Chorus half year result

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



STOCK EXCHANGE ANNOUNCEMENT

24 February 2025

Chorus half year result
The following are attached in relation to Chorus’ half year result for the period to
31 December 2024:

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

Chief Executive Officer Mark Aue and Chief Operating Officer Drew Davies 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:
Drew Davies
Chief Operating Officer

ENDS

For further information:
Brett Jackson
Investor Relations Manager
Phone: +64 4 896 4039
Mobile: +64 (27) 488 7808
Email: Brett.Jackson@chorus.co.nz

Vicki Gan
Media and Content Manager
Mobile: +64 (22) 075 0159
Email: vicki.gan@chorus.co.nz

---

Page 1 of 4




24 February 2025

Fibre growth underpins another steady Chorus result

Key HY25 results

• Increase in fibre connections: by 14,000 to a total of 1,098,000
• Fibre uptake increased to 71.7% of addresses
• Remaining copper connections: down 22% to 123,000
• Monthly average data use on fibre at a record 644GB in December
• Operating revenue $500m (HY24: $503m)
• EBITDA
1
$346m (HY24: $347m)
• Net loss after tax $5m (HY24: net profit $5m)
• Unimputed interim dividend of 23 cents per share

Chorus has released another steady financial result for the six months ended 31 December
2024, despite the challenges of New Zealand’s prolonged economic recession.

EBITDA was $346 million for HY25, just below HY24 EBITDA of $347 million. Revenues of
$500 million were down $3 million from HY24 largely due to the ongoing decline in legacy
copper connections and revenues.

New property development revenues were about $2 million lower due to the slowed
economy, while there was strong growth in the lower revenue 50Mbps broadband plan
largely reflecting cost-of-living pressures. About 21,000 residential connections were added
to this plan in HY25, while business and residential fibre connections on plans of 500Mbps
or more grew by 17,000 lines. Multi-gigabit Hyperfibre connections continued to grow in
popularity and recently passed 5,000 lines. About a quarter of residential customers are on
1Gbps speeds or faster.

Total fibre connections grew by 14,000 lines in the six months, with fibre uptake lifting to
71.7 per cent of the more than 1.5 million addresses passed. This growth in connections
helped lift fibre broadband revenues to $361 million, up $20 million from HY24, and
accounted for 72% of total revenues.

Operating expenditure of $154 million was $2 million lower than HY24, as Chorus’ strategy
to simplify its business and reduce legacy costs helped offset inflationary cost pressures and
costs to explore new revenue opportunities.

1
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. EBITDA is reconciled in the Notes on page 11 of the HY25 half year financial
statements.

Page 2 of 4


Gross capital expenditure was $199 million, down $33 million from HY24, reflecting
disciplined cost control and fewer fibre installations.

The acceleration of depreciation on copper-related assets, as Chorus retires its legacy
copper network, drove a net loss after tax of $5 million, compared to a profit of $5 million in
HY24.

Copper retirement accelerates in fibre areas

New Zealand is amongst global leaders for the uptake of fibre and would rank fourth
amongst European telco networks - behind Portugal, Sweden and Spain, but just ahead of
Bulgaria – for copper retirement.

Chorus CEO Mark Aue said Chorus is making rapid progress in its shift to become a simpler
all-fibre digital infrastructure company, with just 10% of Chorus’ connections remaining on
copper.

“We’ll soon have issued closure notices to all the copper customers in our fibre areas. We
expect those remaining 28,000 copper connections to have been withdrawn by the end of
FY26, about six months earlier than we’d originally planned.

“The benefits of this programme include significantly fewer network faults and an almost
four per cent reduction in our electricity usage compared to HY24,” he said.

Chorus has approximately 80,000 copper connections remaining outside of areas where
fibre is currently available. This total has reduced by 21% in the last year as customers
migrate to better alternative technologies. The number of addresses without fibre available
is shrinking further as Chorus completes its project to take fibre to approximately 10,000
more premises across 59 communities by mid-2025. About 40 per cent of these premises
have registered their interest in connecting and 500 are already connected.

The Commerce Commission is scheduled to review the possible deregulation of copper
services in non-fibre areas by the end of 2025. Chorus is targeting the retirement of the
copper network by 2030.

Average data usage keeps growing, with more daytime peaks

Average monthly usage for fibre connections grew to an all-time high of 644 gigabytes (GB)
in December, with 17.5% of fibre users consuming more than 1,000GB. This is expected to
be the monthly average across all fibre customers by 2029, underpinned by more customers
switching their TV viewing from broadcast to streaming platforms.

Most of this data usage is occurring during peak times, with average daily peak traffic 10 per
cent higher in HY25 than during HY24. Chorus is seeing a growing number of peak traffic
events, with 10 events in HY25, up from just four in HY24. While Fortnite upgrades have

Page 3 of 4

been the main driver of these peaks in the past, live sporting events like Netflix’s boxing
match in November are emerging as another common contributor.
“Fibre is made to deliver the consistent and reliable service needed to support these
significant bandwidth events. That’s why we’re doing more to help educate customers
about the benefits of fibre compared to other broadband technologies,” Aue added.

Chorus launches proof-of-concept trial for digitally excluded households

As part of its newly established purpose - “Unleashing potential through connectivity.
Enabling better futures for Aotearoa” - Chorus looks to address growing digital affordability
and equity challenges.
“Recent statistics show nearly 400,000 households in New Zealand are unable to afford
meaningful digital access. In the case of digital exclusion, we recognise the potential role we
can play in driving positive social outcomes, both through and beyond connectivity,” says
Aue.

Over the next six months, Chorus will work with retail service providers in a proof-of-
concept that aims to initially bring an equitable fibre product to 1,500 low-income and
digitally excluded households.

“The results of this will inform our ability to play a broader role across the industry,” Aue
said.


Dividend and FY25 guidance


Chorus has confirmed it will pay an unimputed interim dividend of 23 cents per share in
April 2025. The dividend reinvestment plan remains suspended.

FY25 guidance is subject to no material adverse changes in circumstances or outlook.
• Dividend: 57.5 cents per share, unimputed, with 23 cents to be paid on 15 April 2025
• EBITDA: unchanged $700 million to $720 million – tracking to lower half of range
• Gross capital expenditure: unchanged $400 million to $440 million
• Sustaining capital expenditure unchanged $200 million to $220 million – tracking to
lower half of range

ENDS

Chorus Chief Executive Mark Aue and Chief Operating Officer Drew Davies will discuss the
HY25 result at a briefing from 10.00 am on Monday, 24 February 2025 (NZDT). The webcast
will be available at www.chorus.co.nz/webcast.

Page 4 of 4

For further information:

Vicki Gan
Media and content manager
ph: +64 22 075 0159| e: vicki.gan@chorus.co.nz

Brett Jackson
Investor relations manager
m: +64 27 488 7808 | e: brett.jackson@chorus.co.nz

---

Disclaimer
2
HY25 INVESTOR PRESENTATION
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 results to 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
2024 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.EBITDA is reconciled in the Notes on page 11 of the HY25
half year financial statements.
•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.

