

Dear Shareholders,
At the time of writing, we have just completed
our acquisition of Discovery NZ. It is fitting that
TV3 (now called Three and ThreeNow, and part
of the Sky Free suite of services), marks its 35th
anniversary this year, just as Sky does.
The two companies have played a significant role in the
media landscape of this country over that time, and while
our shared history shows an incredible pace of change,
particularly in the last ten years, it also speaks to the
endurance of our ‘purpose’ at Sky, which is to:
Share stories.
Share possibilities.
Share joy.
FY25 brought one of the most complex operational
challenges in our history: the accelerated migration to a
new satellite. With more than 450,000 of our customers
relying on satellite delivery, and 62% of our FY25 revenue
earned through our Sky Box business, this quickly became
our top priority.
The migration was far from straightforward, and, as we
acknowledged at the time, we regret the disruptions to
some customers in the weeks leading up to the switchover
to the new satellite. The substantial reprioritisation of
Chief Executive’s
Letter
resources within Sky for this project also impacted upon our
ability to undertake some Customer Experience initiatives,
and these are now a major focus for our customer,
marketing and technology teams.
Despite the challenges, I am incredibly proud of the way
all of Sky pulled together to deliver ‘Project Migrate’. The
amount of discretionary effort delivered by teams right
across the company was phenomenal, and the successful
switch to the new satellite in the early hours of 15 April was
a testament to the strength of our people and our purpose.
FY25 in review
The results we report today have been delivered against
the backdrop of our Project Migrate challenges as well
as the continued pressure on household wallets for
many New Zealanders.
It is therefore pleasing to report that we have not only
achieved results within the updated Guidance ranges
shared with the Market in February, but also continued
to deliver on some important projects and milestones
that set Sky up for future success – despite the necessary
distraction of Project Migrate. They include:
•Securing key rights partnerships, including BBC First, NZ
Cricket, Cricket Australia, Six Nations Rugby, A-League
Soccer and the PGA Tour;
•Our renewed partnership with HBO Max, which delivered
10,000 hours of HBO content for Neon and Sky;
•Refreshing our entertainment strategy to create greater
flexibility to secure and curate the content that resonates;
•The introduction of Digital Ad Insertion (DAI) for Sky
Sport Now;
•A pleasing 37% of our base now enjoying their content
through the ‘New Sky Experience’ on the Box and Pod; and
•The significant diligence work that led up to the
acquisition of Discovery NZ.
In very recent news, the announcement of our new five-year
partnership with NZR was also the result of a significant
amount of work, and ensures we can continue to deliver
every big rugby moment to our customers. It includes a
necessary reshaping of this important deal while also
ensuring Sky achieves our target of 47 to 49% of content
costs as a percentage of revenue.
2 /

FY25 Financial Results
As we have outlined in our market announcement today, the
results achieved for the FY25 year are within the Guidance
ranges provided in February – albeit with Revenue at the
lower end, reflecting the tough economic climate and the
delays in planned revenue-generating initiatives .
In a continuation from the Half Year, our results include
a number of one-off impacts that are largely non-cash,
or cash neutral. We’ve adjusted these items to show the
underlying performance of the business.
In this context, Revenue of $755.1 million on an adjusted basis
(reported $750.7 million) was slightly down on the prior year.
Particular call outs include the disciplined cost control that’s
evident in EBITDA of $148.5 million (reported $120.6 million),
and the ongoing ability to generate strong cash flows
despite the miss from a revenue growth perspective.
As Philip notes in his letter, this outcome has enabled the
Board to deliver another step up in the dividend – with
15.8% growth year-on-year.
Progress on Strategic Pathways
and FY25 Priorities
Our ‘strategy on a page’ is hopefully becoming familiar
to you, and in the following pages we set out the progress
across our five Strategic Pathways and the FY25 Priorities
within them.
Importantly, everything that my team delivers within
our Strategic Pathways is in service of our ambition
statement: To be Aotearoa NZ’s most engaging and
essential media company.
Equally importantly, our enduring commitment is to
be a responsible and sustainably profitable, Aotearoa-
focused business.
In the interests of brevity, I won’t repeat the highlights here,
but I encourage you to read the following pages for a good
snapshot of the progress made across the year.
The achievements are a testament to the resilience of the
business, careful management of the things that are within
our control and a strong focus on execution.
Turning to our ‘report card’ in the second year of our
three-year targets, we made good progress in FY25. Our
targets for capex intensity and employee engagement are
already consistent with our FY26 ambition. While some
(Revenue and EBITDA Margin) remain challenging, we still
hold these in our sights, and it is pleasing to report that
we remain on track to deliver the revenue-linked target
for programming costs.
Customer NPS has improved since the completion of the
satellite migration, and – very pleasingly – we are firmly
on track to deliver on the dividend target of 30 cents.
FY26 TargetYear 2 FY25
1
Year 1 FY243-Year Status
3
Revenue Growth1–2% pa-1.5%
▼
+1.6%
Programming Costs to Revenue %47% – 49%50.9%
▼
51.1%
EBITDA Margin21% – 23%19.7%
▼
20.0%
Capex to Revenue %
2
7% – 9%8.6%
▼
10.2%
Employee Engagement+14 pts+17 pts
▲
+12 pts
Customer NPS+19 pts+7 pts
▲
+6 pts
Dividend30 cps22 cps
▲
19 cps
1. Where indicated, FY25 numbers are shown on an Adjusted basis. Refer to page 45 for details.
2. Capex to revenue percentage has been adjusted to exclude satellite migration spending in FY24 and FY25.
3. Revenue and EBITDA Margin are likely to be at the lower end of the range.
6.0
9.0
FY23
15.0
7.0
12.0
FY24
19.0
8.5
13.5
FY25
22.0
FY26
30.0
Delivering Dividend Growth (cps)
Interim
FinalGuidance
Sky / 2025 Annual Report
/ 3

Focus areas for FY26
We are seeing a continuation of the impacts on our revenue
line from the tough economic conditions. In response we are
prioritising new Sky Box uptake given the benefits it brings
and a return to lower discounting now that migration is
behind us and supported by the strength of our content.
While we will remain disciplined in our cost management,
we are reinvesting in our marketing, customer experience
and people cost lines in FY26. This, coupled with the revenue
challenge and a more muted half year impact of the new
rugby deal as a result of the agreed phasing of the final year
payments under the existing deal, has resulted in modest
forecast EBITDA growth.
As we look ahead, one of the key priorities for FY26, and the
next three-year cycle, is to successfully integrate DNZ (now
known as Sky Free) and Sky, and to commence the delivery
of the synergies baked into our investment case. The deal
has positioned Sky to scale faster and to grow and further
diversify our revenue streams, particularly in advertising and
digital, and it delivers some of the ‘missing pieces’ for our
future success, including the successful and growing BVOD
service ThreeNow.
Our other priorities for this final year of the current strategy
will not change and remain vital to our success:
FY26 Priorities
1.Grow crew engagement
2.Supercharge new Sky Experience
3.Deepen content engagement
4.Accelerate advertising
Successful Integration
In closing
There is a special whakatauki (or proverb) in te ao Māori that
I often refer to with my team:
Mā te huruhuru ka rere te manu – It is the feathers that
enable the bird to fly
As I reflect on the year, it is the work of the Sky team that
stands out. I am grateful to my Executive team, our Sky
Leaders, and all of our crew for the hard work, innovative
thinking, and commitment to deliver for our customers
across a challenging year.
The collective experience gained during FY25 that saw us
successfully deliver on a strategically critical migration while
pursuing an important strategic acquisition means we are
match fit for what we need to deliver in FY26.
I am very grateful to our Chair, Philip Bowman, and each
of our Directors for their support, constructive challenge
and diligence over the year. There were significantly more
meetings, calls and briefings across Project Migrate and the
acquisition of Discovery NZ than a ‘normal’ year, and the
Directors were unwavering in their commitment to their
work, no matter the time of day. As we navigated significant
content rights negotiations during the year, I am particularly
grateful for the wise guidance and expertise of our Content
Rights Committee.
We are fortunate to have relationships with a wide range
of content and business partners both in New Zealand and
across the world, and I thank each partner for the part you
play in helping us deliver great content and excellent service
to our customers.
In closing, I thank you, our investors, for your continued
support. It is a privilege to work for Sky and for you, and I am
excited by what the future holds for our company.
Sophie Moloney
Chief Executive
Successful
Integration
Accelerating
our growth
from FY27
FY26
Strategic
Priorities
4 /

OUR PURPOSE
Share Stories. Share Possibilities. Share Joy.
OUR AMBITION
To be Aotearoa NZ’s most engaging
and essential media company
OUR ENDURING COMMITMENT
A responsible and sustainably profitable,
Aotearoa-focused business
FY25 PRIORITIES
Grow engagement
together
Supercharge new
Sky experience
Accelerate
advertising
Deepen content
engagement
STRATEGIC PATHWAYS
Making Sky
a great place
to work
Giving customers
content
they love
Meeting
customers
where they are
Giving customers
the experience
they expect
Providing innovative
solutions for our
partners and clients
Our Strategy
/ 5
Sky / 2025 Annual Report

Strategic Pathways
Giving customers the
entertainment they love
Sky and Neon continue to deliver a world-class entertainment
experience, combining premium international content with
powerful local storytelling. Through strong partnerships
with global studios, including Warner Bros. Discovery, BBC,
Paramount, Sony, and NBC Universal, we bring New Zealand
audiences the best in drama, comedy, documentary, and more.
6 /

ALWAYS ON
/ 7
Sky / 2025 Annual Report

Our customers choose Sky because they
know they’ll find the content they love,
whether it’s the biggest moments in
sport, the latest international drama, or
powerful local storytelling.
Our strategy is built around our ambition to be Aotearoa
NZ’s most engaging and essential media company. We offer
an amazing array of content for customers to enjoy, in ways
that work for them (and without judgement!). We’re guided
by what our customers are watching. Through a combination
of data insights and direct feedback, we understand what
matters most to our audiences, and we use that knowledge
to shape our content offering.
Great content must be easy to find and enjoy. That’s why
we’re focused on making content discovery seamless and
intuitive, both through curation and content-focused product
development, and by tracking engagement (determined
through ‘viewing hours per account’) to ensure we’re
delivering experiences that truly resonate.
Sky Sport
In the 2025 financial year, Sky Sport delivered truly
unforgettable moments to New Zealanders – from the
global spectacle of the Paris Olympics to Ryan Fox’s win at
the Canadian Open and Auckland FC’s breakout season.
With record-breaking viewership across many codes, Sky
reinforced our position as the destination for the sport that
matters for fans nationwide.
The All Blacks, Black Ferns, and Super Rugby Pacific drew
impressively large audiences on Sky Sport, with the Super
Rugby Final attracting over 2 million viewers, Sky’s biggest
since 2016. Digital product viewership increased by 15%,
with 650,000 viewers and 8.5 million streams across Sky
Sport Now and Sky Go. Super Rugby Aupiki also saw strong
growth, with audiences up 10% on Sky Sport and free-to-
air on Sky Open, and nearly 30% across digital platforms,
reflecting rising interest in women’s rugby.
NRL viewership remained strong, with 1.725 million
New Zealanders tuning in via Sky Sport and Sky Open, and
another 590,000 watching on digital channels. Football
also saw impressive growth: the A-League (with the exciting
addition of the Auckland FC team this season) attracted 1.4
million viewers on Sky, with an additional 450,000 streaming.
Sky’s football offering also included the English Premier
League and FA Cup, captivating fans across the country.
From motorsport and tennis to basketball, golf, netball, and
cricket, Sky’s sport offering in FY25 was broad and deeply
engaging, right across the year. Along with the season-long
sport that our customers love, the Paris Olympics created
some real excitement for two and half weeks, with 2.8 million
New Zealanders watching 58.3 million hours of coverage,
including 14 hours each day free-to-air on Sky Open.
Securing the content that matters
Sky continued to secure and renew key partnerships in
FY25, reaffirming our position as New Zealand’s leading
aggregator of premium sport and entertainment. We
continued to use data and insights to guide our disciplined
approach to content acquisition, to support our FY26 target
of content costs being within 47-49% of revenue.
We renewed our significant and long-standing partnership
with the BBC, adding fresh content through the BBC First
channel and associated on-demand content to Sky and
Neon. We also agreed a new partnership with Warner Bros.
Discovery to bring HBO Max to Sky and Neon.
We signed a landmark six-year agreement with New Zealand
Cricket, becoming the exclusive broadcaster of all home
international matches from 2026–27, including high-profile
tours by India, Sri Lanka, and the West Indies. We also
extended our partnership with Cricket Australia and renewed
rights to all men’s international matches in India, alongside
continued coverage of the TATA IPL and WPL.
In rugby, we announced an eight-year exclusive broadcast
deal for the Men’s, Women’s, and U20s Six Nations and
the Gallagher Premiership Rugby. First XV boys’ rugby
also returned to Sky, celebrating the passion of school
communities across much of New Zealand.
STRATEGIC PATHWAY
Giving customers
the content they love
FY25 PRIORITY
Deepen content engagement
8 /

In football, we extended our partnership with the APL,
continuing A-Leagues coverage for another three years. The
addition of Auckland FC introduced a compelling local derby
with Wellington Phoenix, with one match per week now
available free-to-air.
We also secured long-term rights to the PGA Tour, including
the full FedExCup schedule and Presidents Cup through
2030, and exclusive rights to the US PGA Championship
and Senior US PGA Championship for six years. Our
portfolio expanded further with the inaugural PDC ANZ
Premier League, offering fans a pathway to the Paddy
Power World Darts Championship.
A world-class production team
Behind every great broadcast is a world-class team.
In FY25, our Sky Sport production crew delivered 272
outside broadcasts across rugby, league, football, netball,
basketball, the Olympics, darts, and more. We aired 367
studio show episodes, including The Breakdown, Crowd Goes
Wild, Aotearoa Rugby Podcast, and wrap-around shows for
netball, rugby, and league.
We launched League Lounge with Shaun Johnson, offering
in-depth analysis and fresh perspectives from the Warriors
legend. Our team was recognised at the 2024 New Zealand
Television Awards, where Matt Quin won Best Multi-Camera
Director for Sky’s coverage of the Warriors v Knights NRL
playoff match. All four finalists in the category were Sky
team members, and our Super Rugby Final coverage was a
finalist for Best Live Event.
During the Paris Olympics our production team delivered
82 live crosses and 170 previews and recaps across 17 days
and earned a Bronze Olympic Golden Rings Award for Best
Remote Broadcast Operations.
Sky Entertainment
Sky and Neon continue to deliver a world-class
entertainment experience, combining premium
international content with powerful local storytelling.
Through strong partnerships with global studios, including
Warner Bros. Discovery, BBC, Paramount, Sony, and NBC
Universal, we bring New Zealand audiences the best
selection of drama, comedy, documentary, and more.
In FY25, we launched the HBO Max Hub across Sky, Neon,
and Sky Go, unlocking 10,000 hours of additional on-
demand content. SoHo was rebranded as the HBO channel,
giving customers direct access to global hits like The Last of
Us, The White Lotus, The Pitt, and The Penguin.
We expanded our BBC offering with the launch of BBC
First, adding to our popular lineup of British content. BBC
First and BBC UKTV proved especially popular, with crime
dramas like Beyond Paradise and Silent Witness leading
viewership across Sky’s channels.
Factual content remains essential, particularly for younger
and free-to-air audiences. Discovery continues to perform
strongly, with reality series like Gold Rush, Opal Hunters, and
Deadliest Catch offering a lean-back viewing experience.
Our international news channels also saw increased share
during the US election period, remaining valuable sources of
global information for New Zealanders.
Sky NZ Originals and Te Reo Māori –
storytelling that reflects Aotearoa NZ
The Sky NZ Originals team play an important role in Sky
and Neon’s entertainment offering, commissioning uniquely
Kiwi stories across scripted and non-scripted content.
By investing in original productions that reflect Aotearoa
New Zealand’s culture, communities, and creativity, we’re
building a richer, more relevant content mix that resonates
with our audiences.
The shows commissioned by Sky NZ Originals are made
for New Zealanders first, and they are world-class:
premium, distinctive, and ready to connect with audiences
everywhere. NZ On Air continued to be a highly-valued
partner, providing funding support for the development
and production of 16 scripted, non-scripted and children’s
projects. Several of our projects were complex international
co-productions with the likes of ABC, BBC Scotland, ZDF
and BYUTV, supporting the local production sector with
international financial backing.
Highlights this year included Secrets of Red Rocks, a family
adventure story bringing to life the Celtic myth of the
selkie in the inspiring and epic landscape of Te Whanganui-
a-Tara (Wellington); Miriam Margolyes in New Zealand, a
documentary following the irrepressible Miriam Margolyes
on a road trip around our beautiful country; Licence to
Drive, a unique series following a cast of Kiwi learner drivers
– each with a disability – as they navigate the realm of
the road; and Mind Menders, a two-part documentary in
which Sonia Gray goes on a mind-altering journey to find
out if psychedelics could be the answer to New Zealand’s
on-going mental health and addiction crisis; and a reboot
of The ACC Does Game of 2 Halves, the beloved sport quiz
show, in partnership with NZME’s sports entertainment
brand The Alternative Commentary Collective.
We’re proud to support the normalisation of te reo Māori
across our platforms. In FY25, we increased the frequency
of reo Māori commentary for key sporting moments,
including All Blacks, Black Ferns, Māori All Blacks, and Kiwis
fixtures. Pleasingly, over 240,000 New Zealanders chose
this commentary option on Sky Sport and Sky Open.
On Sky Open, we worked with other media partners to
broadcast te reo Māori simulcasts of Waitangi Day, Anzac
Day, Matariki and ‘Haka – stand as a nation’, and live
coverage of the tangihanga of Kiingi Tūheitia Pōtatau Te
Wherowhero VII, the Māori King. These moments reflect our
commitment to cultural inclusion and our role in telling the
stories that matter to all New Zealanders.
Sky / 2025 Annual Report
/ 9

