Sky releases 2025 Climate-Related Disclosure

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s k y.c o. n z







28 October 2025
Sky releases 2025 Climate-Related Disclosure
Sky Network Television (Sky) is pleased to release our 2025 Climate-Related Disclosure (CRD) prepared
in accordance with the Aotearoa New Zealand Climate Standards.
The CRD covers the 12-months ending 30 June 2025 and should be read in conjunction with Sky’s FY25
Annual Report, released on 22 August 2025.
A copy of Sky’s FY25 CRD accompanies this announcement and is also available on our website at
www.sky.co.nz/investor-centre/results-and-reports.

ENDS

Authorised by: Kirstin Jones, Company Secretary

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

---

Climate-Related
Disclosure Report 2025
FOR THE 12 MONTHS TO 30 JUNE 2025

Message from the Chair
and Chief Executive
We are pleased to present Sky’s second Climate-Related
Disclosure (CRD) Report, prepared in line with the
Aotearoa New Zealand Climate Standards (NZ CS). The
report outlines our evolving understanding and response
to climate-related risks and opportunities for our
business, and how we are shaping our approach to meet
the challenges that may arise. It also details our progress
in managing our emissions impact and highlights
how key elements of our business transition strategy
support both sustainability and long-term resilience.
In FY25, we continued to reduce Scope 1 emissions
against the prior year and our FY23 base year.
Pleasingly, actual Scope 2 electricity usage also
reduced against both prior periods, however Scope
2 emissions are higher than our base year due to
changes in the electricity factor due largely to higher
carbon intensity in the nationwide generation mix.
As with many Climate Reporting Entities (CRE), most
of our emissions sit within our supply chain. These are
outside our direct control and are inherently challenging
to measure accurately. We also note our concern that
current methodologies for counting and reporting
Scope 3 emissions carry the risk of overstating carbon
intensity due to duplication between entities. That
said, we recognise the opportunity to collaborate with
our suppliers to achieve broader positive outcomes.
In FY25, we again report a subset of these emissions,
which shows a reduction against the prior year,
though slightly higher than our base year again
largely driven by the change in the electricity factor.
Sky is not a carbon intensive business, and we believe
the cost and burden of the current New Zealand
reporting requirement is disproportionate to the
benefits it delivers. We therefore welcome the recent
Cabinet decision to amend the regime following the
Ministry of Business Innovation and Employment (MBIE)
review. The output of this review will deliver a series
of positive steps towards achieving a more pragmatic
regulatory framework which retains accountability,
drives tangible action to address the impacts of
climate change, but makes the burden on each business
proportionate to its size and carbon intensity.
We hope you find this report to be informative.
Contents
About this report 4
Governance 6
Strategy 9
Risk 18
Metrics and Targets 19
Glossary 30
This report is dated 24 October 2025
and is signed on behalf of Sky Network
Television Limited:
Sophie Moloney
Chief Executive
Keith Smith
Independent Audit and
Risk Committee Chairman
Philip Bowman
Independent Chairman
Philip Bowman
Independent Chairman
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SKY CLIMATE DISCLOSURE STATEMENT 2025
CONTENTS

Important note
This report is published by Sky for the reporting period
for the 12 months to 30 June 2025, and was approved
by the Board on 24 October 2025 and reflects Sky’s
current understanding as at 24 October 2025.
This report reflects Sky’s current assessment of its
climate related risks and opportunities, and how
Sky is responding to these. This is our second-year
reporting against the New Zealand Climate Standards
(NZ CS 1-3) issued by the External Reporting Board.
This report has been prepared on the basis of Sky’s
climate related scenario analysis, and its understanding
of, and response to, the climate-related risks and
opportunities, and the anticipated impacts of climate
change, that it has identified.
Assessment of climate change risks, opportunities
and impacts is an evolving challenge and involves
significant uncertainty. This report necessarily
contains estimates and assumptions about future
external physical and transitional changes driven by
climate change and their anticipated impacts on Sky’s
business. The approach, understanding, responses,
estimates and assumptions included in this report
will continue to evolve and develop over time.
This report contains forward-looking statements,
including climate related scenarios, assumptions,
climate projections, forecasts, statements of Sky’s
future intentions, estimates and judgements. These
statements have been based on Sky’s current
understanding of climate change, Sky’s assumptions,
forecasts, projections and internal planning, and are
therefore subject to significant uncertainty and change.
The archetypes, modelling and datasets used by Sky
in the creation of its climate-related scenarios and
associated outputs are highly subjective and subject
to significant change as predictive modelling of the
impacts of climate change improves over time. We
are reliant on third party sources for the provision
of the underlying data behind our scenarios. These
sources have been clearly set out in the Strategy
section of this report. Sky cautions against reliance
on these scenarios, and on all statements in this
report that are necessarily subject to significant
risks, uncertainties, and/or assumptions.
Sky provides no representation that any statements
will not change or will remain correct after publication
of the report. The risks and opportunities described
in this report are based on such assumptions, and so
may not eventuate or may be more or less significant
than anticipated. There are many factors that could
cause Sky’s actual results, performance or achievement
of climate-related metrics to differ materially from
those described, including economic and technological
viability, as well as climatic, government, consumer,
and market factors outside of Sky’s control. Sky
has used reasonable efforts to fairly present such
forward-looking statements and is committed to
progressing its response to climate-related risks and
opportunities over time. However, such assessments
are constrained by the ever-changing and developing
nature of this subject matter and the availability
and quality of the information that is available to it
at the date of this report. Sky remains committed
to progressing its response to climate-related risks
and opportunities over time, and to report progress
each year, but cautions against any person’s reliance
on aspects of this report that are necessarily less
reliable than other aspects of Sky’s annual reporting.
To the maximum extent permitted by law,
Sky and its directors, officers, employees and
contractors do not accept any liability for any loss
or damage arising in any way from or in connection
with any information provided or omitted as
part of the climate-related disclosures.
This report is for information purposes only and
nothing in this report should be interpreted as guidance
or advice on earnings, investment requirements,
future share performance or any other legal,
financial or tax advice or guidance. Unless otherwise
stated, all currency amounts are in NZ dollars.
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SKY CLIMATE DISCLOSURE STATEMENT 2025
CONTENTS

Sky Network Television Limited (Sky) is a climate-
reporting entity under the Financial Markets Conduct
Act 2013. This is Sky’s second climate report and
is for the financial year ended 30 June 2025. This
report complies with the Aotearoa New Zealand
Climate Standards (NZ CS) issued by the External
Reporting Board.
Sky is committed to playing its part in addressing the
challenges presented by climate change. We are in the
early stages of our journey and our plans and disclosure
will continue to evolve as we progress.
Our focus in this second year of reporting under the
NZ CS disclosure regime has been to expand upon the
work of our foundation year, using the frameworks
we established for navigating the potential impacts
of climate change for Sky. We have engaged expert
advice where needed to build capability and to ensure
our processes are robust and the learnings able to be
integrated within our business.
We will continue to report our progress annually as
required by NZ CS.
Adoption provisions
In preparing this report, Sky has applied the following
adoption provisions:
• Adoption provision 2: Anticipated financial impacts.
• Adoption provision 4: Scope 3 GHG emissions, applied
to a selected subset of Sky’s Scope 3 emissions.
• Adoption provision 5: Comparatives for Scope 3 GHG
emissions, noting Sky has provided comparatives for
a selected subset of Sky’s Scope 3 emissions.
• Adoption provision 7: Analysis of trends, noting Sky
has provided comparatives for Scope 1 & 2 and for a
selected subset of Sky’s Scope 3 emissions.
• Adoption provision 8: Scope 3 GHG emissions
assurance.
About this
report
ABOUT THIS REPORT
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SKY CLIMATE DISCLOSURE STATEMENT 2025SKY CLIMATE DISCLOSURE STATEMENT 2025

OUR PURPOSE
Share Stories. Share Possibilities. Share Joy.
OUR AMBITION
To be Aotearoa NZ’s most engaging and essential media company
STRATEGIC PATHWAYS
A responsible and sustainably profitable, Aotearoa-focused business
OUR ENDURING COMMITMENT
Sky’s business model
and strategy
Sky is a leading Aotearoa New Zealand-based
media company.
Every day, Sky connects the people of Aotearoa
New Zealand with the best global and local sport and
entertainment content to achieve our Purpose, to:
Share stories. Share possibilities. Share joy.
Sky has long-term rights agreements with leading
local and global content partners including sports
bodies, entertainment studios and international news
organisations. Combined with Sky’s own commissioned
local content (through Sky Originals) and in-house
production of live sport and studio shows, Sky is
the leading aggregator of sport and entertainment
content in Aotearoa New Zealand.
Sky’s content is made available across our multi-
platform product range which includes: Sky Box
1
and
Sky Pod
2
, and Streaming services: Sky Sport Now
(for sport) and Neon (for entertainment), as well as
through Sky Business customers (including hospitality
venues and accommodation providers), and free
to air through Sky Open. In addition, Sky provides
‘made for entertainment’ broadband services through
Sky Broadband.
Sky’s revenue is largely generated through customer
subscriptions which are predominantly recurring, and
through advertising revenue.
The acquisition of Discovery NZ Limited, subsequent
to the 12-month period covered by this report, has
significantly grown Sky’s advertising and digital scale by
adding free-to-air channels Three and the fast-growing
BVOD3 platform, Three Now, to Sky’s portfolio.
1. Sky Box provides Satellite or Satellite/IP access to Sky content and the Sky Go
companion app.
2. Sky Pod provides IP access to Sky and the Sky Go companion app.
3. Broadcast video on demand, free-to-air, advertising supported streaming service.
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GLOSSARYMETRICS AND TARGETSRISKSTRATEGYGOVERNANCECONTENTSABOUT THIS REPORT
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

