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


4 November 2026

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

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

The annual meeting is being held in person at the NZME iHeart Lounge, 2 Graham
Street, Auckland Central or can be accessed via Computershare’s online meeting
platform at:

https://meetnow.global/nz

Copies of these documents will be available on Chorus’ website later
today at https://company.chorus.co.nz/investors/services/your-
shareholding/annual-meetings.

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: 0800 763 000
Email: Shannon.Goldstone@chorus.co.nz

---

1


Chorus Annual Shareholder Meeting – 4 November 2026
Chair’s Address

Tēnā koutou katoa.
Good morning and welcome to Chorus’ 2026 Annual Shareholders’
Meeting. I’m Mark Cross, Chorus’ Chair.
We’re happy to be returning to a hybrid meeting, joining you in person
here in Auckland and online.
We have a quorum so I 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.
On to today’s agenda.


ANNUAL SHAREHOLDERS MEETING 2026
Agenda
1.Introduction and Chair’s address
2.CEO address
3.Resolutions
4.Shareholder questions
2

2


I’ll start today’s meeting 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.


I would firstly like to introduce your directors to you. Joining us are:
• Sue Bailey
• Neal Barclay
• Miriam Dean
• Will Irving
• Kate Jorgensen and
• Paul Reid
Kate is standing for re-election and Paul is standing for election today in
accordance with the NZX listing rules.
ANNUAL SHAREHOLDERS MEETING 2026
Your Board, independent directors
5
MARK CROSS
CHAIR
SUE BAILEY
NEAL BARCLAYMIRIAM DEAN
WILL IRVINGKATE JORGENSENPAUL REID

3

We also have with us today key personnel including most of our Executive
team who are based here in Auckland as well as representatives from our
auditors KPMG, and our legal provider Chapman Tripp.

Another strong annual performance
Before I cover off the FY26 year in review, I’d like to thank and
acknowledge our customers, our partners and our people. 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 a
strong result.
Our fibre connections continued to grow, up 3% vs FY25 and we
continued to see improvements across our key financial metrics.
EBITDA was $726 million, up from $705 million last year. Net operating
cash flows of $740 million were strong, up 4% on the prior year.
ANNUAL SHAREHOLDERS MEETING 2026
1,147
1,115
FY26
FY25
740
709
FY26
FY25
37
4
FY26
FY25
726
705
FY26
FY25
Another strong annual performance
6
+3%vs FY25+3%vs FY
25
+$33mvs FY25
1.Earnings before interest, income tax, depreciation and amortisation (EB ITD A) is a non-GAAP profit measure without a standardisedmeaning for comparison between companies. We monitor EBITDA as a key
performance indicator and we believe it assists investors in assessing the performance of the core operations of our business
FIBRE CONNECTIONS (k)
NET CASH FLOWS
FROM OPERATING
ACTIVITIES ($m)
EBITDA
1
($m)NET PROFIT ($m)
+4%vs FY25
SUSTAINED GROWTH ACROSS KEY MEASURES

4


Delivering value beyond financial performance
We’re also pleased with the results delivered across all our stakeholders
during the year.
Across our three purpose pillars of Resilient, Equitable and Future-Fit
Connectivity, which Mark will talk to shortly, we show that we’re
continuing to deliver value beyond financial performance. Network
reliability is of utmost importance. Our network is monitored 24/7 and we
have disaster response plans in place to help maintain or restore services
in an emergency. Fibre performance measures are reported to the
Commerce Commission, and we also track fault restoration at a customer
level. We continue to target improvements with our service companies
and retailers and we are driving more proactive intervention to prevent
and resolve faults.
With climate, we've reduced Scope 1 and 2 emissions by 43% from our
FY20 baseline. Electricity consumption reduced by 7% compared with
FY25, despite data traffic growing by 9% year on year.
Our people remain central to our success, as we build the skills and
mindsets to meet tomorrow’s needs. Employee engagement remained
strong, with an eNPS score of 56 and within the top 10% of the
ANNUAL SHAREHOLDERS MEETING 2026
Delivering value beyond financial performance
1.24
Fibre faults
1
per
100 connections:
Layer 2
2.84
Fibre faults
1
per
100 connections
:
Layer 1
7
43%
Scope 1 &
2
emissions
reduction from
FY20
7%
Electricity
reduction vs
FY25
1.23
LTIFR vs
industry
benchmark 9.25
+56
eNPS
in top 10% of
tech industry
benchmark
3,055
Digital Equity
Connections
Digital skills &
online safety
withNetsafe&
Digital Seniors
partnerships
1.Faults numbers are 2025 calendar year and exclude force majeure events
PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY

5

technology industry benchmark. We also continue to compare favourably
with industry on our safety performance.
Digital inclusion has been an important focus for us this year as we reflect
on the role we play in connecting New Zealand. As Mark will explain, our
new digital equity product is helping make equitable connectivity a reality,
with more than 3,000 connections in place at the end of FY26.
Alongside this, we’ve continued to invest in building digital capability and
supporting online safety through our partnerships with Netsafe and Digital
Seniors to help people navigate the online world safely and confidently.

