Slides
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ANNUAL SHAREHOLDERS MEETING 2026 Annual Shareholder Meeting 4 November 2026 Unleashing potential through connectivity Enabling better futures for Aotearoa
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ANNUAL SHAREHOLDERS MEETING 2026 Agenda 1. Introduction and Chair’s address 2. CEO address 3. Resolutions 4. Shareholder questions 2
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ANNUAL SHAREHOLDERS MEETING 2026 How to participate in hybrid meetings (Q&A) 3 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 question will be immediately submitted to the moderator. HELP • The 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. SHAREHOLDER & PROXYHOLDER Q&A PARTICIPATION
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ANNUAL SHAREHOLDERS MEETING 2026 How to participate in hybrid meetings (voting) 4 • 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 been cast when the tick appears. • To change your vote, select ‘Change Your Vote’. SHAREHOLDER & PROXYHOLDER VOTING
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ANNUAL SHAREHOLDERS MEETING 2026 Your Board, independent directors 5 MARK CROSS CHAIR SUE BAILEY NEAL BARCLAY MIRIAM DEAN WILL IRVING KATE JORGENSEN PAUL REID
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ANNUAL SHAREHOLDERS MEETING 2026 1,147 1,115 FY26 FY25 740 709 FY26 FY25 37 4 FY26 FY25 726 705 FY26 FY25 Another strong annual performance 6 +3% vs FY25+3% vs FY25 +$33m vs FY25 1.Earnings before interest, income tax, depreciation and amortisation (EBITDA) is a non-GAAP profit measure without a standardised meaning for comparison between companies. We monitor EBITDA as a key performance indicator and we believe it assists investors in assessing the performance of the core operations of our business FIBRE CONNECTIONS (k) NET CASH FLOWS FROM OPERATING ACTIVITIES ($m) EBITDA1 ($m) NET PROFIT ($m) +4% vs FY25 SUSTAINED GROWTH ACROSS KEY MEASURES
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ANNUAL SHAREHOLDERS MEETING 2026 Delivering value beyond financial performance 1.24 Fibre faults1 per 100 connections: Layer 2 2.84 Fibre faults1 per 100 connections: Layer 1 7 43% Scope 1 & 2 emissions reduction from FY20 7% Electricity reduction vs FY25 1.23 LTIFR vs industry benchmark 9.25 +56 eNPS in top 10% of tech industry benchmark 3,055 Digital Equity Connections Digital skills & online safety with Netsafe & Digital Seniors partnerships 1.Faults numbers are 2025 calendar year and exclude force majeure events PURPOSE FOCUS: RESILIENT CONNECTIVITY, EQUITABLE CONNECTIVITY, FUTURE-FIT CONNECTIVITY
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ANNUAL SHAREHOLDERS MEETING 2026 Your Board’s focus areas DELIVERING A CONNECTED NEW ZEALAND AND SUSTAINABLE LONG-TERM SHAREHOLDER VALUE FIBRE LEADERSHIP GROWTH & CUSTOMER VALUE FINANCIAL DISCIPLINE Fibre is future proofed 80% fibre uptake by 2030 Managed exit from copper Prioritise dividends Appropriate capital structure Be an active wholesaler Promote digital equity Considered approach to new opportunities A modern, resilient network for generations to come Greater access, choice and opportunity for a more connected NZ A disciplined approach to sustainable growth and shareholder returns 8 PEOPLE & CAPABILITY Empowering our people A diverse, skilled and future-ready team driving our purpose Non-regulated investment criteria
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ANNUAL SHAREHOLDERS MEETING 2026 Deliver a sustainable growing dividend, at least in real terms A DIGITAL INFRASTRUCTURE BUSINESS MAXIMISING LONG-TERM VALUE AND SHAREHOLDER RETURNS Capital management principles and policy = Free cash flow for capital allocation Net cash flow from operating activities Less: sustaining capital expenditure Less: ordinary dividend (70% to 90% of free cash flow for capital allocation) = Surplus free cash flow for allocation Share buy backs Additional dividends Discretionary growth capex 9 Discretionary growth capex: subject to meeting investment criteria
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ANNUAL SHAREHOLDERS MEETING 2026 Strong returns for our shareholders 20 21 22 23 24 28 35 42.5 47.5 57.5 60 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27* Min 62* *partially imputed and subject to no material adverse changes in circumstances or outlook CAGR 11% DIVIDEND (cps) RELIABLE GROWING DIVIDENDS 10 BUILD OPERATE
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ANNUAL SHAREHOLDERS MEETING 2026 Fibre is critical national infrastructure A SIMPLIFIED ALL FIBRE BUSINESS, ENABLING BETTER DIGITAL FUTURES UFB Build 76.2% fibre uptake 2028 copper retirement 80% fibre uptake target 2030 Where we’ve been… where we are… where we are going… 11
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ANNUAL SHAREHOLDERS MEETING 2026 Chief Executive’s Address Mark Aue
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ANNUAL SHAREHOLDERS MEETING 2026 Our strategy 13
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ANNUAL SHAREHOLDERS MEETING 2026 Horizon 2 delivering simplicity and efficiency 14
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ANNUAL SHAREHOLDERS MEETING 2026 15 Embedding our Purpose with tangible outcomes
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ANNUAL SHAREHOLDERS MEETING 2026 16 FIBRE CONNECTIONS & UPTAKE SIMPLIFIED PLANS DATA USAGE ACCELERATING FIBRE CONNECTION FOCUS ~85% customers on 500Mb plans or higher Growing Hyperfibre 1.2m connections ~200k “brownfield & infill” ~200k “winback” 92 741 MONTHLY AVERAGE DATA USAGE PER CONNECTION (GIGABYTES) 80% fibre uptake by 2030 DEC’14 SEP’26 SIMPLICITY & EFFICIENCY: FIBRE SEEN AS AN ESSENTIAL SERVICE 76.2% uptake Note: Latest data as at 30 September 2026
