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Chorus (CNU) investor relations material

Chorus H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary24 Aug, 2025

Executive summary

  • Achieved strong operational and financial performance with a strategic shift from network builder to operator, focusing on fiber superiority, efficiency, and simplicity.

  • Fiber connections grew 3% to over 1.1 million, with uptake surpassing 72% and fiber revenue up 7% year-over-year.

  • EBITDA increased 1% to $705 million, with disciplined cost management offsetting inflation and regulatory pressures.

  • Organization redesign led to a 10% reduction in roles and new capabilities in customer retention, data analytics, and AI integration.

  • Dividend rose 21% to $0.575 per share, reflecting confidence in cash flow and capital management.

Financial highlights

  • Revenue increased to $1,014 million, driven by fiber growth, partially offset by copper exit.

  • Net profit after tax was $4 million, improving from a $9 million loss in FY24.

  • Operating cash flow was strong at $559 million, up 9% year-over-year.

  • Gross CapEx was $415 million, down 3% year-over-year, with sustaining CapEx at $205 million.

  • Net debt to EBITDA increased to 4.52x, remaining within ratings agency thresholds.

Outlook and guidance

  • FY26 EBITDA guidance set at $710–$730 million, with gross CapEx expected between $375–$415 million.

  • Dividend guidance for FY26 is $0.60 per share, reflecting positive cash flow trends.

  • Ongoing focus on fiber uptake, aiming for 80% by 2030, and leveraging AI-driven demand growth.

  • Regulatory simplification and favorable shifts anticipated, including copper deregulation.

  • Fibre price changes to take effect from January 2026; legacy revenues expected to continue declining.

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Frequently asked questions

Chorus Limited is a telecommunications infrastructure company that builds, manages, and maintains network infrastructure in New Zealand. The company primarily provides broadband and fiber optic networks, enabling high-speed internet connectivity for residential, business, and government customers. Chorus focuses on expanding fiber coverage and improving network reliability to support digital connectivity across urban and rural regions. It operates as a wholesale provider, allowing internet service providers to offer retail services over its network. The company is headquartered in Wellington, New Zealand, and its shares are listed on the NZX and ASX.

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