Chorus Half Year Results

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington 6140
New Zealand
Email: company.secretary@chorus.co.nz



STOCK EXCHANGE ANNOUNCEMENT

20 February 2023

Chorus 2023 half year result
The following are attached in relation to Chorus’ half year result for the period to
31 December 2022:

1. Media Release
2. Investor Presentation
3. Letter to investors
4. Management Commentary and Financial Statements (including auditor review
report)
5. NZX Results Announcement
6. NZX Distribution Notice.

Chief Executive Officer JB Rousselot and acting Chief Financial Officer Andrew Carroll
will discuss the half year result by webcast at 10.00am New Zealand time today. The
webcast will be available at www.chorus.co.nz/webcast.
Authorised by:

Andrew Carroll
Chief Financial Officer (acting)
ENDS
For further information:
Steve Pettigrew
Head of External Communications
Mobile +64 (27) 258 6257
Email: steve.pettigrew@chorus.co.nz
Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: brett.jackson@chorus.co.nz

---

20 February 2023

Steady financial performance despite workforce challenges
Key results
• Fibre connections increased by 38,000 to 997,000
• Fibre uptake 71% in completed UFB areas
• 24% of mass-market fibre connections on gigabit or higher plans
• Operating revenue $487m (HY22: $483m)
• EBITDA $342m (HY22: $347m)
• FY23 EBITDA guidance increased to $675m to $690m
• Net profit after tax $9m (HY22: $42m)
• Unimputed interim dividend of 17 cents per share
Chorus has released its financial results for the six months ended 31 December 2022,
showing a steady financial performance despite the operational challenges posed by
workforce constraints.
EBITDA was $342 million for the six months ended 31 December 2022 (HY23). This was a
$10 million increase on underlying HY22 EBITDA of $332 million.
1
As a result, Chorus has
increased its FY23 EBITDA guidance to $675 million to $690 million from a prior range of
$655 million to $675 million. This guidance update does not include potential flood and
cyclone-related impacts.
Net profit after tax (NPAT) decreased by $33 million to $9 million compared to HY22 at
$42m. This was primarily due to increasing interest rates and some one-off costs associated
with the refinancing of a large tranche of debt. The accelerated depreciation of copper in
areas where fibre is available also contributed to this reduction in net earnings.
Extreme weather brings added operational challenges
The company reached a significant milestone in December when it connected the last
community, Opononi in Northland, to fibre under its 11-year public-private partnership with
the government. It achieved its goal of one million fibre connections in January.
Fibre uptake reached 71 per cent in completed UFB rollout areas, with growth of 38,000
fibre connections nationwide in the six-month period.

1
Reported HY22 EBITDA of $347 million included $15 million of one-off operating revenue and expense gains.
Refer to page 31 of the HY23 investor presentation for the detailed accounting adjustments. Half year results
are unaudited.

Chorus CEO JB Rousselot said a workforce gap of about 380 technicians had limited the
number of fibre installations it could complete in the period.
“Like other industries we’ve experienced workforce challenges in the wake of COVID and
we’ve made significant efforts to reduce the gap to some 220 technicians today. We expect
to recruit another 150 technicians within a few months. In the meantime, the widespread
community devastation caused by the recent cyclones means we’re having to reprioritise
some work so we can focus on restoration efforts.”
The company’s initial focus has been fixing regional fibre routes so mobile networks can be
used by other essential services to help with their restoration efforts. This work will also
begin restoring other telecommunications services including broadband. The number of
local network faults will remain unknown until most homes and businesses have power
restored across the affected regions.
“We’re fortunate that fibre networks are less susceptible to water damage than copper
cables. Our experience from the recent Auckland city floods, for example, is that we
experience fewer faults and faster restoration for customers on fibre.
“Our thoughts are with all those impacted, including our employees; our teams are
committed to restoring services as quickly as they can.”
Looking to the future of fibre in New Zealand
With the UFB rollout complete and fibre available to 87 per cent of New Zealand’s
population, Chorus has begun evaluating long-term opportunities for investment.
“As we look to the future of broadband in New Zealand, it's clear that fibre is the best long-
term solution. We already have a plan that could extend fibre to 90 per cent of the
population with the right regulatory and policy settings, and we see opportunities to invest
in the ongoing enhancement and sustainability of the network.
“The recent cyclones will also help inform our ongoing investment programme for network
resilience.”
Interim dividend and capital management
Chorus confirmed an unimputed interim dividend of 17 cents per share will be paid on 11
April 2023. A final unimputed dividend of 25.5 cents per share is expected to be declared in
August 2023, consistent with the FY23 dividend guidance of 42.5 cents per share and
subject to no material adverse changes in circumstance or outlook.
With the fibre rollout now complete and capital expenditure demands tracking as expected,
Chorus has suspended its dividend reinvestment plan for this interim dividend payment.
This will be reviewed at each financial result.
$72 million of the $150 million share buyback has been completed. The programme will
continue unless more value-enhancing opportunities are identified.

FY23 guidance
• EBITDA: Increased to $675m to $690m, previously $655m to $675m
• Capital expenditure: no change from previous guidance of $410m to $450m
• Dividend: 42.5 cents per share, with 17 cents to be paid on 11 April 2023
This EBITDA and capital expenditure guidance does not include potential flood and cyclone-
related impacts.
ENDS
Chorus Chief Executive JB Rousselot, and Acting Chief Financial Officer, Andrew Carroll will
discuss the half-year results at a briefing in Wellington from 10.00 am on Monday 20
February 2023 (NZDT). The webcast will be available at www.chorus.co.nz/webcast.

For further information:
Steve Pettigrew
External Communications Manager
p: +64 9 975 2951 | m: +64 (27) 258 6257 | e: steve.pettigrew@chorus.co.nz
Brett Jackson
Investor Relations Manager
p: +64 4 896 4039 | m: +64 (27) 488 7808 | e: brett.jackson@chorus.co.nz

---

HY23 RESULT
20 February 2023

20 February 2023
Disclaimer
This presentation:
• Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase Chorus
securities.
• Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They involve known
and unknown risks, uncertainties and other factors, many of which are beyond Chorus’ control, and which may cause actual resultsto
differ materially from those contained in this presentation.
• Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.
• Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASX listing
rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future events or otherwise.
• Should be read in conjunction with Chorus’ audited consolidated financial statements for the year to 30 June 2022 and NZX and ASX
market releases.
• Includes non-GAAP financial measures such as "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and
therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for,
or isolation of, Chorus' audited consolidated financial statements. We monitor EBITDA as a key performance indicator and we believe it
assists investors in assessing the performance of the core operations of our business.
• Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any errors or
omissions.
• Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied) are
made as to the accuracy or completeness of such information.
HY23 RESULTS
2

Agenda
>HY23 overview4
>UFB rollout and connection trends5-8
>Financial results10-12
>Capex13-14
>FY23 guidance, capital management 15-18
>Long-term growth and RAB19-21
>Cyclone Gabrielle23
>Strategic priorities 24-27
>Rural connectivity28-29
Appendices
▪A: Additional financial information31-37
▪B: Connections, market trends, pricing38-40
20 February 2023
JB Rousselot, CEO
Andrew Carroll, Acting CFO
JB Rousselot, CEO
HY23 RESULTS
3

20 February 2023
HY23 overview
HY23 RESULTS
1. Excludes partly subsidised broadband connections provided to student homes as part of Chorus’ COVID response.
2. Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between
companies. We monitor EBITDA as a key performance indicator and we believe it assists investors in assessing the performance of the core operations of our business.
4

>UFB rollout completed in December within capex guidance
>Total UFB uptake of 71% (rounded)
▪uptake in UFB1 areas grew from 74% to 75.5%
▪uptake in UFB2 areas grew from 50% to 52%
▪954,000 connections within completed UFB footprint (includes
business premium and partly subsidised education connections)
UFB complete; achieved 1 million fibre connections
66
69
72
74
75.5
39
42
46
50
52
63
65
67
69
71
30
35
40
45
50
55
60
65
70
75
80
HY21FY21HY22FY22HY23
Chorus fibre uptake
(% uptake vs available addresses)
UFB1UFB2Total (average)
20 February 2023
HY23 RESULTS
5
In December, the HokiangaHarbour community of Opononiwas the last
centre to be connected to fibre under our 11-year public-private partnership.

20 February 2023
HY23 RESULTS
Shift in marketing focus helped maintain fibre
connection growth
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
H1 FY21H2 FY21H1 FY22H2 FY22H1 FY23
Managed migration: installations vs
activations
Service activation: from copper
Service activation: from offnet
Fibre installations
>Post-COVID workforce dynamics (NZ and
overseas) led to a shortage of ~380 technicians
▪fibre installation volumes fell from 53,000 (H2 FY22)
to 48,000 (H1 FY23)
▪managed migration installation resource was re-
focused to regular fibre demand
▪marketing focus shifted to activation of pre-installed
fibre sockets to support ongoing fibre connection
growth
>Initiatives have reduced the gap to ~220
technicians at current demand levels
▪line of sight to recruiting 150 technicians by May
▪Chorus providing funding and direct assistance for
service company recruitment initiatives
▪Government added technicians to immigration green
list in December
Workforce challenges reduced fibre installations
6

20 February 2023
Connection changes by Zone (indicative as at 31 Dec)
* Excludes 8k partly subsidised education connections and 12k fibre premium and data services (copper) connections
3
6
4
7
9
-2
-2
-3
-2
-2
-3
-3
-2
-2
-3
-6
-6
-8
-7
-6
-2
-1
-2
-1
-2
-2
-1
-2
-2
-2
-10-50510
Q2 FY23
Q1 FY23
Q4 FY22
Q3 FY22
Q2 FY22
Q2 FY23
Q1 FY23
Q4 FY22
Q3 FY22
Q2 FY22
Q2 FY23
Q1 FY23
Q4 FY22
Q3 FY22
Q2 FY22
Broadband connections
Copper (no broadband) connections
Quarterly change (’000s) by zone*
HY23 RESULTS
Other fibre
company (LFC)
zone
Broadband connections29,000Local Fibre Company and fixed wireless provider
activity is driving a gradual decline in copper
connections.
Copper line (no broadband)16,000
TOTAL45,000
Non-UFB zoneBroadband connections138,000Gradual decline in copper connections due to
mobile/fixed wireless/satellite footprint
expansion. Partly offset by fibre connections
growth for greenfield developments.
Copper line (no broadband)26,000
TOTAL164,000
Chorus UFB zoneBroadband connections1,021,000Lower broadband growth in Q2 reflecting field
resource constraints. Continued reduction in
copper connections due to Chorus fibre migration
activity and fixed wireless/mobile competition.
Copper line (no broadband)43,000
TOTAL1,064,000
7

