Chorus’ annual shareholders’ meeting

Chorus Limited
Level 10, 1 Willis Street
P O Box 632
Wellington
New Zealand

Email: company.secretary@chorus.co.nz




STOCK EXCHANGE ANNOUNCEMENT


5 November 2025

Chorus’ annual shareholders’ meeting
The attached prepared announcements will be delivered at Chorus’ annual shareholders’
meeting to be held online at 10 :00am today:

− Chairman’s address;
− CEO’s address; and
− Presentation slides.

The annual meeting can be accessed via Computershare’s online meeting
platform at:

https://meetnow.global/nz

Copies of these announcements will be available on Chorus’ website later
today.

Authorised by:
Kristel McMeekin
General Counsel

ENDS

For further information:

Aleida White
Head of Investor Relations
Mobile: 64 (21) 155 8837
Email: Aleida.White@chorus.co.nz

Shannon Goldstone
Head of Corporate Relations
Mobile: 64 (21) 712 679
Email: Shannon.Goldstone@chorus.co.nz

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1


Chorus Annual Shareholder Meeting – 5 November 2025

Chair’s Address

Tēnā koutou katoa.
Good morning and welcome to Chorus’ 2025 Annual Shareholders’
Meeting. I’m Mark Cross, Chorus’ Chair.
We’re joining you virtually this morning from the Chorus Network Lab in
Auckland.
On the information conveyed to me, I confirm that a quorum of
shareholders is present and declare the meeting open.
The minutes of the last annual shareholders’ meeting have been
approved. The Notice of Meeting, including the explanatory notes has
been circulated to all shareholders, and I intend to take it as read.
We have a fairly short agenda today in terms of the formal business of
the meeting.
As the video clip we played just before shows, our network helps Kiwis
across the country meet every day, so we think it is only appropriate that
we showcase our own technology for today’s meeting.
On to today’s agenda.

2



I’ll start today’s agenda with a short summary of the year and some of
the things the Board has been focused on to deliver value to
shareholders.
Chief Executive Mark Aue will then cover what’s happening at an
operational and market level.
After that we’ll move to resolutions, questions and voting.

3


I would firstly like to introduce your directors to you. Joining us online
are:
 Sue Bailey
 Neal Barclay
 Will Irving, and
 Jack Matthews.
Directors Kate Jorgensen and Miriam Dean, also join me here at the
Auckland Lab.
Sue, Will and myself are standing for re-election today in accordance with
the NZX listing rules.
We also have with us today key personnel including:
 Drew Davies, our Chief Operating Officer; and
 Kristel McMeekin, our General Counsel,
as well as representatives from our auditors KPMG, and our legal provider
Chapman Tripp.

4


Before I cover off the FY25 year in review, I’d like to thank and
acknowledge our people, our partners and our customers. At the heart of
what we do is ensuring the high performance and reliability of our
network as digital connectivity becomes increasingly essential to daily life.
As we noted in our August results announcement, Chorus delivered
another consistent and reliable financial result proving the resilience of
our digital infrastructure assets in a challenging economy.
Our fibre connections continued to grow, up 3% vs FY24 and we
continued to see improvements across our key financial metrics.
EBITDA was $705 million, up from $700 million last year. Operating cash
flows of $559 million were strong and up 9% on the prior year.
These results enabled total unimputed dividends of 57.5 cents per share
for the year, an increase of 10 cents or 21 percent from the prior year.

5



Moving now to slide 7, fibre enables a more resilient future for our
stakeholders and we’re pleased with the sustainability results delivered
during the year.
Fibre networks are widely acknowledged as the greenest broadband
technology because of their data transmission capacity relative to
electricity. By retiring legacy network equipment, we reduced our
electricity use by 5% from FY24 and we saw a 25% reduction in Scope 1
& 2 carbon emissions from our FY20 base year.
Investing in our people, partners and their safety, along with ensuring
assets are safe, resilient and efficient is a critical part of Chorus business.
On safety, we continue to rank well ahead of industry benchmarks.
Meanwhile our people engagement score was 8.4 out of 10 - remaining in
the top 5% of technology industry benchmark. Pleasingly, Chorus
achieved its targets for FY25 in all four drivers of health and wellbeing.
We are proud of the work we do to support community good with a focus
on digital inclusion. Our efforts on digital equity are very important to us
and we exceeded our FY25 target of 1,000 digital equity connections by
some margin.

