Directors and Officers

For the year ended 31 December 2025

Directors

Sky Limited's (the "Company") present Directors and those who served during the year are as follows:

Strategic and Directors' Report

Strategic Report for the year ended 31 December 2025

The Directors present their Strategic Report on the affairs of the Company, together with the Directors' Report, Auditor's Report and audited financial statements for the year ended 31 December 2025, with comparatives for the year ended 31 December 2024.

The purpose of the Strategic Report is to inform members of the Company and to help them assess how the Directors have performed their duty to promote the success of the Company for the benefit of its members as a whole under Section 172(1) of the Companies Act 2006 (duty to promote the success of the Company).

Business review and principal activity

The Company operates, together with Comcast Corporation ("Comcast") and its other subsidiaries, as a part of the Comcast Group. The Company is a wholly-owned subsidiary of Sky New Media Ventures Limited (the immediate parent company) and operates together with its subsidiaries (the "Sky Group" or "Group"). The Company is ultimately controlled by Comcast.

The Company's principal activity is to act as a holding Company for certain subsidiary undertakings, to obtain loans on behalf of and issue loans to other Sky Group companies and to licence the Sky trademarks to other companies in the Sky Group. The Directors expect this activity to continue for the foreseeable future.

The Directors are not aware, at the date of this report, of any likely major changes in the Company's activities in the next year.

During the prior-year Comcast completed an internal corporate reorganisation. As part of this, the Company issued 5 ordinary shares, for a premium of £4,091 million, to other Sky Group ("Group") companies. The Company subscribed for £886 million in shares of Sky UK Limited during the prior-year; subsequently this investment was impaired by £120 million.

A programme was undertaken during the year to settle numerous intracompany loans and trading receivables / payables across the Sky Group. The programme has resulted in a significant reduction in the Company's outstanding intracompany receivables (see note 11) and intracompany payables (see note 13).

During the year the Company cancelled £4,000 million of share premium into retained earnings.

Financial Review and Dividends

The audited financial statements for the year ended 31 December 2025 are set out on pages 20 to 44. The profit after tax for the year was £43 million (2024: £106 million loss). During the year the Company had investment income of £28 million (2024: £272 million) and finance costs of £277 million (2024: £569 million).

During the year the Company paid interim dividends of £nil (2024: £3,287 million). The Directors do not recommend the payment of a final dividend for the year ended 31 December 2025 (2024: nil).

The Balance Sheet shows that the Company's shareholders' position at the end of the year was a surplus of £8,216 million (2024: £8,173 million).

Key performance indicators (KPIs)

Comcast and the Company manage their operations on a divisional basis. For this reason, the Directors believe that an analysis using KPIs for the Company is not necessary or appropriate for an understanding of the development, performance or position of the Company. The results of the Company are included in the KPIs of Comcast, the ultimate controlling party. More information is included in Comcast's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended 31 December 2025, and subsequent filings.

Principal risks and uncertainties

The Company's activities expose it to financial risks, namely credit risk, liquidity risk, foreign exchange risk and interest rate risk. The Company is also exposed to risk through the performance of its investments. The Directors do not believe the Company is exposed to significant cash flow risk or price risk.

Strategic and Directors' Report (continued)

Section 172(1) Statement

Under section 172(1) of the Companies Act 2006, the Directors must act in a way that they consider, in good faith, would most likely promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:

• the likely consequences of any decision in the long-term;

• the interests of the company's employees;

• the need to foster the company's business relationships with suppliers, customers and others;

• the impact of the company's operations on the community and the environment;

• the desirability of the company maintaining a reputation for high standards of business conduct; and

• the need to act fairly between shareholders of the company.

This section explains how the Directors of the Company, both individually and collectively, have had regard to the factors listed above in their decision-making during the year ended 31 December 2025. As part of their decision-making process, the Directors have regard to the likely consequences of any decision in the long term.

The Company is a subsidiary of the Comcast Group and therefore consideration of stakeholder engagement is intrinsically linked to the wider Comcast strategy in order to achieve a greater aligned impact, rather than at an individual company level. Decisions made by the Directors consider the Comcast Group's strategic goals and follow Comcast's Code of Conduct, which defines our principles of business conduct and reflects our shared commitment to integrity and seeks to ensure that the Company maintains high standards of business conduct. The Directors also have due regard to other relevant policies, frameworks and internal controls of the Comcast Group in relation to governance and stakeholder matters. Principal decisions made at the Company level include approving the annual financial statements and dividend distribution in Board meetings, among others.

Our Employees

The Directors recognise that employees are central to our success. We promote a culture that embraces equal opportunity for all and seek to have a workforce that is inclusive and reflective of our stakeholders, including our shareholders, employees, customers, suppliers and the communities where we operate.

The Company and its Directors are proud of our community of voluntary employee resource groups that are open to all. We aim to ensure a transparent, professional working environment where employees treat each other with respect. We communicate with our employees frequently and conduct employee engagement surveys.

Our Partners

As a part of the Comcast Group, the Directors and the Company as a whole seek to build long-term relationships with our suppliers and customers and help them succeed. A critical part of doing business is partnering with others, and we believe that partnerships are built on trust and mutual advantage. The Comcast Group considers these relationships and the feedback received from engagement with our partners in its decision-making process.

We expect our suppliers and business partners to act ethically and share in our commitment to operate with integrity and in accordance with applicable laws and regulations, as set forth in our Code of Conduct for Suppliers and Business Partners, available here: https://corporate.comcast.com/impact/values-integrity/integrity/our-suppliers-and-business-partners.

Comcast's annual Statement on Modern Slavery and Supply Chain Values and Sky Group's Modern Slavery Update provide more information on the Company's approach to understanding and addressing the risks of modern slavery, as well as conducting human rights due diligence.

Our Communities

As a part of the Comcast Group, a global media and technology company, the Directors and the Company as a whole seek to use our resources - our people, programming and platforms - to work toward opportunity for all in areas where we can have a meaningful impact. By supporting local communities, our teammates, and our planet we can help create a world of unlimited possibilities so that together we can build a future that benefits generations to come. We are focusing our efforts in the following areas:

• Digital Opportunity. Helping people access the resources, skills and tools they need to succeed in an increasingly digital world.

• Environment. Shaping a more sustainable future by improving our environmental impact.

• Values & Integrity. Fostering a company culture built on integrity, respect and inclusion. Our values and principles guide everything we do.

Strategic and Directors' Report (continued)

S172 Statement (continued)

Environment

The Directors and the Company as a whole have considered the importance of climate change and working towards the Comcast Group's strategy for a sustainable future, which includes setting a goal to be carbon neutral by 2035 in Scope 1 and 2 emissions across our global operations. In addition, Comcast Group has set near-term emissions reduction targets for Scopes 1, 2 and 3 that have been validated by the Science Based Targets initiative (SBTi). To achieve these goals, we are focused primarily on sourcing clean and renewable energy and improving energy efficiency. We are also innovating to create more sustainable products and packaging. More details on the Comcast Group's environmental strategy can be found at https://corporate.comcast.com/impact/environment.

The Directors and management of the Company are responsible for ensuring the Company contributes to the progress toward these Group wide goals, and consideration of these goals, together with wider environmental impact considerations, are incorporated into the Company's decision-making processes. For more information on Group wide environmental performance and progress, see the 2025 Carbon Footprint Data Report, the Sustainability Accounting Standards Board (SASB) Report, and the Task Force on Climate-Related Financial Disclosures (TCFD) Report, all available on Comcast Group's Corporate Responsibility Reporting website at https://www.cmcsa.com/corporate-responsibility-reporting.

Members

The Company is a wholly owned subsidiary of Sky New Media Ventures Limited and is part of the Sky Group and is ultimately controlled by Comcast. The duties of the Directors are exercised in a way that is most likely to promote the success of the Company, the Sky Group and the Comcast Group as a whole, while having regard to the factors outlined in Section 172(1).

