New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Chorus (CNU) reported a solid 1H26 result, slightly ahead of our expectations, and increased FY26 EBITDA guidance to the upper half of its prior range.</li><li>CNU continues to deliver steady defensive earnings despite competitive threats from satellite broadband and fixed wireless; we view the latter as now likely at its peak connection share in NZ.</li><li>To be more constructive on CNU, we need greater confidence in its non-regulated growth options.</li></ul>

Chorus (CNU) reported a solid 1H26 result, slightly ahead of our expectations, and increased FY26 EBITDA guidance to the upper half of its prior range.CNU continues to deliver steady defensive earnings despite competitive threats from satellite broadband and fixed wireless; we view the latter as now likely at its peak connection share in NZ.To be more constructive on CNU, we need greater confidence in its non-regulated growth options.

Chorus 1H26 Result: Speeding Ahead of Fixed Wireless