Overview Key strengths Key risks Near monopoly over the fixed-line telecommunications wholesale access network in New Zealand. Network volume risks associated with wireless substitution and copper line loss to local fiber companies. Regulatory framework that supports predictability and stability of earnings and cash flow. Organic growth potential limited by number of households. Credit supportive financial policies. The initial three-year regulatory period under the utility-style framework for fiber is nearing its end. The next regulatory period, price-quality proposal (PQP2) will cover the four years from Jan. 1, 2025, to Dec. 31, 2028. The regulatory process for PQP2 is largely complete and is scheduled to be finalized before the end of 2024. The framework established by the New Zealand Commerce Commission sets
