CHORUS LIMITED — Interim / Quarterly Report 2026

Jan 29, 2026

Chorus Limited Level 10, 1 Willis Street P O Box 632 Wellington New Zealand

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Email: company.secretary@chorus.co.nz

STOCK EXCHANGE ANNOUNCEMENT

30 January 2026

Q2 FY26 Connections Update

Chorus today released its connections update for the Q2 FY26 period from 30 September 2025 to 31 December 2025.

Data demand remains strong

Fibre usage continued its upward trajectory, with December 2025 average fibre usage at highest ever levels of 699GB. This was despite the traditionally low Christmas holiday period. Year on year, the monthly average data usage on fibre for December was up 9%.

Chorus recorded its highest ever data usage day on 30 November 2025 with over 31 petabytes (PB) of data transferred by Chorus fibre network following the Fortnite “Pacific Break” game update.

Steady fibre connection growth

Total fibre connections were 1,129,000 at end December and increased by approximately 7,000 lines in the quarter. This growth offset a decline of approximately 6,000 copper lines in Chorus’ fibre areas.

Fibre uptake across Chorus’ wider fibre network footprint, excluding other local fibre company areas, lifted by 0.2% to 72.4%. Fibre uptake in UFB2 rollout areas, completed between 2018 and the end of 2022, lifted slightly but remained at 63% due to rounding.

During the quarter, another 5,000 addresses were passed by fibre.

Copper retirement in Chorus fibre areas by mid-2026

Chorus’ total fixed line connections reduced by 8,000 lines, consistent with the trend in the prior quarter. This continued to reflect the combination of lower copper connections, partly offset by growth in fibre connections.

Another 15,000 copper lines disconnected in the quarter, leaving about 63,000 in service nationwide at the end of December. Just 3,000 of these lines remain in service in Chorus’ fibre areas, with copper services in these areas on track to be retired by mid-2026. In areas where fibre is not available, Chorus saw about 7,000 copper customers choose to migrate to alternative network options in the quarter. This leaves approximately 54,000 copper lines outside of the existing fibre footprint.

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As part of the copper network retirement by 2030, Chorus is committed to a clear, consumer-centric retirement process that supports the transition of customers still on copper to modern services.

Authorised by:

Mark Aue Chief Executive Officer

ENDS

For further information:

Megan Heffield Media and Content Manager Phone +64 22 058 2619 Email: megan.heffield@chorus.co.nz

Aleida White Head of Investor Relations Mobile: +64 21 155 8837 Email: Aleida.White@chorus.co.nz

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1

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Q2 FY26 overview

FIBRE CONNECTIONS: 1,129,000

Increased 7k (Q1 FY26: +7k) to 1,129,000 ( including nonaddress points and LFC areas)

• in Chorus fibre areas, a 7k increase in fibre broadband connections offset a 6k reduction in copper lines

• 100/20Mbps plan connections grew by net 17k connections with 66% of growth from new and offnet addresses

FIXED LINE CONNECTIONS*: 1,192,000

Decline in copper more than offset fibre connections; total down 8k vs Q1 (Q1 vs Q4: -7k) to 1,192,000

• copper broadband connections declined by 9k (Q1: -10k) and copper voice connections declined 6k (Q1: -4k)

• copper lines in non-fibre areas declined by 7k (Q1: -7k) with 54k remaining

• residential connections of 1Gbps and above stable while business connections of 500Mbps and 1Gbps and above were both up 1%

FIBRE FOOTPRINT: 1,546,000

Now covers 1,546,000 addresses (excluding LFC areas)

• fibre passed another 5k addresses in Q2 (Q1: +9k),

• fibre passed included fibre to 1k addresses in smaller communities

• uptake in UFB2 areas lifted slightly but remained at 63%

• overall fibre uptake grew 0.2% to 72.4% of passed addresses in Q2 (Q1: +0.1%)

AVERAGE MONTHLY DATA USAGE: 699GB

Average fibre usage 699GB in Dec’25 vs 668GB in Sep’25:

• monthly average data usage on fibre up 9% year on year (Dec’24: 644GB)