Your Board’s focus areas
The Board’s fundamental responsibility is to act as stewards of your
investment. Our role is to oversee management, set the strategic
direction, ensure appropriate risks are taken and well managed, and hold
management accountable for performance. Ultimately, we are here to
protect and grow the long-term value of your company.
We see four areas as central to achieving that.
First, fibre leadership. Our priority is ensuring fibre remains future-
proofed, supporting continued uptake, and managing the transition away
ANNUAL SHAREHOLDERS MEETING 2026
Your Board’s focus areas
DELIVERING A CONNECTED NEW ZEALAND AND SUSTAINABLE LONG-TERM SHAREHOLDER VALUE
FIBRE
LEADERSHIP
GROWTH
&
CUSTOMER VALUE
FINANCIAL
DISCIPLINE
Fibreis future
proofed
80% fibre
uptake by 2030
Managed exit
from copper
Prioritise
dividends
Appropriate
capital structure
Be an active
wholesaler
Promote digital
equity
Considered
approach to new
opportunities
A modern, resilient
network for generations
to come
Greater access, choice
and opportunity for a
more connected NZ
A disciplined approach to
sustainable growth and
shareholder returns
8
PEOPLE
&
CAPABILITY
Empowering our
people
A diverse, skilled and
future-ready team
driving our purpose
Non-regulated
investment
criteria

6

from copper. The goal is a modern, resilient network that will serve New
Zealand for generations to come.
Second, growth and customer value. We want Chorus to be an active
wholesaler, making the most of our fibre network while continuing to
promote digital equity. We’re also taking a considered approach to new
opportunities, where they can create additional value.
Third, financial discipline. This remains fundamental. The Board is focused
on maintaining an appropriate capital structure, prioritising dividends, and
applying clear investment criteria to allocating any remaining capital.
And finally, people and capability. Delivering on all of this requires a
diverse and skilled workforce that is empowered to execute our strategy.
Together, these four areas guide the Board’s stewardship of the business
and support our objective of delivering sustainable long-term shareholder
value.
Moving on now to look at some of this in detail...

7



Capital management principles and policy
To achieve that shareholder value objective, the Board remains firmly
focused on disciplined capital allocation. That is underpinned by the
strong free cash flow generated by our essential regulated infrastructure.
Maintaining a strong balance sheet is central to that approach. We
consider a credit rating of at least ‘BBB’, or equivalent, appropriate for
Chorus, and our capital management and financial policies will continue to
support that position.
A sustainable and growing dividend remains the core part of our capital
management framework. We intend to grow the dividend at least in line
with inflation, while remaining within our policy range of 70% to 90% of
net operating cash flows after sustaining capital expenditure and net
interest.
At the same time, we will continue to invest where we see opportunities
to create value. We will use the balance sheet to fund capital investment
where it meets our investment hurdles, with a clear discipline: growth
ANNUAL SHAREHOLDERS MEETING 2026
Deliver a sustainable growing dividend, at
least in real terms
A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS
Capital management principles and policy
= Free cash flow for capital allocation
Net cash flow from operating activities
Less: sustaining capital expenditure
Less
: ordinary dividend
(70% to 90% of free cash flow for capital allocation)
= Surplus free cash flow for allocation
Share buy
backs
Additional
dividends
Discretionary
growth capex
9
Discretionary growth capex: subject to
meeting investment criteria

8

investment must create greater value for shareholders than returning that
capital to them.

Strong returns for our shareholders
The importance of dividends to the Board is reinforced on this slide. 11
years of steadily increasing dividends with a compound annual growth
rate of 11%. Growth in dividends reflects steady results and increasing
cash generation as we have transitioned from building to operating the
fibre network with confidence in future cash flows. It also reflects our
disciplined approach to using our balance sheet to invest without
sacrificing dividends.
Our strong FY26 financial results enabled total unimputed dividends of 60
cents per share for the year, an increase of 2.5 cents or 4.3% from the
prior year.
As we look ahead to FY27, we’ve provided dividend guidance of a
minimum of 62 cents share and partially imputed. At 62 cps, this would
be an increase of 3.3% over FY26, and maintains our policy of a growing
dividend in real terms.
ANNUAL SHAREHOLDERS MEETING
2026
Strong returns for our shareholders
20
21
22
23
24
28
35
42.5
47.5
57.5
60
FY16FY17
FY18FY19FY20FY21
FY22FY23FY24FY25FY26FY27*
Min 62*
*partially imputed and subject to no material adverse changes in circumstances or outlook
CAGR
11%
DIVIDEND (cps)
RELIABLE GROWING DIVIDENDS
10
BUILD
OPERATE

