Sky ASM 2025 - Addresses and Presentation

2025 Annual Shareholder Meeting - Chair’s Address
Good morning, fellow shareholders,
As Sky’s Chairman, it is my pleasure to address you, our shareholders, at our 2025 Annual
Meeting.
The past year has been another challenging one for the New Zealand economy and particularly
for consumers. Most forecasts of a recovery made at this time last year have proved to be
optimistic. Instead, we have seen discretionary spend continue to be squeezed by inflation
running ahead of income growth. Consumer-facing businesses such as retailers faced weaker
demand, and Sky was no exception. Recent forecasts now suggest an economic recovery in 2026
– hopefully these will prove more accurate than those last year.
At the same time, the local media landscape continued to evolve at an unprecedented rate, with
both cyclical and structural shifts redefining the competitive landscape. Key impacts included
the continued decline in linear TV advertising revenues, industry consolidation, and an increased
focus by some global streaming platforms on the local market.
For Sky and our customers, the challenging year was compounded by the complexity of
managing the migration from a prematurely end-of-life satellite under extremely tight
timeframes.
FY25 performance
Against this backdrop, Sky delivered a solid set of results reflecting the clarity of our strategy, the
resilience of our business model, and the disciplined execution by our team. As we reported in
August, Management delivered results within revised market guidance ranges for the FY25 year.
Adjusted Revenue was at the lower end of guidance whilst Adjusted EBITDA was at the mid-point
of guidance, and cash generation was strong. These results enabled the Board to declare an
increased fully imputed final dividend of 13.5 cents per share, lifting the full-year dividend by
nearly 16 percent on the previous year.
Delivery against priorities
At last year’s meeting, I highlighted two key priorities for FY25:
• Firstly, satellite migration. This was completed successfully, despite significant
operational complexity, but at the cost of some disruption for a limited number of
customers.
• Second, renewal of New Zealand Rugby rights. Negotiations concluded in August, and
subject to your approval today, Sky has secured a further five-year agreement on
improved commercial terms. This outcome ensures that our customers will enjoy an
expanded suite of content including every big rugby moment for the next five years. At the
same time the agreement allows New Zealand Rugby, with our support, to pursue
supplemental free-to-air arrangements for provincial rugby.

The new agreement with NZ Rugby, along with other rights secured, including those for
the Olympics, NZ Cricket and Formula One, cements our unrivalled coverage of sport
that New Zealanders care about.
These achievements demonstrate the ability to execute successfully under pressure and have
strengthened the Board’s confidence in Management’s capability to deliver on future
opportunities that may emerge.
Strategic moves
One such opportunity this year was the acquisition of Discovery New Zealand, for a nominal
consideration and on a debt-free basis. This transaction aligns with our strategy to grow
advertising and digital revenues and strengthens Sky’s position in the local media ecosystem.
Sophie and I have received a significant amount of positive investor feedback since the
transaction was announced. Put simply, the work undertaken to strengthen Sky’s commercial
position over recent years helped to create the conditions to secure this strategically important
and carefully structured deal.
The integration of Discovery NZ into our new Sky Business division, and the delivery of significant
cost synergies and potential revenue synergies is the key focus for Management in FY26 and a
continuing focus in later years.
Shareholder returns & capital management
Over the financial year, Sky’s share price appreciated by 27 percent which combined with fully
imputed dividends paid of 20.5 cents per share, delivered total shareholder returns of 36 percent
for FY25 – tangible evidence of value creation and our commitment to rewarding shareholders.
Having confirmed dividend guidance for FY26 of at least 30 cents per share Management is on
course to deliver against the target first communicated back in August 2023. At the current share
price of $3.60, a 30 cent payout this year represents an impressive 8.3% cash yield and will
deliver a further increase of 36% in our dividend – importantly one paid out of free cash flow and
not debt – which provides a clear illustration of the strength of Sky’s cash generation and your
Board’s confidence in its sustainability.
Following the Discovery NZ acquisition, the Board has paused further capital management
actions in the short term but will continue to review opportunities as synergies are delivered.
Governance & board matters
This has been a demanding year for your Board, with significant additional workload arising from
satellite migration, the Rugby negotiations and the Discovery NZ acquisition. As with many NZX
listed companies, our Audit and Risk Committee (supported by Management) also undertook
considerable additional work on Sky’s Climate-Related Disclosures. As a low carbon intensity
business, we believe that the current cost-benefit and liability exposure of the present Disclosure