6


As in previous years, we note on slide 8 the focus areas that our Board
anchors to. These are the things we consider are most important to
Chorus’ success.
Highlighting a few of these, on our managed exit from copper, NZ now
has just 78,000 copper lines remaining, of which only 9,000 are in the
Chorus fibre area. We fully appreciate the need for certainty with the
retirement of our legacy copper network, particularly for those parts of
New Zealand where fibre is not available.
The reality is though, while the network did play a valuable role in
connecting Kiwis for over a century, copper lines now have a high fault
rate, are vulnerable to weather events and are no longer providing the
service that most consumers demand.
At the same time, most rural consumers now have access to three
alternative technologies that are often more affordable, better
performing, and more reliable than copper.
Our recent experience with the retirement of old radio system technology
on the copper network has shown rural consumers can successfully move
to modern services like these and get a service equal to, if not better than

7

old copper lines and these were in some of the most remote parts of New
Zealand like Chatham Islands and a high-country gorge in South
Canterbury.
As far as a managed exit in rural areas goes, I can assure you that, as
part of the copper network retirement by 2030, Chorus is committed to a
clear, consumer-centric process that supports the transition of customers
to modern services. We are collaborating with a wide range of
stakeholders to ensure that happens.
In the meantime, for any queries or help on switching services off copper,
you can contact our team at ruralsupport@chorus.co.nz
Moving on now to look at some of the other board focus areas...


Prioritising long-term value through capital allocation remains a key area
of focus for the Board.
We were pleased to have our regulatory settings for fibre confirmed to the
end of 2028. These new settings will underpin our cashflows for the next
3 years.

8

We maintain the view that a solid investment grade rating is appropriate
for Chorus as a digital infrastructure company.  Based on the S&P ratings
down driver of 5 times we remain of the view that 4.75 times is an
appropriate internal limit that allows sufficient buffer for our current BBB
rating, and we are comfortable to operate up to that level. At the end of
FY25, net debt was 4.52 times EBITDA.
We’ll continue to use the balance sheet to fund capex where it meets our
investment hurdle rates. Any growth investment must deliver greater
shareholder value than returning it to shareholders. 


A core pillar of our capital management framework is a sustainable,
growing dividend. Our intention is to maintain that dividend growth at
least at the rate of inflation, within the bounds of our dividend policy
which is to pay an ordinary dividend in the range of 70% to 90% of our
net operating free cash flows after sustaining capital expenditures.
The step up in dividend that we see on this slide has been driven by our
solid results, the freeing up of cashflow as we move from build to operate,

9

confidence in our future operating cash flows and a more efficient use of
our balance sheet to invest in the business.
For FY26, we’ve provided dividend guidance of a further increase to 60
cents per share, unimputed, subject to no significant adverse changes in
circumstances or outlook. This continues to meet our objective of
delivering real dividend growth.
On the right hand side the chart shows our TSR performance against the
NZX50. TSR performance is important for aligning management
incentives with our shareholders experience and to encourage longer term
decision making.
As the chart shows, Chorus has comfortably outperformed against the
NZX50 companies over the last 5 years.

Standing back now to look at some of the sector dynamics that we see
ahead of us and drive our long term thinking.
We recognise that New Zealand is years ahead of many other jurisdictions
in fibre deployment, uptake, and copper withdrawal. At 87% fibre
coverage and 72% connected, this ranks us 9
th
in the OECD and 19
th
in
the world.