9


Fibre is critical national infrastructure
Standing back now to look at where we have been and where we are
going. 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.
From a Board perspective, our direction is clear and consistent. We are
sticking to our core: owning and operating critical infrastructure and
driving connectivity across New Zealand.
The UFB build established that infrastructure platform. The focus now is
on maximising the return on that investment, continuing to grow fibre
uptake from 76.2% today towards our 80% target by 2030, while
managing the retirement of the copper network.
For the Board, this is about overseeing that transition in a disciplined and
considered way, with no surprises. We want to ensure the business
remains focused on what it does best, while maintaining the resilience,
reliability and long-term capability of the network.
As AI becomes increasingly embedded in our economy and everyday
lives, the importance of high-quality, reliable digital infrastructure like
ANNUAL SHAREHOLDERS MEETING 2026
Fibre is critical national infrastructure
A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES
UFB Build
76.2%
fibre uptake
2028
copper
retirement
80%
fibre uptake
target 2030
Where we’ve been...where we are...where we are going...
11

10

Chorus will only grow. The networks that enable the movement of vast
amounts of data are becoming ever more critical to economic
productivity, innovation and connectivity, reinforcing both the strategic
importance and long-term value of digital infrastructure.
So as we look ahead, the Board’s focus is straightforward: stick to our
core business, continue driving connectivity across New Zealand, and
maximise the long-term value of this infrastructure for our customers,
communities and shareholders.
To wrap up, I’d like to thank all our shareholders and my board colleagues
for your ongoing support.
ENDS

---

1


Chorus Annual Shareholder Meeting – 4 November 2026
CEO’s Address

Tena Koutou Katoa – nau mai haere mai.
Greetings, and a warm welcome to all online and here with us in person.
As Mark noted, we are pleased with a strong FY26 financial and
operational performance, reflecting the resilience of our business model
and disciplined execution.


Our strategy
Having reset our Strategy in mid 2024, I am pleased with the progress
we’ve made and the momentum of change we continue to create.
To recap: this reset embedded an overarching Purpose reflecting the
intergenerational role we see Chorus plays in “unleashing potential and
enabling better futures for our people and country”.
ANNUAL SHAREHOLDERS MEETING 2026
Our strategy
13

2

That purpose is supported by a clear Aspiration: in becoming “A Simplified
all fibre business with 80% uptake by 2030.”
Underpinning the strategy are four strategic pillars as L.E.A.P that frame
our priorities across Chorus.
All are outcome based and have provided the clarity and specificity to
guide Chorus over multiple horizons, to a simpler, more efficient and
increasingly valuable infrastructure business.

Horizon 2 delivering simplicity and efficiency
We are now firmly in Horizon Two, a four-year programme through to the
end of 2030, with a focus on growth, simplicity and efficiency.
Over the year, we’ve refined our view on adjacent growth opportunities.
We’ve taken further steps to simplify the business: streamlining our plan
suite, introducing new retail incentives, whilst continuing to use our core
IT infrastructure to harness the benefits of AI-driven efficiencies.
The decline of the legacy copper network continues and given the
availability of alternative products we now forecast a full retirement by
2028.
ANNUAL SHAREHOLDERS MEETING 2026
Horizon 2
delivering simplicity and efficiency
14

3

We’re confident our Horizon 3 outlook in 2030, as a "simplified All Fibre
business" remains on track.
This will be a significant achievement looking at other benchmark
countries that remain well behind on both the deployment of Fibre and
the simplification of legacy technologies that are no longer fit for purpose.

Embedding our Purpose with tangible outcomes
As Mark highlighted earlier, while our financial results are important, they
also reflect something deeper.
Our overarching “Purpose” isn’t tokenistic, on the contrary it drives
decision making and initiatives through Chorus.
During the year we clarified the purpose-led areas that matter most.
As three interconnected pillars for connectivity: being future-fit, resilient
and equitable. Together, these bring the needs of our wider ecosystem
and where we can create the most meaningful shared value.
One example is our focus on driving digital inclusion with the launch of
our Equity Fibre product. Fundamentally, we believe everyone deserves
to benefit from the potential that connectivity unlocks. By combining
ANNUAL SHAREHOLDERS MEETING 2026
15
Embedding our Purpose with tangible outcomes

4

affordable fibre access with retail services capped at $30 per month, and
working alongside community partners, we’re helping to remove barriers
to digital participation and creating lasting benefits for New Zealanders.
Feedback has been incredibly positive with almost 4,000 connections on
the plan and growing.

