Sky Network Television
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Sky Network Television (SKT) investor relations material

Sky Network Television H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary25 Feb, 2026

Executive summary

  • Achieved strong first half performance with double-digit EBITDA growth and solid revenue in a challenging market, driven by disciplined cost management, Sky Free acquisition, and sports content strength.

  • Sky Free acquisition delivered a $34.4m gain on bargain purchase, expanding digital reach and advertising scale.

  • Underlying revenue rose 8% to $415.4m, with underlying EBITDA up 29% and underlying NPAT up 77% year-over-year.

  • Integration of Sky Free delivered $3.2m in synergies, with further savings targeted through system harmonisation and service transitions.

  • Free cash flow and interim dividend significantly increased, reflecting operational improvements and acquisition benefits.

Financial highlights

  • Underlying revenue rose 8% to $415.4m; Sky Free contributed $35.6m in five months.

  • Underlying EBITDA up 29% to $78.2m; underlying NPAT up 77% to $19.3m; statutory NPAT at $52.4m due to one-off gains.

  • Free cash flow surged to $87.1m, and interim dividend up 76% to 15.0 cps, representing about 50% of FY26 guidance.

  • Standalone Sky cost base reduced by 6.7%, mainly from lower programming costs.

  • Capex for H1 FY26 was $27.0m, down 31% YoY, and closing cash balance at $100m.

Outlook and guidance

  • FY26 guidance: revenue $820–835m, EBITDA $145–160m, capex $62–68m, and dividend at least 30 cps.

  • Earnings growth expected to continue in FY27, with at least $10m incremental EBITDA from synergies by FY28.

  • Economic conditions remain challenging, impacting near-term revenue and programming costs expected to moderate.

  • Dividend guidance maintained at a minimum of 30 cps for FY26.

Impact of non-renewal of HBO Max content
Path to $10m incremental EBITDA from Sky Free
Rationale for genre-based content amortisation
Sky Free revenue vs. synergy impact on outlook?
Neon's post-HBO subscriber and revenue outlook?
New long-term performance metrics for Sky?
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H2 202620 Aug, 2026
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Frequently asked questions

Sky Network Television Limited is a New Zealand-based broadcasting company that provides pay television, streaming, and digital services. Sky offers a wide range of content, including sports, movies, entertainment, and news, through its satellite TV and online streaming platforms such as Sky Go and Neon. The company partners with various content providers to deliver both local and international programming to individual and commercial subscribers across New Zealand. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX and ASX.

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