Chorus (CNU) AGM 2024 summary

Opening remarks and agenda

• Meeting opened virtually from the Chorus Network Lab in Auckland, confirming a quorum and approval of previous minutes.

• Chair and CEO delivered opening addresses, followed by updates from committee chairs and presentation of resolutions for shareholder voting.

• Agenda included a summary of the year, board focus areas, CEO operational update, committee reports, resolutions, Q&A, and voting.

Financial performance review

• FY24 revenue increased to $1,010 million, up 3% from FY23, surpassing $1 billion for the first time.

• EBITDA reached $700 million, up from $682 million, a 4% increase and at the top of guidance.

• Dividend per share for FY24 was $0.475, up from $0.425 in FY23, with FY25 guidance of $0.575, a 21% increase.

• Capital expenditure decreased to $427 million, continuing a downward trend.

• Net debt at 4.4x EBITDA; capital discipline shown by not proceeding with $200 million fibre extension.

Board and executive committee updates

• Mark Aue appointed CEO in April, bringing extensive telecom experience.

• Neal Barclay joined as a new director, subject to shareholder approval at the AGM, replacing Murray Jordan.

• Committee chairs Kate Jorgensen and Sue Bailey provided updates on audit, risk, people, and culture.