Agenda
3
HY25 INVESTOR PRESENTATION
Mark Aue, CEOHY25 overview, 2030 strategy and opportunities4-6
oLead7-9
oExpand10
oAdapt11
oPioneer12
Drew Davies, COOFinancial results13 -16
Capex and net debt17 -19
Dividend and FY25 guidance20 -21
Mark Aue, CEOOutlook for H2 FY2521 -24
AppendicesMarket information26 -29
Financial information30 -33
Regulatory information34 -36

Our Road to 2030
Growth, Simplicity & Efficiency
5
PURPOSE
ASPIRATION
BUSINESS
MODEL
CORE
COMPETENCIES
STRATEGIC
PILLARS &
PRIORITIES
Unleashing potential through connectivity. Enabling better futures for Aotearoa.
Simplified all fibre business with 80% uptake by 2030.
Efficient Network
Operator
Market
Challenger
Infrastructure
Player
Tangible assets
Regulatory
Management
Go-to-Market
L
Lead
Expand
A
Adapt
P
Pioneer
E
Leading fibre
uptake
Expand
new revenues
Achieve operational
excellence
Pioneer an
all-fibre business
HY25 INVESTOR PRESENTATION

6
Exploring a range of new revenue options
Option 1:
IoT Solutions
Option 4:
Fibre Expansion
Option 2:
Scale EdgeCentres
Option 3:
Trans-Tasman Ring
Option 5:
Copper recovery
Option 6:
Property optimisation
HY25 INVESTOR PRESENTATION

7
• 71.7% fibre uptake across Chorus fibre area (FY24: 71.4%; target: 80% by 2030)
• mass market fibre connections up 15k in HY25, with slowing tailwind from copper migration
• fibre footprint +14k in HY25 to 1,520,000 addresses passed
68.0
68.5
69.0
69.5
70.0
70.5
71.0
71.5
72.0
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
1,600,000
30-Jun-2331-Dec-2330-Jun-2431-Dec-24
Fibre connectedInactive fibre sockets***
Fibre socket not yet installedFibre uptake (%)
Fibre growth continues in slower market
29
21
15
-18
-15
-10
-9
-7
-7
-30
-20
-10
0
10
20
30
HY24H2 FY24HY25
Change in mass market connections
in Chorus fibre area (’000s)
FibreCopper broadbandCopper voice
HY25 INVESTOR PRESENTATION
%
uptake
Fibre
connections
Fibre uptake in Chorus fibre area (% of addresses passed)

8
•Home Fibre Starter (50Mbps) connections grew by 21k to 68k in HY25
•business and residential connections of 500Mbps+ grew by 17k
•demand for multi-gigabit Hyperfibre plans (2Gbps and above) gained momentum, nearing 5k connections
•88% of business connections are on 500Mbps or faster; 25% of residential plans are on 1Gbps or faster
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
1,000,000
Dec-23Jun-24Dec-24
Residential
2Gbps+1Gbps300Mbps200Mbps
100Mbps<100MbpsVoice
0
20,000
40,000
60,000
80,000
100,000
Dec-23Jun-24Dec-24
Business
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
HY25 INVESTOR PRESENTATION
64%
25%
14%
48%
31%
62%
25%24%
65%
31%
30%
57%
6%
45%
17%
+1k
+2k
+14k
+19k
Entry level plan meets cost-of-living need

9
Record data use and more peak events
302
644
200
250
300
350
400
450
500
550
600
650
Jun-20
Sep-20
Dec-20
Mar-21
Jun-21
Sep-21
Dec-21
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
CopperFibre
Data usage (GB)
* includes upstream traffic
Monthly average data usage per connection*
•monthly average data usage on fibre increased strongly to 644GB (June: 623GB)
•the proportion of fibre connections using more than 1 terabyte of data was 17.5% (June: 16%)
•HY25 average daily peak traffic 10% higher than HY24
•10 peak traffic events in HY25 vs 4 in HY24


HY25 INVESTOR PRESENTATION
Daily peak traffic on fibre network, July-December

10
• Infrastructure revenues $77m in HY25 (target: annual $180m-$200m by 2030)
• ‘greenfield’ property activity stabilising back at pre-Covid levels (~20k-25k lots p.a.)
• steady growth in data connectivity demand (e.g. smart locations, mobile backhaul, EdgeCentre)
• IoT: proof of value trials with councils/utilities
• Tasman Ring Network: feasibility work underway following MoU with Datagrid in December
Driving digital infrastructure revenue growth
HY25 INVESTOR PRESENTATION

11
PQP2
allowances
2025202620272028
Opex*$197.0m$203.6m$208.0m$210.9m
Capex**$327.6m$290.6m$261.3m$260.0m
PQP2 MAR 2025202620272028
Final MAR$956.9m$1,001.0m$1,040.8m$1,079.7m
•final MAR decision (December) defers $256m of core fibre asset depreciation from PQP2
•we expect opening core RAB to grow from $4.99bn (Commission forecast at 13 Dec 2024) to
~$5.4bn through PQP2, based on final capex allowances and core asset depreciation
* opex allowance excludes ~$20m p.a. of pass-through costs included in MAR. Chorus expects to add $10m-
$20m opex p.a. (to be recovered via wash-up) as copper shuts down in CNU fibre areas.
** capex allowance may increase subject to installation demand and any future incentive proposal
Regulatory certainty on fibre to 2029
HY25 INVESTOR PRESENTATION

12
• shutdown of copper in Chorus fibre areas now expected by end FY26; fewer than 28k lines in service
• 21% reduction in non-fibre area copper lines since HY24 (target: copper shutdown by 2030)
• 1.5k remote radio customers: ~30% of addresses have moved to an alternative service
• ~10k premises rollout: 1.6k premises passed and 500 connected (4k expressions of interest to date)
Copper retirement is coming into focus
67,000
28,000
25,000
14,000
101,000
80,000
HY24HY25
Remaining copper lines
CNU fibre areaLFC fibre areaNon-fibre area
HY25 INVESTOR PRESENTATION
0
2
4
6
8
10
12
Chorus UFB LFC UFB Rest of NZ (non
UFB)
Copper – reactive fault spend by area
H1 FY23H2 FY23H1 FY24H2 FY24H1 FY25
$m
-37%
193,000
122,000

13
Financial
Performance
Drew Davies,
Chief Operating Officer
13

14
HY25 INVESTOR PRESENTATION
Income Statement
H1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Operating revenue500507503
Operating expenses(154)(154)(156)
Earnings before interest, tax,
depreciation and amortisation
(EBITDA)
346353347
Depreciation and amortisation(235)(234)(228)
Earnings before interest and
income tax
111119119
Net interest expense(109)(110)(107)
Net earnings before income tax2912
Income tax expense(7)(23)(7)
Net (loss)/earnings(5)(14)5
decline in legacy revenues offsetting fibre growth
legacy costs reducing, but savings partly offset by inflation
and spend to explore new revenue opportunities
$48m total depreciation across copper assets, up from
$45m in HY24 due to acceleration on copper related poles
weighted average interest rate on debt reduced from 5.8%
to 5.7% (includes accounting adjustments)
H2 FY24 included $15m non-cash expense from law change
for deductibility of tax depreciation on buildings

15
HY25 INVESTOR PRESENTATION
Revenue
H1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Fibre broadband
(GPON)
361356341
Fibre premium (P2P)323435
Copper based
broadband
313845
Copper based voice101315
Data services copper121
Field services343334
Infrastructure171716
Value added network
services
131313
Other113
Total500507503
growing uptake; ARPU: $55.34 (Dec 2024) vs $55.71 (June 2024) due to
growth of entry level plan and delay of fibre price changes to 1 Jan 2025
growing demand for mobile access and backhaul offset by withdrawal of
legacy enterprise services
copper revenues declining as customers migrate to Chorus fibre or
competing fibre/wireless/satellite networks
CPI increase of 2.15% applied to some services from mid-December
greenfields revenue $12m (HY24:$14m); roadworks $6m (HY24: $5m)
demand beginning to reduce for legacy services
HY24 included revenue from property optimisation

16
HY25 INVESTOR PRESENTATION
Expenses
H1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Labour 434139
Network maintenance252627
IT202123
Other network costs171819
Rent, rates and
property maintenance
141314
Electricity111210
Advertising556
Insurance323
Consultants633
Regulatory levies545
Provisioning010
Other587
Total154154156
$1m of copper exit costs
45% capitalisation rate (HY24: 48%) as fibre investment reduces; $1m
change costs
reducing as legacy systems are exited
reducing fault volumes partly offset by service company CPI increases
CPI impact and spike in spot prices offset 3.6% lower consumption vs HY24
additional spend to support exploration of new revenue opportunities