• highest monthly average data usage of 699GB in Dec’25

• 30 Nov’25 record day data usage >31petabytes of data transferred by Chorus fibre network following Fortnite game update

• the proportion of fibre connections using more than 1 terabyte of data was ~20% vs ~18% in Sep’25

*includes ~2k broadband connections Chorus is subsidising for lower socio-economic households

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Fibre connections uplift continues, 63k copper connections remain

	30 Sep 2024	31 Dec 2024	31 Mar 2025	30 Jun 2025	30 Sep 2025	31 Dec 2025		Variance 31 Dec 2025 vs 30 Sep 2025
Baseband copper (no broadband)	40,000	34,000	29,000	24,000	20,000	14,000		(6,000)
Copper ADSL (includes naked)	49,000	44,000	39,000	34,000	29,000	24,000		(5,000)
VDSL (includes naked)	49,000	44,000	39,000	34,000	29,000	25,000		(4,000)
Data services (copper)	1,000	1,000	NM	NM	NM	NM		-
Total copper	139,000	123,000	107,000	92,000	78,000	63,000		(15,000)
Fibre broadband (GPON)	1,083,000	1,089,000	1,098,000	1,106,000	1,113,000	1,120,000		7,000
Fibre premium (P2P)	9,000	9,000	9,000	9,000	9,000	9,000		-
Total Fibre	1,092,000	1,098,000	1,107,000	1,115,000	1,122,000	1,129,000		7,000
Total connections*	1,231,000	1,221,000	1,214,000	1,207,000	1,200,000	1,192,000		(8,000)

*includes ~2.5k broadband connections Chorus is subsidising for lower socio-economic households

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Fibre uptake reaches 72.4%

FIBRE UPTAKE IN CHORUS FIBRE AREA

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Addresses (% ADDRESSES PASSED) %
passed uptake
72.6
1,500,000
72.4
1,250,000
72.2
1,000,000
72
750,000
71.8
500,000
71.6
250,000 71.4
0 71.2
31-Dec-24 31-Mar-25 30-Jun-25 30-Sep-25 31-Dec-25
Fibre connections Inactive fibre sockets
Addresses passed Fibre uptake (%)
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• 72.4% fibre uptake across 1,546,000 passed addresses*

  • uptake grew +0.2% in Q2

  • +7k fibre connections to addresses

  • +5k addresses passed in Q2

  • uptake in UFB2 areas lifted 0.6% to 63%

  • 12k installations in Q2 (Q1:12k)

  • 247k inactive fibre sockets (Q1: 244k)

• based on independent address data and Chorus network data for addresses passed by fibre; excludes Chorus fibre in Local Fibre Company (LFC) areas ** not active at quarter end

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Quarterly Connections Report Q2FY26 4
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Fibre uptake by city

UPTAKE, BY URBAN AREA, FOR FIBRE PASSED ADDRESSES

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Auckland
-0.2 to
76.1%
Wellington
+1.1 to
72.1%
Dunedin
-1.5 to
74.9%
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• Auckland down slightly from 76.3% in Q1 to 76.1% in Q2 with address growth outpacing connection growth

• Wellington uptake grew 1.1% from Q1 to 72.1% in Q2

• Dunedin connections 1.5% lower than Q1 at 74.9% in Q2 due to usual seasonal student disconnections at end of year

Note: uptake is measured across “urban areas” as defined by Statistics NZ, rather than the original UFB rollout areas

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Continued stable plan activity

• 100/20Mbps plan grew by 17k to 119k in Q2FY26. Majority of growth from new/offnet and ~1/4 from higher speed plans

• demand for 1Gbps+ stable; 25% of residential and 33% of business connections on 1Gbps or faster

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RESIDENTIAL BUSINESS
120,000
1,050,000
900,000 100,000
750,000
80,000
500Mbps
500Mbps
62%
600,000 58%
60,000
450,000
40,000
300,000
1Gbps+ 20,000 1Gbps+
150,000 33%
25%
0 0
Dec-24 Mar-25 Jun-25 Sept-25 Dec-25 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
2Gbps+ 1Gbps 500Mbps 300Mbps 2Gbps+ 1Gbps 500Mbps 300Mbps
200Mbps 100Mbps <100Mbps Voice 200Mbps 100Mbps <100Mbps Voice
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Note: Residential 50Mbps & 300Mbps plans were boosted to 100Mbps & 500Mbps respectively in mid-June-25