regime is disproportionate, and we welcome the pragmatic decision from the Government to
amend the CRD regime in 2026.
I would like to acknowledge the dedication and professionalism of my fellow Directors. Three of
us on the Board, me included, are standing for re-election today, and we look forward to
addressing you individually.
An internal Board effectiveness review confirmed that the Board continues to operate very
effectively. We review the composition of the Board every year to assess whether the mix of skills,
competences and experiences remains appropriate. The impact of the acquisition of Discovery
NZ will be a new factor for consideration in FY26.
Acknowledgements
I would like to thank Sophie, her Leadership team, and the wider Sky team for their hard work and
resilience in navigating a complex year. These efforts have delivered positive outcomes for
customers, partners, and shareholders.
Finally, a thank you to you, our shareholders, for your trust and support. In this context it is good
to be able to report a very positive Total Shareholder Return for FY25.
Closing
FY26 will be an exciting year as we integrate Discovery NZ and continue to lay the foundations for
accelerating our growth across the broader business from 2027. Your Board and Management
remain focused on delivering great value for customers and shareholders alike.
Thank you for your attention. Sophie and I look forward to your questions and to engaging with
you during today’s meeting.

Ends

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2025 Annual Shareholder Meeting - Chief Executive’s Address
Thank you, Philip.
Tēnā tātou katoa, good morning everyone.
It is my privilege to address you again as your Chief Executive in Sky’s 35th anniversary year.
When I reflect on Sky’s journey since 1990 - from the early days of satellite broadcasting to the
dynamic, multi-platform media company we are today - I am reminded of how deeply woven
Sky is into the fabric of Kiwi life.
And it feels especially fitting that in our 35th year, we have welcomed another iconic New
Zealand media company into the Sky group, with TV3 also sharing a proud 35-year legacy in this
country. I will touch more on that acquisition shortly.
Financial results
As Philip referenced, it certainly has been another busy financial year for your company, with
additional demands from significant projects and the challenges of navigating a tough operating
environment.
In this context, we are particularly pleased to have delivered a solid set of FY25 financial
results, with all metrics (on an adjusted basis) within the updated guidance ranges provided at
the half year.
While the customer experience impacts of the satellite migration project and economic strain
on household wallets meant revenue came under pressure, our disciplined cost control
continued, with the results demonstrating our ability to swiftly adapt to optimise business
performance.
Delivery against strategic priorities
Our strategy continues to be guided by our ambition to be Aotearoa New Zealand’s most
engaging and essential media company, and of course, by our purpose – to share stories, to
share possibilities and to share joy.
We have five Strategic Pathways to achieve that ambition. In the interests of time today, I refer
you to our 2025 Annual Report, where we set out the achievements of each Pathway in more
detail, with a brief capture in my address today of the ongoing priorities in FY26.
Underpinning everything we do is our enduring commitment: to be a responsible and
sustainably profitable, Aotearoa New Zealand-focused business.
To demonstrate our ability to achieve this enduring commitment, in August 2023, we set
ourselves some ambitious three-year targets, and it’s gratifying to report that we have made
good progress in the second year of delivery during FY25:

• Pleasingly, the Capex intensity and employee engagement results are already aligned
with our FY26 ambitions.

• While the revenue and EBITDA margin targets remain challenging, disciplined spending
means we continue to be on track with the critical revenue-linked programming cost
target.

• Importantly, while customer NPS is not yet where we want it to be, we have seen
continued improvement following the successful migration to the new satellite in April
of this year.

• And, most notably, for the audience in this room and online, we remain firmly on track
to deliver our dividend target of 30 cents per share - a strong signal of our resilience and
focus on execution.

