Chorus Limited · NZX:CNU
Chorus — Debt Investor Presentation (November 2025)
50 slides from Chorus's debt investor presentation, Nov 11, 2025
Slide 1: Chorus announces EMTN debt investor roadshow and Tender Offer
Chorus Limited Level 10, 1 Willis Street P O Box 632 Wellington New Zealand Email: company.secretary@chorus.co.nz STOCK EXCHANGE ANNOUNCEMENT 11 November 2025 Chorus announces new EMTN debt investor roadshow and Tender Offer for existing €300 million 0.875% senior Notes due December 2026 Chorus has
Slide 2: Debt Investor Presentation November 2025
For personal use only DEBT INVESTOR PRESENTATION Unleashing potential through connectivity Enabling better futures for Aotearoa November 2025 Debt Investor Presentation November 2025
Slide 3: Disclaimer
Disclaimer THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, A
Slide 4: Disclaimer
Disclaimer This presentation includes forward-looking statements. The words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are state
Slide 5: Presenters
Presenters Drew Davies For personal use only Chief Operating Officer Drew brings over 30 years of global experience in telecommunications, bringing a mix of operational, financial and commercial acumen to Chorus. Drew has held Executive level roles with 2degrees, multinational mobile telecommunicati
Slide 6: Agenda
Agenda 1 Chorus overview 6-7 For personal use only 2 Our strategy 8-9 3 Our market context 10-16 4 Continuing our transition to an all-fibre future 17-21 5 Regulatory framework 22-23 6 Financial and non-financial highlights 24-29 7 Transaction summary 30-31 8 Appendices 32-39 Debt Investor Presentat
Slide 7: Chorus overview
Chorus overview New Zealand’s largest fixed line communications infrastructure business; wholesale-only network operator, ~90 retail service provider customers For personal use only Fibre built to Chorus operates under a regulated utility-like framework; regulated asset 87% of NZ base and revenue ca
Slide 8: New Zealand's largest digital infrastructure 'neutral host'
New Zealand’s largest digital infrastructure ‘neutral host’ NATIONAL REACH ACCESS EXTENSIVE ASSET BASE For personal use only ~22,000km 400Gbps 62 ~190,000km 1-10Gbps ~60,000km ~200,000 TRANSPORT FIBRE 400Gbps CAPABLE DWDM MESH NODES ACCESS FIBRE LAYER 2 ACCESS NATIONWIDE DUCT POLES TRANSPORT NETWORK
Slide 9: Our strategy
Our strategy For personal use only Debt Investor Presentation November 2025
Slide 10: Looking ahead to 2030
Looking ahead to 2030 New Zealand leads the global shift to fibre; demand for high-quality broadband networks – characterised by high speeds, high reliability and low latency – continues to grow as data-hungry digital applications become integral to economies and daily life For personal use only Deb
Slide 11: Our market context
For personal use only Our market context Debt Investor Presentation November 2025
Slide 12: The New Zealand broadband market
The New Zealand broadband market NZ BROADBAND MARKET – BY RETAILER NZ BROADBAND MARKET – BY TECHNOLOGY For personal use only 2,000,000 2,000,000 1,500,000 1,500,000 1,000,000 1,000,000 500,000 500,000 0 0 Chorus xDSL Chorus mass market fibre Chorus premium fibre Local fibre companies (UFB) Spark One
Slide 13: Data usage accelerating on our fibre network
Data usage accelerating on our fibre network MONTHLY AVERAGE DATA USAGE PER CONNECTION TRAFFIC ON FIBRE NETWORK (GIGABYTES) (PETABYTES*) For personal use only 700 668 +767 8,741 600 petabytes = 29,000 years +9.6% 500 of HD streaming 400 312 300 7,974 200 100 0 Jun-20 Sep-25 FY24 FY25 Copper Fibre •
Slide 14: What is driving data growth?