>300Mbps plans account for 68% of residential connections
>1Gbps and Hyperfibre(2-8Gbps) were 24% of residential connections (HY22:23%) and made up 1/3 of
residential fibre adds in H1
>residential and business Hyperfibreconnections grew ~60% in H1with monthly volumes lifting steadily
20 February 2023
HY23 RESULTS
Mass market fibre connections grew 37k (HY22:47k)
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
Dec 2021Mar 2022June 2022Sept 2022Dec 2022
Residential
1Gbps300Mbps200Mbps100Mbps<100MbpsVoice
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
Dec 2021March 2022June 2022Sept 2022Dec 2022
Business
1Gbps500Mbps300Mbps200Mbps100Mbps<100MbpsVoice
8

HY23 RESULTS
Financial performance
Andrew Carroll, Acting Chief Financial Officer
20 February 2023

Income statement
20 February 2023
>$11m one-off net repurchasing cost for Oct
2023 EMTN and $15m interest expense for new
Sept 2029 EMTN; weighted average interest
rate on debt increased from 3.7% to 4.4% vs
H1 FY22
HY23 RESULTS
H1
FY23
unaudited
$m
H2
FY22
unaudited
$m
H1
FY22
unaudited
$m
Operating revenue487482483
Operating expenses(145)(154)(136)
Earnings before interest, tax,
depreciation and amortisation
(EBITDA)
342328347
Depreciation and amortisation(222)(212)(215)
Earnings before interest and income tax120116132
Net interest expense(103)(71)(71)
Net earnings before income tax174561
Income tax expense(8)(23)(19)
Net earnings92242
>H1 FY23 EBITDA of $342m vs underlying H1
FY22 EBITDA of $332m (see slide 31)
>$8m increase from accelerated copper cable
depreciation in fibre areas
10

H1
FY23
unaudited
$m
H2
FY22
unaudited
$m
H1
FY22
unaudited
$m
Fibre broadband (GPON)302281267
Fibre premium (P2P)343333
Copper based broadband627380
Copper based voice212527
Data services copper233
Field services373635
Value added network
services
131413
Infrastructure151515
Other1210
Total487482483
20 February 2023
▪copper revenues declining as customers migrate to
Chorus fibre or competing fibre/wireless networks
▪CPI increase of 7.2% applied to some services from
mid-December
>growing fibre uptake and ARPU: $53.38 end of HY23 vs
$50.67 end of FY22
Revenue
HY23 RESULTS
>H1 FY22 included $6m property optimisation and $3m legal
settlement
see p32for regulated fibrerevenue in H1 FY23
>greenfieldsrevenue $20m vs $13m in HY22; partly
offset by reduced roadworks revenue
11

>CPI impact and increased employee numbers; H1 FY22
included $9m holiday pay benefit and $2m COVID impact
>reducing fault volumes but higher average cost per fault
H1
FY23
unaudited
$m
H2
FY22
unaudited
$m
H1
FY22
unaudited
$m
Labour 383628
Network maintenance283128
IT202723
Other network costs161415
Rent, rates and property
maintenance
111414
Electricity998
Provisioning1-1
Insurance222
Consultants453
Regulatory levies654
Other101110
Total145154136
20 February 2023
Expenses
HY23 RESULTS
>release of $2m software provision in H1 FY23
see p33for regulated fibreexpenses in H1 FY23
>H1 FY22 included one-off costs for office relocation and
rationalisation
12

20 February 2023
Gross capex: $222 million (HY22 $263m)
Sustaining capex of $90m (see p34 for summary)
>greenfields$38m; Milford Sound fibre backhaul $2m
>fibre incentive spend varies subject to connection
volumes and retailer activity
>48,000 installations (HY22: 64,000)
HY23 RESULTS
FibrecapexH1 FY23
$m
H2 FY22
$m
H1 FY22
$m
UFB communal53047
Fibre installations & layer 210092103
Fibre products & systems557
Other fibre& growth533643
Fibre sustain485
Customer retention costs15819
Subtotal182179224
▪Average cost per UFB premises connected: $1,066 vs $1,000 -$1,115 guidance (excludes layer 2 and
includes standard installations, some non-standard single dwellings and service desk costs)
13

20 February 2023
Capex: Copper and Common
HY23 RESULTS
CoppercapexH1 FY23
$m
H2 FY22
$m
H1 FY22
$m
Network sustain91413
Copperconnections--1
Copper layer2121
Customer retention costs343
Subtotal132018
CommoncapexH1 FY23
$m
H2 FY22
$m
H1 FY22
$m
Informationtechnology201516
Building& engineering services7155
Subtotal273021
>IT lifecycle projects commenced in HY23
>reduced roadworks and pole replacement activity,
partly offset by government-funded $2m rural
broadband project
>building projects resumed after COVID delays; H2
FY22 included office relocation costs
14

20 February 2023
FY23 guidance -updated
HY23 RESULTS
EBITDA: $675m to $690m
(previously $655m to $675m)
▪guidance lifted to reflect favourable trends
including connections and ARPU mix, strong
greenfieldsdemand and network maintenance
▪subject to no material changes in circumstances or
outlook
GROSS CAPEX: $410m to $450m
▪no change –tracking to upper end of range
15
NOTE: this guidance does not include potential flood and cyclone-related impacts

20 February 2023
Net debt/EBITDA
As at
31 Dec 2022
$m
Borrowings2,561
+ PV of CIP debt
securities (senior)
256
+ Net leases payable182
Sub total2,999
-Cash172
Total net debt2,827
Net debt/EBITDA*4.22x
>ND/EBITDA increased from 4.03x (HY22) to 4.22x
▪borrowings increased from $2,369 million (HY22)
▪cash balance higher due to early refinancing of Oct 2023
EMTN
▪~65% of CNU interest rate exposure was fixed at 31
December
>ratings agency thresholds
▪Moody’s 5.25x
▪S&P 5.0x
>the Board considers that a ‘BBB’ credit rating or equivalent is
appropriate for a company such as Chorus
▪intention that in normal circumstances the ratio of net debt to EBITDA
will not materially exceed 4.75x
▪financial covenants require senior debt ratio to be no greater than 5.5x
*Based on S&P and bank covenant methodologies
HY23 RESULTS
16

17
>up to $1.33 billion CIP financing available
(57:43 equity/debt)
>$1,305m drawn at 31 December 2022
>At 31 December, debt of $2,561mcomprised:
▪Long term bank facilities of $350m (Undrawn)
▪NZ bonds: $900m
▪Euro Medium Term Notes $1,662m (NZ$ equivalent at hedged
rates)
NZ
$M
200
500
200
328
514
820
85
99
156
197
6
11
13
0
100
200
300
400
500
600
700
800
900
CIP debt securities available
Face value of CIP debt securities
issued
EUR EMTN
NZ Bond
Crown financing and debt profile
20 February 2023
HY23 RESULTS
Crown
securities
$m
30
June
2025
30
June
2030
30
June
2033
30
June
2036TOTAL
Equity securities
(cumulative total)
85.3197.1377.7766.4766.4
Debt securities
(maturity profile)
85.3104.7166.7210.2566.9
Crown equity securities
▪unique class of security with no voting rights but a repayment
preference on liquidation
▪an increasing portion attract dividend payments from 30 June 2025
onwards based on180 day NZ bank bill rate, plus 6% p.a. margin
▪redeemable by cash payment of total issue price or the issue of Chorus
shares (at a 5% discount to the 20-day VWAP for Chorus shares)
Crown debt securities
•unsecured, non-interest bearing and carry no voting rights
•to be redeemed in tranches from 30 June 2025 to 2036 by repaying
the issue price to the holder
17

>FY23 interim dividend
▪17cps, unimputed
•record date: 14March2023
•payment date: 11April2023
•no Dividend Reinvestment Plan available
20 February 2023
>FY23 and FY24dividend guidance* (unchanged)
▪42.5cps in FY23
▪a minimum of 47.5cps in FY24
▪dividends unimputed in medium term
>$72m of $150m share buyback complete
▪443 million shares on issue at 31 December
▪Board reserves option to suspend the buyback if more accretive
opportunities for shareholder value are identified
Dividend and share buyback
HY23 RESULTS
0
5
10
15
20
25
30
35
40
45
50
FY22FY23FY24
cps
* subject to no material adverse changes in circumstances or outlook
Dividend guidance
18

20 February 2023
HY23 RESULTS
19
Looking ahead: long-term growth capex
Confirming our core principles and priorities
>As noted previously, key principles and components of our capital
management framework include:
▪growing shareholder value and delivering a sustainable, growing dividend
through time
▪operating within our investment grade, BBB, 5x net debt/EBITDA ceiling
(internal limit 4.75x)
▪sustaining network capex(i.e. investment to maintain, replace or improve
an existing copper or fibre asset) is expected to be ~$200m per annum
(midpoint within a range)
>Investment in discretionary growth capex:
▪can be phased to fit the parameters of the dividend policy and debt limits
▪will be subject to business casing, market conditions and regulatory
settings/approvals
▪includes RAB investment(e.g. new fibre installations, greenfieldsgrowth
and footprint expansion) and non-RAB investment
>Chorus expects the core RAB value (i.e. excluding the Financial Loss
Asset) to be at least maintained in the longer term

>Below are examples of RAB and non-RAB investment being evaluated for 10-year planning:
▪dollar ranges are indicative only and reflect a 10-year total in 2023 dollars
▪opportunities to invest in discretionary long-term growth capex could range up to ~$300 million per annum, subject
to consumer demand (e.g. installations and greenfields), business casing and regulatory settings/approvals
20 February 2023
HY23 RESULTS
Indicative long-term investment opportunities
Non-RAB investment
(assessed on a risk-adjusted
return basis vs other capital
allocation/investment options)
New products
Edge Centre
Regional backhaul
Other
RAB investment opportunities
XGS-PON electronics (1):
migration to multi-gigabit capability
Fibre installations:
connect fibre to premises
Rural fibre(3):
fibre up to 90% population
Sustainability:
(e.g. solar power options)
Greenfields (2):
communal fibre to new premises
Smart locations:
non-building installations (e.g.CCTV)
Network resilience:
enhance network robustness
Rural fibre electronics:
lifecycle update for RBI* network
20
KEY:Small: <$100m Medium: $100m to $400m Large: $400m+
S
M
L
L
L
L
M
L
M
S
S
SUSTAINING CAPEX –NEW PROJECTS
DISCRETIONARY GROWTH CAPEX
1.Limited XGS-PON investment in RP1. Broader rollout as technology matures.
2.Greenfields investment is gross amount including customer contributions.
3.Communal rollout cost only.
M
S
_
*RBI is Rural Broadband Initiative