10

Meanwhile copper in New Zealand is almost retired compared to many
European countries which are still heavily reliant on it.
A bold vision got us to where we are in New Zealand today and we want
to continue that momentum. The benefits of fibre are real, measurable
and highly scalable.
Last year, Deloitte’s Unleashing Fibre white paper estimated the UFB
programme had added $31 billion to New Zealand’s economy. Fibre is
important to industries such as film, animation, gaming and cloud
services - unlocking a wave of high-value, weightless exports.
And the gains don’t stop there. Deloitte projects those benefits could
grow to $160 billion over the next 10 years.
Extending fibre coverage from 87% to 95% could add another $17 billion
in economic benefits. We estimate the cost to achieve that is around $3
billion, a strong 5.6 times benefit to cost ratio. In an overall national
infrastructure context, it’s interesting to note that the 5.6 times ratio for
fibre compares to 1.4 times for the recent roads of national significance
investment.
We have submitted a proposal through the government Infrastructure
Priorities Programme process because we believe there’s a strong case for
this and we were pleased that this was endorsed by the New Zealand
Infrastructure Commission as the only one of 17 projects that were
submitted.
But let’s be clear: Chorus can’t fund this entirely through shareholder
capital. The returns we speak of aren’t ours, they’re economic and social
benefits for NZ. We know the benefits of network expansion will be
realised in the communities where fibre reaches, rather than by the
network builder, and that necessitates some form of public input and
investment. There are significant merits in this proposal and we look
forward to discussions with the government on how we can partner to
bring this to life.

11


Extending fibre further isn’t just about additional streaming, this is for
farmers using precision agri-tech to optimise yields, monitoring real-time
pricing and connecting directly to global markets; remote healthcare
providers using telemedicine to deliver specialist care; and SMEs scaling
up using digital tools, cloud platforms, and e-commerce to reach global
customers.
The more we extend fibre, the more New Zealanders can unlock its
potential. Of course, it won’t all be fibre. In places where it’s not viable,
high-quality fixed wireless and satellite must play a complementary and
vital role.
But what matters most is this: everyone deserves the right to participate
in the digital economy. That means access to infrastructure that’s fit for
purpose, scalable, and future-proof.
Global demand for high-capacity connectivity is only growing, driven by
remote work, data-heavy applications, and digital commerce. If New
Zealand wants to stay competitive, we need to stay ahead of that curve.
Other countries like Australia, Japan, Singapore and South Korea are not
waiting for demand, they’re already moving ahead on coverage and

12

speed. In global terms if we’re not extending the network and increasing
speeds we’re going backwards as a country.
And we can’t leave New Zealanders behind. We understand the
intergenerational role we and digital connectivity play in shaping New
Zealand’s future. We believe everyone has a right to participate in the
digital economy. Yet today, one in five people are digitally excluded, with
access, affordability, and adoption being key barriers.
So we are bringing fibre to more communities through a community co-
funded fibre build and we recognise that we have a social obligation to
drive digital equity.
We’ve also completed a proof-of-concept trial with 1,500 low-income
households. Through our charitable partnerships, we’re also tackling
related challenges: device access, digital literacy, and flexible pricing.
But to scale a real solution, we need industry, RSPs, and government
working together. We all have a role to play in delivering digital equity
and ensuring every New Zealander has the opportunity to connect and
thrive. Digital equity isn’t optional – it’s essential for full participation in
today’s economy.
To wrap up, I’d like to acknowledge Chorus’ staff. We have driven a lot of
change in the business during the year as we shift to becoming a more
efficient operator of an all fibre business. It hasn’t been easy for our
people at times, particularly in a challenging economy, but we have a
renewed energy and focus on the strategy to continue to deliver to our
customers and shareholders. Thank you to our staff for all your continuing
efforts.
I also want to thank all our shareholders and my board colleagues for
your continuing support.
ENDS

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1


Chorus Annual Shareholder Meeting – 5 November 2025

CEO’s Address

Tena Koutou Katoa – nau mai haere mai.
Greetings, and a warm welcome to everyone. As Mark has noted, we are
pleased with our resilient FY25 financial result, particularly given the
broader macro and economic challenges.



