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

23 February 2026

Chorus half year result
The following are attached in relation to Chorus’ half year result for the period to
31 December 2025:

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:
Megan Heffield
Media and Content Manager
Phone +64 22 058 2619
Email: megan.heffield@chorus.co.nz

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

---

Page 1 of 3



23 February 2026
Robust half year performance for Chorus supports next phase of growth and efficiency

Chorus today reported a robust financial performance for the six months ended 31 December 2025 (HY26),
underpinned by continued fibre growth, efficiency and simplicity gains, and strong capital discipline as it
transitions to an all-fibre network operator.
CEO Mark Aue said Chorus’ ability to deliver this result amidst a challenging economic backdrop and
constrained consumer spending underlined the strength of its fibre-led strategy.
“We have a clear aspiration to become a simplified all fibre business with 80% uptake by 2030, and this result
is a culmination of the work we’ve done over recent years to reshape Chorus for the future,” he said.
“As we shift into the second horizon of our strategy, we are focussed on growth, simplicity and efficiency.”
Growth: fibre momentum underpins long-term value accretion
Solid net customer uptake for fibre during the half continued, with total fibre connections increasing by
approximately 31,000 to 1.13 million, representing 95% of total fixed connections. Fibre uptake reached 72.4%
of serviceable addresses outside local fibre company areas.
Fibre broadband revenue increased 7% to $387 million, supported by ongoing connection growth and pricing
changes implemented in January 2025. Total operating revenue increased to $506 million, with growth in fibre
revenues more than offsetting the expected decline in legacy copper services as customers continue to
migrate to fibre and alternative technologies.
Fibre connection trends continue to improve, with over 80% of fibre customers now on 500Mbps plans or
higher, and demand for gigabit-plus plans holding steady at a quarter of the base.
Chorus undertook a nationwide fibre speed boost initiative in June 2025, which increased base plan speeds to
100Mbs and 500Mbs. Mr Aue said the business is starting to see encouraging trends, with long term offnet
premises reactivating to the fibre network.
“Fibre is exceptionally well positioned for the data heavy future ahead, from cloud services, multiple-device
use to the accelerating impact of AI, ensuring Kiwi homes and businesses can keep pace with rapidly rising
bandwidth demands.”
The average number of internet connected devices per household has almost doubled over the past five years,
and is expected to do the same over the next five years. Monthly average data usage per connection continues
to grow, reaching 722GB in January 2026.
Key HY26 Results
• Operating revenue of $506 million (HY25: $500 million)
• Operating expenses reduced by $5 million from HY25 to $149 million
• EBITDA of $357 million (HY25: $346 million), up 3% year on year
• Net profit after tax of $15 million (HY25: net loss of $5 million)
• Interim dividend of 24 cps, up 4% from HY25
• Total fibre connections increased by 31,000 to 1,129,000 year on year
• Fibre uptake increased to 72.4% of serviceable addresses (HY25: 71.7%)
• Copper connections reduced by approximately 60,000 year on year, with only 3,000 remaining in
Chorus fibre areas and full withdrawal expected by mid-2026

Page 2 of 3

“Our purpose is anchored in enabling better futures for Aotearoa at an intergenerational level. In many cases,
a driving role we play is through connectivity,” said Mr Aue.
“We are highly attuned to the portion of the population currently excluded from the benefits that connectivity
unlocks. Nearly 400,000 households cannot afford a package of meaningful digital access – a challenge felt in
every region and community across the country.”
“We know we have a role to play in helping address this, and so we are very proud to be launching our Equity
Fibre product, designed to provide affordable and accessible connectivity. This will be available to households
who meet clear affordability and need-based criteria, and will be a key tool in our digital inclusion efforts.
We’re highly committed to driving progress in this space.”
Simplicity: progressing the transition to an all-fibre business
Chorus continued to simplify its network and operating model in line with ongoing decline of copper
connections during the half. At 31 December 2025, only around 3,000 copper lines remained in Chorus fibre
areas, with full withdrawal from those areas expected by mid-2026.
Total fixed line connections declined year on year as expected, reflecting the managed exit from copper, while
fibre now represents the overwhelming majority of Chorus’ connections and revenues.
“As severe weather events become more common across New Zealand, fibre’s resilience is becoming a crucial
advantage with far fewer weather‑related faults and significantly faster restoration than copper. This durability
has strengthened fibre’s position as essential national infrastructure – vital to New Zealand’s economic and
social wellbeing – at a time when households and businesses need fast, reliable connectivity more than ever,”
Mr Aue said.
“Copper has served New Zealand well for decades, but it no longer meets the current or future connectivity
needs of New Zealanders – as shown by the accelerating move away from copper services to superior
alternatives.”
Efficiency: strong capital discipline and a more balanced financial profile
Operating expenses were $5 million lower than the prior corresponding period, reflecting lower labour costs,
reduced consulting spend and savings from changes to the operating model, partly offset by non-tradeable
inflation.
Network maintenance costs reduced by $7 million, supported by declining fault volumes as fibre penetration
increases, while depreciation and amortisation reduced by $19 million following the full depreciation of copper
cables in Chorus UFB areas in the prior period.
“As fibre continues to be the superior network, we’re seeing tangible benefits in lower overall fault volumes
and maintenance cost, without compromising network performance or safety,” Mr Aue said.
Gross capital expenditure reduced to $158 million, down $41 million from the prior period, driven in part by
lifecycle planning and project timing shifts into the second half of the financial year. Investment remains
focused on sustaining network quality and targeted growth, supported by third party contributions.
“We’re being deliberate about how and where we invest,” Mr Aue said. “That discipline is critical as we
balance network performance, financial strength and long-term value creation.”
Interim dividend
Chorus will pay an unimputed interim dividend of 24 cents per share on 14 April 2026. The dividend
reinvestment plan will not be available for the interim dividend.

