Chorus Limited (NS)

Overview

Chorus is New Zealand's largest fixed line telecommunications network operator. It was listed on the NZSX in 2011 after it was chosen by the Crown to build a fibre network under a public-private partnership agreement. This fibre network will pass more than 1.3 million homes, businesses and schools by the end of 2022. Chorus also operates a nationwide copper access network. It provides access to its fibre and copper network on a wholesale basis to approximately 100 retail service providers.

CNU has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because there are provisions in CNU's constitution regarding ownership restrictions that require the consent of the New Zealand government. For further information, please see a copy of the waiver under Documents on CNU's homepage on nzx.com

Performance

The following information was extracted from Chorus Limited's Full Year Results, released on 24 August 2026:

Key FY26 Results

• Operating revenue of $1,029 million, up $15 million on FY25

• Operating expenses of $303 million, down $6 million on FY25

• EBITDA of $726 million, up 3% on FY25 • Net profit after tax of $37 million (FY25: $4 million)

• Net cash flows from operating activities increased 4% to $740 million

• Unimputed final dividend of 36 cents per share, total FY26 dividend 60 cents per share (FY25: 57.5cps)

• Total fibre connections increased by approximately 32,000 to 1,147,000

• Fibre uptake increased to 75.9% of serviceable addresses

• Continued uplift in data traffic, average monthly data usage up 9% vs FY25 to 731 gigabytes in June 2026

Strong financial performance underpinned by disciplined execution

Chorus today reported growth in revenue, EBITDA and net profit for the year ended 30 June 2026 (FY26), reflecting continued fibre uptake, disciplined execution and capital allocation as the company moves to a simpler all-fibre business.

Chief Executive Mark Aue said the result demonstrated the resilience of Chorus’ business model and the deliberate action taken across the business to manage costs in a challenging macroeconomic and geopolitical environment.

“FY26 marked the start of the second horizon of Chorus’ strategy, extending through to FY29, focused on growth, simplicity and efficiency. We are building momentum towards a simpler, more focused business, while continuing to invest in the digital infrastructure New Zealand will rely on for decades,” said Mr Aue.