Highlights

• Chorus recorded FY26 operating revenue of NZ$1.03 billion, supported by stronger fibre-related income.
• EBITDA increased 3% to NZ$726 million, while net profit rose materially to NZ$37 million.
• Fibre connections expanded to 1.147 million, with uptake reaching 75.9% of eligible addresses.

Fibre Demand Supports FY26 Earnings

Chorus Limited (ASX: CNU) released its FY26 full-year results on 24 August 2026 for the 12 months ended 30 June 2026. The New Zealand telecommunications infrastructure company delivered improvements across revenue, earnings and cash generation as fibre growth continued to compensate for declining copper-related activity.

Operating revenue reached NZ$1,029 million, an increase of NZ$15 million from FY25. EBITDA advanced to NZ$726 million, representing 3% annual growth, while net profit after tax increased to NZ$37 million from NZ$4 million previously. Operating expenses fell to NZ$303 million, assisted by lower copper maintenance requirements, reduced consulting costs and ongoing efficiency measures.

Fibre Connections Continue to Expand

Fibre remained the key driver of Chorus’ underlying performance. Revenue from fibre services increased 6% during FY26, while approximately 32,000 additional fibre connections were added, taking the total to 1.147 million. Fibre represented 96% of total connections at the end of the period, while uptake across serviceable addresses improved to 75.9%.

Closing fibre ARPU increased to NZ$59.51 from NZ$58.28 in June 2025. Network usage also continued to rise, with average monthly data consumption reaching 731 gigabytes in June 2026, up 9% year on year.

Cash Flow Strengthens as Capex Declines

Net cash generated from operating activities increased 4% to NZ$740 million. Gross capital expenditure decreased by NZ$40 million to NZ$375 million, reflecting lower discretionary growth spending and project timing. Chorus also accelerated its transition away from legacy infrastructure by bringing forward its nationwide copper network retirement target to 2028. Chorus approved a 36-cent-per-share final dividend without imputation credits, bringing the company’s total FY26 distribution to 60 cents per share.

FY27 Guidance Outlines Next Phase

For FY27, Chorus expects EBITDA between NZ$730 million and NZ$760 million, with gross capital expenditure forecast at NZ$375 million to NZ$415 million. For FY27, Chorus is targeting a dividend of at least 62 cents per share, provided there is no significant deterioration in its operating conditions or outlook.

Note- All data presented is based on information available at the time of writing.

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