Sky Announces Full Year Result

Sky New Zealand
PO Box 9059
Newmarket
Auckland 1149
New Zealand

10 Panorama Road
Mt Wellington
Auckland 1060
New Zealand

T. +64 9 579 9999

sky.co.nz





28 August 2026

Expanded Sky business delivers strong FY26 result
Sky Network Television Limited (Sky) has delivered a strong FY26 result, with Underlying Revenue of
$826.1m, up 9%, and Underlying EBITDA
1
of $157.0m, up 6% and at the higher end of guidance.
The Board has declared a full imputed final dividend of 17 cps, bringing the total FY26 dividend to 32
cps, up 45% year-on-year and 113% over three years, comfortably exceeding Sky’s target to double
the FY23 dividend.
Financial Highlights
2

Underlying Revenue: $826.1m, up 9%, driven by the acquisition of Sky Free
Underlying EBITDA: $157.0m, up 6%, at the higher end of guidance
Statutory NPAT
3
of $59.8m, up 190% and Underlying NPAT: $41.8m, up 2%
Normalised Free cash flow: $58.9m, up 60%, contributing to a closing cash balance of $79.1m
Final Dividend: 17.0cps (fully imputed), full year dividend of 32 cps (fully imputed)
Capital Management: Targeting 10% p.a. growth in dividends for the next three years, with
dividends now to be paid quarterly.
Sophie Moloney, Sky Chief Executive, said: “Three years ago, we set ambitious targets reflecting our
confidence in Sky and the opportunity ahead. Since then, we have navigated a challenging economic
environment while completing two significant projects - the accelerated satellite migration in FY25
and the acquisition and integration of Sky Free in FY26."
“We finish this period a stronger Sky - larger, more diversified and increasingly digital, with greater
audience scale and more opportunities for growth."
“The benefits of the expanded business are already evident. We now reach more New Zealanders
across paid and free-to-air, broadcast and digital, giving audiences more choice in how they engage
with Sky, while advertisers can connect with larger and more diverse audiences through a single
integrated offering.”
"With the critical building blocks now in place - including a match-fit team with a demonstrated ability
to drive margin and free cash flow, long-term sports rights secured, a flexible and audience-led
entertainment strategy, greater audience scale and reach, and increasingly sophisticated use of data
to inform our decisions - we are turning our focus to the next phase."

1
EBITDA is a non-GAAP measure. Sky uses this measure when discussing financial performance as the Company believes it
provides useful information on Sky’s performance.
2
Sky has provided underlying numbers to enable a like-for-like comparison. A reconciliation and information on adjustments is
available on page 8 of the Annual Report.
3
Including one off items, such as a $31.4m Gain on Bargain Purchase

"Development of our strategy through to FY31 is well advanced, with an ambition to significantly grow
revenue, including 20-30% from non-subscription sources, alongside margin expansion and earnings
growth. At the heart of this strategy is a shift from thinking about products and subscribers to
audiences connected through one Sky ecosystem, with data and technology helping us unlock growth
and simplify the business.”
Key business highlights
Expanded audiences and advertising revenue: The acquisition and integration of Sky Free has
significantly increased Sky’s audience scale and diversified its revenue base. Advertising revenue more
than doubled to $131.7m, with digital now contributing 22% of advertising revenue.
Sky also delivered $8m of year-one integration synergies, well above the $3m to $5m signalled, and
remains confident of delivering at least $10m of incremental Group EBITDA in FY28 through further
optimisation of the combined business.
Sport: Sky strengthened its premium sports portfolio with long-term agreements including NZ Rugby
through to 2030 and the Olympic Games through to Brisbane 2032. More recently, Sky secured the
hugely popular NRL for a further seven years, taking the partnership through to the end of 2034,
subject to shareholder approval.
As of today, Sky has also secured a six-year extension of exclusive Premier League rights through to
2034, locking in one of the world’s most-watched sporting competitions for New Zealand fans.
Combined with Sky’s existing rights portfolio, the strength and duration of these partnerships secure
the sport our audiences love and provide certainty for Sky well into the next decade.
Entertainment: Sky reshaped its entertainment strategy during FY26, moving to a more flexible model
that draws on a multi-studio approach. Partnerships with leading global studios including Paramount,
Sony Pictures Television, NBCUniversal and BBC Studios provide a steady pipeline of premium
entertainment, complemented by a strengthened commitment to distinctive local New Zealand
programming.
Capital management
The Board’s confidence in Sky’s outlook and ongoing cash generation underpins a target to deliver
10% annual growth in dividends over the next three years. Sky will also move to quarterly dividend
payments to provide a more frequent income stream for shareholders, with the first FY27 quarterly
dividend expected to be paid in December 2026.
Sky’s strong balance sheet, including $79.1m of cash on hand at 30 June 2026, provides further capital
management flexibility. Subject to there being no superior opportunities to deploy capital, the Board
will consider initiating an on-market share buyback following the announcement of FY27 Interim
Results.
Outlook
Trading conditions are expected to remain challenging in the first half of FY27, with the timing and
strength of economic recovery uncertain.
Sky’s FY27 guidance is for Revenue of between $825m and $840m, EBITDA of between $155m and
$165m, and Capital Expenditure of between $60m and $65m. In line with Sky’s target to deliver 10%
annual dividend growth, dividend guidance is for at least 35 cents per share.
Ends

Authorised by: Kirstin Jones, Company Secretary

Investor queries to: Media queries to:
Amanda West Karina Healy
Head of Investor Relations & Head of Corporate Affairs
Corporate Sustainability Karina.Healy@sky.co.nz
Amanda.West@sky.co.nz

---

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 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$824,845 9.9% increase
Total Revenue $824,845 9.9% increase
Net profit/(loss) from
continuing operations
$59,375 193.5% increase
Total net profit/(loss) $59,375 193.5% increase
Final Dividend
Amount per Quoted Equity
Security
$0.17000000
Imputed amount per Quoted
Equity Security
$0.06611111
Record Date 11 September 2026
Dividend Payment Date 25 September 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$ 1.14626 $0.95417
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
David Mackrell
Contact person for this
announcement
David Mackrell
Contact phone number
+64 21 311 911
Contact email address David.Mackrell@sky.co.nz
Date of release through MAP

28/08/2026
Audit
ed 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 11/09/2026
Ex-Date (one business day before the
Record Date)
10/09/2026
Payment date (and allotment date for
DRP)
25/09/2026
Total monies associated with the
distribution
$23,404,752
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.23611111
Gross taxable amount $0.23611111
Total cash distribution $0.17000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.03000000
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
$0.06611111
Resident Withholding Tax per
financial product
$0.01180555

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
David Mackrell
Contact person for this
announcement
David Mackrell
Contact phone number +64 21 311 911
Contact email address David.Mackrell@sky.co.nz
Date of release through MAP

28/08/2026

---

Annual Report 2026

FY26 at a Glance 1
Chairman and Chief Executive Letter 2
Financial Commentary 6
FY26 Highlights
Content 10
Sky’s Expanded Audience 20
Our Environment, Our Communities,
and Our People 23
Board of Directors 28
Leadership Team 30
Corporate Governance Statement 31
Company Information 45
FY26 Financials
Financial Statements 53
Independent Auditor’s Report 89
Directory 94
Contents

FY26 at a Glance
REVENUE (REPORTED)

$
824.8m
FY25: $750.7m
 10%
EBITDA
2
(REPORTED)

$
170.2m
FY25: $120.6m
 41%
NPAT (REPORTED)

$
59.8m
FY25: $20.6m
 190%
REVENUE (UNDERLYING
1
)

$
826.1m
FY25: $755.1m
 9%
EBITDA
2
(UNDERLYING
1
)

$
157.0m
FY25: $148.5m
 6%
NPAT (UNDERLYING
1
)

$
41.8m
FY25: $41.1m
 2%
Dividend
FINAL DIVIDEND (CENTS PER SHARE)
17cps
 26%
PAYABLE ON 25 SEPTEMBER 2026
FULL YEAR DIVIDEND (CENTS PER SHARE)
32cps
 45%
1. Sky has provided underlying numbers to enable a like-for-like comparison. Information on adjustments is available on page 8 of this Annual Report.
2. EBITDA is a non-GAAP measure. Sky uses this measure when discussing financial performance, as the Company believes it provides useful information on Sky’s performance.
Sky / 2026 Annual Report
/ 1

Chairman and
Chief Executive Letter
Three years ago, we set and
communicated ambitious targets
as a reflection of our belief in
the outlook for this business.
Since then, we have successfully
navigated one of the toughest
economic environments in recent
memory despite the impacts of two
significant projects - an accelerated
migration to a new satellite in FY25,
and the acquisition of Discovery
NZ, now Sky Free, in FY26.
Throughout this period, our over-
arching focus has been firmly
on delivering for our customers,
strengthening Sky for the future,
and creating long-term value for
our shareholders.
Delivery against the three-year
targets that we communicated
to the market is testament to the
hard work of the entire Sky team.
In this final year of our three-year
plan, our improved ability to execute
came to the fore as we successfully
completed the complex technical
and operational integration of
Sky Free into the Sky Group. At
the same time, we implemented
our refreshed entertainment
strategy while continuing
disciplined investment in the sport
and entertainment content that
matters most to New Zealanders.
The result is a stronger Sky. Today
we are a larger, a more diversified
and an increasingly digital business,
with greater scale and strengthened
competitive advantage. The
acquisition and integration of Sky
Free has provided a significant
growth opportunity. Through a
series of products spanning paid
and free-to-air, linear and digital,
we now reach more New Zealanders
than ever before. Audiences have
more choice as to how they engage
with us, while advertisers can
connect with larger, more diverse
and better targeted audiences
through a single integrated offering.
Dear Shareholders,
Welcome to Sky’s Annual Report for FY26.
2 /