Governance
Board oversight
Sky’s Board is responsible for challenging, providing
input into and approving Sky’s vision, purpose and
strategic direction. The Board oversees and is ultimately
responsible for group-wide risks and opportunities,
including those related to climate. The Board is
responsible for ensuring that Sky has an appropriate
risk management framework and adequate procedures
in place to identify and manage the principal financial
and non-financial risks of the business, including those
relating to climate, as set out in the Board Charter.
Management completes a Strategic Risk Assessment
annually (or more frequently as required) to identify
risks that are material to Sky’s ability to successfully
execute our strategy and achieve our objectives. Sky has
identified the climate-related risks and opportunities
relevant to our business and these are incorporated
within our documented strategic risks. This reporting
is provided to the Board annually (or more frequently
as required) and is considered by the Board when
approving and reviewing the implementation of Sky’s
broader strategy.
Skills and expertise
Board Members have undertaken personal development
on climate-related topics including through Chapter
Zero, the New Zealand Institute of Directors (IoD) and
the Australian Institute of Company Directors (AICD). In
addition, Sky’s Directors have experience gained through
their individual board positions on other climate reporting
entities, as well as international companies, that provide
exposure and a global perspective on climate change risk
oversight, management and reporting.
The Audit and Risk Committee
The Board is assisted in its oversight of risk
management by the Audit and Risk Committee (ARC).
The ARC has delegated oversight of risk management
activities and is responsible for overseeing Sky’s
risk management programme and evaluating the
effectiveness of its risk management activities. In
addition, the ARC oversees the monitoring, review
and reporting of key risks and issues in line with Sky’s
Enterprise-wide Risk Management (ERM) Framework.
Sky’s ERM Framework helps to ensure that significant
strategic and operational risks, including physical and
transitional risks associated with climate change, are
identified, assessed and adequately controlled and
monitored. The execution of the ERM Framework is the
responsibility of the Chief Executive Officer (CEO), the
Executive Leadership Team (the Executive Team, ELT)
and Senior Management. The Chief Financial Officer
(CFO) is responsible for administering the Framework
and for co-ordinating Sky’s effort to ensure risk
management activity is appropriately focussed across
the business.
The ARC has responsibility for monitoring the progress
of initiatives to address climate-related risks. The
ARC receives an update on broader risk reporting
at least four times per year from management, this
includes climate-related risks. The ARC also receives
an enterprise-wide Strategic Risk Assessment on an
annual basis (or more frequently as required) and this
incorporates reporting on climate risks.
GOVERNANCE
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The ARC minutes are made available to the Board
following every meeting and the ARC Chair provides an
update to the next scheduled Board meeting based on
those minutes. The Chair of the Board is also a member
of the ARC and there is a standing invitation for the
CEO and the CFO to attend ARC meetings.
Management’s role
Sky’s Executive Leadership Team (ELT) is responsible
for the identification and day-to-day management of
climate-related risks and opportunities. This includes
responsibility for ensuring climate-related risks and
opportunities are considered and incorporated within
Sky’s strategic planning process. Specialist external
advice is sought where appropriate to supplement input
from subject matter experts throughout the business.
Sky’s journey in understanding how climate related
risks and opportunities may impact our business will
continue to evolve. Some of our operational decisions
are already aligned with GHG emissions reduction
objectives and increasing resilience to potential climate-
related impacts. Over time management of broader
climate-related risks and opportunities are becoming
increasingly embedded within Sky’s annual planning
and operational process.
Reporting
Sky’s Executive Team reports on climate-related
matters to the ARC with input from other governance
and management forums as required, including the
Sustainability Governance Committee (SGC) and the Risk
Governance Steering Committee (RGSC) detailed below.
Reporting takes place under separate Sustainability and
Risk agenda items at the relevant forum.
Climate-related risks are reviewed on at least an annual
basis as part of the wider ERM programme and more
frequently as required before being referred to the ARC.
In FY25, Sustainability and ESG was an agenda item
at each of the five ARC meetings, including discussions
on CRD, our climate-related risks and opportunities,
climate-related scenarios, Sky’s GHG emissions profile
and transition planning.
Remuneration
The People and Performance Committee of the Board
is responsible for Sky’s people and performance
strategy and policies, including CEO and Executive
Team remuneration. Sky’s Short Term Incentive Plan
(STI) which applies to the CEO, the Executive Team and
nominated direct reports to the Executive Team includes
non-financial performance metrics covering employee
engagement, customer experience and health and
safety. Climate-related key performance metrics are not
currently incorporated.
Sustainability Governance Committee
Sky’s Sustainability Governance Committee (SGC) has
responsibility to oversee our approach to assessing
climate-related risks and opportunities and delivery of
Sky’s broader climate disclosures. The SGC is chaired by
the Chief Corporate Affairs Officer and includes senior
leaders with appropriate experience. The SGC met
eight times in FY25 and provided regular updates on its
progress to the Executive Team via the Chair and other
members, and via the Executive Team, to the ARC.
Risk Governance Steering Committee
Sky’s Risk Governance Steering Committee (RGSC)
assists management to fulfil its operational obligations
under the Controlling and Managing Risk Policy,
including the ongoing implementation and management
of the ERM within the business. The RGSC includes
members of Sky’s Executive Team, including the CFO,
and relevant senior leaders with appropriate experience.
The RGSC ensures business ownership of risk and
risk oversight occurs within Sky, including acting as
a conduit through which information concerning the
identification and resolution of risks and issues moves
between the ARC, the Executive Team and the business.
The RGSC reports to the ARC on a quarterly basis,
in line with the cadence of the ARC meetings.
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GOVERNANCE

Governance structure
Board of Directors
Oversees and is ultimately responsible for group-wide risks and opportunities and ensuring Sky has an appropriate risk
management framework and adequate procedures in place to identify and manage the principal financial and non-
financial risks of the business. Sets the risk appetite within which the Board expects management to operate.
Receives updates from the ARC following every ARC meeting and reporting directly from the ELT as required, including an
annual Strategic Risk Assessment.
Audit and Risk Committee (ARC)
Responsible for overseeing Sky’s risk management programme and evaluating the effectiveness of its risk management
activities. Oversees the monitoring, review and reporting of key risks and issues in line with Sky’s ERM framework, including
risk related to climate change.
Receives reporting from the ELT on risks, including climate-related risks as part of the ERM at each ARC meeting.
Executive Leadership Team (ELT)
Responsible for the identification and day to day management of climate-related risks and opportunities and ensuring
climate-related risks and opportunities are considered and incorporated within Sky’s strategic planning process.
Receives regular reporting from the SGC and the RGSC.
Sustainability Governance Committee (SGC)
Responsible for overseeing Sky’s approach to sustainability, encompassing
Environmental, Social and Governance matters. Includes oversight to ensure
a robust approach to assessing climate-related risk and opportunities.
Oversees the delivery of Sky’s Climate Disclosure obligations. Provides updates
to the ELT via the Chair and other members and via the ELT to the ARC
on a regular basis.
Risk Governance Steering Committee (RGSC)
Oversees the operational application of the Controlling and Managing Risk Policy
including the ongoing implementation and management of the ERM.
Ensures business ownership of risk and risk oversight, including acting as a
conduit through which information concerning the identification and resolution
of risks and issues moves between the ARC, the Executive Leadership Team and
the business.
GOVERNANCE
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SKY CLIMATE DISCLOSURE STATEMENT 2025

