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 FY26 result, in line with guidance and expectations, with EBITDA growing ~+3% year-on-year to NZ$726m.</li><li>CNU declared a final FY26 dividend of NZ36cps (unimputed), also in line with expectations taking its total FY26 dividend to NZ60cps.</li><li>CNU’s FY27 guidance however is slightly below our expectations.</li></ul>

Chorus (CNU) reported a solid FY26 result, in line with guidance and expectations, with EBITDA growing ~+3% year-on-year to NZ$726m.CNU declared a final FY26 dividend of NZ36cps (unimputed), also in line with expectations taking its total FY26 dividend to NZ60cps.CNU’s FY27 guidance however is slightly below our expectations.

Chorus (CNU): FY26 Result—Initial Impressions