FY26 In Review
During the year, we secured several
significant and strategically important
long-term rights agreements. These
include renewing our partnership
with New Zealand Rugby through to
December 2030 and extending our
rights to the Olympic Games through
to Brisbane 2032.
More recently, securing an exclusive
seven-year broadcast partnership to
the end of 2034 for the New Zealand
NRL rights with the Australian Rugby
League Commission represents a
massive milestone for Sky.
Subject to shareholder approval, this
is a highly strategic long-term rights
win for Sky, which incorporates our
disciplined, data-led approach to
the rights valuation and reflects the
importance of our ability to engage
a larger, more diverse audience, as
a result of our Sky Free acquisition
alongside the enduring strength of
our Sky Sport customer base.
As of today, Sky has also secured
a six-year extension of exclusive
Premier League rights through to
2034, locking in one of the world’s
most-watched sporting competitions
for New Zealand fans.
Combined with our existing portfolio
of premium sports rights, these
rights reinforce our unrivalled
position to deliver a steady and
compelling, year-round schedule
for customers. In parallel, we will
continue to broaden access through
our free-to-air platforms to help
grow audiences, to build fandom,
and to strengthen the long-term
value we can provide our customers
through our aggregated offering of
these partnerships.
This year also marked a significant
evolution in our entertainment
strategy which gives us greater
control over our content destiny,
ensuring that we invest where we
can create the greatest value for
audiences and shareholders alike.
This refreshed strategy enabled
our announcement in February
that we would not be renewing
our agreement with Warner Bros.
Discovery for HBO Max content.
At the same time, we announced
an expanded partnership with
Paramount, strengthening our
entertainment offering with
premium high-demand content
including the much-sought after
Yellowstone spin-offs, Dutton
Ranch and The Madison.
We have also built a broader and
more flexible content pipeline
through partnerships with leading
global studios, including Sony
Pictures Television, NBCUniversal
and BBC Studios to name a few.
These international studio deals are
complemented by a strengthened
commitment to local New Zealand
programming across Three, ThreeNow
and Sky, with the ongoing and vital
support for such engaging local
storytelling from NZ On Air.
FY26 Financial Results
The strategic wins of FY26 have
also contributed to a strong set
of financial results. These include
the now fully integrated Sky Free
and represent a 10% uplift in
reported revenue to $824.8m,
and evidence of increased revenue
diversity from scaling advertising.
Reported earnings increased by 41%
with reported EBITDA of $170.2m
reflecting a continued focus on
costs together with a number of
one-off benefits accruing largely
from the Discovery NZ acquisition.
In this year’s Annual Report, we have
included additional commentary
on the financial performance of
the business on pages 6-8, and we
encourage you to read this analysis.
Based on the strong FY26 result
combined with confidence in the
ongoing cash generation profile of
the business, the Board has declared
a fully imputed final dividend of
17 cents per share, payable on 25
September 2026. This brings total
dividends for the year to 32 cents
per share, a year-on-year increase
of 45%, and a three-year increase of
113% which is comfortably ahead of
our stated target to double the FY23
dividend over this period.
The year ahead
We have three key priorities for
FY27. The first is to finalise our
strategic plan for the next five years,
as described in more detail later in
this letter. The second is to optimise
the expanded business by unlocking
more of the opportunities created
through bringing Sky and Sky Free
together. This optimisation work
aligns with our continued focus on
delivering at least $10 million of
incremental Group EBITDA from
this business combination in FY28.
The third is to increase our focus
on accelerating the uptake of the
New Sky Experience (NSE) by our
valuable Sky Box customer base.
The enhanced user experience is
reflected in improved Net Promoter
Scores and lower churn results for
customers who have adopted the
NSE, as well as providing more
opportunities for digital advertising.
Sky / 2026 Annual Report
/ 3

Capital Management
Our Capital Management policy
reflects the ongoing confidence of
the Board in the leadership team’s
ability to deliver strong free cash
flow. This confidence underpins our
target to deliver 10% annual growth
in dividends over the next three
years. In addition, we will move to
paying dividends on a quarterly basis
to provide a more frequent income
stream for shareholders, with the
first quarterly dividend expected to
be paid in December 2026.
The health of Sky’s balance sheet,
which included $79.1m of cash
on hand at 30 June, also enables
your Board to consider additional
capital management action.
Subject to there being no superior
opportunities to deploy capital,
the Board will consider initiating
an on-market share buyback
following the announcement
of FY27 Interim Results.
Looking to the Future
Development of our refreshed
strategy through to FY31 is
well advanced, informed by
extensive analysis of customer
behaviour, major global media and
entertainment trends, the evolving
competitive landscape, and the
impact of emerging technology
– all overlaid by the insight and
experience of the leadership team
and the input and challenge of
the Board.
Based on the growth opportunities
identified to date, we have aligned
around an ambition to grow
revenue significantly by FY31,
with 20–30% of revenues coming
from non-subscription sources.
At the same time, we will remain
focused on margin expansion,
earnings growth, and disciplined
capital management to deliver
sustainable value for shareholders.
At the heart of the strategy is a
fundamental shift from thinking
about products and subscribers to
thinking about audiences, connected
by one Sky ecosystem powered by
our people, data and technology.
Premium, high-attention video
content will remain our shopfront
and the reason audiences choose to
spend time with us. However, data
and technology will increasingly
provide the operating leverage
behind the business – helping us to
better understand and monetise our
audiences, to use AI and IP-based
solutions to simplify our technology
environment and progressively
reduce complexity. This will be
achieved within a tighter capex
envelope of 6% to 8% of revenue.
With the critical building blocks
including long term strategic rights
acquisitions now in place, we are
excited to plot a clear path to our
FY31 ambitions while delivering
sustainable revenue growth and
margin expansion to support 10%
p.a. growth in dividends to FY29.
In closing
As we reflect on the past year and
the progress that we have made, we
are grateful for the collective efforts
of many people.
To our Sky crew, thank you.
You have embraced significant
change while continuing to
deliver for our customers every
day. Your commitment and
willingness to challenge yourselves
has transformed Sky into the
stronger business it is today.
We also thank our strengthened
Leadership team for successfully
navigating another period of
significant change and the Board
for its stewardship, guidance and
constructive challenge.
To our partners, thank you for your
collaboration and shared ambition.
Together we continue to share
stories, share possibilities and share
joy, connecting audiences with the
sport and entertainment they love.
Finally, to our shareholders, thank
you for your continued confidence
and support. Sky is entering this next
chapter from a position of strength,
and we look forward to sharing that
journey with you. While there is still
much to do, we are excited by the
opportunities ahead and confident
in Sky’s ability to continue delivering
sustainable growth and long-term
shareholder value.
Chairman and Chief Executive Letter continued
Share Stories. Share Possibilities. Share Joy.
Sophie Moloney
Chief Executive
Philip Bowman
Independent Chairman
4 /

OUR PURPOSE
Share Stories. Share Possibilities. Share Joy.
FY26 PRIORITIES
Grow engagement
together
Supercharge new
Sky experience
Accelerate
advertising
Deepen content
engagement
Successful integration of Sky Free
OUR AMBITION
To be Aotearoa NZ’s most engaging
and essential media company
OUR ENDURING COMMITMENT
A responsible and sustainably profitable,
Aotearoa-focused business
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
/ 5
Sky / 2026 Annual Report

Sky’s Earnings before interest, tax,
depreciation and amortisation
(EBITDA1) increased to $170.2m
compared to $120.6m in the prior
year, and Net Profit after Tax (NPAT)
increased to $59.8m, up from
$20.6m a year earlier.
These results included a number
of one-off items such as a $31.4m
‘gain on bargain purchase’ resulting
from the acquisition of Discovery NZ
for $1. As one-off items can affect
comparability, we have provided
underlying numbers to enable a like
for like view of business performance.
Information on the adjusted items is
provided on page 8.
On an underlying basis, EBITDA
increased by 6% to $157.0m, from
$148.5m in the prior year. Net Profit
After Tax was $41.8m compared to
$41.1m in FY25.
Revenue
Underlying revenue grew 9% to
$826.1m. The first 11 months of Sky
Free ownership made a significant
contribution, driving a 131% lift
in advertising revenue whilst also
expanding the diversification of
revenue streams.
Total advertising revenue of $131.7m
is evidence of Sky’s increased scale in
this important segment which now
represents 16% of total revenue. This
result was achieved while unifying
the Sky and Sky Free sales teams
together, and despite softer market
conditions that only began to improve
in the second half. Importantly, 22% of
advertising revenue now comes from
the fast-growing digital segment
that provides high-value targeted
opportunities for advertising partners.
1. EBITDA is a non-GAAP measure. Sky uses this measure when discussing financial performance as the Company believes it
provides useful information on Sky’s performance.
Sky’s strong FY26 results highlight a
significant increase in advertising revenue,
a reshaping of the programming cost line,
and the relative resilience of the business
in the face of challenging economic and
consumer conditions.
Financial Commentary
Discovery NZ acquisition
The acquisition of Discovery NZ (now Sky Free), opened up
new audiences and accelerated advertising revenue streams
at a time when Sky’s content strategy and disciplined viewer
led decisions are restoring balance in programming costs.
Combined with a strong pipeline of premium rights, this
creates opportunity for Sky to maximise the value of its
content investment across a wider audience while offering
customers more choice and greater value.
EBITDA1 (REPORTED)
$
170.2m
FY25: $120.6m
EBITDA1 (UNDERLYING)
$
157.0m
FY25: $148.5m
NPAT (REPORTED)
$
59.8m
FY25: $20.6m
NPAT (UNDERLYING)
$
41.8m
FY25: $41.1m
6 /