Strategy
Current climate-related impacts
Sky has assessed the current physical and transitional
climate-related impacts on our business in line with our
Climate-related Disclosure Materiality Policy.
While some areas in New Zealand experienced extreme
weather-related events during the 2025 financial year,
these were limited and there were no material
physical
impacts to Sky, and accordingly no material financial
impacts, were identified.
Sky is required to prepare an annual climate statement
in accordance with the Aotearoa New Zealand Climate
Standards which incur operational costs that do not
have a material impact on Sky.
Scenario analysis
During the 2025 financial year members of Sky’s
Sustainability Governance Committee, with support
from Oxygen Consulting, reviewed and updated the
three climate scenarios developed in FY24 to ensure
they remain challenging, plausible and relevant to
the business.
The updated scenarios incorporated updated physical
climate projections sourced from the Ministry for the
Environment (MfE) and relevant drivers included in
the Telecommunications Sector Scenarios
1
, which
provide additional insight into industry expectations
for New Zealand’s Broadband infrastructure and
network resilience planning which may influence Sky’s
delivery capability.
In addition to the MfE and the Telecommunications
Sector Scenarios, Sky’s scenario narratives draw on
supplementary reference material including: Aotearoa
New Zealand climate change projections guidance:
Interpreting the latest IPCC WG1 report findings
2
;
Climate Change Commission, Ināia tonu nei: A low
emissions future for Aotearoa (2021)
3
; NIWA, Projected
regional climate change hazards
4
; NIWA, Sea levels
and sea level rise
5
; Ministry for the Environment,
National Climate Change Risk Assessment for New
Zealand (2020)
6
.
Scenario analysis was performed as a stand-alone
process, however has been incorporated in our ERM.
The scenario analysis took into account changes
implemented within Sky’s business, such as: the
strengthened satellite signal to most of New Zealand
through migration to a new satellite, implementation
of automatic IP switchover capability for new Sky
Boxes in the event of satellite disruption from
atmospheric conditions, and; strengthened technical
service capability through the appointment of
a national provider.
1. Telecommunications Forum Inc. (2024). Telecommunications Sector Scenarios. Accessed from: TCF (tcf.org)
2. Bodeker, G., Cullen, N., Katurji, M., McDonald, A., Morgenstern, O., Noone, D., Renwick, J., Revell, L. and Tait, A. (2022). Prepared for the Ministry for the Environment, Report number CR 501,
51p. Accessed from: Climate-Change-Projections-Guidance-FINAL.pdf (environment.govt.nz)
3. Accessed from: Ināia tonu nei: a low emissions future for Aotearoa (climatecommission.govt.nz)
4. Accessed from: Projected regional climate change hazards | NIWA
5. Accessed from: Sea levels and sea-level rise | NIWA
6. Accessed from: National Climate Change Risk Assessment – Main Report (environment.govt.nz)
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STRATEGY

Sky’s three climate scenarios were selected to test
the resilience of our business and strategy under a
range of temperature settings and pathways. These
scenarios do not represent Sky’s view of the future,
but plausible and challenging scenarios of how the
future could evolve, in order to test Sky’s resilience
as required by NZ CS 1.
The first and third scenarios ‘Net Zero 2050’ and
‘Current Policies’ are aligned with the required
temperature settings outlined in NZ CS 1, of
1.5°C and 3.0°C or greater. The second scenario
‘Fragmented World’ was selected to stress test Sky’s
resilience against a scenario, where both transition
and physical risks are high. Under this scenario
New Zealand is assumed to be an early mover on
stringent climate policy action, but due to global
inaction, does not avoid the high physical impacts
of climate change.
The Network for Greening the Financial System
(NGFS) scenarios are relatively aligned to
other recognised scenarios developed by the
Intergovernmental Panel on Climate Change (IPCC)
6th assessment and the Shared Socio-economic
Pathways (SSP) scenarios and NIWA representative
concentration warming pathways (RCP).
As noted on page 3, scenario analysis is subject
to significant uncertainty and change as climate
modelling evolves and improves.
Three chosen scenarios
Our chosen time horizons and the rationale for their
selection is defined as follows:
Short-term
0-5 years
• Aligns to Sky’s 5-year planning cycle
• Enables an assessment of risks and opportunities
in the near term
• Enables an assessment of the risks and
opportunities to 2030
1
Medium-term
6-10 years
• Aligns to the remaining lease term at Sky’s
Mt Wellington premises (to 2032)
• Aligns to the current Optus satellite agreement
(2031)
• Enables an assessment of key transition risk
period which will occur over the next decade
Long-term
11-25 years
• Enables physical risks to be better understood as
they will amplify over the longer term
• Enables an assessment of the risks and
opportunities out to 2050
1
These time horizons have also been applied to our
identified climate-related risks and opportunities.
1. A key date in New Zealand and International climate agreements and targets.
Low High
Low

High
DisorderlyToo Little Too Late
OrderlyHothouse world
Transition risks
Physical risks
Fig.1: Sky’s chosen scenarios
1
Net Zero 2050
(1.5°C)
3
Current
Policies
(>3°C)
2
Fragmented
World
(2.7°C)
1. Net Zero 2050
Limits global warming to 1.5°C by 2100 through
stringent climate policies and innovation, reaching
global net zero CO₂ emissions by around 2050.
2. Fragmented World
Results in warming of 2.7°C by 2100. This scenario
assumes limited and delayed policy action to reduce
greenhouse gas emissions is insufficient to prevent
significant climate change.
3. Current Policies
Results in warming of >3.0°C by 2100. This scenario
assumes that only currently implemented policies are
preserved, leading to high physical risks.
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STRATEGY

Climate scenarios
Scenario
Net Zero 2050
Orderly
Fragmented World
Too Little Too Late
Current Policies
Hothouse World
The Net Zero 2050 scenario describes a fast-acting
global and domestic economy that mobilises through
stringent climate policies and innovation to create
a smooth transition towards global climate targets.
As a result, high transition impacts are faced in the
nearer term, but the effort is rewarded with physical
impacts being limited to a moderate level.
The Fragmented World scenario describes a major
rift between the global and domestic economies,
whereby New Zealand and a number of developed
nations strive to meet global climate targets
through rapid transition while the rest of the
world fails to act. This exposes New Zealand to
high transition risks as well as high physical risks
as global emissions continue to rise and warm the
atmosphere, despite our domestic efforts.
The Current Policies scenario describes a future
where only current policies are implemented and
no further action on climate change is taken to
tackle emissions. This avoids the impacts associated
with transitioning but sets the world on track for
a significant and irreversible level of atmospheric
warming and physical risk.
Policy Ambition
1.5°C by 2100 2.7°C by 2100>3.0°C by 2100
Scenario Reference
NGFS ‘Net Zero 2050’
IPCC SSP1-1.9
NIWA RCP 2.6
NGFS ‘Fragmented World’
IPCC SSP2-4.5
NIWA RCP 4.5
NGFS ‘Current Policies’
IPCC SSP3-7.0
NIWA RCP 8.5
Policy Reaction
Immediate and smoothDelayed and fragmentedNone – current policies
Regional Policy Variation
Medium variationHigh variationLow variation
Technology Change
Fast changeFirst slow, then fragmentedSlow change
Energy Pathways
Rapid transition to renewable energy sourcesMixed pace of transition to renewable energy
sources followed by accelerated adoption
Continued use of fossil fuels at current levels
Emissions Pathway
Emissions steadily decrease to net zero by 2050Delayed and divergent climate policy response
among countries globally
Emissions are not reduced significantly from
current levels
Carbon Dioxide
Removal
Medium - highLow - mediumLow
Physical Risk Severity
Low in the short term (0-5 years) and long term (11-
25 years). Moderate in the medium term (6-10 years)
Moderate across all time horizons Moderate in the short (0-5 years) and medium terms
(6-10 years). High in the long term (11-25 years)
Transitional Risk
Severity
Moderate in the short (0-5 years) and medium
terms (6-10 years). Low in the long term (11-25
years)
High across the short (0-5 years) and medium
terms (6-10 years) for the domestic market. Low
for the international market. Medium in the long
term (11-25 years) for the domestic market. High
for the international market
Moderate in the short (0-5 years) and medium
terms (6-10 years). High in the medium to long
term (11-25 years)
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Risk and
Opportunity Drivers
Net Zero 2050
Orderly
Fragmented World
Too Little Too Late
Current Policies
Hothouse World
Social
In the short term, increasing cost pressures brought
about by a rapid transition increase inequity and
concern that the pace of change is warranted. Over
time, climate action results in increased demand for
international news and factual content about the
rapidly transitioning world.
The fragmented transition leads to social unrest
in economies that take swifter action. Consumers
are driven to spend less and stay at home more,
increasing demand for in-home entertainment
services.
Demand for in-home entertainment increases and
viewer content preferences evolve in response to the
significantly changed climate, leading to increased
demand for international news and factual content
as well as opportunities to escape the confronting
physical issues brought on by climate change.
Technological
Investment in technologies to combat climate
change and its impacts leads to rapid advancements
in energy efficiency and the capabilities of utility
infrastructure. This comes at a cost in the short term
as global demand for low emissions infrastructure
and products is high and New Zealand lacks local
manufacturing capacity. Over time, investment to
improve the resilience of infrastructure and service
delivery is deployed, reducing the impacts of climate-
related events in the medium to long term.
Lack of global transition leads to slow technological
development, resulting in domestic utility
infrastructure providers and media companies facing
increased challenges and higher costs to develop
innovative and resilient low-emissions solutions.
Inadequate policies result in frequent disruptions to
key infrastructure, with increased maintenance costs,
lower levels of reliability and a slow pace of climate
technology development.
Economic
High domestic and global carbon prices drive the
transition and increase supply chain, transport
and production costs. In the short to medium term
this leads to cost-of-living pressures that impact
discretionary spending, while in the long term these
costs are reduced as emissions reduction targets are
achieved.
Significant transition and physical impacts
eventuate for the domestic market, leading to
compound cost pressures throughout the economy.
New Zealand is less globally competitive in the short
to medium term but benefits in the longer term.
Short-term economic benefits from low regulatory
costs are overshadowed by long-term material
burdens from physical climate impacts, leading
to increased adaptation costs and economic
downturns.
Environmental
More frequent and severe extreme weather events
occur in the medium term, due to warming locked
in by historical and future emissions. Longer term
physical impacts of climate change are avoided as
systems begin to stabilise.
New Zealand’s vulnerability to climate impacts leads
to an increase in severity and frequency of acute
weather events in the short and medium term due to
the lack of fast and cohesive global climate action.
Live broadcast of local and international events may
be more frequently impacted.
Consumers, businesses and key infrastructure are
frequently and severely disrupted by acute extreme
weather events and the chronically changing climate.
Audience attendance and live broadcasting of local
and international events is more frequently affected
by physical climate change impacts prompting
adaptation by sporting codes and venues.
Political
In the short to medium term, increased regulation
and stringent policy action leads to high carbon costs
to drive the transition, increasing cost pressures and
creating higher levels of inequity.
The New Zealand Government intervenes to support
infrastructure development through a National
Resilience Strategy. This leads to disproportionately
higher costs and increased regulation in the short to
medium term compared to the global economy but
a lower cost, more competitive and resilient outcome
in the medium to longer term.
Lack of strong policy action results in unchecked
temperature rise and emissions growth, with low
carbon prices and insufficient funding for adaptation
and emissions reduction research.
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STRATEGY

