Slides
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Annual Shareholder Meeting 2025 Annual Shareholder Meeting5 November 2025Unleashing potential through connectivityEnabling better futures for Aotearoa
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Annual Shareholder Meeting 2025 Agenda 2 Introduction and Chair’s addressCEO addressResolutionsShareholder Questions1234
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Annual Shareholder Meeting 2025 How to participate in virtual meetings (Q&A) 3 Shareholder & Proxyholder Q&A participation ONLINE QUESTIONSIf 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 question will be immediately submitted to the moderator.HELPThe Q&A tab can also be used for immediate help. If you need assistance, please submit your query in the same manner as typing a question and a Computershare representative will respond directly to you.
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Annual Shareholder Meeting 2025 How to participate in virtual meetings (voting) 4 Shareholder & Proxyholder votingSHAREHOLDER & PROXYHOLDER VOTINGOnce 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 been cast when the tick appears. To change your vote, select ‘Change Your Vote’.
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Annual Shareholder Meeting 2025 Your Board, independent directors 5 MARK CROSS CHAIR SUE BAILEYNEAL BARCLAYMIRIAM DEANWILL IRVING KATE JORGENSEN JACK MATTHEWS
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Annual Shareholder Meeting 2025 FY25 Overview: consistent, reliable result 6*Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between companies** As at 31 December
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Annual Shareholder Meeting 2025 FY25 Overview: continued progress on sustainability 7 *10% more data traffic in FY25, but reduced electricity usage by 5% by removing legacy equipment** fibre broadband has a much lower fault rate than copper (~5% vs ~30% per annum) and is widely recognised as the most energy efficient broadband technologyNote: our scope 2 emissions were increased in FY25 due to a 39% increase to the Ministry for the Environment purchased energy emissions factor - 2025 Emissions Factors Workbook (summary of changes) https://environment.govt.nz/publications/measuring-emissions-guide-2025/ SBTi: 62% REDUCTION BY FY30962 644 9,574 7,233 FY20 FY25Scope 1Scope 2SCOPE 1 & 2 EMISSIONS REDUCTION FROM FY20 BASE YEAR (TONNES CO2e)25%99% TOTAL LANDFILL WASTE DIVERTED5% ELECTRICITY REDUCTION VS FY24*41% FEWER COPPER CONNECTIONS VS FY24** 8.4/10 ENGAGEMENT SCORE0.99 TRIFR vs INDUSTRY BENCHMARK 14.27 2,621 DIGITAL EQUITY CONNECTIONS
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Annual Shareholder Meeting 2025 Your Board’s focus areas EMPOWERING OUR PEOPLEFIBRE IS FUTURE-PROOFEDMANAGED EXIT FROM COPPERBE AN ACTIVE WHOLESALERPRIORITISE LONG TERM VALUECONSIDERED APPROACH TO NEW OPPORTUNITIESAPPROPRIATE CAPITAL STRUCTURE8 Cu PROMOTE DIGITAL EQUITY80% FIBRE UPTAKE BY 2030
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Annual Shareholder Meeting 2025 Capital management principles and policy Dividend policy: pay an ordinary dividend of 70% to 90% (on average, over time) of net cash flow from operating activities less sustaining capital expenditure Capital allocation underpinned by free cash flow from an essential regulated infrastructure assetDeliver a sustainable growing dividend, at least in real terms Use balance sheet to fund discretionary growth capex - up to 4.75x ND/EBITDADiscretionary growth capex must deliver greater value than returning funds to shareholders A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS 9
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Annual Shareholder Meeting 2025 Strong returns for our shareholders 10 TOTAL SHAREHOLDER RETURNS (TSR) PERFORMANCE (% return)141719232125.528.534.5FY22 FY23 FY24 FY25 FY26*interimfinal57.560DIVIDEND (cps)3542.547.5*subject to no material adverse changes in circumstances or outlook -25-15-551525354555 30 June 2020 30 June 2021 30 June 2022 30 June 2023 30 June 2024 30 June 2025 Chorus NZX5030 June 202030 June 202130 June 202230 June 202330 June 202430 June 2025CAGR11%
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Annual Shareholder Meeting 2025 Impact of fibre investment on NZ economy $31bTotal GDP impact2012-2023Source: Deloitte (2024) – Unleashing fibre: The future of digital fibre infrastructure in New Zealand$163bTotal GDP impact2024-203311
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Annual Shareholder Meeting 2025 A digital economy for all •Everyone deserves access to digital infrastructure•Fibre fuels innovation•NZ must lead, not lag•Where fibre can’t go, wireless and satellite step in A digital economy for all •400k households are digitally excluded – cannot afford the package of meaningful digital access•Chorus is acting now but this needs scale & collaboration•Digital equity isn’t optional, it’s essential for full participation in today’s economy12Bringing fibre to more communitiesSocial obligation to drive digital equity •Community co-funded fibre build•Important to expand fibre where viable
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Annual Shareholder Meeting 2025 Chief Executive’s AddressMark Aue 13
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Annual Shareholder Meeting 2025 Strategy on track
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Annual Shareholder Meeting 2025 Transition from Horizon 1 15
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Annual Shareholder Meeting 2025 Data usage accelerating on our robust & scalable fibre network 16 TRAFFIC ON FIBRE NETWORK(PETABYTES)7,9748,741FY24 FY253126680100200300400500600700Jun-20 Sep-25CopperFibre MONTHLY AVERAGE DATA USAGE PER CONNECTION (GIGABYTES) peak traffic events increasing linear TV to IP satellite broadcasting to IP Up 10%YoY+767 petabytes = 29,000 years of HD streamingUp 46%since Jun-201 petabyte = one million gigabytes