80% uptake by 2030
Fibre uptake has continued to progress, reaching 76.2% at the end of
September and we see a clear pathway to achieving our ambition to reach
80% fibre uptake by 2030.
The growth opportunity now sits with around 200,000 premises where a
fibre ONT is already installed and we can win the customer back; and
another 200,000 brownfield & infill addresses where fibre is available, but
the ONT still needs to be installed.
Customer mix remains a strength, with 85% of customers now on plans
of 500Mbps or higher, with 25% of customers on 1GB plans. Hyperfibre
plans (2 – 8 Gbit speeds) continue to gain momentum as our premium
platform, with growth in connections reflecting increasing demand from
ANNUAL SHAREHOLDERS MEETING 2026
16
FIBRE CONNECTIONS
& UPTAKE
SIMPLIFIED PLANS
DATA USAGE
ACCELERATING
FIBRE CONNECTION
FOCUS
~85%
customers on
500Mb plans or
higher
Growing
Hyperfibre
1.2m
connections
~200k
“brownfield &
infill”
~200k
“winback”
92
741
MONTHLY AVERAGE DATA
USAGE PER CONNECTION
(GIGABYTES)
80% fibre uptake by 2030
DEC’14SEP’26
SIMPLICITY & EFFICIENCY: FIBRE SEEN AS AN ESSENTIAL SERVICE
76.2%uptake
Note:Latestdata as at 30 September 2026

5

customers with higher data needs and the growing relevance of
symmetrical speeds and low latency.
We expect ongoing growth in higher-speed services, supported by
increasing household data usage and emerging AI-driven upload
requirements. Our ambition is to reach 80% address availability with
around 70,000 Hyperfibre connections by 2030.
In parallel, data consumption continues to grow strongly, reinforcing the
importance of high-capacity fibre infrastructure.
Average monthly fibre usage reached 741GB per connection, continuing a
multi-year trend of rising demand
Heavy usage is also increasing, with 21% of customers consuming more
than 1Tb of data per month, and 5% of customers >2Tb’s.
More broadly, we continue to see the shape of consumer and large
enterprise consumption evolving and this only further plays to fibre’s
superior strengths.



ANNUAL SHAREHOLDERS MEETING
2026
Growing Infrastructure portfolio and services
17
•Express Connectavailable in8
data centres, with more planned
•Unified Transportlaunched,
simplifying services for customers
•Mobilebackhaul fibre:~250
new sites connected
•Regional Edge Centres:
exploringpartnershipsto
accelerate growth
•New Property Development
22k lots passed in FY26; targeting
20-25k p.a.
•Smart locations(e.g. digital
billboards, CCTV) steady demand
for fibre connectivity
GROWING CONNECTIVITYFIBRE EXPANSIONNEW OPPORTUNITIES
•North-South Subsea cable
feasibility assessment underway
•TimeSyncbuild underway; first
country to build wholesale precision
timing network
•Battery Energy Storage Systems
(BESS)trial planned across Chorus
sites
PRODUCTS LAUNCHED AND FEASIBILITY ASSESSMENTS UNDERWAY

6

Growing Infrastructure portfolio & services
Beyond our core fibre network, we're continuing to expand and diversify
our Infrastructure portfolio, creating growth across connectivity, transport
and edge services.
Several new products were launched through the year, including Unified
Transport and Express Connect (which is available in 8 data centres).
With the intent of expanding further through FY27, these services are
designed to simplify our offering and speed to market for customers.
We also continue to expand the fibre footprint where there is clear
demand. During FY26, we passed 22,000 lots in new property
developments, and we continue to target between 20 and 25,000 lots
each year.
Beyond these, we are assessing three new infrastructure opportunities.
First - feasibility work is under way for a new subsea cable connecting the
North & South Islands with greater high speed capacity.
Second - construction of our TimeSync network has also begun and will
make New Zealand the first country to build a wholesale precision timing
network of this kind.
& Third - we are establishing a trial of battery energy storage systems
across selected Chorus sites helping energy lines companies in managing
demand during peak periods.
These initiatives are at different stages of development, but they share a
common approach - using our existing infrastructure and expertise to
identify new sources of long-term value, while remaining disciplined about
where and how we invest.

