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) has performed well over the past year, but we still see the risk–reward as attractive.</li><li>We believe SKT has a path to grow its dividend from NZ30cps in FY26 to NZ40cps over the next few years.</li><li>While SKT faces structural headwinds in its satellite business, we take comfort that both sports subscribers and ARPU (aggregating satellite plus Sky Sports Now [SSN]) have been broadly stable over the past five years; we expect this to continue.</li></ul>

Sky TV (SKT) has performed well over the past year, but we still see the risk–reward as attractive.We believe SKT has a path to grow its dividend from NZ30cps in FY26 to NZ40cps over the next few years.While SKT faces structural headwinds in its satellite business, we take comfort that both sports subscribers and ARPU (aggregating satellite plus Sky Sports Now [SSN]) have been broadly stable over the past five years; we expect this to continue.

Sky Network Television

Sky TV More Time Left On The Clock