Chorus Limited (NS) Analysis

Overview

Chorus is New Zealand's largest fixed line telecommunications network operator. It was listed on the NZSX in 2011 after it was chosen by the Crown to build a fibre network under a public-private partnership agreement. This fibre network will pass more than 1.3 million homes, businesses and schools by the end of 2022. Chorus also operates a nationwide copper access network. It provides access to its fibre and copper network on a wholesale basis to approximately 100 retail service providers.

CNU has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because there are provisions in CNU's constitution regarding ownership restrictions that require the consent of the New Zealand government. For further information, please see a copy of the waiver under Documents on CNU's homepage on nzx.com

Performance

The following information was extracted from Chorus Limited's Half year results, released 23 February 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

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.”