7


Unlocking value from legacy assets
Progress also continues on several initiatives across our legacy network.
Copper connections declined by 48,000 during the year with less than
40,000 connections remaining across New Zealand, almost all of which
are in in areas where fibre is not available and again we estimate full
retirement by 2028.
Copper recycling has transitioned from a successful trial to a scaled
operational programme, contributing $4 million in EBITDA for the FY26
year. With metals pricing at historic highs our estimates for cumulative
returns have been updated and are now in the $50-$70 million range
from when we started the programme in FY25 out to 2030.
And as the copper network is retired, we are also progressing our
property optimisation programme. This includes the potential reuse of
property and new adjacent revenue streams. The focus is not only on
value realisation but also on reducing future operating costs and avoiding
unnecessary capital expenditure.
ANNUAL SHAREHOLDERS MEETING 2026
COPPER RETIREMENT
Unlocking value from legacy assets
18
PROPERTY OPTIMISATION
•recycling underway and
accelerating
•expected net proceeds of$50m-
$70m*
•multi-yearproperty programme
underway
•5 sites selected forBESS; regional
edge
•testing market interest for surplus
non-core remote sites
•aligned with copper retirement
timetable & all-fibre footprint
COPPERRECYCLING
FY12
Q1FY
27
-98%
1.8m
40
k
NZ COPPER CONNECTIONS
•full retirement targetedby 2028
OPTIMISING FOR AN ALL-FIBRE FUTURE
*Frominception in FY25 to 2030, subject to market prices
, extraction timing etc

8


Regulatory progress update
In regulation, we’ve made a material step forward. The final report from
the Government’s telco sector review, highlighted 22 opportunities to
simplify legacy regulatory settings, including the removal of prior
Shareholder Caps. This is an outcome we’ve been advocating for some
time and removes an unnecessary layer of complexity. Today’s meeting
enables us to work through the required formal steps including seeking
shareholder approval through the upcoming resolution.
We continue to push for change in copper services, actively working with
Government and industry stakeholders to establish a clear and efficient
pathway for retiring copper services in areas where fibre is not available.
This obviously has a cost benefit to us, but equally provides certainty to
the market and customers. Following the NZ general election we will
continue our engagement with Government and industry stakeholders to
advance this change.
Meanwhile planning for our next regulatory reporting period is well
underway. Given it’s our third and has been extended to five years, the
regulatory regime is maturing. The verification process has started with a
ANNUAL SHAREHOLDERS MEETING 2026
Regulatory progress update
19
Telco sector review
:
•Ministry for Regulation issued final report on review of
the telecommunications sector in March 2026, 22
recommendations with Government
•opportunity to streamline legacy regulatory settings
•removal of regulatory ownership cap restrictions of
10% & 49.9%; proposed amendment via ASM special
resolution
Fibre services simplification:
•Input Methodologies review and targeted deregulation
reviews (transport and voice) ongoing; including
scheduled WACC review.
•Draft decision Q1 2027; final decision October 2027
Copper services deregulation:
•actively working with Government toestablisha clear,
efficient process for retiring copper services outside
fibre areas
PQP3 (2029-2033) planning well underway:
•Independent review (Verification) has started
•PQP3 proposal due to Commerce Commission August
2027
•Draft decision Q1 2028; final decision August 2028
REGULATORY REGIME MATURING

9

proposal due to the Commission in August next year with the final
decision in August 2028.

Long-term strategic value of fibre infrastructure
Looking forward, data centres and AI are creating the next major wave of
demand for network connectivity. And these long-term drivers continue
to support fibre growth opportunities.
While AI isn't yet a significant contributor to traffic volumes in New
Zealand, it is growing exponentially and estimated to equate to 30% of all
global traffic over the coming decade, and we're seeing growing
investment in local data centre development and compute capacity.
Equally, we expect growing AI adoption will drive a material shift in
upload intensive data traffic, demand for resilience, low latency
throughput and scalability. This makes Chorus’ fibre network footprint a
strategic asset able to meet the next generation of digital demand and
one that is difficult to replicate.
ANNUAL SHAREHOLDERS MEETING
2026
++++
DATA CENTRESAI ADOPTION &
TRAFFIC GROWTH
UPLOAD DEMANDFIBRE ADVANTAGE
EVOLUTION OVER THE NEXT
10 YEARS
Multi-gig services
mainstream to
support digital
demand
AIestimates
at~30% of all
global trafficby
2034
Upload traffic
forecast to grow
at13% CAGR, up
~230%in the
next decade
Capacity potential
to quadruple by
2035 (~600MW)
sources: Chorus Network Data, Nokia G lob al Network T raffic Repo rt, Ericsson Mobility Report
, Cisco AI Impact on Wide Area Net
works Report,Omd ia
20
Long-term strategic value of fibre infrastructure
CONTENT QUALITY
4K Ultra HD base
line quality; 44+
connected devices
per household
MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS
AI COMPUTE NEEDS
INTERCONNECTION
SMALL TODAY,
SCALING FAST
TRAFFIC TURNS
SYMMETRICAL
ONLY TECH WITH THE
ROADMAP
VIEWING &
CONNECTED DEVICES

