Chorus Limited (NS) Ordinary Shares
CNU.NZXCommunication Services
Chorus is New Zealand's largest fixed line telecommunications network operator. It was listed on the NZSX in 2011 after it was chosen by the Crown to build a fibre network under a public-private partnership agreement. This fibre network will pass more than 1.3 million homes, businesses and schools by the end of 2022. Chorus also operates a nationwide copper access network. It provides access to its fibre and copper network on a wholesale basis to approximately 100 retail service providers. CNU has been granted Listing with a 'Non-Standard' ("NS") designation. This designation was granted because there are provisions in CNU's constitution regarding ownership restrictions that require the consent of the New Zealand government. For further information, please see a copy of the waiver under Documents on CNU's homepage on nzx.com
Market Data
$9.750
-0.0%$4.2B
180.2x
$0.054
5.98%
+0.2%
Latest Earnings
Chorus submits 2025 fibre regulatory report
29 May 2026
Chorus has submitted its 2025 Information Disclosure for fibre fixed line access services (FFLAS) to the Commerce Commission for the calendar year ended 31 December 2025. The regulated asset base (RAB) grew to approximately $6.0 billion, with the core RAB increasing $0.2 billion to $5.1 billion, while the Financial Loss Asset declined to $0.9 billion. As expected, Chorus under-earned its maximum allowable revenue by $101 million in 2025, resulting in a wash-up balance of $76.3 million to be carried forward to the next price-quality period (PQP3). Key points: Regulated Asset Base (RAB) grew to $6.0 billion at end of 2025, up from $5.9 billion in 2024, reflecting continued network investment.; Core RAB increased by $221 million to $5.1 billion, driven by $343 million of assets commissioned in 2025 (up from $306 million in 2024).; Financial Loss Asset reduced by $130 million to $862 million, indicating improving recovery of historical network investment losses.
Recent Announcements
Chorus submits 2025 fibre regulatory report
Chorus has submitted its 2025 Information Disclosure for fibre fixed line access services (FFLAS) to the Commerce Commission for the calendar year ended 31 December 2025. The regulated asset base (RAB) grew to approximately $6.0 billion, with the core RAB increasing $0.2 billion to $5.1 billion, while the Financial Loss Asset declined to $0.9 billion. As expected, Chorus under-earned its maximum allowable revenue by $101 million in 2025, resulting in a wash-up balance of $76.3 million to be carried forward to the next price-quality period (PQP3). Key points: Regulated Asset Base (RAB) grew to $6.0 billion at end of 2025, up from $5.9 billion in 2024, reflecting continued network investment.; Core RAB increased by $221 million to $5.1 billion, driven by $343 million of assets commissioned in 2025 (up from $306 million in 2024).; Financial Loss Asset reduced by $130 million to $862 million, indicating improving recovery of historical network investment losses.
SPH Notice – UniSuper Limited
UniSuper Limited changed substantial holding from 13.34% to 18.47%.
SPH Notice – L1 Capital Pty Ltd
L1 Capital Pty Ltd disclosed a change in substantial holding.
Notification of issue of NIFF/CIP warrants
Chorus Limited issued 266,041 CIP1 Warrants (unquoted) to National Infrastructure Funding and Financing Limited on 5 May 2026, representing 2.59% of the total CIP1 Warrant class. The warrants were issued for no consideration and grant holders the right to purchase ordinary Chorus shares at a strike price based on 16% per annum total shareholder return, with exercise dates between 2025 and 2036.
Q3 FY26 Connections Update
Chorus Limited announced Q3 FY26 connections results showing a significant inflection point with total connections growing for the first time since FY13, driven by 13,000 net fibre additions offsetting 10,000 copper disconnections, while the company accelerated its copper network retirement timeline from 2030 to 2028 as copper demand continues to decline.
AUD FX rate for HY26 interim dividend
Chorus Limited has set the AUD/NZD foreign exchange rate at 0.82484 for its HY26 unimputed interim dividend of NZ$0.24 per share, payable to Australian investors on 14 April 2026, with withholding tax to be deducted and remitted to the New Zealand Inland Revenue Department.
Ongoing Disclosure Notice - Jack Matthews
Jack Beverly Matthews, a Director of Chorus Limited, purchased 750 ordinary shares on-market on 24 February 2026 for NZD $7,267.50, increasing his shareholding from 19,881 to 20,631 shares.
SPH Notice – L1 Capital Pty Ltd
L1 Capital Pty Ltd changed substantial holding from 7.86% to 6.55%.
Chorus half year result
Chorus delivered a robust HY26 performance with revenue growing 1% to $506M, EBITDA up 3% to $357M, and returning to profitability with NPAT of $15M versus a $5M loss in HY25. Fibre momentum continued with connections growing by 31,000 to 1.13 million and uptake reaching 72.4%, while the company maintained strong cost discipline and confirmed FY26 EBITDA guidance of $710-730M. Key points: Fibre connections grew by 31,000 to 1.13 million with uptake reaching 72.4% of serviceable addresses; Operating expenses reduced by $5M through operating model changes and efficiency gains; Fibre broadband revenue increased 7% to $387M driven by connection growth and pricing changes
Half Year Results - 23 February 2026
Upcoming half year results expected 23 February 2026 (from NZX schedule)
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