17
HY25 INVESTOR PRESENTATION
Capex
Gross capexH1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Sustaining capex*9488117
Discretionary growth capex105107115
Gross capex199195232
Less Third-party contributions**(24)(25)(30)
Net capex175170202
*Sustaining capex is investment to maintain, replace or improve an existing asset.
** Third-party contributions included $2m of government grants that were applied
to the balance sheet for specific projects. Other contributions were recognised as
revenue.
117
88
94
115
107
105
0
50
100
150
200
250
H1 FY24H2 FY24H1 FY25
Sustaining vs growth capex
Sustaining capexGrowth capex

18
HY25 INVESTOR PRESENTATION
Capex
RAB capex*
H1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Extending the network – growth452629
Installations – growth547081
IT & Support - sustaining273331
Network capacity - sustaining352639
Network sustain & enhance - sustaining181619
Gross RAB capex179171199
less Third-party contributions**(18)(15)(24)
Net RAB capex161156175
* HY25 unaudited. Final allocation for HY25 to be determined for 2025 Information Disclosure.
**Third-party contributions are deducted from capex when calculating the value of RAB assets
Non-RAB capex
H1
FY25
$m
H2
FY24
$m
H1
FY24
$m
Copper - growth241
Copper - sustaining4612
Other - growth474
Other - sustaining10716
Gross non-RAB capex202433
less Third-party contributions(6)(10)(6)
Net non-RAB capex141427

19
HY25 INVESTOR PRESENTATION
As at31 Dec 2024 ($m)
Borrowings2,774
+ PV of CIP debt securities
(senior)
314
+ Net leases payable 166
Sub total3,254
- Cash83
Total net debt3,171
Net debt/EBITDA*4.54x
Leverage: 4.54x net debt/EBITDA
200
500
200
514
820
325
85
105
167
210
85
112
207
364
0
100
200
300
400
500
600
700
800
900
202520262027202820292030203120322033203420352036
Crown equity securitiesCrown debt securities
AUD MTNEUR MTN
NZ Bond
NZ $M
Debt maturity profile
prior periods ND/EBITDA: HY24 4.56x; FY24 4.42x
*based on S&P and bank covenant methodologies
ratings agency thresholds: S&P 5.0x, Moody’s 5.25x,
financial covenants require senior debt ratio to be no greater than 5.5x
borrowings increased $105m from $2,669 million (FY24)
olong term bank facilities of $450m ($215m drawn)
o~70% of interest rate exposure fixed for 3 years – see slide 30

20
HY25 INVESTOR PRESENTATION
HY25 dividend and FY25 guidance (unchanged)
•FY25 EBITDA $700m to $720m*
otracking to lower half of range
ooriginal guidance excluded exploratory opex for subsea cable
ofibre price increases applied from January 2025
•FY25 gross capex $400m to $440m
ounchanged
•FY25 sustaining capex $200m to $220m
otracking to lower half of range

•HY25 interim dividend
o23cps, unimputed
•record date: 18 March 2025
•payment date: 15 April 2025
•Dividend Reinvestment Plan not available

•FY25 dividend guidance*: 57.5cps
odividends remain unimputed in medium term
14171923
21
25.5
28.5
34.5
0
10
20
30
40
50
60
FY22FY23FY24FY25*
Dividend
interimfinal
cents
per
share
* subject to no material adverse changes in circumstances or outlook

21
Getting
future fit
Mark Aue,
Chief Executive Officer
21

22
Fast track to an all-fibre business
• fibre price changes effective 1 January
• fibre speed ‘boost’ from end FY25 (50/10Mbps > 100/20; 300/100Mbps > 500/100)
• final Commission decision on broadband marketing guidelines expected Q3
• new RSP-led propositions tailored to market segments: (e.g. retirement villages, pan-LFC
inactive ONT incentive campaign)
• proof-of-concept launched to connect low-income and digitally excluded households
HY25 INVESTOR PRESENTATION
• Tasman Ring Network (Option 3)
oproposed ~6,000km subsea network to underpin NZ’s burgeoning
data centre ecosystem and leverage South Island hydro capacity
olaunched to prospective customers at Pacific Telecom Conference
in January
oinvestment subject to pre-build commitments meeting return
hurdles
oindicative build completion in CY28

23
Fast track to an all-fibre business (cont.)
HY25 INVESTOR PRESENTATION
• Chorus internal focus on getting ‘future fit’ for Horizon 2
(FY26-29) with ongoing iteration of operating model
• Commission draft decision on copper services
deregulation expected Q3 and final decision Q4
• Commission review of possible deregulation for fibre
transport and voice services (timeline TBC)
•copper recovery (Option 5): cable trial underway;
expect ~3-7 year programme with $30m-$50m net
proceeds
•property optimisation (Option 6): ~$20m ‘high sites’
and ~$75m other land & buildings in LFC and other
non-UFB areas that may be optimised or sold
•rural fibre (Option 4): submission to govt Infra
Priorities Programme that fibre’s socio-economic
benefits should be evaluated like roading
0%20%40%60%80%100%
Greece
Germany
Czech Republic
Italy
Belgium
Croatia
Malta
Poland
Ireland
Netherlands
Estonia
Denmark
France
Latvia
Luxembourg
Lithuania
Bulgaria
New Zealand
Spain
Sweden
Portugal
International copper retirement progress
(% of incumbent network lines on fibre vs copper)
FibreCopper
Source: FTTH Council Europe

24
Simpler, more focused, more competitive
•Chorus’ business remains resilient, but ongoing
recessionary headwinds expected in H2

•we have regulatory clarity on fibre for next 4 years
•copper retirement is enabling removal of legacy
costs; clarity required on copper policy settings
•we’re exploring new market adjacencies to
leverage our infrastructure assets and capabilities
•we’re embracing our new market challenger
posture as we strive for 80% fibre uptake by 2030
•our operating model is evolving as we move quickly
to become a simpler all-fibre business by 2030
HY25 INVESTOR PRESENTATION

25
Appendices
25

26
30 Sept
2023
31 Dec
2023
31 March
2024
30 June
2024
30 Sept
2024
31 Dec
2024
Baseband
copper
(no broadband)
64,00057,00051,00045,00040,00034,000
Copper ADSL
(includes naked)
75,00068,00062,00056,00049,00044,000
VDSL
(includes naked)
75,00068,00062,00055,00049,00044,000
Data services
(copper)
1,0001,0001,0001,0001,0001,000
Fibre broadband
(GPON)
1,041,0001,052,0001,064,0001,074,0001,083,0001,089,000
Fibre premium
(P2P)
10,00010,00010,00010,0009,0009,000
Total
connections*
1,266,0001,256,0001,250,0001,241,0001,231,0001,221,000
Copper connections
declined 16k in Q2 and
total 123k
Total fibre connections
grew 6k in Q2 and total
1,098k
*includes ~2,000 broadband connections Chorus is subsidising for lower socio-economic households
Appendix A: Market information
HY25 INVESTOR PRESENTATION

27
Connection changes by zone (indicative as at 31 December)
Other fibre
company (LFC)
zone
Copper lines (no broadband)6,000Local Fibre Company and fixed wireless provider
activity is driving a gradual decline in copper
connections.
Copper broadband lines8,000
Fibre broadband lines (GPON)4,000
TOTAL18,000
Non-fibre
addresses (i.e.
Chorus fibre not
available)
Copper lines (no broadband)15,000Ongoing decline in copper connections due to
mobile/fixed wireless/satellite footprint
expansion.
Copper broadband lines65,000
TOTAL80,000
Chorus fibre zoneCopper lines (no broadband)13,000Covers all addresses outside of LFC UFB rollout
zone where Chorus fibre is available. Fibre
footprint is growing as a result of new property
development. Copper connections are reducing
as Chorus retires its copper network.
Copper broadband lines15,000
Fibre broadband lines (GPON)1,083,000
TOTAL1,111,000
Quarterly change (’000s) by zone
-3
-4
-3
-4
-4
-2
-1
-2
-1
-1
-1
-1
-1
-2
-4
-6
-7
-8
-8
-4
-5
-5
-2
-4
-2
-2
-1
-2
-2
6
9
9
12
11
1
-15-5515
Q2 FY25
Q1 FY25
Q4 FY24
Q3 FY24
Q2 FY24
Q2 FY25
Q1 FY25
Q4 FY24
Q3 FY24
Q2 FY24
Q2 FY25
Q1 FY25
Q4 FY24
Q3 FY24
Q2 FY24
Copper line onlyCopper broadband
Fibre broadband
* Excludes ~12k fibre premium, data services (copper) and smart location connections
HY25 INVESTOR PRESENTATION