20 February 2023
HY23 RESULTS
Regulated Asset Base (RAB) and CPI
21
WACC parameterRP1
1
WACC
(1 July 2021)
ID
2
WACC
(1 Jan 2023)
Risk-free rate0.51%4.54%
Average debt
premium
1.70%1.50%
Cost of debt2.54%6.37%
Cost of equity5.62%8.52%
Mid-point vanilla
WACC
4.72%7.9%
Mid-point post-tax
WACC
4.52%7.38%
Source: Commerce Commission
1. RP1: Regulatory Period 1 from 2022-2024
2. ID: Information Disclosure. Latest calculated WACC is used for
reporting purposes only.
>Starting fibreRAB finalisedin Oct 2022
▪starting RAB (1 Jan 2022) of $5.413 billion comprises:
•core RAB $3.997bn
•Financial Loss Asset $1.416bn
▪the RAB is indexed annually for actual inflation in the
December quarter: the forecast CPI used for
revaluations in the 2022 MAR was 1.8% vs 7.22%
actual.
▪we expect another ~$250m (current value) of existing
shared assets to be eligible to enter the RAB over time
>The 2023 and 2024 MAR will be updated for forecast
CPI changes as part of in-period smoothing
▪2023 MAR used 2.17% forecast CPI and will be updated
for June 2022 forecast of 3.37%, with actual CPI
applied in the RP1 wash-up process for RP2
▪Note: the regulations omitted a 2022 wash-up for
actual CPI and Chorus has requested a correction
Commerce Commission WACC calculation for Chorus

From build to operate
JB Rousselot, Chief Executive Officer
20 February 2023
HY23 RESULTS

20 February 2023
HY23 RESULTS
Achallenging period for weather events
23
>Widespread customer impact from Cyclone Gabrielle due to power outages and some damaged regional
cable routes
▪restoration focus in Gisborne and Hawke’s Bay regions included temporary fibre lays of up to 3km on damaged
highway routes
▪experience from Auckland city floods (27 January) is fewer faults and faster restoration for customers on fibre, as
compared to volume and work required for powered copper cabinets and cables
Damage to the regional fibreroute on the bridge crossing the Hikuwai
River, north of Gisborne, required 800 metresof overlaid fibre.
Road washout near Tutira.

20 February 2023
HY23 RESULTS
Regulatory landscape
Upcoming milestones
Recent developments
>Market incentive payments: final Commerce
Commission decision in December approved
$12.5m of $16.8m proposed spend for 2023
incentives.
[Note: this will increase allowable revenues for
RP1 via the RP2 wash-up process]
>Future regulatory periods: the Commerce
Commission has proposed a 4-year period (i.e.
January 2025 to December 2028) for the next
regulatory period.
>Anchor services: Chorus was successful in
challenging detailed product specifications in the
legislative framework. The High Court
(December) asked parties to consider
alternatives.
>31 May 2023: information disclosure submission
and wash-up report for 2022 submitted to
Commission
>30 June 2023: annual quality compliance
statement for 2022 submitted to Commission
>31 August 2023: annual price compliance
statement for 2024 submitted to Commission
>31 October 2023: Chorus RP2 submission due
to Commission
24

20 February 2023
HY23 RESULTS
Continuing to drive fibre uptake
>Positive market trends
▪copper withdrawal programme ramping up
▪offnet winbacktrend continues in Wellington cable areas
▪diverse range of retailers promoting fibre and offers
(e.g. Wi-Fi devices) improving the consumer experience
▪steady greenfieldspipeline
>H2 product activity focused on:
▪Home Fibre Starter (50Mbps) –reduced monthly price
from $38 to $35 (where retail price is $60 or less) from
1 Feb 2023; ~10% of residential net adds
▪growing the number of retailerspromotingHyperfibre
services (2-8Gbps)
▪targeted marketing to ~170,000intact fibre sockets
(i.e. fibre already installed) that are currently inactive
25
50%
55%
60%
65%
70%
75%
80%
85%
AucklandDunedinWellington
UFB uptake by quarter
Dec-21Mar-22Jun-22Sep-22Dec-22
Uptake (%)
student
holidays
▪Auckland, Wellington and Dunedin cover >70% of UFB1 homes
and businesses able to connect
▪93% of Chorus’ broadband connections in our completed UFB
zone are on fibre

20 February 2023
HY23 RESULTS
Steady progress
>Business fibre(GPON)
▪40%+ of new business connections taking 1Gbps
>Premium fibre
▪steady growth in dark fibre connections (now 6k) and cellsite
backhaul
▪fibre nodes now in 7 data centres to enable backhaul services
>EdgeCentre
▪doubling rack capacity at Mt Eden site
>PowerSense
▪value proposition reinforced by recent weather events; several
lines companies already using service
>Other opportunities
▪continuing to explore other potential services/markets
26

20 February 2023
HY23 RESULTS
>~19,000 initial withdrawal notifications issued
▪copper service ceased for ~10,000 notified connections
▪268 copper broadband cabinets closed; withdrawal notices issued across another 756
▪broadband retention rate of 90%across closed cabinets
>site optimisation continues but slowed by property market conditions
▪7 property/lease sites exited and 4 subdivided properties on market in H1
268
756
1,934
Copper broadband cabinets –Chorus UFB area
Closed
Notified
In service
Copper withdrawal workstream
27
0
5,000
10,000
15,000
20,000
Dec-21Jun-22Dec-22
Initial copper withdrawal
notices issued (cumulative)

20 February 2023
HY23 RESULTS
Government’s digital vision supports rural fibre
>Statement of Intent for Improving Digital Connectivity acknowledges:
▪data demands are growing and network congestion challenges affect ~5%
of the population today
▪fibre is high speed, high capacity, low latency and comparatively low energy
requirements also make it well suited for handling the expected future
growth in demand for data and network speeds and fibre backhaul can lift
all technology boats (i.e. fixed/wireless/mobile)
▪wireless technology has a place, but note 5G has propagation challenges
and consumer needs are likely to change over time
▪low earth orbit satellites an option subject to need for line of sight
>Government says it will support or encourage the extension of fibre,
including backhaul, to improve network performance and resilience in
areas:
▪not already served by fibre and where customer density and expected
demand is sufficient to make fibre a cost-effective long-term solution, and
▪where the commercial viability of fibre backhaul to support various access
modes is the best long-term solution but is not commercially viable for the
private sector to provide on its own
28

20 February 2023
HY23 RESULTS
But rural regulatory settings need to catch up
Chorus & LFC* fibre
rollout covers 87%
population (1.8m+
homes and businesses)
~45,000 VDSL
connections
~60,000 ADSL
connections
~20,000 voice only
connections
~3,000 multi-access
radio (MAR)
connections
NZIER study estimates $16.5 billion benefit in closing the rural digital divide
▪regulatory framework
intended to encourage
ongoing investment
▪copper withdrawal
underway in fibre areas
▪subdivision growth
driving urban fringe
fibre rollout
▪potential for further fibre rollout, subject to regulatory and policy settings
▪Telecommunications Service Obligation (TSO) applies to residential addresses that had
telephone service in 2001 and includes outdated requirements for voice/dial-up/fax
services
▪the economics of TSO delivery and ongoing investment have changed:
•Chorus cannot cross-subsidise rural copper connections from urban fibre revenues
•retirement of copper networks is accelerating globally with migration to fibre and
the emergence of other technologies (e.g. fixed wireless, satellite)
•government has helped fund alternative services/overbuild
▪Commerce Commission required to review copper regulatory settings no later than
2025
▪the most remote and
therefore most
underserved consumers
▪MAR technology at end
of life
▪should be focus of
government $15m
Remote Users Scheme
URBAN
NON-URBAN
29
*Local FibreCompany

Questions?
20 February 2023

20 February 2023
HY23 RESULTS
Underlying EBITDA
H1
FY23
unaudited
$m
H2
FY22
unaudited
$m
H1
FY22
unaudited
$m
EBITDA342328347
Operating revenue adjustmentslease change (3)
legal settlement (3)
Operating expenses adjustmentsHolidays Act provision (9)
UNDERLYING EBITDA342328332
31
Appendix A: Additional financial information

20 February 2023
HY23 RESULTS
Other
$m
Regulated
FFLAS
$m
H1
FY23
$m
Fibre broadband
(GPON)
1301302
Fibre premium (P2P)72734
Copper based
broadband
62062
Copper based voice21021
Data services copper202
Field services30737
Value added network
services
8513
Infrastructure7815
Other101
Total139348487
H1 FY23 revenues: FFLAS vs non-FFLAS
>indicative FFLAS revenue of $348m or 71%
of HY23 revenue
▪FFLAS total excludes an estimated $26m
allocation of fibre-related capital contributions
to be netted off fibre RAB assets
▪NOTE: FFLAS numbers are indicative and have
been calculated using the Commission’s final
RAB decision model from October 2022.Actual
2022 FFLAS numbers will be finalised as part of
Information Disclosure reporting in May 2023.
32

20 February 2023
HY23 RESULTS
33
>indicative FFLAS opexof $80m or 55% of
HY23 opex
▪FFLAS total includes pass through costs of
$8m
▪NOTE: FFLAS numbers are indicative and
have been calculated using the Commission’s
final RAB decision model from October
2022.Actual 2022 FFLAS numbers will be
finalised as part of Information Disclosure
reporting in May 2023.
Other
$m
Regulated
FFLAS
$m
H1
FY23
$m
Labour 142438
Network maintenance181028
IT71320
Other network costs11516
Rent, rates and property
maintenance
6511
Electricity639
Provisioning1-1
Insurance-22
Consultants-44
Regulatory levies156
Other1910
Total6580145
H1 FY23 opex: FFLAS vs non-FFLAS

20 February 2023
Sustaining vs non-sustaining capex
Fibrecapex: sustainingH1 FY23 $mH1 FY22 $m
Layer 22312
Fibre products & systems24
Fibre sustain45
Other fibre134
Customer retention costs*86
Subtotal5031
Coppercapex: sustaining
Network sustain913
Copperconnections01
Copper layer211
Customer retention costs*33
Subtotal1318
>$90m of H1 FY23 capex was sustaining vs $132m non-
sustaining
>fibre sustaining capex is expected to increase over time
as the asset ages
HY23 RESULTS
*Relates to provisioning, systems and service desk costs
Non-sustaining capexH1 FY23 $mH1 FY22 $m
UFB communal547
Fibre installations7791
Greenfield growth4131
Footprint expansion (West Coast)211
Customer retention (incentives)713
Subtotal132193
34
Commoncapex: sustaining
Informationtechnology2016
Building& engineering services75
Subtotal2721

