Chorus Limited · NZX:CNU
Chorus — Shareholder Meeting (November 2026)
53 slides from Chorus's shareholder meeting presentation, Nov 4, 2026
Slide 1: Stock exchange announcement: Chorus' annual shareholders' meeting
Chorus Limited Level 10, 1 Willis Street P O Box 632 Wellington For personal use only New Zealand Email: company.secretary@chorus.co.nz STOCK EXCHANGE ANNOUNCEMENT 4 November 2026 Chorus’ annual shareholders’ meeting The attached prepared announcements will be delivered at Chorus’ annual shareholder
Slide 2: Chair's Address
Chorus Annual Shareholder Meeting – 4 November 2026 Chair’s Address For personal use only Tēnā koutou katoa. Good morning and welcome to Chorus’ 2026 Annual Shareholders’ Meeting. I’m Mark Cross, Chorus’ Chair. We’re happy to be returning to a hybrid meeting, joining you in person here in Auckland a
Slide 3: Your Board, independent directors
I’ll start today’s meeting with a short summary of the year and some of the things the Board has been focused on to deliver value to For personal use only shareholders. Chief Executive Mark Aue will then cover what’s happening at an operational and market level. After that we’ll move to resolutions,
Slide 4: Another strong annual performance
We also have with us today key personnel including most of our Executive team who are based here in Auckland as well as representatives from our auditors KPMG, and our legal provider Chapman Tripp. For personal use only Another strong annual performance SUSTAINED GROWTH ACROSS KEY MEASURES NET CASH
Slide 5: Delivering value beyond financial performance
Delivering value beyond financial performance PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY For personal use only 2.84 1.24 +56 1.23 eNPS LTIFR vs Fibre faults1 per Fibre faults1 per in top 10% of industry 100 connections: 100 connections: tech industry bench
Slide 6: Your Board's focus areas
technology industry benchmark. We also continue to compare favourably with industry on our safety performance. Digital inclusion has been an important focus for us this year as we reflect For personal use only on the role we play in connecting New Zealand. As Mark will explain, our new digital equit
Slide 7: Board focus areas: financial discipline, people
from copper. The goal is a modern, resilient network that will serve New Zealand for generations to come. Second, growth and customer value. We want Chorus to be an active For personal use only wholesaler, making the most of our fibre network while continuing to promote digital equity. We’re also ta
Slide 8: Capital management principles and policy
Capital management principles and policy For personal use only A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS Net cash flow from operating activities Less: sustaining capital expenditure = Free cash flow for capital allocation Less: ordinary dividend Deliver a s
Slide 9: Strong returns for our shareholders
investment must create greater value for shareholders than returning that capital to them. For personal use only Strong returns for our shareholders RELIABLE GROWING DIVIDENDS DIVIDEND (cps) Min 62* CAGR 11% 60 57.5 47.5 42.5 35 28 22 23 24 20 21 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY2
Slide 10: Fibre is critical national infrastructure
Fibre is critical national infrastructure A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES For personal use only 76.2% 2028 80% UFB Build copper fibre uptake fibre uptake retirement target 2030 Where we’ve been… where we are… where we are going… ANNUAL SHAREHOLDERS MEETING 2026 11 Fi
Slide 11: Closing remarks of Chair's address
Chorus will only grow. The networks that enable the movement of vast amounts of data are becoming ever more critical to economic productivity, innovation and connectivity, reinforcing both the strategic For personal use only importance and long-term value of digital infrastructure. So as we look ahe
Slide 12: CEO's Address: Our strategy
Chorus Annual Shareholder Meeting – 4 November 2026 CEO’s Address For personal use only Tena Koutou Katoa – nau mai haere mai. Greetings, and a warm welcome to all online and here with us in person. As Mark noted, we are pleased with a strong FY26 financial and operational performance, reflecting th
Slide 13: Horizon 2 delivering simplicity and efficiency