Page 3 of 3

Outlook
Chorus’ FY26 EBITDA guidance range remains unchanged, at between $710 million to $730 million and is
tracking to the upper half of the range. The expected FY26 dividend of 60 cents per share unimputed remains
unchanged, subject to no material adverse changes in circumstance or outlook.
“Demand for reliable, high-quality connectivity remains strong, and fibre is increasingly recognised as essential
infrastructure for households, businesses and communities,” Mr Aue said. “Our focus this horizon is on
maximising the value of our fibre network, while continuing to support customers as their data needs grow.”
ENDS

Chorus Chief Executive Mark Aue and Chief Operating Officer Drew Davies will discuss the HY26 result at a
briefing from 10.00 am on Monday, 23 February 2026 (NZST). The webcast will be available at
www.chorus.co.nz/webcast.

For further information:

Megan Heffield
Media and Content manager
ph: + 64 22 058 2619 | e: Megan.Heffield@chorus.co.nz

Aleida White
Head of Investor Relations
m: +64 (21) 155 8837 | e: aleida.white@chorus.co.nz

---

HY26 RESULTS PRESENTATION
HY26 Results
Presentation
For the six months ended 31 December 2025
Unleashing potential through connectivity
Enabling better futures for Aotearoa

HY26 RESULTS PRESENTATION
Disclaimer
2
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’ interim consolidated financial statements for the six months ended 31 December
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. EBITDA is reconciled in the Notes on page 12 of the HY26 interim 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.

HY26 RESULTS PRESENTATION
Agenda
3
4-5
6-8
9
10
11-12
•
HY26 overview
•
Lead
•
Expand
•
Adapt
•
Pioneer
Mark Aue, CEO
14-16
17-20
21
•
Financial results
•
Capex, leverage and debt
•
Dividend and FY26 guidance
Drew Davies, COO
23-25
•
Digital equity and outlookMark Aue, CEO
27
28-31
32-33
34
•
Our strategy
•
Pricing and market data
•
Additional financial information
•
NZ macro data
Appendices

HY26 RESULTS PRESENTATION
1,129
1,115
1,098
1,084
1,062
HY26
2H25
HY25
2H24
HY24
5.1
4.9
4.8
4.4
0.9
1.0
1.1
1.3
2025
2024
2023
2022
REGULATORY ASSET
BASE-RAB ($b)
3
CORE RAB
FINANCIAL LOSS ASSET
228
302
257
256
257
HY26
2H25
HY25
2H24
HY24
OPERATING CASH
FLOWS ($m)
15
9
(5)
(14)
5
HY26
2H25
HY25
2H24
HY24
NET EARNINGS
/(LOSS) ($m)
24.0
34.5
23.0
28.5
19.0
HY26
2H25
HY25
2H24
HY24
DIVIDEND (cps)
158
216
199
195
232
HY26
2H25
HY25
2H24
HY24
GROSS CAPEX ($m)
357
359
346
353
347
HY26
2H25
HY25
2H24
HY24
EBITDA
1
($m)
506
514
500
507
503
HY26
2H25
HY25
2H24
HY24
REVENUE ($m)
HY26 Overview
4
Robust half year
performance delivered in
HY26 vs HY25 through
efficiencies and discipline
•
Fibre revenue growth
+7%, fibre uptake at
72.4%
•
Continued strong cost
management from
changed operating model,
lower copper, partly offset
by non-tradeable inflation
•
Underlying operating
cash flows
2
in line with
HY25
•
Gross capex at $158m,
HY26 projects lower with
key project delivery in H2
•
Core RAB & Total RAB
continue to grow
•
Interim Dividend up
4% to 24cps for HY26
+
3
%
vs HY25
+
3
%
vs HY25
+
4
%
vs HY25
+
$20
m
vs HY25
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 cash flows from operating activities was proforma $257m when adjusted for one customer payment usually received in December but was received in early January 2026
3.Closing amount at 31 December. CY25 RAB unaudited.
FIBRE CONNECTIONS (k)
2