▪fibre fault volumes consistent at ~20k in H1 FY23 and H2 FY22 respectively, despite fibre connections
growing 79k
▪copper faults will continue to fall in Chorus fibre areas as we withdraw copper services
▪non-fibre areas (~13% of population) make up the majority of copper network faults and reactive costs
20 February 2023
0
5,000
10,000
15,000
20,000
25,000
30,000
Chorus UFBLFC UFBRoNZ (non-
UFB)
Copper –fault volumes by area
H1 FY21
H2 FY21
H1 FY22
H2 FY22
H1 FY23
0
2
4
6
8
10
12
Chorus UFB LFC UFB Rest of NZ (non
UFB)
Copper -reactive fault spend by area
Note:
▪reactive maintenance excludesspend on proactive maintenance and customer networks (i.e. premises wiring, no fault found, cancellations)
$m
# of
faults
HY23 RESULTS
Maintenance trends
35

20 February 2023
HY23 RESULTS
Maximum Allowable Revenue (MAR)
Source: Commerce Commission, price-quality path final decision, 16 Dec 2021
>MAR totals reflect draft starting RAB and allocations in 2021. Changes in
the final RAB announced in October 2022 will be reflected in the next
regulatory period wash-up.
Pass-through costs14.214.515.5
TOTAL$690.2$747.4$789.5
>RP1 post-tax WACC of 4.72% (used 0.51% risk-free rate) would be
7.38%if recalculated at 1 Jan 2023 using recent rates.
>forecast CPI used for revaluations in 2022 was 1.8% vs 7.22% actual in
December quarter. 2023 forecast used 2.2% and 2024 is 2.13%. Higher
revaluation rates during RP1 will be reflected in the opening RAB for RP2.
>the ‘benefit of Crown finance’ deduction will reduce from 2025 as Crown
finance is redeemed. Regulator only allows ~2% return on funded assets.
>cost allocations will need to be addressed in RP2 given the increasing
dominance of fibrein Chorus’ business operations.
>reflects an implied 14-year asset life through regulatory process.
>reflects asset life of 14.2 years and tilted annuity depreciation (-13% tilt
rate)
>tax building block commences from ~FY27 and grows to ~$90m
>CPI forecast assumptions were 2.71% in 2022, 2.17% in 2023, 2.04% in
2024. The 2023 and 2024 MAR will be updated for preceding June
forecasts and then for actual CPI as part of the RP2 wash-up process.
Chorus has made a submission to the Commission on the status of the
2022 CPI wash-up.
36

20 February 2023
HY23 RESULTS
MAR wash-up mechanism
Regulatory framework updates the MAR for actual costs on 7 cost items
>the wash-up for each calendar year is calculated annually in May via Information Disclosure process
>the wash-up amount (positive if under-earn MAR; or negative if over-earn) is added to MAR for the next
regulatory period
>the wash-up balance is rolled forward each year using the post-tax WACC as the time-value of money to preserve
NPV neutrality
2022 MAR
$690.2m
(set in 2021
using
forecasts)
initial RAB
Crown financing
cost allocators
pass through costs
individual capex
price path CPI
connection capex
updated
2022
MAR
actual
2022
revenue
2022
wash-up
amount
Difference vs forecast in:
37

0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
31-Dec-2131-Mar-2230-Jun-2230-Sep-2231-Dec-22
20 February 2023
CHORUS
CONNECTIONS
31 Dec
2021
31 March
2022
30 June
2022
30 Sept
2022
31 Dec
2022
Unbundled copper
(no broadband)
6,0003,0001,0001,000not
material
Baseband copper
(no broadband)
119,000112,000102,00094,00085,000
Copper ADSL
(includes naked)
142,000133,000122,000112,000102,000
VDSL
(includes naked)
138,000128,000118,000109,000100,000
Fibre broadband
(GPON)
907,000929,000949,000969,000986,000
Data services
(copper)
2,0002,0002,0001,0001,000
Fibre premium
(P2P)
11,00010,00010,00011,00011,000
Total connections
1,325,0001,317,0001,304,0001,297,0001,285,000
Fibre (GPON)
VDSL
Copper ADSL
Baseband copper
>1,188,000 broadband connections comprises:
▪986,000 fibre (GPON) connections
▪202,000 VDSL/ADSL (copper) connections
Business premium
Note: 8,000 partly subsidisededucation connections are excluded from this data
HY23 RESULTS
38
Appendix B: Connections data, market trends, pricing

-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
Broadband uptake by retailer (all technology)
SparkVodafone2degrees (incl Vocus)Mercury (incl Trustpower)Others
Source: IDCSource: IDC
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
1,800,000
2,000,000
Q3
2018
Q4
2018
Q1
2019
Q2
2019
Q3
2019
Q4
2019
Q1
2020
Q2
2020
Q3
2020
Q4
2020
Q1
2021
Q2
2021
Q3
2021
Q4
2021
Q1
2022
Q2
2022
Q3
2022
NZ broadband market –by technology
Chorus xDSLChorus mass market fibreChorus premium fibre
Local fibre companies (UFB)Other fibre networksOther xDSL
Vodafone cableFixed (mobile) wirelessLegacy fixed wireless, satellite
HY23 RESULTS
20 February 202339

20 February 2023
HY23 RESULTS
Pricing summary
Fibre plan -consumerCurrent wholesale price Price before 1 Oct 22 Notes
Voice line$27.45$26.02
Home starter 50/10Mbps$35$38
Applies where retail price is $60. Price
reduced to $35 from 1 Feb 2022
50/10Mbps$47.28$44.22
100/20Mbps
300/100Mbps
$50.50$47.87
100Mbps is anchor service. 300Mbps
plan introduced late 2021.
1Gbps $58$56
Hyperfibre2Gbps$70$75
Hyperfibre4Gbps$85$100
Hyperfibre8Gbps$110$150
Copper pricingCurrent wholesale price Price before 16 Dec 22 Notes
Copper line$36.17$33.73
Annual CPI adjustment mid-
December
Copper broadband$48.35$45.09
40

---

Our financial results this week have been
overshadowed by the scenes of devastation in
the wake of Cyclone Gabrielle and its widespread
impact on communities.
We’ve been working closely with other network providers and
our service companies to reconnect many communities in
challenging conditions. Our thoughts are with all those impacted,
including our employees, and our teams are committed to
restoring services as quickly as they can.
Steady HY23 financial result despite workforce
constraints
Despite the operational challenges of a technician workforce
shortage, we’ve reached our goal of one million fibre connections
and almost 80% of our network connections are now on fibre
rather than copper. Fibre uptake reached 71% in our completed
rollout areas, up from 69% at the start of the period, with growth
of 38,000 fibre connections nationwide.
We passed a significant milestone in December when the
community of Opononi, located on the shores of the Hokianga
Harbour (pictured above), became the last centre to be
connected to fibre under our 11-year public-private partnership
with government.
Demand for our higher speed services remains strong with almost
a quarter of mass market connections now on services delivering
1 gigabit or higher. This includes our Hyperfibre services, which
provide speeds from 2 to 8 gigabits, with uptake lifting steadily as
more retailers offer the service. Total fixed line connections, when
including copper lines, reduced by 19,000. The ongoing migration
of copper customers to fibre is also helping reduce network
maintenance needs.
We reported EBITDA of $342 million for the six months ended
31 December 2022 (HY23). This was a $10 million increase on
underlying HY22 EBITDA of $332 million
3
. Reported HY22 EBITDA
was $347 million when including $15 million of one-off operating
revenue and expense gains in that period. In light of this steady
financial performance, we’ve increased EBITDA guidance for the
year to $675 million to $690 million from a prior range of $655
million to $675 million. This guidance update does not include
potential flood and
cyclone-related impacts.
Net profit after tax decreased by $33 million compared to HY22,
largely due to increasing interest rates and the need to refinance
a large tranche of debt due for repayment later in 2023. The
accelerated depreciation of copper cables, in areas where fibre is
available, also contributed to the reduction in net earnings.
dear investors
FY23 half year results
1 Excludes partly subsidised broadband connections provided to student homes as part of Chorus’ COVID response.
2 Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for
comparison between companies. We monitor EBITDA as a key performance indicator and we believe it assists investors in assessing the performance of
the core operations of our business.
3 Un
derlying EBITDA of $332 million in HY22 represents adjustments for one-off operating revenue and expense gains recognised. Refer to page 31 of the
HY23 Investor presentation for the detailed reconciliation to EBITDA. Half year results are unaudited.
HY23:
six months ended 31 December 2022
FY
22:
ye
ar ended 30 June 2022
HY22: six months ended 31 December 2021
Dividend
HY23
17cps
HY22
14cps
Net profit after tax
HY23
$9m
HY22
$42m
Fixed line connections
1
HY23
1,285,000
FY22
1,304,000
EBITDA
2
HY23
$342m
HY22
$347m
Half year result overview
Fibre connections
1
HY23
997,000
FY22
959,000
Broadband connections
1
HY23
1,188,000
FY22
1,189,000
FIBRE
ROLLOUT
COMPLETED
DECEMBER
2022

Interim dividend and capital management
We’ve confirmed an unimputed interim dividend of 17 cents
per share to be paid on 11 April 2023. With the fibre rollout now
complete and capital expenditure demands tracking as expected,
we’ve decided to suspend the dividend reinvestment plan for this
interim dividend payment. The plan was previously provided with no
discount. We’ll continue to review its status at each financial result.
A final unimputed dividend of 25.5 cents per share is expected
to be declared in August 2023, subject to no material adverse
changes in circumstances or outlook. This is consistent with our
guidance of a total dividend of 42.5 cents per share for FY23.
Our dividends are expected to be unimputed for some time
because the substantial investment we’ve made in the fibre rollout
has created a difference in timing between tax and accounting
depreciation. This means tax payments are effectively deferred to
the future and we do not have imputation credits in the short term.
We’ve completed $72 million of our planned $150 million share
buyback programme and will continue with it unless more
accretive opportunities for shareholder value are identified.
Fibre rollout completed, just in time for
Christmas
Fibre officially reached 87% of New Zealand’s population in mid-
December with Chorus connecting the community of Opononi in
the Northland region.
Chorus CEO JB Rousselot said the rollout was an enormous
success and team effort between government agency Crown
Infrastructure Partners, all four infrastructure companies and
the retail internet providers who work with us to bring the fibre
broadband connections into homes and businesses around
the country.
“I want to sincerely thank the communities,
contractors and staff who have worked so hard,
year in and year out, and often in challenging
circumstances, in achieving this milestone for
New Zealand.”
Fibre rollout facts
Bridging the digital divide
To mark our achievement of one million fibre connections we
chose to support three worthy organisations that are helping
bridge various aspects of the digital divide. We allocated $80,000
across these organisations:
• Global Centre of Possibility: a centre of innovation, learning,
and research that aims to create a future that is truly accessible
for all. The centre is led by Chief Possibility Officer, Minnie
Baragwanath, who was born blind and has spent the last 30
years of her life studying, working in and researching social
change and accessibility.
•Digits: a Manawatu-based organisation that aims to enable
digital inclusion for 1,000 households with school-aged
children. Their family programme provides an affordable,
refurbished Chromebook, an internet connection and free
digital literacy tuition.
• Code Club Aotearoa: delivers high-quality digital technology
education accessible across financial, cultural and geographic
lines. They have a network of volunteers across the country,
with over 400 clubs and around 4,000 children a week
learning digital skills.
2011
98,000
kilometers
40075%
4
45
million
555
gigabytes
13
gigabytes
ULTRA-FAST
BROADBAND
ROLL-OUT BEGAN
TOWNS AND CITIES
CONNECTED
OF FULL FIBRE
ROLL-OUT
COMPLETED
BY CHORUS
FIBRE COMPANIES
INVOLVED, INCLUDING
CHORUS
WORK HOURSAVERAGE MONTHLY
DATA USAGE
2022
OF FULL FIBRE
ROLL-OUT
COMPLETED
BY CHORUS
AVERAGE MONTHLY
DATA USAGE
2011
LATEMORE THAN

