Chorus Earnings: All Fiber Future, More Dividend Capture

Chorus' NZD 57.5 cent unimputed dividends per share guidance for fiscal 2025 leads to a 15% step-up in our dividend forecast for the year and an average 10% increase beyond. Confidence in the dividend maintainability is underpinned by the group's resilient earnings, regulatory certainty, and a heightened commitment to an all-fiber future. Consequently, dividend payout guidance has been raised to 70%-90% of free cash flow from 60%-80%—music to the ears of a shareholder register filled with income-focused investors.