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CNU · NZX

Chorus (CNU)

Telecommunications & Media / Telecommunications infrastructureCovered: HY23 - FY267 published briefings

Chorus is an NZX-listed telecommunications & media / telecommunications infrastructure company. Its latest covered result is FY26, with HY23 - FY26 of source-backed result history on Annolyse.

Sections

Latest result

Latest metrics

FY26, released 24 August 2026

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CNU latest metrics
MetricValueChange
Revenue$1b↑ +1.5%
EBITDA$726m↑ +3.0%
NPAT$37m↑ +825.0%
Operating cash flow$740m↑ +32.4%
OCF / EBITDA %101.9%↑ +22.6pp
Net debt$3.1b↑ +2.0%
Net debt / EBITDA4.29x↓ -1.2%
ROE %3.6%↑ +2.9pp
DPS36.0c↑ +4.3%
PBT$69m↑ +228.6%

Source: latest published briefing (FY26, released 24 August 2026). Change compares against the prior equivalent period: FY25, released 25 August 2025.

Valuation

Valuation

Trailing P/E, EV/EBITDA, price-to-book and price-to-free-cash-flow ratios combine the latest available close with filing data. They are comparative measures, not forecasts or recommendations.

Prices as at close, 4 September 2026

Price and market cap

The latest close and share count context for the market price.

Market cap

$3.9b

i

End-of-day close multiplied by current shares on issue.

Profitability multiples

How the market price compares with recent earnings and cash-flow inputs.

P/E

104.95x

i

Recent market cap compared with trailing earnings.

EPS

0.09

i

Recent filing-derived earnings per share.

PEG

0.13x

i

P/E compared with recent earnings growth.

EV/EBITDA

9.64x

i

Enterprise value compared with recent EBITDA.

P/FCF

10.55x

i

Market cap compared with recent free cash flow.

P/B

3.77x

i

Market value compared with latest reported equity.

Income and investment-company measures

Yield and investment-company valuation where supported.

Dividend yield

6.5%

i

Trailing dividends compared with the latest close.

Total return

Not available

i

Available once dividend and adjustment data are verified.

Price history

Daily closes use the full available width, with hover and touch values for each observation. Expand the chart to see more detail.

Share price

Five years of daily closes, as at close, 5 June 2026. Weekends, suspensions, and listing gaps stay as natural gaps in the time scale.

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P/E over time

Filing-period markers only: EOD close on or before each release date divided by filing-derived trailing NPAT where both inputs verify. Periods with P/E at or above 100x are shown as gaps because earnings yield below 1% makes the multiple denominator-driven, not meaningful. Suppressed periods: FY25, HY26, FY26.

P/E is not meaningful for this company's earnings history because trailing NPAT is not positive or is too small relative to market value in most chart periods.

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What changed in the latest result?What is unusual in the historical context?How has cash conversion changed over time?Compare this company with CNU.

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Financial history

Performance over time

The latest period is shown first.