HY26 RESULTS PRESENTATION
Long term strategy, well set up for Horizon 2
5
Foundations set, continuing to build capability through new leadership.
Growth options in fibre remain. Alive to infrastructure opportunities but will
take time to commercialise.
BUILDING MOMENTUM AS WE ENTER FOUR-YEAR HORIZON 2 PHASE
PROGRESS
•
clear cut-through on brand fibre messaging
•
accelerating copper retirement, only 3k copper lines in UFB area
•
efficiency & simplicity gains in cost base; strong capital discipline
•
solid debt profile; refinanced EMTN at good rate/tight pricing
•
positive outlook for regulatory change
LAUNCHING
•
copper recycling trial completed, moving to formal operating programme
•
multi-year programme established for property optimisation
•
digital equity phase one in roll out
•
leveraging core IT infrastructure for AI enablement
EVALUATING
•
disciplined approach to infrastructure opportunities. Evaluating and
anticipate update at FY
•
fibre infill build vs expansion - 200k premises previously passed but not
installed

HY26 RESULTS PRESENTATION
Fibre growth continues with uptake now at 72.4%
6
* based on independent address data and Chorus network data for addresses passed by fibre; excludes Chorus fibre in Local Fibre Company (LFC) areas
** not active at quarter end
69.5
70
70.5
71
71.5
72
72.5
73
0
250,000
500,000
750,000
1,000,000
1,250,000
1,500,000
31-Dec-2331-Dec-2431-Dec-25
Fibre connectionsInactive fibre sockets**
Addresses passedFibre uptake (%)
FIBRE UPTAKE IN CHORUS FIBRE AREA
(% ADDRESSES PASSED)
Addresses
passed
%
uptake
•
fibre uptake at 72.4% (HY25:71.7%): later UFB2 areas +3%
to 63%; earlier UFB1 areas at 75%
•
Porirua fibre uptake at 83%, Auckland & Nelson at 76%
•
fibre footprint grew 26k from HY25 to 1,546,000 addresses
passed* at 31 December 2025
CHANGE IN MASS MARKET CONNECTIONS IN CHORUS
FIBRE AREA (‘000s)
15
17
14
-10
-5
-4
-7
-6
-6
-20
0
20
HY25H2 FY25HY26
FibreCopper broadbandCopper voice
•
continued growth in Chorus fibre outside of copper withdrawal
programme
•
lower proportion of fibre connections in HY26 came from copper than
in HY25

HY26 RESULTS PRESENTATION
>4 out of 5 customers on 500Mbps plan or higher
7
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
Dec-24Jun-25Dec-25
FIBRE CONNECTIONS BY PLAN*
2Gbps+1Gbps500Mbps300Mbps
200Mbps100Mbps<100MbpsVoice
* Residential 50Mbps & 300Mbps plans were boosted to 100Mbps & 500Mbps respectively in mid-June-25
** Consumer Monitor survey, Nov’25; this compares to 8.7% for fibre HFS and 27.0% for FW pre-Boost
500Mbps
58%
1Gbps+
25%
Fibre connection trends continue to improve
•
stable demand for 1Gbps+ and strong demand for HFS
•
total fibre churn reducing, plateauing of FWA?
•
Residential speed boost mid-June 2025:
•
some RSPs concurrently changed pricing causing
movement between providers and plan mix
•
100Mbps seeing higher reactivation of long term offnet
fibre premises (+24% offnet > 3 months, +34% offnet >
1 year, +62% offnet >2 years)
•
500Mbps+ plans downgrades stabilising post-boost
•
500Mbps disconnections reducing, greater appeal of the
higher speed mainstream plan
•
‘intention to switch’ research continues to highlight fibre
tenure over FWA. Fibre at 6.7% (100Mbps) vs 23.6% for
FW**
100Mbps
15%

HY26 RESULTS PRESENTATION
8
Data usage continues to accelerate; 722GB in Jan’26
339
699
0
100
200
300
400
500
600
700
Dec-21Dec-22Dec-23Dec-24Dec-25
CopperFibre
MONTHLY AVERAGE DATA USAGE PER CONNECTION
(GIGABYTES)
•
average peak usage increased 14% year on year
•
14 peak traffic events in CY25 from large game updates & live sport
streaming events, eg All Blacks/Warriors game on same evening;
maximum peak traffic peak of 5.4Tbps
•
higher average number of internet connected devices per household
(13 in 2020 vs 25 in 2025; expected to lift to 44 in 2030)**
DATA TRAFFIC
(PETABYTES*)
8,327
9,140
CY24CY25
+9.8%
* 1 petabyte = one million gigabytes
** source: Omdia
•
monthly average fibre data usage continues to grow: 699GB
for Dec’25, up 9% vs 644GB in Dec’24; rising to 722GB in
Jan’26, up 12% from Jan’25
•
~20% of fibre customers used >1 terabyte of data in Dec’25
(Dec’24: ~18%)
+813
petabytes
= 31,000
years of HD
streaming