10


Strong execution today. Expanding opportunities for tomorrow.
To close - our FY26 result demonstrates the strength of the Chorus
business model, with growth in fibre connections, solid earnings and cash
flows, an increased value of our asset base, and returning more value to
shareholders through a higher dividend.
As we move further into Horizon 2, our focus remains clear: driving fibre
uptake, simplifying the business, improving efficiency, and pursuing
disciplined growth opportunities.
We have a clear view of where future growth can come from. We're
building a pipeline of opportunities beyond our core business, but we'll
remain disciplined. Any investment must leverage our capabilities, be
strategically aligned, and deliver scalable returns.
We're increasingly an all-fibre business. With copper retirement firmly in
sight, we're unlocking new opportunities to simplify our operations and
realise further value from our asset base.
Our FY27 guidance remains unchanged and we remain very confident in
the long-term outlook as demand for high-capacity, low-latency
ANNUAL SHAREHOLDERS MEETING 2026
Strong execution today. Expanding opportunities for tomorrow.
•Strong FY26 result underpinned by disciplined
execution
•Horizon 2 gaining momentum:growth, simplicity
& efficiency
•Pathway to 80%
fibre uptake
•Copper retirement firmly in sight
•Disciplined expansion into adjacent opportunities
•FY27 guidance unchanged
•AI driven demand reinforces fibre's advantage
•Investingin NZ's digital infrastructure for
generations to come

11

connectivity continues to reinforce the advantage of scalable fibre
networks.
The future itself is increasingly digital, AI-enabled and dependent on fibre.
And Chorus is uniquely positioned to power that digital future.
ENDS

---

ANNUAL SHAREHOLDERS MEETING 2026
Annual
Shareholder
Meeting
4 November 2026
Unleashing potential through connectivity
Enabling better futures for Aotearoa

ANNUAL SHAREHOLDERS MEETING 2026
Agenda
1.Introduction and Chair’s address
2.CEO address
3.Resolutions
4.Shareholder questions
2

ANNUAL SHAREHOLDERS MEETING 2026
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ANNUAL SHAREHOLDERS MEETING 2026
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SHAREHOLDER & PROXYHOLDER VOTING

ANNUAL SHAREHOLDERS MEETING 2026
Your Board, independent directors
5
MARK CROSS
CHAIR
SUE BAILEY
NEAL BARCLAY
MIRIAM DEAN
WILL IRVINGKATE JORGENSENPAUL REID

ANNUAL SHAREHOLDERS MEETING 2026
1,147
1,115
FY26
FY25
740
709
FY26
FY25
37
4
FY26
FY25
726
705
FY26
FY25
Another strong annual performance
6
+3% vs FY25+3% vs FY25+$33m vs FY25
1.Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between companies. We monitor EBITDA as a key
performance indicator and we believe it assists investors in assessing the performance of the core operations of our business
FIBRE CONNECTIONS (k)
NET CASH FLOWS
FROM OPERATING
ACTIVITIES ($m)
EBITDA
1
($m)NET PROFIT ($m)
+4% vs FY25
SUSTAINED GROWTH ACROSS KEY MEASURES

ANNUAL SHAREHOLDERS MEETING 2026
Delivering value beyond financial performance
1.24
Fibre faults
1
per
100 connections:
Layer 2
2.84
Fibre faults
1
per
100 connections:
Layer 1
7
43%
Scope 1 & 2
emissions
reduction from
FY20
7%
Electricity
reduction vs
FY25
1.23
LTIFR vs
industry
benchmark 9.25
+56
eNPS
in top 10% of
tech industry
benchmark
3,055
Digital Equity
Connections
Digital skills &
online safety
with Netsafe &
Digital Seniors
partnerships
1.Faults numbers are 2025 calendar year and exclude force majeure events
PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY

