Chorus (CNU) H1 2026 earnings summary

Executive summary

• Delivered robust HY26 results with 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 fibre growth and operational efficiency.

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

• Ongoing copper network retirement and cost discipline contributed to improved profitability and reduced operating expenses.

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

• Strategic focus shifted to growth, simplicity, and efficiency under Horizon 2, with new leadership and digital inclusion initiatives, including the launch of an Equity Fibre product for underserved households.

Financial highlights

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

• Net profit after tax was $15 million, reversing a $5 million loss in HY25.

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

• Gross capital expenditure was $158 million, down $41 million year-over-year; sustaining CapEx at $79 million.

• Interim dividend of 24 cents per share declared; free cash flow for capital allocation at $149 million.

Outlook and guidance

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

• CapEx guidance for FY26 remains $375–$415 million, expected in the lower half of the range; sustaining CapEx $195–$215 million.

• Expected FY26 dividend is 60 cents per share, unchanged barring material adverse changes.

• Focus areas include accelerating copper retirement, brownfields fibre infill, and targeted infrastructure investments.

• Targeting 80% fibre uptake by 2030.