28
HY25 INVESTOR PRESENTATION
Pricing update
Fibre plan - consumerCurrent wholesale pricePrice before 1 Jan 2025Notes
Voice line$30.59$29.11
Home starter
50/10Mbps
$38$35
Wholesale price applies where retail price is $65.
50/10Mbps upgrades to 100/20Mbps from end FY25.
50/10Mbps$53.96$50.43
100/20Mbps
300/100Mbps
$56.28$53.54
100Mbps is anchor service.
300/100Mbps service upgrades to 500/100Mbps
from end FY25.
1Gbps $66.19$61.86
Hyperfibre 2Gbps$74.90$70
Hyperfibre 4Gbps$90.95$85
Hyperfibre 8Gbps$117.70$110
Copper pricingCurrent wholesale price Price before 16 Dec 2024 Notes
Copper line$39.03$38.21
Annual CPI adjustment mid-December
2024
Copper broadband$52.18$51.08

29
HY25 INVESTOR PRESENTATION
Market composition
0
500,000
1,000,000
1,500,000
2,000,000
NZ broadband market – by retailer
SparkOne
2degrees (incl Vocus)Mercury (incl Trustpower)
ContactOthers
-
500,000
1,000,000
1,500,000
2,000,000
NZ broadband market – by technology
Chorus xDSLChorus mass market fibre
Chorus premium fibreLocal fibre companies (UFB)
Other fibre networksOne cable
Fixed (mobile) wirelessLegacy fixed wireless, satellite
Source: IDC

30
Appendix B: Additional financial information
HY25 INVESTOR PRESENTATION
Bond
Amount
(NZ$m)
Current hedge profile
EMTN 2026
514100% fixed for life of bond at 3.39%
NZD 2027
200100% fixed for life of bond at 1.98%
NZD 2028
500100% fixed for life of bond at 6.21% from Dec 2023
EMTN 2029
820
Swapped to a margin over floating (BKBM) through cross
currency interest rate swaps.
~67% fixed at 6.17%
NZD 2030
200100% fixed at 2.5%
AMTN 2030
325
Swapped to a margin of 1.73% over floating (BKBM)
through cross currency interest rate swaps. ~30% is
fixed using an interest rate collar of 5.48% to 6.05%
from March 2025
Crown
securities
$m
30
June
2025
30
June
2030
30
June
2033
30
June
2036TOTAL
Equity securities
(cumulative total)
85.3197.0404.0768.5768.5
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 on 180-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
Crown financing summary
Interest rate hedges

31
Tight cost control keeps direct copper revenues and costs FCF positive
Copper cost outlook
•Copper capex, net of contributions, $15m (FY24) and declining as activity transitions to fibre
•Direct copper opex of ~$54m (FY24) steps down as copper customers migrate to other networks,
or to fibre with a lower costto serve
Direct copper
expenses*
FY24
$m
Outlook to 2030 copper retirement
Network maintenance27Reducing as customers migrate to alternative networks: includes
faults from the exchange and/or cabinet, through to customer
premises
IT10Step-change once customer numbers remove need for scale systems
Other network costs5$4m of exit costs in FY24; ongoing exit costs subject to pace of
copper retirement and copper recycling programme
Electricity12Steady decline as network equipment shuts down
TOTAL54
*Note: this summary excludes shared costs and potential property maintenance savings from property optimisation
HY25 INVESTOR PRESENTATION

32
0
10
20
30
40
50
60
70
80
90
100
FY22FY23FY24FY25eFY26eFY27e
Cables: CNU areaCables: LFC areaDuct: LFC areaPoles: LFCarea
Cables: ruralPoles: ruralEstimate
$m
Accelerated copper depreciation rolls off rapidly
NPAT impact
reduces by
~$50m in FY26
HY25 INVESTOR PRESENTATION

33
A digital infrastructure business maximising long-term value and returns
Capital management principles and policy
Dividend policy: pay an ordinary dividend of 70% to 90% (on average, over time) of net cash flow from
operating activities less
sustaining capital expenditure
Capital allocation
underpinned by
free cash flow
from an essential
regulated
infrastructure
asset
Deliver a
sustainable
growing dividend,
at least in real
terms
Use balance sheet
to fund
discretionary
growth capex - up
to 4.75x
ND/EBITDA
Discretionary
growth capex
must deliver
greater value
than returning
funds to
shareholders
HY25 INVESTOR PRESENTATION

34
Appendix C: Regulatory information
HY25 INVESTOR PRESENTATION
Final building blocks revenue components
($m, nominal)
2025202620272028
Total return on capital255.1270.4269.4266.1
Return on assets (RAB x WACC), Core fibre assets384.6396.6404.3408.5
Return on assets (RAB x WACC), Financial loss assets74.063.854.646.2
Revaluations-127.1-116.7-116.1-115.3
Ex-ante stranding allowance 6.06.06.05.9
Benefit of Crown finance-84.9-81.9-81.8-81.7
TCSD allowance2.52.52.52.4
Opex allowance197.0203.6208.0210.9
Total depreciation452.8447.3450.8439.4
Core fibre assets299.4310.0327.5328.3
Financial loss assets153.4137.2123.3111.1
Tax allowance0.00.028.3101.6
In -period smoothing-13.311.613.5-11.4
Total building blocks revenue891.5932.8970.21,006.6
Pass-through costs19.620.220.821.4
Wash-up amount (smoothed)45.847.949.851.7
TOTAL956.91,001.01,040.81,079.7

TO DAY*
2025 2026 2027 2028 2029
TSO variation for
deep rural assets
Copper dereg
review
Fibre input methodologies
review (tbc)
Fibre dereg review
(tbc)
Streamlined PQP3 process (if needed)
Working towards fit-for -purpose regulation in all reviews
*Calendar years
Pathway to simplification by 2030
35
HY25 INVESTOR PRESENTATION

TO DAY*
2025 2026 2027 2028 2029
Updated marketing
guidelines
Product disclosure
guidelines
Update industry
marketing codes
Billing and switching review
Commission reviews Telco
Disputes Resolution Scheme
Ongoing: Measuring Broadband New Zealand Reports; RSP customer experience reports
*Calendar years. Dependent on Commission timeline changes.
Future Retail Service Quality programme TBD
Consumer transparency opportunities
36
HY25 INVESTOR PRESENTATION

---

Half Year Result
2025
For the six months ended 31 December 2024
01 Half year result overview
02 Management commentary
04 Financial statements

1 Chorus Half Year Results 2025
HY25: Six months ended 31 December 2024
HY24: Six months ended 31 December 2023
H2 FY24: Six months ended 30 June 2024
1 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.
2 Net earnings have been impacted by the increasing acceleration of depreciation on various copper assets since FY22. H2 FY24 also included a one-off
$15 million non-cash tax expense following the removal of deductibility of tax depreciation for buildings.
3 Closing amount at 31 December.
4 Based on Commerce Commission forecasts, 13 December 2024.
Half year result overview
% COMPARISONS ARE HY25 VS HY24
-
14%
CAPITAL EXPENDITURE ($ million)
CAPITAL EXPENDITURE ($ million)
199
222
232
232
195
H2 FY24
H2 FY23
HY23
HY24
HY25
-
1%
EBITDA
1
($ million)
EBITDA
1
($ million)
H2 FY24
H2 FY23
HY23
HY24
HY25
346
342
330
347
353
+
21%
DIVIDEND (cents per share)
DIVIDEND (cents per share)
23
17
25.5
19
28.5
H2 FY24
H2 FY23
HY23
HY24
HY25
-
1%
REVENUE ($ million)
REVENUE ($ million)
H2 FY24
507
H2 FY23
493
HY23
487
HY24
503
HY25
500
FIBRE CONNECTIONS
1,098,000
997,000
1,031,000
1,062,000
1,084,000
H2 FY24
H2 FY23
HY23
HY24
HY25
1,284
1,141
4,426
4,771
1,4163,997
REGULATORY ASSET BASE-RAB ($ million)
2022
2021
2023
CORE RABFINANCIAL LOSS ASSET
9924,996
2024
4
3
NET LOSS / EARNINGS ($ million)
H2 FY24
H2 FY23
HY23
HY24
HY25
-5
9
16
5
-14
2