Responding to Cyclone Gabrielle
Recent flooding events and cyclones across the North Island
caused substantial damage to infrastructure and homes, including
those of our own employees. While Cyclone Gabrielle led to
the widespread loss of electricity and the subsequent loss of
telecommunications services, damage to our core network was
reasonably limited with no exchange buildings affected.
Our primary focus has been fixing regional fibre routes so mobile
networks can be used by other essential services to help with
their restoration efforts. This work will also begin restoring other
telecommunications services including broadband. Five regional
routes were damaged by bridge washouts or road slips. The
Tairawhiti Gisborne region, for example, was isolated after two
fibre routes were damaged in multiple places, including a major
bridge crossing at the Hikuwai River (pictured). Helicopters were
used to lay about five kilometres of temporary fibre cable along
the route and restore service.
This second fibre route was built in 2013 in a $12 million joint
project to deliver more network diversity for Gisborne. We have
an ongoing programme of network resilience projects, some of
which have been largely funded by Government. This includes
the recent West Coast (South Island) fibre rollout and a current
project to connect Milford Sound.
We’ll be working with New Zealand’s major network providers
to consider what can be learnt from Cyclone Gabrielle and what
additional steps we can do to further increase the resiliency of
our infrastructure.
Limited road access and ongoing power outages have made
it difficult to fully assess network damage at a street level. The
number of local network faults will remain unknown until
most homes and businesses have power restored across the
affected regions.
Andrew Carroll, General Manager of Customer & Network
Operations, said the recent experience from the Auckland city
flooding in late January suggests network impacts should be
more manageable than in years gone by.
“We’re fortunate that fibre networks are less susceptible to water
damage than copper cables. With high fibre uptake in urban areas,
we expect the volume of consumer faults to be lower than past
comparable weather events. That said, the number of faults in the
immediate aftermath is still larger than our workforce’s capacity,
so we have to reprioritise some work to enable technicians to
focus on reconnecting consumers.
“Our thoughts are with all those impacted, including our
employees. Our teams are committed to restoring services as
quickly as they can.”
Workforce challenges
Like many industries, one of the unforeseen challenges we’ve had
to grapple with in the last six months or so has been a shortage of
skilled workers.
Visa changes for migrant workers meant many of the technicians
who carried us through the pandemic either took the opportunity
to reconnect with family and friends overseas, or moved to other
industries in New Zealand. Strong global competition for fibre
technicians and New Zealand’s tight labour market have been
other contributors to the gap in our industry.
Working with our service company partners, we’ve made
significant efforts to recruit and train workers within New
Zealand. That’s helped reduce our workforce gap from about
380 technicians to about 220 technicians at current demand
levels. We’re working closely with our service company partners
to address this gap and expect to recruit another 150 technicians
within a few months. We’re also grateful to the Government
for recognising the important role that telecommunications
technicians play in New Zealand by adding technicians to the
immigration green list.
Damage to the regional fibre route on the bridge crossing the Hikuwai
River, north of Gisborne, required 800 metres of fibre to be overlaid.

Looking ahead – where to for fibre?
While we spend much of our time focused on broadband
developments in New Zealand, it’s important for us to keep tabs
on what’s happening in the rest of the world. This article from the
latest Global Listed Infrastructure Organisation journal provides
JB’s perspective after he caught up with European network
operators in October:
www.chorus.co.nz/glio
The article includes a QR code link to a news item on the
manufacturing process for fibre optic cable that’s well worth
watching. As JB notes, Europe is experiencing a fibre rollout
‘boom’ with the COVID pandemic having reinforced the need
for unconstrained, high-capacity broadband. Network operators
there are leaping straight to 8 gigabit capability in their rollouts
with the deployment of XGS PON technology, like we’re now
adding for our Hyperfibre services. Many operators have also
begun trialling new 25 gigabit technology. These upgrades are
achieved simply by changing the electronics at the end of the
fibre cable.
That’s why fibre is widely acknowledged as the best technology
to deliver socio-economic benefits without the need for recurring
government funding, while also supporting national carbon
emission reduction targets. Europe’s ambition is gigabit coverage
for all households by 2030 and countries like Spain, Ireland and
Belgium are expanding their fibre deployments into rural areas
and targeting 99% population coverage.
A 99% target is probably too high for New Zealand given our
challenging topography and generally lower population density,
but we believe the current 87% coverage is clearly too low. We
commissioned the New Zealand Institute of Economic Research
(NZIER) to look at the benefits of high-capacity broadband for
rural businesses and households. They calculated a total benefit
of around $16.5 billion over the next ten years by delivering digital
parity for rural consumers.
Rural households were estimated to benefit by
about $6,500 per year due to better access to
broader employment opportunities and the ability
to use telehealth services alongside easier online
transactions with government agencies and banks.
The NZIER report is available at:
https://company.chorus.co.nz/sites/default/files/downloads/
rural-connectivity-04.11.22.pdf
In December, the Government released its Lifting Connectivity in
Aotearoa New Zealand paper, setting out their intent to improve
digital connectivity over the next decade. The paper notes that
about 5% of the population experience network congestion today.
It highlights the need to take a long-term and comprehensive
approach to supporting and enabling infrastructure provision
and the need to provide enduring solutions that can meet future
growth in demand for increased speed and capacity.
As we’ve said before, we believe that with the right regulatory and
policy settings Chorus could reach at least 90% of the population
with fibre. We look forward to a broader discussion about the
right mix of private and public investment that can achieve the
government’s goals and keep us in step with the rest of the world.
If you’d like more detail on our financial results, please watch the
recorded half year results briefing webcast. This will be available
at www.chorus.co.nz/reports within a day of our
results announcement.
The webcast includes discussion of some of the long-term
opportunities for discretionary investment that we’ve begun
evaluating as part of our 10-year planning process. We see plenty
of scope to keep developing the utility value of our network for
the socio-economic benefit of New Zealand while delivering
stable returns for shareholders. For now though, our immediate
focus is very much on the challenges facing weather affected
communities and our teams are doing their utmost to reconnect
them as soon as possible. We hope those of you that are in these
areas are safe and well.
As always, thank you for your continued support of Chorus.
Mark Cross, Chorus Chair

---

Half Year Results
For the six months ended 31 December 2022
01 Half year result overview
02 Management commentary
04 Financial statements

1
Half Year Result 2023
HY23: six months ended 31 December 2022
FY22: year ended 30 June 2022
HY22: six months ended 31 December 2021
1 Excludes partly subsidised broadband connections provided to student homes as part of
Chorus’ COVID response.
2 Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit
measure without a standardised meaning for comparison between companies. We monitor EBITDA
as a key performance indicator and we believe it assists investors in assessing the performance of
the core operations of our business.
Half year result overview
Fibre connections
1
997,000
HY23
959,000
FY22
Dividend
17cps
HY23
14cps
HY22
Broadband connections
1
1,188,000
HY23
1,189,000
FY22
Fixed line connections
1
HY23
1,285,000
FY22
1,304,000
EBITDA
2
HY19HY18
$342m
HY23
$347m
HY22
Net profit after tax
HY19
$9m
HY23
HY18
$42m
HY22

Half Year Result 2023
2
HY23 Management commentary
We report earnings before interest, income tax, depreciation, and amortisation (EBITDA) of
$342 million for the six months ended 31 December 2022 (HY23). This was a $10 million increase on
underlying HY22 EBITDA
1
of $332 million. Reported HY22 EBITDA was $347 million when including
$15 million of one-off operating revenue and expense gains in that period.
Net earnings decreased by $33 million compared to HY22, largely due to an increase in interest costs
following the early refinancing of the October 2023 Euro Medium Term Note (EMTN) in September
2022. Depreciation expense also increased due to the accelerated depreciation of copper cables in
areas where fibre is available.
Guidance for FY23 EBITDA has been increased to $675 million to $690 million from a prior range of
$655 million to $675 million.
Operating Revenue
Revenues of $487 million were up $4 million from HY22 revenues.
Mass market broadband connections of 1,188,000 were
up slightly from 1,187,000 in HY22. Within that total, fibre
connections increased by 37,000 in HY23, compared
to growth of 47,000 in HY22. This reflected workforce
constraints on installation activity in HY23, with connection
momentum assisted by a successful shift to promoting the
activation of fibre sockets that were already installed in
premises where consumers hadn’t requested a fibre service.
Average fibre monthly revenue per user grew from $50.67 to
$53.38 between the end of FY22 and HY23. This was driven
by an inflation-related price increase to some services in
October 2022 and the ongoing uptake of the higher value
Hyperfibre and 1 Gbps services, which now represent 24%
of mass market fibre connections.
Connection revenues across copper voice and data services
continued to decline as consumers migrate to fibre or
alternative services. Total connections on our network
reduced by 19,000 in HY23 compared to 15,000 in HY22.
Field services products revenue grew by $2 million
largely due to strong new property development demand.
Roadworks revenue was lower than in HY22.
Other revenue was $9 million lower in HY23 compared
to HY22. This was because the prior period included
property optimisation revenues of $6 million and a $3 million
legal settlement.
CONNECTIONS
31 DECEMBER 2022
CONNECTIONS
31 DECEMBER 2021
CONNECTIONS
30 JUNE 2022
Fibre broadband (GPON) 986,000 907,000 949,000
Fibre premium (P2P) 11,000 11,000 10,000
Copper VDSL 100,000 138,000 118,000
Copper ADSL 102,000 142,000 122,000
Data services over copper 1,000 2,000 2,000
Baseband copper 85,000 119,000 102,000
Unbundled copper Immaterial 6,000 1,000
Total fixed line connections
*
*8,000 partly subsidised education connections are excluded from this data
1,285,000 1,325,000 1,304,000
Expenses
Total operating expenses were $145 million in HY23, up $9 million from HY22.
Labour
Labour costs of $38 million represent staff costs that are
not capitalised and were up $10 million from HY22. HY22
included the release of a $9 million provision for holiday pay
and reduced labour capitalisation due to COVID restrictions
of approximately $2 million.At the end of HY23 we had 810
permanent and fixed term employees, up from 797 at the
end of HY22 and from 799 at the end of FY22. The increase
reflects additional resourcing to support implementation of
the new regulatory framework for fibre and IT contractors
becoming full-time employees.
1 Underlying EBITDA of $332 million in HY22 represents adjustments for one-off operating revenue and expense gains recognised.
Refer to page 31 of the HY23 Investor presentation for the detailed reconciliation to EBITDA. Half year results are unaudited.