That purpose is supported by a clear Aspiration: in becoming “A Simplified all fibre business with 80% uptake by 2030.” Underpinning the strategy are four strategic pillars as L.E.A.P that frame For personal use only our priorities across Chorus. All are outcome based and have provided the clarity a
Slide 14: Embedding our Purpose with tangible outcomes
We’re confident our Horizon 3 outlook in 2030, as a "simplified All Fibre business" remains on track. This will be a significant achievement looking at other benchmark For personal use only countries that remain well behind on both the deployment of Fibre and the simplification of legacy technologie
Slide 15: 80% fibre uptake by 2030
affordable fibre access with retail services capped at $30 per month, and working alongside community partners, we’re helping to remove barriers to digital participation and creating lasting benefits for New Zealanders. For personal use only Feedback has been incredibly positive with almost 4,000 co
Slide 16: Growing Infrastructure portfolio and services
customers with higher data needs and the growing relevance of symmetrical speeds and low latency. We expect ongoing growth in higher-speed services, supported by For personal use only increasing household data usage and emerging AI-driven upload requirements. Our ambition is to reach 80% address ava
Slide 17: Growing Infrastructure portfolio & services
Growing Infrastructure portfolio & services Beyond our core fibre network, we're continuing to expand and diversify our Infrastructure portfolio, creating growth across connectivity, transport For personal use only and edge services. Several new products were launched through the year, including Uni
Slide 18: Unlocking value from legacy assets
Unlocking value from legacy assets OPTIMISING FOR AN ALL-FIBRE FUTURE For personal use only COPPER RETIREMENT COPPER RECYCLING PROPERTY OPTIMISATION NZ COPPER CONNECTIONS 1.8m -98% 40k FY12 Q1FY27 • full retirement targeted by 2028 • recycling underway and • multi-year property programme acceleratin
Slide 19: Regulatory progress update
Regulatory progress update REGULATORY REGIME MATURING For personal use only Telco sector review: Fibre services simplification: • Ministry for Regulation issued final report on review of • Input Methodologies review and targeted deregulation the telecommunications sector in March 2026, 22 reviews (t
Slide 20: Long-term strategic value of fibre infrastructure
proposal due to the Commission in August next year with the final decision in August 2028. For personal use only Long-term strategic value of fibre infrastructure MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS + + + + DATA CENTRES AI ADOPTION & CONTENT QUALITY UPLOAD DEMAND FIBRE
Slide 21: Strong execution today. Expanding opportunities for tomorrow.
Strong execution today. Expanding opportunities for tomorrow. • Strong FY26 result underpinned by disciplined For personal use only execution • Horizon 2 gaining momentum: growth, simplicity & efficiency • Pathway to 80% fibre uptake • Copper retirement firmly in sight • Disciplined expansion into a
Slide 22: Closing of CEO's address
connectivity continues to reinforce the advantage of scalable fibre networks. The future itself is increasingly digital, AI-enabled and dependent on fibre. For personal use only And Chorus is uniquely positioned to power that digital future. ENDS 11
Slide 23: Annual Shareholder Meeting
Annual rsonal use only Shareholder Meeting Unleashing potential through connectivity Enabling better futures for Aotearoa 4 November 2026 ANNUAL SHAREHOLDERS MEETING 2026
Slide 24: Agenda
Agenda rsonal use only 1. Introduction and Chair’s address 2. CEO address 3. Resolutions 4. Shareholder questions ANNUAL SHAREHOLDERS MEETING 2026 2
Slide 25: How to participate in hybrid meetings (Q&A)
How to participate in hybrid meetings (Q&A) SHAREHOLDER & PROXYHOLDER Q&A PARTICIPATION rsonal use only ONLINE QUESTIONS • If you have a question to submit during the live meeting, please select the Q&A tab on the right half of your screen at any time. Type your question into the field and press sub
Slide 26: How to participate in hybrid meetings (voting)
How to participate in hybrid meetings (voting) SHAREHOLDER & PROXYHOLDER VOTING rsonal use only • Once the voting has been opened, the resolutions and voting options will allow voting. • To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen. • Y
Slide 27: Your Board, independent directors