Giving customers
the sport they love
10 /

In the 2025 financial year, Sky Sport delivered truly unforgettable
moments to New Zealanders – from the global spectacle of
the Paris Olympics to Ryan Fox’s win at the Canadian Open
and Auckland FC’s breakout season. With record-breaking
viewership across many codes, Sky reinforced our position as the
destination for the sport that matters for fans nationwide.
/ 11
Sky / 2025 Annual Report

At Sky, we are focused on delivering
the reliable, future-ready experience
our customers expect, whether through
satellite, streaming, broadband, or business
services. The ‘New Sky Experience’ (which
is delivered through the new white Sky Box
and the Sky Pod) is an important focus for
the team, with continuous improvement a
core feature of the programme.
It was pleasing to see adoption of the New Sky Experience
continue to grow in FY25, with penetration of the customer
base growing from 21% to 37% in the year. This growth was
achieved despite the backdrop of reprioritised customer
engagement activity due to the satellite migration
programme.
We launched new features on the new Sky Box to enhance
the customer viewing experience, such as auto play
and ‘skip intro’, and also introduced ‘IP failover’ – where
if the satellite signal is interrupted due to weather or
other issues, and where we have IP-rights, the service
automatically switches to internet delivery to ensure
uninterrupted viewing.
The New Sky Experience delivers a superior experience for our
customers, including easier content discovery and access to
Sky’s huge range of on-demand content, and increasing the
adoption of the new Box and Pod is a major priority for the
Sky customer, marketing and technology teams.
Satellite migration completed
The satellite migration programme became a significant
focus for much of the company in FY25. The work
programme had not been anticipated when our plans for
FY25 were developed, and it was quickly accelerated when
Optus advised of an earlier-than-expected end-of-life for
its D2 satellite. In April 2025, following months of complex
technical work and customer engagement, we successfully
transitioned to KoreaSat6 (KT6).
The new satellite offers a stronger, more reliable signal
across most of New Zealand. Coupled with the New
Sky Experience, featuring automatic failover to internet
delivery, we’ve significantly improved service resilience.
In cooperation with Sky, Optus and KoreaSat
piloted the KT6 satellite from the northern to the
southern hemisphere. Once positioned 35,000 km
above New Zealand, the satellite was inverted to
direct coverage across the country.
For the vast majority of customers, the transition
was seamless. In the lead-up, over the course of 168
working days, we visited more than 35,000 customer
homes and premises, peaking at 700 technician visits
in a single day, to replace specific components and
ensure ongoing service for our customers. This was
one of the largest coordinated upgrade efforts in Sky’s
recent history.
STRATEGIC PATHWAY
Meeting customers
where they are
Giving customers the
experience they expect
FY25 PRIORITY
Supercharge the New Sky Experience
12 /

Sky’s Multi-Platform Strategy
DIGITALLINEAR
SUBSCRIPTION
FREE-TO-AIR
REACH
1.2million2.2million
New Sky BoxSky BoxSky Pod
Sport and
Entertainment

Content
Sky Broadband momentum
We ended the year with over 50,000 Sky Broadband
customers – a major milestone, especially in the context of
a demanding operational year – and revenue rose 34% off
the back of that strong subscriber growth.
Key drivers of growth included a price increase with minimal
churn, effective cross-sell and acquisition campaigns,
local fibre company partnerships, and a successful speed
upgrade programme.
Sky Business: Supporting
Commercial Customers
Sky Business brings our content and services to over 6,000
commercial premises across Aotearoa NZ, including through
hotels and motels, pubs, clubs and gyms. It is also the home
of our popular Believe it or Not (BION) quiz.
With most Sky Business revenue linked to satellite products,
the satellite migration was a critical focus for our Sky
Business team in FY25, particularly given the complexity
involved in the distribution systems of the major hotels.
The transition to the new satellite was successful with
minimal impact for our commercial customers.
Despite ongoing challenges in the tourism and
economic landscape, we’ve seen revenue growth
in licensed premises and BION, and through our
recent Samsung TV reseller partnership.
This year, we invested in our product roadmap including
a Business Edition of our New Sky Experience, a
new technology deck for BION, plus an enhanced
casting and compendium service to strengthen our
hotel partnerships, ensuring we continue to meet
the evolving needs of commercial customers.
/ 13
Sky / 2025 Annual Report

We made excellent progress in FY25 on
our strategic priority of accelerating
advertising, with continued growth in
both linear and digital market share,
strong revenue growth and a sustained
focus on creating innovative campaign
and sponsorship solutions for our
advertising partners.
A special highlight was winning Sales Team of the Year at the
2025 Beacon Awards, the media industry’s annual awards
event managed by the Commercial Communications Council
of New Zealand. This was pleasing industry recognition of our
overall growth and the delivery of our advertising strategy,
and it also speaks to the contribution and commitment of our
high performing team within Sky Sales.
Sky has made significant progress to increase our advertising
market share in FY25.
An independent industry comparison report, which measures
revenue share in linear TV advertising, showed an 11%
increase for Sky in FY25, with Sky’s share climbing to 14%
against a total linear market fall of -11%.
Advertising revenue grew 7%, with a significant increase in
the growing digital category due to new product innovation.
From a low base, Sky’s digital advertising revenues climbed
to $5.1 million in FY25, demonstrating the viability of our
digital sales strategy which will be a continuing focus going
forward. Digital advertising now accounts for 9% of our
total advertising revenue, adding diversity to this important
revenue stream.
Our emphasis on creating fresh and innovative solutions for
our advertising partners delivered strong results in FY25.
We achieved significant revenue growth year-on-year in
sponsorship and integrations, with the number of client
campaigns growing from 23 to 55.
We secured new sponsors for the ASB Classic, Australian
Open and international cricket. NRL sponsorship was
fully subscribed, and with the launch of League Lounge
we attracted three key sponsors in a short space of time,
demonstrating this new show’s strong value proposition.
During the year, we launched dynamic ad insertion on Sky
Sport Now which enables more personalised ad delivery in live
sport, and gives our advertising customers the opportunity
for more precise targeting.
A further key highlight was launching the innovative
Squeezeback format in sports events, a New Zealand-
first that provided advertisers with an opportunity to get
‘between the whistles’ and take advantage of high audience
attention in-game but outside of play to avoid detracting
from the viewer experience.
Several of our key customer campaigns achieved award
honours during the year. The 2degrees Super Rugby Aupiki
campaign picked up a raft of awards including Gold at the
IAB awards and a Bronze Lion at the Cannes International
Festival of Creativity.
In addition, five client campaigns involving Sky were named as
finalists at the 2025 Beacon Awards. These include:
• The 2degrees Super Rugby Aupiki campaign
• KFC Super Rugby campaign
• Lexus ASB Classic campaign
• BNZ Basketball campaign
• Fonterra Netball New Zealand campaign
Sky’s net promoter score, as measured in our annual
advertiser client survey (conducted in late 2024), showed
a significant increase in just one year, demonstrating the
strength of our client relationships and the effectiveness
of Sky’s sales strategy, including a more proactive go-to-
market approach.
STRATEGIC PATHWAY
Providing innovative
solutions for our
partners and clients
FY25 PRIORITY
Accelerate advertising
14 /

Sky Sales
highlights
The launch of League Lounge attracted three key sponsors in a short space of time,
demonstrating this new show’s strong value proposition.
Our 2degrees Super Rugby Aupiki campaign picked up a raft of awards including Gold at
the IAB awards and a Bronze Lion at the Cannes International Festival of Creativity.
At the 2025 Beacon Awards, our KFC Super Rugby campaign was a finalist,
with other Sky campaigns also earning recognition.
Sky wins Sales Team of the Year at the 2025 Beacon Awards, the media industry’s annual
awards event managed by the Commercial Communications Council of New Zealand.
/ 15
Sky / 2025 Annual Report

STRATEGIC PATHWAY
Making Sky a great
place to work
FY25 PRIORITY
Grow crew engagement together
Over recent years, we have prioritised building a workplace
where people feel connected, empowered, and supported –
not just through one-off initiatives, but through a deliberate
focus on embedding holistic people engagement practices
into the way we work.
16 /

Our progress is measured through our Life @ Sky
engagement survey, conducted every six months,
which provides valuable insights into how our people
experience work and what matters most to them.
To strengthen engagement sustainably, we have
invested in developing and refining the key systems,
tools, and processes that enable our people to thrive.
This includes a well-rounded programme of leadership
development, structured goal-setting and performance
reviews, and tailored training and development
initiatives. We have also focused on cultivating
high-performing teams through dedicated team
development efforts and by building leadership and
performance capability at all levels of the organisation.
Enabling our commitment as a responsible Aotearoa-
focused business, lifting the cultural capability of
our team continues to be important to us. In
addition to our cultural capability programmes,
Te Kaa and Kuaka, this year we introduced Mihi
Whakatau (ceremonial welcomes) for new starters
in partnership with Ngāti Whātua Ōrākei.
Inclusion and belonging are at the heart of our
engagement strategy.
This strategic and integrated approach to
engagement is showing tangible results. In our
most recent Life @ Sky survey, conducted in
June 2025, we achieved an engagement score
of 63% – an increase of 7 points compared
to the previous year. This demonstrates
that our sustained investment in people and
culture is helping to create a more connected,
motivated and high-performing workplace.
Sky / 2025 Annual Report
/ 17

OUR ENDURING COMMITMENT
A responsible and
sustainably profitable,
Aotearoa NZ-focused
business
Sustainability at Sky
Sky is committed to being a responsible, sustainably profitable
business that makes a positive impact on Aotearoa New Zealand. Our
Sustainability Framework centres on three pillars in line with principles
from te ao Māori – Our Environment (Kaitiakitanga), Our Communities
(Whanaungatanga), and Our People (Manaakitanga) – where we believe
we can contribute most meaningfully. During FY25 we refined this
framework to have a more targeted focus under each of these pillars.
Our Enduring Commitment
18 /

Our Environment
1. The Exemption Notice provides relief to climate reporting entities (CRE) from the requirement to include a copy of or link to the climate
statement in the CRE’s annual report.
Kaitiakitanga – caring for the environment
and using resources wisely
Environmental Impact
We released our first Climate-Related Disclosure (CRD)
Report in October 2024, setting out our approach to the
governance, strategic thinking, risk management and
measurement of climate matters at Sky. While it added a
significant extra workload for both Management and the
Board, the programme of work to develop the CRD Report
helped to build our collective knowledge, develop and test
our thinking, and take early steps towards creating and
strengthening Sky’s resilience.
This work has continued, and Sky intends to publish our 2025
CRD Report by 31 October 2025. This will be available on Sky’s
website: www.sky.co.nz/investor-centre/results-and-reports.
In publishing by this date, Sky is relying on the Financial
Markets Conduct (Requirement to Include Climate
Statements in Annual Report) Exemption Notice 2023
1
.
Our Communities
Whanaungatanga – reflecting and
connecting with New Zealanders,
championing excellence, local stories,
and positive social impact
Backing local storytelling
Sky Originals continued its strong support for New Zealand’s
creative sector, with increased budgets and global co-
productions driving employment and premium content
including Small Town Scandal, Bust Up, and The Ridge.
More details are set out on page 9.
Supporting Māori and Pasifika voices
This year, Sky established Te Kete Aronui, a fund dedicated
to give Māori and Pasifika production professionals a
platform to tell Māori and Pasifika sports stories. Through
Te Kete Aronui, we want to nurture emerging Māori and
Pasifika storytellers and ensure their authentic, locally
grounded stories reach our audiences.
The first commission, documentary Lolo Heimuli: Champion
Maker, made by award-winning director Jeremiah Tauamiti,
will premiere later in 2025.
Promoting te reo Māori (the Māori language)
We’re proud to support the normalisation of te reo Māori
across our platforms. Increased reo Māori commentary is
just one aspect with more key sporting events featured in
FY25, including All Blacks, Black Ferns, Māori All Blacks,
and Kiwis fixtures.
Broadcasting responsibly
We strive to deliver an inclusive, accessible service to
New Zealanders, including delivering closed captions
where they are available for our Neon, Sky and Sky Open
content. We are committed to continuing to increase our
level of captions, and to explore cost-effective options for
the introduction of audio descriptions.
We take care to provide our customers with correct
classifications to inform their viewing choices, and to ensure
we uphold broadcasting standards across the two regimes
our content is regulated under (the Broadcasting Standards
Code and the Commercial Video on Demand Code).
No complaints were referred to the BSA during the year.
Championing women in sport
Seeing is believing. That’s why Sky is committed
to showcasing women’s sport – on the field, in the
commentary box, and behind the scenes. FY25 has been
a huge year for women’s sport on Sky – including ICC T20
Cricket, Netball and FIFA World Cups, star studded tennis
tournaments, Rugby, A-League football, basketball, golf
championships and more. We marked record growth in
women’s sports audiences, and the Sky Super Rugby Aupiki
final aired in prime time for the first time. More details of
our See Your Possible commitment can be found on our
website: www.sky.co.nz/see-your-possible
Sky for Good
We continue long-standing support for the Starship
Foundation and Wellington Children’s Hospital, where our
Sky channels are provided in children’s hospital rooms to
give kids and their families some welcome entertainment.
We are proud to continue to be a major partner of the
Special Children’s Christmas Parties, bringing joy to
thousands of children across the country every year,
and we support Auckland’s Westpac Rescue Helicopter.
Our new ‘Volunteer Day’ for Sky crew enables them to take
a day’s paid leave to contribute to community initiatives.
Our People
Manaakitanga – creating a safe,
inclusive, values-led workplace
As outlined in our Corporate Governance Statement
in the following pages, we have strengthened health
and safety systems with external reviews, improved
contractor engagement, and met our FY25 TRIFR
target – halving injury rates year-on-year.
Our Māori Strategy team, Te Hau o Rangiata,
advanced our Kia Rere strategy across the business.
We launched our te ao Māori learning app Tuku,
also making it publicly available, and introduced
Kia Tika, guidelines for using te reo Māori.
Our Inclusion Team leads initiatives across Pride,
te ao Māori, Women in Sport, and Pasifika –
from cultural events to policy changes.
Sky / 2025 Annual Report
/ 19

Board of Directors
Philip Bowman
Independent Chairman
Keith Smith
Independent Director
Belinda Rowe
Independent Director
Mark Buckman
Independent Director
Mike Darcey
Independent Director
Dame Joan Withers
Independent Director
20 /

