Sky Network Television (SKT) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with procedural instructions for both in-person and online attendees, including Q&A and voting processes, and addresses from the Chair and Chief Executive.

• Chairman introduced board members, executive team, and external advisors, outlining the meeting's structure and agenda.

Financial performance review

• FY25 revenue was $755.1m, down 1.5% from FY24; adjusted EBITDA was $148.5m, down 3%.

• Capex decreased 16.8% to $65.2m; free cash flow was $24.8m, down 16.5%.

• FY 2025 results were within revised guidance: adjusted revenue at the lower end, adjusted EBITDA at midpoint, and strong cash generation.

• Share price rose 27% and total shareholder return reached 36% for FY 2025.

• Dividend increased 15.8% to 22.0 cps, with a payout ratio of 60%-90% of free cash flow.

Board and executive committee updates

• Three directors, including the Chair, stood for re-election, with board effectiveness reviewed and confirmed.

• Board includes an independent chair, deputy chair, several independent directors, and a new interim CFO.

• New CFO to join in January, with thanks extended to the interim CFO for contributions.