Over the past year we’ve made good progress and laid the groundwork
for changes in strategy and execution that we outlined at our previous
Investor Day. Recognising a shift in our operating model from the ‘great
network builder’, to a ‘great network operator’.
Our Road to 2030 strategy sets a clear aspiration: A simpler, all-fibre
business with 80% uptake by 2030.
At the heart of that strategy is our Purpose: We see as:

2

‘Unleashing potential through connectivity, enabling better futures for
Aotearoa’. This recognises the inter-generational role we play in enabling
better futures for our people and country. This year alone:
We doubled speeds for more than 700,000 households.
We extended fibre to over 9,000 homes and businesses beyond the
original footprint – because communities asked to be part of the future,
and we listened.
We launched our digital equity pilot targeting 1,500 low income
households – wrapping together affordable fibre plans, refreshed devices,
and trusted community led training.
And where scale builds aren’t viable, our Community Co-Funded Build
Programme aims to partner with local leaders to get fibre in the ground.
As a public company we’re delivering solutions, not just aspiration.

FY25, or Horizon 1, marked the foundation of our 10-year journey. We’ve
completed key initiatives and made solid progress, now shifting our focus
to simplicity and efficiency—doing less, becoming leaner, reinvesting in
capability, and prioritising scalable growth.

3

Horizon 2 spans the next five years to 2030, when the benefits of these
changes will be progressively realised, shaping Chorus into a simpler,
more efficient, innovative, and competitive business.
Horizon 3 is where we transition to a single technology, fibre, having
retired copper fully by 2030 and ideally earlier.
Over this timeframe we firmly believe fibre’s advantages as the gold
standard in broadband will only grow in relevance.


Operationally, we continue to see accelerated demand for data.
Average monthly data usage at 668 gigabytes in September, is up from
623 in the prior year.
Annual network usage increased 10% over the prior year. To put that into
context, that is the equivalent of 29,000 years of continuous high
definition streaming. So we continue to see the shape of consumer
behaviour evolving and this only further plays to fibre’s strengths.

4


We've repositioned ourselves as a market challenger driving education
and awareness of fibre’s superiority vs other broadband technologies.
Our recent TV campaign highlighted the ‘potential’ shared limitations of
wireless broadband, where neighbourhood traffic competes with your
living room at peak times, vs the dedicated connection of fibre.
Consumer surveys run in parallel also confirm the growing awareness of
these differences, with fibre well ahead of 4G and 5G fixed wireless on net
promoter scores and preference.
With a stronger economy and shifting technology trends, we’re confident
our uptake goals are within reach.

5


We continue to see clear opportunities for new infrastructure growth.
While the property development sector remains subdued, new build
volumes are stabilising at pre-COVID levels of around 20–25,000 lots per
year, with around 80% of new homes activating fibre within five years.
Connectivity growth remains steady across cell sites and smart locations,
with emerging opportunities in data centre and mobile infrastructure
connectivity.

6


As we continue to optimise for an all-fibre future, we’re seeing positive
pathways emerge to Regulatory simplification.
The Commerce Commission’s recent recommendation for the deregulation
of copper services is very encouraging.
The decision strongly recognised the availability of alternative modern
technologies for rural voice and broadband services and highlighted the
continued decline in copper demand.
This is complemented by a review of outdated legacy constructs such as
the TSO and Chorus’ shareholder cap, led by the Ministry for Regulation.
Both play a vital role in shaping a regulatory framework that prioritises
investment where it delivers the greatest benefit for New Zealanders.
More broadly, we are on track to retire copper in fibre served areas by
end-2026, with full retirement by 2030 – or ideally sooner – through a
clear, people centric transition across industry, government, and
communities. We look forward to a resolution that will provide certainty to
rural customers and a migration path to alternative services.
Looking to Copper Recovery, we expect this programme to step up in
CY2026 as the urban retirement of copper completes. Estimated net

