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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.
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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