Streaming revenue increased 8%
to $128.3m, through growth in both
Sport and Entertainment. Sky Sport
Now revenue grew 13% to $76.3m
driven by continued subscriber
growth and higher average
monthly revenue per customer.
After a challenging first half Neon
customers rebounded strongly, with
5 consecutive months of growth to
close the year at over 252,000, only
fractionally behind FY25. This saw
Neon revenue up 2% on the prior
year to $52.0m.
In total, subscription revenue across
Streaming, Sky Box and Broadband
customers generated $622.2m, down
just 0.6% or $3.5m. This was due to a
reduction in Box customers, although
the decline slowed significantly from
FY25. As a result of added revenue
diversification through growth
in Advertising, Streaming and
Broadband, Box revenue of $446.5m
now makes up 54% of total revenue,
down from 62% a year ago.
Broadband customers grew 15%,
contributing to a 28% increase in
revenue to $47.4m. Sky’s Venue
business delivered a revenue of
$52.8m, down 2% year on year in a
challenging trading environment.
Expenses
Underlying operating expenses
increased 10% to $670.3m, reflecting
the acquisition of Sky Free, partly
offset by cost reductions in the
Sky Standalone business and year
one integration synergies of $8.0m
delivered across the Group.
Programming expenses, which
include rights and production costs
across the expanded business,
increased by just 2% or $7.9m on an
underlying basis to total $394.8m.
This included estimated savings of
$32.4m in Sky Standalone, delivered
through disciplined negotiation and
content choices as well as the timing
of one-off sporting events. As a
result, standalone programming
costs as a percentage of revenue
are estimated at 47.3%, well within
the 3-year target of 47% - 49% set
in FY23.
Broadcasting and infrastructure
cost, which include transmission of
content to customers, broadband
input costs and operating costs
for Sky facilities, increased by 26%
to $127.5m on an underlying basis.
The incremental spend largely
reflected the addition of the Three
and ThreeNow platforms, growth
in Broadband, and additional
technology costs.
Underlying subscriber related
costs which include customer
care and equipment services,
sales and marketing, were limited
to an increase of 8% to $77.0m.
This included marginally lower
costs in the Sky Standalone
business despite additional
marketing activity for Neon.
Underlying advertising costs to
support revenue were 108% higher
at $33.0m as a result of the larger,
unified sales team and agency fees.
Capital Expenditure
Underlying capital expenditure reduced
by 9% to $59.1m in part driven by
technology capacity constraints as
the Company prioritised resources to
support the integration of Sky Free.
Capital expenditure was 7.2% of
revenue, at the low end of our 7%
to 9% target range.
Cash and Cashflow
Sky finished the year with a cash
balance of $79.1m, up 144% from
$32.4m in the prior year. The strong
cash position reflected an increase in
net cash from operations to $152.8m
including Optus compensation, a
positive working capital movement,
lower capex, leasing, and tax
payments, partly offset by a 38%
increase in dividend distributions. It
also included $24.9m of cash acquired
on the acquisition of Sky Free
including a cash contribution towards
integration and to settle payables.
Dividends
On the basis of a strong 2026
result, balance sheet strength and
confidence in the ongoing cash
generation profile of the business,
the Board declared a fully imputed
final dividend of 17 cents per share,
payable on or about 25 September
2026. This brings total dividends for
the year to 32 cents per share, an
increase of 45%.
446
54
%
128
16
%
47
6
%
53
6
%
132
16
%
19
2
%
FY26
$826m
FY25
$755m
FY26
$670m
FY25
$609m
Sky Box
Streaming
Broadband
Venue
Advertising
Other
FY25
FY26
Programming
Broadcasting &
Infrastructure
Subscriber Related
Advertising
Other
38
6
%
33
5
%
77
11
%
127
19
%
395
59
%
34
18
57
54
37
119
470
16
71
101
387
FY25
FY26
REVENUE
(UNDERLYING, $M)
EXPENSES
(UNDERLYING, $M)
Sky / 2026 Annual Report
/ 7

There are three main categories of one-off items:
• Sky Free: relates to the acquisition of Discovery NZ and includes the
impact of the gain on bargain purchase, integration and transaction costs.
• Optus migration: relates to financial impacts and resulting compensation
due to accelerated migration to the new satellite in early April 2025.
• Accelerated content amortisation: is a non-cash cost resulting from
changes in amortisation methodology.
Other cost adjustments include those relating to organisational change. The
following information is provided as supplementary information to the 2026
Financial Statements:
In NZD millions
FY26
Underlying
FY25
Underlying
% change
Underlying
FY26
Reported
FY25
Reported
Revenue
826.1755.19.4%824.8750.7
Other Income
1.32.8(53.4%)40.97. 7
Operating Expenses
670.3609.4(10.0%)695.56 3 7. 8
EBITDA
1 57. 0148.55.8%170.2120.6
Interest, FX (gain)/loss
5.82.6(125.1%)5.82.6
Taxation
12.416.324.1%7. 68.3
Depreciation &
Amortisation
9 7. 088.5(9.6%)9 7. 089.1
Net Profit after Tax
41.841.11.8%59.820.6
Capex
59.165.2(9.4%)64.578.4
Adjustments Table
In NZD millions20262025
Statutory profit after tax
59.820.6
Adjustments to earnings as follows:
Gain on Bargain purchase
1
(31.4)
Sky Free integration & transaction costs
2
13.92.3
Recovery of satellite migration costs from Optus
3
(8.2)
Gain on satellite lease modification
3
(4.9)
Accelerated content amortisation and content impairment
4
7. 019.7
Foregone Revenue
5
1.24.4
Organisational changes

4.26.9
Tax effect on above adjustments
(4.8)(8.0)
Total Adjustments
(18.0)20.5
Underlying profit after tax
41.841.1
1. Assessed fair value of assets acquired for $1. Refer to Note 5 in the Financial Statements.
2. Sky Free Integration costs of $12.8m. Transaction costs of $1.1m (FY25: $2.3m) relating to the acquisition.
3. Compensation received from Optus. Refer to Note 6 in the Financial Statements.
4. FY26 Accelerated amortisation methodology change $2.7m (FY25: $18.3m). Content impairment $4.3m (FY25: $1.4m). Refer
to Note 11 in the Financial Statements.
5. Customer credits related to Optus migration.
Additional Information for Shareholders
Sky’s 2026 Results
include the impact of
a number of one-off
items in the current
and prior year. The
following information
is provided to enable a
like for like comparison
of results.
8 /

/ 9
Sky / 2026 Annual Report

Content
Across sport, entertainment and news, we invest
in the moments, stories and experiences that
matter most to New Zealanders.
The addition of Three and ThreeNow has strengthened our ability
to reach and engage Kiwi audiences while creating greater value
for our content partners and advertisers.
Drawing on data-driven insights, we have a deep understanding
of what people value, how viewing habits are evolving, and where
we can create even better experiences. Those insights shape our
content strategy and guide where we invest.
Sky’s Content
FY26 Highlights
10 /

As viewing habits continue to evolve, so too has our
approach to entertainment. Across Sky, Neon and
our free-to-air channels, we have sharpened our
content strategy to deliver more of what audiences
want, when they want it.
During the year, we completed
a significant reset of our
entertainment strategy, using
data-driven insights to inform our
investment decisions. This gives us
greater control over how we build
our content offering and supports
a more agile and sustainable
approach to content acquisition.
A key priority has been building
a consistent flow of relevant,
audience-focused entertainment
throughout the year, reducing
reliance on individual tentpole
titles. Our entertainment strategy
is designed to deliver a steady
drumbeat of compelling content that
attracts new customers, deepens
engagement and strengthens long-
term retention.
Our approach is underpinned
by a range of partnerships with
leading international studios
including Paramount, Sony
Pictures Television, BBC Studios
and StudioCanal, alongside other
world-class content providers.
Together, this provides the flexibility
to respond to changing audience
tastes while ensuring New Zealand
viewers can be part of the cultural
conversations surrounding global
hit shows as they unfold.
The strength of our strategy was
reflected in the performance of titles
across Sky and Neon in FY26. From
fan-favourite franchises to premium
drama and local, standout titles
including Yellowstone, Heated Rivalry,
The Agency, Bust Up, The Audacity,
Outlander, The Madison and Dutton
Ranch resonated strongly with
viewers.
As part of this evolution, Neon
has undergone a significant brand
and content refresh, with a clearer
identity and a sharper curated mix
of premium international and local
programming. We also continued
to strengthen our channel portfolio,
including the launch of new Sky-
built channels Sky Drama, Sky Kids
and Sky Comedy, creating a more
distinctive and locally relevant
entertainment experience for our
customers.
During the year, we introduced a
range of improvements to the Neon
customer experience, including better
content discovery and the launch
of shared watchlists that allow
users to create and share viewing
recommendations. Together, with
our new ‘Something to Stream
About’ brand position, these
initiatives encourage audiences
to discover, share and discuss
Neon’s deep array of content.
Entertainment
Sky / 2026 Annual Report
/ 11

Neon has undergone a significant brand and
content refresh, with a clearer identity and a
sharper curated mix of premium international
and local programming.
12 /

Local Content
The addition of Three and ThreeNow to the Sky
portfolio has significantly expanded our local
content offering, strengthening our ability to
bring distinctive Aotearoa New Zealand stories
to audiences across free-to-air, streaming and
pay platforms. Alongside premium international
entertainment, we continued to invest in local
storytelling, recognising the important role it
plays in connecting with audiences.
High-performing titles across Three
and ThreeNow in FY26 included
David Lomas: Breakthrough, The
Traitors NZ, 7 Days and Nadia’s Farm
Kitchen. Devotion:The Gloriavale
Story and premium scripted show
Tangata Pai also performed well
on ThreeNow, attracting new
audiences to the platform.
Alongside our expanded free-
to-air offering, we continued to
commission distinctive Aotearoa
New Zealand storytelling through
Sky Originals. Standout FY26
commissions included premium
drama The Ridge and comedy
series Bust Up and Small Town
Scandal. Alongside their free-to-
air windows, all three resonated
strongly with viewers across our
pay platforms, ranking among
Neon’s top 10 programmes
during their release periods.
Sky Originals also demonstrated
the global appeal of New Zealand
stories through international
partnerships and co-production
opportunities, that attracted
additional investment, supported
higher production values, and
extended the reach of local
stories to global audiences.
Happiness became the first
New Zealand series to screen on
a United States public television
network, while Ms X. achieved
international success, securing
distribution deals in Australia,
Ireland and the US.
Our local productions earned
recognition in New Zealand and
internationally throughout FY26,
reflecting the strength of our
storytelling and the growing
reach of our productions.
Happiness received a Best
Supporting Actor win at the
New Zealand Screen Awards and
was shortlisted for Best Comedy
at three prestigious international
awards: the Asian Academy Creative
Awards, C21 Drama Awards and
Rose d’Or Awards. Secrets at Red
Rocks won a Children’s & Family
Emmy Award for Outstanding
Music Direction and Composition,
while Choir Games won both Best
Unscripted Pilot and the Unscripted
Audience Award at SeriesFest.
Paddy Gower Has Issues received
the New Zealand Media Award
for Best Current Affairs for its
Bowel Cancer Investigation, and
7 Days - produced in-house by
Sky - became New Zealand’s
longest running television comedy,
surpassing 400 episodes and
reaching its 18th season.
We thank NZ On Air and Te Māngai
Pāho for their continued partnership
and investment in New Zealand
storytelling, helping bring local
stories, voices and perspectives to
audiences across our platforms.
Sky / 2026 Annual Report
/ 13