Philip Bowman
Independent Chairman
Philip was appointed Chair of
Sky in September 2019. Philip
is a distinguished businessman
who has led several major global
companies and served on the board
of a significant number of public
and private companies. Philip brings
knowledge of the media sector,
including having served on the board
of Sky UK for ten years. Other roles
include Group Finance Director of
Bass, CEO of Bass Retail, CEO of
Allied Domecq, CEO of Scottish
Power, CEO of Smiths Group, senior
non-executive director of Burberry,
Chair of Liberty, Chair of Coral
Eurobet, Chair of Miller Group, and
non-executive director of Scottish &
Newcastle. He currently sits on the
boards of two other listed companies,
KMD Brands and Ferrovial SE.
Philip has a degree with honours
in Natural Sciences (University of
Cambridge) and Master in Natural
Sciences (University of Cambridge).
Keith Smith
Independent Director
Keith was appointed to the board in
April 2020. He has a long-standing
record of leadership as a director
and advisor to companies in a
diverse range of industries, including
the energy sector, rural services,
printing, media and exporting.
Keith is a director of Goodman
Property Services (NZ) Limited
(the Manager of listed company,
Goodman Property Trust) and a
director of several other private
companies. He is a past President
of the Chartered Accountants
Australia and New Zealand.
Dame Joan Withers
Independent Director
Dame Joan was appointed to the
board in September 2019. She brings
a wealth of experience spanning a
25–year career in the media industry,
including CEO positions at Fairfax and
the Radio Network, as well as being
the former Chair of TVNZ. Joan’s
depth of governance experience
includes her current roles as Chair of
The Warehouse Group and a director
of ANZ Bank New Zealand and
Origin Energy Ltd. She has previously
held Chair positions at Auckland
International Airport and Mercury NZ
Ltd. Joan is a Trustee of the Louise
Perkins Foundation and was formerly
Chair of a steering committee working
to increase the percentage of South
Auckland Māori and Pacific Island
students taking up roles in the health
sector. She holds a Master of Business
Administration from the University of
Auckland. In 2015, Joan was named
Supreme Winner in the Women of
Influence Awards and Chairperson
of the Year in the Deloitte Top 200
Management Awards. In 2024, Joan
was made a Dame Companion of
the New Zealand Order of Merit.
Belinda Rowe
Independent Director
Belinda was appointed to the board
in March 2023. She has held Global
C Level business leadership roles
in marketing, communications,
digital and media, including with
Publicis Media, Zenith, Mojo
and O2 Telefonica. Belinda also
successfully led the creation of a
compelling content marketing and
sport sponsorship practice across
32 markets. Belinda’s governance
experience includes current non-
executive director roles at ASX-listed
Australian media company ARN
Media Ltd and Temple & Webster
Group. She is also on the board
of AFL club, Sydney Swans.
Mike Darcey
Independent Director
With an extensive track record of
strategy and delivery across television,
publishing and technology, Mike was
appointed to the board in September
2017. A New Zealander, he has lived
and worked in the UK since 1989.
Fifteen of those years were spent
at Sky UK, initially as the Director
of Strategy, then six years as Chief
Operating Officer. He played a
prominent role in most of Sky UK’s
major strategic decisions and its
major commercial and regulatory
dealings during this period. From
2013 to 2015, Mike was CEO of
News UK. Since 2015, Mike has had
a series of non-executive roles and
these currently include Chairman of
British Gymnastics. He is also active
as a strategy advisor to a series of
major players in the media sector.
Mark Buckman
Independent Director
Mark was appointed to the board in
March 2022. Mark is a highly skilled
business leader based in Australia
with a deep background in technology
digital innovation, marketing, media
and broadcasting, and customer
engagement. His executive career
has spanned North America, UK/
Europe, and APAC, with roles at
Foxtel, Telstra, the Commonwealth
Bank of Australia and McCann.
Mark was the Group Managing
Director of Telstra Media overseeing
the company’s PayTV and digital
platforms portfolio; and Delegate
Director across Telstra’s media
investments. Mark is the Managing
Partner, Leadership Advisory at
Hourigan International and specialises
in Board and c-suite advisory, Mark is
actively involved as an Advisor in tech
start-ups; and is a past Advisor to
Tech Central. He is a Senior Advisor
to Accenture, and his governance
credentials include the boards of
OzTAM, the Australian free-to-air
television consortium, technology
start-ups and social enterprises. Mark
has also completed post-graduate
studies in Sustainability and Circular
Economy at Cambridge, AI at MIT and
Cybersecurity at Harvard University.
Sky / 2025 Annual Report
/ 21

Leadership Team
Anthony (Ant) Dureau
Interim Chief Customer Officer
Kym Niblock
Chief Digital and Technology
Officer / Interim Chief Content
and Commercial Officer
Andrew Hirst
Interim Chief Financial Officer
Lauren Quaintance
Chief Media & Data Officer
Chris Major
Chief Corporate Affairs Officer
Antony Welton
Chief Operations &
People Officer
Sophie Moloney
Chief Executive
22 /

Corporate
Governance
Statement
/ 23
Sky / 2025 Annual Report

The following disclosures and compliance statements are
provided in accordance with the NZX Corporate Governance
Code (dated January 2025) (NZX Code). This corporate
governance statement is current as at 22 August 2025, and
has been approved by the Board. All key governance policies
and charters referred to below are available on Sky’s website
www.sky.co.nz/investor-centre/corporate-governance.
Sky has a full listing on the NZX Main Board and a Foreign
Exempt listing on the ASX. Sky confirms, for the purposes
of ASX Listing Rule 1.15.3, that it has complied with and
continues to comply with the Listing Rules of the NZX,
which is its home exchange.
NZX Corporate Governance Best Practice Codes
The NZX Code sets standards for effective corporate
governance in New Zealand and Sky is committed to reporting
against these standards. The Board considers that Sky has
complied with the NZX corporate governance best practice
code in all material respects during the 2025 financial year.
1. Ethical standards
Directors should set high standards of
ethical behaviours, model these behaviours,
and hold management accountable
for these standards being followed
throughout the organisation.
Statement of Values
Sky’s values were developed through a collaborative workshop
process, led by Sky Culture Champions and endorsed by the
Board. Collectively, the values “Be Yourself”, “Create Something
Amazing” and “Make Someone’s Day” create a common
understanding of the expectations directors, executives and
employees have of each other and themselves.
Code of Ethics
Sky has a Code of Ethics which provides a practical set of
guiding principles for a code of ethical behaviours in respect
of various matters including conflicts of interest, gifts and
entertainment, corporate opportunities, confidentiality,
insider trading and dealing with corporate assets, in addition
to highlighting the requirement to comply with applicable
laws and regulations.
The Code of Ethics applies to Sky’s directors, senior executives,
employees and other people representing Sky or engaged
to carry out work for Sky and is available on Sky’s website.
All potential breaches of the Code of Ethics are to be notified
to Sky’s Chief Financial Officer or Chief Executive (or the Chair
of the Board if the Chief Financial Officer or Chief Executive
are potentially implicated), and any material breaches will be
notified to the Board. No breaches were notified in FY25.
Sky managers are responsible for providing appropriate
training and ensuring that all Sky employees are aware
of and adhere to Sky’s Code of Ethics.
Whistleblowing/Protected Disclosures
Sky’s Protected Disclosures Policy (or Whistleblower Policy)
provides a process for staff and any other persons to report
any serious wrongdoing and gives protection to the person
making the disclosure in accordance with the policy. The policy
outlines types of behaviour that may be considered serious
wrongdoing, when and how a person can make a disclosure and
how they are protected. This includes access to an independent
third party, qualified to provide comprehensive advice and
access to support. No allegations were made in FY25.
A review of the policy and underlying processes was
undertaken in 2024 to review and strengthen the framework
and ensure Sky’s procedures continue to reflect best practice
and compliance with the Protected Disclosures (Protection of
Whistleblowers) Act 2022 introduced in July 2022. To ensure
independence and enhance our internal promotion of the
service this review was outsourced to Deloitte.
The Protected Disclosures Policy is posted on Sky’s website.
Any material incidents reported under the policy will be
notified to Sky’s People and Performance Committee and/
or the Board and this process is formalised in the Protected
Disclosures Policy.
Securities Trading
Sky has a formal Securities Trading Policy, which is posted on
Sky’s website. Sky’s Securities Trading Policy includes robust
procedures to minimise the risk of insider trading. The policy
outlines that directors, officers, employees and contractors
of Sky may not buy or sell securities in Sky, nor may they tip
off others, while in the possession of material information
which is not generally available to the market.
Additional restrictions apply to key management personnel
who are prohibited from trading during prohibited periods
(other than in exceptional circumstances) and must always
(including outside prohibited periods) obtain written consent
to trade from the Chief Financial Officer, Chair of the Board
or the Chair of the Audit and Risk Committee (as applicable).
Sky’s Securities Trading Policy affirms the law relating to
insider trading contained in the Financial Markets Conduct
Act 2013 and the Australian Corporations Act 2001 (Cth).
Anti-Bribery and Corruption Policy
Sky’s Anti-Bribery and Corruption Policy sets out the minimum
standards of conduct expected of all those representing Sky
including directors, employees, contractors, consultants, and
any other individuals engaged to act on behalf of Sky or its
subsidiaries. The policy ensures compliance with all applicable
anti-bribery and corruption laws across the jurisdictions in
which Sky operates or has business dealings.
The policy builds on the strong foundations of Sky’s Code of
Ethics and reinforces our commitment to integrity and ethical
conduct. It includes clear guidance and controls regarding the
offering and acceptance of gifts and entertainment.
Breaches of the Anti-Bribery and Corruption Policy must be
reported to the Chief Executive, with the Board notified of any
material incidents. We are pleased to report that no breaches
were recorded during the 2025 financial year.
Corporate Governance
Statement
24 /

Modern Slavery
Sky filed its fourth Modern Slavery Statement covering the
period 1 July 2023 to 30 June 2024 with the Australian Border
Force (under the Modern Slavery Act 2018 (Australia)), with
the next filing due by 31 December 2025.
Throughout the 2025 financial year, Sky has continued
to strengthen its efforts to reduce the risk of modern
slavery practices across the Group’s operations and supply
chain by introducing further steps to build awareness and
accountability. During the year, Sky introduced mandatory
company-wide training focused specifically on modern
slavery. In addition, we developed a targeted modern slavery
questionnaire and engaged with selected external service
providers both locally and offshore. Responses from this
initiative were collated and assessed using a risk scoring
methodology with the overall risk ratings indicating a low level
of risk across the suppliers engaged. The information provided
will be revisited in subsequent annual reviews, with new
suppliers added where appropriate, to support and encourage
continued improvement in supplier modern slavery practices.
Sky will continue engaging with key suppliers to understand
their capacity to assess and address modern slavery risks.
Insights gained from this work will inform future updates to
Sky’s Procurement Policy, internal risk management processes,
and supplier management practices.
2. Board composition and
performance
To ensure an effective board, there should
be a balance of independence, skills,
knowledge, experience and perspectives.
Board of Directors – Composition
Sky’s Board is appointed or ratified by the shareholders of
Sky by ordinary resolution. The NZX Listing Rules provide for
a minimum of three directors, and Sky’s constitution provides
for a maximum of ten directors. As at 30 June 2025, the Board
consisted of six directors whose relevant skills, experience and
expertise are outlined in their biographies on page 21.
The Board operates under a written charter (Board Charter),
which sets out the respective roles and responsibilities of the
Board, the Chair and management, and (together with the
Delegated Authorities Policy) those matters expressly reserved
to the Board and those delegated to management. A copy of
the Board Charter is available on Sky’s website.
Nomination and Appointment
The Board considers the Board’s skills, experience and diversity
when evaluating potential board candidates. The objective
is to have a mix of skills represented on the Board that are
relevant to Sky’s business and strategy. The Board is also
responsible for board succession planning.
The Board may appoint directors to fill casual vacancies that
occur or add persons to the Board up to the maximum number
prescribed by Sky’s constitution. At each annual meeting all
directors appointed by the Board since the last annual meeting
must retire and seek re-election, if eligible. Directors must not
hold office (without re-election) past the third annual meeting
following the director’s appointment or 3 years, whichever
is longer.
As at 30 June 2025 the Board is comprised of:
Appointed
Philip Bowman
Independent Chair
1 September 2019
Keith Smith
Independent Director and Deputy Chair
21 April 2020
Mike Darcey
Independent Director
19 September 2017
Dame Joan Withers
Independent Director
17 September 2019
Mark Buckman
Independent Director
21 March 2022
Belinda Rowe
Independent Director
1 March 2023
Before appointing directors to the Board, or putting candidates
forward at annual meetings for re-election, the Board ensures
that appropriate checks are carried out to ensure candidates
have the necessary skills to act for Sky. Material information
that is relevant to a decision on whether to elect or re-elect a
director is provided to shareholders. Written agreements are
in place with each Board member and senior executive setting
out the terms of their appointment.
New Board members receive induction training to gain an
understanding of Sky’s business and operations including its
financial, strategic and risk management position as well as
a director’s rights, duties and responsibilities, the role of the
Board, the Board committees and the executive management
team. It is expected that all directors will be required to stay
informed of changes to, and emerging issues in, director duties
and responsibilities. In addition, visits to specific company
operations, when appropriate, and briefings from key
executives and industry experts will be arranged.
The Board will periodically review whether there is a need for
existing directors and/or the Board as a whole to undertake
professional development to maintain the skills and knowledge
to perform their roles as directors effectively and to deal with
new and emerging business and governance issues. Sky will
reimburse directors for reasonable costs incurred in attending
appropriate conferences and training courses.
Sky ensures that a majority of its Board are independent
directors and that the role of Chair of the Board and Chief
Executive are separate. At 30 June 2025 all of the directors of
Sky were independent directors, having regard to the factors
in NZX Recommendation 2.4 (none of which apply to the
directors of Sky). The Chair of Sky’s Board is Philip Bowman,
an independent director (and is not the Chief Executive of Sky).
Sky / 2025 Annual Report
/ 25

Delegations
To enable the effective functioning of the day-to-day business
of Sky, the Board has delegated certain of its powers to Sky’s
Chief Executive and senior management. Those powers are
set out in Sky’s Delegated Authorities Policy (with treasury
management delegations set out in the Treasury Policy)
and relate to how Sky employees are able to authorise any
transaction with a financial implication, or to perform other
functions relating to human resource matters or finance and
legal matters. Specifically, Board approval is required for:
• any action or transaction that exceeds the limits delegated
to the Chief Executive; and
• appointing or removing authorised signatories to bank
accounts, entering into overdraft facilities or similar
credit arrangements, or entering into loans, mortgages,
debentures or other financial instruments.
There is no delegation to any person to raise capital or to
specifically borrow money by any means whatsoever. Such
transactions may only be performed with Board approval.
The Board is responsible for monitoring those delegations and
approving all changes to the Delegated Authorities Policy and
the Treasury Policy from time to time (the Board may amend
or withdraw delegations at its sole discretion at any time).
All delegated authorities are exercised on the Board’s behalf
in accordance with relevant company policies and procedures.
Meetings
The Board has regularly scheduled meetings and also meets
when a matter of particular significance arises. During the
year between 1 July 2024 and 30 June 2025, there were 10
Board meetings. Attendance was as follows:
Board meetings
held while a director
Attendance at
Board meetings
Philip Bowman
1010
Keith Smith
1010
Mike Darcey
1010
Dame Joan Withers
1010
Mark Buckman
1010
Belinda Rowe
1010
Role of the Board
The Board oversees Sky’s business and is responsible for its
corporate governance. The Board sets corporate policies and
the strategic direction of Sky and oversees management
with the objective of enhancing the interests of shareholders.
Management is responsible for the implementation of the
corporate policies set by the Board, as well as the day-to-day
running of Sky’s business including risk management and
controls and liaising with the Board about these matters.
Various information reports are sent to the Board in order
to keep them informed about Sky’s business including
reports during the financial year ended 30 June 2025 on
the effectiveness of the management of material legal and
business risks. Directors also receive operating and financial
reports, and have access to senior management at Board
and committee meetings.
Directors Skills and Experience
The aim of the Board is to have a mix of skills represented on the Board that are relevant to Sky’s business. The skills matrix for the
directors is set out below:
Primary skills Secondary skills
Skills attribute
Philip
Bowman
Dame Joan
Withers
Keith
Smith
Mike
Darcey
Mark
Buckman
Belinda
Rowe
Pay Television and Media Industry – including
experience in overseas markets
Strategic Content Partnerships
Customer Experience Development
Technology, Data and Innovation
Public Company Governance including Risk and
Sustainability Management
Finance/Accounting and Commercial including
Corporate Transactions
CEO and Executive Experience
People Management and Culture
26 /