Approved by the Board and signed on its behalf by

Strategic and Directors' Report (continued)

Directors' Report for the year ended 31 December 2025

The Directors present their report and the audited financial statements of Sky Limited (the "Company") for the year ended 31 December 2025.

The Company has chosen, in accordance with section 414C(11) of Companies Act 2006, to include such matters of strategic importance to the Company in the Strategic Report which otherwise would be required to be disclosed in the Directors' Report.

Directors

The Directors who served during the year are shown on page 1.

Going concern

The Company's business activities together with the factors likely to affect its future development and performance are set out in the Business Review. The Strategic Report details the financial position of the Company, as well as the Company's objectives and policies, and details of its exposures to risk.

Given the integrated nature of the Group's financial planning and treasury functions, funding requirements have been assessed at the Group level. The Directors believe that the cash flow from operating activities generated by the businesses, together with the Group's existing cash, cash equivalents, investments and available borrowings under its existing credit facilities, including the £6 billion revolving credit facility with Comcast, will be sufficient for the Company to meet its current and long-term liquidity and capital requirements.

The Company is in a net current liability position. However, the Company has received confirmation that Comcast intends to support the Company for a period of at least 12 months from the date of signing of these financial statements.

As a result, after making enquiries, the Directors have formed a judgement at the time of approving the financial statements that the Company will have access to adequate resources to continue for at least 12 months from the date of signing of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Director's confirmations

For the purposes of Section 418 of the Companies Act 2006, in case of each Director in office at the date of this report is approved:

• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

• the Director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Deloitte LLP have expressed their willingness to continue as auditor and a resolution to reappoint them was approved by the Board of Directors on 8 June 2026.

Dividend

During the year interim dividends of £nil were paid (2024: £3,287 million). The Directors do not recommend the payment of a final dividend in the current year (2024: £nil).

Financial risk management

The use of financial derivatives is governed by the Comcast Group treasury policy approved by the Comcast Audit Committee and Board of Directors, which provides written principles on the use of financial derivatives to manage these risks. The Company does not use derivative financial instruments for speculative purposes.

The principal risks facing the Company are interest risk, liquidity risk, credit risk and foreign exchange rate risk, which is mainly associated with intercompany balances and transactions which are Euro denominated. The intercompany balances of the Company are detailed in notes 11 and 13. The Company is also exposed to risk through the performance of its investments.

Foreign exchange risk

The Company's activities expose it to the financial risks of changes in foreign currency exchange rates. The Sky Group uses foreign exchange forward contracts and cross currency swaps to hedge these exposures and mitigates exposures by matching foreign currency assets and liabilities as far as is possible. See note 15 of the accompanying financial statement for more details.

Credit risk

The balance sheet of the Company includes intercompany balances. The Company is therefore exposed to credit risk on these balances. The intercompany balances of the Company are detailed in note 11. Given the amount and nature of the receivables balance, it is considered that the allowances are immaterial and therefore no adjustment has been made under IFRS 9, and there has been no write-off during the year.

Strategic and Directors' Report (continued)

Liquidity risk

The Company relies on the Comcast Group Treasury function to manage its liquidity and ensure that sufficient funds are available for ongoing operations and future developments. Sky Limited and its subsidiaries ("the Sky Group") currently have access to the £6 billion revolving credit facility with Comcast Corporation which is due to expire in May 2031. The Company benefits from this liquidity through intra-group facilities and loans.

Investment performance risk

The principal risk facing the Company relates to the recoverability of the Company's investment in subsidiaries. Recovery of these assets is dependent upon the generation of sufficient profits to pay dividends or from the proceeds of sale of such investments, in the event of their disposal. The Company reviews the carrying amount of its investments at each balance sheet date to determine whether there is any indication of impairment.

Employee engagement statement

The Directors and the Company as a whole place considerable value on the involvement of employees, and have continued to keep them informed on matters affecting them as employees and various factors affecting the performance of the Company. Employees are consulted through formal and informal meetings and internal communications, with the aim of ensuring that their views are taken into account when decisions are made which are likely to affect their interests, and that all employees are aware of the financial and economic performance of the Company and of Comcast Group as a whole. Furthermore, directors have regard to employee interests in the context of principal decisions made with respect to the Company during the year. We seek to create an engaged workforce through proactive listening and constructive dialogue, including through employee engagement surveys, as well as through voluntary employee resource groups that are open to all. We also provide a wide variety of opportunities for professional growth for all employees with in-classroom and online trainings and on-the-job experience. We are committed to creating an environment that encourages employees to ask questions, raise concerns and speak up about a workplace issue or suspected illegal or unethical conduct. We provide several channels for speaking up without fear of retaliation, including a helpline and web portal that are administered by an independent third-party company and allow for anonymous reporting when permitted by applicable laws.

Comcast has employee stock purchase plans in the United States, United Kingdom, India and several other European countries where most of our full-time and part-time employees can purchase our stock at a discount.

Disabled persons

Applications for employment by anyone with a physical or mental impairment are always fully considered, bearing in mind the abilities of the applicant concerned. For members of staff with a disability, or who become disabled during employment, every effort is made to ensure that their employment with the Company continues and that appropriate adjustments are considered and support provided, in line with our reasonable adjustment policy. If a disabled employee is unable to continue in their current role after considering the adjustments available, we have a redeployment policy to provide support to help the employee secure an alternative role. It is the policy of the Company that the training, career development and promotion of disabled persons should, as far as possible, be equal to that of other employees.

Stakeholder engagement statement

The Company and Comcast maintain an active dialogue with Comcast's shareholders to consider a broad range of perspectives. Information on engagement with stakeholders, including suppliers, customers and communities, is set out in the "Section 172(1) statement" section of the Strategic Report. 

Corporate Governance Statement

Code of Conduct

The Company is ultimately controlled by Comcast and operates together with Comcast's other subsidiaries as part of the Comcast Group. The Comcast board of directors is responsible for establishing corporate governance practices and policies for the Comcast Group. The Company has adopted the Comcast Code of Conduct, which sets out the four core values that the Comcast Group is guided by: an entrepreneurial spirit; doing the right thing and acting with integrity; having respect for each other; and giving back. It explains how these principles are put into practice within the Comcast Group of companies. Specifics of the Code of Conduct are available at https://www.cmcsa.com/corporate-governance.

Sky Group employees also receive their own "Ways of Working" manual which details its values as a business and sets employee behavioural expectations. The Sky Group's policies may be found at https://www.skygroup.sky/about/our-governance/documents.

The Directors believe that the Comcast Code of Conduct, Sky's Ways of Working and the corporate governance arrangements described below represent the primary areas of the Company's corporate governance framework, given that it operates as a wholly-owned subsidiary of Comcast. As a result, the Directors decided not to formally adopt a recognised code of corporate governance.

Board composition

The Company's board (the "Board") comprises of two directors. The size, structure and composition of the Board is appropriate to meet the Company's strategic needs and challenges and reflects a balance in depth of skills and experience to promote effective decision-making. The Directors did not receive remuneration for their role as statutory directors of the Company during the year because they are employees who receive remuneration for their employment with the Sky Group or Comcast Group.

Strategic and Directors' Report (continued)

Director Responsibilities

The Company's embedded operating framework within the Comcast Group and Sky Group sets out the rules, policies and delegations of authority with which the Company complies and establishes clear lines of accountability and responsibility to support decision-making. The Company delegates authority of day-to-day management to senior executives and engages leadership to set, approve and oversee the execution of the Company's and the Sky Group's business strategy. The Company follows our Contract Standards and Approval Policies for approving contracts which reserves certain matters. In some circumstances additional approvals from specific personnel are required. The Board meets on an ad hoc basis to consider the Company's activities and to review and approve strategic and other key decisions.