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CNU metric history
MetricFY2612 MONTHS24 August 2026HY266 MONTHS23 February 2026FY2512 MONTHS25 August 2025HY256 MONTHS24 February 2025FY2412 MONTHS26 August 2024HY246 MONTHS12 December 2023HY236 MONTHS15 December 2022Trend
Revenue$1b$506m$1b$500m$1b$503m$487m
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Revenue growth %1.5%1.2%0.4%4.0%4.7%141.8%Outside range high revenue growth. 141.8%; 3-period range 0.8% to 4%. Revenue growth: 141.8%, above normal range; 3-period mean 2.0%, range 0.8%-4.0%.0.8%Outside range low revenue growth. 0.8%; 3-period range 1.2% to 141.8%. Revenue growth: 0.8%, below normal range; 3-period mean 49.0%, range 1.2%-141.8%.
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EBITDA$726m$357m$705m$346m$700m$347m$342m
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EBITDA margin %70.6%70.6%Outside range high ebitda margin. 70.6%; 3-period range 69% to 70.2%. EBITDA margin: 70.6%, above normal range; 3-period mean 69.5%, range 69.0%-70.2%.69.5%69.2%69.3%69.0%Outside range low ebitda margin. 69%; 3-period range 69.2% to 70.6%. EBITDA margin: 69.0%, below normal range; 3-period mean 70.0%, range 69.2%-70.6%.70.2%
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  • HY26 EBITDA margin %: Outside range high ebitda margin. 70.6%; 3-period range 69% to 70.2%. EBITDA margin: 70.6%, above normal range; 3-period mean 69.5%, range 69.0%-70.2%.
PBT$69m$26m$21m$2m$21m$12m$17m
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PBT growth %228.6%n/m0.0%-94.6%-80.2%—-72.1%
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NPAT$37m$15m$4m-$5m-$9m$5m$9m
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NPAT growth %825.0%—————-78.6%
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Operating cash flow$740m$228m$559m$257m$513m$243m$238m
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OCF / EBITDA %101.9%63.9%Outside range low ocf / ebitda cash conversion. 63.9%; 3-period range 69.6% to 74.3%. OCF / EBITDA cash conversion: 63.9%, below normal range; 3-period mean 71.3%, range 69.6%-74.3%.79.3%74.3%Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 63.9% to 70%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 67.8%, range 63.9%-70.0%.73.3%70.0%69.6%
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  • HY25 OCF / EBITDA %: Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 63.9% to 70%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 67.8%, range 63.9%-70.0%.
  • HY26 OCF / EBITDA %: Outside range low ocf / ebitda cash conversion. 63.9%; 3-period range 69.6% to 74.3%. OCF / EBITDA cash conversion: 63.9%, below normal range; 3-period mean 71.3%, range 69.6%-74.3%.
FCF pre-lease$368m$149m$354m$58m$71m$11m$16m
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FCF post-lease$368m$149m$354m————
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DPS36.0c24.0c34.5c23.0c28.5c19.0c17.0c
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Payout ratio vs NPAT %——————425.0%
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ROE %3.6%3.5%Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%.0.7%-0.8%Outside range low roe. -0.8%; 3-period range 0.5% to 3.5%. ROE: -0.8%, below normal range; 3-period mean 1.9%, range 0.5%-3.5%.-1.1%0.5%1.8%
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  • HY25 ROE %: Outside range low roe. -0.8%; 3-period range 0.5% to 3.5%. ROE: -0.8%, below normal range; 3-period mean 1.9%, range 0.5%-3.5%.
  • HY26 ROE %: Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%.
Net debt$3.1b$3.2b$3.1b$2.8b$2.6b$2.6b$2.2b
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Net debt / EBITDA4.29x8.89xOutside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.4.34x8.1x3.69x7.46x6.55xOutside range low net debt / ebitda. 6.55x; 3-period range 7.46x to 8.89x. Net debt / EBITDA: 6.55x, below normal range; 3-period mean 8.15x, range 7.46x-8.89x.
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  • HY26 Net debt / EBITDA: Outside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.
Debtor days35—34—36—57
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Total assets$7.1b$6.1b$6.1b$6.1b$6b$6.1b$5.9b
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Reference: annolyse.ai/companies/cnu

Note: Figures are shown as reported. Half-year and full-year absolute values are not directly comparable. Growth rates and ratios are the meaningful comparison across mixed periods.

Filing-only history charts

These charts use verified published filing periods only. Gaps are not interpolated, and mixed half-year/full-year histories are split into separate series.

Revenue

Reported revenue across covered periods.

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Revenue growth

Like-period revenue growth where comparable.

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  • HY23 CNU HY: Outside range low revenue growth. 0.8%; 3-period range 1.2% to 141.8%. Revenue growth: 0.8%, below normal range; 3-period mean 49.0%, range 1.2%-141.8%.
  • HY24 CNU HY: Outside range high revenue growth. 141.8%; 3-period range 0.8% to 4%. Revenue growth: 141.8%, above normal range; 3-period mean 2.0%, range 0.8%-4.0%.

EBITDA-equivalent

Company-specific earnings measure where disclosed.

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EBITDA margin

EBITDA-equivalent margin where revenue and earnings are source-backed.

