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) is due to report its FY25 result on Friday, 22 August.</li><li>First time FY26 earnings guidance should be a step up on FY25, with the benefit of annualising 2H25 cost savings and likely lower NZ Rugby rights.</li><li>We expect a FY25 result closer to the bottom end of current guidance, given a soft NZ consumer backdrop and its satellite transition earlier in the year likely increased churn (temporarily).</li></ul>

Sky TV (SKT) is due to report its FY25 result on Friday, 22 August.First time FY26 earnings guidance should be a step up on FY25, with the benefit of annualising 2H25 cost savings and likely lower NZ Rugby rights.We expect a FY25 result closer to the bottom end of current guidance, given a soft NZ consumer backdrop and its satellite transition earlier in the year likely increased churn (temporarily).

Sky TV FY25 Preview—Eyes On Rugby Rights