Oversight of management and risk

Oversight of management and risk is intrinsically linked to the Comcast board of directors, which provides guidance to and oversight of management with respect to Comcast Group's business strategy throughout the year. Active risk management is primarily the responsibility of management, which performs a companywide enterprise risk management assessment to identify key risks and to manage and mitigate the significant strategic, operational and legal risk areas for Comcast, overseen by the Comcast board of directors. In addition, the Company's Board monitors risks relating to the Company and its performance and regularly reviews measures to address and mitigate such risks, as well as monitoring how the Comcast Group strategy is implemented and communicated.

Sky's formal risk management framework is embedded within the business to support the identification and management of risk across the Sky Group. An ongoing monitoring process operated by the Sky Group risk team and supported by senior management identifies and reports on significant changes or new risks. The Sky Group Risk and Assurance function assists the business in developing risk registers and consolidates these both to support Sky's day-to-day approach to risk and to inform Comcast's annual enterprise risk management assessment.

Comcast corporate governance documents are available at: https://www.cmcsa.com/corporate-governance

Non-Financial and Sustainability Information (NFSI) Statement

For the purpose of this statement, where references are made to the 'Sky Group', this comprises Sky New Media Ventures Limited and all of its subsidiaries (including the Company), as well as Sky German Holdings GmbH and all of its subsidiaries and Sky Italian Holdings Spa and all of its subsidiaries.

Note that this does not form one conventional group in the entity group structure (as Sky New Media Ventures Limited, Sky German Holdings GmbH and Sky Italian Holdings Spa are some of the separate subsidiaries of the same parent, Comcast Sky Holdings Inc.). However, as detailed below, NFSI information is monitored at a 'Sky Group' level, comprising the aforementioned entities.

Governance

The significant risks facing the Company are set forth under "Principal risks and uncertainties" above. The Company also recognises the importance of having the appropriate processes in place to effectively identify, assess and manage significant climate-related risks and opportunities, and to evaluate the actual and potential impacts of such risks and opportunities on our revenue, operations, and business continuity, as well as other financial planning impacts. Climate-related risks and opportunities are first identified and managed on a Comcast Group-wide basis through the Comcast Group's enterprise risk management ("ERM") process, as described in further detail below, which includes input from the Company. The Company further assesses climate-related risks and opportunities in relation to the Company, on a Sky Group basis, and relevant climate-related initiatives at the Sky Group level as described below.

Comcast Board Oversight

Comcast Corporation Board of Directors and its committees exercise their respective roles in strategy and risk oversight in a variety of ways, including the following that may relate to climate change:

• Oversees risks associated with the Comcast Group's reputation, which may include the Comcast Group or the Company's climate-related activities, and periodically review the Comcast Group's significant corporate responsibility issues, risks and trends, including as appropriate our climate-related strategies and initiatives, including those related to the Company.

• Oversees the Comcast Group's ERM assessment process, which includes input from the Company, and review policies, practices and assessments with respect to potentially significant business risks relating to business continuity, such as those risks arising from severe weather events.

Strategic and Directors' Report (continued)

Non-Financial and Sustainability Information (NFSI) Statement (continued)

Management Oversight

The Company, at the Sky Group level, has a Risk, Compliance and Governance Committee which is responsible for the monitoring and management of the Sky Group's risks. The Committee is composed of legal, financial, technology and security executives, who contribute into the wider Comcast ERM process. 

The Comcast Group's executive management team has the overall responsibility for its ERM process, and an ERM steering committee composed of legal, financial, and business executives manages the process, with one or more senior business executives then monitoring and managing each of the identified risks.

In addition, the Comcast Group's Senior Vice President (SVP) Corporate Environmental Sustainability and two management committees, a senior executive-level committee and an operational committee, oversee governance of environmental sustainability for the enterprise. 

• The Executive Environmental Committee, chaired by the Comcast Group's Chief Financial Officer and Chief Legal Officer, meets at least annually with members of the Environment Operating and Governance Committee ("EOGC") to assess and manage climate-related risks and opportunities and review and approve environmental sustainability strategy, targets and results.

• The EOGC, chaired by the Comcast Group's SVP Corporate Environmental Sustainability, defines strategies across its businesses to address climate-related risks, realise climate-related opportunities and prioritise activities from a financial planning perspective that will help the Comcast Group attain its 2035 carbon neutral goal and its near-term science-based targets for Scope 1, 2 and 3 emissions that have been validated by the SBTi. The EOGC meets periodically and is comprised of executives from each business unit, including the Sky Group, across multiple functions including procurement, strategy, finance, accounting, legal and other operational functions.

Comcast Group's SVP Corporate Environmental Sustainability is responsible for shaping Comcast Group's corporate environmental sustainability strategy and working across the enterprise to ensure the businesses align, operationalise, and execute on that strategy. As Chair of the EOGC, they manage governance for environmental sustainability topics at the enterprise level, including potential climate-related risks and opportunities, and setting and monitoring progress against corporate sustainability targets. They work closely with other Corporate Finance leaders (including Accounting & Controllers, FP&A, Treasury, and Internal Audit) and the EOGC to track, monitor, and report on environmental data (e.g., GHG emissions) and significant sustainability initiatives. The SVP Corporate Environmental Sustainability periodically reports to the Governance and Corporate Responsibility Committee on sustainability matters, including with respect to Comcast Group's 2035 carbon neutral goal and its science-based targets. Additionally, progress toward our sustainability goals is one of various considerations for our management team's annual bonus.

The Company, at the Sky Group level, has further developed its own tailored climate-related strategies and initiatives. The Sky Group Chief Corporate Affairs Officer and the Sky Group Director of Bigger Picture and Sustainability are accountable for the Company's sustainable business strategy and report into the Risk, Compliance and Governance Committee and EOGC when required.

Identification, Assessment and Management of Climate-Related Risks and Opportunities

The Company, at the Sky Group level, has a Risk, Compliance and Governance Committee which is responsible for identifying and managing the Sky Group's risks, with key Committee members involved in the Comcast Group-wide ERM process.

Risk identification and management are integrated within the Comcast Group's ERM process, which is led by its ERM steering committee, comprised of executive leadership across Comcast's businesses (including the Sky Group) and co-chaired by the Comcast Group's Chief Financial Officer and Chief Legal Officer. This Committee is responsible for identifying risks that are potentially most impactful to the Comcast Group and related risk mitigation strategies. The Audit Committee of Comcast Corporation's Board of Directors has oversight of the ERM process, and the full Board of Directors has oversight for the resulting risks and mitigations.

Risk identification and mitigation are iterative. The Company, at the Sky Group level, models and considers various assumptions for strategic investment as part of the Comcast Group's Long-Range Planning ("LRP") cycle each year. The LRP process occurs over several months annually to model, plan and set budgets for the Comcast Group over a 5-year (short-term and medium-term) horizon, in line with the financial LRP process.

The combination of the ERM and LRP processes determines which mitigation activities for the Comcast Group's most impactful risks are prioritised for short-term and medium-term funding. As mitigation strategies and opportunities are planned and funded as part of the LRP and budget processes, the results feed into the plans of the Comcast Group's Internal Audit function, who independently validates progress in the general course of its audit work.

In addition, the outcomes of the LRP process are used across the Comcast Group to identify risks and opportunities to inform the decarbonisation of the business. At the Sky Group level, the Company works with various business units on these plans, with focus on material areas of the business including Group Product and Group Supply Chain. 

Strategic and Directors' Report (continued)

Non-Financial and Sustainability Information (NFSI) Statement (continued)

Risk Management

Within the ERM process, environmental risks are not stand-alone ERM risks given the overall nature of the Comcast Group's business. Instead, environmental-related risks are reflected as components within some of the Comcast Group's top risks. For example, business continuity risk includes crisis planning, preparedness/testing and response across a variety of events, including weather events (e.g. hurricanes, floods, wildfires), natural disasters (e.g. earthquakes and tsunamis), pandemics, wide-spread power outages, supply chain disruption and cyber-attacks.