7

proceeds could still be in the order of $30 million to $50 million over 3 to
7 years.
As a flow on, Copper retirement also enables us to optimise other
property assets as they become non-core. But as we’ve said, this will
happen progressively over our Horizon 2 timeframe.
Finally, as Mark outlined earlier, we were also pleased to recently have
the Government’s Infrastructure Commission endorse our proposal to
expand fibre to 95% of New Zealanders.
This was the only private sector submission to be endorsed, recognising
rural connectivity as a critical national issue. This would see around $17
billion in economic value creation over the next decade across 1,000
communities for 160,000 families and businesses.
Focusing on infrastructure that delivers economic growth for New Zealand
is critical.
These are the kinds of choices that matter now, because they compound
over time. But as we note, whilst the economic benefits of expanding
fibre to communities is substantial, so are costs of deployment, and that
therefore necessitates public investment.

8

Our strategy is underpinned by our belief that fibre will continue to serve
consumer needs well into the future.
As we look ahead to 2030 (our Horizon 2), the likely thematics favour a
fibre world, where we see:
> 1tb will become the average data usage per month
> Multigigabit plans will be mainstream (vs <10k today)
> Linear TV that has largely shifted to IP streaming
> Content quality and adoption of 4K and beyond continues, and where
> Copper has been retired.
And through this we expect fibre to still be the gold standard as the most
reliable, scalable and future fit for purpose BB technology.



In summary, this year we’ve continued to demonstrate the strength and
resilience of both our digital infrastructure and our earnings, despite
ongoing economic headwinds. While conditions are expected to improve,
that recovery will realistically begin from early 2026.

9

Innovation remains a key differentiator. We’ll continue to drive greater
awareness of fibre’s superiority—particularly as AI accelerates demand for
high-performance connectivity.
We’re actively progressing strategic opportunities. Some are already
delivering returns, while in others we’ve had the discipline and clarity not
to proceed.
On the regulatory front, emerging pathways offer potential for favourable
near-term shifts, addressing outdated constructs. Copper retirement in
fibre areas is now within sight and will increasingly unlock value from
non-core assets.
And we’ve laid the foundation for our strategic reset and entered Horizon
2, focused on growth, simplicity, and efficiency. Our conviction in fibre—
now and for the future—remains absolute. It is technologically superior in
every way that matters.
ENDS

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Annual Shareholder Meeting 2025
Annual Shareholder
Meeting
5 November 2025
Unleashing potential through connectivity
Enabling better futures for Aotearoa

Annual Shareholder Meeting 2025
Agenda
2
Introduction and Chair’s address
CEO address
Resolutions
Shareholder Questions
1
2
3
4

Annual Shareholder Meeting 2025
How to participate in virtual meetings (Q&A)
3
Shareholder & Proxyholder Q&A participation
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Annual Shareholder Meeting 2025
How to participate in virtual meetings (voting)
4
Shareholder & Proxyholder voting
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Annual Shareholder Meeting 2025
Your Board, independent directors
5
MARK CROSS
CHAIR
SUE BAILEY
NEAL BARCLAY
MIRIAM DEAN
WILL IRVINGKATE JORGENSENJACK MATTHEWS

Annual Shareholder Meeting 2025
FY25 Overview: consistent, reliable result
6
*Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised
meaning for comparison between companies
** As at 31 December

Annual Shareholder Meeting 2025
FY25 Overview: continued progress on sustainability
7
*10% more data traffic in FY25, but reduced electricity usage by 5% by removing legacy equipment
** fibre broadband has a much lower fault rate than copper (~5% vs ~30% per annum) and is widely recognised as the most energy efficient broadband technology
Note: our scope 2 emissions were increased in FY25 due to a 39% increase to the Ministry for the Environment purchased energy emissions factor - 2025 Emissions Factors Workbook (summary of changes)
https://environment.govt.nz/publications/measuring-emissions-guide-2025/
SBTi: 62% REDUCTION BY FY30
962
644
9,574
7,233
FY20FY25
Scope 1Scope 2
SCOPE 1 & 2 EMISSIONS
REDUCTION FROM FY20 BASE
YEAR (TONNES CO
2
e)
25%
99% TOTAL
LANDFILL WASTE
DIVERTED
5% ELECTRICITY
REDUCTION VS
FY24*
41% FEWER COPPER
CONNECTIONS VS
FY24**
8.4/10
ENGAGEMENT
SCORE
0.99 TRIFR vs
INDUSTRY
BENCHMARK 14.27
2,621 DIGITAL
EQUITY
CONNECTIONS

