Chorus (CNU)

• Why did total equity fall $274.0m when reported NPAT was a $4.0m profit, and which non-P&L items drove the reduction?
• What is the targeted net debt/EBITDA range, and is 4.3x consistent with management's leverage policy?
• Will FY26 capex remain near 40% of revenue, and what does the Horizon 2 plan imply for future capex intensity?
• Is the new 57.5 cps annual dividend run-rate intended to be funded entirely from FCF, or is partial debt funding now policy?
• Why did 2H NPAT swing negative on broadly flat half-on-half revenue and EBITDA, and is that operating mix expected to persist?

This briefing cannot assess the underlying drivers of the equity reduction, the FY26 capex and guidance envelope, or management's stated leverage tolerance, because those disclosures are not present in the supplied materials.