2 Chorus Half Year Results 2025 Management commentary
HY25 Management
commentary
We report earnings before interest, income tax, depreciation, and amortisation
(EBITDA) of $346 million for the six months ended 31 December 2024 (HY25). This
was consistent with HY24 EBITDA of $347 million, despite the challenges of New
Zealand’s ongoing economic recession.
The acceleration of depreciation on copper related assets, as we transition to an
all-fibre business, drove a net loss after tax of $5 million, compared to a profit of
$5 million in HY24.
Operating revenue 
Revenues of $500 million were down $3 million from HY24 revenues. This was due to the ongoing
decline in legacy copper revenues.
We ended HY25 with about 1,221,000 fixed line connections, down about 20,000 lines during
HY25. This reflected a reduction of 34,000 copper lines nationwide, as customers migrate to
more modern technologies in some areas. In areas where our fibre network is available, copper
connections declined by approximately 17,000 lines.
Our total fibre connections increased by about 14,000 to 1,098,000 during HY25 and comprise
90% of Chorus’ total connections. Overall fibre uptake grew to 71.7% of addresses where Chorus
fibre is available, excluding local fibre company areas, up from 70.6% at the end of HY24.
Fibre broadband revenues
Fibre broadband accounted for 72% of total revenues compared to 68% in HY24. The ongoing
growth in fibre connections, together with price increases applied midway through HY24, saw
HY25 fibre broadband revenues up $20 million compared to HY24. The timing for adjustments to
fibre pricing was delayed from October 2024 until January 2025 to better align with the start of
the new regulatory period and allow for an expectation that the regulated revenue cap for fibre
could constrain pricing in 2024.
Average monthly revenue per fibre user decreased from $56.05 in December 2023 to $55.34 in
December 2024. This shift was driven by cost-of-living pressures and strong uptake of our entry-
level 50Mbps Home Fibre Starter plan, with growth of approximately 21,000 connections in HY25.
Plans below 300Mbps make up 12% of residential connections while 25% are on 1Gbps or faster.
Fibre premium revenues
Fibre premium revenues reduced by $3 million from HY24 as we withdraw some legacy point-to-
point fibre services and customers transition to cheaper fibre broadband inputs.
Copper revenues
Connection revenues across copper voice and data services continued to decline as customers
migrated to fibre or alternative services. Together, copper broadband and copper voice revenues
were down by $19 million in HY25 from HY24. A 2.15% inflation-related price increase was applied
to copper voice and broadband services in mid-December 2024.
Field services revenues
Field services revenues were flat. This was despite the challenging economic conditions reducing
new property development revenues by $2 million from HY24.
Other revenues
Other revenues were down by $2 million because HY24 included a sale of property benefit that was
not repeated in HY25. We’re continuing to explore opportunities to optimise our property portfolio.
CONNECTIONS
31 DECEMBER 2024
CONNECTIONS
31 DECEMBER 2023
CONNECTIONS
30 JUNE 2024
Fibre broadband (GPON) 1,089,000 1,052,000 1,074,000
Fibre premium (P2P) 9,000 10,000 10,000
Copper VDSL 44,000 68,000 55,000
Copper ADSL 44,000 68,000 56,000
Data services over copper 1,000 1,000 1,000
Baseband copper 34,000 57,000 45,000
Total fixed line connections
*
1,221,000 1,256,000 1,241,000
* includes several thousand partly subsidised education connections.

3 Chorus Half Year Results 2025 Management commentary
Expenses
Our focus on cost management saw total operating expenses reduce by $2 million to $154 million
in HY25. This was despite ongoing inflationary cost pressures and investment in exploring non-
regulated revenue opportunities.
Labour 
Labour costs of $43 million were up $4 million from HY24. This was largely due to reduced
capitalisation of labour costs, from 48% to 45%, as fibre rollout and connection activity decreases.
The number of permanent and fixed term employees reduced from 852 to 849 between the end
of HY24 and HY25. As we transition to an all-fibre network operator there is an ongoing focus on
organisational simplification.
Network maintenance 
Network maintenance costs decreased by $2 million in HY25 compared to HY24. The savings
from fewer copper connections, and their comparatively higher fault rate than fibre connections,
were partly offset by inflationary increases in maintenance costs.
Information technology 
Information technology costs in HY25 were down $3 million from HY24 as we continued to exit
legacy systems.
Other network costs 
Other network costs were down $2 million from HY24. FY25 spend on copper network
optimisation is weighted more to the second half of FY25.
Consultants
Consultant spend increased by $3 million in HY25 because we are exploring the potential
development of new revenue opportunities, such as a trans-Tasman submarine cable. 
Depreciation and amortisation 
Accelerated depreciation of copper related poles drove an $8 million increase of depreciation
expense compared to HY24.
Copper cables in Chorus UFB1 and UFB2 rollout areas will be fully depreciated by June 2025 and
June 2026 respectively. Copper related assets in areas without fibre are currently being depreciated
with an end date of 2032.
Finance expense 
HY25 finance costs were $1 million higher than HY24. Our weighted average interest rate
decreased from 5.8% to 5.7% between HY24 and HY25. Approximately 70% of our floating interest
rate exposure was hedged with fixed interest rate swaps at the end of HY25.
Capital expenditure 
Gross capital expenditure in HY25 was $199 million, down $33 million from HY24. Within this total,
there was $105 million of discretionary growth capital expenditure. This was $10 million lower
than HY24 due to disciplined cost control and about 16,000 fewer fibre installations, which more
than offset a $10 million increase in spend on fibre network extension.
Sustaining capital expenditure - to maintain, replace or improve an existing asset - reduced by $23
million to $94 million. This reflected reduced spend on the copper network and for fibre network
capacity in HY25.
Gross capital expenditure was supported by $2 million of Crown funding and $22 million of
customer contributions for activity related to roadworks, new property development, and rural
broadband upgrades. Capital expenditure attributable to the regulated asset base (RAB) for fibre,
which excludes capital contributions, is estimated to be about $161 million.
1

Dividends, equity and capital management 
We will pay an unimputed interim dividend of 23 cents per share on 15 April 2025 to all holders
registered at 5:00pm on 18 March 2025.
The dividend reinvestment plan will not be available for the interim dividend.
A final unimputed dividend of 34.5 cents per share is expected to be declared in August 2025,
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 and financial policies consistent with these
credit ratings. It is Chorus’ intention that in normal circumstances the ratio of net debt to EBITDA
will not materially exceed 4.75 times. At 31 December 2024, we had a long-term credit rating of
BBB/stable outlook by Standard & Poor’s and Baa2/stable by Moody’s Investors Service.
1 HY25 allocations to RAB capital expenditure are un-audited and will be finalised in the CY24 Information Disclosure announcement due in May 2025.

