Chorus: Fiber Underpins Dividend Regularity

Chorus generated NZD 555 million in EBITDA in 2023, or 82% of group total, from its fiber fixed-line access network. That correlates closely with the percentage of Chorus line connections on fiber across the year. Fiber fixed-line has since risen to 86% of total connections by the end of March 2024. This penetration tailwind will continue to drive fiber earnings, as takeup across the 1.5 million fiber-passed premises increases from the current 71% level.