Speaking of resilience and our strategic pathway of making Sky a great place to work, as
measured by the engagement of our people, I am delighted at the strides we have made in
helping our crew be their most productive selves at work. We understand that empowering our
people leaders is also critical to achieving this pathway. You can be assured that we have real
bench strength in our senior leadership, which is giving me and my exec team confidence about
our delivery into the future.
In terms of our strategic pathway of meeting customers where they are, delivery by satellite and
via digital products remains key, as does the FY26 priority of supercharging the new Sky
experience.
Satellite
When I addressed you last year, migrating to a new satellite was our number one priority with
close to 450 thousand of our customers connecting to Sky’s content via satellite at the financial
year end.
This was an incredibly complex project, undertaken in a highly compressed timeframe, and it
touched almost every part of our business. While it was not without its challenges, I remain
incredibly proud of how our Sky crew pulled together to deliver for our customers and our
business.
As we signalled from the start, we expected the project to be largely cash neutral by FY26 and
this is still the case.
We are now operating from the KT6 satellite, delivered by our partner Optus. KT6 has a
dedicated New Zealand footprint, with a superior signal for most customers compared to our
prior satellite. With Optus anticipating further delays to the completion and launch of the Optus
11 spacecraft, it is of great comfort to have KT6 as our primary satellite, with security of supply
until the end of our current contracted period in 2031.

Digital
While satellite delivery will remain an important component of our distribution strategy for
some time to come, increasingly our customers’ experience of Sky is a digital one.
At the full year this included 37 percent - close to 170 thousand - Sky Box customers who are
already enjoying the significantly enhanced digital experience of our new Sky Box or the Sky
Pod. For those on the new Sky Box, this includes the benefit of IP switchover capability, and,
starting with today's Ashes Test, the new Box and Pod will offer 4K Ultra High Definition for
certain sporting events.
Over half of all Sky Box customers are also using our popular Sky Go companion App to enjoy
their Sky content while on the move.
Adding to this digital audience, we serve just over 400 thousand recurring streaming customers
on Sky Sport Now and Neon – with many more subscribing for these services at other times
throughout the year.
Our expansion in digital also includes the fast-growing digital advertising space, where we now
offer high value digital Ad replacement on Sky Sport Now. As expected, this initiative has been a
hit with advertisers, which, importantly, has not impacted the viewing experience for our
customers as we simply swap out existing ad spots with targeted digital ones.
This initiative builds on our existing digital advertising revenue streams from Neon and has now
expanded to Sky Go.
Accelerating advertising and the associated revenue is a strategic priority for Sky and created
the opportunity for the acquisition of Discovery NZ.
As Philip mentioned the acquisition is a strong strategic fit that propels our growth strategy in a
way that would have been difficult to achieve organically. This includes access to the fast-
growing ThreeNow digital platform, which expands our reach to a younger, more diverse
audience that is highly attractive to content partners and advertisers, alike.
As shared at the time, you do not get to acquire a business for $1 if it is profitable and the
combined teams are working hard to deliver on the complex technology integration programme,
while also remaining clear-eyed on delivering cost synergies and moving to capture the revenue
growth opportunities ahead of us, particularly from FY27 onwards.
In the more immediate term, our freshly renamed Sky Business team is now in market with a
unified sales proposition, and we look forward to sharing the outlook for the combined business
at the half year with more on this process to follow shortly.
As a further compelling proof point of the merits of this acquisition, our recent announcement
that Sky has secured the exclusive rights to the Olympics through to Brisbane in 2032 was made
possible due to the inclusion of Three and ThreeNow in the economic case backing this bid.

