Chorus (CNU) H1 2026 earnings summary

Executive summary

• Delivered robust HY26 results with revenue of $506 million, EBITDA of $357 million, and net profit after tax of $15 million, all up from HY25, driven by strong fibre revenue growth, cost discipline, and operational efficiencies.

• Fibre connections grew to 1,129,000, representing 95% of the base, with uptake at 72.4% and ARPU rising to $57.73.

• Copper network retirement is progressing rapidly, with only 3,000 lines remaining in UFB areas and full withdrawal in fibre zones expected by mid-2026.

• Interim dividend increased 4% to 24cps, with FY26 guidance maintained and tracking to the upper half of the $710m–$730m EBITDA range.

• Strategic focus remains on growth, simplicity, and efficiency, with digital inclusion initiatives and targeted infrastructure adjacencies.

Financial highlights

• Revenue grew to $506 million in HY26, up $6 million from HY25, driven by fibre ARPU growth and increased connections.

• EBITDA rose to $357 million (up 3% year-over-year); net profit after tax was $15 million, reversing a $5 million loss in HY25.

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

• Gross capital expenditure was $158 million, split evenly between sustaining and growth, and down 21% year-over-year.

• Interim dividend of 24cps 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.

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

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

• Continued emphasis on digital inclusion, with the launch of an equity fibre product for underserved households.

• Fibre price increases effective January 2026; targeting 80% fibre uptake by 2030.