4 Chorus Half Year Results 2025 Financial statements
Notes
SIX MONTHS ENDED
31 DECEMBER 2024
UNAUDITED $M
SIX MONTHS ENDED
31 DECEMBER 2023
UNAUDITED $M
YEAR ENDED
30 JUNE 2024
AUDITED $M
Fibre broadband (GPON)361 341 697
Fibre premium (P2P)
32 35 69
Copper connection revenues
42 61
114
Field services products
34 34 67
Infrastructure
17 16 33
Value added network services
13 13 26
Other
1 3 4
Total operating revenue
500 503 1,010
Labour
(43) (39) (80)
Network maintenance
(25) (27) (53)
Information technology
(20) (23) (44)
Other network costs
(17) (19) (37)
Electricity
(11) (10) (22)
Rent and rates
(7) (6) (13)
Property maintenance
(7) (8) (14)
Advertising
(5) (6) (11)
Consultants
(6) (3) (6)
Other
(13) (15) (30)
Total operating expenses
(154) (156) (310)
Earnings before interest, income tax, depreciation and amortisation346 347 700
Depreciation1, 6(193) (185) (374)
Amortisation
2, 3(42) (43) (88)
Earnings before interest and income tax
111 119 238
Finance income1 2 5
Finance expense
(110) (109) (222)
Net earnings before income tax
2 12 21
Income tax expense(7) (7) (30)
Net (loss)/earnings for the period
(5) 5 (9)
Earnings per share
Basic (loss)/earnings per share (dollars)
(0.02)0.02(0.02)
Diluted (loss)/earnings per share (dollars)(0.02)0.01(0.02)
Condensed
consolidated
income
statement
For the six months ended
31 December 2024
Financial statements
The accompanying notes
are an integral part of these
consolidated financial
statements.

5 Chorus Half Year Results 2025 Financial statements
Condensed
consolidated
statement of
comprehensive
income
For the six months ended
31 December 2024
The accompanying notes
are an integral part of these
consolidated financial
statements.
Notes
SIX MONTHS ENDED
31 DECEMBER 2024
UNAUDITED $M
SIX MONTHS ENDED
31 DECEMBER 2023
UNAUDITED $M
YEAR ENDED
30 JUNE 2024
AUDITED $M
Net (loss)/earnings for the period (5) 5 (9)
Other comprehensive income
Movements in effective cash flow hedges
9 (51) (22) (12)
Amortisation of de-designated cash flow hedges transferred to Income
statement
9 3 3 5
Movement in cost of hedging reserve9 (2) (8) (9)
Items that will be reclassified subsequently to the income statement when
specific conditions are met, net of tax
(50)(27)(16)
Net revaluation of land and buildings - - 7
Items that will not be reclassified subsequently to the income statement
when specific conditions are met, net of tax
--7
Total comprehensive loss for the period net of tax (55) (22) (18)

6 Chorus Half Year Results 2025 Financial statements
Notes
31 DECEMBER 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Current assets
Cash and call deposits
83 87 45
Trade and other receivables 141 152 154
Derivative financial instruments9 5 - 1
Total current assets 229 239 200
Non-current assets
Derivative financial instruments9 168 107 98
Trade and other receivables 5 - 4
Customer acquisition assets3 67 66 67
Software and other intangible assets2 142 146 142
Network assets1 5,067 5,206 5,126
Land and buildings1 376 357 375
Total non-current assets 5,825 5,882 5,812
Total assets 6,054 6,121 6,012
Current liabilities
Trade and other payables 207 240 230
Lease payable 14 12 12
Derivative financial instruments9 1 1 -
Debt4 215 150 110
Total current liabilities excluding Crown funding 437 403 352
Crown Infrastructure Partners (CIP) securities 163 - 160
Crown funding6 28 27 28
Total current liabilities 628 430 540
Non-current liabilities
Trade and other payables 10 2 13
Deferred tax liability 374 359 386
Derivative financial instruments 61 82 72
Lease payable 152 167 159
Debt4 2,672 2,526 2,516
Total non-current liabilities excluding CIP and Crown funding 3,269 3,136 3,146
Crown Infrastructure Partners (CIP) securities5 607 721 584
Crown funding6 888 915 901
Total non-current liabilities 4,764 4,772 4,631
Total liabilities 5,392 5,202 5,171
Equity
Share capital 577 578 578
Reserves 272 304 322
Retained earnings(187) 37 (59)
Tot al e quit y 662 919 841
Total liabilities and equity 6,054 6,121 6,012
Condensed
consolidated
statement
of financial
position
As at 31 December 2024
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
24 February 2025
Mark Cross
Chair
Kate Jorgensen
Chair, Audit & Risk
Management Committee

7 Chorus Half Year Results 2025 Financial statements
Condensed
consolidated
statement
of changes
in equity
For the six months ended
31 December 2024
Notes
Share
capital
$M
Revaluation
reserve
$M
Other
reserves
$M
Retained
earnings
$M
Total
$M
Balance at 1 July 2023 589 265661431,063
Comprehensive income
Net loss 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
- - 5 - 5
Movement in cost of hedging reserve - - (9) - (9)
Movement in revaluation reserve - 7 - - 7
Total comprehensive income - 7 (16)(9)(18)
Contributions by and (distributions to) owners
Dividends8 - - - (193)(193)
Share buy-back (11) - - - (11)
Total transactions with owners(11) --(193)(204)
Balance at 30 June 2024 (AUDITED)578 272 50(59)841
Comprehensive income
Net loss for the period - - - (5) (5)
Other comprehensive income
Movement in cash flow hedge reserve - - (51) - (51)
Amortisation of de-designated cash flow hedges transferred to
income statement
- - 3 - 3
Movement in cost of hedging reserve - - (2) - (2)
Total comprehensive income - - (50) (5) (55)
Contributions by and (distributions to) owners
Dividends8 - - - (124) (124)
Shares vested under LTI scheme (1) - 1-
Total transactions with owners (1) - - (123) (124)
Balance at 31 December 2024 (UNAUDITED) 577 272 - (187)662
The accompanying notes
are an integral part of these
consolidated financial
statements.

8 Chorus Half Year Results 2025 Financial statements
Condensed
consolidated
statement
of changes
in equity
(continued)
For the six months ended
31 December 2024
The accompanying notes
are an integral part of these
consolidated financial
statements.
Notes
Share
capital
$M
Revaluation
reserve
$M
Other
reserves
$M
Retained
earnings
$M
Total
$M
Balance at 1 July 2023 589 265 66 143 1,063
Comprehensive income
Net earnings for the period
- - - 5 5
Other comprehensive income
Movement in cash flow hedge reserve
- - (22) - (22)
Amortisation of de-designated cash flow hedges transferred to
income statement
- - 3 - 3
Movement in cost of hedging reserve - - (8)- (8)
Total comprehensive income - - (27) 5 (22)
Contributions by and (distributions to) owners
Dividends
8 - -- (111) (111)
Share buy-back (11) -- - (11)
Total transactions with owners (11) -- (111) (122)
Balance at 31 December 2023 (UNAUDITED) 578 26539 37 919

9 Chorus Half Year Results 2025 Financial statements
Condensed
consolidated
statement
of cash flows
For the six months ended
31 December 2024
The accompanying notes
are an integral part of these
consolidated financial
statements.
SIX MONTHS ENDED
31 DECEMBER 2024
UNAUDITED $M
SIX MONTHS ENDED
31 DECEMBER 2023
UNAUDITED $M
YEAR ENDED
30 JUNE 2024
AUDITED $M
Operating cash flows
Cash was provided from/(applied to):
Receipts from customers 501 500 1,007
Interest received 1 2 5
Payments to suppliers and employees (168) (177) (334)
Interest paid (77) (82) (165)
Net operating cash flows 257 243 513
Investing cash flows
Cash was provided from/(applied to):
Purchase of network and intangible assets (193) (259) (442)
Disposal of network and intangible assets - - 1
Capitalised interest paid (1) (1) (1)
Net investing cash flows (194) (260) (442)
Financing cash flows
Cash was provided from/(applied to):
Payment of lease liabilities (7) (7) (16)
Crown funding (including CIP securities) 2 11 12
Proceeds from debt 200 474 574
Repayment of debt (95) (328) (468)
Repurchase of shares - (11) (11)
Shares vested under LTI scheme (1)--
Dividends paid (124) (111) (193)
Net financing cash flows (25) 28 (102)
Net cash flows 38 11 (31)
Cash at the beginning of the period 45 76 76
Cash at the end of the period 83 87 45