HY26 RESULTS PRESENTATION
Infrastructure – disciplined investment approach
9
Data centres (DC’s):
•
Express Connect now in 5 DC’s giving businesses
fast & reliable way to move their data from order to
service; growing to 11 sites by end FY26, ~30 by
end FY27;
•
simplifying our wider backhaul network (cellsite,
enterprise & data connectivity) helping Chorus
remain competitive to better support growing needs
of cloud services, AI & DC-to-DC transport
Mobile infrastructure: backhaul demand to new
cellsites; 7% growth HY26 in cellsite connections,
customers moving from legacy products to new more
cost effective products
Smart locations: e.g. CCTV, traffic lights, steady
demand for fibre to Smart Locations with a clear “fibre
first” customer preference
Legacy services: near completion of migration of
services off Chorus old Regional Ethernet Network. Great
partnership with channel partners to deliver to this
outcome
New Property Development:
•
11k+ lots passed in HY26 with 23k+ lots in delivery
pipeline for H2. We remain on track to deliver 20-
25k p.a run-rate
•
pent-up demand during softer economy starting to
show up in incoming NPD volumes; building consent
volumes up 9.0% (12mths to Dec-25)*
Neura: Proof of value trials completed to assess market
and scalability. Subscale, the Neura brand has been
divested with investment reprioritised
Regional Edge Centres: strategy development
underway to assess the role of Chorus exchanges in
future regional data centre offering, reflecting reduced
internal space requirements & emerging demand for
regional capacity
* source: StatsNZ

HY26 RESULTS PRESENTATION
Becoming a great network operator; regulatory update
10
Copper services deregulation:
•
Actively working with Government to establish a clear,
efficient process for retiring copper services outside fibre
areas
Telco sector review:
•
Telco sector review completed, recommendations currently
with Government
•
Opportunity to streamline legacy regulatory settings
including TSO framework and Chorus shareholder cap
Fibre services simplification:
•
Input Methodologies review and targeted deregulation reviews
(transport and voice) ongoing
•
Expect draft decisions on risk-free rate methodology, capital
expenditure rules and the deregulation of transport services in
the next month
Ken Walliss
Executive GM, Access
Martin Sharrock
Chief Technology Officer
OPERATING MODEL EVOLUTION, TEAM CHANGES
•
Focus on efficiency and simplicity driving YoY cost reductions,
FTE’s of 751 vs 849 at Dec’24
•
Copper retirement progressing with ~400 additional cabinets
powered down in HY26, expect to be fully retired in Chorus
UFB area by mid-2026
•
Building capability: new executive appointments; building
consolidated Data & Analytics function; AI integration
REGULATION

HY26 RESULTS PRESENTATION
Chorus fibre area copper retirement by mid-2026
92,000
80,000
68,000
54,000
20,000
14,000
11,000
6,000
45,000
28,000
13,000
3,000
FY24HY25FY25HY26
Non-fibre areaLFC fibre areaCNU fibre area
92,000
157,000
0
2
4
6
8
Chorus UFB LFC UFB Rest of NZ (non
UFB)
H1 FY24H2 FY24H1 FY25H2 FY25H1 FY26
•
total copper volumes reduced by 5k, ~$4m reduction in copper
spend HY26 vs HY25
COPPER – REACTIVE SPEND BY AREA
($m)
REMAINING COPPER LINES
(CONNECTIONS)
63,000
•
3k lines remain in service in Chorus fibre areas; shutdown
expected by mid-2026
•
60k copper lines outside of Chorus fibre area, down 36% from
HY25; LFC shutdown by end-2026, non-UFB shutdown by 2030
11
122,000

HY26 RESULTS PRESENTATION
Driving strategic opportunities
12
Property
optimisation
Copper recycling
Fibre Expansion
•
Chorus proposed PPP fibre expansion to 95% of population
•
Endorsed by Infrastructure Commission as offering significant opportunity, but independent of funding
•
Co-ordinated government rural connectivity strategy needed, ongoing conversation with government but
moved down priority list with lack of government funding
•
Chorus focus switching to fibre infill, connecting addresses previously passed (+200k)
•
Transitioned from successful trial, now operationalised with activity to ramp up from 2H FY26
•
Expected net proceeds of $30m-$50m over ~3-7 years, subject to market prices, extraction costs etc
•
Historic high for metals pricing would see returns at the top end of range
•
Advancing work on alternative owners for initial tranche of high sites (test case)
•
Established a multi-year programme to assess options across the property portfolio as Chorus transitions
toward an all-fibre footprint
•
Sequencing aligned with copper retirement timetable