Board Performance
Board performance, including the performance of Board
committees and individual directors, is reviewed and evaluated
periodically and as the need arises in accordance with
the process set out in the Board Charter. A formal Board
effectiveness programme was completed in FY25.
Executive Performance
Executive performance is reviewed and evaluated on a continual
basis by the Board and Chief Executive, and periodically as the
need arises, in accordance with the People and Performance
Committee Charter and the Remuneration Policy, and more
formally, annually at financial year end. Executive performance
is assessed as input into annual salary reviews and through
participation in Sky’s short-term incentive (STI) and long-
term incentive (LTI) scheme. Sky’s STI scheme considers in the
first instance a participation gateway regarding Health and
Safety performance.
Assessment criteria for the STI and LTI are set out in the
Remuneration section on pages 29-33. A formal evaluation
of senior executive performance for the 2025 financial year
has been undertaken following the completion of that period.
Company Secretary
The Company Secretary is accountable directly to the
Board, through the Chair, on all matters to do with the
proper functioning of the Board. The Company Secretary
is Kirstin Jones.
Independent Advice
Sky has a procedure for Board members to seek independent
professional advice at Sky’s expense (as set out in the
Board Charter).
Diversity
Sky recognises diversity and inclusion as a strategic asset
for Sky’s current and future success. Sky values diversity
of gender, age, ethnic and cultural background, sexuality,
experience and beliefs. Sky’s Board and management believe
that an organisation that reflects the diversity of its current
and future customers will be able to deliver better, more
personalised customer experiences and value, to continue to
grow successfully, and to attract and retain the best talent.
Sky’s commitment to both diversity and a company
environment of inclusivity where all crew know they belong
is reflected in Sky’s Diversity and Inclusion Policy, which
is reviewed every two years. Sky believes that a diverse
workforce supports an inclusive culture. This starts with
inclusive recruitment practices including the way we advertise.
The Board acknowledges the importance of diversity both
on boards and within companies, and as noted in Sky’s Board
Charter. This is one of the characteristics that is considered
when evaluating new director candidates. As at 30 June 2025,
Sky’s Board has two female directors and four male directors.
Sky’s officers include the Chief Executive and the members
of Sky’s Executive Leadership team who report directly to the
Chief Executive. This group comprises four female officers and
three male officers.
Sky’s diversity metrics include gender-balanced leadership.
Under Sky’s Champions for Change partnership, Sky is
committed to our measurable objectives in this area of
40% men, 40% women and 20% of either gender in our
senior leadership cohort. Sky’s Board is currently 66% men,
33% women. Sky’s officer cohort is currently 43% men,
57% women.
As set out on page 19, Sky has committed to embedding the
principles of te ao Māori into everyday life at Sky. In addition to
this commitment, Sky has focused on three inclusion priorities
in FY25: Gender Balance, Pasifika and Pride.
The Kia Rere programme sets the strategic direction for Sky
to normalise te reo, tikanga and Māori leadership on air, with
Sky’s people and in the community. Sky continues to uplift all
leaders’ cultural competence through the Te Kaa programme.
Sky has fostered an authentic approach to Māori & Pasifika
employee impact through the Kuaka leadership development
programme, and by making indigenous cultures more visible
to all crew through company-wide events and communication.
Sky’s approach to workplace inclusion ensures appropriate
enablement mechanisms are in place for all crew to
demonstrate leadership that celebrates diversity and
strengthens unity. Sky has continued to run regular company-
wide events that celebrate the diversity of the crew, including
celebrating Samoan, Tongan and Cook Island Language weeks,
Sky is a Pride Pledge Gold supporter and has undertaken
employee education and awareness raising activities in this
area throughout FY25.
The chart below represents Sky’s gender and age diversification
as at 30 June 2025:
2025Board LevelOfficers All staff
Women
25266
Men
44353
Gender diverse
007
Prefer not to say
0012
Total number
69638
Over 45
100%100%41%
2024Board LevelOfficersAll staff
Women
24282
Men
43392
Gender diverse
004
Prefer not to say
004
Total number
67682
Over 45
100%100%41%
The table below provides a detailed breakdown of the age
diversity of Sky’s workforce:
Age20252024
<3014%13%
30 – 3926%26%
40 – 4932%33%
50 – 5922%21%
60 – 696%6%
>701%1%
Sky / 2025 Annual Report
/ 27

3. Board committees
The Board should use committees where
this will enhance its effectiveness in
key areas, while still retaining Board
responsibility.
The Board has established the following committees to act for,
and/or make recommendations to, the full Board on certain
matters as described below.
Audit and Risk Committee
The Audit and Risk Committee is responsible for overseeing the
financial and accounting activities of Sky including accounting
and reporting, external and internal auditors, tax planning
and compliance, treasury and general risk management.
The Committee operates under a formal Audit and Risk
Committee Charter available on Sky’s website.
The Charter also contains the External Audit Independence
Group Policy, the object of which is to ensure that audit
independence is maintained, such that Sky’s external financial
reporting is viewed as being highly reliable and credible.
As at 30 June 2025, the members of the Committee, who are
independent directors, are Keith Smith (ARC Chair, Board
Deputy Chair), Philip Bowman (Board Chair), and Dame Joan
Withers. There are no non-independent committee members.
All directors who are not members of the Audit and Risk
Committee may attend Audit and Risk Committee meetings
without invitation. A standing invitation exists for the Chief
Executive and the Chief Financial Officer to attend Audit
and Risk Committee meetings.
People and Performance Committee
The People and Performance Committee is responsible for
providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors, Chief
Executive and senior executives, overseeing Sky’s people and
performance strategy and policies, including remuneration.
The Committee also ensures that before appointing
executives, appropriate checks are carried out to ensure
candidates have the necessary skills to act for Sky.
As at 30 June 2025, the members of the Committee who
are independent directors are Mark Buckman (PPC Chair),
Dame Joan Withers and Belinda Rowe. There are no non-
independent committee members.
The Committee’s Charter is available on Sky’s website.
Sky management may only attend Committee meetings
by invitation.
Content Rights Committee
The Content Rights Committee is responsible for (i) providing
guidance, challenge, strategic input and counsel to Sky’s
management in relation to content rights arrangements;
(ii) approving Sky’s pursuit and negotiation of content
rights arrangements; and (iii) where applicable authority
has been delegated to the Committee by the Board,
approving Sky’s entry into and modification of content rights
arrangements in accordance with such delegated authority.
As at 30 June 2025, the members of the Committee who are
independent directors are Philip Bowman (CRC Chair, Board
Chair), Keith Smith (Board Deputy Chair), and Mike Darcey.
There are no non-independent committee members.
The Committee’s Charter is available on Sky’s website.
Sky management may only attend Committee meetings
by invitation.
Disclosure Committee
The Disclosure Committee is responsible for monitoring,
determining, implementing and enforcing Sky’s disclosure
obligations under relevant legislation and stock exchange
listing rules.
The Committee members are Philip Bowman (Board Chair)
and Keith Smith (ARC Chair, Board Deputy Chair), or in the
absence of either Chair, another director, along with the Chief
Executive, Chief Financial Officer and Company Secretary.
Ad-hoc Committees
From time to time the Board may establish ad hoc or special
purpose committees to examine, or have the delegated
authority to deal with, specific matters on behalf of the
Board. Where such a committee is required this is established
by Board resolution (clearly prescribing the membership of
the committee and the role of the committee) and required
to regularly report back to the Board on proceedings. The
Board retains ultimate responsibility for the relevant matters.
No ad hoc committees were established during the 2025
financial year.
Board Membership
Sky’s Board is responsible for ensuring the balance of skills,
knowledge, experience, independence and diversity of
directors remains relevant to Sky’s business and strategy and
enables the Board to discharge its duties and responsibilities
effectively. The Board considers these factors when assessing
Board succession and evaluating potential Board candidates.
The Board does not have a formal nomination committee
constituted by a Board committee charter. The Board or a
nominations sub-committee of the Board (which is distinct
from the People and Performance Committee) evaluates
potential Board candidates to be considered for appointment.
To be eligible for appointment as directors, candidates must
demonstrate appropriate qualities and experience. Directors
will be selected based on all the above factors including the
needs of the Board at the time.
28 /

Committee Meetings
During the financial year ended 30 June 2025 attendance at
committee meetings were as reflected in the table below:
Committee meetings
held while a
Committee member
Attendance
at Committee
meetings
Audit and Risk Committee
Keith Smith (Chair)
55
Dame Joan Withers
54
Philip Bowman
55
People and Performance Committee
Mark Buckman (Chair)
77
Dame Joan Withers
77
Belinda Rowe
77
Content Rights Committee
Philip Bowman (Chair)
88
Keith Smith
88
Mike Darcey
87
Takeover Protocol
The Sky Board has approved a Takeover Protocol that
outlines the procedures when dealing with takeover offers.
This is available on Sky’s website.
4. Reporting and disclosure
The Board should demand integrity in
financial and non-financial reporting
and in the timeliness and balance of
corporate disclosures.
Sky endeavours to provide investors and stakeholders with
financial and non-financial reporting that is clear, meaningful,
timely and balanced. All key governance documents and
policies, as well as all material stock exchange announcements,
interim and annual reports and investor presentations are
available online at www.sky.co.nz/investor-centre.
Financial Reporting
The Audit and Risk Committee oversees the preparation of
Sky’s financial statements, including materiality guidance and
setting policy to ensure the information presented is useful for
investors and other stakeholders.
Sky endeavours to prepare financial statements that are easy
to read by using clear, precise language and by structuring
the report so that it is logically presented, and that policies
and related notes are combined in a format that is consistent
and logical.
Directors, Chair and Board Committees’ Confirmation
of Financial Statements
Each year Sky’s Chief Executive and Chief Financial Officer
confirm in a written statement to the Board that the financial
statements are true and correct, are prepared in accordance
with applicable accounting standards and present fairly
Sky’s financial position.
Continuous Disclosure
Sky is committed to keeping shareholders and the wider
market informed of material information relating to its
business, financial performance and strategy to ensure that
trading in Sky’s securities takes place in an efficient well-
informed market at all times.
When Sky provides a substantive investor or analyst
presentation, such as those prepared for investor results
briefings, shareholder meetings, or investor day events,
a copy of the material to be presented is released to the
NZX and ASX ahead of the presentation.
Sky has a Continuous Disclosure Policy that is available
on Sky’s website. The policy sets out Sky’s responsibilities
in relation to its continuous disclosure obligations under the
NZX Listing Rules and the Financial Markets Conduct Act
2013. The policy establishes the procedures required to fulfil
Sky’s obligations and details the process to appropriately
identify and determine any material information that
may require disclosure.
In most circumstances, material market announcements are
approved by the full Board prior to their release. Copies of all
material market announcements are promptly circulated to
the Board after they have been made.
5. Remuneration
The remuneration of directors and
executives should be transparent,
fair and reasonable.
Sky’s Remuneration Framework
Sky is committed to being a good employer: presenting fair,
market comparable and inclusive remuneration strategies to
ensure the strongest talent is attracted to, remains with and
is committed to, the performance of the business.
Sky’s approach to remuneration demonstrates the
intention to ensure clear alignment between remuneration
and sustainable, long-term stakeholder interests. Sky’s
Remuneration Policy provides detailed information regarding
the company’s remuneration framework and the approach to
Board and key management personnel (KMP) remuneration.
A copy of the policy is available on Sky’s website.
Stakeholder views and interests were considered in the design
of Sky’s remuneration framework to ensure an appropriate
focus on the performance that supports the delivery of Sky’s
business strategy. This is achieved through the delivery of
commercial results and shareholder value accretion being
a core component of Sky’s senior leaders’ compensation.
Sky / 2025 Annual Report
/ 29

The People and Performance Committee is responsible for
providing recommendations regarding the appointment,
compensation levels and evaluation of Sky’s directors, Chief
Executive and senior executives, and overseeing Sky’s People
strategy, plans and policies, including remuneration.
The Board approves Sky’s Remuneration Policy and all
components of KMP remuneration, including director fees,
fixed remuneration, and short and long term incentives.
Fixed Remuneration
Fixed remuneration includes base salary and KiwiSaver.
The salary component of fixed remuneration is reviewed
on an annual basis against New Zealand labour market
benchmarks, while benefits are reviewed as appropriate.
Executive team fixed remuneration is reviewed annually and
tested against relevant independent external benchmark
data, with any increases approved by the PPC and the
Board. KiwiSaver is offered to employees in line with the
New Zealand Government’s recommendation.
Employee Benefits
Sky is committed to offering additional benefits that
support employee wellbeing, customer service and both
attract and retain great talent. These benefits are reviewed
regularly to ensure their continued efficacy. Current benefits
offered include:
• Paid parental leave
• Family support beyond parenting and leave associated with
intergenerational family units to care for in the home
• One volunteer day per year
• Gender affirmation leave and support
• Free and discounted Sky services
• Discounted wellbeing services, including gym membership
Short Term Incentive Plan
Sky’s Short Term Incentive plan (STI) provides a direct link
between the delivery of commercial performance objectives
(both financial and non-financial) and remuneration outcomes
for senior roles. The Chief Executive, the executive team and
direct reports to the executive team are eligible to take part
in Sky’s STI.
The STI framework and specific metrics and targets are
considered by the People and Performance Committee and
recommended to the Board for approval on an annual basis.
The Board retains discretion to deny an award under Sky’s STI
plan, where it would reward conduct that is contrary to Sky’s
long-term performance, values or risk appetite.
The entitlement percentage for the FY25 period was set at
50% of base salary for the Chief Executive and 35% of base
salary for other executives. Other eligible staff are entitled
to 15% of base salary. The STI measures for FY25 were
divided between Financial Performance, accounting for the
majority of the award and non-financial, lead indicators.
The measures used were: total revenue, EBITDA, content costs
as a percentage of revenue, employee engagement, customer
experience (3 month rolling average NPS), and advertising
revenue growth (advertising diversification rating).
1. Based on the constituent companies of the S&P/NZX50 Index at the date options were granted, less any entities delisted during the Grant Period.
Sky’s Short Term Incentive plan includes an overarching Health
and Safety hurdle whereby the STI will be forfeited in the case
of a successful prosecution under the Health and Safety at
Work Act 2015.
Short Term Incentive (STI) achievement FY25
Overall
Performance
MeasureTargetWeightingAchievement
Financial
52.0%
Revenue
$775.4m15%0%
EBITDA
$160.2m30%75%
Content
Costs as %
of Revenue
49.6%15%0%
Advertising
$61.5m10%60%
Non-financial
Employee
Engagement
+4pp10%100%
Customer
Experience
+1pp15%50%
Health and
Safety
+20pp5%120%
Long Term Incentive Plan
Sky’s Long Term Incentive plan (LTI) was introduced in
FY24 for the Chief Executive and executive team and was
also offered to these participants in FY25. The purpose
of the LTI is to incentivise the performance and retention
of Sky’s key executives and create further alignment with
shareholders’ interests, consistent with contemporary
market standards.
The plan is structured as a performance rights plan with
a three-year vesting period, with service rights conditions.
The performance conditions are set by the Board, having
regard to Sky’s medium and longer-term performance
objectives, with key measures being:
• 50% based on Absolute Total Shareholder Return CAGR
performance of greater or equal to the company’s cost of
equity plus 1% (FY25: 12.9%) per annum to achieve 100%
vesting with proportional straight-line vesting from 50% at
performance of greater or equal to the company’s cost of
equity (FY25: 11.9%) per annum.
• 50% based on Relative Total Shareholder Return CAGR
performance of greater or equal to the 75th percentile of
the NZX50 performance
1
to achieve 100% vesting with
proportional straight-line vesting from 50% at performance
of greater or equal to 50th percentile.
Participants in the LTI are prohibited from entering into
transactions to hedge or otherwise limit the economic risk of
participating in the plan. The percentage of potential LTI varies
by role with the Chief Executive’s LTI set at a maximum of 50%
of base salary and executive participation set at a maximum
of 25% of base salary.
30 /

