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 an in-line 2Q26 connection update, with fibre connections growing +7k versus 1Q26, partially offsetting the -15k decline in copper connections.</li><li>We are looking for this trading down to slow over 2026 to ensure CNU can earn its maximum allowable revenue (MAR) over the medium term.</li><li>Additionally, during 2Q26 S&amp;P changed its credit rating criteria for CNU, giving it meaningfully more debt headroom within its current credit rating.</li></ul>

Chorus (CNU) reported an in-line 2Q26 connection update, with fibre connections growing +7k versus 1Q26, partially offsetting the -15k decline in copper connections.We are looking for this trading down to slow over 2026 to ensure CNU can earn its maximum allowable revenue (MAR) over the medium term.Additionally, during 2Q26 S&amp;P changed its credit rating criteria for CNU, giving it meaningfully more debt headroom within its current credit rating.

Chorus 2Q26—Downloading Lower Priced Plans