Business continuity and disaster recovery programs at the Company are led by a Steering Committee comprised of senior business, financial and technological leaders. These leaders seek to ensure that the Company continuously evaluates and tests critical operations, technology and facilities for incident response and recovery. Where relevant, the Steering Committee and crisis responders coordinate to ensure appropriate responses for the Company's customer and employee populations. Pursuant to its charter, the Audit Committee of Comcast Corporation's Board of Directors receives periodic reports on business continuity activities. Because risk management is considered an integral part of company operations, environmental aspects of top ERM risks are managed by the same operational owners responsible for mitigating the specific ERM risks. This approach allows environmental risks to be considered alongside other operational factors when determining mitigation strategies and prioritisation.

Climate-Related Risks and Opportunities

At this time, the Company and the Comcast Group have not identified financially material climate-related risks independent of the material operational risks already identified as part of the ERM process, which includes input from the Company. See Risk Management above for more information.

Nevertheless, the Sky Group takes various steps in seeking to mitigate potential climate-related risks through the normal course of business. For instance, as described above, across our business, we maintain business continuity and disaster recovery programs where risks and mitigation procedures are considered to help ensure operational stability and safety of employees and customers in the event of extreme weather events. Consistent with the LRP process, we consider short-term to be less than one year, medium-term to be one to five years, and long-term to be over five years, and the potential climate-related risks described below fall across all three timeframes.

The Sky Group continues to monitor the evolving landscape of climate-related rules and regulations across the jurisdictions in which it operates. Changes in regulatory requirements have the potential to increase operational costs, compliance burdens and/or litigation. To help mitigate regulatory risk, the Comcast Group and Sky Group have processes that track relevant current and emerging regulations and build into our annual budgets and long-range plans any investments needed to comply with new regulations.

Market driven dynamics present the potential for increased operational costs due to changing input prices (e.g. energy, water, supply chain) or output requirements (e.g. energy efficiency, waste treatment). To help mitigate market risks, the Sky Group employs a range of strategies, such as continuing to procure longer-term supply contracts that source clean energy, pursuing certain operational energy efficiency and reduction initiatives in the Sky Group's data centres, facilities and fleet, designing certain products and operational infrastructure for refurbishment, reuse, and recycling in support of a circular economy, and seeking to build geographic diversity and supplier reliability, redundancy and business continuity planning into our supply chain.

As part of our business strategy, the Sky Group considers certain opportunities for resource efficiency, cost savings, and innovation in our products and services. Although Sky Group has not identified any climate-related opportunities that are material on a standalone basis, the Sky Group pursues opportunities where climate-related trends may enhance our strategic objectives, operational performance and emissions reduction goals.

Improving resource efficiency in the Sky Group's operations is an important component of our business strategy and our strategy to reduce Scope 1 and 2 emissions. This is particularly focused in our operations, fleet and facilities, where energy use is a key cost and emissions driver.

The Sky Group seeks to design new construction and major renovations for our buildings with the future in mind - integrating energy efficiency, more sustainable construction practices, clean transportation, waste reduction, water conservation and on-site solar energy generation, where feasible. Sky Studios Elstree has achieved a BREEAM Outstanding rating for the Office Hub building and all other buildings on the Sky Studios Elstree campus are rated BREEAM Excellent.

In our media business, the Sky Group seeks to integrate environmental practices and resource efficiency into our film and TV productions. From sourcing clean energy and piloting new technologies, to using more electric and hybrid vehicles, our sustainable production practices help create a healthier and more sustainable experience behind the scenes and beyond. Additionally, the Sky Group is conscious of the power of our platforms and the creativity of our storytellers to educate viewers and inspire change.

Finally, many of our products and services enable customers to reduce their own emissions and resource use. Our broadband, video, and technology platforms facilitate remote work, smart home applications, and virtual collaboration, reducing travel needs and supporting digital transformation, which help customers reduce their own emissions. The Sky Group incorporates sustainable design principles into the development and packaging of customer equipment. This sustainable innovation includes designing certain products for re-use, incorporating recycled materials where feasible, developing more sustainable packaging, and improving the energy efficiency of devices used in customers' homes.

Strategic and Directors' Report (continued)

Non-Financial and Sustainability Information (NFSI) Statement (continued)

Metrics and Targets

In addition to enterprise metrics, targets and key performance indicators, the Company has been reporting its carbon footprint at the Sky Group level since 2005/06.

Metrics

Information on the Sky Group's carbon footprint across Scope 1, Scope 2 and certain Scope 3 emissions, an appropriate intensity metric, and the total energy use of electricity, gas and transport fuel is not practical to determine at the Company level. The information is obtainable only at the Sky Group and the UK and Ireland levels, and there is no practical allocation method available (for example based on revenue or headcount) that would result in consistent and reliable information between companies in the Sky Group and over time. Accordingly, the table below presents the carbon footprint for the Sky Group, and the UK and Ireland, which are the only levels at which the information can be practically obtained.

During the year ended 31 December 2025 the UK&I intensity ratio of total SECR-related carbon emissions (tCO2e) per FTE was 2.0 (2024: 2.2).

Methodology

The Sky Group's GHG emissions are calculated using the location-based method, in compliance with Streamlined Energy and Carbon Reporting (SECR) requirements. The Sky Group's GHG emissions are calculated in carbon dioxide equivalent (CO2e) according to the Greenhouse Gas Protocol Corporate Standard and associated guidance. The Sky Group utilise the emission factors from  DEFRA/DEZNZ's Greenhouse Gas Conversion Factors for Company Reporting (2025), International Energy Agency (IEA): Summary Emission Factors 2025, U.S. EPA's 2023 Emissions & Generation Resource Integrated Database (eGRID2023) and the U.S. EPA Center for Corporate Climate Leadership, Emission Factors for Greenhouse Gas Inventories (2025).

Targets

Sky was the first media company to go carbon neutral in Scope 1 and 2 emissions in 2006 (and remains certified as such in all subsequent periods). In 2020, the Sky Group set a science-based target, to halve Scope 1, 2 (market-based), and 3 emissions by 2030 from a 2018 baseline. The Sky Group's total Scope 1, 2 (market-based) and 3 emissions have decreased by 40%, from 2,657 ktCO2e in 2018 to 1,584 ktCO2e in 2024, driven by a decrease in Scope 3 emissions.

The Sky Group's focus for Scope 3 emission reductions is through engaging suppliers and designing products and services with energy efficiency and recyclability in mind. The Sky Group is shifting the product mix to include more efficient devices to help reduce emission impacts and incorporates product Life Cycle Assessment (LCA) data into emissions reporting to better reflect this.

Between 2024 and 2025, the total Scope 1 and 2 (market-based) emissions have decreased by 5%. The reduction in Scope 1 and 2 emissions is a result of decreased numbers of diesel vans and company cars. During the year, the Sky Group also undertook a range of energy efficiency improvements, including the expansion of energy metering installations, optimisation of heating, ventilation, and air conditioning (HVAC) systems and improvements to energy efficiency across data centres and studios. The Sky Group continues to be carbon neutral for Scope 1 and 2.

Strategic and Directors' Report (continued)

Non-Financial and Sustainability Information (NFSI) Statement (continued)

Impact and Resilience

The Directors reasonably believe that, having regard to the nature of the Company's business, and the manner in which it is carried on, the climate-related financial disclosures set forth in Section 414CB(2A)(e) and (f) of the Companies Act 2006 are not necessary for an understanding of the Company's business and have therefore been omitted. This information is not necessary because the Company's business model and strategy form part of a Comcast Group-wide business model and strategy that takes into account climate-related risks and opportunities. Various climate-related risks are components of several Comcast Group-wide risks identified as part of the Comcast Group-wide ERM process. These risks, including relevant climate-related risks, are managed by the operational owners of such risks so that mitigation is considered within the broader risk mitigation plan. At this time, neither the Comcast Group nor the Company has identified climate-related risks that are financially material independent of the material operational risks identified through the ERM process, therefore the Company has not performed a stand-alone qualitative or quantitative climate-related scenario analysis.