Your Board, independent directors rsonal use only MARK CROSS SUE BAILEY NEAL BARCLAY MIRIAM DEAN CHAIR WILL IRVING KATE JORGENSEN PAUL REID ANNUAL SHAREHOLDERS MEETING 2026 5
Slide 28: Another strong annual performance
Another strong annual performance SUSTAINED GROWTH ACROSS KEY MEASURES rsonal use only NET CASH FLOWS FIBRE CONNECTIONS (k) EBITDA1 ($m) NET PROFIT ($m) FROM OPERATING ACTIVITIES ($m) +3% vs FY25 +3% vs FY25 +$33m vs FY25 +4% vs FY25 FY25 1,115 FY25 705 FY25 4 FY25 709 FY26 1,147 FY26 726 FY26 37 FY
Slide 29: Delivering value beyond financial performance
Delivering value beyond financial performance PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY rsonal use only 2.84 1.24 +56 1.23 eNPS LTIFR vs Fibre faults1 per Fibre faults1 per in top 10% of industry 100 connections: 100 connections: tech industry benchmark 9
Slide 30: Your Board's focus areas
Your Board’s focus areas DELIVERING A CONNECTED NEW ZEALAND AND SUSTAINABLE LONG-TERM SHAREHOLDER VALUE rsonal use only FIBRE GROWTH & FINANCIAL PEOPLE & LEADERSHIP CUSTOMER VALUE DISCIPLINE CAPABILITY Fibre is future Be an active Appropriate Empowering our proofed wholesaler capital structure peopl
Slide 31: Capital management principles and policy
Capital management principles and policy A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS rsonal use only Net cash flow from operating activities Less: sustaining capital expenditure = Free cash flow for capital allocation Less: ordinary dividend Deliver a sustain
Slide 32: Strong returns for our shareholders
Strong returns for our shareholders RELIABLE GROWING DIVIDENDS rsonal use only DIVIDEND (cps) Min 62* CAGR 11% 60 57.5 47.5 42.5 35 28 22 23 24 20 21 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27* BUILD OPERATE *partially imputed and subject to no material adverse changes in circumstan
Slide 33: Fibre is critical national infrastructure
Fibre is critical national infrastructure A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES rsonal use only 76.2% 2028 80% UFB Build copper fibre uptake fibre uptake retirement target 2030 Where we’ve been… where we are… where we are going… ANNUAL SHAREHOLDERS MEETING 2026 11
Slide 34: Chief Executive's Address
Chief Executive’s Address rsonal use only Mark Aue ANNUAL SHAREHOLDERS MEETING 2026
Slide 35: Our strategy
Our strategy rsonal use only ANNUAL SHAREHOLDERS MEETING 2026 13
Slide 36: Horizon 2 delivering simplicity and efficiency
Horizon 2 delivering simplicity and efficiency rsonal use only ANNUAL SHAREHOLDERS MEETING 2026 14
Slide 37: Embedding our Purpose with tangible outcomes
Embedding our Purpose with tangible outcomes rsonal use only ANNUAL SHAREHOLDERS MEETING 2026 15
Slide 38: 80% fibre uptake by 2030
80% fibre uptake by 2030 SIMPLICITY & EFFICIENCY: FIBRE SEEN AS AN ESSENTIAL SERVICE rsonal use only FIBRE CONNECTIONS FIBRE CONNECTION SIMPLIFIED PLANS DATA USAGE & UPTAKE FOCUS ACCELERATING MONTHLY AVERAGE DATA 1.2m ~200k ~85% USAGE PER CONNECTION (GIGABYTES) connections “winback” customers on 500
Slide 39: Growing Infrastructure portfolio and services
Growing Infrastructure portfolio and services PRODUCTS LAUNCHED AND FEASIBILITY ASSESSMENTS UNDERWAY rsonal use only GROWING CONNECTIVITY FIBRE EXPANSION NEW OPPORTUNITIES • Express Connect available in 8 • New Property Development • North-South Subsea cable data centres, with more planned 22k lots
Slide 40: Unlocking value from legacy assets
Unlocking value from legacy assets OPTIMISING FOR AN ALL-FIBRE FUTURE rsonal use only COPPER RETIREMENT COPPER RECYCLING PROPERTY OPTIMISATION NZ COPPER CONNECTIONS 1.8m -98% 40k FY12 Q1FY27 • full retirement targeted by 2028 • recycling underway and • multi-year property programme accelerating unde
Slide 41: Regulatory progress update
Regulatory progress update REGULATORY REGIME MATURING rsonal use only Telco sector review: Fibre services simplification: • Ministry for Regulation issued final report on review of • Input Methodologies review and targeted deregulation the telecommunications sector in March 2026, 22 reviews (transpo
Slide 42: Long-term strategic value of fibre infrastructure
Long-term strategic value of fibre infrastructure MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS rsonal use only + + + + DATA CENTRES AI ADOPTION & CONTENT QUALITY UPLOAD DEMAND FIBRE ADVANTAGE TRAFFIC GROWTH AI COMPUTE NEEDS SMALL TODAY, VIEWING & TRAFFIC TURNS ONLY TECH WITH THE
Slide 43: Strong execution today. Expanding opportunities for tomorrow.
