EL7.AI
StocksMedium•27 October 2026•
3 min read

Chorus figures circulating on 2026 earnings and buyback trace back to old disclosures

Key Facts

1Operating revenue was NZ$483 million in the first half of fiscal 2022, compared with NZ$478 million.
2EBITDA was NZ$347 million in the first half of fiscal 2022, compared with NZ$328 million.
3The maximum size of the buyback program announced in February 2022 was NZ$150 million.
4Chorus repurchased NZ$72.04 million worth of shares in the 12 months ended 21 February 2023.

Available disclosures do not establish that Chorus recorded higher first-half 2026 earnings or announced a new share buyback program. The figures attributed to recent results, including operating revenue of NZ$483 million and EBITDA guidance of between NZ$665 million and NZ$685 million, appeared in company materials for fiscal 2022. The buyback program, with a maximum of NZ$150 million, was also announced in February 2022. These figures should therefore not be presented as new 2026 results or decisions. (T02, T03, T06)

In the first half of fiscal 2022, operating revenue was NZ$483 million, compared with NZ$478 million in the corresponding period a year earlier. EBITDA was NZ$347 million, versus NZ$328 million in the corresponding period, according to Chorus’s disclosure to the New Zealand Exchange. The company said, "Revenue growth was largely driven by gains from our ongoing network improvement program." The statement links the revenue improvement to an operational network program, while the figures remain confined to the fiscal period the company reported at the time. (T02, T04)

In that disclosure, Chorus raised its fiscal 2022 EBITDA guidance to a range of NZ$665 million to NZ$685 million. It also raised its annual distribution guidance to 35 cents per share from 26 cents. These figures show the company’s forecasts for fiscal 2022 and do not represent current guidance for 2026. The available information does not include a figure comparing those forecasts with analyst estimates or results for a later fiscal year. (T03)

On the network, Chorus added 47,000 fibre connections in the first half of fiscal 2022, bringing the total to 918,000. Fibre penetration in completed Ultra-Fast Broadband initiative areas rose to 67%, compared with 65% in June 2021. This indicates growth in the customer base and network use during the period covered by the old results. The company says its network improvement program was the biggest driver of revenue growth during that period. (T04, T05)

As for the buyback program, Chorus announced in February 2022 that its total maximum value was NZ$150 million and that on-market purchases would begin on 25 February that year. The company said the program could run for up to 12 months and that shares it bought would be cancelled upon acquisition. After the 12 months ended on 21 February 2023, the company had repurchased NZ$72.04 million worth of shares. It then announced the resumption of purchases, capped at about NZ$78 million—the remaining balance of the original authorization—with the resumed program set to run for up to 12 months from 20 February 2023. (T06, T07, T08, f6)