Approved by the Board and signed on its behalf by,

Directors' Responsibilities Statement

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 “Reduced Disclosure Framework”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED

Report on the audit of the financial statements

We have audited the financial statements which comprise:

• the income statement;

• the statement of comprehensive income;

• the balance sheet;

• the statement of changes in equity; and

• the related notes 1 to 21.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 "Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice).

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council's (the 'FRC's') Ethical Standard as applied to listed entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our evaluation of the directors' assessment of the company's ability to continue to adopt the going concern basis of accounting included:

• obtaining an understanding of management's process for monitoring cash requirements for the company and its fellow Sky undertakings ("Sky Group"), as the company assists in financing the operations of the Sky Group;

• assessing how cash requirements are met internally by Sky Group or by using the facilities provided by the Sky Group's ultimate parent company, Comcast Corporation;

• evaluating the intent and ability of Comcast Corporation to provide financial support for a period of at least 12 months from the approval of the financial statements; and

• considering contradictory evidence for the appropriateness of the going concern basis of accounting.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

The key audit matter communicated below is a matter that, in our professional judgement, was of most significance in our audit of the financial statements of the current year and included the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. This matter had the greatest effect on the overall audit strategy, the allocation of resources in the audit, and directing the efforts of the engagement team.

This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work and in evaluating the results of our work.

Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:

We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. Performance materiality was set at 70% of materiality for the 2025 audit (2024: 70%). In determining performance materiality, we considered the following factors:

1. Our risk assessment, including our assessment of the company's overall control environment; and
2. Our past experience of the audit, which has indicated a low number of corrected and uncorrected misstatements identified in prior periods.

We agreed with the directors that we would report to them all audit differences in excess of £9.6m (2024: £10.8m), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the directors on disclosure matters that we identify when assessing the overall presentation of the financial statements.

Our audit was scoped by obtaining an understanding of the entity and its environment, including internal control, and assessing the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit engagement team. We did not rely on internal controls as part of our audit strategy.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at:  www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

• the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets;

• results of our enquiries of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company's sector;

• any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

• identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

• the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

• the matters discussed among the audit engagement team and relevant internal specialists, including  IT and internal fair value specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the valuation of investments in subsidiaries. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included tax legislation and the UK Companies Act.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

As a result of performing the above, we identified valuation of investments in subsidiaries as a key audit matter related to the potential risk of fraud. The key audit matters section of our report explains the matter in more detail and also describes the specific procedures we performed in response to that key audit matter.

In addition to the above, our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• enquiring of management, the directors and external legal counsel concerning actual and potential litigation and claims;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

• reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC; and

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SKY LIMITED (CONTINUED)

Report on other legal and regulatory requirements

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not received all the information and explanations we require for our audit; or

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns

Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of directors' remuneration have not been made.

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Income Statement

For the year ended 31 December 2025

The accompanying notes are an integral part of this Income Statement.

All results relate to continuing operations.

Statement of Comprehensive Income

For the year ended 31 December 2025

The accompanying notes are an integral part of this Statement of Comprehensive Income.

All results relate to continuing operations.

Balance Sheet

As at 31 December 2025

Balance Sheet (continued)

As at 31 December 2025

The accompanying notes are an integral part of this balance sheet.

The financial statements of Sky Limited, registered number 02247735 were approved by the Board of Directors on 8 June 2026 and were signed on its behalf by:

Statement of Changes in Equity

For the year ended 31 December 2025

The accompanying notes are an integral part of this Statement of Changes in Equity.

For a description of the nature and purpose of each equity reserve, see note 17.

n

Notes to the financial statements

Sky Limited (the ''Company'') is a private company limited by shares, incorporated in the United Kingdom and registered in England and Wales. The address of the registered office is Grant Way, Isleworth, Middlesex, TW7 5QD, United Kingdom and registered number is 02247735.

The company's principal activities are set out in the Strategic report.

The financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101, 'Reduced Disclosure Framework' ("FRS 101"), in conformity with the requirements of the Companies Act 2006.

The Company meets the definition of a qualifying entity under FRS 100 'Application of Financial Reporting Requirements' issued by the Financial Reporting Council. 

In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of IFRS, but makes amendments where necessary in order to comply with the Companies Act 2006 and to take advantage of FRS 101 disclosure exemptions. These exemptions are listed in accounting policy 2(n).

The financial statements have been prepared on a going concern basis and on an historical cost basis, except for the remeasurement to fair value of certain financial assets and liabilities as described in the accounting policies below.

The Company's business activities together with the factors likely to affect its future development and performance are set out in the Business Review. The Strategic Report details the financial position of the Company, as well as the Company's objectives and policies, and assessment of risk.

Given the integrated nature of the Group's financial planning and treasury functions, funding requirements have been assessed at the Group level. The Directors believe that the cash flow from operating activities generated by the businesses, together with the Group's existing cash, cash equivalents, investments and available borrowings under its existing credit facilities, including the £6 billion revolving credit facility with Comcast, will be sufficient for the Company to meet its current and long-term liquidity and capital requirements.

The Company is in a net current liability position. However, the Company has received confirmation that Comcast intends to support the Company for a period of at least 12 months from the date of signing of these financial statements.

As a result, after making enquiries, the Directors have formed a judgement at the time of approving the financial statements that the Company will have access to adequate resources to continue for at least 12 months from the date of signing of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

The Company has classified assets and liabilities as current when they are expected to be realised in, or intended for sale or consumption in, the normal operating cycle of the Company.

The Company has taken advantage of the exemption from preparing consolidated financial statements afforded by section 401 of the Companies Act 2006, because it is a wholly-owned subsidiary of Comcast Corporation ("Comcast") which prepares consolidated financial statements which are publicly available (see note 21).

The entity has adopted the amendments to IAS 12 which clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. Following the amendments, the entity is required to disclose that it has applied the exception and to disclose separately its current tax expense or income related to Pillar Two income taxes.

In the current year, the Company has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards Board (IASB) that are mandatorily effective for the current year accounting period. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

Notes to the financial statements (continued)

IFRS 15 requires that the recognition of revenue from contracts with customers must reflect:

• the rate at which performance obligations are fulfilled, corresponding to the transfer to a customer of control of a good or service, where control transfers either over time, or at a point in time; and

• the amount to which the seller expects to be entitled as consideration for its activities.

Revenue, which excludes value added tax, represents the gross inflow of economic benefit from the Company's operating activities, and is measured at the fair value of the consideration received or receivable.

The Company's main source of revenue is from licensing the Sky brand name to subsidiaries. Revenue is recognised in the Income Statement over the year that the licence is held.

IFRS 9 introduced an impairment model based on expected credit losses. This requires a provision for impairment to be considered, and if required to be recorded, when the receivable is recognised. The Company has elected to apply IFRS 9's simplified approach to measuring expected credit losses using a lifetime expected credit loss provision for trade receivables. This involves, for example, the application of a provision matrix where trade receivables are grouped based on shared credit risk characteristics and ageing, or other appropriate methods given the nature of the receivable, and requires an estimate of expected lifetime credit loss rates.

These loss rates are based on, inter alia, the entity's historical credit losses, adjusted for reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions, in order to derive an expectation.

Amounts due from Group companies are typically non-interest bearing and are repayable on demand. With respect to impairment provisions under IFRS 9, an expectation of credit losses for intercompany loan receivables is required, taking into consideration similar factors as for third party balances above, in addition to entity's ability to trade and borrow as part of the wider Group, in order to settle the receivables.

Intangible assets, which are acquired by the Company separately or through a business combination, are initially stated at cost or fair value, respectively, less accumulated amortisation and impairment losses.

Amortisation of an intangible asset begins when the asset is available for use, and is charged to the Income Statement through operating expense over the asset's useful economic life in order to match the expected pattern of consumption of future economic benefits embodied in the asset. If the useful life is indefinite or the asset is not yet available for use, no amortisation is charged and an impairment test is carried out at least annually. Other intangible assets are tested for impairment in line with accounting policy h) below.