What is driving data growth? Advances in customer-facing technology, services and AI For personal use only Debt Investor Presentation November 2025 13
Slide 15: Fibre is AI ready
Fibre is AI ready The resilience, reliability and scalability of fibre makes Chorus an AI enabler • Industry forecasts anticipate a significant step-up in AI driven Venture Insights six key takeaways**: For personal use only data demand 1. The AI Revolution Reframes the Debate: . . . no longer “fibr
Slide 16: Fibre uptake has lifted to 72.2%
Fibre uptake has lifted to 72.2% • Fibre uptake at 72.2%: later UFB2 areas at 63%; earlier UFB1 areas at 75% • Fibre footprint at 1,541,000 addresses passed* at 30 September 2025 For personal use only • Return to growth in Chorus fibre areas as copper withdrawal programme ends (see chart on right) F
Slide 17: Fibre growth continues; speeds boosted in June 2025
Fibre growth continues; speeds boosted in June 2025 • 100/20Mbps plan: grew by 41k to 88k in FY25. Majority of growth from new/offnet and ~1/4 from higher speed plans • demand for 1Gbps+ stable; 25% of residential connections on 1Gbps or faster with ~5k on Hyperfibre 2Gbps+ plans For personal use on
Slide 18: Continuing our transition to an all-fibre future
For personal use only Continuing our transition to an all-fibre future Debt Investor Presentation November 2025
Slide 19: Becoming an all-fibre business
Becoming an all-fibre business TOTAL COPPER AND FIBRE CONNECTIONS (#) For personal use only 1,800,000 1,600,000 Copper < 8% of 1,400,000 Chorus connections 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Q1 FY26 Copper conne
Slide 20: Steady demand for infrastructure connectivity
Steady demand for infrastructure connectivity • New Property Development: new address growth For personal use only NEW PROPERTY DEVELOPMENT PIPELINE – LOTS PASSED from new dwellings constructed of $20m+/year 40,000 order pipeline • Data centres: e.g. new Express Connect service to 35,000 stabilising
Slide 21: Continuing to explore strategic asset optimisation
Continuing to explore strategic asset optimisation For personal use only IoT Solutions Scale EdgeCentres Fibre Expansion Copper recovery Property optimisation Debt Investor Presentation November 2025 20
Slide 22: Optimising for an all-fibre future
Optimising for an all-fibre future Copper retirement Copper recovery For personal use only • Notice period complete in Chorus areas by December; • ~160km of cable recycled in FY25 shutdown by mid-2026 • In market to select extraction partner; programme to step • ~1,200 cabinets/sites to be powered d
Slide 23: Our regulatory framework & pathway to regulatory simplification
Our regulatory framework & pathway to regulatory simplification • Chorus is required to provide wholesale services to retailers on a non-discriminatory basis For personal use only • Chorus fibre access services, excluding fibre in other fibre company areas, operate under a Regulated Asset Base (RAB)
Slide 24: Regulatory certainty on fibre to the end of 2028
Regulatory certainty on fibre to the end of 2028 • Regulatory clarity for PQP2 (CY2025-2028): PQP2 MAR 2025 2026 2027 2028 For personal use only ▫ ID reporting (31 May) showed CNU was very close to earning the 2024 MAR Final MAR (NZDm) 956.9 1,001.0 1,040.8 1,079.7 ▫ PQ-FFLAS opex allocations will r
Slide 25: Financial and non-financial highlights
For personal use only Financial and non-financial highlights Debt Investor Presentation November 2025
Slide 26: FY25 overview
FY25 overview A resilient result with good progress on strategy • Delivered innovation through Boost speed For personal use only upgrades • Driven greater awareness of Fibre • Positive regulatory * pathways emerging • Fibre revenue growth +7% • Strong cost management in inflationary environment • Su
Slide 27: Fibre enables a more resilient future for our stakeholders
Fibre enables a more resilient future for our stakeholders SCOPE 1 & 2 EMISSIONS For personal use only REDUCTION FROM FY20 BASE YEAR (TONNES CO2e) 25% 99% TOTAL 5% ELECTRICITY 2,621 DIGITAL LANDFILL WASTE REDUCTION VS EQUITY DIVERTED FY24* CONNECTIONS 9,574 7,233 962 644 FY20 FY25 Scope 1 Scope 2 SB
Slide 28: Leverage: 4.52x net debt/EBITDA
Leverage: 4.52x net debt/EBITDA • Prior periods ND/EBITDA: FY24 4.42x; HY25 4.54x • Chorus issued $170m of NZ capital notes to refinance Crown • S&P has introduced new digital infrastructure rating criteria. financing in June For personal use only Under the new criteria Chorus’ outlook has been chan
Slide 29: Crown Funding Securities – potential divestment
Crown Funding Securities – potential divestment On 10 October, the NZ Government announced they had NIFF equity securities For personal use only instructed National Infrastructure Funding and Infrastructure Limited (NIFF) to: • Unique class of security with no voting rights but a repayment preferenc
Slide 30: Ranking of Crown Funding Securities on liquidation
Ranking of Crown Funding Securities on liquidation Type of liability For personal use only Higher Liabilities preferred by law (for example, Inland Revenue for certain unpaid taxes)1 ranking/ earlier priority Other borrowings secured over assets of Chorus Unsubordinated and unsecured liabilities, in
Slide 31: Transaction summary
For personal use only Transaction summary Debt Investor Presentation November 2025
Slide 32: Summary Terms - New Issue and Tender Offer
Summary Terms - New Issue and Tender Offer New Issue Tender Offer - Description Issuer: Chorus Limited Offeror: Chorus Limited Guarantor: Chorus New Zealand Limited Description of the Notes EUR300m 0.875 per cent. Notes due 5 December 2026 Programme: The Information Memorandum of the Issuer’s Euro M