10 Chorus Half Year Results 2025 Notes
Notes to the
consolidated financial statements
Reporting entity and statutory base
Chorus includes Chorus Limited together with its subsidiary Chorus New Zealand Limited as at and for
the six months ended 31 December 2024.
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 consolidated
financial statements and should be read in conjunction with the consolidated financial statements of
Chorus as at and for the year ended 30 June 2024.
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, and land and buildings as identified in the
specific accounting policies disclosed in the notes to the consolidated financial statements for the
year ended 30 June 2024 and described in note 9 to these financial statements.
Some comparatives have been re-presented to reflect the current year classification. This has led to
no impact on working capital, the consolidated statements of cash flows, or equity.
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 2024 and comparative information
for the six months ended 31 December 2023 are unaudited. The comparative information for the year
ended 30 June 2024 is audited.
No new standards, amendments, or interpretations to existing standards that are not yet effective,
have been early adopted by Chorus in these financial statements.
Accounting estimates and judgements
In preparing the financial statements, management have made estimates and assumptions 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 by management 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 2024.
Estimates and assumptions are continually evaluated and are based on experience and other factors,
including macro-economic and market factors, and expectations of future events that may have an
impact on Chorus. All judgements, estimates, and assumptions are believed to be reasonable based
on the most current set of circumstances available to Chorus. The principal areas of judgement in
preparing these financial statements are set out below.
Land and buildings
Land and buildings are recorded at fair value. Fair value relating to land and buildings is determined
based on a periodic independent valuation using a combination of both an optimised depreciated
replacement cost, capitalised income, and a market valuation approach. The valuation technique
applied to each asset is determined by the independent valuer, with input and review by Chorus
management who are familiar with the nature of the assets. The underlying assumptions used
in the valuation are reviewed at each reporting date to ensure the carrying value is not materially
different from the fair value. Valuations are performed every three years, or more frequently where
indicators exist that the carrying amount of the asset materially differs from its fair value at the end
of the reporting period. This may be the result of external factors (e.g. a volatile property market) or
internal factors. In instances where indicators of material difference exist, a desktop valuation may be
obtained to appropriately adjust the carrying value of the assets. As at 31 December 2024 there were
no indicators that fair value was materially different.
The Company adopted a fair value approach on 30 June 2023. The movement in fair value of
$282 million (excluding deferred tax) had been recognised as at that date. There was no movement in
fair value as at 31 December 2023.
Net current liability position
As at 31 December 2024 Chorus has a net current liability position of $399 million (31 December
2023: $191 million, 30 June 2024: $340 million).

11 Chorus Half Year Results 2025 Notes
Earnings before interest and income tax (EBIT) and earnings before interest,
income tax, depreciation and amortisation (EBITDA)
Chorus calculates EBIT by adding back finance expense and income tax to, and subtracting finance
income from, net earnings/(loss). EBITDA adds back depreciation and amortisation expense to EBIT.
A reconciliation of EBIT and EBITDA is provided below based on amounts taken from, and consistent
with, those presented in the financial statements.
Period ended 31 December
SIX MONTHS ENDED
31 DECEMBER 2024
UNAUDITED $M
SIX MONTHS ENDED
31 DECEMBER 2023
UNAUDITED $M
YEAR ENDED
30 JUNE 2024
AUDITED $M
Net (loss)/earnings reported under NZ IFRS (5) 5 (9)
Add back: income tax expense 7 7 30
Add back: finance expense 110 109 222
Subtract: finance income (1) (2) (5)
EBIT 111 119 238
Add back: depreciation 193 185 374
Add back: amortisation 42 43 88
EBITDA 346 347 700
The net current liability position reflects the classification of the upcoming repayment of the first
tranche of the CIP securities as a current liability. Chorus is refinancing the CIP debt and related CIP
equity as each tranche becomes repayable with replacement long term debt arrangements. Including
the refinancing, Chorus has sufficient short-term funds, undrawn facilities and forecast positive
cashflows available to meet the current liability obligations.

12 Chorus Half Year Results 2025 Notes
Note 1 – Network assets, land and buildings
31 DECEMBER 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Cost
Opening balance
12,491 12,159 12,159
Additions209 243 443
Disposals(5)- (5)
Transfers from work in progress(55)(49)(116)
Net revaluations through other
comprehensive income
--7
Other(4)-3
Closing balance12,636 12,353 12,491
Accumulated depreciation
Opening balance
(6,990) (6,589)(6,589)
Depreciation(208)(201)(405)
Disposals5 - 4
Closing balance ( 7, 1 93 )(6,790)(6,990)
Net carrying amount5,443 5,563 5,501
There are no restrictions on Chorus network assets or any network assets pledged as security
for liabilities.
Crown funding
Chorus received funding from the Crown to finance the capital expenditure associated with the
development of the UFB network and continues to receive funding for other services. Where
Crown 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.
Impairment
The carrying amounts of non-financial assets including network assets, land and buildings,
software and other intangibles, and customer acquisition assets are reviewed at the end of each
reporting period for any indicators of impairment.
If any such indication exists, the recoverable amount of the asset is estimated. An impairment
loss is recognised in earnings whenever the carrying amount of an asset exceeds its estimated
recoverable amount. Should the conditions that gave rise to the impairment loss no longer exist,
and the assets are no longer considered to be impaired, a reversal of an impairment loss would
be recognised immediately in earnings.
The recoverable amount is the greater of an assets value in use and fair value less costs to sell.
Chorus’ assets do not generate independent cash flows and are therefore assessed from a single
cash-generating unit perspective.
Capital commitments
At 31 December 2024 the contractual commitments for acquisition and construction of the
network assets was $45 million (31 December 2023: $41 million, 30 June 2024: $53 million).

13 Chorus Half Year Results 2025 Notes
Note 2 – Software and other intangible assets
31 DECEMBER 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Cost
Opening balance
1,038 989 989
Additions41 28 101
Disposals- (4) (4)
Transfers from work in progress(16)-(48)
Closing balance1,0631,013 1,038
Accumulated amortisation
Opening balance
(896)(843)(843)
Amortisation(25)(28)(57)
Disposals- 4 4
Closing balance(921) (867) (896)
Net carrying amount142 146 142
There are no restrictions on Chorus software and other intangible assets, or any pledged as security
for liabilities.
Capital commitments
At 31 December 2024 the contractual commitment for acquisition of software and other intangible
assets was $8 million (31 December 2023: $11 million, 30 June 2024: $9 million).
Note 3 – Customer acquisition assets
31 DECEMBER 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Opening balance (net carrying amount)67 6060
Additions17 2342
Amortisation to amortisation expense(17)(15)(31)
Amortisation to operating revenue- (2)(4)
Closing balance (net carrying amount)676667
Amortisation of customer acquisition assets
Customer acquisition assets are amortised to the consolidated income statement, either as amortisation
expense or operating revenue, based on the nature of the specific costs capitalised.
Note 4 – Debt
Due Date
31 DECEMBER
2024
UNAUDITED $M
31 DECEMBER
2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Syndicated bank facility215 150 110
Euro medium term notes (EMTN) EURDec 2026531 484 488
Euro medium term notes (EMTN) EURSep 2029929 870 857
Australian medium term notes (AMTN) AUDSep 2030336 329 326
Fixed rate NZD BondsDec 2027200 200 200
Fixed rate NZD BondsDec 2028521 500 502
Fixed rate NZD BondsDec 2030170 161 160
Less: facility fees(15)(18)(17)
Total debt2,887 2,676 2,626
Current215 150 110
Non-current
2,672 2,526 2,516
As at 31 December 2024 Chorus had a $450 million committed syndicated facility on standard market
terms and conditions (31 December 2023: $450 million, 30 June 2024: $450 million). The facility is
comprised of a single tranche that expires in April 2027 and is held with banks that are rated A to AA-,
based on Standard & Poor’s ratings. As at 31 December 2024 there was $215 million drawn down from
this facility (31 December 2023: $150 million, 30 June 2024: $110 million).