Overall, it exemplifies how our significantly boosted free-to-air offering means we can reach
more New Zealanders than ever before, across more platforms, with more choice.
Sky’s content strategy
As referenced by Philip, in terms of our content as a strategic pathway, securing the Olympics
only serves to further strengthen our unrivalled sport bundle which remains a vital asset of our
shareholders.
On the entertainment side, we are reinvigorating our strategy to deliver on the mix of
entertainment programming that Kiwis enjoy from our broad range of studio partners.
Much like sport content, our approach in this space is grounded in data and a deep
understanding of what resonates. For instance, in FY25 we know the standout hit for our
customers was Paramount's Yellowstone. We’re building on those insights to shape a strategy
that curates the best entertainment content for New Zealanders.
Continuing to produce and showcase premium local content is a key part of this. We recently
celebrated the launch of Sky Originals and BBC Scotland’s psychological thriller, The Ridge,
and we continue to support stories that feel uniquely Kiwi. The acquisition of Three has also
enhanced our local content proposition, with loved shows like 7 Days, David Lomas
Investigates and Married at First Sight now part of our customer offering.
Our deepening of content engagement as a priority is also about creating content that engages
fans and sparks conversation beyond the final whistle – including through initiatives like League
Lounge with Shaun Johnson, and Forever Auckland FC.
Q1 and outlook
Turning now to the performance of our business in the initial months of this financial year.
As we signalled at our Full Year Results in August, economic conditions were expected to
remain challenged at least through the first half of FY26. So far, this is largely playing out as we
anticipated, with continued pressure on revenues and added pressure on Neon subscriptions.
Notwithstanding this pressure, there is no change to Sky’s FY26 Guidance provided in August
on a stand-alone basis.
While trading conditions for Sky Free have been softer at the revenue level than expected in the
initial ‘stand-alone’ period, lower than expected costs have somewhat offset the impact.
Importantly, audiences have remained stable, and we are expecting positive signs in the 2026
calendar year as advertising brands and agencies see the benefits and new opportunities
created by our unique combined proposition.
Our expectation of delivering $3 to $5 million of synergy benefits across the Group in FY26 is
unchanged, as is our expectation that Sky Free will contribute positive Free Cash Flow in its first
year. Looking further ahead, we are confident the acquisition will achieve at least $10 million of
incremental EBITDA for the consolidated group by the end of FY28.

As is usual following an acquisition, we are working through a Purchase Price Allocation
process to establish the fair value of assets acquired, such as content, brands and the
platforms. We expect this process will be completed by the time of our Interim results, along
with an intention to provide updated guidance on a Group basis at that time.
Overall, at a Sky Group level, we are making good progress on each of the FY26 priorities that
contribute to the financial outcomes we are targeting. As shared at the start of the financial
year, our EBITDA guidance includes provision for some re-investment in people, marketing and
customer experience after a challenging FY25. This reinvestment will lay the groundwork for
accelerating our growth from FY27 onwards.
Thank you
In conclusion, I want to express my gratitude to Philip, and our dedicated and hard-working
Board. Built on the work of preceding years, your guidance, challenge and unwavering support
have been instrumental throughout what has been an intense and transformative year. This has
been marked by major initiatives including the satellite migration, securing the Rugby rights and
the acquisition of Discovery NZ. The depth of experience you bring is an asset to me and the
entire management team – as well as our shareholders, thank you.
In addition to acknowledging the dedication and commitment of the wider Sky crew, I also want
to acknowledge the contribution of my Executive team including the fresh perspectives brought
by our newest members – Kym Niblock, Juliet Peterson and Nikki Goodman.
As we look forward to new CFO David Mackrell joining the team in January, I’d like to take this
opportunity to offer a special thank you to Andrew Hirst on behalf of team Sky. Andrew, your
care and expertise have made a significant impact for which we, and I personally, are very
appreciative.
To our shareholders, including all of you in the room or online today, thank you for your
continued trust and support. You can be assured that we are firmly focused on our strategic
pathways and FY26 priorities to ensure we can deliver on our results and on the 2023 target to
double the dividend to 30 cents per share in this FY26.

Ends

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© SKY 2021
2025 Annual Meeting
of Shareholders
21 November 2025

© SKY 2021
Questions may be submitted by
selecting the Q&A icon on the right
side of the screen
Type your question in the space
provided and then press ‘send’.
Help: The same process can be
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A Computershare representative
will respond to you directly
Asking a question at the meeting
2
Page 2

© SKY 2021
When voting is opened, the
resolutions will be accessible by
selecting the voting icon
To vote simply select your voting
direction from the options shown
on the screen
Your vote has been cast when the
tick appears. To change your vote,
select ‘Change Your Vote’ at any
time until the voting closes
Voting at the meeting
3