In FY25 Sky undertook a review of our climate-related
risks and opportunities (CRRO) as part of the scenario
analysis process. The purpose of this exercise was to re-
assess how our climate-related risks and opportunities
may plausibly impact Sky under our revised scenarios
and in the context of business changes. All parts of Sky’s
value chain were included in our climate-related risk
and opportunity assessment, but the analysis primarily
focused on the impact on our own operations.
Climate-related risks (CRRs) were re-assessed using
Sky’s risk matrix to ensure a consistent approach to
the assessment and management of other business
risks and integration within the wider ERM framework.
Risk assessments were updated based on the
likelihood of occurrence and consequence of impact.
The matrix considers not only the potential financial
impact but also the impact on operations, reputation,
regulatory compliance, and impacts on stakeholders
such as customers and employees. No modelling
was undertaken.
Controls and mitigations were also considered to
determine the inherent and residual risk ratings for each
CRR. A calibration process in line with Sky’s materiality
assessment was then used to appropriately assimilate
the CRRs within the broader ERM framework. A risk
is considered material if it is assessed as potentially
having a major impact on the business.
A summary of the key themes and business impacts
that could arise from the CRROs is outlined in the
table on the following pages. Material CCRO have
been grouped based on the nature of their origin, cause
or impacts.
As outlined, climate-related risks have been integrated
into the ERM and will continue to be reviewed on at
least a six-monthly basis as part of the wider ERM
programme and more frequently as required.
Climate related risks
and opportunities
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Increasing frequency and intensity of extreme weather events (Physical)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Direct Impacts
Extreme weather events within New Zealand
could impact Sky’s broadcasting capability or
that of third-party infrastructure providers,
disrupting delivery of services and reducing
demand from affected customers which may
impact on revenue and costs.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky has Business Continuity Management and Disaster Recovery plans to ensure it is best
placed to withstand climatic events. These plans are regularly reviewed, updated and tested
(where practical).
Migration to a new satellite in April 2025 increased the signal strength for most customers,
and future planned satellite technology enhancements, assuming these are undertaken by the
responsible third party, are expected to further reduce atmospheric impacts in the longer term.
IP delivery is available and in February 2025 automatic switchover capability was introduced
to the new Sky Box, providing seamless transition to broadband delivery in the event of
atmospheric disruption. Sky continues to seek to develop our medium to long term response to
potential impacts of extreme weather.
Live event content could be subject to
cancellations or disruption that may impact on
transactional revenue and/or production costs.
Non-live content could be subject to scheduling
delays.
Medium term
Long term
Fragmented World
Current Policies
Sky expects to continue offering significant depth and breadth of content rights across sport
and entertainment, via multi-year agreements, to limit the impact of disruption to specific
events. We regularly review the nature of the content acquired and our access to content. Sky
is focussed on what is important to our customers and we utilise data-based insights and
research to help ensure our content strategy is achieved.
Customers’ homes and premises could be
impacted by severe localised weather events,
disrupting access to Sky services. This may lead to
increased costs and potential revenue loss.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky has customer support plans in place, including customer care, technical support and
logistics services. In FY25 we strengthened our technical support capability through a
nationwide service partnership. We maintain an inventory of physical assets to enable
replacement where needed. Sky’s response plans are regularly reviewed, tested and updated
where practical.
Indirect Impact
Global supply chains of goods and services could
be disrupted more frequently, which may increase
input costs and/or delay delivery of projects.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky aims to mitigate exposure to supply chain risk through diversity of supply, where practical,
local inventory of physical assets and maintaining close partnerships with key suppliers.
Opportunity
Greater frequency and intensity of adverse
weather events and disruption to transport
networks, may increase the appeal of in-home
based entertainment and informative content
options leading to additional or upgraded
subscriptions and increased viewership.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
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Rising cost of living (Transition and Physical)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impact
Cost of living pressures could reduce consumer
discretionary spending including on content
services. This could lead to existing customers
making budget-driven choices to reduce or cancel
services and potential customers may be less
willing to commit to new spending.
Medium term
Long term
Net Zero 2050
Fragmented World
Current Policies
Sky continually monitors the macro-economic environment and utilises trend analysis of our
own data to understand the current and possible future impacts of an economic downturn,
taking appropriate external advice where required, and we will continue to evolve our
response. Sky proactively and responsibly manages our own costs.
Sky actively monitors customer viewing preferences, subscription trends and value
perceptions.
Indirect & Direct Impact
Potential reduction in energy and connectivity
security due to under- or delayed-investment in
renewable energy generation and transmission
capability and building resilience into connectivity
networks. This could lead to supply disruption,
or increased cost for Sky, our customers and
suppliers.
Medium term
Long term
Fragmented World
Current Policies
Sky reviews the current and possible future impacts of risks relating to New Zealand’s
infrastructure assets and networks and will take appropriate external advice where required.
Sky will continue to assess the transition pathway options available and we will evolve our
response as part of our ongoing transition planning workstream.
Opportunity
Cost pressures, including emissions-related
costs, may increase the appeal of in-home based
entertainment options, versus going out, leading
to additional or upgraded subscriptions.
Increased regulation and a rising carbon price (Transition)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impact
Increased regulatory intervention to accelerate
the transition to a lower carbon economy could
lead to increased input and compliance costs.
Medium term
Long term
Net Zero 2050
Fragmented World
Sky responsibly manages our own cost base. We aim to mitigate exposure to input cost risks
through diversity of supply and maintaining close relationships with key suppliers.
Sky will continue to assess the transition pathway options available and will evolve our
response as part of our ongoing transition planning workstream.
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Capital deployment
Sky’s CRROs do not currently serve as direct inputs to internal capital deployment
and funding decision making processes, however aspects of our business strategy
are aligned with transition to a lower emissions pathway and building resilience
to potential climate impacts. A number of initiatives (some involving capital and
operating spending) were undertaken in FY25, that have contributed to addressing
short term CRRO. These include:
• strengthened satellite signal strength to most of New Zealand;
• installation of larger satellite dishes for customers in parts of the country;
• continued rollout of lower emitting new Sky Box and Pod devices;
• development of IP switchover capability for new Sky Box devices;
• strengthened customer technical support services through a centralised provider;
• replaced some HVAC units with lower emissions profile units;
• invested to develop and assure our climate-related disclosure.
As Sky develops our understanding of the anticipated financial impacts of our CCRO,
we expect this will inform our approach to ensuring alignment of future capital
allocation and funding decision processes.
Business activities vulnerable to
transition and physical risks
Through the process of assessing Sky’s potential exposure to risks we have established
there is no exposure to transitional or physical risks, above a rating of moderate in the
short to medium term. Accordingly, we have assessed that no aspects of Sky’s business
activities or assets are currently vulnerable to our identified climate-related transition
or physical risks. We expect to continue to take action to address potential risks, in line
with our enterprise-wide approach to risk management.
We have assessed that all aspects of our business activities are currently aligned with
our identified climate-related opportunities.
Sky deployed approximately $450k in capital and operating expenditure during FY25 on
projects related to climate-related risks and opportunities. This includes approximately
$250k relating to installation of lower emissions equipment at Sky owned and leased
sites and capitalised software development to enable IP switch-over for the new Sky
Box. Operational expenditure of approximately $200k was deployed towards legislative
reporting requirements in accordance with the Aotearoa New Zealand Climate
Standards, noting this does not include staff and management time.
Sky does not currently apply an internal emissions price. We will continue to review this
as reduction initiatives are considered.
Stakeholder demands for climate action (Transition)
Climate related risks and opportunities,
and anticipated business impactsTime Horizon Relevant ScenariosCurrent strategy to respond to identified risks
Indirect Impact
Evolving preferences of Sky stakeholders
(including customers, advertisers and investors),
could lead to reputation, revenue and funding
impacts if Sky’s response to climate change is
slow or out of step with expectations.
Medium termNet Zero 2050
Fragmented World
Sky has internal checks, policies and processes in place covering compliance with key legal
and regulatory requirements. We monitor changes and proposed amendments to compliance
obligations and engage external legal advisors to ensure we remain compliant.
Sky will continue to assess the transition pathway options available and developing our
response as part of our ongoing transition planning workstream.
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OUR AMBITION: To be Aotearoa New Zealand’s most engaging and essential media company
Sky’s Climate Transition Plan Framework
Measure, manage and minimise our environmental impactRespond to climate-related risks and opportunities
Ambition
We are committed to measuring, managing, and reducing our carbon footprint and
minimising our environmental impact in a manner that is practical and achievable within
our resource and operational capabilities.
We are committed to implementing measures to mitigate risks associated with climate
change, through prudent operational and financial management.
Actions
• Ongoing Greenhouse gas emissions measurement and public disclosure through
annual CRD reporting.
• Continue to seek and implement emissions reduction opportunities where practical
(current examples include the roll out of new Sky Products with a lower emissions
profile).
• Continue to explore opportunities to increase efficiency through engagement with
Sky’s suppliers (current initiatives include contract fleet route optimisation, and
logistics enhancements).
• Transition leased fleet vehicles from ICE to PHEV or EV as practical replacement
options become available.
• Maintain risk management systems and processes, ensuring our Business Continuity
Management and Disaster Recovery plans are effective, regularly reviewed, updated
and tested where practicable.
• Maintain and enhance the resilience of our broadcasting infrastructure.
• Continue to evolve our plans to identify and reduce exposure to transition risks.
• Actively monitor, anticipate and adapt to climate-related regulatory changes and
market trends that could impact our business.
Accountability
Sky’s Board is the governance body responsible for the oversight of climate-related risks and opportunities.
The Audit and Risk Committee (ARC) has been delegated oversight of risk management activities for climate-related risks and opportunities.
Transition Planning
Members of Sky’s Sustainability Governance Committee were supported by Oxygen
Consulting in developing Sky’s approach to transition planning. The transition plan
aspects are aligned with Sky’s strategy and embedded within our Enterprise Risk
Management framework. As our transition plan evolves, we expect this will guide
future capital allocation decisions.
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Risk
Risk management
Sky’s Board is responsible for ensuring an appropriate
risk management framework and adequate procedures
are in place to identify and manage the principal
financial and non-financial risks of the business.
The Controlling and Managing Risk Policy formally
defines the roles and responsibilities for enterprise risk
management across the organisation. This Policy is
reviewed and approved annually by the Board.
The Board has delegated oversight of risk management
activities to the ARC which oversees Sky’s risk
management programme, evaluates the effectiveness
of Sky’s risk management activities and oversees the
monitoring, review and reporting of key risks and issues
in line with Sky’s Enterprise Risk Management (ERM)
framework.
The ERM framework ensures that significant strategic
and operational risks, including physical and transitional
risks and opportunities associated with climate change,
are identified, assessed, controlled and monitored.
Climate related risks are reviewed on at least a six-
monthly basis as part of the wider ERM programme and
more frequently as required.
The ARC has responsibility for monitoring the progress
of initiatives to address climate related risks and
opportunities and receives regular updates from
Management. The ARC receives an enterprise-wide
update of key risks on a six-monthly basis (or more
frequently as required), and this incorporates
climate risks.
The RGSC oversees the operational application of the
Controlling and Managing Risk Policy including the
ongoing implementation and management of the ERM
framework. The RGSC ensures ownership of risk and
risk oversight throughout the business, including acting
as a conduit through which information concerning the
identification and resolution of risks and issues moves
between the ARC, the Executive Team and the business.
Sky’s identified climate-related risks are integrated into
the existing risk management processes under the ERM
framework. This enables the risks to continue being
assessed, evaluated and prioritised relative to the risk
exposure of Sky’s other enterprise risks. Through their
integration, CRR are treated in the same way as Sky’s
other risks.
The SGC retains oversight of CRRO within Sky’s risk
register, and in addition, a primary business unit owner
has also been identified for each risk, consistent with
the approach taken for other operational risks.
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RISK