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ANNUAL SHAREHOLDERS MEETING 2026 Growing Infrastructure portfolio and services 17 • Express Connect available in 8 data centres, with more planned • Unified Transport launched, simplifying services for customers • Mobile backhaul fibre: ~250 new sites connected • Regional Edge Centres: exploring partnerships to accelerate growth • New Property Development 22k lots passed in FY26; targeting 20-25k p.a. • Smart locations (e.g. digital billboards, CCTV) steady demand for fibre connectivity GROWING CONNECTIVITY FIBRE EXPANSION NEW OPPORTUNITIES • North-South Subsea cable feasibility assessment underway • TimeSync build underway; first country to build wholesale precision timing network • Battery Energy Storage Systems (BESS) trial planned across Chorus sites PRODUCTS LAUNCHED AND FEASIBILITY ASSESSMENTS UNDERWAY
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ANNUAL SHAREHOLDERS MEETING 2026 COPPER RETIREMENT Unlocking value from legacy assets 18 PROPERTY OPTIMISATION • recycling underway and accelerating • expected net proceeds of $50m- $70m* • multi-year property programme underway • 5 sites selected for BESS; regional edge • testing market interest for surplus non-core remote sites • aligned with copper retirement timetable & all-fibre footprint COPPER RECYCLING FY12 Q1FY27 -98% 1.8m 40k NZ COPPER CONNECTIONS • full retirement targeted by 2028 OPTIMISING FOR AN ALL-FIBRE FUTURE * From inception in FY25 to 2030, subject to market prices, extraction timing etc
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ANNUAL SHAREHOLDERS MEETING 2026 Regulatory progress update 19 Telco sector review: • Ministry for Regulation issued final report on review of the telecommunications sector in March 2026, 22 recommendations with Government • opportunity to streamline legacy regulatory settings • removal of regulatory ownership cap restrictions of 10% & 49.9%; proposed amendment via ASM special resolution Fibre services simplification: • Input Methodologies review and targeted deregulation reviews (transport and voice) ongoing; including scheduled WACC review. • Draft decision Q1 2027; final decision October 2027 Copper services deregulation: • actively working with Government to establish a clear, efficient process for retiring copper services outside fibre areas PQP3 (2029-2033) planning well underway: • Independent review (Verification) has started • PQP3 proposal due to Commerce Commission August 2027 • Draft decision Q1 2028; final decision August 2028 REGULATORY REGIME MATURING
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ANNUAL SHAREHOLDERS MEETING 2026 + + + + DATA CENTRES AI ADOPTION & TRAFFIC GROWTH UPLOAD DEMAND FIBRE ADVANTAGE EVOLUTION OVER THE NEXT 10 YEARS Multi-gig services mainstream to support digital demand AI estimates at~30% of all global traffic by 2034 Upload traffic forecast to grow at 13% CAGR, up ~230% in the next decade Capacity potential to quadruple by 2035 (~600MW) sources: Chorus Network Data, Nokia Global Network Traffic Report, Ericsson Mobility Report, Cisco AI Impact on Wide Area Networks Report, Omdia 20 Long-term strategic value of fibre infrastructure CONTENT QUALITY 4K Ultra HD base line quality; 44+ connected devices per household MULTIPLE DEMAND TRENDS FAVOUR SCALABLE, HIGH-PERFORMANCE NETWORKS AI COMPUTE NEEDS INTERCONNECTION SMALL TODAY, SCALING FAST TRAFFIC TURNS SYMMETRICAL ONLY TECH WITH THE ROADMAP VIEWING & CONNECTED DEVICES
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ANNUAL SHAREHOLDERS MEETING 2026 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 • FY27 guidance unchanged • AI driven demand reinforces fibre's advantage • Investing in NZ's digital infrastructure for generations to come
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ANNUAL SHAREHOLDERS MEETING 2026 Resolutions Mark Cross, Chair
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ANNUAL SHAREHOLDERS MEETING 2026 23 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 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.
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ANNUAL SHAREHOLDERS MEETING 2026 How to participate in hybrid meetings (voting) 24 • 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 been cast when the tick appears. • To change your vote, select ‘Change Your Vote’. SHAREHOLDER & PROXYHOLDER VOTING
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ANNUAL SHAREHOLDERS MEETING 2026 25 Resolution 1: Re-election of Ms Kate Jorgensen That Ms Kate Jorgensen be re-elected as a Chorus director. KATE JORGENSEN
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ANNUAL SHAREHOLDERS MEETING 2026 Resolution 2: Election of Mr Paul Reid 26 That Mr Paul Reid be elected as a Chorus director. PAUL REID
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ANNUAL SHAREHOLDERS MEETING 2026 Resolution 3: Auditor’s fees and expenses 27 That the Board be authorised to fix the fees and expenses of KPMG as auditor.
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ANNUAL SHAREHOLDERS MEETING 2026 Resolution 4: Replacement of Chorus’ constitution 28 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.
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ANNUAL SHAREHOLDERS MEETING 2026 Questions? 29
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ANNUAL SHAREHOLDERS MEETING 2026 Feedback 30 We welcome your feedback. If you have additional questions, please email: company.secretary@chorus.co.nz
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ANNUAL SHAREHOLDERS MEETING 2026 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 ended 30 June 2026 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. EBITDA is reconciled in the Notes on page 50 of the FY26 annual financial statements. • 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.