New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

Sky Network Television / Equity Bottom-Up

<ul><li>Sky TV (SKT) will report its 1H26 result on Thursday 26 February.</li><li>In SKT’s November ASM update, it reiterated FY26 guidance but indicated softness in both Sky Free advertising revenue and Neon subscribers.</li><li>Our key focus areas are: (1) a sequential improvement in satellite ARPU; (2) continued +9% year-on-year growth in Sky Sports Now (SSN) revenue; (3) cost control; and (4) free cash flow generation of ~+NZ$25m in 1H26, its strongest 1H since 1H22.</li></ul>

Sky TV (SKT) will report its 1H26 result on Thursday 26 February.In SKT’s November ASM update, it reiterated FY26 guidance but indicated softness in both Sky Free advertising revenue and Neon subscribers.Our key focus areas are: (1) a sequential improvement in satellite ARPU; (2) continued +9% year-on-year growth in Sky Sports Now (SSN) revenue; (3) cost control; and (4) free cash flow generation of ~+NZ$25m in 1H26, its strongest 1H since 1H22.

Sky TV 1H26: Switching Channels, HBO To Sky Free