HY26 RESULTS PRESENTATION
Financial
performance

HY26 RESULTS PRESENTATION
Income Statement
14
•
copper asset depreciation accelerated in prior periods
•
early tender of the EUR300m Notes with $9m of settlement costs.
Weighted average interest rate fell from 5.7% to 4.9%
•
fibre connection & ARPU growth partially offset by legacy revenue
decline
•
cost savings from changed op model, lower consulting costs &
lower copper costs, partly offset by higher rates & lines charges
COMMENTARY: H1 FY26 vs H1 FY25
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
500514506Operating revenue
(154)(155)(149)Operating expenses
346359357
Earnings before interest, tax,
depreciation & amortisation
(EBITDA)
(235)(239)(216)Depreciation & amortisation
111120141
Earnings before interest &
income tax
(109)(101)(115)Net finance expense
21926Net earnings before income tax
(7)(10)(11)Income tax expense
(5)915Net earnings / (loss)

HY26 RESULTS PRESENTATION
Revenue
15
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
361384387Fibre broadband (GPON)
323232Fibre premium (P2P)
423324Copper connection revenues
343032Field services products
171817Infrastructure
131313Value added network services
141Other
500514506Total
•
ARPU grew to $57.73 in HY26 from $55.34 in HY25 noting that
price changes were deferred by a quarter in HY25 to Jan’25; fibre
connections +31k / +3%
•
copper service revenues reduced $18m as connection volumes
declined 48% to 63k
•
greenfields revenue $9m (HY25: $12m), roadworks $5m (HY25:
$6m); partly offset by higher brownfields revenue
•
H2 FY25 included $3m net gain from copper cable recycling
COMMENTARY: H1 FY26 vs H1 FY25
•
legacy revenues stable

HY26 RESULTS PRESENTATION
Expenses
16
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
434241Labour
252218Network maintenance
202021IT
172022Other network costs
141316Rent, rates & property maint.
111112Electricity
575Advertising
632Consultants
564Regulatory levies
333Insurance
585Other expenses
154155149Total
•
lower headcount from operating model changes, partly offset by
lower labour capitalisation rate 42% vs HY25:45%
•
lower copper faults from lower copper connections (truck rolls -22%)
•
upgrading to cloud-based systems partly offset by continued exit of
legacy systems
•
included higher incentives from better service levels, higher
engineering activity & timing differences on project spend
•
Auckland & Wellington rate increases by ~60% & ~90% respectively
•
lower spend as prior half included expenses related to exploration of
new revenue opportunities
COMMENTARY: H1 FY26 vs H1 FY25
•
increased lines charges partially offset by lower consumption

HY26 RESULTS PRESENTATION
Capex
17
79
111
94
79
105
105
H1 FY26H2 FY25H1 FY25
Sustaining capexDiscretionary growth
GROSS CAPEX BY CATEGORY
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
9411179Sustaining capex*
10510579Discretionary growth capex
199216158Gross capex
(24)(16)(20)Less: Third-party contributions**
175200138Net capex
* Sustaining capex is investment to maintain, replace or improve an existing asset
** Third-party contributions included $0.1m of government grants that were applied to the balance sheet for specific projects. Other contributions were recognised as revenue
158
216
199
•
gross capex reduced 21% H1 FY26 vs H1 FY25 to $158m
•
sustaining capex was 16% lower year on year at $79m

HY26 RESULTS PRESENTATION
RAB and Non-RAB capex, total RAB $5.98b*
18
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
RAB capex*
454327Extending the network – growth
545949Installations – growth
273429IT & Support – sustaining
352819Network capacity – sustaining
182617
Network sustain & enhance -
sustaining
-21Network sustain & enhance – growth
179192142Gross RAB capex
(18)(13)(17)Less: Third-party contributions**
161179125Net RAB capex
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
Non-RAB capex*
2(1)-Copper - growth
443Copper – sustaining
422Other – growth
101911Other – sustaining***
202416Gross non-RAB capex
(6)(3)(3)Less: Third-party contributions**
142113Net non-RAB capex
•
copper capex reduced to $3m and includes $3m of contribution-
funded activity, eg roadworks, rural connectivity upgrade
* CY25 closing RAB and H1 FY26 capex unaudited. Final allocation for H1 FY26 to be determined for 2026 Information Disclosure; H2 FY25 allocations unaudited and subject to 2025 ID
** Third-party contributions are deducted from RAB capex when calculating the value of RAB assets
*** Some ‘Other-sustaining’ capex may be reallocated to the RAB over time
•
lower RAB capex in some categories; RAB growth sustained by
3.1% indexation for the CY25 year