© SKY 2021
Welcome

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

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

© SKY 2021
Chairman’s
Address

© SKY 2021
Successful execution of FY25 priorities
Delivered solid financial results within updated guidance ranges
despite a challenging economic climate
Successful migration to the new satellite
Positive conclusion to NZ Rugby/SANZAAR negotiations, securing
a further five-year agreement on improved commercial terms

© SKY 2021
Immediate scale in
advertising
Increased return on
content investment
Expanded digital
reach through high
growth BVOD
Strengthened
position in digital
Strengthened multi-
platform approach
Increased reach to a
larger, more diverse
audience
The acquisition of Discovery NZ represents a strong
strategic fit that delivers:

© SKY 2021
Strong focus on shareholder returns and disciplined
capital management
1. Free Cash Flow is defined as net cash from operating activities, less capex, less payments for lease liability principal. One off items includes material acquisition or disposal of assets.
7.3
15.0
19.0
22.0
At least
30.0
FY22FY23FY24FY25FY26
Delivering Dividend Growth (cps)
InterimFinal
Guidance
FY25 DIVIDEND
+16%
PAYOUT RATIO
60%–90%
Of Free Cash
1
FY26 DIVIDEND
GUIDANCE
+36%
NO DEBT
$100m
Undrawn facility
FY25 TSR
+36%

© SKY 2021
Chief Executive’s
Address

© SKY 2021
REVENUE (Adj
2
)
$
755.1m
FY24: $766.7m -1.5%
NPAT (Adj
2
)
$
41.1m
FY24: $49.2m -16.5%
CAPEX

(Adj
2
)
$
65.2m
FY24
3
: $78.4m -16.8%
EBITDA(Adj
2
)
$
148.5m
FY24: $153.0m -3.0%
FREE CASH FLOW
4
$
24.8m
FY24: $23.7m +4.6%
DIVIDEND
22.0cps
FY24: 19.0cps +15.8%
FY25 financial results delivered within guidance
1
1.Updated guidance was provided to the market on 2. Where indicated, FY25 numbers are shown on an Adjusted basis. Information on Reported numbers is available on page 19 and a table of Adjustments is available on
page 20 of Sky’s FY25 Results Presentation. 3. FY24 Capex excludes Satellite Migration Capex of $4.5m. 4. Free Cash Flow is defined as net cash from operating activities, less net cash used in investing activities less
payments for lease liability principal.

OUR AMBITION
To be Aotearoa NZ’s most engaging and
essential media company
Giving customers
content they
love
Meeting
customers
where they are
Providing innovative
solutions for our
partners and clients
Giving customers
the experience
they expect
Making Sky a
great place to
work
OUR ENDURING COMMITMENT
A responsible and sustainably profitable,
NZ-focused business
OUR STRATEGIC PATHWAYS
Share stories. Share possibilities. Share joy.
OUR PURPOSE

© SKY 2021
FY26 Target
Year 2
FY25
1
Year 1
FY24
3-Year
status
Revenue Growth1-2% pa-1.5%

+1.6%
Programming Costs to Revenue %47% - 49%50.9%

51.1%
EBITDA Margin21% - 23%19.7%

20.0%
Capex to Revenue %
2
7% - 9%8.6%

10.2%
Employee Engagement +14 pts+17pts

+12 pts
Customer NPS+19 pts+7 pts

+6 pts
Dividend30 cps22 cps

19 cps
1. Revenue, cost and capex data is shown on an adjusted basis. Refer to Sky’s 2025 Annual Report for details. 2. Capex to revenue percentage has been adjusted to exclude satellite migration
spending in FY24 and FY25.
Delivery against three year targets (to FY26)

© SKY 2021
Sky’s powerful multi-platform strategy
409k
customers
448k
customers
900k
weekly reach
37%
NEW SKY DIGITAL
EXPERIENCE
Digital Ads
ON NEON,
SKY SPORT NOW
& SKY GO
Source: Linear TV – Nielsen TAM, 05+, Ave weekly reach July 2024 – June 2025.