For the capitalisation of resource time, capitalisation rates are applied to the relevant staff costs incurred for each Sky value stream. Capitalisation rates are determined based on the judgement of management based on experience and knowledge of the ongoing projects.

Non-property assets which are fully depreciated or amortised are treated as being disposed of following a fixed period after the net book value is reduced to zero (depending on asset class).

The Company uses derivative financial instruments to hedge its exposure to fluctuations in interest and foreign exchange rates.

Derivatives are held at fair value from the date on which a derivative contract is entered into. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under IFRS 13 "Fair Value Measurement". The Company calculates a separate credit valuation adjustment ('CVA') or debit valuation adjustment ('DVA') for each derivative based upon the net position for each counterparty relationship.

The Company calculates the CVA where it has a net asset position using a quoted credit default swap curve for the counterparty and calculates the DVA where it has a net liability position using an industry proxy credit default swap curve for the Company. The fair value of derivative financial instruments is calculated by discounting future cash flows with reference to the benchmark Alternative Reference Rate (ARR) curve, adjusted by the relevant credit default swap curve.

Certain other derivatives held by the Company do not meet the qualifying criteria for recognition for accounting purposes as hedges, despite this being their economic function. Changes in the fair values of these derivatives are recognised immediately in the Income Statement. The Company does not hold or issue derivatives for speculative purposes.

Changes in the fair values of derivatives that are designated as cash flow hedges ("cash flow hedging instruments") are initially recognised in the hedging reserve.

Notes to the financial statements (continued)

1. Derivatives that qualify for cash flow hedge accounting

Amounts accumulated in the hedging reserve are subsequently recognised in the Income Statement when the related hedged item is recognised in the Income Statement. At inception, the effectiveness of the Company's cash flow hedges is assessed through a comparison of the principal terms of the hedging instrument and the underlying hedged item. The ongoing effectiveness of the Company's cash flow hedges is assessed using the dollar-offset approach, with the expected cash flows of hedging instruments being compared to the expected cash flows of the hedged items. This assessment is used to demonstrate that each hedge relationship is expected to be highly effective on inception, has been highly effective in the year and is expected to continue to be highly effective in future years. The measurement of hedge ineffectiveness for the Company's hedging instruments is calculated using the hypothetical derivative method, with the fair values of the hedging instruments being compared to those of the hypothetical derivative that would result in the designated cash flow hedge achieving perfect hedge effectiveness.

The excess of the cumulative change in the fair value of the actual hedging instrument compared to that of the hypothetical derivative is deemed to be hedge ineffectiveness, which is recognised in the Income Statement. When a cash flow hedging instrument expires, is terminated or is exercised, or if a hedge no longer meets the qualifying criteria for hedge accounting, any cumulative gain or loss existing in the hedging reserve at that time remains in the hedging reserve provided that the underlying transaction is still expected to occur. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in the hedging reserve is immediately recognised in the Income Statement and all future changes in the fair value of the cash flow hedging instruments are immediately recognised in the Income Statement.

Directly attributable transaction costs are included in the initial measurement of financial assets and liabilities only with respect to those assets and liabilities that are not subsequently measured at fair value through profit and loss. At each balance sheet date, the Company assesses whether there is any objective evidence that any financial asset is impaired.

Financial assets and liabilities are initially recognised at fair value plus any directly attributable transaction costs. Financial assets and liabilities are recognised on the Company's Balance Sheet when the Company becomes a party to the contractual provisions of the financial asset or liability. Financial assets are derecognised from the Balance Sheet when the Company's contractual rights to the cash flows expire or the Company transfers substantially all the risks and rewards of the financial asset. Financial liabilities are derecognised from the Company's Balance Sheet when the obligation specified in the contract is discharged, cancelled or expires. Financial assets are determined to be current or non-current based on expected settlement, whilst financial liabilities are determined to be current or non-current based on their contractual settlement date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a currently enforceable legal right to set off the recognised amounts and there is the ability and intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

1. Trade and other receivables

Trade and other receivables are non-derivative financial assets with fixed or determinable payments and, where no stated interest rate is applicable, are measured at the original invoice amount, if the effect of discounting is immaterial. Where discounting is material, trade and other receivables are measured at amortised cost using the effective interest method.

An allowance account is maintained to reduce the carrying value of trade and other receivables for impairment losses provided for on an expected loss model according to IFRS 9, with movements in the allowance account, either from increased impairment losses or reversals of impairment losses, being recognised in the Income Statement.

2. Trade and other payables

Trade and other payables are non-derivative financial liabilities and are measured at amortised cost using the effective interest method. Trade and other payables with no stated interest rate, are measured at the original invoice amount if the effect of discounting is immaterial.

3. Borrowings

Borrowings are recorded as the proceeds received, net of direct issue costs. Finance charges, including any premium payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the Income Statement using the effective interest method and are added to the carrying amount of the underlying instrument to which they relate, to the extent that they are not settled in the year in which they arise.

Notes to the financial statements (continued)

At each balance sheet date, in accordance with IAS 36 ''Impairment of Assets'', the Company reviews the carrying amounts of all its assets, excluding financial assets (see accounting policy g) and deferred taxation (see accounting policy j) to determine whether there is any indication that any of those assets have suffered an impairment loss.

An impairment is recognised in the Income Statement whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. The recoverable amount is the greater of net selling price, defined as the fair value less costs to sell, and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and risks specific to the asset.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash generating unit to which the asset belongs. Impairment losses recognised in respect of cash generating units are allocated first to reduce the carrying amount of any goodwill allocated to those units, and then to reduce the carrying amount of other assets in the unit on a pro-rata basis.

An impairment loss for an individual asset or cash generating unit shall be reversed if there has been a change in estimates used to determine the recoverable amount since the last impairment loss was recognised and is only reversed to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

Determining whether the carrying amount of these assets has any indication of impairment also requires judgement. If an indication of impairment is identified, further judgement is required to assess whether the carrying amount can be supported by, for example, the net present value of future cash flows forecast to be derived from the asset. This forecast involves cash flow projections and selecting the appropriate discount rate, where applicable.

An investment in a subsidiary is recognised at cost less any accumulated impairment. As permitted by section 133 of the Companies Act 2006, where the relief afforded under section 131 of the Companies Act 2006 applies, cost is the aggregate of the nominal value of the relevant number of the Company's shares and the fair value of any other consideration given to acquire the share capital of the subsidiary undertakings.

The Company reviews the carrying amounts of its investment to determine whether there is any indication that the investment has suffered an impairment loss.

The Company's liability for current tax is based on taxable profits for the year, and is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Tax losses are surrendered as far as possible to other group entities with taxable profits.

Deferred tax assets and liabilities are recognised using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities in the Balance Sheet and the corresponding tax bases used in the computation of taxable profits.

Taxable temporary differences arising from the goodwill and initial recognition of assets or liabilities that affect neither accounting profit nor taxable profit are not provided for. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that have been enacted or substantively enacted at the balance sheet date.

The carrying amount of deferred tax assets is reviewed at each balance sheet date and adjusted to reflect an amount that is probable to be realised based on the weight of all available evidence. Deferred tax is calculated at the rates that are expected to apply in the year when the liability is settled or the asset is realised. Deferred tax assets and liabilities are not discounted. Deferred tax is charged or credited in the Income Statement, except where it relates to items charged or credited directly to equity, in which case the deferred tax is also included within equity.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and the Company intends to settle its current tax assets and liabilities on a net basis.

Notes to the financial statements (continued)

The Company's tax charge is the sum of the total current and deferred tax charges. The calculation of the Company's total tax charge necessarily involves a degree of estimation and judgement in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through a formal legal process.