Slide 33: Appendices
For personal use only Appendices Debt Investor Presentation November 2025
Slide 34: Pricing data
Pricing data For personal use only Product / Service Current Price Price from 1 Jan'26 $28.00 New Low Speed Plan n/a (Retail price cap $55) $38.00 $40.50 Home Fibre Starter (100/20Mbps) (Retail price cap $65) (Retail price cap $70) Home Fibre 100Mbps $53.96 $57.52 Home Fibre 500Mbps $56.28 $58.73 Ho
Slide 35: New Zealand's fibre footprint
New Zealand’s fibre footprint 87% OF POPULATION COVERED BY FIBRE TO THE PREMISES For personal use only ▪ NZ government supported fibre rollout from 2011-2022 ▪ Requirement that fibre companies be wholesale only in return for government financing ▪ Chorus received ~NZ$1.3bn in low-cost, long-term gov
Slide 36: Regulatory revenue building blocks
Regulatory revenue building blocks Final building blocks revenue components ($m, nominal) 2025 2026 2027 2028 For personal use only Total return on capital 255.1 270.4 269.4 266.1 Return on assets (RAB x WACC), Core fibre assets 384.6 396.6 404.3 408.5 Return on assets (RAB x WACC), Financial loss a
Slide 37: Income statement
Income statement FY25 $m FY24 $m For personal use only Operating revenue 1,014 1,010 • Fibre connection and ARPU growth largely offset by legacy revenue decline Operating expenses (309) (310) • Simplification and strong cost management offset inflation-linked and regulatory increases Earnings before
Slide 38: Capex
Capex • Gross capex reduced 3% to $415m with reduced installation spend partly offset by increased spend on footprint expansion • Sustaining capex was steady year-on-year at $205m For personal use only FY25 $m FY24 $m GROSS CAPEX BY CATEGORY Sustaining capex* 205 205 Discretionary growth capex 210 2
Slide 39: RAB and Non-RAB capex
RAB and Non-RAB capex • Installation spend reduced by $28m • Copper capex reduced by $7m and includes $8m of contribution-funded activity For personal use only • FY24 capex updated to reflect final allocations for 2024 Information Disclosure (ID). FY25 allocations unaudited and subject to 2025 ID RA
Slide 40: New Zealand macro-economic data
New Zealand macro-economic data Annual CPI (%) 8.0% • Unemployment rate: 5.2% (Jun-25) For personal use only 6.0% • Annual inflation rate: 3% (Sep-25) • New dwellings consented: 34,078 (12 months ended Aug- 4.0% 3.05% 25, up 1.3% vs 12 months ended Aug-24) 2.0% • Net migration gain: 13,700 (12 month
Slide 41: Thank you
For personal use only THANK YOU Debt Investor Presentation November 2025 40
Slide 42: Tender offer announcement notice
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION DIRECTLY OR INDIRECTLY TO ANY U.S. PERSON OR IN OR INTO THE UNITED STATES (EACH AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR D
Slide 43: Tender Offer terms
Amount Fixed Subject to Description ISIN/Common Outstanding Maturity Reference Purchase Purchase the Tender of the Notes Code Principal Amount Date Benchmark Spread Price(2) Offer To be €300,000,000 5 determined by 0.875 per cent. December Interpolated the Dealer XS2084759757 +5 basis Any and all no
Slide 44: Rationale for the Tender Offer
Rationale for the Tender Offer The Offeror is looking to refinance the outstanding Notes and extend the debt maturity profile of its liabilities. New Notes and Financing Condition The Offeror has also announced investor marketing for an offering of Euro denominated fixed rate guaranteed notes (the "
Slide 45: For personal use only
Lead Manager of the issue of the New Notes) as soon as possible prior to the Expiration Deadline and prior to the pricing of the New Notes in order to request New Notes Priority. The Tender Offer Memorandum is not an offer of securities for sale in the United States or to U.S. Persons. Securities ma
Slide 46: Expected Timetable
Expected Timetable This is an indicative timetable and is subject to the right of the Offeror to extend, amend, terminate and/or withdraw the Tender Offer (subject to applicable law and as provided in the Tender Offer Memorandum). Events Dates and Times (All times are London time) Launch of the Tend
Slide 47: Expected Timetable (continued)
Announcement of the conditional results of the Tender Offer As soon as reasonably practicable after the Pricing Time Announcement of whether the Offeror will accept, subject to the Financing Condition being waived by the Offeror (in its sole and absolute discretion) or satisfied on or before the Set
Slide 48: For personal use only
from a Qualifying Holder to participate in, or (in the limited circumstances in which revocation is permitted) revoke their instruction to participate in, the Tender Offer in order to meet the deadlines set out above. The deadlines set by any such intermediary and each of Euroclear and Clearstream f
Slide 49: Contact Information
CONTACT INFORMATION Qualifying Holders who have questions regarding the Tender Offer, may contact the Tender and Information Agent or the Dealer Managers. DEALER MANAGERS Citigroup Global Markets New HSBC Bank plc Zealand Limited 8 Canada Square Citigroup Centre, Level 11, London E14 5HQ 23 Customs
Slide 50: Disclaimer
DISCLAIMER This announcement must be read in conjunction with the Tender Offer Memorandum. This announcement and the Tender Offer Memorandum contain important information which should be read carefully before any decision is made with respect to the Tender Offer. If any Qualifying Holder is in any d