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Connection changes by zone*

QUARTERLY CHANGE (‘000s) BY ZONE

				QUARTERLY CHANGE (‘000s) BY ZONE	QUARTERLY CHANGE (‘000s) BY ZONE	QUARTERLY CHANGE (‘000s) BY ZONE	QUARTERLY CHANGE (‘000s) BY ZONE	QUARTERLY CHANGE (‘000s) BY ZONE	QUARTERLY CHANGE (‘000s) BY ZONE
				-4 -2 -2 -4 -3 -1 -1 -2 -1 -2 -1 -1 -1 -1 -2 -2 -4 -5 -4 -6 -6 -5 -4 -4 -1 -2 -1 -1 -2 7 7 8 8 6 0 -10 -5 0 5 10 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Copper line only Copper broadband Fibre broadband
Other fibre company (LFC) zone	Copper lines (no broadband)	3,000	Copper connections are declining as Chorus retires its copper network and customers migrate to Local Fibre Company and fixed wireless networks.	-1 -1 -1 -1 -1 -2 -1 -1 -2 0 -10 -5 0 5 10 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25
	Copper broadband lines	3,000
	Fibre broadband lines (GPON)	4,000
	TOTAL	10,000
Non-fibre addresses (i.e. Chorus fibre not available)	Copper lines (no broadband)	10,000	Ongoing decline in copper connections as customers migrate to alternative mobile/fixed wireless/satellite networks.	Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25
						-2 -4
						-1 -4
	Copper broadband lines	44,000
						-2 -5
						-1 -6
	TOTAL	54,000
						-1 -6
Chorus fibre zone	Copper lines (no broadband)	1,000	Covers all addresses outside of LFC UFB rollout zone where Chorus fibre is available. Fibre footprint is growing as a result of network expansion and new property development. Copper connections are reducing as Chorus retires its copper network.	-4 -2 -2 -4 -3 -2 -2 -4 -5 -4 7 7 8 8 6 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25
						-3 4	6
						-4	8
	Copper broadband lines	2,000
						-2 -4	8
	Fibre broadband lines (GPON)	1,113,000				-2 -2	7
						-4 2	7
	TOTAL	1,116,000

Copper line only Copper broadband Fibre broadband

* Indicative as at 31 Dec, excludes ~12k fibre premium and smart location connections

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63k total copper lines remaining; 86% outside fibre footprint

Chorus fibre LFC fibre zone zone

Non fibre zone

Copper connections able to be withdrawn with 6 months’ notice where fibre is available

Connections

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(‘000)
80
70
60
50
40
30
20
10
0
Copper voice Copper broadband
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Chorus’ fibre zone:

• 3k copper lines in service, with full withdrawal expected by mid-2026

Non-fibre zones:

• 54k copper lines remaining (vs 61k in Q1 FY26)

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Quarterly Connections Report Q2FY26 8
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Monthly data usage on fibre up 9% year on year

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MONTHLY AVERAGE DATA USAGE PER CONNECTION
(GIGABYTES)
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699
700
600
500
400
339
300
200
100
0
Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25
Copper Fibre
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• monthly average data usage on fibre 699 gigabytes (GB) in Dec’25 vs 668GB in Sep’25; up 9% year on year (Dec’24: 644GB)

• highest monthly average data usage of 699GB in Dec’25

• 30 Nov’25 record day data usage >31petabytes of data transferred by Chorus fibre network following Fortnite game update

• the proportion of fibre connections using more than 1 terabyte of data was ~20% vs ~18% in Sep’25

• copper usage was 339GB (Sep’25: 312GB); up 12% year on year

AVERAGE THROUGHPUT IN DECEMBER (2020-2025) BY TIME OF DAY

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2025
2024
2023
2022
2021
2020
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Quarterly Connections Report Q2FY26 9
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