Chorus Limited · NZX:CNU
Chorus — Shareholder Meeting (November 2026)
31 slides from Chorus's shareholder meeting presentation, Nov 4, 2026
Slide 1: Annual Shareholder Meeting
Annual Shareholder Meeting Unleashing potential through connectivity Enabling better futures for Aotearoa 4 November 2026 ANNUAL SHAREHOLDERS MEETING 2026
Slide 2: Agenda
Agenda 1. Introduction and Chair’s address 2. CEO address 3. Resolutions 4. Shareholder questions ANNUAL SHAREHOLDERS MEETING 2026 2
Slide 3: How to participate in hybrid meetings (Q&A)
How to participate in hybrid meetings (Q&A) SHAREHOLDER & PROXYHOLDER Q&A PARTICIPATION 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 submit. Your questi
Slide 4: How to participate in hybrid meetings (voting)
How to participate in hybrid meetings (voting) SHAREHOLDER & PROXYHOLDER VOTING • 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. • Your vote has bee
Slide 5: Your Board, independent directors
Your Board, independent directors MARK CROSS SUE BAILEY NEAL BARCLAY MIRIAM DEAN CHAIR WILL IRVING KATE JORGENSEN PAUL REID ANNUAL SHAREHOLDERS MEETING 2026 5
Slide 6: Another strong annual performance
Another strong annual performance SUSTAINED GROWTH ACROSS KEY MEASURES 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 FY26 740 1.Earning
Slide 7: Delivering value beyond financial performance
Delivering value beyond financial performance PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY 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 9.25 Layer 1 Laye
Slide 8: Your Board's focus areas
Your Board’s focus areas DELIVERING A CONNECTED NEW ZEALAND AND SUSTAINABLE LONG-TERM SHAREHOLDER VALUE FIBRE GROWTH & FINANCIAL PEOPLE & LEADERSHIP CUSTOMER VALUE DISCIPLINE CAPABILITY Fibre is future Be an active Appropriate Empowering our proofed wholesaler capital structure people 80% fibre Prom
Slide 9: Capital management principles and policy
Capital management principles and policy 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 sustainable growing div
Slide 10: Strong returns for our shareholders
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 FY26 FY27* BUILD OPERATE *partially imputed and subject to no material adverse changes in circumstances or outlook A
Slide 11: Fibre is critical national infrastructure
Fibre is critical national infrastructure A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES 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 12: Chief Executive's Address
Chief Executive’s Address Mark Aue ANNUAL SHAREHOLDERS MEETING 2026
Slide 13: Our strategy
Our strategy ANNUAL SHAREHOLDERS MEETING 2026 13
Slide 14: Horizon 2 delivering simplicity and efficiency
Horizon 2 delivering simplicity and efficiency ANNUAL SHAREHOLDERS MEETING 2026 14
Slide 15: Embedding our Purpose with tangible outcomes
Embedding our Purpose with tangible outcomes ANNUAL SHAREHOLDERS MEETING 2026 15
Slide 16: 80% fibre uptake by 2030
80% fibre uptake by 2030 SIMPLICITY & EFFICIENCY: FIBRE SEEN AS AN ESSENTIAL SERVICE 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 500Mb plans or 741
Slide 17: Growing Infrastructure portfolio and services
Growing Infrastructure portfolio and services PRODUCTS LAUNCHED AND FEASIBILITY ASSESSMENTS UNDERWAY 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 passed in FY26;
Slide 18: Unlocking value from legacy assets
Unlocking value from legacy assets OPTIMISING FOR AN ALL-FIBRE FUTURE 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 underway • expected
Slide 19: Regulatory progress update
Regulatory progress update REGULATORY REGIME MATURING 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 (transport and voice) on
Slide 20: Long-term strategic value of fibre infrastructure
Long-term strategic value of fibre infrastructure MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS + + + + DATA CENTRES AI ADOPTION & CONTENT QUALITY UPLOAD DEMAND FIBRE ADVANTAGE TRAFFIC GROWTH AI COMPUTE NEEDS SMALL TODAY, VIEWING & TRAFFIC TURNS ONLY TECH WITH THE INTERCONNECTION
Slide 21: Strong execution today. Expanding opportunities for tomorrow.
Strong execution today. Expanding opportunities for tomorrow. • Strong FY26 result underpinned by disciplined execution • Horizon 2 gaining momentum: growth, simplicity & efficiency • Pathway to 80% fibre uptake • Copper retirement firmly in sight • Disciplined expansion into adjacent opportunities
Slide 22: Resolutions
Resolutions Mark Cross, Chair ANNUAL SHAREHOLDERS MEETING 2026
Slide 23: Resolutions
Resolutions ORDINARY RESOLUTIONS 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 and replace it wi
Slide 24: How to participate in hybrid meetings (voting)
How to participate in hybrid meetings (voting) SHAREHOLDER & PROXYHOLDER VOTING • 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. • Your vote has bee
Slide 25: 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. KATE JORGENSEN ANNUAL SHAREHOLDERS MEETING 2026 25
Slide 26: Resolution 2: Election of Mr Paul Reid
Resolution 2: Election of Mr Paul Reid That Mr Paul Reid be elected as a Chorus director. PAUL REID ANNUAL SHAREHOLDERS MEETING 2026 26
Slide 27: 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. ANNUAL SHAREHOLDERS MEETING 2026 27
Slide 28: Resolution 4: Replacement of Chorus' constitution
Resolution 4: Replacement of Chorus’ constitution To revoke Chorus’ constitution and replace it with the replacement constitution described 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 SHAREHOLDERS MEETING
Slide 29: Questions?
Questions? ANNUAL SHAREHOLDERS MEETING 2026 29
Slide 30: Feedback
Feedback We welcome your feedback. If you have additional questions, please email: company.secretary@chorus.co.nz ANNUAL SHAREHOLDERS MEETING 2026 30
Slide 31: Disclaimer
Disclaimer This presentation: • Is provided for general information purposes and does not constitute investment advice or an offer of or invitation to purchase Chorus securities. • Includes forward-looking statements. These statements are not guarantees or predictions of future performance. They inv