HY26 RESULTS PRESENTATION
Leverage Profile
19
170
200
500
200
97
820
822
325
105
167
210
112
207
364
2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
NZ Capital NotesNZ BondEUR MTN
AUD MTNCrown debt securitiesCrown equity securities
DEBT MATURITY PROFILE ($m)
30 Jun 2025
$m
31 Dec 2025
$m
Bank Covenant Calculation*
As at
2,7792,963Borrowings
242252
+ PV of CIP debt securities
(senior)
162158+ Net leases payable
3,1833,373Sub total
81161- Cash
3,1023,212Total net debt
4.40x4.49xNet debt/EBITDA
* Table based on bank covenant senior debt calculation that excludes capital notes
•
prior periods ND/EBITDA: FY25 4.40x; HY25 4.54x
•
current ratings agency thresholds:
•
Moody’s 5.25x Debt/EBITDA (~4.8x at HY26)
•
S&P introduced new digital infrastructure rating criteria, now
measured using a FFO-to-debt ratio with downside trigger of
below 9% (c.7.0x ND/EBITDA)
•
S&P FFO-to-debt ratio: HY26 17.0%; FY25 16.9%
•
financial covenants require senior debt ratio to be no greater
than 5.5x
•
Chorus issued EUR400m notes in Nov’25 and repaid EUR243m of
the EUR300m due in Dec’26
•
Revolving credit facility available: $450m ($0m drawn)
•
~70% of interest rate exposure fixed for 3 years

HY26 RESULTS PRESENTATION
Crown Funding Securities – divestment
20
NIFFCo equity securities
•
Unique class of security with no voting rights but a repayment
preference on liquidation
•
Dividends become payable in tranches from 30 June 2030 to
2036 at a rate of 6 pct over 180-day BKBM (likely to be
refinanced before dividends become payable)
•
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)
NIFFCo debt securities
•
Unsecured, non-interest bearing and carry no voting rights
•
To be redeemed in tranches from 30 June 2030 to 2036 by
repaying the issue price to the holder
TOTAL
30 June
2036
30 June
2033
30 June
2030
Crown securities
($m)
683.1683.1292.3111.7
Equity securities
(cumulative total)
481.6210.2166.7104.7
Debt securities
(maturity profile)
1,164.7TOTAL
On 17 December 2025, the NZ Government announced that
they would proceed with the sale process for UFB funding
securities
•
The Minister of Finance and the Minister for Infrastructure
accepted a recommendation from the board of National
Infrastructure Funding and Financing (NIFFCo) to commence
a sale process in relation to the securities NIFFCo holds in
Chorus Limited.
•
If the sale proceeds, it is expected to be completed in the
second quarter of CY2026
Chorus perspective
•
Undertaken due diligence, Chorus is not participating in the
the NIFFCo transaction
•
Ambivalent as to who owns the securities
•
A new holder cannot alter the terms of the securities without
Chorus’ agreement
•
If equity securities are sold to a non-crown entity, S&P may
treat equity securities as debt rather than equity, increasing
leverage to ~6.0x
•
We believe Moody’s will maintain the status quo with their
equity attribution (ie 50/50 debt/equity)

HY26 RESULTS PRESENTATION
Interim dividend 24cps; FY26 guidance range unchanged
21
•
FY26 interim dividend: 24cps, unimputed
•
record date: 17 March 2026
•
payment date: 14 April 2026
•
Dividend Reinvestment Plan not available
•
FY26 dividend guidance*: 60cps
•
dividends remain unimputed in the near term
•
FY26 EBITDA $710m to $730m**, tracking to upper half of
range
•
includes copper recycling at similar level to FY25
•
fibre price changes applies from January 2026
•
disciplined cost management
•
FY26 gross capex $375m to $415m, tracking to lower half
of range
•
range reflects allowances for potential offnet installation
initiatives and growth opportunities
•
FY26 sustaining capex $195m to $215m, tracking to lower
half of range
* net cash flows from operating activities was proforma $257m when adjusted for one customer payment usually received in December but was received in early January 2026
** subject to no material adverse changes in circumstances or outlook
14
17
19
23
24
21
25.5
28.5
34.5
FY22 FY23 FY24 FY25 FY26*
interimfinal
57.5
60
DIVIDEND (cps)
35
42.5
47.5
H1
FY25
$m
H2
FY25
$m
H1
FY26
$m
Capital Management ($m)
257302228
Net cash flows from
operating activities
*
(92)(113)(79)Less: Sustaining capex
165189149
Free cash flow for capital
allocation

