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Sky Network Television (SKT) / FY26

Result releasedAnnolyse analysis published

Sky FY26: profit rises with a bargain-purchase gain

Owners’ profit includes the Discovery NZ bargain-purchase gain; the prior-year amount is NZ$20.228 million.

Telecommunications & Media / Pay television results

SKT revenue trajectory

Revenue context before the current result.

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HY26 was $414.4m, versus $384.8m in HY25.

SKT Operating profit margin

Operating profit margin across covered periods.

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  • HY24 SKT HY: Outside range high ebitda margin. 20.8%; 3-period range 15.8% to 19.5%. EBITDA margin: 20.8%, above normal range; 3-period mean 18.0%, range 15.8%-19.5%.
  • HY25 SKT HY: Outside range low ebitda margin. 15.8%; 3-period range 18.9% to 20.8%. EBITDA margin: 15.8%, below normal range; 3-period mean 19.7%, range 18.9%-20.8%.
  • FY22 SKT FY: Outside range high ebitda margin. 23%; 3-period range 8.9% to 20%. EBITDA margin: 23.0%, above normal range; 3-period mean 16.2%, range 8.9%-20.0%.
  • FY26 SKT FY: Outside range low ebitda margin. 8.9%; 3-period range 19.8% to 23%. EBITDA margin: 8.9%, below normal range; 3-period mean 20.9%, range 19.8%-23.0%.
EBITDA margin: 8.9%, below normal range; 3-period mean 20.9%, range 19.8%-23.0%.

SKT operating cash flow

Operating cash flow across covered periods.

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HY26 was $99m, versus $62.7m in HY25.

SKT working-capital movement

Operating working-capital absorption or release by reporting period.

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FY26 was $26.5m, versus -$51.1m in HY22.

Market context

Valuation

These ratios pair a market close from around the result date with verified filing data. An unavailable metric means the required inputs were missing or unsuitable for comparison.

Prices as at close, 22 October 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$499.4m

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End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

8.41x

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Recent market cap compared with trailing earnings.

EPS

0.43

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Recent filing-derived earnings per share.

PEG

0.04x

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P/E compared with recent earnings growth.

EV/EBITDA

Not available

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Not available for this company right now.

P/FCF

5.59x

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Market cap compared with recent free cash flow.

P/B

1.06x

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Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

8.8%

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Trailing dividends compared with the latest close.

Total return

Not available

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Available once dividend and adjustment data are verified.

Release date
28 August 2026
Published
23 October 2026
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Key metrics

Numbers worth scanning first

FY26 vs FY25

Revenue

$824.8m

Caveat: metric quality flags apply; use this value with basis context.

Net profit after tax

$59.4m

Caveat: metric quality flags apply; use this value with basis context.

Net cash inflow from operating activities

$152.8m

+27.1% ↑ vs $120.2m

Operating profit

$73.2m

Caveat: metric quality flags apply; use this value with basis context.

Profit before tax

$67.4m

Caveat: metric quality flags apply; use this value with basis context.

Cash and cash equivalents

$79.1m

+144.2% ↑ vs $32.4m

Total assets

$738.9m

+9.8% ↑ vs $672.9m

Analysis ofSKT FY26Result releasedAnnolyse analysis published

What changed

Sky Network Television reported FY26 profit attributable to owners of NZ$59.375 million, compared with NZ$20.228 million in FY25

The income statement includes a NZ$31.407 million bargain-purchase gain on Discovery NZ Limited; there was no corresponding gain in FY25.

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Briefing data table
NZ$ million FY26 FY25
Revenue 824.845 750.723
Profit before tax 67.384 28.921
Group profit after tax 59.798 20.590
Profit attributable to owners 59.375 20.228

What matters

Tax expense was NZ$7.586 million, compared with NZ$8.331 million

Group profit includes NZ$0.423 million allocated to non-controlling interests, compared with NZ$0.362 million. Subtracting these allocations gives the owners' profit shown above. All amounts in the original statement are denominated in NZ$ thousands; FY25 owners' profit is NZ$20.228 million.

Total assets were NZ$738.852 million, compared with NZ$672.867 million. Liabilities were NZ$269.576 million and equity NZ$469.276 million, compared with NZ$233.852 million and NZ$439.015 million respectively.

Programme-rights inventory increased to NZ$90.264 million from NZ$70.927 million. That asset is distinct from ordinary merchandise inventory and forms part of the broadcaster's programming investment.

Expectations

These annual statements establish the FY26 and FY25 reported results, but the comparisons here do not evaluate a quantified future earnings target or a like-for-like result excluding the acquired business

The next comparison will need to distinguish the acquired operating contribution from the one-off purchase gain.

Quality of result

Operating cash inflow increased to NZ$152.750 million from NZ$120.201 million

Payments for property, plant and equipment were NZ$33.492 million and intangible assets NZ$29.935 million. Operating cash flow less these combined payments was NZ$89.323 million, before lease-principal payments and distributions. The FY25 equivalent was NZ$42.455 million.

The cash-flow statement includes NZ$24.876 million of net cash acquired with Discovery NZ Limited. Overall investing cash outflow was NZ$38.551 million, compared with NZ$77.746 million, and financing cash outflow was NZ$67.469 million, compared with NZ$47.844 million. Cash increased to NZ$79.140 million from NZ$32.410 million.

Unresolved

Open questions

What part of the acquired business contribution can management sustain after the bargain-purchase gain drops out?
How will programming commitments and programme-rights investment affect future operating cash flow?
What cash requirements for integration, leases and distributions remain after the capital spending shown here?

This briefing cannot assess acquisition integration delivery or future subscriber performance from the annual statements alone.

Ask about SKT FY26

Informational only. No buy, sell, hold, price-target, or personal financial advice.

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What part of the acquired business contribution can management sustain after the bargain-purchase gain drops out?Why does "Tax expense was NZ$7.586 million, compared with NZ$8.331 million" matter?How strong was the cash and earnings quality in FY26?What should I watch next for SKT after FY26?

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Data appendix

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Sources

Current period

Sky Network Television Limited audited FY26 annual report

FY26 / financial report

Prior comparable period

FY25 comparative in FY26 audited report

FY25 / financial report

Related insights

Compare this result's metrics with other covered NZX companies.

Cash conversion quality

This result converted 208.7% of EBITDA to operating cash flow, -172.9pp versus the prior comparable period.

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 60.9pp.

Revenue growth context

Revenue growth was 9.9% for this reporting period.

Working-capital pressure

Inventory days were 40 days, +5 days versus the prior comparable period.

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