ANNUAL SHAREHOLDERS MEETING 2026
Your Board’s focus areas
DELIVERING A CONNECTED NEW ZEALAND AND SUSTAINABLE LONG-TERM SHAREHOLDER VALUE
FIBRE
LEADERSHIP
GROWTH &
CUSTOMER VALUE
FINANCIAL
DISCIPLINE
Fibre is future
proofed
80% fibre
uptake by 2030
Managed exit
from copper
Prioritise
dividends
Appropriate
capital structure
Be an active
wholesaler
Promote digital
equity
Considered
approach to new
opportunities
A modern, resilient
network for generations
to come
Greater access, choice
and opportunity for a
more connected NZ
A disciplined approach to
sustainable growth and
shareholder returns
8
PEOPLE &
CAPABILITY
Empowering our
people
A diverse, skilled and
future-ready team
driving our purpose
Non-regulated
investment
criteria

ANNUAL SHAREHOLDERS MEETING 2026
Deliver a sustainable growing dividend, at
least in real terms
A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS
Capital management principles and policy
= Free cash flow for capital allocation
Net cash flow from operating activities
Less: sustaining capital expenditure
Less: ordinary dividend
(70% to 90% of free cash flow for capital allocation)
= Surplus free cash flow for allocation
Share buy
backs
Additional
dividends
Discretionary
growth capex
9
Discretionary growth capex: subject to
meeting investment criteria

ANNUAL SHAREHOLDERS MEETING 2026
Strong returns for our shareholders
20
21
22
23
24
28
35
42.5
47.5
57.5
60
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26FY27*
Min 62*
*partially imputed and subject to no material adverse changes in circumstances or outlook
CAGR
11%
DIVIDEND (cps)
RELIABLE GROWING DIVIDENDS
10
BUILD
OPERATE

ANNUAL SHAREHOLDERS MEETING 2026
Fibre is critical national infrastructure
A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES
UFB Build
76.2%
fibre uptake
2028
copper
retirement
80%
fibre uptake
target 2030
Where we’ve been...where we are...where we are going...
11

ANNUAL SHAREHOLDERS MEETING 2026
Chief Executive’s
Address
Mark Aue

ANNUAL SHAREHOLDERS MEETING 2026
Our strategy
13

ANNUAL SHAREHOLDERS MEETING 2026
Horizon 2 delivering simplicity and efficiency
14

ANNUAL SHAREHOLDERS MEETING 2026
15
Embedding our Purpose with tangible outcomes

ANNUAL SHAREHOLDERS MEETING 2026
16
FIBRE CONNECTIONS
& UPTAKE
SIMPLIFIED PLANS
DATA USAGE
ACCELERATING
FIBRE CONNECTION
FOCUS
~85%
customers on
500Mb plans or
higher
Growing
Hyperfibre
1.2m
connections
~200k
“brownfield &
infill”
~200k
“winback”
92
741
MONTHLY AVERAGE DATA
USAGE PER CONNECTION
(GIGABYTES)
80% fibre uptake by 2030
DEC’14SEP’26
SIMPLICITY & EFFICIENCY: FIBRE SEEN AS AN ESSENTIAL SERVICE
76.2% uptake
Note: Latest data as at 30 September 2026

ANNUAL SHAREHOLDERS MEETING 2026
Growing Infrastructure portfolio and services
17
•Express Connect available in8
data centres, with more planned
•Unified Transport launched,
simplifying services for customers
•Mobile backhaul fibre: ~250
new sites connected
•Regional Edge Centres:
exploring partnershipsto
accelerate growth
•New Property Development
22k lots passed in FY26; targeting
20-25k p.a.
•Smart locations(e.g. digital
billboards, CCTV) steady demand
for fibre connectivity
GROWING CONNECTIVITYFIBRE EXPANSIONNEW OPPORTUNITIES
•North-South Subsea cable
feasibility assessment underway
•TimeSync build underway; first
country to build wholesale precision
timing network
•Battery Energy Storage Systems
(BESS) trial planned across Chorus
sites
PRODUCTS LAUNCHED AND FEASIBILITY ASSESSMENTS UNDERWAY

ANNUAL SHAREHOLDERS MEETING 2026
COPPER RETIREMENT
Unlocking value from legacy assets
18
PROPERTY OPTIMISATION
•recycling underway and
accelerating
•expected net proceeds of $50m-
$70m*
•multi-year property programme
underway
•5 sites selected for BESS; regional
edge
•testing market interest for surplus
non-core remote sites
•aligned with copper retirement
timetable & all-fibre footprint
COPPER RECYCLING
FY12Q1FY27
-98%
1.8m
40k
NZ COPPER CONNECTIONS
•full retirement targeted by 2028
OPTIMISING FOR AN ALL-FIBRE FUTURE
* From inception in FY25 to 2030, subject to market prices, extraction timing etc