HY26 RESULTS PRESENTATION
Outlook
22

HY26 RESULTS PRESENTATION
Driving digital equity
23
ENABLING BETTER FUTURES THROUGH ACCESS
AND AFFORDABILITY
•Opportunity for scaled impact: fibre foundational to NZ's social
and economic wellbeing; nearly 400,000 households unable to
afford meaningful digital access*
•Clear role for Chorus: Chorus well positioned to make a
meaningful contribution to digital inclusion
•From evaluation to launch: extensive research and engagement
informing Equity Fibre 100; actively engaging with retailers
•Community-led design: shaped by deep collaboration with
community, who will play a key role identifying and connecting
eligible families
•Industry collaboration essential: early interest from smaller,
community-focused RSPs; scaled impact dependent on broader RSP
participation, complementing their existing digital inclusion
approaches
OUR PURPOSE
Unleashing potential
through connectivity.
Enabling better
futures for Aotearoa
* 2023 Affordable Connectivity in Aotearoa report- Digital Equity Coalition Aotearoa (DECA)

HY26 RESULTS PRESENTATION
Optimising for an all-fibre future
24
•
fibre price change 1 January 2026
•
scalability of fibre handles demand shift, eg
increased software updates & AI
•
continuing to target specific segments, eg multi-
dwelling, retirement, 200k premises uninstalled
•
phase one launch of digital equity
•
pent-up demand during softer economy has started to
show up in incoming NPD volumes; consent volumes
increasing
•
next phase of simplification of legacy services will start
to retire older products
•
continuing to explore, select and form revenue
opportunity pools; disciplined approach to taking
projects forward
•
expect clarity on regulatory settings with decisions
pending by Q3
•
ongoing iteration of operating model as Chorus
settles into four-year Horizon 2 phase
•
UFB area copper retirement expected by mid-2026,
LFC area by end-2026, non-UFB by 2030
•
copper recyclingin operational mode from H2 FY26;
$30m-$50m net proceeds
•
property optimisation: significant & complex
portfolio; continuing to explore options for exchanges
and exit options for high sites aligned with copper exit
journey

HY26 RESULTS PRESENTATION
Simpler, more efficient, more competitive
•
Robust results against current macro
backdrop
•
Accelerating Horizon 2 with focus on
growth, simplicity & efficiency
•
Continue to target 80% fibre uptake by
2030
•
Copper retirement tangibly in sight
•
Innovation is a key differentiator in
fibre’s superiority; macro trends will only
exacerbate this
•
An investment in digital infrastructure is
for today and future generations

HY26 RESULTS PRESENTATION
Appendix
26

HY26 RESULTS PRESENTATION
Our strategy

HY26 RESULTS PRESENTATION
Pricing data
28
Price from
1 Jan'26
Price prior to
1 Jan’26
Product / Service
$40.50
(Retail price cap $70)
$38.00
(Retail price cap $65)
Home Fibre Starter (100/20Mbps)
$57.52 $53.96
Home Fibre 100Mbps
$58.73 $56.28
Home Fibre 500Mbps
$69.50 $66.19 Home Fibre 920Mbps
$76.90 $74.90 Home Hyperfibre 2000Mbps
$93.38 $90.95 Home Hyperfibre 4000Mbps

HY26 RESULTS PRESENTATION
Connections
29
Variance
31 Dec 2025 vs
30 Sep 2025
31 Dec 202530 Sep 202530 Jun 202531 Mar 202531 Dec 202430 Sep 2024
(6,000)14,00020,000
24,000 29,000 34,000 40,000
Baseband copper
(no broadband)
(5,000)24,00029,000
34,000 39,000 44,000 49,000
Copper ADSL (includes
naked)
(4,000)25,00029,000
34,000 39,000 44,000 49,000
VDSL
(includes naked)
-NMNM
NM NM 1,000 1,000 Data services (copper)
(15,000)63,00078,000
92,000 107,000 123,000 139,000
Total copper
7,0001,120,0001,113,000
1,106,000 1,098,000 1,089,000 1,083,000 Fibre broadband (GPON)
-9,0009,000
9,000 9,000 9,000 9,000 Fibre premium (P2P)
7,0001,129,0001,122,000
1,115,000 1,107,000 1,098,000 1,092,000 Total Fibre
(8,000)1,192,0001,200,000
1,207,000 1,214,000 1,221,000 1,231,000 Total connections*
*includes ~2.5k broadband connections Chorus is subsidising for lower socio-economic households

