Chorus (CNU) investor relations material

Executive summary

• Delivered robust HY26 performance with operating revenue of $506 million, EBITDA of $357 million (up 3% year-over-year), and net profit after tax of $15 million, reversing a $5 million loss in HY25, driven by strong fibre growth and cost discipline.

• Fibre connections grew by 31,000 year-over-year to 1.13 million, now representing 95% of total fixed connections, with uptake reaching 72.4%.

• Ongoing copper network retirement is progressing rapidly, with only 3,000 lines remaining in UFB areas and full withdrawal in fibre zones targeted for mid-2026.

• Interim dividend increased 4% to 24 cents per share, reflecting improved profitability and capital discipline.

• Strategic focus is on growth, simplicity, and efficiency under Horizon 2, with targeted infrastructure adjacencies and digital inclusion initiatives, including the launch of an Equity Fibre product for underserved households.

Financial highlights

• EBITDA for H1 FY26 was $357 million, up $11 million from the prior half; operating revenue reached $506 million, up $6 million year-over-year.

• Operating expenses decreased by $5 million to $149 million, aided by cost management and a 12% reduction in roles.

• Net profit after tax was $15 million, compared to a loss of $5 million in H1 FY25.

• Gross capital expenditure was $158 million, split evenly between sustaining and growth, down $41 million year-over-year.

• Interim dividend of 24 cents per share declared, with full-year guidance at 60 cents per share.

Outlook and guidance

• FY26 EBITDA guidance remains $710–$730 million, now expected in the upper half of the range due to increasing fibre connections and disciplined cost management.

• CapEx guidance for FY26 remains $375–$415 million, expected in the lower half of the range.

• FY26 dividend guidance of 60 cents per share, subject to no material adverse changes.

• Focus for H2 includes accelerating copper retirement, operationalizing copper recycling, and targeted brownfields fibre infill.

• Targeting 80% fibre uptake by 2030 and continued emphasis on digital inclusion.