Chorus Ltd
XMUN:7CH
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Chorus Ltd
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Chorus Ltd
Chorus Ltd builds and runs the fixed-line broadband network that carries internet traffic across New Zealand. It owns much of the country’s underground fiber and copper infrastructure, then connects homes and businesses to that network through local service providers rather than selling internet plans directly to end users. Its customers are mainly retail internet companies, mobile and communications providers, and other wholesale network users that need access to Chorus’ lines, exchanges, and fiber connections. Chorus makes money by charging access fees and connection fees for use of its network, so its earnings depend on how many customers and households are connected and how much traffic the network carries. What makes Chorus different is that it sits in the middle of the broadband value chain as a wholesale utility, not a consumer brand. That gives it a regulated, infrastructure-heavy business model with long-lived assets, steady demand tied to internet use, and a role that is essential to how New Zealand’s broadband market works.
Chorus Ltd builds and runs the fixed-line broadband network that carries internet traffic across New Zealand. It owns much of the country’s underground fiber and copper infrastructure, then connects homes and businesses to that network through local service providers rather than selling internet plans directly to end users.
Its customers are mainly retail internet companies, mobile and communications providers, and other wholesale network users that need access to Chorus’ lines, exchanges, and fiber connections. Chorus makes money by charging access fees and connection fees for use of its network, so its earnings depend on how many customers and households are connected and how much traffic the network carries.
What makes Chorus different is that it sits in the middle of the broadband value chain as a wholesale utility, not a consumer brand. That gives it a regulated, infrastructure-heavy business model with long-lived assets, steady demand tied to internet use, and a role that is essential to how New Zealand’s broadband market works.
Robust half: Chorus reported a solid first half, with EBITDA of $357 million, revenue of $506 million, and net profit after tax of $15 million, helped by stronger fibre growth and cost discipline.
Fibre strength: Fibre connections rose 3% to over 1.1 million, uptake reached 72.4%, and fibre revenue grew 7% as Chorus said demand, mix, and reactivations improved.
Guidance lifted: FY '26 EBITDA guidance stayed at $710 million to $730 million, but Chorus now expects to land in the upper half of that range; CapEx is still guided at $375 million to $415 million, with spend now expected in the lower half.
Legacy decline: Copper continues to shrink quickly, with only 3,000 lines left in UFB areas and 54,000 lines remaining in non-fibre areas, supporting lower fault and truck-roll costs and future copper recycling value.
Strategy shift: Management said Horizon 2 is now focused on growth, simplicity, and efficiency, with more attention on brownfields infill, data centers, equity fibre, and other adjacent infrastructure opportunities.
Regulatory watch: Chorus said it is waiting on decisions related to copper deregulation, the TSO review, and the NIFFCo securities sale, while saying all current leverage scenarios remain within thresholds.