HY26 RESULTS PRESENTATION
Connections by zone*
30
Copper connections are declining
as Chorus retires its copper
network and customers migrate
to Local Fibre Company and fixed
wireless networks.
3,000Copper lines (no broadband)Other fibre
company
(LFC) zone
3,000Copper broadband lines
4,000Fibre broadband lines (GPON)
10,000TOTAL
Ongoing decline in copper
connections as customers migrate
to alternative mobile/fixed
wireless/satellite networks.
10,000Copper lines (no broadband)Non-fibre
addresses
(i.e.
Chorus
fibre not
available)
44,000Copper broadband lines
54,000TOTAL
Covers all addresses outside of
LFC UFB rollout zone where
Chorus fibre is available. Fibre
footprint is growing as a result of
network expansion and new
property development. Copper
connections are reducing as
Chorus retires its copper network.
1,000Copper lines (no broadband)Chorus
fibre zone
2,000Copper broadband lines
1,113,000Fibre broadband lines (GPON)
1,116,000TOTAL
-4
-2
-2
-4
-3
-1
-1
-2
-1
-2
-1
-1
-1
-1
-2
-2
-4
-5
-4
-6
-6
-5
-4
-4
-1
-2
-1
-1
-2
7
7
8
8
6
0
-10-50510
Q2 FY26
Q1 FY26
Q4 FY25
Q3 FY25
Q2 FY25
Q2 FY26
Q1 FY26
Q4 FY25
Q3 FY25
Q2 FY25
Q2 FY26
Q1 FY26
Q4 FY25
Q3 FY25
Q2 FY25
Copper line onlyCopper broadbandFibre broadband
* Indicative as at 31 Dec’25, excludes ~12k fibre premium and smart location connections
QUARTERLY CHANGE (‘000s) BY ZONE

HY26 RESULTS PRESENTATION
Market composition
31
NZ BROADBAND MARKET – BY RETAILER
NZ BROADBAND MARKET – BY TECHNOLOGY
0
500,000
1,000,000
1,500,000
2,000,000
SparkOne2degrees (incl Vocus)Mercury (incl Trustpower)Others
0
500,000
1,000,000
1,500,000
2,000,000
Chorus xDSLChorus mass market fibre
Chorus premium fibreLocal fibre companies (UFB)
Other fibre networksOther xDSL
One cableFixed (mobile) wireless
Legacy fixed wireless, satellite
Source: IDC

HY26 RESULTS PRESENTATION
Accelerated depreciation on Copper assets
32
0
20
40
60
80
100
120
FY22 FY23 FY24 FY25 FY26e FY27e
Rural area (cables, poles)LFC area (cables, ducts, poles)
Chorus area (cables)Estimate
COPPER ASSETS - ACCELERATED DEPRECIATION
Chorus fibre
area copper
cables fully
depreciated
in FY25
•
significant step-down in copper depreciation in FY26 as
accelerated copper depreciation rolls off

HY26 RESULTS PRESENTATION
Interest rate hedges
33
Current hedge profileAmount NZ$mBond
100% fixed for life of bond at 3.39%97
EMTN 2026
100% fixed for life of bond at 1.98%200
NZD 2027
100% fixed for life of bond at 6.21% from Dec 2023500
NZD 2028
Swapped to a margin over floating (BKBM) through cross currency interest rate swaps.
~67% fixed at 6.17%
820
EMTN 2029
100% fixed at 2.5%200
NZD 2030
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
325
AMTN 2030
Swapped to a margin of 1.28% over floating (BKBM) ~ 25% is fixed at 4.93%822
EMTN 2032
~90% fixed at 5.93% until first call in June 2031170
NZD 2056

HY26 RESULTS PRESENTATION
New Zealand macro-economic data
34
3.1%
0.0%
2.0%
4.0%
6.0%
8.0%
-0.5%
-2.0%
0.0%
2.0%
4.0%
6.0%
•
Unemployment rate: 5.4% (Dec-25)
•
Annual inflation rate: 3.1% (Dec-25)
•
New dwellings consented: 36,619 (12 months ended Dec-
25, up 9.0% vs 12 months ended Dec-24)
•
Net migration gain: 10,700 (12 months ended Nov-25)
2.25%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
RBNZ OFFICIAL CASH RATE (%)
Annual CPI (%)
12 MONTHLY ROLLING GDP (%)
Source: StatsNZ, RBNZ

---

Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025

Results for announcement to the market
Name of issuer Chorus Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$506,000 Up 1%
Total Revenue $506,000 Up 1%
Net profit/(loss) from
continuing operations
$15,000 Up 381%
Total net profit/(loss) $15,000 Up 381%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.24000000
Imputed amount per Quoted
Equity Security
$0.00000000
Record Date 17 March 2026
Dividend Payment Date 14 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security (in
dollars and cents per
security)
($0.10) $0.65
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 2025, 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
Aleida White
Head of Investor Relations
Contact phone number + 64 21 155 8837
Contact email address
Aleida.white@chorus.co.nz

Date of release through MAP

23/02/2026

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 17 March 2026
Ex-Date (one business day before the
Record Date)
16 March 2026
Payment date (and allotment date for
DRP)
14 April 2026
Total monies associated with the
distribution
1

$104,132,951
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$0.24000000
Gross taxable amount
3
$0.24000000
Total cash distribution
4
$0.24000000
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
0.0792000
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
Aleida White
Head of Investor Relations
Contact phone number + 64 21 155 8837
Contact email address aleida.white@chorus.co.nz
Date of release through MAP

23/02/2026





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