Sky Executive KMP Remuneration Objectives
Shareholder value
creation through equity
components
An appropriate balance
of ‘fixed’ and ‘at risk’
components
Creation of reward
differentiation to drive
performance culture and
behaviours
Attract, motivate and
retain executive talent
required at each stage
of development
Total Annual Remuneration (TAR) or Total Target Remuneration (TTR)
is set by reference to relevant market benchmarks
FixedAt Risk
Fixed Annual Remuneration (FAR)Short Term Incentives (STI)Long Term Incentives (LTI)
Fixed remuneration is set based
on relevant market relativities, as
determined by the Board, but will
reflect role and responsibilities,
performance, qualifications,
experience and geographic location
STI Key Performance Indicators (KPI)
will be determined by the Board based
on key financial and non-financial
criteria aligned to deliver Sky’s priority
business strategies
Performance conditions will be set
by the Board and linked to a selected
matrix of Earnings, Total Shareholder
Return or other objectives that the
Board will use to align Executive KMP
interests with shareholder interests
Remuneration will be delivered as
Base salary plus any allowances
(includes Superannuation or
equivalent)
Paid, as cash, on completion of the
relevant performance period
Awarded as equity and will vest
(or not) at the end of the performance
period which will be a minimum
of three years
Strategic intent and market positioning
FAR for Executive KMP will typically
be positioned between the median
and 75th percentile (+/-) compared
to relevant market data considering
expertise, competitive tensions and
performance in the role
Performance incentive is directed to
achieving key strategic or financial
targets. FAR and STI opportunity is
targeted to be positioned at about
the 75th percentile of the relevant
benchmark group
LTI is intended to align Executive
KMP with shareholder interests.
LTI opportunity should ideally
be positioned at or about the
75th percentile
TAR or TTR
TAR or TTR is intended to be positioned in the upper 3rd quartile compared to relevant market based comparisons.
4th quartile TAR or TTR may be derived if demonstrable outperformance is achieved by Sky
Sky / 2025 Annual Report
/ 31

Chief Executive Remuneration
Sky has a People & Performance Committee (PPC) comprised
of 3 independent directors. Management attends PPC
meetings by invitation. The PPC is responsible for reviewing
and recommending Chief Executive remuneration to Sky’s
Board annually. In FY25, the PPC commissioned external
and independent benchmark data on the Chief Executive’s
remuneration.
Sky’s Chief Executive, Sophie Moloney has a permanent
employment agreement with Sky. The agreement includes a
period of notice from the individual of 6 months and allows for
a provision of consultative agreed termination notice from the
company, referred to as the “No Fault Termination Clause”.
This clause allows for the agreed termination of the contract
with six months’ pay and six months’ notice. In addition, there
is the provision for a redundancy payment of 44 weeks.
The Chief Executive’s remuneration includes fixed
remuneration of base salary plus KiwiSaver. Using external
benchmark data, the Chief Executive’s base salary was
increased by 10% to place her remuneration within the
benchmark. The variable benefits in the Chief Executive’s
remuneration are a Short Term Incentive plan (STI) and Long
Term Incentive plan (LTI). The STI is set at 50% of base salary.
The LTI plan was introduced in FY24, after consideration of
the external advice sought, and repeated in FY25. The LTI
is structured as a performance rights plan with a three-
year vesting period with service rights conditions. The Chief
Executive’s maximum potential earnings from the LTI is 50%
of base salary per annum.
The Chief Executive’s remuneration for the role in each
financial year since taking up the position on 1 December
2020
1
is set out in the table below:
$202520242023

2022

2021

Base salary
2
1,065,134970,424969,423932,500544,000
STI
546,349182,785293,737330,568236,000
Total

remuneration
1,611,4831,153,2091,263,1601,263,068780,000
(1) Amounts shown are the actual paid during the period.
(2) In FY25 the Chief Executive’s base salary was $1,067,000 per annum. Other
fixed benefits paid to the CEO were as follows: FY25 KiwiSaver employer
contribution: $48,344 (FY24: $34,596, FY23: $37,895, FY22: $38,978).
The Chief Executive has a significant portion of remuneration
‘at risk’ and linked to Sky’s commercial performance. For
the financial year ended 30 June 2025 the Chief Executive’s
STI was awarded at 50% of base salary, which will be paid
during FY26. Under the 2025 LTI plan the Chief Executive was
granted 191,298 share rights on 1st October 2024, based on
Sky’s 10-day Volume Weighted Average Market Price following
the release of Sky’s FY24 financial results. This represents 50%
of the Chief Executive’s base salary, subject to achievement of
agreed performance measures and a vesting period, as set out
on page 30.
Pay Equity and Diversity
Sky has committed to paying all employees the living wage or
more. At 30 June 2025 all permanent Sky employees were paid
the living wage or more.
Median Pay Gap
The median pay gap indicates the number of times greater
the Chief Executive’s remuneration is to an employee paid at
the median of all Sky employees. At 30 June 2024 the Chief
Executive’s base salary of $1,067,000 (on an annualised basis)
was 11.2 times that of the median employee at $95,000.
On a total earnings basis, including STI Earned, the median
pay gap was 17 times.
Employee Remuneration
The following table shows the number of employees
and former employees of Sky and its subsidiaries whose
remuneration and benefits for the year ended 30 June 2025
were within the specified bands above $100,000.
The remuneration figures shown in the table include all
monetary payments actually paid during the year ended
30 June 2025, including severance and STI payments.
The table does not include amounts paid post 30 June 2025
that relate to the 2025 financial year, such as STI bonuses.
Remuneration Range ($)Number of employees
100,000 – 110,00038
1 1 0,0 0 1 – 1 2 0,0 0 046
1 2 0,0 0 1 – 1 3 0,0 0 040
1 3 0,0 0 1 – 14 0,0 0 032
14 0,0 0 1 – 1 5 0,0 0 035
1 5 0,0 0 1 – 1 6 0,0 0 024
1 6 0,0 0 1 – 170,0 0 024
170,0 0 1 – 1 8 0,0 0 08
1 8 0,0 0 1 – 1 9 0,0 0 013
1 9 0,0 0 1 – 2 0 0,0 0 011
2 0 0,0 0 1 – 2 1 0,0 0 08
2 1 0,0 0 1 – 2 2 0,0 0 03
2 2 0,0 0 1 – 2 3 0,0 0 03
2 3 0,0 0 1 – 24 0,0 0 05
24 0,0 0 1 – 2 5 0,0 0 01
2 5 0,0 0 1 – 2 6 0,0 0 04
2 6 0,0 0 1 – 2 70,0 0 06
2 70,0 0 1 – 2 8 0,0 0 02
2 8 0,0 0 1 – 2 9 0,0 0 03
2 9 0,0 0 1 – 3 0 0,0 0 06
3 0 0,0 0 1 – 3 1 0,0 0 02
3 2 0,0 0 1 – 3 3 0,0 0 01
3 3 0,0 0 1 – 3 4 0,0 0 04
3 4 0,0 0 1 – 3 5 0,0 0 01
3 6 0,0 0 1 – 3 70,0 0 01
4 0 0,0 0 1 – 41 0,0 0 02
41 0,0 0 1 – 4 2 0,0 0 02
4 8 0,0 0 1 – 4 9 0,0 0 01
5 0 0,0 0 1 – 51 0,0 0 01
5 6 0,0 0 1 – 5 70,0 0 01
6 0 0,0 0 1 – 61 0,0 0 01
6 4 0,0 0 1 – 6 5 0,0 0 01
71 0,0 0 1 – 72 0,0 0 01
9 2 0,0 0 1 – 9 3 0,0 0 01
1,61 0,0 0 1 – 1,6 2 0,0 0 0 1
Total
333
32 /

Director Remuneration
Directors do not receive any performance or equity-based
remuneration, superannuation or retirement benefits (for
their role as directors). This reflects the role of the directors
which is to provide oversight and guide strategy, whereas the
role of management is to operate the business and execute
Sk y ’s s trategy.
The directors’ fee pool has been set at a maximum amount
of $1,115,000 per annum since it was last approved
by shareholders on 14 November 2024, effective from
1 December 2024.
Annual Fee Structure ($)
Year ended
30 June 2025
Year ended
30 June 2024
Board fees
Board Chair
245,000220,500
Deputy Chair
143,325143,325
Independent Director
110,250110,250
Board Committee Fees
Audit and Risk Committee (ARC)
Chair
20,00020,000
Member
12,00012,000
People and Performance Committee (PPC)
Chair
16,00012,000
Member
8,0008,000
Content Rights Committee (CRC)
Chair
16,0005,000
Member
8,0005,000
(1) FY25 fees payable prior to 1 December 2024 were paid on a pro-rata basis
consistent with the FY24 fee schedule. The FY25 fee schedule came into effect
from 1 December 2024.
Fees paid to Sky Directors in the year ended 30 June 2025 are
set out in the table below:
Name
Board
FeesARCPPCCRCTotal
Philip Bowman
(Chair)
1
234,791--2,083236,874
Keith Smith
(Deputy Chair)
143,32520,000-6,750170,075
Mike Darcey
110,250--6,750117,000
Dame Joan
Withers
110,25012,0008,000-130,250
Mark Buckman
110,250-14,333-124,583
Belinda Rowe
110,250-8,000-118,250
Totals
819,11632,00030,33315,5838 9 7, 0 3 2
(1) The Board Chair is a member of the ARC and Chair of the CRC. Prior to
1 December 2024 he received a fee as Chair of the CRC, and effective
1 December this fee was incorporated into the Board Chair fee.
6. Risk management
Directors should have a sound
understanding of the material risks
faced by the issuer and how to manage
them. The Board should regularly
verify that the issuer has appropriate
processes that identify and manage
potential and material risks.
Sky’s risk management framework is overseen and monitored
by both the Board and the Audit and Risk Committee. The
Audit and Risk Committee in conjunction with management
regularly report to the Board on the effectiveness of the
management of Sky’s risks and whether the risk management
framework and systems of internal compliance and control are
operating efficiently and effectively in all material respects.
Sky has a Controlling and Managing Risk Policy which provides
an overview of Sky’s risk management process. The Policy
outlines Sky’s risk management objectives and guidelines
and provides a framework to identify, manage and report
on risks both financial and non-financial. The Audit and Risk
Committee reviews Sky’s risk management framework
with management at least annually to satisfy itself that it
continues to be sound and to ensure that Sky is operating
with due regard to the risk appetite set by the Board.
Sky recognises that having a robust and well-documented
enterprise-wide risk management framework is critical to
support the management of risks across Sky. Management,
with oversight by the Audit and Risk Committee, continue
to identify and implement improvements to Sky’s risk
management processes in line with the enterprise-wide risk
management framework, while maintaining its focus on
managing both near and long-term risks, including risks due
to climate change, to best support Sky’s current and future
business and operating goals.
Sky’s internal audit function is outsourced to Ernst & Young
(EY). An annual internal audit plan is presented and approved
by the Audit and Risk Committee and the Audit and Risk
Committee receives internal audit reports during the year and
monitors completion of action items that arise. Sky’s internal
audit function assists it to better accomplish its objectives
by bringing a systemic, disciplined approach to evaluating
and continually improving the effectiveness of Sky’s risk
management and internal control processes.
1
Sky / 2025 Annual Report
/ 33

Sky has identified the following strategic risks that could affect results and performance:
Strategic risksDescriptionMitigation
Integration of
Sky Free (formerly
Discovery NZ)
Failure to successfully decouple from
Warner Bros. Discovery and integrate
the Sky Free business could impact Sky’s
strategic objectives.
Sky has a detailed transition, decoupling (particularly
technology) and integration plan together with dedicated
resource to ensure Sky’s strategic objectives in acquiring
Discovery NZ are achieved.
Technology
infrastructure
Reliability of the provision of Technology
infrastructure (including satellite) is critical
to the provision of Sky services.
Sky has Business Continuity Management and Disaster
Recovery plans which are regularly reviewed, updated and
tested (where practicable).
CybersecurityCybersecurity risk mitigation is critical
for the safe and reliable operation of
Sky’s business, including to protect
sensitive data.
Sky has a detailed cybersecurity programme that includes
tools and systems designed to prevent and detect potential
threats to cybersecurity, privacy and data breaches. This
programme is continually monitored, tested and improved.
Accessing and
securing market
leading content
Accessing and securing great content at
the right price is critical to Sky’s future.
Providing customers with the content they value in a
financially sustainable way is central to Sky’s strategy. In
recent years, Sky has secured significant multi-year content
rights deals. It continually reviews the nature of the content
acquired and its access to content. Sky is focused on what is
important to its customers and utilises data-based insights
and research to ensure its content strategy is achieved.
Negative impact
of prolonged
significant
New Zealand
economic downturn
A prolonged significant downturn of the
New Zealand economy could have a major
impact on Sky achieving its financial goals.
Sky continually monitors the macro-economic environment
and utilises trend analysis of its own data to understand
the current and possible future impacts of an economic
downturn. Sky continually monitors value to customers,
ensuring content is accessible and meeting customers
where they are. Sky proactively and responsibly manages
its own costs to ensure sustainability while maintaining an
exceptional experience for our crew and customers.
Strategy executionFailure to execute strategic initiatives could
impact Sky’s reputation and ability to
meet financial goals.
In conjunction with the Board, Sky’s executive team continue
to refine Sky’s strategic goals and have a clear path to
achieving those goals. This includes engaging with the Sky
team more broadly to ensure the whole business is aligned.
Adverse impact of
geopolitical events
Sky’s product and content supply chain
could be negatively impacted by global
geopolitical events.
Sky actively monitors for potential adverse impacts of
geopolitical events and seeks to mitigate exposure through
diversity of supply, alternate delivery methods, local stores
of physical assets and close partnerships with its suppliers.
Legislative
and regulatory
compliance
The ever changing legal and regulatory
landscape within which Sky operates
together with Sky’s evolving product mix
and delivery methods, and obligations as
a publicly listed company create a risk that
Sky could inadvertently fail to comply.
Sky has robust policies and procedures covering compliance
with key legal and regulatory requirements. Sky’s internal
legal team monitors changes and proposed amendments to
its compliance obligations. Sky also engages external legal
advisors to ensure it remains compliant.
Physical risks
associated with
natural disasters
or climate change
impacts
An increase in the intensity or frequency of
natural disasters or climate related events
could impact Sky’s ability to deliver its
content and lead to reduced demand for
its services from impacted customers.
As noted above, Sky’s Business Continuity and Disaster
Recovery plans ensure it is best placed to withstand climatic
events and natural disasters. Sky continues to develop its
medium to long-term response to the potential impacts
of climate change.
Health and safety
of workers
Sky’s health and safety protocols may
be insufficient to prevent harm or injuries
to its workers while they carry out
their duties.
Sky takes the health, safety and wellbeing of its workers
very seriously and is committed to ensuring that employees
and those who work with Sky, do so in a safe environment.
Sky continues to invest in its health, safety and wellbeing
processes and procedures to ensure it is a safe place to work.
This includes risk identification, mitigation and continuous
improvement initiatives by in-house experts.
Table continued over page
34 /

Strategic risksDescriptionMitigation
Ability to attract,
retain and engage
specialist talent
Attracting, retaining and engaging
specialist employees in key areas is critical
to Sky delivering on its strategic goals.
Sky continues to invest in its people and culture programmes
including building leadership capability across the business,
improving access to the tools, systems and processes needed
to enable employees to achieve their potential. Sky has
utilised co-source and out-source partnerships as appropriate
to access specialist resource at scale, where needed. Sky
continues to focus on te ao Māori and the opportunities
presented by embedding its principles within Sky.
CompetitionSky operates within an extremely
competitive market with New Zealanders
now able to access the content they want
to watch more easily than ever before.
If Sky fails to respond to new competitors or changes to
customers’ needs, it could fail to meet strategic and financial
goals. While Sky is focused on delivering its strategic goals, it
continually monitors its market environment using customer
feedback and data insights to ensure its content and delivery
approach remain relevant and in demand. Sky remains
focused on connecting New Zealanders with the sport and
entertainment they love, in ways that work for them, right
across the country.
Health and safety
Sky is committed to providing a safe, healthy workplace where
all workers can thrive. In the last financial year, Sky reviewed
and confirmed the Health and Safety strategy, priorities and
plans. Sky’s strategic approach to health and safety is to:
• safeguard the wellbeing of its people by providing a safe
and inclusive workplace environment;
• fulfil all safety obligations within the business, in line with
the strategic intent, corporate objectives and legislative
requirements; and
• share a vision and commitment to a safety culture that
drives continual improvement and organisational resilience
at all levels within Sky.
Monthly reports, including actions taken and performance
metrics, are provided to the Board, executive team, Health
& Safety leadership team, and Health & Safety employee
representatives to monitor Sky’s performance towards keeping
all its people healthy, safe and well and remaining compliant
with all health and safety obligations. Key priorities delivered
include: contractor management, critical risk management,
overlapping duties and operational improvements in response
to an external review of Sky’s practices.
Sky’s Total Recordable Incident Rate was 1.3, below the
industry benchmark of 3.0. Sky had one lost time incident
during the year which was also a notifiable incident.
7. Auditors
The Board should ensure the quality and
independence of the external audit process.
External audit
The role of the external auditor is critical for the integrity
of Sky’s financial reporting. PricewaterhouseCoopers (PwC)
is Sky’s external auditor. The Audit and Risk Committee is
responsible for reviewing and recommending to the Board
the engagement of the external auditors, for reviewing any
regulatory requirements, for agreeing the scope of the audit,
ensuring no management restrictions are placed on the
auditors and for evaluating the performance of the external
auditors. Sky’s Audit and Risk Committee Charter (available
on Sky’s website), contains the policy for External Audit
Independence which sets out the framework for ensuring
that independence of the external auditor is maintained.
A copy of the most recent audit report, relating to the 2025
financial year is included on page 90.
Sky undertakes an internal process of verification for periodic
materials released to the NZX and ASX where these have not
been audited or reviewed by the external auditor, to ensure the
accuracy and integrity of the material prior to release.
This process includes the following:
• reports are prepared by or under the supervision of subject
matter experts;
• material statements in the report are reviewed for accuracy
and appropriately interrogated; and
• all announcements (other than administrative
announcements) must be approved by Sky’s Disclosure
Committee.
Where considered appropriate, Sky requests an external
review from a suitably qualified advisor to provide an
additional level of independent review.
Internal audit
Sky currently outsources to EY its internal audit function
which is tasked with monitoring Sky’s internal control
systems and risk management. Internal audit operates with
and independently of management and reports directly to
the Audit and Risk Committee.
The Audit and Risk Committee reviews the internal audit plan
annually as well as the internal audit reports. The internal
audit reports are made available to the external auditors.
Sky / 2025 Annual Report
/ 35