Metrics and
Targets
Sky’s greenhouse gas emissions
Sky began collecting and tracking greenhouse gas
(GHG) emissions within our value chain in FY23 with
support from Toitū Envirocare (Toitū). This information
formed our base year data set.
In FY24 we published our first Climate-related
Disclosure Report. This included our emissions inventory
of Scope 1, 2 and an expanded capture of selected
Scope 3 emissions categories, with our reporting aligned
to ISO 14064:1-2018, as used by Toitū. Where possible
we restated the FY23 base year data to include the
additional Scope 3 inventory, thereby allowing a basis
of comparison.
Our 2025 Climate-related Disclosure Report sees Sky
transitioning our GHG measurement standard from
ISO 14064:1-2018 to the GHG Protocol as this is a more
widely recognised and locally adopted format which
we believe will be helpful to our primary users. The
change in standard had no impact on the measurement
of our FY24 comparative or FY23 base year emissions
but has resulted in changes in how we present Scope 3
emissions, which are now classified by the GHG Protocol
categories 1 to 13 as relevant. There is no impact on the
presentation of our Scope 1 and 2 emissions.
At the same time, we expanded our capture in some
categories, and made adjustments as a result of
identification of additional information, errors and
improving judgements, the detail of which can be
found in table 4.
Sky has formalised and approved a GHG Emissions
Recalculation Policy that sets out the basis and
significance threshold for any base year recalculation
and restatements including:
• Structural changes in the company, such as
mergers, acquisitions or divestments or a change
in outsourcing or insourcing practices;
• Changes in GHG emissions calculation methodology;
• Updated GHG emissions factor values;
• Discovery of a significant error, or;
• Access to new or improved data, such as information
relating to Scope 3 emissions that enables accurate
and reliable calculation of emissions where this was
previously unavailable.
This policy is also aligned with our Climate-Related
Disclosure Materiality Policy, with both referencing
a 5% significance threshold. On this basis, we also
reviewed retrospective changes to the 2023 Ministry
for the Environment (MfE) emissions factor values for
electricity and determined it was appropriate to restate
our base year. For completeness, we elected to also
restate FY24 data. Sky has provided a table outlining
the restatements on page 23.
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METRICS AND TARGETS