Unrivalled Sport Offering
FY26 was a landmark year for Sky Sport, with a series
of major rights agreements strengthening our long-term
content pipeline and reinforcing our position as Aotearoa
New Zealand’s leading destination for live sport.
Early in FY26, we announced an
expanded five-year partnership
with New Zealand Rugby and its
SANZAAR partners, securing an
unparalleled rugby portfolio through
to 2030. The agreement includes
every All Blacks match played in
SANZAAR countries, the Black Ferns’
expanded international programme,
Super Rugby Pacific, Super Rugby
Aupiki, the NPC, Farah Palmer Cup
and Heartland Championship finals,
as well as marquee events including
the 2029 British and Irish Lions
Tour. Adding to the excitement are
new fixtures including the Greatest
Rivalry series against South Africa
and the Nations Championship,
the new international competition
featuring leading teams from the
northern and southern hemispheres.
Another defining milestone was
securing the exclusive New Zealand
broadcast rights to the Olympic
Games through to Brisbane 2032.
This agreement included the Milano
Cortina 2026 Winter Olympics, and
continues with Los Angeles 2028,
French Alps 2030 Winter Olympics
and Brisbane 2032, ensuring
New Zealanders can experience
the world’s biggest sporting event
across Sky’s paid and free-to-
air channels. It also reflects the
strength of Sky’s multi-platform
offering, enabling us to deliver
events of national significance
to audiences across the country
with Three and ThreeNow playing
an important role from both an
audience and financial perspective.
More recently, we announced a new
exclusive seven-year partnership
with the Australian Rugby League
Commission, securing New Zealand
NRL broadcast rights from 2028 to
2034. As one of the most significant
rights agreements in Sky’s portfolio,
the partnership provides long-term
certainty for one of New Zealand’s
most popular sports and reflects
the strength of our expanded multi-
platform business. From 2028, fans
will continue to enjoy exclusive live
coverage of every NRL and NRLW
match, the NRL Finals Series and
Grand Final, and every State of
Origin match across Sky Sport,
Sky Sport Now, and Sky Venue,
with select content available on
free-to-air, bringing rugby league
to more New Zealanders than ever
before. The agreement is subject
to shareholder approval at Sky’s
2026 Annual Shareholder Meeting.
We also secured exclusive
New Zealand broadcast rights
for the 2026 Rugby League World
Cup, bringing comprehensive
coverage of the men’s, women’s
and wheelchair tournaments to
customers across our platforms.
Beyond these rights agreements,
we strengthened our portfolio
across cricket, motorsport, golf and
international sport. This included
expanding our England and Wales
Cricket rights and adding the Black
Caps’ tour of Bangladesh, extending
partnerships with Formula 1,
Supercars, the DP World Tour and
UFC, securing a new broadcast
and production agreement for
the New Zealand Open, renewing
our distribution agreement with
ESPN, and Silver Ferns netball.
Together, these agreements ensure
customers continue to enjoy a year-
round line-up of live sport from
New Zealand and around the world.
As Sky’s ecosystem has grown, so
too has our ability to deliver premium
sport to more New Zealanders. Free-
to-air has long played an important
role in our strategy, and the addition
of Three and ThreeNow has further
expanded our reach. Alongside
Sail GP, which joined Sky’s rights
portfolio through the acquisition,
we are making more of our premium
sports available free-to-air.
During the year, Three broadcast
the All Blacks’ Nations Championship
Test, expanding free-to-air access
to one of New Zealand’s biggest
sporting moments of the year.
This was followed by Rugby’s
Greatest Rivalry Tour on Three
and ThreeNow, and a further
expansion of access, with all
remaining All Blacks matches and
Tests in the 2026 season available
on Three and ThreeNow, and all
Black Ferns matches available on
Three. We will continue to grow
audiences, build fandom and make
more world-class and homegrown
sport accessible in FY27, with
selected Tauihi basketball games,
every Sal’s NBL and Rapid League
game, and selected NRL and NRLW
matches streaming on ThreeNow.
More recently, we announced a new
exclusive seven-year partnership with the
Australian Rugby League Commission,
securing New Zealand NRL broadcast
rights from 2028 to 2034.
14 /

/ 15
Sky / 2026 Annual Report

One of the standout moments of FY26 was
the Milano Cortina Winter Olympic Games,
where our team delivered comprehensive
multi-platform coverage.
Through dedicated channels, on-
demand content and more than
100 hours of free-to-air coverage
on Sky Open and, for the first time,
ThreeNow, audiences were able to
follow every New Zealand athlete
throughout the Games. Our Olympic
coverage combined world-class
event delivery with a distinctly
human, athlete-first storytelling
approach.
Sky also delivered the international
production of the All Blacks v Ireland
test at Chicago’s Soldier Field
after securing the international
production tender ahead of leading
global broadcasters, reinforcing our
reputation for delivering premium
rugby coverage on the world stage.
Our Olympic coverage combined world-
class event delivery with a distinctly human,
athlete-first storytelling approach.
Delivering World-Class Sport
16 /

Delivering World-Class Sport
Throughout the year, we continued
to enhance the viewing experience
through production innovation, the
launch of 4K Ultra High Definition
(UHD) coverage, more dynamic and
creative graphics and immersive
storytelling. Introduced in time for
the Boxing Day 2025 Ashes Test, 4K
UHD delivers sharper picture quality
and greater detail across selected
premium sporting events, bringing
fans even closer to the action.
Innovations such as Raptor Cam,
augmented graphics and expanded
wraparound programming at
the Super Round and A-League
grand final elevated the viewing
experience for fans, while our
remote production hub also
enabled efficient delivery of live
sport at a competitive cost without
compromising broadcast quality.
Our creative capability extends
beyond live broadcasting.
During the year, we partnered
with New Zealand Rugby to produce
an All Blacks brand campaign,
narrated by Temuera Morrison,
further strengthening our reputation
as a leading creative partner. The
launch of Late Braking, a fully
remote motorsport show hosted by
Greg Murphy, also demonstrated
how we can deliver engaging, cost-
effective content through innovative
production approaches.
Our creative work also received
industry recognition at the
New Zealand Screen Awards with
Marcus Kennedy winning Best
Multi-Camera Director for Sky’s
coverage of the Bledisloe Cup,
and We The South: The Manukau
Rovers Story winning the NZ On Air
Best Pasifika Programme award.
Beyond production innovation,
we continued to invest in expert
talent, content and experiences
that connect fans with the sports
they love. Warriors’ legend Shaun
Johnson joined Sky Sport in an
expanded role for the 2026 NRL
season, leading our rugby league
coverage and a second season of
Ford League Lounge with Shaun
Johnson. We also welcomed Roger
Tuivasa-Sheck to our NRL coverage
and Quade Cooper to our rugby
broadcasts, further strengthening
our expert commentary teams.
Original programming remained
an important part of our sports
offering. Crowd Goes Wild
entered its 21st year in 2026,
hosted by Andrew Mulligan
and Storm Purvis. We also
produced Dave Rennie & Paddy,
an exclusive interview between
newly appointed All Blacks Head
Coach Dave Rennie and journalist
and broadcaster Patrick Gower,
complementing our live coverage
with distinctive local storytelling.
We continued to create memorable
fan experiences including bringing
the Premier League Trophy to
New Zealand for the first time
and delivering the Sky Fan Zone
at Eden Park for the All Blacks
v Wallabies Test, bringing fans
together through interactive
activities, live entertainment and
family-friendly experiences.
Sky / 2026 Annual Report
/ 17

Big Sport Viewing
During the 2026 Super Rugby Pacific season, more than 1.9 million viewers watched the
competition across Sky Sport and Sky Open1, while more than 750,000 viewers tuned in via
Sky Go, Sky Sport Now and ThreeNow2. The season demonstrated the strength of Sky’s multi-
platform offering, with digital audiences continuing to grow alongside broadcast viewing.
The 2025 All Blacks domestic Test series attracted a combined audience of 1.8 million viewers3
across Sky Sport and Sky Open, alongside more than 750,000 viewers on Sky’s digital
channels4. This recorded Sky Sport’s highest engaged audience for an All Blacks match since
the 2023 Rugby World Cup Final.
Driven in part by the emergence of Kiwi driver Liam Lawson, Formula 1 also delivered strong
audience growth during the 2025 season. More than 1.1 million viewers tuned in across Sky
Sport and Sky Open, with a further 470,000 viewers engaging via Sky Sport Now and Sky Go,
highlighting its appeal across Sky’s platforms5.
1. Nielsen TAM, AP05+, Cume Reach, Sky Sport + Sky Open
2. Sky Internal data. Viewers based on Sky internal Unique Account data and a co-viewing factor of 2.3 (Source Glasshouse Consulting streaming co-viewing study)
3. Nielsen TAM, AP05+, Cume Reach, Sky Sport, Sky Open, All Blacks domestic tests 2025
4. Sky Internal data. Co-viewers based on Sky internal Unique Account data and a co-viewing factor of 2.8 (Source Glasshouse Consulting streaming co-viewing study)
5. Sky Internal data. Viewers based on Sky internal Unique Account data and a co-viewing factor of 2.3 (Source Glasshouse Consulting streaming co-viewing study)
Growing
Audiences
Audience growth across
our sports portfolio
reflects the enduring
appeal of live sport and
the continued growth
of streaming.
Sky Sport Now delivered 10%
average subscriber growth during
FY26, supported by initiatives
designed to introduce new audiences
to the platform, including trialling
free one-day access to major events
such as The Ashes, ASB Classic,
Winter Olympics and Super Rugby
Super Round. During the year,
we also enhanced the Sky Sport
Now experience with new features
such as instant replays alongside
additional subscription options
including a Premium Month Pass and
a Sky Sport Now + Neon bundle.
18 /

Te Reo Māori Commentary
Supporting the
normalisation of
te reo Māori remains
an important part of
how Sky tells Aotearoa
New Zealand’s stories.
During FY26, we continued to
expand its use across our sports
coverage, with more than 450,000
New Zealanders choosing the te
reo Māori commentary option
across major sporting moments
including the All Blacks, Black Ferns,
Māori All Blacks and the Winter
Olympic Games.
Our first Olympic Games
glossary, Te Reo Māori ki Parī
2024, was recognised with Te Tira
Kaiwhakamāori – the Language
Vitality Award at Ngā Tohu
Reo Māori 2025, recognising its
contribution to supporting and
championing te reo Māori.
Beyond sport, Sky partnered
with Whakaata Māori and TVNZ
to broadcast live te reo Māori
simulcasts of Waitangi Day, Anzac
Day and Matariki events on Sky
Open, strengthening the visibility of
te reo Māori and sharing stories that
connect and celebrate the unique
identity of Aotearoa New Zealand.
A Collaborative Approach
to Trusted News
Access to trusted, high-quality news
is an important part of Sky’s role
in New Zealand’s media landscape.
Through partnerships with leading
New Zealand news organisations,
we deliver trusted news and current
affairs across Three and ThreeNow.
Daily news bulletin ThreeNews is
produced through a partnership
with Stuff, providing local reporting
alongside comprehensive international
coverage.
During FY26, we further strength-
ened our local news offering
through a strategic partnership
with New Zealand Media and
Entertainment (NZME), bringing
daily breakfast show Ryan Bridge
TODAY to ThreeNow. The show
is also live on Three from August
2026, delivering a strong morning
news offering for Three viewers.
Our international news channels
continue to offer New Zealanders a
comprehensive line-up of coverage
from across the globe. We saw an
increase in audience share between
February and April, as audiences
turned to trusted coverage during
a period of heightened geopolitical
uncertainty, reinforcing the
importance of our international
news offering.
/ 19
Sky / 2026 Annual Report