8. Shareholder rights and relations
The Board should respect the rights of
the shareholders and foster constructive
relationships with shareholders that
encourage them to engage with the issuer.
Investor communication
Sky is committed to facilitating effective two-way
communication with its shareholders and other stakeholders.
Sky’s approach to investor relations is designed to keep both
Sky’s shareholders and the broader market properly informed.
Communications with investors may take the form of stock
exchange releases, press releases, reports, presentations,
teleconferences/webcasts, meetings and site visits. Sky’s
Management team meets with investors and analysts as
appropriate, and provides periodic investor briefings to the
Market. Sky’s Chairman also engages with investors on
governance matters.
Sky’s Investor Communications Policy outlines the steps
that it takes to enable shareholders to engage with Sky in
an informed manner and to allow them to make informed
assessments of Sky’s value and future prospects. A copy
of this policy is available on Sky’s website.
In addition to information provided to the market via NZX
and ASX, Sky uses the following methods to communicate
with its investors:
Investor centre website
Sky’s website (www.sky.co.nz/investor-centre) includes copies
of documents that have been released to the market to enable
investors and stakeholders access to all information about
Sky and its governance in one place. This includes copies of
annual reports, presentations, market announcements, media
releases and corporate governance documents. In addition,
information may be requested directly from Sky by emailing
investorrelations@sky.co.nz to which Sky is committed to
responding to in a timely manner.
Electronic communications
Sky is committed to ensuring the efficiency, timeliness, and
sustainability of communications by encouraging shareholders
to receive communications material electronically via Sky’s
share registry, Computershare Investor Services Limited.
Annual shareholder meeting
Shareholders are encouraged to attend Sky’s Annual
Shareholder Meeting, whether this is held in person, virtually
or as a hybrid meeting. Details of the Annual Shareholder
Meeting, and the ways that shareholders can participate,
are available in the Notice of Meeting which is expected
to be dispatched to shareholders at least 20 working days
prior to the Meeting in accordance with NZX Corporate
Governance recommendations, and made available on
Sky’s website. Sky ensures that shareholder meetings are
held at a reasonable time and place and all resolutions
at a shareholders’ meeting are decided by a poll.
Notices of shareholder meetings include explanatory
information regarding the resolutions to be considered by
the meeting. These are provided in sufficient time to enable
shareholders to form a reasoned judgement on the matters
to be voted upon.
Sky’s external auditors, legal representatives and share
registrar attend the Annual Shareholder Meeting. Directors,
management and external auditors are available to answer
any questions from shareholders at the Annual Shareholder
Meeting. Details of how shareholders unable to attend the
Annual Shareholder Meeting can submit questions in advance
are included in the Notice of Meeting.
36 /

Company
Information
/ 37
Sky / 2025 Annual Report

Interests Register
Disclosures of Interest
General Notices
Directors have given general notices disclosing interests in various entities pursuant to section 140(2) of the Companies Act 1993.
Those notices which remain current as at 30 June 2025 are as follows:
DirectorEntityRelationship
Philip BowmanKMD Brands Limited (listed)
Tegel Group Holdings Limited
Ferrovial SE (listed)
Majid al Futtaim Holding LLC
2
Majid al Futtaim Properties LLC
2
Majid al Futtaim Capital LLC
2
Tom Tom Holdings, Inc.
Vinula Pty. Limited
Vinula Super Fund Pty. Limited
Director
Chair
Director
Director
Chair
Director
Director
Director
Director
Mike DarceyArqiva Group Limited
2
British Gymnastics
Premier League Basketball UK
Chair
Chair
Shareholder
Keith SmithAnderson & O’Leary Limited and associated companies
Enterprise Group Holdings Limited and associated companies
Goodman Property Services (NZ) Limited
H J Asmuss & Co Limited and associated companies
Healthcare Holdings Limited and associated companies
Mobile Health Group Limited
Gwendoline Holdings Limited (non-trading)
Chair
Chair
Director
Chair
Chair
Chair
Director and Shareholder
Dame Joan WithersThe Warehouse Group Limited and associated companies
ANZ Bank New Zealand Limited
Louise Perkins Foundation
On Being Bold Limited
Origin Energy Limited
Chair
Director
Trustee
Director
Director
Mark BuckmanOzTAM Pty. Limited
Barangaroo Advisory Pty. Limited
Honed Real Estate Pty. Limited
Ryke Clothing Pty. Ltd
Zion Z Pty. Ltd trading as Zolo Corp
Hourigan International
1
Chair
Director
Shareholder and advisor
Shareholder and advisor
Shareholder and advisor
Managing Partner
Belinda RoweARN Media Limited
Sydney Swans Limited
Temple & Webster Group Limited
Belinda Rowe Consulting Pty. Limited
Rowe-Cuthbert Nominees Pty. Limited
3P Learning Limited
2
Non-Executive Director
Non-Executive Director
Non-Executive Director
Director
Director
Non-Executive Director
(1) Entries added or updated during the period from 1 July 2024 to 30 June 2025.
(2) Entries removed by notices given by the directors during the period from 1 July 2024 to 30 June 2025.
Particular Transactions / Use of Company Information
During the financial year to 30 June 2025, in relation to Sky:
• no specific disclosures were made in the Interests Register
under section 140(1) of the Companies Act 1993; and
• no entries were made in the Interests Register as to the
use of company information under section 145 of the
Companies Act 1993.
Relevant Interests in Securities
During the year to 30 June 2025, no disclosures were made
in the Interests Register in relation to Sky’s directors and
senior managers acquiring a relevant interest in Sky’s shares
under section 148 of the Companies Act 1993 and under the
Financial Markets Conduct Act 2013.
Insurance and Indemnities
Sky has in place directors’ and officers’ liability insurance to
cover risks normally covered by such policies arising out of acts
or omissions of Sky directors or employees in that capacity.
Sky has entered into a deed of indemnity pursuant to which
it has agreed to indemnify directors, senior management and
officers of Sky against liability incurred from acts or omissions
of such directors, senior management or officers, subject to
certain exceptions which are normal in such indemnities.
Sky Subsidiaries’ Interests Registers
During the year to 30 June 2025, in relation to Sky’s
subsidiaries, no specific notices were made in the Interests
Register pursuant to section 140 of the Companies Act 1993.
38 /

Company Information
Directors Holding, Commencing and
Ceasing Office during the year
• Philip Bowman (Chair)
• Keith Smith (Deputy Chair)
• Mike Darcey
• Dame Joan Withers
• Mark Buckman
• Belinda Rowe
Statement of Directors’ Interests
For the purposes of NZX Listing Rule 3.7.1(d), the following
table sets out the quoted financial products in which each
director had a relevant interest as at 30 June 2025:
Relevant interestsShares
Philip Bowman
Mike Darcey
Keith Smith
1
Belinda Rowe
Dame Joan Withers
Mark Buckman
750,000
125,000
36,260
23,000
Nil
Nil
(1) 6,256 shares jointly held by Keith Smith and his brother Robert Smith as trustees
of the Gwendoline Trust (in which Keith Smith has no beneficial interest); 6,671
shares held by Gwendoline Holdings Limited (Keith Smith is a discretionary
beneficiary of a trust which owns Gwendoline Holdings Limited); 8,333 shares
held by Keith Smith’s partner Lily Wong; and 15,000 shares held by Keith Smith
as joint registered holder with John Richard Avery and Brian Mayo-Smith as
trustees of the Selwyn Trust (in which Keith Smith has a beneficial interest).
Subsidiaries
At 30 June 2025, Sky had the following subsidiary companies:
SubsidiaryDirector(s)Business during FY25
Believe It Or Not LimitedAnnabelle Lochead
Brendan Lochead
Christopher Shaw
Antony Welton
Quizzes for the hotel entertainment industry.
Lightbox New Zealand LimitedSophie MoloneyStreaming services within New Zealand.
Media Finance LimitedSophie MoloneyDid not trade.
Non-Trading PS LimitedSophie MoloneyDid not trade.
Screen Enterprises LimitedSophie MoloneyDid not trade.
Sky DMX Music LimitedSophie Moloney
Malcolm McRoberts
Antony Welton
Operated the Sky DMX music business.
Sky Investment Holdings LimitedSophie MoloneyDid not trade.
Sky Network Services LimitedSophie MoloneySky Broadband business.
Sky Ventures LimitedSophie MoloneyDid not trade.
Sports Analytics Pty LtdJonathon Errington
Kevin Bouwer
Did not trade.
1
(1) On 2 September 2024, Sports Analytics Pty Ltd was removed from the company register.
The remuneration of Sky’s employees acting as directors of subsidiary companies is disclosed in the relevant banding for employee
remuneration. In the case of Sophie Moloney remuneration is disclosed under the heading of “Chief Executive Remuneration”.
No director of any subsidiary company received directors’ fees or extra benefits by virtue of the fact that they are acting as
directors of subsidiary companies.
Sky / 2025 Annual Report
/ 39

Sky Shares and Shareholders
Sky Network Television Limited’s shares are quoted on the NZX and on the ASX and trade under the ‘SKT’ ticker. The only class of
equity securities on issue in Sky is ordinary shares. As at 30 June 2025 there were 6,542 holders of a total of 137,675,010 ordinary
shares in Sky. Each Sky share confers on its holder the right to attend and vote at a shareholder meeting. On a poll, each ordinary
share entitles the holder to one vote. Sky did not have any unquoted equity securities on issue at 30 June 2025.
At 1 July 2024 there was an on-market buyback in place. The programme was initiated on 1 April 2024, and an NZX announcement
and ASX Appendix 3C notice were issued on 25 March 2024 to advise of the buyback programme. The programme was for a
maximum aggregate of $15 million in purchase price and up to a maximum of 7,033,120 shares. At 30 June 2024 a total of 2,622,436
shares had been acquired under this programme for total consideration of $7,157,168. No further shares were acquired under this
programme prior to the expiry date of 31 March 2025 as the programme was paused on 4 June 2024, and Sky then notified the
market on 19 November 2024 that the buyback remained in pause due to ongoing negotiations with NZ Rugby.
Substantial Product Holders
According to notices given to Sky under the Financial Markets Conduct Act 2013 and the ASX Listing Rules the following persons
were substantial product holders in Sky as at 30 June 2025:
Substantial Product Holder Name
Date of Substantial
Product Holder Notice
Number of Shares in
Substantial Product Holding
% held
Accident Compensation Corporation
New Zealand Superannuation Fund
3 December 2024
2 July 2025
14,543,637
10,150,525
10.564
7. 3 7 3
(1) Based on disclosures to the company.
(2) The date of the relevant event disclosed in this notice was 30 June 2025, with settlement on 2 July 2025.
At Sky’s 30 June 2025 year end the total number of ordinary shares on issue was 137,675,010.
Twenty Largest Shareholders at 30 June 2025
NameNumber of Shares% of Issued Capital
BNP Paribas Nominees (NZ) Limited (BPSS40)
Accident Compensation Corporation
HSBC Nominees A/C NZ Superannuation Fund Nominees Limited
Citibank Nominees (New Zealand) Limited
HSBC Nominees (New Zealand) Limited (HKBN90)
HSBC Custody Nominees (Australia) Limited
New Zealand Depository Nominee Limited
TEA Custodians Limited Client Property Trust Account
JPMorgan Chase Bank NA NZ Branch-Segregated Clients Acct
Custodial Services Limited
JBWere (NZ) Nominees Limited
BNP Paribas Nominees (NZ) Limited
HSBC Nominees (New Zealand) Limited A/C State Street
JBWere (NZ) Nominees Limited
New Zealand Rugby Union Incorporated
BNP Paribas Nominees (NZ) Limited
Forsyth Barr Custodians Limited
Citicorp Nominees Pty Limited
Masfen Securities Limited
Rural Equities Limited
15,948,191
14,682,635
10,051,525
9 ,7 74 , 8 0 3
9,118,507
7, 1 1 8 , 7 3 3
4,975,257
4,713,484
3,700,230
3 , 4 9 7, 5 6 9
2,906,982
2 , 6 2 7, 3 5 6
2,548,682
2,300,000
1,816,777
1,779,773
1,381,946
1,289,540
1,258,333
1,000,000
11.6
10.7
7. 3
7. 1
6.6
5.2
3.6
3.4
2.7
2.5
2.1
1.9
1.9
1.7
1.3
1.3
1.0
0.9
0.9
0.7
102,490,32374 . 4
1
1
2
40 /

Shareholder Distribution at 30 June 2025
RangeNo. of ShareholdersNumber of shares held% of Issued Capital
1 – 1,000
1,001 – 5,000
5,001 – 10,000
10,001 – 100,000
100,001 and over
4,307
1,328
380
456
71
1,129,328
3,306,346
2,795,880
12,219,346
118,224,110
0.8
2.4
2.0
8.9
85.9
Total
6,542137,675,010100.0
Non-Marketable Parcels of Shares
As at 30 June 2025, 3,040 shareholders in Sky had non-
marketable parcels of shares.
Donations
During the financial year ending 30 June 2025, Sky made cash
donations totalling $82,000. Sky’s broader commitments
under the ‘Sky for Good’ programme, as outlined on page 19,
are predominantly ‘in kind’ services (such as complimentary
Sky in Starship Children’s Hospital rooms). No donations were
made to political parties. Sky’s subsidiaries did not make
any donations.
Auditors
The auditors of Sky and its subsidiaries were Pricewaterhouse
Coopers. The amount paid to PricewaterhouseCoopers by Sky
in the year to 30 June 2025 for statutory audit services and for
other assurance services was:
Statutory
audit services
($000)
Other assurance and
non-assurance services
($000)
Sky
893136
Sky’s subsidiaries did not pay PricewaterhouseCoopers any fees.
Waivers and Information
Current and Ongoing Waivers
The following is a summary of all waivers which were relied
upon by Sky in the year to 30 June 2025. These were:
1. A waiver from ASX Listing Rule 6.10.3 to the extent
necessary to permit Sky to set the “specified time”
to determine whether a security holder is entitled to
vote at a shareholders’ meeting in accordance with the
requirements of relevant New Zealand legislation.
2. A waiver from ASX Listing Rule 15.7 to permit Sky to provide
announcements simultaneously to both ASX and NZX.
3. A waiver from ASX Listing Rule 14.3 to the extent
necessary to allow Sky to receive director nominations
between the date three months and the date two
months before the annual meeting.
Share Information
Limitations on the acquisition of the company’s securities
Sky is incorporated in New Zealand and therefore, it is
not subject to chapters 6, 6A, 6B and 6C of the Australian
Corporations Act 2001 dealing with the acquisition of shares
(such as substantial holdings and takeovers). Limitations on
acquisition of the securities are, however, imposed on Sky under
New Zealand law by way of the New Zealand Takeovers Code,
the Overseas Investment Act 2005 and the Commerce Act
1986. Sky does not otherwise have any additional restrictions.
Sky / 2025 Annual Report
/ 41