Table 1: Reported GHG emissions (tCO
2
e)
1
Emissions SourceFY25
FY24
(Restated)
Performance
against FY24
FY23
(Restated)
Performance
against FY23
Scope 1Direct emissions 137224-39%307-55%
Scope 2Indirect emissions from imported energy (location based)698718-3%49142%
Total gross Scope 1 and Scope 2835942-11%7995%
Scope 3
measured
emissions
Category 1: Purchased goods and services1,5812,406-34%2,435-35%
Category 3: Fuel and energy related activities574926-38%672-15%
Category 4: Upstream transportation and distribution824680%150-45%
Category 5: Waste generated in operations75100-25%90-17%
Category 6: Business travel1,09098011%97312%
Category 7: Employee commuting343015%54-37%
Category 9: Downstream transportation and distribution16-82%140-99%
Category 11: Use of sold products5,7556,765-15%4,28734%
Category 12: End-of-life treatment of sold products2842-34%49-44%
Total gross Scope 3 measured emissions9,22011,301-18%8,8504%
Total gross Scope 1, 2 and 3 measured emissions10,05512,243-18%9,6494%
Category 1 direct removals---
Purchased emissions reductions---
Total net Scope 1, 2 and 3 measured emissions10,05512,243-18%9,6494%
Table 2: Emissions Intensity Ratio (tCO
2
e / $millions of Revenue)
Total gross Scope 1 and 2 emissions
2
1.11.2-10%1.15%
Total gross Scope 1, 2 and Scope 3 measured emissions
3
13.416.0-16%12.85%
Table 3: Actual Electricity usage (kWh), removing the impact of changes in MfE factors related to the efficiency of the
electricity generation network
Total Scope 2 (kWh) 6,978,538 7,186,142 -3% 8,486,817 -18%
Total Category 11: Use of sold products (kWh) 57,965,801 68,102,513 -15% 74,272,684 -22%
1. Emissions relating to the FY23 Base-line and FY24 periods have been restated in line with Sky’s GHG Emissions Recalculation Policy. Additional information is available on page 23.
2. Scope 2 emisssions are reported using a location-based methodology.
3. Emissions intensity is calculated using Scope 1, Scope 2 (location-based) and Scope 3 total measured emissions.
Analysis of changes in Sky’s emissions inventory
Scope 1: Sky’s reporting for the 2025 financial year
showed a 55% reduction in Scope 1 emissions against
the restated FY23 base year and a 39% reduction
against FY24. The reduction was largely related to
lower HVAC refrigerant emissions (based on the top-up
methodology). This was partly offset by increased fuel
usage as our small team of in-house technicians carried
out more customer visits during Sky’s migration to a
new satellite. With this project now completed, fuel
usage for our fleet of 20 leased vehicles is expected to
return to run-rate levels.
Scope 2: In FY25 Sky’s Scope 2 emissions from imported
energy (location based) showed a 42% increase against
our restated FY23 base year and a 3% reduction
against FY24. We note that actual Scope 2 kWh usage
(which is within Sky’s control) was 18% lower against
FY23, and 3% lower against FY24 (refer to table 3).
The reported percentage change in tCO
2
e emissions
was therefore essentially due to differences in the MfE
electricity factor which is used to calculate electricity-
based emissions, and which is outside of Sky’s control.
The MfE periodically updates electricity emissions
factor data to adjust for changes in methodology,
generation type, fuel type, efficiency, or to adjust for
errors. During the reporting period Sky recalculated
and restated historic emissions for the FY23 and FY24
reporting periods to reflect the most up to date data
available (MfE 2025). This resulted in a 51% reduction in
the FY23 electricity emissions factor and 86% increase
to the FY24 factor.
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Scope 3: Sky’s Scope 3 emissions increased by 4%
against FY23 and reduced by 18% against FY24, noting
a significant portion of Sky’s inventory is exposed to the
MfE electricity emissions factor (notably Category 1 and
Category 11).
The most significant areas of emissions reductions
against both FY23 and FY24 included Category 1:
Purchased goods and services, which saw lower
emissions from outsourced data centres, lower raw
material and manufacturing emissions from Sky
products as investment moves to run-rate levels, and
lower electricity usage in outsourced operations.
The most significant area of increase against FY23
(noting a reduction against FY24), was Category 11:
Use of sold products, albeit actual kWh usage reduced
by 22% compared to FY23 and by 15% compared to
FY24 (refer to table 2 on page 20). This reduction in
usage was due to the refresh of Sky’s box fleet to more
energy efficient products and an overall reduction in box
numbers, net of growth in Sky Broadband. A modest
increase in Category 6: Business travel, related to major
events such as the Olympics.
The nature of emissions reporting means that certain
categories of Sky’s reported Scope 3 emissions will
be reported by other entities as their Scope 1 and
2 emissions. This may result in double counting of
emissions between Sky and other entities’ emissions
inventories. Sky is reliant on information supplied by
third parties in determining its emissions inventory,
particularly in relation to Scope 3, and therefore is
reliant on the reliability of the data received.
Sky has not used offsets in any of the reporting periods.
Other metrics
Sky has disclosed an emissions intensity ratio
(calculated as tCO₂e/$million revenue), which is a widely
used metric among Climate Reporting Entity’s (CRE)
and within our sector. We have also provided kWh based
data for Scope 2 and Scope 3 Category 11: Use of sold
products as we believe this provides primary users with
useful information on actual usage (refer to table 2 on
page 20).
We have undertaken a review of potential industry-
based metrics relevant to our business through a
scan of international peers and through reviewing
the Sustainability Accounting Standards Board’s
(SASB)
1
standards covering Media and Entertainment.
Development and adoption of specific metrics relevant
to Sky’s business remains at an early stage. Sky will
continue to monitor the development of industry
metrics that could assist primary users to better
understand our emissions profile.
Emissions reduction targets
Sky has not set GHG emissions reduction targets.
On 22 July 2025 Sky announced the acquisition of
Discovery NZ Limited (DNZ) (now known as Sky Free
Limited), with completion subsequently confirmed
on 1 August 2025. Sky Free will be included within our
operational boundary and our CRD reporting from
FY26. The GHG protocol and our own GHG Emissions
Recalculation Policy, also require that we recalculate our
base year emissions when structural changes such as
acquisitions occur, to ensure emissions trends over time
remain meaningful and comparable.
While we will continue to explore opportunities to
reduce our emissions, we note that there has not been
sufficient time since the DNZ acquisition to quantify
the impact on our future emissions or recalculations
to the base year or comparative periods. Therefore,
setting meaningful targets at this time is not possible
due to the uncertainty of our combined base year
emissions inventory.
Assurance of GHG emissions
PwC has provided independent, third-party limited
assurance over our Scope 1 and Scope 2 FY25 GHG
emissions (tCO
2
e) as presented in table 1 and additional
required disclosures of Scope 1 and 2 GHG emissions
including the methods, assumptions and estimation
uncertainty. Unless stated as being subject to assurance,
the information in these Climate-related Disclosures
is not in the scope of the assurance conclusion. Sky
has elected to use
Adoption Provision 8: Scope 3 GHG
emissions assurance
(NZ CS 2(24)) which allows us to
exclude Scope 3 GHG emissions disclosures from the
assurance engagement in our second year of reporting.
PwC’s Assurance Report is available on pages 26-29.
GHG emissions exclusions
A number of Scope 3 emissions sources within Sky’s
value chain are not currently included in our GHG
inventory, largely due to limitations in the availability or
reliability of source information.
• Content: Whilst our GHG inventory includes emissions
related to Sky’s production of sports events and
studio shows, emissions associated with purchased
and commissioned content are not currently included
within Sky’s GHG emissions inventory. This includes
emissions relating to the production of pass-through
channels, content sourced from studio partners,
sports content not produced by Sky and the emissions
related to content partners.
• Customer support: We track and disclose emissions
relating to our small team of Auckland based in-
house service technicians. Whilst Sky maintains
records of each service call to customer premises
undertaken on our behalf by external contractors,
we are working towards tracking the emissions
from this activity. This involves determining an
appropriate methodology for estimating historic
1. SASB Standards – Media & Entertainment Sustainability Accounting Standard, Services Sector Industry Standard, Version 2023 - 12.
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emissions from this source to provide a basis for
comparison. Consolidation to a single service
provider in November 2025 is assisting in this
process. In conjunction with the Auckland University
of Technology (AUT) and our service provider we
are at the same time exploring opportunities for
emissions reduction through enhancements to fleet
management and logistics choices.
• Commercial customers: Sky currently captures
emissions related to Sky Box use in customer homes.
A methodology for capturing emissions data related
to Sky Box use at commercial customer premises is
not yet available.
Further work will be undertaken to capture Scope 3
emissions data primarily relating to purchased goods
and services where these are material.
Sky has elected to use
Adoption Provision 4: Scope 3
GHG emissions
(NZ CS 2(17)) relating to disclosure of
a sub-set of our Scope 3 emissions. We will continue
to work towards measuring and finalising our Scope 3
emissions inventory and where possible we will source
historic information. This may result in a restatement of
previously reported data.
Organisational boundaries
The GHG disclosures in this section Organisational
boundaries are subject to independent assurance.
An operational control consolidation approach was
used to account for emissions, with reference to the
methodology described in the GHG Protocol. Sky has
an interest in two businesses where ownership is less
than 100%. Emissions from these businesses are not
considered material, however a significant portion of
these business operations are undertaken by Sky staff
at Sky locations and this, as well as business travel is
captured within our emissions inventory.
Sky subsidiaries that are inactive or holding companies
are excluded as they have no emissions from their
operations. A full list of subsidiary businesses is included
on page 39 of Sky’s 2025 Annual Report.
Subsequent to the reporting period, Sky acquired
Discovery NZ Limited (now known as Sky Free Limited),
with completion confirmed on 1 August 2025. In line with
the requirements of the GHG Protocol and Sky’s GHG
Emissions Recalculation Policy, we intend to include
emissions relating to this business in subsequent reports
and expect to recalculate our base year and other historic
period emissions. This may have a significant impact