Strong execution today. Expanding opportunities for tomorrow. • Strong FY26 result underpinned by disciplined rsonal use only execution • Horizon 2 gaining momentum: growth, simplicity & efficiency • Pathway to 80% fibre uptake • Copper retirement firmly in sight • Disciplined expansion into adjacen
Slide 44: Resolutions
Resolutions rsonal use only Mark Cross, Chair ANNUAL SHAREHOLDERS MEETING 2026
Slide 45: Resolutions
Resolutions ORDINARY RESOLUTIONS rsonal use only 1. That Ms Kate Jorgensen be re-elected as a Chorus director. 2. That Mr Paul Reid be elected as a Chorus director. 3. That the Board be authorised to fix the fees and expenses of KPMG as auditor. SPECIAL RESOLUTION 4. To revoke Chorus’ constitution a
Slide 46: How to participate in hybrid meetings (voting)
How to participate in hybrid meetings (voting) SHAREHOLDER & PROXYHOLDER VOTING rsonal use only • Once the voting has been opened, the resolutions and voting options will allow voting. • To vote, simply click on the Vote tab, and select your voting direction from the options shown on the screen. • Y
Slide 47: Resolution 1: Re-election of Ms Kate Jorgensen
Resolution 1: Re-election of Ms Kate Jorgensen That Ms Kate Jorgensen be re-elected as a Chorus director. rsonal use only KATE JORGENSEN ANNUAL SHAREHOLDERS MEETING 2026 25
Slide 48: Resolution 2: Election of Mr Paul Reid
Resolution 2: Election of Mr Paul Reid That Mr Paul Reid be elected as a Chorus director. rsonal use only PAUL REID ANNUAL SHAREHOLDERS MEETING 2026 26
Slide 49: Resolution 3: Auditor's fees and expenses
Resolution 3: Auditor’s fees and expenses That the Board be authorised to fix the fees and expenses of KPMG as auditor. rsonal use only ANNUAL SHAREHOLDERS MEETING 2026 27
Slide 50: Resolution 4: Replacement of Chorus' constitution
Resolution 4: Replacement of Chorus’ constitution To revoke Chorus’ constitution and replace it with the replacement constitution described rsonal use only in Explanatory Note 3 of the Notice of Annual Meeting with effect from the day that is 3 business days following the Annual Meeting. ANNUAL SHAR
Slide 51: Questions?
Questions? rsonal use only ANNUAL SHAREHOLDERS MEETING 2026 29
Slide 52: Feedback
Feedback We welcome your feedback. rsonal use only If you have additional questions, please email: company.secretary@chorus.co.nz ANNUAL SHAREHOLDERS MEETING 2026 30
Slide 53: Disclaimer
Disclaimer This presentation: • Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase rsonal use only Chorus securities. • Includes forward-looking statements. These statements are not guarantees or predictions of future perfo