Sky’s Expanded
Audience
Sky connects with audiences across New Zealand,
spanning subscription television, free-to-air,
streaming, and social media.
Together, these platforms create multiple opportunities for
New Zealanders to discover and engage with our content,
whether they’re watching live sport, bingeing the latest must-
see show, catching up on news or connecting with us online.
20 /

Our reach is a key competitive
advantage, enabling us to build
deeper relationships with audiences
throughout their viewing journey,
while creating greater value for
advertisers through a single, scaled
media offering.
The acquisition of Discovery NZ
marked a transformational milestone
for Sky, significantly expanding our
reach and strengthening our position
as a leading multi-platform media
business.
By bringing together Sky, Three
and ThreeNow, we’ve created
a broader portfolio spanning
subscription television, free-to-
air and streaming, enabling us to
reach more New Zealanders than
ever before while creating greater
value for customers, advertisers and
content partners. The acquisition also
allows us to strengthen and optimise
our investment in premium content
across a wider audience and diversify
our revenue base, particularly through
advertising and digital.
The integration of Sky and Sky Free
(formerly Discovery NZ) occurred
at pace throughout FY26, including
bringing our advertising sales teams
together into a single team across
our expanded portfolio. Together,
our combined business now reaches
more than 2.4 million New Zealanders
every week, providing advertisers
with a single point of access to
audiences across our ecosystem.
During the year, we amplified this
proposition through the development
of a new trade website introducing
Sky’s Unified Digital Ad Network
which launched in August 2026.
The platform enables advertisers
to buy and reach audiences across
our digital platforms through an
integrated offering. These initiatives
simplify engagement with Sky while
positioning the business for continued
growth in digital advertising.
Our commercial momentum was
publicly recognised with the Sky
Business Sales team receiving the
Team Digital Sales Excellence Award
at the 2026 IAB New Zealand Digital
Advertising Awards, recognising
its outstanding performance
in digital advertising sales.
A significant milestone was
Sky’s first combined Advertiser
Upfront, held in February 2026.
Attended by advertisers, agencies,
partners and industry leaders, the
event showcased the scale and
opportunities of the unified Sky,
Three and ThreeNow portfolio,
highlighting our 2026 content slate
across sport, entertainment and
news, alongside our expanded multi-
platform advertising proposition.
The Upfront generated strong
commercial momentum, creating
significant lead opportunities that
the team have been able to translate
into new partnerships and sales,
and strong industry engagement.
STREAMINGBROADCASTSOCIALS
Sky Sport NowNeonThreeNowSky GoSky BoxThree/Sky OpenVenuesSocial Media
1.2m
MONTHLY
VIEWERS
1
2.2m
MONTHLY
VIEWERS
2
2.5m
MONTHLY
VIEWERS
2
5k
CUSTOMERS
3
4.1m
FOLLOWERS
4
ADVERTISING
Sky Venue
In FY26 we launched Guest+
for accommodation providers,
a bespoke business solution
combining Sky content, video on
demand and selected third-party
streaming apps in a secure in-
room entertainment solution.
Since launching in October
2025, 191 motels have either
contracted or installed the service,
demonstrating strong early
demand. Guest+ provides an easy
upgrade path for accommodation
providers while ensuring guests’
personal streaming credentials are
securely cleared between stays.
Demand for premium
entertainment solutions remained
strong across accommodation
and hospitality with Sky Venue
delivering integrated solutions
for major developments including
the 231-room DoubleTree by
Hilton Auckland, and premium
installations for regional operators
such as Edgewater Wānaka.
Sky also partnered with TVNZ to
deliver the FIFA World Cup 2026™
to Sky Venue customers through
a dedicated commercial solution,
enabling venues to show all 104
matches via a dedicated channel,
reinforcing Sky Venue’s role as a
trusted partner for premium in-
venue sports viewing.
1. Nielsen CMI Q2 2025 to Q1 2026 API5+ (weekly)
2. Sky Box and Free to Air - Nielsen TAM, AP5+ Average monthly reach for July 2025 to June 2026
3. Sky customer data
4. Sprout Social Report June 2026
Sky / 2026 Annual Report
/ 21

Sky’s first combined
Advertiser Upfront
in February 2026
brought the industry
together to showcase
the strength of the
unified Sky, Three and
ThreeNow offering.
22 /

Our Environment,
Our Communities,
and Our People
Sky is committed to being a responsible, sustainably
profitable business that makes a positive impact on
Aotearoa New Zealand.
Grounded in our purpose and guided by te ao Māori principles, our
Sustainability Framework is built around three pillars: Our Environment
(Kaitiakitanga), Our Communities (Whanaungatanga), and Our People
(Manaakitanga), where we can make the most meaningful difference.
/ 23
Sky / 2026 Annual Report

Our Environment
Kaitiakitanga – caring for the environment and using resources wisely.
Environmental impact
During FY26, we continued to build
awareness and understanding of
environmental sustainability across
Sky through initiatives led by our
Sustainability Champions network.
We marked Earth Week for the
first time with a speaker event
hosted by ThreeNews presenter,
Samantha Hayes, featuring the
talent and creators behind Sky
commissioned shows Tane Tarlton’s
Ocean Adventures and Wild Heroes.
The session highlighted the power
of storytelling to raise awareness of
environmental issues and inspired
several emissions reduction projects
across Sky. We also used our
platforms to highlight important
environmental stories across Sky,
Sky Go and Neon, including Earth
Week content collections that
celebrated the natural world and
encouraged audiences to engage
with environmental issues.
Other Earth Week inspired initiatives
included our ’60 Seconds on
Sustainability’ videos. These were
shared with crew to showcase
projects that are helping to reduce
our resource and emissions footprint.
Serving as a way to educate and
inspire, these stories have sparked
new ideas for projects that ‘Reduce,
Reuse or Recycle’
Reducing our
environmental footprint
Supporting the goals of our
Sustainability Framework, we
continue to reduce our environ-
mental footprint while improving
the customer experience.
During the year, we redesigned our
customer bills to make account
information easier to access and
understand, while encouraging more
customers to switch to digital billing
and reduce paper use.
Through this initiative, online
communication take-up increased
by 17%. For customers who continue
to prefer physical copies, the
redesigned format reduced printed
pages by 43% each month. Together,
these changes have significantly
reduced paper use and transport-
related emissions, with a growing
number of customers choosing to
receive their bills online.
Utarenga Tinokura, Customer Care Technician,
reporting on Sky Box recycling with our
partners Echo
Andreia Pinto, Logistics Manager, discussing
manufacturing and packaging initiatives
24 /

Our Environment continued
Reported GHG emissions (tCO
2
e)
1
Emissions SourceFY26
Performance
against FY25FY25 FY24
FY23
Base Year
Performance
against FY23
Scope 1Direct emissions (restated
1
)1424%137255702-80%
Previously reported137224307
Scope 2
Indirect emissions from imported energy
(restated
1
, location based)
568-37%896998689-18%
Previously reported698718419
Total gross Scope 1 and Scope 2710-31%1,0331,2531,391-49%
Actual Electricity usage (kWh), removing the impact of changes in MfE
2
factors related to the efficiency of the electricity generation network
Total Scope 2 (kWh) (restated
1
)7,987,951-11%9,007,22010,015,03911,917,066-33%
Previously reported 6,978,538 7,186,142 8,486,817
1. FY23 base year, FY24 and FY25 data has been restated to include emissions from Discovery NZ following the acquisition of this business on 1 August 2025. FY26 emission reporting
includes 12 months of data for the acquisition in line with GHG Protocol guidance.
2. Sky uses emissions factor data provided by the Ministry for the Environment (MfE) to calculate the impact of emissions, expressed as equivalent tons of carbon dioxide (tCO
2
e).
Emissions reporting
Sky published our second Climate
Statement in October 2025, outlining
our approach to climate-related
risks, opportunities and emissions
management. While subsequent
changes to New Zealand’s climate
reporting regime mean Sky is no
longer required to publish climate
disclosures, we remain committed
to transparency and will continue
to report our Scope 1 and Scope 2
greenhouse gas emissions. Other
aspects of the climate reporting
requirements such as our approach
to managing risks and opportunities
arising from climate impacts remain
in focus as part of Sky’s enterprise
risk management process.
Following the acquisition of Sky
Free, historical emissions data has
been restated back to our FY23
baseline, in line with GHG Protocol
recommendations, to provide
a consistent basis for tracking
performance over time.
Reporting for the first time as a
Group, Sky’s total scope 1 and scope
2 emissions profile has reduced
over time, with a combined 49%
reduction recorded since the FY23
base line year.
Scope 1 emissions improved 80%
against the base year. This included
the impact of reducing emissions
from fuels used in leased vehicles,
largely through the FY24 closure of
Discovery NZ’s NewsHub operations.
In FY26 70% of scope 1 emissions
related to leased vehicles used
by Sky customer care technicians
and sports production crew. The
remainder related to generator and
air conditioning system top-ups.
An 18% improvement in scope 2
emissions from imported electricity
includes a reduction in the building
footprint across both Sky and Sky
Free and efficiency gains through
reduction initiatives against the
base year. From October 2025 all
Sky Free employees relocated to Sky
premises, further reducing combined
electricity emissions.
To remove the impact of changes
in the MfE factors related to
the efficiency of New Zealand’s
electricity generation network, we
have provided additional information
on Actual Electricity usage,
measured in kilowatt hours (kWh).
On this basis, the actual reduction in
electricity usage is 33% against the
base year, including an 11% reduction
in FY26.
Sky / 2026 Annual Report
/ 25