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  • HY24 CNU HY: Outside range low ebitda margin. 69%; 3-period range 69.2% to 70.6%. EBITDA margin: 69.0%, below normal range; 3-period mean 70.0%, range 69.2%-70.6%.
  • HY26 CNU HY: Outside range high ebitda margin. 70.6%; 3-period range 69% to 70.2%. EBITDA margin: 70.6%, above normal range; 3-period mean 69.5%, range 69.0%-70.2%.

NPAT

Statutory profit after tax.

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Operating cash flow

Cash generated from operations.

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More financial metrics

Additional filing-backed metrics for this company. Each point links to the relevant published briefing.

OCF / EBITDA

Cash conversion against earnings.

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  • HY25 CNU HY: Outside range high ocf / ebitda cash conversion. 74.3%; 3-period range 63.9% to 70%. OCF / EBITDA cash conversion: 74.3%, above normal range; 3-period mean 67.8%, range 63.9%-70.0%.
  • HY26 CNU HY: Outside range low ocf / ebitda cash conversion. 63.9%; 3-period range 69.6% to 74.3%. OCF / EBITDA cash conversion: 63.9%, below normal range; 3-period mean 71.3%, range 69.6%-74.3%.

FCF pre-lease

Operating cash flow less capex before leases.

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FCF post-lease

Free cash flow after lease payments where available.

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ROE

Return on equity.

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  • HY25 CNU HY: Outside range low roe. -0.8%; 3-period range 0.5% to 3.5%. ROE: -0.8%, below normal range; 3-period mean 1.9%, range 0.5%-3.5%.
  • HY26 CNU HY: Outside range high roe. 3.5%; 3-period range -0.8% to 1.8%. ROE: 3.5%, above normal range; 3-period mean 0.5%, range -0.8%-1.8%.

Net debt

Borrowings less cash; negative values indicate net cash.

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Net debt / EBITDA

Leverage ratio, suppressed where earnings are not meaningful.

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  • HY23 CNU HY: Outside range low net debt / ebitda. 6.55x; 3-period range 7.46x to 8.89x. Net debt / EBITDA: 6.55x, below normal range; 3-period mean 8.15x, range 7.46x-8.89x.
  • HY26 CNU HY: Outside range high net debt / ebitda. 8.89x; 3-period range 6.55x to 8.1x. Net debt / EBITDA: 8.89x, above normal range; 3-period mean 7.37x, range 6.55x-8.10x.

DPS

Dividend per share declared for the period.

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Payout ratio

Dividend payout against statutory NPAT.

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Debtor days

Receivables days where the working-capital inputs are source-backed.

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Operating working-capital movement

Per-period working-capital absorption or release, from the same published history. Positive values are working-capital build; negative values are release.

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The setup & the reality

HY26 → FY26 Follow-through

The latest result is checked against what the prior briefing said to watch.

Historical setup

What HY26 said to watch

Previous analysisHY26Result releasedAnnolyse analysis published

From Leverage rose to 8.89x EBITDA as equity fell 35% to $430m

No stated FY26 targets, dividend guidance, or forward-work figures are present in the supplied context. HY25 was 49.3% of FY25 revenue and 49.1% of FY25 EBITDA, so the prior half-year split was close to balanced; on that pattern, annualised current revenue is around $1b and implied H2 EBITDA would be roughly $359m. The interim dividend of 24cps cannot be read as a full-year policy signal because the FY25 total was 57.5cps and no FY26 full-year figure is disclosed here.

The gap that matters for the next print is whether the capex step-down sustains as copper withdrawal completes, because the FCF and leverage trajectory both depend on that level holding.

Open questions

Open questions from HY26

  • Why did operating cash flow fall $29m when EBITDA rose $11m, and which working-capital lines drove the gap?
  • What sustainable capex run-rate should investors anchor on once copper withdrawal completes in mid-2026?
  • How does the board reconcile a 35% equity decline and net debt / EBITDA of 8.89x with continued dividend growth?
  • What drove the $232m equity contraction beyond retained-earnings movement, and is further drawdown expected?
  • Will the FY26 dividend reflect the lower-capex FCF profile, or stay tethered to NPAT, given the tax-rate normalisation?