Share Market and Other Information
Share Market Listing Details
New Zealand
Sky’s ordinary shares are quoted on the NZX Main Board
and trade under the code SKT. Sky’s International Security
Identification Number (ISIN) issued for the Company by the
NZX is NZSKTE0001S6.
NZX Limited
Level 1, NZX Centre
11 Cable Street
Wellington 6011, New Zealand
Mailing address:
PO Box 2959
Wellington 6140, New Zealand
Tel: +64 4 472 7599
Website: nzx.com
Australia
Sky’s ordinary shares are also quoted on the ASX and trade
under the code SKT.
ASX Limited
Exchange Centre
20 Bridge Street, Sydney
NSW 2000, Australia
Mailing address
PO Box H224
Australia Square, Sydney
NSW 1215, Australia
Tel: +61 2 9338 0000
Registry Details
Shareholders should direct questions relating to share
certificates, notify changes of shareholder details or address
any administrative questions to Sky’s share registrar.
Shareholders are able to independently manage a range of
queries regarding their holdings by using Computershare’s
secure website: www.investorcentre.com/nz. This website
enables holders to view balances, view and change address,
payment and tax information, and update payment
instructions and communication options.
Direct payment to a bank account is the only means available
for shareholders to receive dividend payments. Shareholders
are strongly encouraged to provide bank account details to
ensure they are able to receive any future dividend payments.
Sky continually strives to improve the efficiency of its
communications with investors and stakeholders and
encourages all shareholders to elect to receive communications
from Sky electronically. This minimises costs, ensures prompt
delivery and importantly, supports Sky’s efforts to reduce its
environmental impact.
New Zealand
Computershare Investor Services Limited
Level 2/159 Hurstmere Road
Takapuna, Auckland
Private Bag 92119
Auckland 1142
New Zealand
Freephone within New Zealand: 0800 222 065
Telephone New Zealand: +64 9 488 8777
Australia
Computershare Investor Services Pty Limited
Yarra Falls, 452 Johnston Street
Abbotsford VIC 3067
GPO Box 2975
Melbourne, Vic 3000
Australia
Freephone within Australia: 1800 501 366
Telephone Australia: +61 3 9415 4083
Email: enquiry@computershare.co.nz
Website: www.computershare.com/nz
42 /

Our 2025
Financials
For the year ended
30 June 2025
Our 2025 Financials
/ 43
Sky / 2025 Annual Report

Summary
Sky has reported a solid result with all underlying key metrics delivered within the revised guidance ranges provided in February
2025, a positive achievement when considered against the backdrop of a tough economic climate as well as operational disruption
resulting from a significant satellite migration project. The requirement to accelerate migration to a new satellite meant a number
of planned revenue generating initiatives were delayed as we focused resources on this critical change. Despite these challenges,
Sky continued its roll out of the new Sky Experience, accelerated opportunities in advertising and grew many revenue streams.
Sky’s 2025 financial results include the impact of a number of one-off items making it more difficult to assess the underlying
performance of the business during the current period. For this reason, in addition to Reported results, we have provided Adjusted
numbers (Non-GAAP financial measures) that enable a like for like comparison. The following commentary provides an overview
of Sky’s performance on an Adjusted basis with detail on the adjusted items set out in a table on page 45.
Adjusted Total Revenue of $755.1 million was 1.5% down on the prior year (Reported Total Revenue: $750.7 million). Despite strong
revenue results for Sky Sport Now, Sky Broadband and Advertising, this was not sufficient to offset a decline in Sky Box revenue,
largely due to a lower opening customer number from 2024 and disruptions as a result of satellite migration. That said, average
revenue per user (ARPU) increased, new customer acquisitions were in line with the prior year and disconnection levels improved,
providing confidence as we continue the roll out of the new Sky Experience.
The challenging economic and trading conditions required careful management of Operating Expenses, and pleasingly these
were reduced by 0.8% to $609.4 million on an adjusted basis (Reported Operating Expenses $637.8 million). Noting this total
includes costs associated with growth in Broadband and Streaming and investment in Advertising, underlying operating expenses
were significantly reduced during the year. This careful management enabled Sky to deliver Adjusted EBITDA of $148.5 million,
which was a solid result in the current climate, although 3.0% below the prior year.
Adjusted Net Profit After Tax of $41.1 million was 16.5% lower than the prior year (Reported NPAT: $20.6 million). This was in
part due to a 6.3% increase in Adjusted Depreciation And Amortisation to $88.5 million following a period of elevated capital
investment in new products over recent years. Finance Income decreased due to the decline in the Official Cash Rate during the
year, as well as lower unrealised gains. Finance Expenses also decreased following the successful bank facility renegotiations in July
2024 on more favourable terms and at a reduced facility limit from $150 million to $100 million, partially offset by higher Optus
lease interest.
An interim dividend of 8.5 cents per share was paid in March 2025, and a final dividend of 13.5 cents per share will be paid in
September 2025, bringing total FY25 dividends to 22.0 cents per share (fully imputed). This represents an increase of 15.8% year on
year from the 19 cents per share (fully imputed) paid in FY24.
The on-market buyback programme was paused on 4 June 2024, and Sky then notified the market on 19 November 2024
that the buyback remained in pause due to ongoing negotiations with NZ Rugby, and was not recommenced before its expiry
on 31 March 2025.
As at 30 June 2025 Sky had $32.4 million in cash on hand and an undrawn banking facility of $100 million.
Non-GAAP Financial Information
Sky uses non-GAAP profit measures when discussing financial performance. The directors and management believe that
these measures provide useful information on the underlying performance of the Group. They are used internally to evaluate
performance, analyse trends, and allocate resources. Non-GAAP financial measures are not prepared in accordance with NZ IFRS
and are not uniformly defined and therefore should not be viewed in isolation nor considered as a substitute for measures reported
in accordance with NZ IFRS.
Financial Overview
Financial overview
44 /

Group Consolidated Results for the years ended 30 June
In NZD millions
2025
Adjusted
2025
Reported
2024
Reported
Adjusted %
inc/(dec)
Financial performance data
Total revenue
755.1750.7766.7-1.5
Other income
2.87. 70.5451.6
Total operating expenses
609.46 3 7. 8614.20.8
EBITDA
148.5120.6153.03.0
Less
Depreciation and amortisation
88.589.183.36.3
Net operating profit before finance income,
finance expense and income tax
60.031.569.8-14.1
Finance income
1.71.73.6-52.8
Finance expense
4.34.34.7-9.0
Profit before tax
57. 428.968.7-16.5
Income tax expense
16.38.319.5-16.4
Profit after tax
41.120.649.2-16.5
(1) No adjustments were made in 2024, as the reported figures were consistent with the underlying result.
Summary of Adjustments
Sky has made a number of adjustments to reflect the ongoing performance of the underlying business, including:
• Forgone revenue of $4.4 million related to satellite migration, including discounts and credits provided to customers as
compensation for service interruptions, and the impact of a delayed price increase.
• A non-cash benefit to other income of $4.9 million related to the modification (shortening) of the previous O10 satellite lease
to enable the transition to the current satellite.
• One-off expenses totaling $29.0 million, including: $18.3 million resulting from an acceleration of content amortisation
following a methodology change for Neon and SoHo content and $1.4 million of content impairments, $3.4 million in relation to
organisational change initiatives, $2.9 million of one-off costs incurred as a result of satellite migration (such as additional Care
Centre staffing, consultancy costs and marketing), $2.3 million of transaction costs arising from the acquisition of Discovery
NZ Limited, and $0.6 million of additional depreciation as a result of satellite migration capital expenditure.
The majority of satellite migration revenue and costs items referred to above, as well as some additional migration related capital
expenditure, are the subject of a claim under an agreement with Optus to compensate Sky for certain revenue and cost impacts
associated with the requirement to accelerate migration to a new satellite during the year, as well as to provide compensation for
customer service disruptions. The reimbursement to Sky under this claim will occur in FY26. This is in addition to a prior agreement
relating to support for capital expenditure requirements of the migration programme.
There were no adjustments made in 2024.
In NZD millions 20252024
Statutory profit after tax
20.649.2
Adjustments to earnings as follows:
Forgone revenue
4.4-
Non-recurring income included in other income
(4.9)-
Accelerated content amortisation and content impairment
19.7-
Non-recurring costs
9.3-
Tax effect of adjustments
(8.0)-
Total adjustments
20.5-
Adjusted profit after tax
41.149.2
1
Sky / 2025 Annual Report
/ 45

Financial Overview (continued)
Customers
Total customer relationships reduced by 1.4% year on year, due to softer Sky Box numbers, and despite growth in Sky Sport Now,
Broadband, and modest growth in Neon.
Sky Box & Pod includes customers who access their Sky content through the classic Sky Box, the new Sky Box (with hybrid delivery
via satellite and internet), and the new Sky Pod (via internet delivery). Customer relationships reduced to 448,290 in part due to the
impact of economic headwinds on household incomes, as well as some churn as a result of customers experiencing service issues
during satellite migration. Pleasingly, the percentage of customers using new Sky products increased to 37%, and despite the
challenging trading conditions, annualised churn improved and both disconnections and acquisitions were slightly better than the
prior year.
Streaming customer relationships increased to 409,582 up 7% from the prior year on a like-for-like basis for Sky Sport Now and
Neon. Sky Sport Now customer relationships increased 20% based on monthly and annual pass holders on a 90-day look-back
basis. Neon customer relationships grew by 0.4%, and while modest, this marks a return to year on year growth.
Sky Broadband customer relationships continued the strong growth trend of recent years, increasing by 43.1% to reach 50,867
customers, and with an increased Sky Box attachment rate of 10%.
Commercial customer relationships include licensed premises, pubs, clubs, accommodation providers and businesses such as gyms,
retirement villages and retail outlets. Commercial customer relationships closed at 5,629, down 6.4% year on year, with some
impact from challenges facing the retail and accommodation sectors.
2025 2024 2023 2022 2021
Customer relationships

Sky Box customers
1
448,290 479,192 514,982 529,521 554,690
Total Streaming customers
409,582 383,764 430,752 403,292 372,831
Sky Sport Now
2
150,173 125,439 112,752 76,269 50,964
Neon
259,409 258,325 318,000 295,720 259,229
Other Streaming
3
- - - 31,303 62,638
Sky Broadband customers
50,867 35,557 26,089 1 7, 9 7 5 1,930
Commercial customers
5,629 6,014 6,538 6,877 7, 2 9 9
Total customer relationships
914,368 904,527 978,361 9 57, 6 6 5 936,750
Customer metrics

Sky Box net customer growth
(6%)(7%)(3%)(5%)(4%)
Sky Box acquisition
21,497 21,493 39,304 29,028 4 7, 2 7 3
Sky Box churn
(52,399)( 5 7, 2 8 3 )(53,848)(54,197)(69,287)
Sky Sport Now net customer growth
20% 1 1% 48% 50% 168%
Neon net customer growth
0% (19%)8% 14% 82%
Broadband net customer growth
43% 36% 45% 8 31% -
Sky Broadband attachment rate
4
10% 7% 5% 3% -
Average revenue per month (ARPU) ($, ex-GST)
Sky Box
5
84.1983.0981.0578.8478.40
Sky Sport Now
4 4 .7440.8236.8236.71n/a
Neon
16.6515.5715.0514.2511.90
Sky Broadband
6
70.3175.0572.1472.13-
(1) Sky Box customers comprise residential Sky Box and Sky Pod customers, including Vodafone Reseller customers prior to migrating to a direct relationship with Sky
during 2021.
(2) In January 2025 the sale of Sky Sport Now weekly passes was discontinued. Previous disclosure of Sky Sport Now customer numbers was reported on a 90-day look
back basis including weekly monthly and annual pass customers. To enable a like for like comparison, historic information has been restated to show monthly and annual
pass customers on a 90-day look back basis at each year end.
(3) Other Streaming customers comprise VTV/Retransmission customers receiving Sky content via VTV until its closure in March 2023, RugbyPass subscription customers
until the sale of this business in October 2022.
(4) Sky Broadband attachment rate measures the percentage of Sky Box customers that also have Sky Broadband.
(5) Sky Box ARPU is the monthly average revenue for residential Sky Box and Sky Pod customers, calculated as the average ARPU for the period, excluding revenue related
to access fees for new Sky products.
(6) Sky Broadband ARPU is monthly average revenue for Sky Broadband customers, including add-ons such as land line, calling plans, Wi-Fi boosters and static IP fees.
46 /

Revenue Analysis
Total adjusted revenue of $755.1 million included growth in Streaming, Broadband, and Advertising, offset by reduction in Sky Box,
Commercial, and Installation and other revenue, resulting in an overall adjusted revenue decrease of 1.5% year on year:
In NZD millions
2025
Adjusted
2025
Reported
2024
Reported
Adjusted %
inc/(dec)
Sky Box
1
469.9 465.5 498.7 - 5.8
Streaming
2
118.8 118.8 110.4 7. 6
Commercial
54.0 54.0 54.5 - 1.0
Broadband
3 7. 0 3 7. 0 2 7. 5 34.4
Total subscription revenue
679.6 675.3 691.1 - 1.7
Advertising
5 7. 1 5 7. 1 53.6 6.5
Installation and other revenue
18.4 18.4 22.0 - 16.5
Total other revenue
75.5 75.5 75.6 - 0.2
Total revenue
755.1 750.7 766.7 - 1.5
(1) Sky Box revenue relates to Sky Box and Sky Pod subscriptions and includes access fees associated with the new Sky products.
(2) Streaming revenue relates to Sky Sport Now and Neon and in FY23, includes VTV/Retransmission subscription revenue net of fees prior to these customers migrating to
a Sky Box or Sky Pod product.
Sky Box adjusted revenue of $469.9 million represented a 5.8% reduction year on year due to lower average customer numbers,
partly offset by increased ARPU. Revenue benefitted from the full-year impact of a $4 price increase to the sport package in
February 2024, and a further $5 price increase for sport from May 2025, noting increases are quoted inclusive of GST.
ARPU on an underlying basis, which is reported ex-GST, increased by 1.4% to $84.19, benefitting from Sport package price
increases, and higher average sports penetration of 72%, which more than offset an increase in discounting to FY23 levels after
a lower level in FY24. These positive drivers more than offset slightly reduced penetration in entertainment and movie packages
and add-ons.
Streaming revenue grew strongly, up 7.6% year on year to $118.8 million. Sky Sport Now revenue rose 16.3%, benefiting from
higher customer numbers within the year, the full-year impact of a $5 price increase in February 2024, and the part-year benefit
of a $5 price increase in monthly passes introduced in March 2025. This more than offset a 2.1% reduction in Neon revenue due
to an increase in the percentage of Neon customers choosing the Basic with Ads tier, however this product generates additional
digital revenue recognised in the Advertising revenue line. The change in product mix partly offset the ARPU impact from Neon
Standard tier increases of $2 in January 2024 and $4 in January 2025.
Sky Broadband revenue delivered significant growth, up 34.4% year on year to $37.0 million, as a result of continued strong growth
in customer relationships and the full-year benefit of customer growth in the prior year. A $5 line fee increase (including GST) was
passed on from October 2024 (excluding low-speed plans). ARPU decreased by 7.1% year on year, largely due to a change in mix
with strong demand for the lower priced Broadband Starter plan, which grew to 18.5% of the base from 9.9%.
Commercial revenue decreased 1.0% year on year to $54.0 million in challenging economic conditions. Despite ARPU growth,
subscriber numbers reduced 4.7% year on year.
Advertising revenue delivered a strong performance in a challenging market, with growth of 6.5% to $57.1 million. This included
strong growth in new revenue from the launch of digital advertising on Sky Sport Now and the full-year impact of advertising on
Neon Basic launched in January 2024. Sky’s revenue market share
1
of Total TV linear advertising spend rose from 12.6% to 14.0%
against the backdrop of a 12.0% decline in total market linear spend.
Installation and other revenues decreased by 16.5% to $18.4 million, largely due to lower revenue associated with Sky Box and
Sky Broadband installations and contra revenue.
1. Source: Quarterly Performance Comparison Report, PwC.
Sky / 2025 Annual Report
/ 47