Our Communities
Whanaungatanga – reflecting and connecting with New Zealanders,
championing excellence, local stories and positive social impact.
Sky For Good
Our Sky For Good programme is
about using our platforms, our
content and our people to make
a meaningful difference in the
communities we serve. Aligned
with our focus of connecting
New Zealanders with the sport and
entertainment they love, in ways
that work for them, we support
a range of community initiatives
and charitable organisations
across Aotearoa New Zealand.
One way we deliver this impact
is through in-kind support for
organisations including the Starship
Foundation, Wellington children’s
hospital rooms and Auckland’s
Westpac Rescue Helicopter. This
includes complimentary Sky services
in children’s hospital rooms, helping
improve the experience of children
and their whānau during their stay.
During the year, more than 60 Sky
crew volunteered at the Special
Children’s Christmas Parties, helping
create memorable experiences for
thousands of children. Through our
Volunteer Day programme, crew
also gave their time to community
organisations including Auckland
City Mission.
Shaun Wallace returned to
New Zealand in November
2025, supporting eight Cure
Kids quiz events, in partnership
with our Sky quiz business,
Believe it Or Not (BION), that
raised more than $180,000.
Our commitment to celebrating
sporting excellence and supporting
future talent is brought to life
through our involvement with the
Halberg Awards. Broadcasting the
event and sponsoring the Sky Sport
Emerging Talent Award enables Sky
to celebrate the achievements of
athletes while supporting the Halberg
Foundation’s work to increase
opportunities for young people with
physical disabilities to participate
in sport and recreation. In 2026,
the award was presented to track
athlete Sam Ruthe.
Championing the craft –
next generation
Supporting the next generation
of talent remains an important
commitment for Sky.
We are proud to sponsor the Sky
Julian Walker Award for Outstanding
Achievement, presented annually
to the top Screen graduate at
the New Zealand Broadcasting
School. The 2026 award recognised
Kieren McPeake for outstanding
achievement and potential in
New Zealand’s screen industry.
We also launched Tākaro Pāpāho
in collaboration with Whakaata
Māori and TVNZ under the
leadership of Ngā Aho Whakaari,
Māori in Screen Society.
This initiative is developing the next
generation of te reo Māori sports
broadcasters by providing emerging
talent with experience in live
broadcasting environments, growing
their capability and confidence.
Tākaro PāpāhoSam Ruthe, winner of the Sky Sport Emerging
Talent Award at the Halberg Awards
Responsible
broadcasting
We are committed to making our
content as accessible as possible,
including through the provision of
closed captions across Sky, Neon,
Three, ThreeNow and Sky Open
where available, and we continue
to explore practical and sustainable
ways to improve accessibility.
We support audiences to make
informed viewing choices through
clear content classifications and
maintain strong compliance
practices across the Broadcasting
Standards Code and Commercial
Video on Demand Code. We also
adhere to the Advertising Standards
Authority codes across relevant
activities.
Across all of Sky’s channels, four
complaints were referred to the
Broadcasting Standards Authority
during the year, of which two were
upheld.
60 Sky crew volunteered at the Special
Children’s Christmas Parties
26 /

Manaakitanga – creating a safe, inclusive,
values-led workplace.
Our commitment to our people is reflected in
employee engagement, which remains a key
priority for Sky. This year, we were pleased to
surpass our three-year engagement target.
Measured through our six-monthly
Life@Sky survey, the June 2026 result
showed a 22-point increase since
June 2023, well ahead of our target
improvement of 14 points. The result
is particularly encouraging given
engagement continued to improve
throughout the year as we integrated
the Sky and Sky Free teams.
Within the team setting,
investment in leadership training
through our company-wide
Leadership Boost programme
has contributed to engagement
results across the business.
Quarterly Sky Kōrero events
provide an opportunity to bring
our crew together, strengthening
connection to our strategy and
fostering a shared understanding
of the role we all play in delivering
for our customers. These events
also provide an important forum
for recognising the outstanding
contributions of individuals and
teams across the business.
During the year, we launched our
Playbook, a behavioural framework
that outlines how we work together
at Sky and the behaviours we
expect of ourselves and each other.
Grounded in our values and informed
by te ao Māori concepts including
Whanaungatanga (relationships),
Manaakitanga (care for others),
Kotahitanga (unity) and Ngākau
Pono (integrity), it guides how
we make decisions, collaborate
and show up for our customers,
partners, communities and crew.
Supported by our policies and ways
of working, the Playbook helps
foster a positive, inclusive and high-
performing culture across Sky.
Diversity and inclusion
Creating an inclusive workplace where
all crew feel they belong remains a
priority for Sky and is supported by
our Diversity and Inclusion Policy.
We believe an organisation that
reflects the diversity of its current
and future customers will be able
to deliver better, more personalised
customer experience while
adding value to our business.
Sky crew diversity
Our diversity metrics include gender-
balanced leadership, where we aim
to have 40% men, 40% women
and 20% of either gender in senior
leadership positions. Our Board
continues to maintain over 30%
female representation, consistent
with FY25, while women comprised
57% of our Executive team in FY26.
Across our workforce, gender
representation is well balanced,
with women comprising 45%
of employees, men 52%, and
approximately 3% identifying
as gender diverse or preferring
not to disclose their gender.
Our crew proudly represent
over 60 ethnicities. At Rangiata
Sky, Māori and Pasifika peoples
make up 17% of the workforce,
reflecting the diversity of the
communities in which we operate.
Inclusivity is measured through
the six-monthly Life@Sky survey,
with our June 2026 results showing
an inclusivity favourability score
of 85% while 90% of employees
agreed that Sky values diversity.
Marking Diwali as a crew
Matariki, welcoming the Māori New Year
Celebrating Eid together
Our People
Sky / 2026 Annual Report
/ 27

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
Board of Directors
28 /

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. Philip currently sits on the
boards of two other listed companies,
as the recently appointed Chair of
KMD Brands, and as a director of
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 governance and leadership as
a director and advisor to companies in
a diverse range of industries, including
the energy sector, retail, rural services,
printing, media and exporting. Keith is
a director of several private companies
and is a past director and Chair of
Goodman Property Services (NZ)
Limited. He is also 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 role as a director
of ASX-listed Origin Energy Ltd,
and she has previously held Chair
positions at The Warehouse Group,
Auckland International Airport and
Mercury NZ Ltd, and as a director
of many large NZ companies, most
latterly at ANZ Bank New Zealand.
Joan is a Trustee of the Louise Perkins
Foundation and was formerly Chair
of a steering committee focused
on increasing the number of South
Auckland Māori and Pacific students
entering the health sector. She holds
a Master of Business Administration
from the University of Auckland.
Joan was named Supreme Winner
at the Women of Influence Awards
and Chairperson of the Year at the
Deloitte Top 200 Management
Awards in 2015. In 2024, she was
made a Dame Companion of
the New Zealand Order of Merit,
and in 2025 was admitted to the
New Zealand Business Hall of Fame.
Belinda Rowe
Independent Director
Belinda was appointed to the
board in March 2023. Belinda has
extensive experience in C Level roles
across marketing, digital, marketing
communications and the media
sector in Global, UK and Australian
companies. She brings a strong
commercial focus on customer-
centric growth, digital innovation
and expertise in strategy, leadership
and business transformation. Belinda
also successfully led the creation
of a compelling content marketing
and sport evaluation and activation
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. Active
member in Chief Executive Women,
Minerva Network, AICD, Marketing
Group Great Britain, WACL UK.
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 governance roles and
these currently include Chair of British
Gymnastics. He is an internationally
recognised authority on media matters
through his Tellynomics blog, and 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.
Mark is the Managing Partner,
Leadership Advisory at Hourigan
International and specialises in
Board and c-suite advisory; is a past
Advisor to Tech Central; and for a
decade served as a Senior Advisor to
Accenture’s Communications, Media
and Technology practice. Mark’s
governance credentials include the
Chair of OzTAM, the Australian free-
to-air television consortium and
was formerly the Delegate Director
across Telstra’s media investments.
He is actively involved in several
technology start-ups and social
enterprises. Mark holds an MBA from
Macquarie Business School and has
completed post-graduate studies in
Digital Strategy at Kellogg Business
School, Sustainability and Circular
Economy at Cambridge, AI at MIT and
Cybersecurity at Harvard University.
Sky / 2026 Annual Report
/ 29

David Mackrell
Chief Financial Officer
Interim Chief Sales Officer
Chris Major
Chief Corporate Affairs Officer
Oleg Gribanov
Interim Chief Technology Officer
Antony Welton
Chief Operating Officer
Nikki Goodman
Chief Customer Officer
Sophie Moloney
Chief Executive
Kym Niblock
Chief Transformation Officer
(Project Role)
Katie Williams
Chief People Officer
Leadership Team
30 /

Corporate
Governance
Statement
/ 31
Sky / 2026 Annual Report

The following disclosures and compliance statements are
provided in accordance with the NZX Corporate Governance
Code (dated March 2026) (NZX Code). This corporate
governance statement is current as at 27 August 2026 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 2026 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 “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.
Sky managers are responsible for 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.
The Protected Disclosures Policy is posted on Sky’s website.
Any serious wrongdoing 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 available
on Sky’s website. Sky’s Securities Trading Policy includes
robust procedures to minimise the risk of insider trading
and these were reviewed and further strengthened in FY26.
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 prohibited persons 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 purpose of the policy is to set minimum
standards of conduct for Sky to ensure it can comply with all
applicable anti-bribery and corruption laws.
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.
Modern Slavery
Sky has continued to strengthen its efforts to reduce the risk
of modern slavery practices across the Group’s operations and
supply chain through building awareness and accountability,
with all Sky employees required to complete annual mandatory
training on identifying and avoiding modern slavery risks.
Corporate Governance Statement
32 /

Corporate Governance Statement (continued)
Sky’s Supplier Code of Conduct sets out the requirements
and expectations of suppliers, including specific expectations
regarding human rights, labour standards and modern slavery.
Sky will continue engaging with key suppliers, including new
relationships entered into through the acquisition of the Sky
Free business, to understand their capacity to assess and
address modern slavery risks. Previously, Sky has developed
a targeted modern slavery questionnaire and engaged with
selected 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.
Sky is following the progress of New Zealand’s Modern Slavery
legislation and expects to be well positioned to meet the
requirements once passed into law.
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 2026, the Board
consisted of six directors whose relevant skills, experience and
expertise are outlined in their biographies on page 29.
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 2026 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 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 2026 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 / 2026 Annual Report
/ 33

