Half Yearly Report and Accounts

• Underlying revenue up 8%, driven by Sky Free acquisition
• Underlying EBITDA up 29% through lower costs and disciplined management
• Underlying NPAT up 77%

Sky Network Television Limited (Sky) today reports a strong financial performance for the six months ended 31 December 2025, in its first reporting period since the acquisition of Discovery NZ (now Sky Free). The combined Group strengthened its position in sport, refreshed its entertainment strategy, and continued to execute the integration of Sky Free. Despite subdued economic conditions, it improved underlying earnings by 29%. Reflecting confidence, the Board has declared an interim dividend of 15.0 cps, fully imputed, an increase of 76.5% on HY25. The acquisition of Sky Free expanded Sky's demographic reach, diversified its revenue base, and strengthened its competitive position. While linear advertising revenue was softer, the acquisition boosted Sky's revenue market share, digital audience, and advertising revenue. Sky continues to improve content economics and customer value through data-driven deal-making, including renewing NZ Rugby, Formula 1, and Olympic Games rights. Sky expects trading conditions to remain challenging in the near term, but is transitioning to Group-level guidance, with revenue of $820m-$835m, EBITDA of $145m-$160m, and capex of $62m-$68m for FY26.

Revenue: $820m - $835m EBITDA: $145m - $160m Capex: $62m - $68m Dividend: at least 30 cps (unchanged)

Although the economic environment remains uncertain, earnings growth is expected to continue from FY27, and Sky remains confident in its ability to deliver at least $10m of incremental EBITDA by FY28 through delivery of synergies across the group.