Half Year Result 2023
3
Network maintenance
Overall fault volumes continued to trend down as total
connections reduced and more consumers are connected to
fibre. Network maintenance costs were flat against HY22 as
HY22 costs were reduced by the effect of COVID restrictions
on fault reporting and network damage, and HY23 reflected
an increase in the average cost per fault.
Information Technology
Information technology costs were down $3 million from
HY22, largely reflecting the release of a $2 million software
provision initially recognised in FY22.
Property maintenance
Property maintenance costs decreased by $2 million relative
to HY22 with the prior period including one-off costs for
office relocation and rationalisation.
Depreciation and amortisation
Following the commencement of the copper withdrawal
programme, depreciation has been accelerated on copper
cables in areas where fibre is available. Cables in Chorus
UFB rollout areas will be fully depreciated by FY25 and those
in local fibre company areas by FY26. This accelerated
depreciation drove an $8 million increase of depreciation
expense compared to HY22. This was partially offset by
the increasing amortisation of Crown funding against
network assets.
Finance income and expenses
Finance expense increased by $33 million from HY22 due
to increasing interest rates and refinancing activities during
HY23. EUR 291 million of the 2023 EMTN was repurchased
in September 2022, resulting in $11 million of non-recurring
costs. Concurrently, a EUR 500 million EMTN, maturing
in 2029, was issued. An additional $15 million of interest
expense was recognised in HY23 in relation to this EMTN.
Chorus fully hedges the foreign exchange exposure on all
EMTN with cross-currency interest rate swaps. Approximately
two-thirds of floating interest rate exposure is hedged using
interest rate swaps.
Lease interest expense reduced by $3 million from HY22
on the Spark Colocation lease following renegotiation of
the arrangement in December 2021 as part of our property
optimisation programme.
The weighted average effective interest rate increased from
3.7% to 4.36% between HY22 and HY23. Notional interest on
Crown Infrastructure Partners (CIP) securities also increased
as Crown funding continued to grow.
Capital expenditure
Gross capital expenditure for HY23 was $222 million,
down from $263 million in HY22 as the UFB rollout
came to an end in December and fibre installations
were limited by workforce constraints. The UFB
rollout was completed in December 2022.
Fibre installations and layer 2 spend was $100
million, driven largely by the cost to install fibre into
48,000 homes and businesses. The average cost per
premises connected during HY23 was $1,066.
Spend on other fibre and growth was $53 million, up from
$43 million in HY22. Consistent with field services revenues,
this was driven by strong demand from new property
developments. West Coast fibre build continued with about
$2 million spent on fibre backhaul to connect Milford Sound.
Copper capital expenditure reduced from $18 million
in HY22 to $13 million in the current period, largely due
to reduced roadworks and pole replacement activity.
HY22 spend included $2 million for rural broadband
upgrades that were not largely government funded.
Common capital expenditure was $6 million higher in
HY23 than HY22 because earthquake strengthening
projects previously delayed by COVID have
commenced along with several IT lifecycle projects.
Dividends, equity and capital management
We will pay an unimputed interim dividend of 17 cents per
share on 11 April 2023 to all holders registered at 5:00pm 14
March 2023.
The dividend reinvestment plan will not be available for the
interim dividend.
A final unimputed dividend of 25.5 cents per share is
expected to be declared in August 2023, subject to no
material adverse changes in circumstances or outlook.
The Board considers that a 'BBB' or equivalent credit rating
is appropriate for a company such as Chorus. It intends to
maintain capital management policies and financial policies
consistent with these credit ratings. At 31 December 2022,
Chorus had a long-term credit rating of BBB/stable
outlook by Standard & Poor’s and Baa2/stable by Moody’s
Investors Service.

Half Year Result 2023
4
Condensed consolidated
income statement
For the six months ended 31 December 2022
Notes
SIX MONTHS ENDED
31 DECEMBER 2022
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
YEAR ENDED
30 JUNE 2022
AUDITED
$M
Fibre broadband (GPON) 302 267 548
Copper based broadband 62 80 153
Field services products 37 35 71
Fibre premium (P2P) 34 33 66
Copper based voice 21 27 52
Infrastructure 15 15 30
Value added network services 13 13 27
Data services copper 2 3 6
Other 1 10 12
Total operating revenue 487 483 965
Labour (38) (28) (64)
Network maintenance (28) (28) (59)
Information technology (20) (23) (50)
Other network costs (16) (15) (29)
Electricity (9) (8) (17)
Rent and rates (6) (7) (14)
Property maintenance (5) (7) (14)
Advertising (5) (6) (11)
Regulatory levies (6) (4) (9)
Consultants (4) (3) (8)
Insurance (2) (2) (4)
Provisioning (1) (1) (1)
Other (5) (4) (10)
Total operating expenses (145) (136) (290)
Earnings before interest, income tax, depreciation and amortisation 342 347 675
Depreciation1, 6 (175) (167) (335)
Amortisation2, 3 (47) (48) (92)
Earnings before interest and income tax 120 132 248
Finance income 1 - -
Finance expense (104) (71) (142)
Net earnings before income tax 17 61 106
Income tax expense (8) (19) (42)
Net earnings for the period 9 42 64
Earnings per share
Basic earnings per share (dollars)
0.040.09 0.14
Diluted earnings per share (dollars)0.030.07 0.11
The accompanying notes are an integral part of these consolidated financial statements.
Financial statements

Half Year Result 2023
5
Condensed consolidated statement
of comprehensive income
For the six months ended 31 December 2022
Notes
SIX MONTHS ENDED
31 DECEMBER 2022
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
YEAR ENDED
30 JUNE 2022
AUDITED
$M
Net earnings for the period 9 42 64
Other comprehensive income
Items that will be reclassified subsequently to the income statement
when specific conditions are met, net of tax
Movements in effective cash flow hedges
9 12 42 96
Amortisation of de-designated cash flow hedges transferred to Income
statement
9 3 3 5
Movement in cost of hedging reserve9 (5) 3 10
Other comprehensive income net of tax 10 48 111
Total comprehensive income for the period net of tax 19 90 175
The accompanying notes are an integral part of these consolidated financial statements.

Half Year Result 2023
6
Mark Cross
Chair
Kate Jorgensen
Chair, Audit and Risk Management Committee
Condensed consolidated statement
of financial position
As at 31 December 2022
Notes
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Current assets
Cash and call deposits
172 84 88
Trade and other receivables 151 125 125
Derivative financial instruments 24 3 9
Total current assets 347 212 222
Non-current assets
Derivative financial instruments
9 104 86 120
Trade and other receivables 1 1 1
Deferred tax asset - 71 -
Customer retention assets3 61 65 59
Software and other intangible assets2 144 154 152
Network assets1 5,266 5,247 5,265
Total non-current assets 5,576 5,624 5,597
Total assets 5,923 5,836 5,819
Current liabilities
Trade and other payables 259 254 264
Income tax payable - 12 -
Lease payable 14 14 13
Derivative financial instruments9 2 - -
Debt4 344 170 190
Total current liabilities excluding Crown funding 619 450 467
Crown funding6 27 27 27
Total current liabilities 646 477 494
Non-current liabilities
Trade and other payables
6 14 16
Deferred tax liability 354 362 342
Derivative financial instruments 169 99 110
Lease payable 168 177 174
Debt4 2,068 2,188 2,132
Total non-current liabilities excluding CIP and Crown funding 2,765 2,840 2 ,774
Crown Infrastructure Partners (CIP) securities5 660 580 613
Crown funding6 922 900 909
Total non-current liabilities 4,347 4,320 4,296
Total liabilities 4,993 4,797 4,790
Equity
Share capital
656 714 682
Reserves 71 (3) 60
Retained earnings 203 328 287
Tot al e quit y 930 1,039 1,029
Total liabilities and equity 5,923 5,836 5,819
The accompanying notes are an integral part of these consolidated financial statements.
The financial statements are approved and signed on behalf of the Board.
Authorised for issue on 20 February 2023

Half Year Result 2023
7
Condensed consolidated statement
of changes in equity
For the six months ended 31 December 2022
Notes
Share capital
$M
Retained earnings
$M
Reserves
$M
Total
$M
Balance at 1 July 2021 689 351 (51) 989
Comprehensive income
Net earnings for the period
- 64 - 64
Other comprehensive income
Movement in cash flow hedge reserve
- - 96 96
Amortisation of de-designated cash flow hedges
transferred to income statement
- - 5 5
Movement in cost of hedging reserve - - 10 10
Total comprehensive income - 64 111 175
Contributions by and (distributions to) owners
Dividends
8 - (128) - (128)
Supplementary dividends - (14) - (14)
Tax credit on supplementary dividends - 14 - 14
Dividend reinvestment plan 31 - - 31
Share buy-back8 (38) - - (38)
Total transactions with owners (7) (128) - (135)
Balance at 30 June 2022 (AUDITED) 682 287 60 1,029
Comprehensive income
Net earnings for the period
- 9 - 9
Other comprehensive income
Movement in cash flow hedge reserve
- - 12 12
Amortisation of de-designated cash flow hedges
transferred to income statement
- - 3 3
Movement in cost of hedging reserve - - (5) (5)
Total comprehensive income - 9 10 19
Contributions by and (distributions to) owners
Dividends
8 - (93) - (93)
Dividend reinvestment plan 9 - - 9
Share buy-back8 (34) - - (34)
Shares issued under LTI scheme (1) - 1 -
Total transactions with owners (26) (93) 1 (118)
Balance at 31 December 2022 (UNAUDITED) 656 203 71 930

Half Year Result 2023
8
Condensed consolidated statement
of changes in equity (continued)
For the six months ended 31 December 2022
Notes
Share capital
$M
Retained earnings
$M
Reserves
$M
Total
$M
Balance at 1 July 2021 689 351 (51) 989
Comprehensive income
Net earnings for the period
- 42 - 42
Other comprehensive income
Movement in cash flow hedge reserve
- - 42 42
Amortisation of de-designated cash flow hedges
transferred to income statement
- - 3 3
Movement in cost of hedging reserve - - 3 3
Total comprehensive income - 42 48 90
Contributions by and (distributions to) owners
Dividends
8 - (65) - (65)
Supplementary dividends - (7) - (7)
Tax credit on supplementary dividends - 7 - 7
Dividend reinvestment plan 25 - - 25
Total transactions with owners 25 (65) - (40)
Balance at 31 December 2021 (UNAUDITED) 714 328 (3) 1,039
The accompanying notes are an integral part of these consolidated financial statements.

