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 another robust quarterly connections update, with fibre zone connections continuing to grow.</li><li>Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.</li><li>CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.</li></ul>

Chorus (CNU) reported another robust quarterly connections update, with fibre zone connections continuing to grow.Over 2H26, CNU has added ~+16k net connections in its fibre zones, the largest six-month increase on record, highlighting the success it has had in regaining share from fixed wireless and progress towards its 80% fibre uptake target.CNU trades at a ~6.5% dividend yield, with ~+3%–+4% annual dividend growth through to FY30.

Chorus 4Q26 Connections—Steady Bandwidth