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>SKT has reported an in-line 1H23 result, with EBITDAF of NZ$73.7m, largely in-line with our NZ$72.7m forecast. Reported NPAT was NZ$26.2m, slightly above our NZ$24.6m forecast.</li><li>Full year EBITDA guidance was narrowed, with the upper end of guidance lowered.</li><li>SKT called out an NZ$7m fee to keep Vodafone TV going (netted off against revenue) as a one-off, adding that would make the numbers look better.</li></ul>

SKT has reported an in-line 1H23 result, with EBITDAF of NZ$73.7m, largely in-line with our NZ$72.7m forecast. Reported NPAT was NZ$26.2m, slightly above our NZ$24.6m forecast.Full year EBITDA guidance was narrowed, with the upper end of guidance lowered.SKT called out an NZ$7m fee to keep Vodafone TV going (netted off against revenue) as a one-off, adding that would make the numbers look better.

Sky TV (SKT): 1H23 Result − Initial Impressions