across all Scopes of our emissions reporting, however, as
Discovery NZ was not recording its emissions, we are not
in a position to quantify that impact.
Activities that may impact our emissions
profile over time:
• Changes to electricity emissions factors, can have
a significant impact on Scope 2 and some Scope 3
categories, including Category 1: Purchased Goods
and Services, and, most notably, Category 11: Use of
Sold Products.
• Transport based emissions may fluctuate between
periods due to travel associated with content
production for major international events such as the
Rugby World Cup and the Olympics.
• Increased demand for Sky Broadband products would
be likely to result in increased indirect cradle-to-grave
emissions from equipment and incremental electricity
related emissions from service providers.
• Increased demand for streaming and on-demand
content is likely to lead to increased use of data
centre and on-premise capacity. At the same time,
data centre operating efficiency is expected to
improve over time.
• Sky is refreshing our device fleet through the new Sky
Box and Sky Pod. The changing box fleet (including
the change in the mix of devices as well as an overall
reduction in box numbers) is expected to positively
impact emissions over time, as higher emitting, older
box types are replaced with new, lower emissions
alternatives.
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Emissions sources and
methodology for data
collection and uncertainty
The Scope 1 and 2 GHG disclosures in this section
Emissions sources and methodology for data collection
and uncertainty and in the table on page 24 are subject
to independent assurance.
The table on page 24 provides details on data sources
and the calculation methodologies and assumptions
used in the preparation of Sky’s GHG emissions
inventory, prepared in accordance with the GHG Protocol
Corporate Accounting and Reporting Standard.
Sky is reliant on information supplied by third parties in
determining its emissions inventory and therefore, Sky
is reliant on the reliability of the data received. Across
all Scopes 1 to 3, Sky has sourced emissions factor data
from Toitū Envirocare which generally uses the relevant
MfE emissions factors
1
. The GHG quantification is
subject to inherent uncertainty because of incomplete
scientific knowledge used to determine emissions
factors and the values needed to combine emissions of
different gases. Other emissions factor data sources
used within our inventory include:
• Scope 1: pre-calculated emissions data provided
by suppliers,
• Scope 3: pre-calculated emissions data provided by
suppliers, supplier emissions intensity data (tCO₂e),
Toitū, Market Economics Limited
2
, Department
for Energy Security and Net Zero
3
, and Climate
Transparency
4
.
Table 4: Emissions Restatements (tCO
2
e)
Emissions Source
FY24
(Restated)
FY24
(Previously
reported)
FY23
(Restated)
FY23
(Previously
reported)
Scope 1Direct emissions
1
224121307136
Scope 2Indirect emissions from imported energy (location based)
2
7183864911012
Total gross Scope 1 and Scope 29425077991,148
Scope 3
measured
emissions
Category 1: Purchased goods and services
3
2,4062,7352,4353,254
Category 3: Fuel and energy related activities
4
926890672681
Category 4: Upstream transportation and distribution
5
461515057
Category 5: Waste generated in operations100669064
Category 6: Business travel980926973915
Category 7: Employee commuting30305454
Category 9: Downstream transportation and distribution636140234
Category 11: Use of sold products
6
6,7653,6254,2878,919
Category 12: End-of-life treatment of sold products42424949
Total gross Scope 3 measured emissions11,3018,3668,85014,228
Total gross Scope 1, 2 and 3 measured emissions12,2438,8739,64915,376
Category 1 direct removals--
Purchased emissions reductions--
Total net Scope 1, 2 and 3 measured emissions12,2438,8739,64915,376
1. Added refrigerant emissions related to HVAC systems that were previously omitted of FY23 +230 tCO
2
e and FY24 +158 tCO
2
e. Corrected fuel related to staff owned vehicles to Scope 3.6 of
FY23 -59 tCO
2
e and FY24 -55 tCO
2
e.
2. Update to MfE 2025 electricity tables of FY23: -521 tCO
2
e and FY24: +332 tCO
2
e.
3. Removed emissions related to Optus satellite of FY23: -793 tCO
2
e and FY24: -339 tCO
2
e. Non-material reclassification to 3.5 of FY23: -26 tCO
2
e and FY24: -34 tCO
2
e. Update to MfE 2025 electricity
tables of FY24: +44 tCO
2
e.
4. Non-material addition of ‘well-to-tank’ of FY23: 32 tCO
2
e and FY24: 28 tCO
2
e. Non-material update to MfE 2025 electricity tables of FY23: -41 and FY24: +8
5. Non-material reclassification to 3.4 from 3.9 of FY23: 93 tCO
2
e and FY24: 31 tCO
2
e
6. Update to MfE 2025 electricity tables of FY23: -4,632 tCO
2
e and FY24: +3,140 tCO
2
e
1. New Zealand Ministry for the Environment emission factors. These are based on the
100-year Global Warming Potential (GWP) values (GWP100) for the IPCC's Fifth
Assessment Report (AR5). MfE periodically updates emissions factor data. In FY25
Sky adopted the MfE 2025 tables and updated 2023 base year and 2024 prior year
electricity data to reference the MfE 2025 table.
2. Market Economics Limited (2023). Consumption Emissions Modelling, report prepared
for Auckland Council.
3. DESNZ (2024) Department for Energy Security and Net Zero. London, United Kingdom.
4. Carbon Transparency Climate Report 2022 (CT2022), www.climate-transparency.org.
Emissions Restatements
The Scope 1 and 2 FY23 base year restatements in Table 4 Emissions Restatements including footnotes 1 and 2 are
subject to independent assurance.
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Emissions sources and methodology for data collection and uncertainty
Emissions TypeEmissions SourceData Source and calculation methodUncertainty, Assumptions and Estimates
Scope 1
Direct Emissions
Mobile combustion - leased
fleet vehicles
Precalculated tCO
2
e data provided by leased fleet supplier through
monthly invoice and online portal. Detailed reporting by vehicle
registration includes vehicle rating and volume of fuel (litres) by fuel
type to enable calculation checks against MfE tables.
Fuel card data provided by supplier in monthly invoicing, by, vehicle
registration includes vehicle rating and volume of fuel (litres) by fuel
type. Calculation references MfE.
Low uncertainty. Reliance on supplier to provide
complete and accurate invoice data.
RefrigerantsSupplier invoicing provides detail on top ups by gas type and quantity
(kg). Calculation references MfE.
Low uncertainty. Reliance on supplier to provide
complete and accurate measurements and invoice data.
Scope 2
Imported ElectricityPurchased electricity using
location-based method
Direct invoicing from a single electricity retailer for Sky leased and
owned properties (Mt Wellington and Albany). Based on kWh data.
Calculation references MfE.
Low uncertainty.
Scope 3
1. Purchased goods and
services
Purchased goods and services –
supplier pre-calculated
Supplier invoicing or specific reporting for some goods and services
categories includes pre-calculated tCO
2
e data.
Low to medium uncertainty. Lags in receipt of some
reports requires use of estimates or averages. Reliance
on suppliers to provide complete and accurate data.
Purchased goods and services –
not pre-calculated
Supplier invoicing and reporting using a combination of calculation
methods based on most accurate approach available. Calculation
methods reference MfE; Auckland Council, NZ, and: supplier tCO
2
e
emissions intensity factor.
Low to medium uncertainty. Most accurate available
data source and calculations used.
There are no emissions associated with the Optus satellite at the
point the asset is in use for Sky’s services.
Assumption that no emissions are generated for
assets operating at craft altitude outside of the
atmosphere (36,000km).
Raw materials and
manufacturing
Suppliers of products used in customer homes provide pre-calculated
cradle to grave kgCO
2
e per unit data, including raw material and
manufacturing emissions.
Low uncertainty. Independent, cradle to grave product
carbon footprint verification provided for some
product categories (SGS Group).
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Emissions TypeEmissions SourceData Source and calculation methodUncertainty, Assumptions and Estimates
Scope 3 (continued)
3. Fuel & Energy related Electricity at outsourced
supplier sites
Supplier estimates of kWh attributable to Sky based on percentage
of site usage or headcount. Calculations reference MfE; Carbon
Transparency.
Low uncertainty. Reliance on suppliers to provide
complete and accurate data. Some use of estimates.
Transmission of energy –
(T&D losses)
Invoices from suppliers (kWh). Calculations reference MfE.Low uncertainty. Reliance on suppliers to provide
complete and accurate data. Some use of estimates.
Fuel related Supplier invoicing. Based on distance (km), fuel type, vehicle type and
average km per litre data or spend. Calculations reference MfE and
Market Economics Limited, Auckland Council.
Low uncertainty. Reliance on supplier to provide
complete and accurate invoice data.
4. Upstream Transport Upstream Freight Supplier invoicing. Based on precalculated tCO
2
e or weight and
shipping location details. Calculations reference MfE.
Low to medium uncertainty. Reliance on suppliers to
provide complete and accurate data. Some estimates
applied.
5. WasteWasteSupplier invoicing. Calculations reference MfE, Toitū, Market
Economics Limited.
Low uncertainty. Averages and estimates used.
Reliance on suppliers to provide complete and accurate
data.
6. Business Travel Business travel – Transport Supplier invoicing includes pre-calculated kgCO
2
e for flights and
rental vehicles. Employee milage claims include distance, fuel type
and (in most cases) cc rating. Taxi/Uber invoicing includes distance
and spend data. Calculations reference MfE.
Low uncertainty. Reliance on suppliers and employees
to provide complete and accurate data.
Business travel –
Accommodation
Supplier invoicing includes pre-calculated kgCO
2
e. Medium uncertainty. Reliance on supplier to provide
complete and accurate data with some estimation
assumed.
7. Employee
Commuting
Working from HomeBased on survey and on-site attendance data. Calculations reference
MfE and Toitū.
Low uncertainty. Use of estimates reliance on survey
frequency.
9. Downstream
Transport
Downstream FreightSupplier invoicing, with some use of pre-calculated tCO
2
e. Low to Medium uncertainty due to use of averages.
Reliance on suppliers to provide complete and accurate
data.
11. Use of sold productsUse stage of sold productsEmissions derived from internal data (product numbers, type and
model). Internal and supplier data for average kWh per product, and
viewership data. Calculations reference MfE.
High uncertainty based on use of average data
and assumptions on customer energy sources and
behaviours.
12. End of lifeEnd of life of sold productsSuppliers of new products used in customer homes provide pre-
calculated and verified cradle to grave kgCO
2
e per unit data. End of
life emissions for pre-existing products are not reported.
Low uncertainty for included sources. Reliance on
suppliers to provide complete and accurate data.
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PricewaterhouseCoopers, PwC Tower, 15 Customs Street West,
Private Bag 92162, Auckland 1142, New Zealand
T: +64 9 355 8000