Financial Overview (continued)
Expense Analysis
A breakdown of Sky’s operating expenses is provided below:
In NZD millions
2025
Adjusted
2025
Reported
2024
Reported
Adjusted
% inc/(dec)
Programming
384.4 404.1 391.6 - 1.8
Subscriber related costs
71.3 71.4 80.6 - 11.5
Broadcasting and infrastructure
101.1 104.0 8 7. 2 15.9
Other costs
52.6 58.3 54.7 - 3.9
Depreciation and amortisation
88.5 89.1 83.3 6.3
Total operating expenses
6 9 7. 9 726.9 6 9 7. 4 0.1
Programming consists of two main cost categories: programming rights and programming operating costs. Programming
rights costs include sports and entertainment rights, pass-through channel rights (e.g. ESPN, Living Channel, UKTV etc.), movies
(including pay per view movies), streaming and on-demand rights, and music rights. Programming operating costs also include
production costs for live sports events, expenses related to satellite and fibre linking, and costs associated with creating studio
shows and Sky Originals productions.
Programming costs on an adjusted basis reduced by 1.8% to $384.4 million, as we continued to focus on content cost optimisation,
and was achieved despite 2025 including the rights and productions costs associated with the 2024 Paris Olympics. Adjusted
Programming costs as a percentage of revenue reduced by 0.2 pp to 50.9%.
Subscriber related costs include the costs of servicing and monitoring equipment installed in customers’ homes, indirect
installation costs, the costs of Sky’s customer care services, sales and marketing activities and general administrative costs
associated with customer management.
Subscriber-related costs on an adjusted basis improved significantly, reducing by 11.5% to $71.3 million, due to a strong focus on
cost control and increased efficiency, including continued improvements in warehouse and logistics and the impact of operational
improvements in customer care.
Broadcasting and infrastructure costs relate to the transmission and linking of Sky and Sky Open content from Sky’s studios
to devices in customers’ homes. This includes both satellite transmission and streaming over the internet, as well as other
distribution platforms. Local fibre company input costs for Sky’s Broadband service are also included in this cost line, as well as
costs associated with operating Sky’s studio and office facilities in Central Auckland, Mt Wellington and Albany (excluding any
lease costs).
Broadcasting and infrastructure costs on an adjusted basis increased by 15.9% to $101.1 million, largely driven by the increase
in variable direct costs as a result of significant growth in Sky Broadband and increased Streaming customer numbers.
Other costs of $52.6 million on an adjusted basis were 3.9% lower than the prior period due to lower consultancy and other
overhead costs.
Depreciation and amortisation costs include depreciation charges relating to capitalised installation costs, subscriber equipment such
as satellite dishes, set-top boxes and pods owned by Sky, fixed assets such as office fitouts and broadcasting equipment, depreciation
of the right-of-use lease assets created under NZ IFRS 16 and amortisation of computer software and intangible assets.
Depreciation of property, plant, and equipment relates to capitalised installation costs, investment in broadcast assets and
acquisition of customer equipment such as Sky Boxes, Sky Pods and Broadband routers, with the increase reflecting ongoing
investment in subscriber equipment in line with customer demand. The increase in amortisation of intangibles was due to the
amortisation of ongoing development of the Sky Box and Pod Platforms as well as digital and data capability enhancements.
Depreciation of right-of-use assets remained flat year on year.
Depreciation, amortisation, and impairment costs are summarised below:
In NZD millions
2025
Adjusted
2025
Reported
2024
Reported
Depreciation of property, plant and equipment
36.5 36.9 33.6
Amortisation of Intangibles
2 7. 8 28.0 25.5
Depreciation of right-of-use assets
24.2 24.2 24.2
Total depreciation and amortisation
88.5 89.1 83.3
48 /

Capital Expenditure
Sky’s capital expenditure for the year is summarized as follows:
In NZD millions
2025
Adjusted
2025
Reported
2024
Reported
Subscriber equipment
18.9 18.9 34.9
Installation costs
10.4 16.5 11.8
Projects under development
1.9 1.9 5.2
Software
24.1 30.2 20.9
Other
9.9 11.0 10.1
Capital expenditure
65.2 78.4 82.9
Adjusted capital expenditure of $65.2 million excludes $13.2 million of satellite migration related spend, which largely comprised
capitalised installation and related hardware costs, as well as internal labour, equipment and software infrastructure costs.
Excluding satellite migration, Sky’s capital expenditure remains weighted towards growth-focused spending, with continued
investment in the rollout of new products and development of software enhancements and new features. Investment in new Sky
Box and Pod hardware has reached a maintenance level following a period of accelerated capital investment to build inventory.
Installation costs were lower due to greater efficiencies in logistics and operations. Investment in the Projects under development
and Software categories remained similar year on year as we continue to focus on improvements in customer experience,
investment in advertising technology, and digital and data capability enhancements.
Adjusted capital expenditure as a percentage of revenue was 8.6%, within the long run target range of 7% to 9% of revenue,
and down from 10.2% in the prior year on a like for like basis (excluding FY24 satellite migration spend of $4.5 million).
Programming Commitments
The table below outlines the Group’s contractual commitments for programming rights not yet available for transmission and
therefore not yet recognised as inventories on the Group’s balance sheet. This information has previously been disclosed within
the commitments note of the 30 June 2024 (and prior) financial statements. As it is not required under current IFRS disclosure
standards, it has been removed from the audited financial statements for the current year, however, given the value placed on
this information by stakeholders, we have chosen to provide this information within the Financial Commentary section.
In NZD 00030-Jun-2530-Jun-24
Contracts for future programmes:
Year 1
264,603 343,919
Year 2
113,965 201,370
Year 3
61 ,7 74 109,866
Year 4
29,723 5 8 ,741
Year 5
2,612 14,585
Later than year 5
1,975 8,714
474 ,6 52 7 3 7, 1 9 5
Sky / 2025 Annual Report
/ 49

In NZD 00020252024202320222021
For the year ended 30 June
Income statement
Total revenue and Other income
758,4047 6 7, 2 0 57 5 7, 8 5 2752,864724,754
Total operating expenses
6 3 7, 7 6 6614,170609,186583,848544,377
EBITDA
1
120,638153,035148,666169,016180,377
Depreciation, amortisation and impairmen
t2
89,14183,27174 , 0 9 880,171106,496
Impairment of goodwill
---2,000-
Interest income
1,3801,9052,639814226
Interest expense
4,2774,6595,1105,77211,941
(Gains)/losses on currency and other
(321)(1,697)1,0421,136(1,179)
Net profit/(loss) before income tax
28,92168,70771,05580,75163,345
Balance sheet
Property, plant and equipment, intangibles and
right-of-use assets
252,491193,769192,599180,394215,621
Goodwill
244,264244,264244,264244,264255,245
Total asset s
672,867681,384693,699776,850696,929
Interest bearing loans and liabilities
72,60024,71249,31371,71472,321
Working capital
3
39,45758,3644 7, 9 5 321,91823,842
Total liabilities
233,852232,466252,919282,357272,928
Total e quit y
439,015448,918440,780494,493424,001
Cash flow
Net cash from operating activities
120,201139,1311 1 7, 0 2 1119,638101,169
Net cash (used in)/from investing activities
( 7 7, 74 6 )(88,707)(71,380)1 7, 8 9 7(38,148)
Lease repayments
(17,693)(2 6 ,74 2)(29,109)(32,144)( 3 7, 5 0 3 )
Free cash flow available to shareholders
4
24,76223,68216,532105,39125,518
Capital expenditure
Capital expenditure
7 7, 74 688,70771,38044,68345,032
Assets acquired by way of business combination
5
----203
Assets disposed of in the period
6
--(11,000)(34,195)(9,095)
7 7,74 688,70760,38010,48836,140
(1) Earnings before income tax, interest expense, depreciation, amortisation and impairment, unrealised gains and losses on currency and interest rate swaps.
(2) The FY25 year includes depreciation on right-of-use assets of $24.2 million (FY24: $24.2 million).
(3) Working capital excludes cash and cash equivalents, current borrowings, derivative financial instruments, available for sale financial assets, contract liabilities
and lease liabilities.
(4) Free cash flow is after lease repayments for the period that are categorised in financing cash flows, but before other financing activities.
(5) Sky acquired Sports Analytics in 2021.
(6) RugbyPass was sold on 10 October 2022 for non-cash consideration. The Mt Wellington properties in Auckland were sold on 18 March 2022. The OSB business was sold
in the 2021 financial year.
50 /
Financial
Performance Trends

The directors of Sky Network Television Limited (Sky) are responsible for ensuring that the consolidated financial statements
of Sky and its subsidiaries (the Group) fairly present the financial position of the Group as at 30 June 2025 and the results of its
operations and cash flows for the year ended on that date.
The directors consider that the consolidated financial statements of the Group have been prepared using appropriate accounting
policies, consistently applied and supported by reasonable judgements and estimates and that all relevant financial reporting and
accounting standards have been followed.
The directors believe that proper accounting records have been kept which enable, with reasonable accuracy, the determination
of the financial position of the Group and facilitate compliance of the consolidated financial statements with the Financial Markets
Conduct Act 2013.
The directors consider they have taken adequate steps to safeguard the assets of the Group and to prevent and detect fraud
and other irregularities.
The directors present the consolidated financial statements of the Group for the year ended 30 June 2025.
The Board of Directors of Sky authorise these consolidated financial statements for issue on 22 August 2025.
For and on behalf of the Board of Directors.
Philip Bowman Keith Smith
Director and Chair Director and Chair of Audit and Risk Committee
Date: 22 August 2025
Directors’ Responsibility
Statement
Sky / 2025 Annual Report
/ 51

Financial statements
Contents
Financial Statements
Consolidated Income Statement 53
Consolidated Statement of Comprehensive Income 54
Consolidated Balance Sheet 55
Consolidated Statement of Changes in Equity 56
Consolidated Statement of Cash Flows 57
Notes to the Consolidated Financial Statements
Basis of preparation
1. General Information 58
2. Basis of Consolidation 59
3. Material Accounting Policies and Critical Judgements
and Estimates 59
Performance
4. Segment and Revenue Information 60
5. Other Income 62
6. Operating Expenses 63
7. Earnings Per Share 64
8. Taxation 64
Working capital
9. Trade and Other Receivables 66
10. Programme Rights Inventory 68
11. Trade and Other Payables and Contract Liabilities 69
Assets
12. Property, Plant and Equipment 70
13. Right-of-Use Assets 71
14. Intangible Assets 72
15. Goodwill 73
Funding
16. Borrowings 76
17. Lease Liabilities 77
18. Finance Costs, Net 78
19. Share Capital 79
20. Reserves 79
Financial risk management
21. Derivative Financial Instruments 80
22. Financial Risk Management – Market Risk 82
23. Financial Risk Management – Credit Risk 83
24. Financial Risk Management – Liquidity Risk 83
25. Classification of Financial Instruments 86
Other
26. Provisions 87
27. Related Parties 87
28. Commitments 88
29. Contingent Assets and Liabilities 89
30. Subsequent Events 89
Independent auditor’s report 90
52 /

Consolidated Income Statement
For the year ended 30 June 2025
In NZD 000Notes30-Jun-2530-Jun-24
Revenue
4750,723 766,734
Other income
57, 6 8 1 471
Expenses
Programming
404,124391,630
Subscriber related costs
71,36780,566
Broadcasting and infrastructure
103,9718 7, 2 3 9
Depreciation, amortisation and impairment of assets
689,14183,271
Other costs
58,30454,735
Total expenses
726,9076 9 7, 4 4 1
Finance income
18 1,7003,602
Finance expense
18 4,2764,659
Profit before tax
28,92168,707
Income tax expense
8 8,33119,484
Profit for the year
20,59049,223
Attributable to
Equity holders of the Company
720,22848,964
Non-controlling interests
362259
20,59049,223
Earnings per share
Basic and diluted earnings per share (cents)
714.6934.44
Sky / 2025 Annual Report
/ 53

Consolidated Statement
of Comprehensive Income
For the year ended 30 June 2025
In NZD 00030-Jun-2530-Jun-24
Profit for the year
20,59049,223
Items that may be reclassified to profit or loss
Deferred hedging losses transferred to operating expenses during the year
(490)(2,499)
Changes in fair value of cash flow hedges
(2,988)247
Income tax effect
974630
Net other comprehensive loss to be reclassified to profit or loss, net of income tax
(2,504)(1,621)
Items that may not be reclassified to profit or loss
Deferred hedging gains transferred to non-financial assets during the year
181848
Income tax effect
(51)(237)
Net other comprehensive income not being reclassified to profit or loss, net of income tax
130611
Total comprehensive income for the year
18,21648,213
Attributable to:
Equity holders of the Company
1 7, 8 5 44 7, 9 5 4
Non-controlling interest
362259
18,21648,213
54 /

Consolidated Balance Sheet
As at 30 June 2025
In NZD 000Notes30-Jun-2530-Jun-24
Current assets
Cash and cash equivalents
32,4103 7, 7 9 9
Trade and other receivables
960,66072,441
Programme rights inventory
1070,927125,644
Income tax receivable
3,788-
Derivative financial instruments
216401,333
168,4252 3 7, 2 17
Non-current assets
Trade and other receivables
97, 4 6 7 4,928
Property, plant and equipment
12126,958116,930
Right-of-use assets
1362,14716,722
Intangible assets
1463,38660,117
Goodwill
15244,264244,264
Derivative financial instruments
212201,206
504,442444,167
Total assets
672,867681,384
Current liabilities
Lease liabilities
17 22,720 9,335
Trade and other payables
11 95,918 133,747
Contract liabilities
11 56,903 56,535
Deferred obligation
11 - 8,126
Income tax payable
- 5 , 974
Derivative financial instruments
21 2,464 2,450
178,005 216,167
Non-current liabilities
Lease liabilities
17 49,88015,377
Trade and other payables
11 1,029583
Deferred tax liability
8 2,499 4
Derivative financial instruments
21 2,439335
55,84716,299
Total liabilities
233,852232,466
Equity
Share capital
19 676,755676,755
Reserves
20 (1,619)359
Retained deficit
( 2 3 7, 5 7 0 )(229,575)
Total equity attributable to equity holders of the Company
4 3 7, 5 6 6447,539
Non-controlling interest
1,4491,379
Total equity
439,015448,918
Total equity and liabilities
672,867681,384
Philip Bowman Keith Smith
Director and Chair Director and Chair of Audit and Risk Committee
For and on behalf of the Board 22 August 2025
Sky / 2025 Annual Report
/ 55

Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
In NZD 000Notes
Attributable to owners of the parent
Non-
controlling
interest
Total
equity
Share
capitalReserves
Retained
deficitTotal
For the year ended 30 June 2025
Balance at 1 July 2024
676,755359(229,575)4 4 7, 5 3 91,379448,918
Net profit for the year
--20,22820,22836220,590
Cash flow hedges, net of tax
20-(2 , 3 74)-(2 , 3 74)-(2 , 3 74)
Total comprehensive income for the year
-(2,374)20,22817,85436218,216
Transactions with owners in their capacity as owners
Dividend paid
1
--(28,223)(28,223)(292)(28,515)
Supplementary dividends
--(1,636)(1,636)-(1,636)
Foreign investor tax credits
--1,6361,636-1,636
Share based compensation reserve
4
27-396-396-396
- 396 (28,223)(27,827)(292)(28,119)
Balance at 30 June 2025
676,755(1,619)(2 3 7, 57 0)4 3 7, 5 6 61,449439,015
For the year ended 30 June 2024
Balance at 1 July 2023
693,7201,188(255,554)439,3541,426440,780
Net profit for the year
--48,96448,96425949,223
Exchange difference on translation of foreign
operations
------
Cash flow hedges, net of tax
20-(1,010)-(1,010)-(1,010)
Total comprehensive income for the year
-(1,010) 48,964 47, 9 5 4 259 48,213
Transactions with owners in their capacity as owners
Share Buyback
2
19(16,931)--(16,931)-(16,931)
Transaction costs
19(34)--(34)-(34)
Dividend paid
3
--(22,985)(22,985)(306)(23,291)
Supplementary dividends
--(1,678)(1,678)-(1,678)
Foreign investor tax credits
--1,6781,678-1,678
Share based compensation reserve
4
27- 181 -181-181
(16,965) 181 (22,985)(39,769)(306)(40,075)
Balance at 30 June 2024
676,755359(229,575)447,5391,379448,918
(1) Sky paid dividends of 12.0 cents per ordinary share on 20 September 2024 and 8.5 cents per ordinary share on 21 March 2025.
(2) On 6 April 2023 and 1 April 2024 Sky commenced on-market share buyback programmes, refer to note 19.
(3) Sky paid dividends of 9.0 cents per ordinary share on 22 September 2023 and 7.0 cents per ordinary share on 22 March 2024.
(4) In August 2023 the Group approved a long term incentive plan and granted 408,415 shares to executives of the Group. In September 2024 a further 388,742 shares were
granted to executives of the Group, with a further 21,738 shares granted in February 2025, refer to note 27.
56 /