Half Year Result 2023
9
Condensed consolidated statement
of cash flows
For the six months ended 31 December 2022
SIX MONTHS ENDED
31 DECEMBER 2022
UNAUDITED
$M
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
$M
YEAR ENDED
30 JUNE 2022
AUDITED
$M
Operating cash flows
Cash was provided from/(applied to):
Receipts from customers
471 491 977
Interest received 1 - -
Payments to suppliers and employees (165) (146) (295)
Taxation paid (4) (4) (14)
Interest paid (65) (51) (98)
Net operating cash flows 238 290 570
Investing cash flows
Cash was provided from/(applied to):
Purchase of network and intangible assets
(238)(278) (518)
Disposal of network and intangible assets - 3 3
Capitalised interest paid - (1) (2)
Net investing cash flows(238)(276)(517)
Financing cash flows
Cash was provided from/(applied to):
Payment of lease liabilities
(7) (7) (14)
Crown funding (including CIP securities) 53 40 81
Proceeds from debt 811 30 50
Repayment of debt (655) - -
Repurchase of shares (34) - (38)
Dividends paid (84) (46) (97)
Net financing cash flows 84 17 (18)
Net cash flows 84 31 35
Cash at the beginning of the period 88 53 53
Cash at the end of the period 172 84 88

Half Year Result 2023
10
Notes to the financial statements
Reporting entity and statutory base
Chorus includes Chorus Limited together with its subsidiaries
as at and for the six months ended 31 December 2022.
Chorus is New Zealand’s largest fixed line communications
infrastructure business. It maintains and builds a network
predominantly made up of fibre and copper cables, local
telephone exchanges and cabinets.
Chorus Limited is a profit-orientated company registered
in New Zealand under the Companies Act 1993 and a FMC
Reporting Entity for the purposes of the Financial Markets
Conduct Act 2013.
The condensed consolidated interim financial statements
(financial statements) have been prepared in accordance
with the New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting and Generally
Accepted Accounting Practice in New Zealand (NZ GAAP).
These financial statements do not include all of the
information required for the full annual financial statements
and should be read in conjunction with the consolidated
financial statements of Chorus as at and for the year ended
30 June 2022.
These financial statements are expressed in New Zealand
dollars. All financial information has been rounded to the
nearest million, unless otherwise stated.
The measurement basis adopted in the preparation of
these financial statements is historical cost, modified by the
revaluation of financial instruments as identified in the specific
accounting policies disclosed in the notes to the consolidated
financial statements for the year ended 30 June 2022 and
described in note 9 to these financial statements.
Accounting policies and standards
The accounting policies adopted and methods of computation
have been applied consistently throughout the periods
presented in these financial statements. No changes in
accounting policies have occurred during the period.
The financial statements for the six months ended 31 December
2022 and comparative information for the six months ended
31 December 2021 are unaudited. The comparative information
for the year ended 30 June 2022 is audited.
Reclassification and re-statement of comparatives
Where items have been reclassified in the financial statements,
the related comparative disclosures have been adjusted to
provide a like-for-like comparison.
Accounting estimates and judgements
In preparing the financial statements, estimates and assumptions
have been made about the future that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expenses
during the period. Actual results could differ from those estimates.
In preparing the financial statements, the significant judgements
made in applying Chorus’ accounting policies were the same as
those that applied to the consolidated financial statements as at
and for the year ended 30 June 2022.
Interest Rate Benchmark Reform
Interbank offered rates ("IBORs") play an important role in global
financial markets. Market developments relating to the reliability
and robustness of some interest rate benchmarks has resulted in
the global regulatory community initiating various programmes
to develop alternative benchmarks (risk free rates) within certain
jurisdictions.
Chorus' hedging activities expose it to EURIBOR. EURIBOR is not
subject to cessation following reform in 2019, however industry
guidance suggests it will remain appropriate only in the medium
term. Although there is no immediate impact of the reform to
Chorus, developments will continue to be monitored to ensure
any changes to EURIBOR are appropriately considered.
Net current liability position
As at 31 December 2022 Chorus has a net current liability
position of $299m (30 June 2022: $272m). Chorus has sufficient
short term funds, undrawn facilities and forecast positive cash
flows available to meet the current liability obligations.

Half Year Result 2023
11
Earnings before interest and income tax (EBIT) and earnings before interest, income tax, depreciation
and amortisation (EBITDA)
Chorus calculate EBIT by adding back finance expense, income tax, and subtracting finance income from net earnings. EBITDA adds
back depreciation and amortisation expense to EBIT. A reconciliation of EBIT and EBITDA is provided below and based on amounts
consistent with those presented in the financial statements.
Period ended 31 December
SIX MONTHS ENDED
31 DECEMBER 2022
UNAUDITED
SIX MONTHS ENDED
31 DECEMBER 2021
UNAUDITED
YEAR ENDED
30 JUNE 2022
AUDITED
Net earnings reported under NZ IFRS 9 42 64
Add back: income tax expense 8 19 42
Add back: finance expense 104 71 142
Subtract: finance income (1) - -
EBIT 120 132 248
Add back: depreciation 175 167 335
Add back: amortisation 47 48 92
EBITDA 342 347 675
Note 1 – Network assets
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Cost
Opening balance
11,594 11,407 11,407
Additions 190 226 422
Disposals (11) (77) (235)
Closing balance 11,773 11,556 11,594
Accumulated depreciation
Opening balance
(6,329) (6,138) (6,138)
Depreciation (189) (181) (362)
Disposals 11 10 171
Closing balance (6,507) (6,309) (6,329)
Net carrying amount 5,266 5,247 5,265
Crown funding
Chorus receives funding from the Crown to finance the capital
expenditures associated with the development of the UFB
network and other services. Where funding is used to construct
assets it is offset against depreciation over the life of the assets
constructed. Refer to note 6 for information on Crown funding.
Additions
Additions also includes the net movement within capital work in
progress during the period.
Capital commitments
At 31 December 2022 the contractual commitment for
acquisition of network assets was $53 million (31 December
2021: $91 million, 30 June 2022: $79 million).
There are no restrictions on Chorus network assets or any
network assets pledged as security for liabilities.

Half Year Result 2023
12
Note 2 – Software and other intangibles
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Cost
Opening balance
941 901 901
Additions 24 23 50
Disposals (7) - (10)
Closing balance 958 924 941
Accumulated amortisation
Opening balance
(789) (737) (737)
Amortisation (32) (33) (62)
Disposals 7 - 10
Closing balance (814) (770) (789)
Net carrying amount 144 154 152
Capital commitments
At 31 December 2022, the contractual commitment for
acquisition of software and other intangible assets was $7 million
(31 December 2021: $12 million; 30 June 2022: $2 million).
There are no restrictions on Chorus software and other
intangible assets, or any pledged for securities.
Note 3 – Customer retention assets
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Opening balance (net carrying amount) 59 59 59
Additions 18 23 34
Amortisation to amortisation expense (15) (15) (30)
Amortisation to operating revenue (1) (2) (4)
Closing balance (net carrying amount) 61 65 59
Amortisation of customer retention assets
Customer retention assets are amortised to the income
statement, either as amortisation expense or consolidated
income statement operating revenue, based on the nature of
the specific costs capitalised.

Half Year Result 2023
13
Note 4 – Debt
Due Date
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Syndicated bank facility - 170 190
Euro medium term notes (EMTN) EUROct 2023 344 838 828
Euro medium term notes (EMTN) EURDec 2026 443 495 464
Euro medium term notes (EMTN) EURSep 2029 799 - -
Fixed rate NZD BondsDec 2027 200 200 200
Fixed rate NZD BondsDec 2028 500 500 500
Fixed rate NZD BondsDec 2030 148 171 154
Less: facility fees (22) (16) (14)
Total debt 2,412 2,358 2,322
Current 344 170 190
Non-current 2,068 2,188 2,132
Syndicated bank facility
As at 31 December 2022 Chorus had a $350 million committed
syndicated facility on standard market terms and conditions.
The facility is comprised of a single tranche that expires in April
2025, and is held with banks that are rated A to AA-, based on
Standard & Poor's ratings. As at 31 December 2022 there were
no borrowings from this facility.
EMTN 2023 tender
In September 2022, Chorus repurchased EUR 291 million
($457 million) of the 2023 EMTN for 99.202% of face value.
Concurrently, an equal nominal amount of cross-currency
interest rate swaps (CCIRS) which hedged the debt were exited
to ensure the hedging relationship remains fully effective.
Costs incurred in repurchasing the debt and terminating the
CCIRS have been recognised in the consolidated income
statement within finance expenses, offset by the discount on
repurchase of the notes.
EMTN 2029 issuance
Chorus also issued EUR 500 million of EMTN in September 2022
for a term of 7 years at an interest rate of 3.625%. Consistent
with the Chorus Treasury Policy, the debt has been fully hedged
with CCIRS to hedge the foreign currency exposure, which
entitle Chorus to receive EUR 500 million and EUR fixed coupon
payments for NZD 820 million principal and NZD floating interest
payments.
Transaction costs directly associated with the issuance of the
notes have been capitalised and will be amortised over the term
of the debt to the consolidated income statement.
Note 5 – Crown Infrastructure Partners (CIP) securities
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Fair value on initial recognition
Opening balance
439 410 410
Additional securities recognised at fair value 26 16 29
Closing balance 465 426 439
Accumulated notional interest
Opening balance
174 135 135
Notional interest 21 19 39
Closing balance 195 154 174
Total CIP securities 660 580 613