pwc.co.nz
Independent Assurance Report
To the Directors of Sky Network Television Limited
Limited Assurance Report on Sky Network Television Limited’s
Greenhouse Gas (GHG) Disclosures
Our conclusion
We have undertaken a limited assurance engagement on the gross GHG emissions, additional required disclosures of gross GHG emissions, and gross GHG emissions
methods, assumptions and estimation uncertainty (the GHG Disclosures), as outlined within the Scope of our limited assurance engagement section below, included in the
Climate Statement of Sky Network Television Limited (the Company) and its subsidiaries (the Group) for the year ended 30 June 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that the GHG Disclosures are
not fairly presented and are not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate Standards (NZ CSs) issued by the External
Reporting Board (XRB), as explained on page 4 of the Climate Statement.
Scope of our limited assurance engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures on pages 20 and 22 to 24 of the Climate Statement for the year ended 30 June
2025:
• gross GHG emissions:
– Scope 1 emissions of 137 tCO2e on page 20; and
– Scope 2 (location-based) emissions of 698 tCO2e on page 20;

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2 PwC – Independent Assurance Report
• additional required disclosures of gross GHG emissions on pages 2 2 and 23; and
• gross GHG emissions methods, assumptions and estimation uncertainty on pages 2 3 and 24.
Our assurance engagement does not extend to any other information included, or referred to, in the Climate Statement on pages 2 to 25 and on page 30. We have not
performed any procedures with respect to the excluded information and, therefore, no conclusion is expressed on it. The comparative information for the years ended 30
June 2023 (base year) and 30 June 2024 disclosed in the Group’s Climate Statement are not covered by the assurance conclusion expressed in this report.
Other matter – comparative information
The comparative Scope 1 and Scope 2 GHG disclosures for the years ended 30 June 2023 (base year) and 30 June 2024 have not been subject to assurance in accordance
with NZ SAE 1. As such, these disclosures are not covered by our assurance conclusion.
Directors’ responsibilities
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of the GHG Disclosures in accordance with NZ CSs. This
responsibility includes the design, implementation and maintenance of internal controls relevant to the preparation of GHG Disclosures that are free from material
misstatement whether due to fraud or error.
Inherent Uncertainty in preparing GHG Disclosures
As discussed on page 23 of the Climate Statement, the GHG quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine
emissions factors and the values needed to combine emissions of different gases.
Our independence and quality management
This assurance engagement was undertaken in accordance with New Zealand Standard on Assurance Engagements 1 Assurance Engagements over Greenhouse Gas
Emissions Disclosures, issued by the External Reporting Board (XRB) (NZ SAE 1). NZ SAE 1 is founded on the fundamental principles of independence, integrity,
objectivity, professional competence and due care, confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and accreditation body requirements:
• Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand);
• Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services
Engagements; and
• Professional and Ethical Standard 4: Engagement Quality Reviews.
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3 PwC – Independent Assurance Report
Other than in our capacity as auditor and assurance practitioner, our firm carries out other assignments in the areas of audit, review and other assurance services and other
services relating to agreed upon procedures and a preconditions assessment for the assurance of GHG Disclosures. In addition, certain partners and employees of our firm
may deal with the Company on normal terms within the ordinary course of training activities of the business. The firm has no other relationship with, or interests in, the
Group.
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures based on the procedures we have performed and the evidence we have obtained. NZ SAE 1 requires us
to plan and perform the engagement to obtain the intended level of assurance about whether anything has come to our attention that causes us to believe that the GHG
Disclosures are not fairly presented and are not prepared, in all material respects, in accordance with NZ CSs, whether due to fraud or error, and to report our conclusion to
the Directors of the Company.
As we are engaged to form an independent conclusion on the GHG Disclosures prepared by management, we are not permitted to be involved in the preparation of the
GHG information as doing so may compromise our independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1, and ISAE (NZ) 3410 Assurance Engagements on Greenhouse Gas Statements. This
involves assessing the suitability in the circumstances of the Group’s use of NZ CSs as the basis for the preparation of the GHG Disclosures, assessing the risks of material
misstatement of the GHG Disclosures whether due to fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall
presentation of the GHG Disclosures.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to both the risk assessment procedures, including an
understanding of internal control, and the procedures performed in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observation of processes performed, inspection of documents, analytical
procedures, evaluating the appropriateness of quantification methods and reporting policies, and agreeing or reconciling with underlying records. In undertaking our
limited assurance engagement on the GHG Disclosures, we:
• Evaluated the Group’s assessment of organisational and operational boundaries;
• Obtained, through enquiries, an understanding of the Group’s control environment, processes and information systems relevant to the preparation of the GHG
Disclosures. We did not evaluate the design of particular control activities, or obtain evidence about their implementation;
• Tested a limited number of items to, or from, supporting records, as appropriate;
• Assessed all emission factor sources and reperformed the emissions calculations for mathematical accuracy; 
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4 PwC – Independent Assurance Report
• Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted to actual GHGs emitted on a monthly or quarterly basis
against a trend and made enquiries of management to obtain explanations for any significant differences we identified. We performed more precise analytics where
appropriate;
• We enquired with management on the nature of the restatement to base year and read the supporting documentation and calculations that we were provided with; and
• Considered the presentation and disclosure of the GHG Disclosures.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement.
Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had we
performed a reasonable assurance engagement and does not enable us to obtain assurance that we would become aware of all significant matters that we otherwise might
identify. Accordingly, we do not express a reasonable assurance opinion on these GHG Disclosures.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure, it is possible that fraud, error or non-compliance may occur
and not be detected.
Who we report to
This report is made solely to the Company’s Directors, as a body. Our work has been undertaken so that we might state those matters which we are required to state to
them in our assurance report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company
and the Company’s Directors, as a body, for our procedures, for this report, or for the conclusions we have formed.
The engagement partner on the engagement resulting in this independent assurance report is Victoria Ashplant.
For and on behalf of:
PricewaterhouseCoopers Auckland
24 October 2025
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Glossary
ARC: Audit and Risk Committee, a committee of the
Board
Board: Refers to Sky’s Board of Directors unless otherwise
stated
BVOD: Broadcast video on demand, free-to-air,
advertising supported streaming service
CRD: Climate Related Disclosure
CRE: Climate Reporting Entity
CRR: Climate Related Risks
CRRO: Climate Related Risks and Opportunities
ERM: Enterprise Risk Management (framework)
ESG: Environmental, Social and Governance
ELT or Executive Team: Executive Leadership Team,
comprised of the Chief Executive and direct reports to the
Chief Executive
FMA: New Zealand Financial Markets Authority
GHG emissions: Greenhouse gas emissions
IPCC: Intergovernmental Panel on Climate Change
MfE: New Zealand’s Ministry for the Environment, the
Government’s primary adviser on environmental matters
NGFS: The Network for Greening the Financial Sector
NZ CS 1: Aotearoa New Zealand Climate Standard 1:
Climate-related Disclosures
NZ CS 2: Aotearoa New Zealand Climate Standard 2:
Adoption of Aotearoa New Zealand Climate Standards
NZ CS 3: Aotearoa New Zealand Climate Standard 3:
General requirements for Climate-related Disclosures
RCP: Representative concentration warming pathways
RGSC: Risk Governance Steering Committee
SGC: Sustainability Governance Committee
SSP: Shared Socio-economic Pathway
STEEP: STEEP analysis is a framework used to assess how
Social, Technology, Economic, Environmental and Political
external factors affect a business
STI: Sky’s short-term incentive plan
tCO₂e: Tons of carbon dioxide equivalent. The universal
unit of measurement to indicate the global warming
potential of each of the seven GHGs, expressed in terms of
the global warming potential of one unit of carbon dioxide
for 100 years
XRB: New Zealand External Reporting Board
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GLOSSARY