Provisions for tax contingencies require management to make judgements and estimates in relation to tax audit issues and exposures. Amounts accrued are based on management's interpretation of country-specific tax law and the likelihood of settlement and include any liability for interest and penalties. Tax benefits are not recognised unless it is probable that the tax positions will be sustained. Once considered to be probable, management reviews each material tax benefit to assess whether a provision should be taken against full recognition of the benefit on the basis of the likely resolution of the issue through negotiation and/or litigation. The amounts recognised in the financial statements in respect of each matter are derived from the Company's best estimation and judgement, as described above. However the inherent uncertainty regarding the outcome of these items means the eventual resolution could differ from the provision and in such event the Company would be required to make an adjustment in a subsequent year which could have a material impact on the Company's profit or loss and/or cash position.

The key area of judgement in respect of deferred tax accounting is the assessment of the expected timing and manner of realisation or settlement of the carrying amounts of assets and liabilities held at the balance sheet date. In particular, assessment is required of whether it is probable that there will be suitable future taxable profits against which any deferred tax assets can be utilised.

Dividends are recognised in the retained earnings reserve in the year in which they are declared.

The cost of repurchasing the Company's own equity shares for cancellation ("share buy-backs") is recorded in retained earnings. In addition, the nominal cost of shares repurchased is deducted from share capital and a matching credit is recorded in the capital redemption reserve.

Trading activities denominated in foreign currencies are recorded in pounds sterling at the applicable monthly exchange rates. Monetary assets, liabilities and commitments denominated in foreign currencies at the balance sheet date are recorded at the rates of exchange at that date. Non-monetary assets and liabilities denominated in foreign currencies are translated to pounds sterling at the exchange rate prevailing at the date of the initial transaction. Gains and losses from the retranslation of assets and liabilities are included net in profit for the year.

The assets and liabilities of the Company's foreign operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the applicable monthly average exchange rates. Any exchange differences arising are classified as equity within the foreign currency translation reserve.

Investment income and finance costs are recognised on an accruals basis in accordance with the relevant interest percentages.

The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements, in accordance with FRS 101:

• The requirements of IAS 1 'Presentation of financial statements' and IAS 7 'Statement of cash flows' to present a statement of cash flows and related notes;

• The requirements of IAS 8 'Accounting policies, changes in accounting estimates and errors' to disclose information in relation to accounting standards which are issued but not yet effective;

• The requirements of IAS 24 'Related party disclosures' relating to key management compensation; and

• The requirements of IAS 24 'Related party disclosures' to disclose related party transactions between two or more members of a group.

Where relevant, equivalent disclosures have been given in the consolidated accounts of Comcast Corporation.

Notes to the financial statements (continued)

The application of the Company's accounting policies may require the use of estimation or judgement in a manner which may affect the Company's financial position or results.

There are not considered to be any critical judgements applied in the preparation of the financial statements.

Critical areas of estimation, determined as being areas for which there are major sources of estimation uncertainty at the reporting year end that have a significant risk of causing a material adjustment to be made to the carrying value amounts of assets or liabilities within the next financial year, are disclosed below.

Additional areas where estimation or judgement is applied have been discussed in the related accounting policies sections above.

Investment in Subsidiaries - impairment review

The carrying value of the Company's investment in other Group companies is supported by either the historical cost value of underlying investments, their fair value or their value-in-use. Where relevant, fair value and value-in-use calculations may be contingent on the Company's judgement in selecting key assumptions and in its estimation of future financial performance.

This estimation is underpinned by the Sky Group's latest available long-range plan and extrapolated beyond the forecast period using reasonable assumptions. Given the nature of Sky's subscription-based business model and significantly fixed and committed cost base, management has sufficient confidence in its ability to execute and realise these plans.

The assessment of the value-in-use of investments in these businesses is sensitive to the method, assumptions and estimates underlying the calculations.The sensitivity of the outcome to plausible changes in key inputs, is considered as part of the judgement in making the assessments. If the Company's investments do not achieve the results included in the forecast, this could result in an impairment in future periods. Uncertainty around key sources of estimation will be resolved through the passage of time, potentially over the course of several years depending on events, as future performance materialises, and latest forecasts can be considered. See detail of sensitivities considered for the current-year impairment review in note 8.

The Company's main source of revenue is from licensing the Sky brand name to subsidiaries. Revenue is recognised in the Income Statement over the year that the licence is held. Revenue arises from services provided in the United Kingdom.

Notes to the financial statements (continued)

1. Intercompany interest is receivable on certain loans to Comcast Cable Funding 1 LLC and Sky UK Limited (see note 11).
2. Intercompany interest is payable on loans from Sky UK Limited (see note 13).

Audit fees

Amounts paid to the auditor for the audit of the Company's annual financial statements of £106,525 (2024: £88,790) were borne by another Group company. No amounts for other services have been paid to the auditor.

The Directors did not receive any remuneration during the year in respect of their services to the Company (2024: £nil).

Notes to the financial statements (continued)

The tax expense/(income) for the year is lower than (2024: lower than) the expense that would have been calculated using the rate of corporation tax in the UK of 25.0% (2024: 25.0%) applied to profit or loss before tax. The differences are explained below:

All tax relates to UK corporation tax and is settled by Sky UK Limited on the Company's behalf.

All tax relates to UK corporation tax. The entity has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the entity neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. There is not expected to be any material impact of Pillar Two income taxes reporting legislation, which is applicable to the financial statements for the year ended 31 December 2025.

Notes to the financial statements (continued)

The movement in the year was as follows:

Investments in subsidiaries shown above represent the cost of the shares of the subsidiary undertakings plus capital contributions, less provisions made for any impairment in value.

The Company and its subsidiaries are involved in the operation of pay television broadcasting and home communications services, including the provision of broadband and telephone operations. Certain subsidiary companies provide ancillary functions which support these operations. Joint ventures and associates are involved in the transmission of specialist channels and the production of television programming.

Unless otherwise indicated, all shareholdings owned directly or indirectly by the Company represent 100% of the issued share capital of the subsidiary and the share capital is comprised of ordinary shares. All entities primarily operate in their country of incorporation and are listed at their registered addresses.

During 2024 the Company subscribed for £886 million of shares in Sky UK Limited. A share was issued by Sky UK Limited in exchange for the settlement of £760 million loan note, two loan notes to the value £124 million were contributed from Sky International Operations Limited and an intercompany trading receivable of £75,000 with Sky UK Limited was settled. These transactions were part of the internal corporate reorganisation programme during the prior year, which also restructured the Group's debt and loan balances.

Impairment testing is carried out by the Company at each year end date. No impairment was recognised for the relevant investment in subsidiary balances during the year ended 31 December 2025 (2024: £120 million). The estimated recoverable amount of Sky UK Limited is based on a value in use (VIU) model.

The value in use is calculated using a discounted cash flow approach, with a discount rate applied to projected cash flows and terminal value. Projected cash flows are based on management's formal budget and subsequent 3 year forecast. The forecast is then extended for subsequent periods before being applied in perpetuity. The pre-tax discount rate is derived such that when applied to pre-tax cash flows it gives the same result as when observable post-tax weighted average cost of capital is applied to post tax cash flows.

The pre-tax discount rate used was 7.1%. A change in this metric by 1% would not result in any impairment.

Management has considered whether reasonably possible changes in other key assumptions, specifically EBITDA margin assumptions in the terminal year, would change the outcome of the assessment. A 2% reduction in this assumption would be required to trigger an impairment.

Notes to the financial statements (continued)

Details of all investments of the Company are as follows:

Subsidiaries

Notes to the financial statements (continued)

Subsidiaries (continued)

Notes to the financial statements (continued)

Subsidiaries (continued)

Notes to the financial statements (continued)

Subsidiaries (continued)

Incorporated in other overseas countries

In 2021 Sky International AG (SIAG) transferred and licensed IP rights (trademarks and domain names, excluding News and Radio) to Sky Limited. During the prior-year the Company acquired all remaining intangible assets held by SIAG.