This briefing cannot assess management's planned capital-return policy, covenant headroom on the $3.3b debt stack, or segment-level economics, because none of those disclosures are in the supplied context.

Latest result sources

Primary issuer documents used for the FY26 briefing. Document labels are preserved from the publication record; Annolyse does not relabel every financial report as an annual report.

Current period

1. Chorus FY26 media release

FY26 / results announcement

2. Chorus FY26 Investor Presentation

FY26 / results presentation

3. Chorus FY26 Annual Report

FY26 / financial report

Prior comparable period

1. Chorus FY25 media release

FY25 / results announcement

2. Chorus FY25 Investor Presentation

FY25 / results presentation

3. Chorus FY25 Annual Report

FY25 / financial report

Interim context

1. Media release - Chorus HY26 half year result

HY26 / media release

2. Investor Presentation - Chorus HY26 half year result

HY26 / results presentation

3. Management Commentary and Financial Statements - Chorus HY26 half year result

HY26 / financial report

4. Results announcement - Chorus HY26 half year result

HY26 / results announcement

Peer context

Other covered Telecommunications & Media companies

These companies share a broad sector but may not be direct peers. Compare them only where the underlying measures are genuinely comparable.

SPK · FY26

Spark New Zealand

11 published result briefings

SKT · HY26

Sky Network Television

8 published result briefings

NZM · FY25

NZME

4 published result briefings

Compare CNU, SPK, SKT, NZM →Telecommunications & Media result archiveNZX utilities comparison

Archive

Briefing archive

The full chronological archive contains every published result briefing.

FY26 · Released 24 August 2026

Chorus PBT rose 228.6% but a tax swing drove NPAT's 825% jump

NPAT's 825% rise reflects a lower 46.4% tax rate, making the 228.6% PBT gain the more reliable read on operating performance.

Read briefing

HY26 · Released 23 February 2026

Leverage rose to 8.89x EBITDA as equity fell 35% to $430m

Capex stepped down 18.1% and FCF reached $149m, but borrowings rose $449m and cash conversion slipped below the historical range.

Read briefing

FY25 · Released 25 August 2025

Chorus FY25: equity fell 32.6% as gross debt rose 19.5% on flat earnings

A step-up in free cash flow to $354m did not prevent net debt/EBITDA rising from 3.7x to 4.3x while the dividend was lifted 21.1%.

Read briefing

HY25 · Released 24 February 2025

Operating profit up 9.9% but PBT collapsed 94.6% on financing costs

Revenue and EBITDA both grew, but a heavier debt load drove PBT to NZ$2m and NPAT to a NZ$5m loss while the dividend was lifted.

Read briefing

FY24 · Released 26 August 2024

EBITDA grew 3.7% but PBT collapsed 80.2% as finance costs erased operating gains

Net debt climbed past $2.5bn and leverage rose to 3.7x EBITDA, yet the final dividend was lifted 35.7% while NPAT fell into loss.

Read briefing

HY24 · Released 12 December 2023

Headline 141.8% revenue jump clashes with HY23 figures the company itself cites

Prior-comparable values in the analytical pack diverge sharply from the HY23 base the release describes, leaving underlying operating growth unclear.

Read briefing
Open all 7 result briefings

Related insights

Compare this company

The latest CNU metrics also appear in these cross-company comparisons.

Insight

Earnings quality and statutory distortions

PBT and NPAT growth diverged by 596.4pp, with a distortion flag in the result.

Open insight

Insight

Leverage and balance-sheet risk

Net debt / EBITDA is 4.29x, -0.05x versus the prior comparable period.

Open insight

Insight

Cash conversion quality

This result converted 101.9% of EBITDA to operating cash flow, +22.6pp versus the prior comparable period.

Open insight

Insight

ROE and capital efficiency

ROE was 3.6%, +2.9pp versus the prior comparable period.

Open insight

Get notified when CNU publishes

Get the next Chorus result briefing and five-year history updates by email.