The chief executive of Christchurch’s council-owned fibre broadband company received an $886,000 remuneration package during the past financial year, as the business missed a key service target and reported a fall in after-tax profit.

Enable Networks’ 2026 annual report reveals chief executive Johnathan Eele received $636,000 in fixed remuneration, a $223,000 incentive payment and $27,000 in KiwiSaver contributions.

His total package increased by $24,000 from $862,000 the previous year.

The report shows 79 employees and former employees received more than $100,000 in remuneration during the year, compared with 74 in 2025.

Enable’s performance against its contracted connection service targets fell to 92.47 percent, below its goal of more than 95 percent and down from 95.82 percent the previous year.

The company attributed the result partly to improved reporting of missed appointments and “operational delivery challenges that impacted scheduling and appointment adherence.”

It said work was underway with contractors and internal teams to improve performance.

Net profit after tax declined from $41.1 million to $39.9 million for the year ending 30 June 2026, which the company attributed to the timing of income tax expenses. Profit before tax rose $1.7 million to $55.7 million.

Operating revenue increased 4 percent, from $128.4 million to $133.6 million.

Operating expenses climbed from $29.4 million to $35.2 million, with employee costs increasing to $13.5 million and information technology spending almost doubling to $4.4 million.

Enable beat its after-tax profit target by $2.2 million and paid a $25 million dividend to Christchurch City Holdings Limited, the investment arm of Christchurch City Council.

The company made a significant change to its financing arrangements, repaying $294.4 million in loans to Christchurch City Holdings through a new syndicated bank facility.

Enable’s total assets increased to $916.4 million, including its extensive fibre broadband infrastructure across greater Christchurch.

The network now passes 231,473 properties and supports 169,791 connected services, with average network availability reaching 99.98 percent.

Customer satisfaction was recorded at 76 percent.

Broadband consumption continued to increase, with average monthly downloads reaching 577GB per connection in June, compared with approximately 526GB a year earlier.

Enable has now made its faster Hyperfibre service available across its entire network, allowing internet providers to offer higher broadband speeds to customers.

The company reported that 66 percent of people moving into new homes could activate their fibre service through a simplified connection process.

Enable chair Justin Murray and Eele described the financial year as one of growth and progress, pointing to continued investment in network resilience and increasing demand for digital connectivity.

The company had 120 employees at the end of June, unchanged from the previous year.

Its independent auditor concluded that the financial statements fairly reflected Enable’s financial position and performance information for the year.