Annual Shareholder Meeting 2025
Your Board’s focus areas
EMPOWERING
OUR PEOPLE
FIBRE IS
FUTURE-PROOFED
MANAGED EXIT
FROM COPPER
BE AN ACTIVE
WHOLESALER
PRIORITISE LONG
TERM VALUE
CONSIDERED
APPROACH TO NEW
OPPORTUNITIES
APPROPRIATE
CAPITAL STRUCTURE
8
Cu
PROMOTE DIGITAL
EQUITY
80% FIBRE UPTAKE
BY 2030

Annual Shareholder Meeting 2025
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
A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS
9

Annual Shareholder Meeting 2025
Strong returns for our shareholders
10
TOTAL SHAREHOLDER RETURNS (TSR) PERFORMANCE
(% return)
14
17
19
23
21
25.5
28.5
34.5
FY22FY23FY24FY25FY26*
interimfinal
57.5
60
DIVIDEND (cps)
35
42.5
47.5
*subject to no material adverse changes in circumstances or outlook
-25
-15
-5
5
15
25
35
45
55
30 June 202030 June 202130 June 202230 June 202330 June 202430 June 2025
ChorusNZX50
30 June
2020
30 June
2021
30 June
2022
30 June
2023
30 June
2024
30 June
2025
CAGR
11%

Annual Shareholder Meeting 2025
Impact of fibre investment on NZ economy
$31b
Total GDP impact
2012-2023
Source: Deloitte (2024) – Unleashing fibre: The future of digital fibre infrastructure in New Zealand
$163b
Total GDP impact
2024-2033
11

Annual Shareholder Meeting 2025
A digital economy for all
•Everyone deserves access to digital infrastructure
•Fibre fuels innovation
•NZ must lead, not lag
•Where fibre can’t go, wireless and satellite step in
A digital
economy
for all
•400k households are digitally excluded – cannot afford the
package of meaningful digital access
•Chorus is acting now but this needs scale & collaboration
•Digital equity isn’t optional, it’s essential for full
participation in today’s economy
12
Bringing fibre
to more
communities
Social
obligation to
drive digital
equity
•Community co-funded fibre build
•Important to expand fibre where viable

Annual Shareholder Meeting 2025
Chief Executive’s
Address
Mark Aue
13

Annual Shareholder Meeting 2025
Strategy on track

Annual Shareholder Meeting 2025
Transition from Horizon 1
15

Annual Shareholder Meeting 2025
Data usage accelerating on our robust & scalable fibre network
16
TRAFFIC ON FIBRE NETWORK
(PETABYTES)
7,974
8,741
FY24FY25
312
668
0
100
200
300
400
500
600
700
Jun-20Sep-25
CopperFibre
MONTHLY AVERAGE DATA USAGE PER
CONNECTION (GIGABYTES)
peak traffic
events
increasing
linear TV to
IP
satellite
broadcasting
to IP
Up 10%
YoY
+767 petabytes
= 29,000 years
of HD streaming
Up 46%
since
Jun-20
1 petabyte = one million gigabytes

Annual Shareholder Meeting 2025
Tailwinds support our 80% uptake ambition
17
*Source: Consumer Monitor Survey, 6 months to July 2025
99%
Fibre
99%
Fixed Wireless
VS
Awareness: Have at least heard of the internet type*
Preference: It would be their first choice for their internet
connection at home*
64%
Fibre
13%
Fixed Wireless
VS
•
FY26 focus on targeted in-market activity including marketing to end customers, targeting underpenetrated segments &
inactive fibre addresses, bundlers seeking increased fibre share, MNO high FWA data user migration and ongoing digital
equity trial