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Annual Shareholder Meeting 2025 Tailwinds support our 80% uptake ambition 17*Source: Consumer Monitor Survey, 6 months to July 2025 99%Fibre 99% Fixed WirelessVS Awareness: Have at least heard of the internet type* Preference: It would be their first choice for their internet connection at home* 64%Fibre 13% Fixed WirelessVS •FY26 focus on targeted in-market activity including marketing to end customers, targeting underpenetrated segments & inactive fibre addresses, bundlers seeking increased fibre share, MNO high FWA data user migration and ongoing digital equity trial
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Annual Shareholder Meeting 2025 Steady demand for infrastructure connectivity 1805,00010,00015,00020,00025,00030,00035,00040,000FY20 FY21 FY22 FY23 FY24 FY25OrdersCompleted NEW PROPERTY DEVELOPMENT PIPELINE – LOTS PASSED •Data centres: e.g. new Express Connect service to simplify and accelerate DC connectivity; enables remote provisioning•Mobile infrastructure: e.g. backhaul demand to new cellsites•Smart locations: e.g. CCTV, traffic lights•Legacy services: some revenue headwinds as we retire copper services and obsolete enterprise fibre systems Cu order pipeline stabilising at 20k-25k
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Annual Shareholder Meeting 2025 Only 9,000* copper lines remain in Chorus fibre zoneCopper recovery: Expect net proceeds of $30m-$50m over ~3-7 years, subject to market prices, extraction costs etc.Optimising for an all-fibre future 19 •Pathway to regulatory simplification:•Commerce Commission: Copper services deregulation – positive Commerce Commission recommendation to Minister•Ministry for Regulation: Telco sector review•Copper retirement on track for 2030•Copper recovery presents opportunity•Asset optimisation•Rural network fibre expansion•Expected step up in AI driven data*as at 30 September 2025
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Annual Shareholder Meeting 2025 Looking ahead to 2030 20 New Zealand lead 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
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Annual Shareholder Meeting 2025 Simpler, more efficient, more competitive•Business remains resilient, ongoing economic headwinds expected in H1•Horizon 1 foundations complete, transitioning to Horizon 2 with focus on growth, simplicity & efficiency•Continue to strive for 80% fibre uptake by 2030•Innovation is a key differentiator in fibre’s superiority; AI will only exacerbate this•Emerging pathways for copper retirement•An investment in digital infrastructure is for today and future generations
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Annual Shareholder Meeting 2025 ResolutionsMark Cross, Chair
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Annual Shareholder Meeting 2025 Resolutions 23 1.That Ms Sue Bailey be re-elected as a Chorus director2.That Mr Will Irving be re-elected as a Chorus director3.That Mr Mark Cross be re-elected as a Chorus director4.That the Board be authorised to fix the fees and expenses of KPMG as auditor
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Annual Shareholder Meeting 2025 How to participate in virtual meetings (voting) 24 Shareholder & Proxyholder votingSHAREHOLDER & PROXYHOLDER VOTINGOnce 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 been cast when the tick appears. To change your vote, select ‘Change Your Vote’.
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Annual Shareholder Meeting 2025 Resolution 1: Re-election of Ms Sue Bailey 25 That Ms Sue Bailey be re-elected as a Chorus director. SUE BAILEYDirector since 31 October 2019Independent
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Annual Shareholder Meeting 2025 Resolution 2: Re-election of Mr Will Irving 26 That Mr Will Irving be re-elected as a Chorus director. WILL IRVINGDirector since 26 October 2022Independent
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Annual Shareholder Meeting 2025 Resolution 3: Re-election of Mr Mark Cross 27 That Mr Mark Cross be re-elected as a Chorus director. MARK CROSSDirector since 1 November 2016Independent
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Annual Shareholder Meeting 2025 Resolution 4: Auditor’s fees and expenses 28 That the Board be authorised to fix the fees and expenses of KPMG as auditor.
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Annual Shareholder Meeting 2025 Questions? 29
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Annual Shareholder Meeting 2025 Feedback 30 We welcome your feedback.If you have additional questions, please email: company.secretary@chorus.co.nz
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Annual Shareholder Meeting 2025 Disclaimer 31 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 involve known and unknown risks, uncertainties and other factors, many of which are beyond Chorus’ control, and which may cause actual results to differ materially from those contained in this presentation.• Includes statements relating to past performance which should not be regarded as reliable indicators of future performance.• Is current at the date of this presentation, unless otherwise stated. Except as required by law or the NZX Main Board and ASX listing rules, Chorus is not under any obligation to update this presentation, whether as a result of new information, future events or otherwise.• Should be read in conjunction with Chorus’ audited consolidated financial statements for the year to 30 June 2025 and NZX and ASX market releases.• Includes non-GAAP financial measures such as "EBITDA”. These measures do not have a standardised meaning prescribed by GAAP and therefore may not be comparable to similar financial information presented by other entities. They should not be used in substitution for, or isolation of, Chorus' audited consolidated financial statements. We monitor EBITDA as a key performance indicator and we believe it assists investors in assessing the performance of the core operations of our business.• Has been prepared with due care and attention. However, Chorus and its directors and employees accept no liability for any errors or omissions.• Contains information from third parties Chorus believes reliable. However, no representations or warranties (express or implied) are made as to the accuracy or completeness of such information.