Notes to the financial statements (continued)

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the years in which they reverse. The rate enacted for the relevant years of reversal is 25% (2024: 25%).

Amounts are receivable from the parent company, are unsecured, non-interest bearing and repayable on demand.

Significant year-on-year movements in amounts receivable from subsidiaries arose due to an intercompany netdown programme during 2025, which resulted in a decline in receivable balances.

Current

Amounts due from subsidiaries as at 31 December 2025 are £nil (2024: £42 million).

Notes to the financial statements (continued)

Non-current

On 12 September 2024, the Company entered into agreements with Sky UK Limited for a loan of £200 million. The loan was interest bearing at a rate of 3m Euribor +1.15% per annum and was repayable on demand. The loan was repaid during the year. At 31 December 2025 the balance on the account was £nil (2024: £167 million).

All other amounts receivable from subsidiaries are unsecured, non-interest bearing and are also repayable on demand. The Directors consider that the carrying amount of other receivables approximates their fair values.

The Company is exposed to credit risk on its trade and other receivables, which are entirely with other members of the Group and represents a concentration of risk. No allowances have been recorded against amounts receivable from Group companies as the expected credit loss on these balances is assessed as being immaterial. No other impairments have been recognised in relation to any intercompany balances.

The Directors consider that the carrying amount of other receivables approximates their fair values. There are no contract assets which require recognition under IFRS 15.

Significant year-on-year movements in amounts receivable from other group companies arose due to an intercompany netdown programme during 2025, which resulted in a decline in receivable balances.

Current

On 7 October 2024, the Company made a loan of €505 million to Comcast Cable Funding 1 LLC. This loans bear interest at a rate of 1.38% and was repaid on 17 November 2025. At 31 December 2025 the balance of the loan was £nil (2024: £410 million).

On 7 October 2024, the Company made a loan of €1 billion to Comcast Cable Funding 1 LLC. This loan bears interest at a rate of 1.62% and is repayable on 15 September 2026. At 31 December 2025 the balance of the loan was £875 million (2024: £820 million).

Non-Current

On 7 October 2024, the Company made a loan of €413 million to Comcast Cable Funding 1 LLC. This loan bears interest at a rate of 2.09% and is repayable on 27 November 2029. At 31 December 2025 the balance of the loan was £347 million (2024: £328 million).

Notes to the financial statements (continued)

Significant year-on-year movements in amounts payable to subsidiares arose due to an intercompany netdown programme during 2025, which resulted in a decline in both receivable and payable balances.

Current

On 12 September 2024, the Company entered into agreements with Sky UK Limited for a loan of £200m. The loan is interest bearing at a rate of 3m Euribor +1.15% per annum and was repayable on demand. The loan was repaid during the year. At 31 December 2025 the balance on the account was £nil (2024: £167 million).

On 3 October 2024, the Company entered into agreements with Sky UK Limited for a loan of £864 million. The loan is interest bearing at a rate of 4.79% per annum and was repaid on 30 September 2025. At 31 December 2025 the balance on the account was £nil (2024: £875 million).

There are current amounts due to subsidiaries totalling £1,152 million (2024: £522 million); these represent trade payables, these are unsecured, non-interest bearing and are repayable on demand.

Non-Current

On 23 November 2022, the Company entered into agreements with Sky UK Investments Limited for a loan of £6.6 billion. The loan was partially repaid during 2024 as part of an internal restructuring programme. The remaining amount of £3,154 million was novated to Sky UK Limited. The loan bears interest at a rate of 5.35% per annum and is expected to be repaid on 23 November 2027. At 31 December 2025 the balance on the account was £3,197 million (2024: £3,286 million).

On 2 October 2024, the Company entered into agreements with Sky UK Limited for a loan of £2.0 billion. The loan is interest bearing at a rate of 1.5% per annum and is expected to be repaid on 20 February 2029. At 31 December 2025 the balance on the account was £1,072 million (2024: £2,020 million).

On 28 June 2024, the Company entered into agreements with Sky UK Limited for a loan of £70 million. The loan is interest bearing at a rate of SONIA +1% per annum. The loan was repaid during the year. At 31 December 2025 the balance on the account was £nil (2024: £38 million).

Notes to the financial statements (continued)

Fair Values

Set out below is a comparison of the carrying values and the estimated fair values of the Company's financial assets and financial liabilities at 31 December 2025 and 31 December 2024:

The fair values of financial assets and financial liabilities are determined as follows:

• The fair value of financial assets and financial liabilities with standard terms and conditions and which are traded on active liquid markets is determined with reference to quoted market prices;

• The fair value of other financial assets and financial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments.

The fair values of financial assets and financial liabilities are determined as detailed below and all items held at fair value are classified as Level 2 in the fair value hierarchy, with the exception of the Company's quoted bond debt which is determined with reference to quoted market prices based on Level 1 of the fair value hierarchy.

Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Fair values measured using inputs, other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly. Derivative financial instrument fair values are present values determined from future cash flows discounted at rates derived from market source data.

Level 3: Fair values measured using inputs for the asset or liability that are not based on observable market data. Unlisted minority equity investments are held at fair value and are categorised as Level 3 in the fair value hierarchy. The Company utilises initial historical cost and also the fair value implied by latest funding rounds, as applicable, in determining fair values of unlisted investments at the balance sheet date.

Changes in asset and liabilities arising from financing activities

(1) Includes Borrowings £1,756 million (2024: £2,103 million), borrowings related interest £20 million (2024: £20 million).

(2) Includes fee amortisation, fair value and foreign exchange which impact the Income statement or other comprehensive income.

(3) Settlement via intercompany arrangements.

Notes to the financial statements (continued)

The Comcast Group Treasury function is responsible for raising finance for the Company's operations and managing credit risks. The Sky Group Treasury function manages liquidity, foreign exchange and interest rate risks. Treasury operations are conducted within a framework of policies and guidelines authorised and reviewed by Comcast's Audit Committee and Board of Directors, which receive regular updates of Treasury activity. Derivative instruments are transacted for risk management purposes only. It is the Group's policy that all hedging is to cover known risks and no speculative trading is undertaken. Regular and frequent reporting to management is required for all transactions and exposures, and the internal control environment is subject to periodic review by the Group's internal audit team.

The Sky Group's principal market risks are exposures to changes in interest rates and foreign exchange rates, which arise both from the Sky Group's sources of finance and its operations. Following evaluation of those market risks, the Sky Group selectively enters into derivative financial instruments to manage these exposures. The principal instruments currently used are interest rate swaps to hedge interest rate risks, and cross currency swaps and forward foreign exchange contracts to hedge transactional and translational currency exposures.

Foreign exchange risk

The following analysis details the Company's sensitivity to movements in pounds sterling against all currencies in which it has significant transactions. The sensitivity analysis includes only outstanding foreign currency denominated financial instruments and adjusts their translation at the year-end for a 25% change in foreign currency rates.

A 25% strengthening in pounds sterling against the Euro would have a beneficial effect on profit of £1 million (2024: beneficial impact of £3 million), relating to non-cash movements in the valuation of derivatives. The same strengthening would have an adverse impact on other equity of £nil (2024: £nil impact).

A 25% weakening in pounds sterling against the Euro would have an adverse effect on profit of £2 million (2024: adverse impact of £4 million), relating to non-cash movements in the valuation of derivatives. The same weakening would have a beneficial impact on other equity of £nil (2024: £nil impact).

Liquidity risk

The Company's financial liabilities are shown in note 13.

The principal source of liquidity is cash generated from operations, combined with access to a £6 billion revolving credit facility with its ultimate parent, Comcast Corporation, which expires in May 2031. At 31 December 2025, this facility was drawn by £713m (31 December 2024: £863m) by another entity in the Sky Group. The Company benefits from this liquidity through intercompany facilities and loans.

The following table analyses the Company's financial liabilities into relevant maturity groupings based on the remaining year at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows. The amounts disclosed may not reconcile to the amounts disclosed on the balance sheet for trade and other payables.