Annual Shareholder Meeting 2025
Steady demand for infrastructure connectivity
18
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
FY20 FY21 FY22 FY23 FY24 FY25
OrdersCompleted
NEW PROPERTY DEVELOPMENT PIPELINE – LOTS PASSED
•
Data centres: e.g. new Express Connect service to
simplify and accelerate DC connectivity; enables
remote provisioning
•
Mobile infrastructure: e.g. backhaul demand to
new cellsites
•
Smart locations: e.g. CCTV, traffic lights
•
Legacy services: some revenue headwinds as we
retire copper services and obsolete enterprise fibre
systems
Cu
order
pipeline
stabilising
at 20k-25k

Annual Shareholder Meeting 2025
Only 9,000*
copper lines
remain in
Chorus fibre
zone
Copper recovery: Expect
net proceeds of $30m-
$50m over ~3-7 years,
subject to market prices,
extraction costs etc.
Optimising for an all-fibre future
19
•
Pathway to regulatory simplification:
•
Commerce Commission: Copper services
deregulation – positive Commerce Commission
recommendation to Minister
•
Ministry for Regulation: Telco sector review
•
Copper retirement on track for 2030
•
Copper recovery presents opportunity
•
Asset optimisation
•
Rural network fibre expansion
•
Expected step up in AI driven data
*as at 30 September 2025

Annual Shareholder Meeting 2025
Looking ahead to 2030
20
New Zealand lead the global shift to fibre; demand for high-quality broadband networks – characterised by high speeds,
high reliability and low latency – continues to grow as data hungry digital applications become integral to economies and
daily life

Annual Shareholder Meeting 2025
Simpler, more efficient, more competitive
•
Business remains resilient, ongoing
economic headwinds expected in H1
•
Horizon 1 foundations complete,
transitioning to Horizon 2 with focus on
growth, simplicity & efficiency
•
Continue to strive for 80% fibre uptake
by 2030
•
Innovation is a key differentiator in
fibre’s superiority; AI will only
exacerbate this
•
Emerging pathways for copper
retirement
•
An investment in digital infrastructure is
for today and future generations

Annual Shareholder Meeting 2025
Resolutions
Mark Cross, Chair

Annual Shareholder Meeting 2025
Resolutions
23
1.That Ms Sue Bailey be re-elected as a Chorus director
2.That Mr Will Irving be re-elected as a Chorus director
3.That Mr Mark Cross be re-elected as a Chorus director
4.That the Board be authorised to fix the fees and expenses of KPMG as auditor

Annual Shareholder Meeting 2025
How to participate in virtual meetings (voting)
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Shareholder & Proxyholder voting
SHAREHOLDER & PROXYHOLDER VOTING
Once the voting has been opened, the resolutions and voting
options will allow voting.
To vote, simply click on the Vote tab, and select your voting
direction from the options shown on the screen.
Your vote has been cast when the tick appears.
To change your vote, select ‘Change Your Vote’.

Annual Shareholder Meeting 2025
Resolution 1: Re-election of Ms Sue Bailey
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That Ms Sue Bailey be re-elected as a Chorus director.
SUE BAILEY
Director since 31 October 2019
Independent

Annual Shareholder Meeting 2025
Resolution 2: Re-election of Mr Will Irving
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That Mr Will Irving be re-elected as a Chorus director.
WILL IRVING
Director since 26 October 2022
Independent

Annual Shareholder Meeting 2025
Resolution 3: Re-election of Mr Mark Cross
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That Mr Mark Cross be re-elected as a Chorus director.
MARK CROSS
Director since 1November 2016
Independent

Annual Shareholder Meeting 2025
Resolution 4: Auditor’s fees and expenses
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That the Board be authorised to fix the fees and expenses of KPMG as auditor.

Annual Shareholder Meeting 2025
Questions?
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Annual Shareholder Meeting 2025
Feedback
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We welcome your feedback.
If you have additional questions, please email:
company.secretary@chorus.co.nz

Annual Shareholder Meeting 2025
Disclaimer
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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 2025 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.