14 Chorus Half Year Results 2025 Notes
Note 5 – Crown Infrastructure Partners (CIP) securities
31 DECEMBER 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Fair value on initial recognition
Opening balance
478 478 478
Closing balance 478 478 478
Accumulated notional interest
Opening balance
266 219 219
Notional interest 26 24 47
Closing balance 292 243 266
Total CIP securities 770 721 744
Current 163 - 160
Non-current 607 721 584
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 2024
UNAUDITED $M
31 DECEMBER 2023
UNAUDITED $M
30 JUNE 2024
AUDITED $M
Fair value on initial recognition
Opening balance
1,172 1,160 1,160
Additional funding recognised at fair value2 10 12
Closing balance1 ,174 1,170 1,172
Accumulated amortisation
Opening balance(243)(212)(212)
Amortisation(15)(16)(31)
Closing balance(258)(228)(243)
Total Crown funding 916 942 929
Current28 27 28
Non-current888 915 901
Crown funding largely comprises project-related government funding for the Ultra-Fast Broadband (UFB)
build, West Coast Southland Network Build (WCSNB), and Rural Broadband Initiative (RBI) projects.

15 Chorus Half Year Results 2025 Notes
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 8 October 2024 an unimputed final dividend of 28.5 cents per share, totalling $124 million was paid
to shareholders.
Long-term performance share scheme
Chorus operates a long-term performance share scheme for selected key management personnel under
which key senior management are issued share-rights.
The scheme is equity settled and treated as an option plan for accounting purposes. Each tranche of each
grant is valued separately. The absolute performance hurdle is valued using Monte Carlo simulations.
In August 2024, Chorus issued a tranche of share rights under the scheme. The shares have a vesting date of
30 August 2027. The grant carries two performance hurdles;
1. For 50% of the performance share rights to vest, Chorus total shareholder return must equal or
exceed 26.11% over the vesting period, using a hurdle rate of 8.04% that compounds annually.
2. For 100% of the performance share rights to vest, Chorus total shareholder return must equal or
exceed 28.76% over the vesting period, using a hurdle rate of 8.79% that compounds annually.
A total of 219,343 share rights were issued in the tranche.
The combined option cost for the period ended 31 December 2024 of $282,000 has been recognised in the
Consolidated income statement (31 December 2023: $230,000, 30 June 2024: $290,000).
Note 9 – Derivative financial instruments
Finance expense includes any unrealised ineffectiveness arising from the hedge accounting relationships.
Cross-currency interest rate swaps (CCIRS)
In conjunction with the issuance of the Euro Medium Term Notes and Australian Medium Term Notes (MTN),
Chorus enters into CCIRS to hedge the foreign currency and foreign interest rate risks associated with the
issuances. Using the CCIRS, Chorus pay NZD floating interest rates and receive EUR/AUD nominated fixed
interest with coupon payments matching the underlying notes. The medium term notes and CCIRS are
each designated into three part hedging relationships for issue: a fair value hedge of EUR/AUD benchmark
interest rates, a cash flow hedge of the margin and a cash flow hedge of the principal exchange.
Maturity
Principal - Receive
leg €M
Principal -
Receive leg AU$M
Principal -
Pay leg $M
Hedged item
EUR EMTN 300
Dec 2026300-514
EUR EMTN 500Sep 2029500-820
AUD AMTN 300Sep 2030-300325
Interest rate swaps
As at 31 December 2024 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 ($14 million and $27 million 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.
The balance at 31 December 2024 was $3 million and $6 million respectively.

16 Chorus Half Year Results 2025 Notes
Note 10 – Related parties
Subsidiaries
The financial statements include Chorus Limited and its subsidiaries as listed below:
Location2024 ownership2023 ownership
Chorus New Zealand LimitedNew Zealand100%100%
Key management personnel compensation
31 DECEMBER 2024
UNAUDITED $000’s
31 DECEMBER 2023
UNAUDITED $000’s
30 JUNE 2024
AUDITED $000’s
Short term employee benefits4,6784,4308,203
Termination benefits - 1,075 1,075
Share based payments1,417 - -
6,095 5,505 9,278
Directors fees600 591 1,085
Note 11 – Post balance date events
Dividends
On 24 February 2025 Chorus declared an interim dividend in respect of the six-month period ended
31 December 2024. The total amount of the dividend is $100 million, which represents an unimputed
dividend of 23 cents per ordinary share.

17 Chorus Half Year Results 2025 Independent review
Independent Auditor’s Review Report
To the shareholders of Chorus Limited (Group)
Report on the interim consolidated financial statements
Conclusion
Based on our review, nothing has come to our attention
that causes us to believe that the interim consolidated financial statements on pages 4 to 16
do not:
i. present fairly, in all material respects, the Group’s financial position as at 31 December 2024
and its financial performance and cash flows for the 6 month period then ended and comply
with New Zealand Equivalent to International Accounting Standard 34 Interim Financial
Reporting (NZ IAS 34) issued by the New Zealand Accounting Standards Board.
We have completed a review of the accompanying interim consolidated financial statements
which comprise:
—the interim consolidated statement of financial position as at 31 December 2024;
—the interim consolidated income statement, statements of other comprehensive income, changes
in equity and cash flows for the 6 month period then ended; and
—notes, including material accounting policy information.
Basis for conclusion
We conducted our review of the interim consolidated financial statements in accordance with
NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent Auditor
of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s
Responsibilities for the Review of the interim consolidated financial statements section of our report.
We are independent of Chorus Limited in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements.
Our firm has provided other services to the Group in relation to regulatory assurance and training
services. Subject to certain restrictions, partners and employees of our firm may also 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 auditor of the Group. The firm has
no other relationship with, or interest in, the Group.
Use of this Independent Auditor’s Review Report
This report is made solely to the shareholders. 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
Auditor’s 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 for our review work,
this report, or any of the opinions we have formed.
Responsibilities of the Directors for the interim consolidated financial statements
The Directors, on behalf of the Group, are responsible for:
—the preparation and fair presentation of the interim consolidated financial statements in
accordance with NZ IAS 34; and;
—implementing necessary internal control to enable the preparation of interim consolidated
financial statements that is fairly presented and free from material misstatement, whether due
to fraud or error..
Auditor’s responsibilities for the review of the interim consolidated
financial statements
Our responsibility is to express a conclusion on the interim consolidated financial statements
based on our review.
NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our attention that
causes us to believe that the interim consolidated financial statements, taken as a whole, are not
prepared, in all material respects, in accordance with NZ IAS 34.
A review of the interim consolidated financial statements prepared in accordance with NZ SRE
2410 (Revised) 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.
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) and consequently
does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on the financial statements.
The engagement partner on the audit resulting in this independent auditor’s review report is David Gates.
KPMG
Wellington
24 February 2025

Directory
Registered Offices
NEW ZEALAND
Level 10, 1 Willis Street
Wellington, New Zealand
P: +64 800 600 100
AUSTRALIA
C/– Allens Corporate Services Pty Limited
Level 28, Deutsche Bank Place, 126 Phillip Street,
Sydney, NSW 2000, Australia
P: +61 2 9230 4000
https://company.chorus.co.nz/reports
ARBN 152 485 848

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at June 2023


Results for announcement to the market
Name of issuer Chorus Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$500,000 Down 1%
Total Revenue $500,000 Down 1%
Net profit/(loss) from
continuing operations
-$5,000 Down 200%
Total net profit/(loss) -$5,000 Down 200%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.23000000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 18 March 2025
Dividend Payment Date 15 April 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$0.65 $1.38
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 2024, media release and
investor presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Drew Davies
Chief Operating Officer
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

24/02/2025

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

---

Distribution Notice

Updated as at June 2023




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 18/03/2025
Ex-Date (one business day before the
Record Date)
17/03/2025
Payment date (and allotment date for
DRP)
15/04/2025
Total monies associated with the
distribution
1

$99,794,078
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.23000000
Gross taxable amount
3
$0.23000000
Total cash distribution
4
$0.23000000
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
No 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.

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
0.07590000
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
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A

Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A

DRP strike price per financial product
N/A

Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A

Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Drew Davies
Chief Operating Officer
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

24/02/2025





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