ANNUAL SHAREHOLDERS MEETING 2026
Regulatory progress update
19
Telco sector review:
•Ministry for Regulation issued final report on review of
the telecommunications sector in March 2026, 22
recommendations with Government
•opportunity to streamline legacy regulatory settings
•removal of regulatory ownership cap restrictions of
10% & 49.9%; proposed amendment via ASM special
resolution
Fibre services simplification:
•Input Methodologies review and targeted deregulation
reviews (transport and voice) ongoing; including
scheduled WACC review.
•Draft decision Q1 2027; final decision October 2027
Copper services deregulation:
•actively working with Government toestablisha clear,
efficient process for retiring copper services outside
fibre areas
PQP3 (2029-2033) planning well underway:
•Independent review (Verification) has started
•PQP3 proposal due to Commerce Commission August
2027
•Draft decision Q1 2028; final decision August 2028
REGULATORY REGIME MATURING

ANNUAL SHAREHOLDERS MEETING 2026
++++
DATA CENTRESAI ADOPTION &
TRAFFIC GROWTH
UPLOAD DEMANDFIBRE ADVANTAGE
EVOLUTION OVER THE NEXT 10 YEARS
Multi-gig services
mainstream to
support digital
demand
AI estimates
at~30% of all
global traffic by
2034
Upload traffic
forecast to grow
at 13% CAGR, up
~230% in the
next decade
Capacity potential
to quadruple by
2035 (~600MW)
sources: Chorus Network Data, Nokia Global Network Traffic Report, Ericsson Mobility Report, Cisco AI Impact on Wide Area Networks Report, Omdia
20
Long-term strategic value of fibre infrastructure
CONTENT QUALITY
4K Ultra HD base
line quality; 44+
connected devices
per household
MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS
AI COMPUTE NEEDS
INTERCONNECTION
SMALL TODAY,
SCALING FAST
TRAFFIC TURNS
SYMMETRICAL
ONLY TECH WITH THE
ROADMAP
VIEWING &
CONNECTED DEVICES

ANNUAL SHAREHOLDERS MEETING 2026
Strong execution today. Expanding opportunities for tomorrow.
•Strong FY26 result underpinned by disciplined
execution
•Horizon 2 gaining momentum:growth, simplicity
& efficiency
•Pathway to 80% fibre uptake
•Copper retirement firmly in sight
•Disciplined expansion into adjacent opportunities
•FY27 guidance unchanged
•AI driven demand reinforces fibre's advantage
•Investingin NZ's digital infrastructure for
generations to come

ANNUAL SHAREHOLDERS MEETING 2026
Resolutions
Mark Cross, Chair

ANNUAL SHAREHOLDERS MEETING 2026
23
Resolutions
ORDINARY RESOLUTIONS
1.That Ms Kate Jorgensen be re-elected as a Chorus director.
2.That Mr Paul Reid be elected as a Chorus director.
3.That the Board be authorised to fix the fees and expenses of KPMG as auditor.
SPECIAL RESOLUTION
4.To revoke Chorus’ constitution and replace it with the replacement constitution
described in Explanatory Note 3 of the Notice of Annual Meeting with effect from the
day that is 3 business days following the Annual Meeting.

ANNUAL SHAREHOLDERS MEETING 2026
How to participate in hybrid meetings (voting)
24
•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.
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appears.
•To change your vote, select ‘Change Your
Vote’.
SHAREHOLDER & PROXYHOLDER VOTING

ANNUAL SHAREHOLDERS MEETING 2026
25
Resolution 1: Re-election of Ms Kate Jorgensen
That Ms Kate Jorgensen be re-elected as a Chorus director.
KATE JORGENSEN

ANNUAL SHAREHOLDERS MEETING 2026
Resolution 2: Election of Mr Paul Reid
26
That Mr Paul Reid be elected as a Chorus director.
PAUL REID

ANNUAL SHAREHOLDERS MEETING 2026
Resolution 3: Auditor’s fees and expenses
27
That the Board be authorised to fix the fees and expenses of KPMG as auditor.

ANNUAL SHAREHOLDERS MEETING 2026
Resolution 4: Replacement of Chorus’ constitution
28
To revoke Chorus’ constitution and replace it with the replacement constitution described
in Explanatory Note 3 of the Notice of Annual Meeting with effect from the day that is 3
business days following the Annual Meeting.

ANNUAL SHAREHOLDERS MEETING 2026
Questions?
29

ANNUAL SHAREHOLDERS MEETING 2026
Feedback
30
We welcome your feedback.
If you have additional questions, please email: company.secretary@chorus.co.nz

ANNUAL SHAREHOLDERS MEETING 2026
Disclaimer
31
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 ended 30 June 2026 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 50 of the FY26 annual 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.