Half Year Result 2023
14
Note 6 – Crown funding
Funding from the Crown is recognised at fair value where there is reasonable assurance that the funding is receivable and all
attached conditions will be complied with. Crown funding is then recognised in earnings as a reduction to depreciation expense on a
systematic basis over the useful life of the asset the funding was used to construct.
31 DECEMBER 2022
UNAUDITED
$M
31 DECEMBER 2021
UNAUDITED
$M
30 JUNE 2022
AUDITED
$M
Fair value on initial recognition
Opening balance
1,119 1,062 1,062
Additional funding recognised at fair value 27 35 57
Closing balance 1,146 1,097 1,119
Accumulated amortisation
Opening balance
(183) (156) (156)
Amortisation (14) (14) (27)
Closing balance(197)(170)(183)
Total Crown funding 949 927 936
Current 27 27 27
Non-current 922 900 909
Ultra-Fast Broadband (UFB)
Chorus receives funding from the Crown to finance construction
costs associated with the development of the UFB network.
During the six months to 31 December 2022 Chorus recognised
funding for 26,400 premises where the premises were passed
and tested by CIP. This brings the total number of premises
passed and tested by CIP at 31 December 2022 to approximately
1,040,400.
The UFB2/2+ build is now complete, however testing of
premises passed is ongoing as at 31 December 2022. Funding for
these premises is expected to be receipted and recognised in the
coming months.
Continued recognition of the full amount of the Crown funding
is contingent on certain material performance targets being met
by Chorus. The most significant of these material performance
targets relate to compliance with certain specifications under
user acceptance testing by CIP. Performance targets to date have
been met.
Note 7 – Segmental reporting
Chorus has determined that it operates in one segment providing nationwide fixed line communications infrastructure. The determination
is based on the reports reviewed by the CEO in assessing performance, allocating resources and making strategic decisions.
Note 8 – Equity
Dividends
On 11 October 2022 an unimputed final dividend of 21 cents
per share, totalling $93 million, was paid to shareholders.
1,160,865 shares were issued to shareholders under the Dividend
Reinvestment Plan.
Share buyback
Under the on-market share buyback programme announced in
February 2022, 4,275,400 shares have been repurchased from
the market in the 6 months to 31 December 2022 for a total of
$34 million. This brings the total value of shares repurchased
under the scheme to $72 million.
Long-term performance share scheme
Share rights that were issued in August 2019 vested in August
2022. 212,346 shares to settle the rights were purchased on-
market for a total of $1.6 million.
In August 2022, Chorus issued a new tranche of share rights.
The shares have a vesting date of 26 August 2025 and an expiry
date of 26 August 2026. The grant has an absolute performance
hurdle (Chorus’ actual total shareholder return equalling or being
greater than 7% per annum compounding) ending on the vesting
date, with provision for monthly retesting in the following twelve
month period.
The combined option cost for the six months to 31 December
2022 of $227,000 has been recognised in the consolidated
income statement (31 December 2021: $272,000; 30 June 2022:
$546,000).

Half Year Result 2023
15
Note 9 – Derivative financial instruments
Finance expense includes any unrealised ineffectiveness arising
from the hedge accounting relationships.
Cross-currency interest rate swaps
In conjunction with the two Euro Medium Term Notes (EMTNs)
issued in prior years, Chorus entered into cross-currency interest
rates swaps to hedge the foreign currency and foreign interest
rate risks associated with the EMTNs. Using the cross-currency
interest rate swaps, Chorus pay floating interest rates and
receive EUR nominated fixed interest with coupon payments
matching the underlying notes. Chorus designated the EMTN
and cross-currency interest rates swaps into three part hedging
relationships for issue: a fair value hedge of EUR benchmark
interest rates, a cash flow hedge of the margin and a cash flow
hedge of the principal exchange.
Per note 4, refinancing of debt was undertaken in September
2022. To ensure compliance with the Chorus Treasury Policy,
two CCIRS were exited, and one partially exited, to reflect the
repurchase of EUR 291 million of the 2023 EMTN. Additionally,
six new CCIRS were entered to hedge EUR 500 million of
EMTN issued.
Due Date
Aggregate amount
(M)
Pay leg
(M)
Receive leg
(M)
Hedged item
Euro medium term notes EUR
Oct 2023EUR 209NZD 328EUR 209
Euro medium term notes EURDec 2026EUR 300NZD 514EUR 300
Euro medium term notes EURSep 2029EUR 500NZD 820EUR 500
Interest rate swaps
As at 31 December 2022 Chorus holds all interest rate swaps
in designated hedging relationships. All are held in effective
hedging relationships and for those which are designated as
cash flow hedges, unrealised gains or losses are recognised in
the cash flow hedge reserve.
Restructured interest rate swaps
Three interest rate swaps have been restructured. Two interest
rate swaps restructured in December 2018 were reset in
conjunction with the resettable NZD fixed rate bond issued
on 6 December 2018 to hedge interest rate exposure from
December 2023. The forward dated interest rate swap
restructured in February 2020 was reset in conjunction with the
EUR 300 million EMTN issued on 5 December 2019, to hedge
interest rate exposure from April 2020.
As part of these restructures, the original hedge relationships
were discontinued and on the dates of termination the net
present value ($14m and $27m respectively) of these swaps was
recognised in the cash flow hedge reserve, as the hedged item
still exists and is amortised over the original hedge period.
Note 10 – Related party transactions
The gross remuneration of directors and key management personnel during the six months to 31 December 2022 was $5.2 million
(31 December 2021: $4.9 million, 12 months to 30 June 2022: $7.3 million).
Note 11 – Post balance date events
Dividends
On 20 February 2023 Chorus declared an interim dividend in
respect of the six month period ended 31 December 2022. The
total amount of the dividend is $75 million, which represents a
unimputed dividend of 17 cents per ordinary share.
CIP securities and Crown funding
There was one call notice issued on 25 January 2023 to CIP in
respect to 4,956 premises (UFB2) with a total aggregate issue
price of $10.1 million. A portion of these premises had been
passed and tested by CIP before 31 December 2022 so have
been accrued for in these financial statements.
Cyclone Gabrielle
Cyclone Gabrielle affected regions across the North Island in
mid-February 2023. The network impact of this weather event
was still being assessed at the time of this report.

Half Year Result 2023
16
Independent review report
To the shareholders of Chorus Limited
Report on the consolidated interim financial statements
Basis for conclusion
A review of consolidated interim financial statements in
accordance with NZ SRE 2410 Review of Financial Statements
Performed by the Independent Auditor of the Entity (“NZ
SRE 2410”) is a limited assurance engagement. The auditor
performs procedures, consisting of making enquiries, primarily
of persons responsible for financial and accounting matters,
and applying analytical and other review procedures.
As the auditor of Chorus Limited, NZ SRE 2410 requires that
we comply with the ethical requirements relevant to the audit
of the annual financial statements.
Our firm has also provided other services to the group in
relation to regulatory assurance services. Subject to certain
restrictions, partners and employees of our firm may deal
with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. These matters
have not impaired our independence as reviewer of the Group.
The firm has no other relationship with, or interest in, the Group.
Use of this Independent Review Report
This report is made solely to the shareholders as a body.
Our review work has been undertaken so that we might state
to the shareholders those matters we are required to state
to them in the Independent Review 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
shareholders as a body for our review work, this report, or
any of the opinions we have formed.
Responsibilities of the Directors for the
consolidated interim financial statements
The Directors, on behalf of the Group, are responsible for:
—the preparation and fair presentation of the consolidated
interim financial statements in accordance with NZ IAS 34
Interim Financial Reporting;
—implementing necessary internal control to enable the
preparation of consolidated interim financial statements
that are free from material misstatement, whether due to
fraud or error; and
—assessing the ability to continue as a going concern.
This includes disclosing, as applicable, matters related
to going concern and using the going concern basis of
accounting unless they either intend to liquidate or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the review of the
consolidated interim financial statements
Our responsibility is to express a conclusion on the
consolidated interim financial statements based on our
review. We conducted our review in accordance with NZ SRE
2410. NZ SRE 2410 requires us to conclude whether anything
has come to our attention that causes us to believe that the
consolidated interim financial statements are not prepared,
in all material respects, in accordance with NZ IAS 34 Interim
Financial Reporting.
The procedures performed in a review are substantially less
than those performed in an audit conducted in accordance
with International Standards on Auditing (New Zealand).
Accordingly, we do not express an audit opinion on these
interim consolidated financial statements.
This description forms part of our Independent Review Report.
KPMG
Wellington
20 February 2023
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the consolidated interim
financial statements on pages 4 to 15 do not:
i. present, in all material respects the Group’s financial
position as at 31 December 2022 and its financial
performance and cash flows for the 6 month period
ended on that date in compliance with NZ IAS 34 Interim
Financial Reporting.
We have completed a review of the accompanying
consolidated interim financial statements which comprise:
—the consolidated statement of financial position as at

31 December 2022;
—the consolidated income statement, consolidated
statements of comprehensive income, changes in equity
and cash flows for the 6 month period then ended; and
—notes, including a summary of significant accounting
policies and other explanatory information.

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at 17 October 2019


Results for announcement to the market
Name of issuer Chorus Limited
Reporting Period 6 months to 31 December 2022
Previous Reporting Period 6 months to 31 December 2021
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$487,000 Up 1%
Total Revenue $487,000 Up 1%
Net profit/(loss) from
continuing operations
$9,000 Down 79%
Total net profit/(loss) $9,000 Down 79%
Interim Dividend
Amount per Quoted Equity
Security
NZ$0.17000000
Imputed amount per Quoted
Equity Security
NZ$0.0000000
Record Date 14 March 2023
Dividend Payment Date 11 April 2023
31 December 2022 31 December 2021
Net tangible assets per
Quoted Equity Security
$1.35 1.62

A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
This announcement should be read in conjunction with the
attached management commentary and financial statements for
the six months ended 31 December 2022, media release and
investor presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Carroll
Chief Financial Officer (acting)
Contact person for this
announcement
Brett Jackson
Investor Relations Manager
Contact phone number +64 4 896 4039
Contact email address Brett.Jackson@chorus.co.nz
Date of release through MAP

20/02/2023

Unaudited, but reviewed financial statements accompany this announcement. The auditors
have issued a clean review report.

---

Distribution Notice

Updated as at June 2022



Please note: all cash amounts in this form should be provided to 8 decimal places, including zeros (ie 0.01001000)

Section 1: Issuer information
Name of issuer Chorus Limited
Financial product name/description Ordinary shares
NZX ticker code CNU
ISIN (If unknown, check on NZX
website)
NZCNUE0001S2
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies
Record date 14/03/2023
Ex-Date (one business day before the
Record Date)
13/03/2023
Payment date (and allotment date for
DRP)
11/04/2023
Total monies associated with the
distribution
1

$75,377,637
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.17000000
Gross taxable amount
3
$ 0.17000000
Total cash distribution
4
$ 0.17000000
Excluded amount (applicable to listed
PIEs)
$ 0.00000000
Supplementary distribution amount $ 0.00000000
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed
Partial imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

No imputation
If fully or partially imputed, please
state imputation rate as % applied
6

N/A
Imputation tax credits per financial
product
N/A
Resident Withholding Tax per
financial product
$ 0.05610000
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
- -
Date strike price to be announced (if
not available at this time)
-
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
-
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
-
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Carroll
Chief Financial Officer (acting)
Contact person for this
announcement
Brett Jackson
Investor Relations Manager
Contact phone number
+64 27 488 7808
+64 4 896 4039
Contact email address Brett.Jackson@chorus.co.nz
Date of release through MAP

20/02/2023






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.