Corporate Governance Statement (continued)
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
• 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 2025 and 30 June 2026, there were 13
Board meetings. Attendance was as follows:
Board meetings
held while a director
Attendance at
Board meetings
Philip Bowman
1313
Keith Smith
1313
Mike Darcey
1313
Dame Joan Withers
1313
Mark Buckman
1312
Belinda Rowe
1312
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 to keep
them informed about Sky’s business including reports during
the financial year ended 30 June 2026 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
Keith
Smith
Mike
Darcey
Dame Joan
Withers
Mark
Buckman
Belinda
Rowe
Media Industry Leadership –
including experience in overseas markets
Strategic Content Partnerships
Customer Insight and Experience
Technology, Data, Digital and AI
Public Company Governance including Risk and
Sustainability Management
Finance/Accounting and Commercial including
Corporate Transactions
CEO and Executive Experience
People Management and Culture
34 /

Corporate Governance Statement (continued)
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 survey was completed in FY26.
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 page 38. Formal evaluation of senior
executive performance for the 2026 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, nationality, ethnic and cultural background,
sexuality, experience and beliefs. Sky’s Board and
management believe that an organisation which 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 measures its inclusivity six-
monthly as part of a company-wide engagement survey.
As of June 2026, inclusivity has an 85% favorability score which
means that employees believe Sky is an inclusive workplace.
Further, 90% of employees believe Sky values diversity which
is a critical element to supporting an inclusive culture. Sky
believes that a diverse workforce supports an inclusive culture,
starting with inclusive recruitment practices including the way
we advertise.
The Board acknowledges the importance of diversity both
on boards and within companies, 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 2026,
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 five 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 the 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 38% men, 62% women.
At 30 June 2026 Sky’s senior leadership team (the top three
tiers of the organisation) comprised 55% men and 45% women.
As set out on page 27, Sky has committed to embedding the
principles of te ao Māori into Sky’s ways of working. In addition
to this commitment, Sky has focused on three inclusion
priorities over the last three years, including in FY26: Gender
Balance, Pasifika and Rainbow Communities.
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 which 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 FY26.
The chart below represents Sky’s gender and age diversification
as at 30 June 2026:
2026Board LevelOfficersAll staff
Women
24334
Men
43390
Gender diverse
005
Prefer not to say
0019
Total number
6774 8
Over 45
100%100%39%
2025Board LevelOfficersAll staff
Women
25266
Men
44353
Gender diverse
007
Prefer not to say
0012
Total number
69638
Over 45
100%100%41%
Sky / 2026 Annual Report
/ 35

Corporate Governance Statement (continued)
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 2026, the members of the Committee, who are
independent directors, are Keith Smith (ARC Chair, Board
Deputy Chair), Philip Bowman (Board Chair, CRC 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. Sky management may only attend
Committee meetings by invitation.
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 2026, 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 2026, the members of the Committee who are
independent directors are Philip Bowman (CRC Chair, Board
Chair), Keith Smith (Board Deputy Chair, ARC 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,
CRC 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, Chief Corporate
Affairs Officer and Company Secretary. Sky management
may only attend Committee meetings by invitation.
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 2026
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.
36 /

Corporate Governance Statement (continued)
Committee Meetings
During the financial year ended 30 June 2026 attendance at
committee meetings were as reflected in the table below:
Committee meetings
held while a
Committee member
Attendance
at Committee
meetings
Audit and Risk Committee
Keith Smith (Chair)
44
Dame Joan Withers
44
Philip Bowman
44
People and Performance Committee
Mark Buckman (Chair)
66
Dame Joan Withers
66
Belinda Rowe
66
Content Rights Committee
Philip Bowman (Chair)
66
Keith Smith
66
Mike Darcey
66
Takeover Protocol
The Sky Board has appropriate protocols in place that
outline the procedures to be followed if there is an offer
to take a controlling interest in the Company. A committee
of independent Directors would be formed which would
have responsibility for managing the takeover process in
accordance with the Board protocols and the New Zealand
Takeovers Code.
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 is committed to providing 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: offering 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 returns being a core
component of Sky’s senior leaders’ compensation.
Sky / 2026 Annual Report
/ 37

Corporate Governance Statement (continued)
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,
executive fixed remuneration, and short- and long-term
incentives.
Fixed Remuneration
Fixed remuneration for executives and all employees 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 regularly. Sky’s employee benefits were reviewed
in FY26. 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. Sky lifted
its KiwiSaver employee contribution to 3.5% of base salary
on 1 April 2026.
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
• Free and discounted Sky products
• Discounted wellbeing services.
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 FY26 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 an award at target equal to 15% of base salary.
The STI measures for FY26 were divided between financial
performance, accounting for the majority of the award, and
non-financial, lead performance indicators. The financial
measures used were: total revenue, EBITDA and content costs
as a percentage of revenue. The non-financial performance
indicators were: People (measured by employee engagement,
and Health & Safety culture), Customer Experience
(as measured by 3 month rolling average Net Promotor Score),
and Viewership (measured by Average Viewer Hours per
month, 12 month rolling).
Sky’s Short Term Incentive plan includes an overarching Health
and Safety hurdle whereby any STI award is forfeited in the
case of a successful prosecution under the Health and Safety
at Work Act 2015.
Short Term Incentive (STI) achievement FY26
Overall
Award
Performance
IndicatorTargetWeightAchievement
Financial (set on a Sky Standalone basis)
96%
Revenue
$765m15%0%
EBITDA
$155m30%117%
Programming
costs as %
of revenue
4 7. 3 %10%150%
Non-financial
People:
Engagement
+4pts10%125%
People: Health
& safety culture
+5pts5%125%
Customer
experience
+8pts20%75%
Viewership
+2.3pts10%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 and FY26. The purpose
of the LTI is to incentivise the performance and retention
of Sky’s key executives and create strong alignment with
shareholders’ interests, consistent with contemporary
market standards.
The plan is structured as a performance share 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 two equally weighted measures:
• 50% based on Absolute Total Shareholder Return as
measured by CAGR performance of greater or equal to the
company’s cost of equity plus 1% (FY26: 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 (FY26: 11.9%) per annum.
• 50% based on Relative Total Shareholder Return as
measured by Sky’s 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.
(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.
38 /

Corporate Governance Statement (continued)
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 / 2026 Annual Report
/ 39

Corporate Governance Statement (continued)
Chief Executive Officer’s Remuneration (earned)
1
Base SalaryKiwiSaverSTI
STI as a
% of target
Incentive
AwardTotal Earned
Share rights
allocated

2026
1,099,010 63,268526,42596%$300,0001,988,703 174 , 2 9 1
2025
1,067,000 40,318 276,93552%1,384,253 191,298
2024
970,000 45,490 546,349113%1,561,839 198,329
2023
970,000 34,584 182,78542%1,187,369
2022
932,500 36,787 293,73790%1,263,024
(1) Amounts shown are the amounts earned during the period. STI and Incentive award payments earned are paid in the following financial year.
(2) Share Rights allocated refers to the number of Share Rights allocated under the LTI during the financial year and remaining at risk. No Share Rights had vested at 30
June 2026.

2
On a total earnings basis, including STI paid, the median
pay gap was 13.8 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 2026
were within the specified bands above $100,000.
The remuneration figures shown in the table include all
monetary payments actually paid during the year ended
30 June 2026, including KiwiSaver severance and STI payments.
The table does not include amounts paid post 30 June 2026
that relate to the 2026 financial year, such as STI payments.
Remuneration Range ($)Number of employees
100,000 - 110,000
40
110,001 - 120,000
36
120,001 - 130,000
46
130,001 - 140,000
38
140,001 - 150,000
25
150,001 - 160,000
29
160,001 - 170,000
41
170,001 - 180,000
23
180,001 - 190,000
10
190,001 - 200,000
12
200,001 - 210,000
12
210,001 - 220,000
11
220,001 - 230,000
6
230,001 - 240,000
5
240,001 - 250,000
6
250,001 - 260,000
9
260,001 - 270,000
2
270,001 - 280,000
4
280,001 - 290,000
4
290,001 - 300,000
4
300,001 - 310,000
1
310,001 - 320,000
6
320,001 - 330,000
4
330,001 - 340,000
1
340,001 - 350,000
3
350,001 - 360,000
2
360,001 - 370,000
1
370,001 - 380,000
1
380,001 - 390,000
1
400,001 - 410,000
1
420,001 - 430,000
1
440,001 - 450,000
1
510,001 - 520,000
1
600,001 - 610,000
1
630,001 - 640,000
1
670,001 - 680,000
1
1,050,001 - 1,060,000
1
1,410,001 - 1,420,000
1
Grand Total
392
Chief Executive Remuneration
Sky’s People & Performance Committee (PPC) is responsible for
reviewing and recommending Chief Executive remuneration to
Sky’s Board annually. In FY26, 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
provision for a redundancy payment of 44 weeks.
The Chief Executive’s remuneration includes fixed
remuneration of base salary plus KiwiSaver. Based on
independent benchmark data, the Chief Executive’s base
salary was increased by 3% in line with forecast market
movements provided by Sky’s external advisor. The actual
market movement for FY26 was confirmed to be 4% for
relevant CEO roles in April 2026.
The Chief Executive has a significant portion of remuneration
‘at risk’ and linked to Sky’s commercial performance.
The variable remuneration components are a Short Term
Incentive plan (STI) and Long Term Incentive plan (LTI).
The STI is set at 50% of base salary. The LTI was introduced in
FY24 and is structured as a performance share rights plan with
a three-year vesting period with service rights conditions (as
set out on page 38). At 30 June 2026 the Chief Executive held a
total of 563,918 share rights. The maximum potential earnings
from the LTI is 50% of base salary per annum. No Share Rights
had vested at 30 June 2026.
At the conclusion of the three-year vesting period, Share Rights
allocated to the Chief Executive in FY24 will be tested against
the LTI performance criteria. The test period begins immediately
following the release of FY26 Annual Results. Subject to the
test results, the Performance Share Rights could be partially or
fully exercised. The conversion to ordinary shares and/or lapse of
Share Rights will be advised by a Market release to the NZ and
Australian Stock Exchanges.
Subsequent to 30 June 2026 the Board agreed to make an
additional incentive award to the Chief Executive in recognition
of an exceptional contribution over the three-year period to
FY26, including successful delivery of satellite migration, the
acquisition of Discovery NZ and securing strategically important
sports rights.
Pay Equity and Diversity
Sky has committed to paying all employees the living wage or
more. At 30 June 2026 all permanent Sky employees were paid
the living wage or more.
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 2026 the Chief
Executive’s base salary of $1,099,010 (on an annualised basis)
was 11.0 times that of the median employee at $100,000.
40 /