© SKY 2021
Discovery NZ supercharges our portfolio and reach
1.3M
weekly reach
1
1.5M
weekly reach
2.0M
weekly reach
1
ThreeNow
(BVOD)
14 CONSECUTIVE QUARTERS
OF GROWTH
Source: Linear TV – Nielsen TAM, 05+, Ave weekly reach July 2024 – June 2025. Streaming – Nielsen CMI, 15+, watched last 7 days Q3 2024 – Q2 2025. 1. Weekly reach data for Streaming and Free-to-Air is de-
duplicated
Younger more
diverse audience
ACROSS Three &
MORE SO FOR ThreeNow
Advertising
scale
INCLUDING 25% FROM
GROWING DIGITAL CATEGORY

© SKY 2021

STANDOUT HIT
IN FY25
SKY NZ ORIGINALS
CO-PRO WITH
BBC SCOTLAND
SKY NZ ORIGINALS
BEHIND THE SCENES
INSTANT
FAN FAVOURITE
APPOINTMENT
VIEWING
Entertainment re-imagined
Bringing together the best of global and local content, including Sky NZ Originals, Sky Sport and Three/ThreeNow

FY26 Update: Guidance Unchanged
As expected, economic conditions have remained challenging, with continued pressure on revenue
and added pressure on Neon subscriptions
FY26 Guidance for Sky
1
, on a ‘stand alone’ basis, remains unchanged
Trading conditions for Sky Free in the initial ‘stand-alone’ period have resulted in some revenue
softness, but with lower than expected costs providing a partial offset. Now moving to a unified
sales approach. No change to FY26 expectations of positive Free Cash Flow contribution and
synergy benefits
2
of $3-$5 million. No change to expectations of delivering at least $10 million of
incremental EBITDA by FY28
Sky expects to provide consolidated Guidance for the Group with Interim Results following the
completion of the Purchase Price Accounting process
We remain confident of delivering FY26 dividend guidance of at least 30 cps
1. FY26 Guidance provided on a stand-alone basis for Sky, excluding the impact of the Sky Free (formerly Discovery NZ) acquisition. Guidance is subject to no adverse change in operating conditions, including future
economic headwinds, and excludes one-offs associated with satellite migration, transformation initiatives, and Sky Free transaction and net integration costs. 2. Synergy benefits will be delivered across the Group.

© SKY 2021
G
1. Grow crew engagement
2. Supercharge new Sky Experience
3.
FY26 priorities provide the runway to accelerate growth
4. Accelerate advertising
Successful integration
Successful
integration
FY26
Strategic
Priorities
Accelerating
our growth
from FY27
Deepen content engagement

© SKY 2021
Formal
Business

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

© SKY 2021
Resolution 2
That Philip Bowman, who retires at
the Annual Meeting and is eligible
for re-election, be re-elected as a
director of the Company.

© SKY 2021
Resolution 3
That Dame Joan Withers, who
retires at the Annual Meeting and is
eligible for re-election, be re-elected
as a director of the Company.

© SKY 2021
Resolution 4
That Mark Buckman, who retires at
the Annual Meeting and is eligible
for re-election, be re-elected as a
director of the Company.

© SKY 2021
That the NZ Rugby Rights Transaction described in the
explanatory notes to this Notice of Annual Meeting is
approved for all purposes, including under and for the
purposes of NZX Listing Rule 5.1.1(b) and section 129 of
the Companies Act 1993.
Resolution 5

© SKY 2021
Proxy voting prior to the meeting
RESOLUTION
FORDISCRETIONAGAINSTABSTAIN% VOTED
1. Auditor fees
98.0%1.2%0.7%n/a63.1%
85,100,852 1,069,275 635,901 28,210
2. Re-elect Philip Bowman
98.6%1.2%0.2%n/a63.1%
85,575,232 1,075,341 156,507 31,293
3. Re-elect Dame Joan Withers
98.5%1.2%0.3%n/a63.1%
85,519,865 1,072,456 214,874 -
4. Re-elect Mark Buckman
98.4%1.2%0.4%n/a63.1%
85,403,029 1,072,341 331,825 -
5. NZ Rugby Transaction
98.7%1.3%0.01n/a63.1%
85,689,075 1,105,049 11,291 1,780

© SKY 2021
General
Business

© SKY 2021
Thank you

© SKY 2021
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before income tax, interest expense, depreciation, amortization and impairment, unrealized gains and losses on currency and interest rate swaps. You should not
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31