Chorus (CNU) Q1 2025 TU earnings summary

Executive summary

• Fibre connections increased by 8,000 in Q1 FY25, reaching 1,092,000, while copper connections declined by 18,000 to 139,000 as the copper network is retired.

• Fibre uptake rose to 71.6% across 1,514,000 passed addresses, with Auckland at 76.7%, Dunedin at 76.4%, and Wellington at 70.6%.

• Birkdale in Auckland became the first fibre-only exchange, marking a milestone in the copper network retirement.

Segment performance

• Mass market fibre connections grew by 9,000, while fibre premium (P2P) connections declined by 1,000 as legacy services are withdrawn.

• Home Fibre Starter (50Mbps) connections increased by 10,000 to 57,000; 25% of residential plans are now 1Gbps or faster.

• Hyperfibre (2Gbps+) connections surpassed 4,000, with 81% on residential plans.

Key financial ratios and metrics

• Total fixed line connections declined by 10,000 to 1,231,000 in Q1 FY25.

• Average monthly data usage on fibre dropped slightly from 623GB in June to 609GB; 15% of fibre users consumed over 1TB.

• Copper usage averaged 273GB per month, down from 284GB.