Corporate Governance Statement (continued)
Director Remuneration
Directors do not receive any performance or equity-based
remuneration, superannuation or retirement benefits (for
their role as directors). This reflects the role of the directors
which is to provide oversight and guide strategy, whereas the
role of management is to operate the business and execute
Sky’s strategy.
The directors’ fee pool has been set at a maximum amount
of $1,115,000 per annum since it was last approved by
shareholders on 14 November 2024, effective from 1 December
2024. Directors received a CPI-aligned fee increase of 3% to
the base fee on 1 July 2025. This fee had remained unchanged
since July 2023.
Annual Fee Structure ($)
Year ended
30 June 2026
Year ended
30 June 2025
Board fees
Board Chair
252,350245,000
Deputy Chair
147,625143,325
Independent Director
113,558 110,250
Board Committee Fees
Audit and Risk Committee (ARC)
Chair
20,00020,000
Member
12,00012,000
People and Performance Committee (PPC)
Chair
16,00016,000
Member
8,0008,000
Content Rights Committee (CRC)
Chair
16,00016,000
Member
8,0008,000
(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 2026 are
set out in the table below:
Name
Board
FeesARCPPCCRCTotal
Philip Bowman
(Chair)
1
252,350--252,350
Keith Smith
(Deputy Chair)
147,62520,000-8,000175,625
Mike Darcey
113,558--8,000121,558
Dame Joan
Withers
113,55812,0008,000-133,558
Mark Buckman
113,558-16,000-129,558
Belinda Rowe
113,558-8,000-121,558
Totals
854,20532,00032,00016,000934,205
(1) The Board Chair is a member of the ARC and Chair of the CRC. The Chair does
not receive a separate fee for committee roles.
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 / 2026 Annual Report
/ 41

Corporate Governance Statement (continued)
Sky has identified the following strategic risks that could affect results and performance:
Strategic risksDescriptionMitigation
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. Sky continually
reviews the nature of the content acquired and its access to
content. Sky is focused on delivering content that is important
to its customers and utilises data-based insights and research
to ensure its content strategy is achieved.
Negative impact of
ongoing significant
New Zealand
economic downturn
An ongoing 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 constantly 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
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 disrupted and Sky's cost structure
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.
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.
Table continued over page
42 /

Corporate Governance Statement (continued)
Strategic risksDescriptionMitigation
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 and/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. Sky’s strategic approach to health and
safety is to:
• safeguard the wellbeing of its people by providing a safe and
inclusive workplace;
• fulfil all safety obligations within the business, in line with
the strategic intent, corporate objectives and legislative
requirements; and,
• maintain a safety culture which drives continual improvement
and organisational resilience at all levels within Sky.
Sky’s Board plays an active role in Sky’s safety culture and
Health & Safety matters are discussed at every meeting.
In addition to monthly updates covering initiatives and
performance, directors receive quarterly legislative briefings,
undertake six-monthly safety visits and participate in an
annual Health & Safety capability uplift session with an
external advisor.
As part of its commitment to workplace health and safety,
Sky commissioned an external Health & Safety Audit in 2024
and has taken action on the recommendations. The next audit
is scheduled for August 2026.
Sky has two primary measures of health & safety performance.
The first is the lag indicator of Total Recordable Injury Rate.
The second is a lead indicator of Sky’s health and safety culture
as measured in Sky’s six-monthly engagement survey. Both
measures continue to perform above target in FY26.
The below table shows performance in these measures over
the past three years:
202620252024
Total Recordable Injury Rate
2.80.9N/A
Health & Safety Culture
908985
The importance placed on health and safety is reflected
in Sky’s remuneration framework through the Short Term
Incentive (STI) hurdle whereby no annual award is made if Sky
has been successfully prosecuted under the Health & Safety
Act 2015. In FY26 Sky had no notifiable incidents, 3 lost-time
injuries and no incidents in activities involving Sky’s critical risks.
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 2026
financial year is included on page 89.
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 / 2026 Annual Report
/ 43

Corporate Governance Statement (continued)
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.
Information provided to stock exchanges of an administrative
or compliance nature will not necessarily be posted on
the website.
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 in person or online,
via a shareholder meeting platform. 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 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.
44 /

Company
Information
/ 45
Sky / 2026 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 2026 are as follows:
DirectorEntityRelationship
Philip BowmanKMD Brands Limited (listed)
1
Tegel Group Holdings Limited
Ferrovial N.V. (listed)
Tom Tom Holdings, Inc.
Vinula Pty. Limited
Vinula Super Fund Pty. Limited
Chair
Chair
Director
Director
Director
Director
Mike DarceyBritish Gymnastics
Premier League Basketball UK
Chair
Shareholder
Keith SmithAnderson & O’Leary Limited and associated companies
Enterprise Group Holdings Limited and associated companies
Goodman Property Services (NZ) Limited
2
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
2
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
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
Non-Executive Director
Non-Executive Director
Non-Executive Director
Director
Director
(1) Entries added or updated during the period from 1 July 2025 to 30 June 2026.
(2) Entries removed by notices given by the directors during the period from 1 July 2025 to 30 June 2026.
Particular Transactions / Use of Company Information
During the financial year to 30 June 2026, 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.
46 /

Company Information
Directors’ and senior managers’ interests in securities and trading
The table below sets out directors’ and senior managers’ relevant interests in Sky’s quoted financial products as at 30 June 2026
(as defined in the Financial Markets Conduct Act 2013) for the purposes of NZX Listing Rule 3.7.1(d), together with transactions
recorded during FY26:
Director
Total number of Ordinary Shares
in which relevant interest is held
at 30 June 2026Interest
Transaction
Date
Number of Ordinary
Shares acquired/
(disposed of)
Philip Bowman850,000Beneficial ownership25 August 2025
26 August 2025
18 March 2026
20 March 2026
23 March 2026
12 May 2026
44,932
5,068
5,807
220
643
43,330
Keith Smith152,260Beneficial ownership and other
1
20 May 2026116,000
Dame Joan Withers10,500Beneficial ownership27 August 202510,500
Mark Buckman5,000Beneficial ownership11 November 20255,000
Belinda Rowe 23,000Beneficial ownership
2
--
Mike Darcey125,000Beneficial ownership--
Senior Manager
Sophie Moloney
(CEO)
331,861Beneficial ownership25 August 2025
24 March 2026
25 March 2026
26 March 2026
50,000
768
1702
29,030
(1) Includes: 100,000 shares held by Keith Smith; 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); 24,333 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).
(2) 23,000 shares held by Belinda Rowe as beneficiary of Rowe-Cuthbert Nominee Pty Limited as trustee of the Rowe-Cuthbert Super Fund.
Subsidiaries
At 30 June 2026, Sky had the following subsidiary companies:
SubsidiaryDirector(s) Principal Activity
Believe It Or Not LimitedAnnabelle Lochead
Brendan Lochead
Christopher Shaw
Antony Welton
Entertainment quizzes
Lightbox New Zealand LimitedSophie MoloneyStreaming services
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
Commercial music
Sky Free Limited (previously
Discovery NZ Limited)
1
Sophie Moloney (appointed 1 August 2025)
David Mackrell (appointed 1 April 2026)
1
Media services
Sky Investment Holdings LimitedSophie MoloneyDid not trade
Sky Network Services LimitedSophie MoloneyBroadband services
Sky Ventures LimitedSophie MoloneyDid not trade
(1) David Mackrell replaced Juliet Peterson, who was appointed on 5 July 2024 and retired 1 April 2026.
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 / 2026 Annual Report
/ 47

Company Information (continued)
Sky subsidiaries’ interests registers
In the year to 30 June 2026, in relation to Sky’s subsidiaries, no specific notices were made in the Interests Register pursuant
to section 140 of the Companies Act 1993.
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 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 2026 there were 6,145 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 voting products on issue at 30 June 2026.
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 at 30 June 2026:
Substantial Product Holder Name
Date of Substantial
Product Holder Notice
Number of Shares in
Substantial Product Holding% held
Accident Compensation Corporation3 December 2024
14,543,63710.564
FirstCape Group Limited21 October 2025
7, 9 4 6 , 7 5 15.772
New Zealand Superannuation Fund19 May 2026
12,085,0868.778
Investment Services Group Limited19 June 2026
7, 3 8 3 , 7 6 35.363
(1) Based on disclosures to the company.
At Sky’s 30 June 2026 year end the total number of ordinary shares on issue was 137,675,010.
Twenty Largest Shareholders at 30 June 2026
NameNumber of Shares% of Issued Capital
BNP Paribas Nominees (NZ) Limited (BPSS40)
Accident Compensation Corporation
HSBC Nominees A/C NZ Superannuation Fund Nominees Limited
HSBC Nominees (New Zealand) Limited (HKBN90)
Citibank Nominees (New Zealand) Limited
Custodial Services Limited
New Zealand Depository Nominee Limited
APEX Custodians Nominees (NZ) Limited (TEAC40)
JBWere (NZ) Nominees Limited
JPMorgan Chase Bank NA NZ Branch-Segregated Clients Acct
HSBC Custody Nominees (Australia) Limited
BNP Paribas Nominees (NZ) Limited
HSBC Nominees (New Zealand) Limited A/C State Street
Rural Equities Limited
Citicorp Nominees Pty Limited
New Zealand Rugby Union Incorporated
JBWere (NZ) Nominees Limited
PT (Booster Investments) Nominees Limited
BNP Paribas Nominees (NZ) Limited
Forsyth Barr Custodians Limited
19,912,487
13,393,806
11,279,274
10,616,244
6,319,316
5,641,205
4,696,093
3,513,425
3,464,679
3 ,1 47, 8 6 7
2 , 8 5 7, 3 97
2,605,313
2,329,811
2,050,000
1,912,892
1,816,777
1,700,000
1,662,000
1,624,187
1,456,583
14.5
9.7
8.2
7. 7
4.6
4.1
3.4
2.6
2.5
2.3
2.1
1.9
1.7
1.5
1.4
1.3
1.2
1.2
1.2
1.1
101,999,35674 . 1
1 1
48 /