Tucows Inc. · NASDAQ:TCX
Tucows — Q4 2025 Earnings Presentation
27 slides from Tucows's earnings presentation, Feb 24, 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC
Slide 2: Safe harbor statement
Safe harbor statement This presentation may contain forward-looking statements, relating to the Companyʼs operations or to the environment in which it operates, which are based on Tucows Inc.ʼs operations, estimates, forecasts and projections. These statements are not guarantees of future performanc
Slide 3: Table of contents
Table of contents Section Subject Slide Reference 01 Tucows Business 4 02 Tucows Domains 10 03 Wavelo 14 04 Ting 18 05 Quarterly Performance 21 06 Tucows as an Investment 25 07 Investor Resources 27 Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 3
Slide 4: Portfolio of tech businesses
Portfolio of tech businesses Balancing cash generation with long-term growth Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 4
Slide 5: Business structure and function
Tucows | Business structure and function Corporate parent allocating capital and providing shared services to three operating segments DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES The leading global Providing event-driven, Delivering subscribed provider of wholesale cloud-based software
Slide 6: Investment proposition
Tucows | Investment proposition Portfolio of tech businesses generating consistent revenue and margin from high-volume subscription services, while carefully investing in growth DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES Reliable cash flow + A high margin, scalable Long-term growth po
Slide 7: Fiscal year historical financial performance
Tucows | Fiscal year historical financial performance Revenue US$ millions) Adj. EBITDA1,2 US$ millions) NOTE Revenue for 2020 and 2021 reflects the impact of change in Mobile business model to Wavelo in Q3 2020. 1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income
Slide 8: Historical Adjusted EBITDA and Unlevered Free Cash Flow
Tucows | Historical Adjusted EBITDA and Unlevered Free Cash Flow -0.7 -6.4 Unlevered FCF (US $ millions) -41.4 -102.4 1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income tax provision, interest expense, accretion of contingent consideration, stock-based compensation,
Slide 9: Market & financial data
Tucows | Market & financial data Share Price1 NASDAQTCX US$18.61 | TSXTC CA$25.66 Shares out1 11.1m | Market cap1 US$206.6m Tucows Excluding Ting2 Ting2 Debt US$410.8mDebt4 Canadian Bank Syndicate Loan: Preferred Shares: US$189.6m Maturity: Sept 2027 US$137.0m Maturity: Aug 2028 ABS Notes: Unres
Slide 10: Reliable cash flow + capital light with dominant position in wholesale domains market
Reliable cash flow + capital light with dominant position in wholesale domains market Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 10
Slide 11: Highly efficient operation
Highly efficient operation Reliable cash flow Global network of resellers Leading global provider of wholesale and retail domain Renewal rates above industry average registration and related services Worldʼs largest wholesale domain registrar Worldʼs second-largest domain registrar Tucows Inc. Q4 20
Slide 12: Domains | business data
Tucows Domains | business data 21.5 million 1.5 million Domains under management Domain transactions every month Global footprint in Global network of 195 33,000 countries reseller customers Services offered today Services being introduced domain registration hosting registry administration bill
Slide 13: Domains | strategic priorities
Tucows Domains | strategic priorities Margin growth Delivering a comprehensive and efficient platform for the full domains ecosystem Launching new Value Added Services to sell via reseller channel Expanding Registry services through global partnerships Tucows Inc. Q4 2025 Investor Update NASDAQ TCX
Slide 14: A high margin, scalable growth business within the Tucows portfolio
A high margin, scalable growth business within the Tucows portfolio Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 14
Slide 15: Operating in a large and underserved space
Operating in a large and underserved space at a critical time for the global telecommunications industry – where customers are aggressively seeking Offering event-driven, better value. modular, cloud-based software thatʼs replacing the outdated Leveraging: systems behind global Global race to 5G tel
Slide 16: Wavelo | the premise
Wavelo | the premise The human alternative to outdated telecom billing and provisioning systems Flexible, cloud-based, event-driven software simplifies management Customizable and of mobile and internet network access, a la carte services for providers: enabling providers to: Subscription and billin
Slide 17: Wavelo | the opportunity
Wavelo | the opportunity Macro trends $2.5T $550B $130B Global telecom services Telecom managed services Global OSS/BSS spending revenue by 20281 spending by 20282 by 20283 Anchor mobile customer Anchor internet customer A neglected space with a large and growing need for a solution Future opportu
Slide 18: Long-term growth potential from next generation telecom services
Long-term growth potential from next generation telecom services Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 18
Slide 19: Capitalizing on the U.S. coax-to-fiber transition
“A billion fiber optic connections to the Internet are coming online in just a few years. A large majority of them will be in Asia, primarily led by China. These connections have already proven to be future-proof, capable of reaching not just Capitalizing on the U.S. gigabit speeds, but multi-gigabi
Slide 20: Ting | the opportunity
Ting | the opportunity US telecom infrastructure is making a generational transition from copper and coax to fiber Over 40% of US households Ting has established US do not have access to fiber. footprints and is a partner ISP for other US builders Fiber is the only medium purpose-built for transmitt
Slide 21: Quarterly Performance
Quarterly Performance Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 21
Slide 22: Summary Financial Results
Tucows | Quarterly business highlights Summary Financial Results In thousands of U.S. Dollars, except per share data) 3 Months ended December 31 12 Months ended December 31 2025 2024 % Change 2025 2024 % Change (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Net Revenues 98,
Slide 23: Adjustments for impacts on Net Income and EPS
Tucows | Quarterly business highlights Adjustments for impacts on Net Income Loss and EPS Loss Amounts in thousands, except per share numbers) 3 Months ended December 31 12 Months ended December 31 2025 (unaudited) 2024 (unaudited) 2025 (unaudited) 2024 (unaudited) Net Income Loss for the per
Slide 24: Quarterly Business Highlights Operating Statistics
Tucows | Quarterly Business Highlights Operating Statistics (Amounts in thousands) REVENUE GROSS PROFIT ADJUSTED EBITDA¹ Notes: 3 Months ended December 31 3 Months ended December 31 3 Months ended December 31 1 Non-GAAP financial 2025 2024 2025 2024 2025 2024 measures are described (unaudited) (unau
Slide 25: Why Tucows as an Investment
Why Tucows as an Investment Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC | 25
Slide 26: Why own this stock
Tucows | Why own this stock: Continued KPI strength ● 2025 was third consecutive fiscal year of growing consolidated revenue, gross profit and adjusted EBITDA. Adjusted EBITDA 45% FY over FY ● Core businesses – Domains and Wavelo – have strong recurring revenue and margin profiles Ting divestiture
Slide 27: Investor Resources
Investor Resources tucows.com/investors ir@tucows.com Tucows Inc. Q4 2025 Investor Update NASDAQ TCX | TSX TC