Chorus (CNU) Q4 2026 TU earnings summary

Executive summary

• Fibre connections reached 1,147,000, increasing by 5,000 quarter-over-quarter, while copper connections continued to decline, with only 44,000 remaining.

• Fibre uptake rose to 75.9% of passed addresses, with urban areas like Wellington and Auckland showing strong adoption rates above 78%.

• Average monthly data usage on fibre hit a record 731GB in June 2026, up 9% year-over-year, partly driven by major events like the FIFA World Cup.

Segment performance

• 500Mbps plans now account for 61% of fibre connections, up from 59% last quarter, while demand for 1Gbps and above remains stable at 25%.

• The 100/20Mbps plan grew by 13,000 connections, reaching 148,000.

• Copper broadband and voice connections declined by 6,000 and 3,000, respectively, with most remaining copper lines outside the fibre footprint.

Outlook and guidance

• Ongoing migration from copper to fibre and alternative networks is expected, with copper lines able to be withdrawn with six months' notice where fibre is available.

• Fibre footprint continues to expand, now covering 1,499,000 addresses, with further address base refinement underway.