Cogent Communications Holdings, Inc. · NASDAQ:CCOI
Cogent Communications — Q2 2026 Earnings Presentation
25 slides from Cogent Communications's earnings presentation, Aug 6, 2026
Slide 1: Investor Presentation
NASDAQ CCOI INVESTOR PRESENTATION
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events and are subject to risks and uncertainties. The forward-looking statements,
Slide 3: Company overview
company overview • We operate a global network carrying approximately 25% of all internet traffic • We offer high speed internet access to three customer bases: Cogent is a ― Corporate: 42% of revenues (51% On-Net; 49% Off-Net) leading, global ― Netcentric: 46% of revenues (90% On-Net; 10% Off-Net)
Slide 4: Competitive advantage
competitive advantage The On-net The Off-net The Netcentric The IP Address The Netcentric IP The Enterprise The Colocation Corporate IP & Corporate IP & WAVE Leasing Opportunity Opportunity Opportunity VPN Opportunity VPN Opportunity Opportunity Opportunity Market Players Market Players Market Playe
Slide 5: Growth opportunity
$0 $2 $4 $6 $8 $10 $12 $14 $16 $18 0 200 400 600 800 1,000 Q1 2010 Q1 2010 Q2 2010 Q2 2010 597 Q3 2010 Q3 2010 Q4 2010 Q4 2010 Q1 2011 Q1 2011 Q2 2011 Q2 2011 Q3 2011 Q3 2011 Q4 2011 Q4 2011 Q1 2012 Q2 2012 Q1 2012 Q3 2012 Q2 2012 Q4 2012 Q3 2012 Q1 2013 Q4 2012 Q2 2013 Q1 2013 Q3 2013 Q2 2013 Q4 20
Slide 6: Customer segmentation
customer segmentation corporate netcentric enterprise Connections: 41,326 Connections: 65,556 Connections: 8,957 Revenue Share: 42% Revenue Share: 46% Revenue Share: 12% Traffic Share: 2.4% Traffic Share: 97.4% Traffic Share: 0.2% Geography: North America Geography: Global Geography: Global Professi
Slide 7: Highly focused sales organization
100 200 300 400 500 600 700 800 0 Q1 2010 Q2 2010 Q3 2010 262 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 ** Total sales rep headcount Q4 2013 Q1 2014 Q2 2014 Q3 2014 Salesforce Growth Q4 2014 Q1 2010 – Q2 2026 Q1 2015 Q2 2015 *Acquisition of Sprin
Slide 8: Business breakout
business breakout 6% 2%<1% 6% 2% <1% 8% 8% 13% 5% 11% 35% 13% 46% 42% 28% 55% 21% Q2 2026 79% 21% 3% 1% 2% 14% 44% 42% 97% 99% 98% Q2 2026 On Net Off Net 4% 2% 2% 2% 2% 9% 8% 5% 2% 7% 36% 16% 7% 23% 68% 47% 61% 57% 14% 28% Q2 2026 On-Net Netcentric On-Net Corporate VPN IP (DIA & Transit) US Europe C
Slide 9: Broad, deep, scaleable IP network
broad, deep, scaleable IP network • Interconnected with 7,572 access networks • 94,700+ intercity fiber route miles (Terrestrial) • 3,627 On-Net buildings • 33,100+ metro fiber route miles (Terrestrial) • 51% multi-tenant office buildings (1,867) • 1,288 metro IP networks • 44% carrier neutral data
Slide 10: Wavelength services network
wavelength services network Cogent provides wavelength services to customers in 608 unique locations to 546 unique customers with the capability in 1,137 locations and 324 metro wave networks. 10
Slide 11: Network architecture IRU/owned fiber
network architecture IRU/owned fiber • Longhaul and metro backbone is built from a diverse set of 382 IRU suppliers • Owned fiber is mostly on unique rights of way Our network is • IRUs primarily from 15 to 20 years; many are pre-paid and have diverse end dates facilities based— • O+M expenses on IR
Slide 12: Cogent's IP network advantage
cogent’s IP network advantage Choice Implication • Simple, predictable performance IP over DWDM • Lowest cost network Cogent’s IP Simple Vendor / • Standardized cost and operating Configuration advantages network offers LT Lease of Fiber Pairs • Reduced capital intensity and operating costs substant
Slide 13: Big, diverse & balanced global IP network
big, diverse & balanced global IP network Access to Business/Residential Leading Share of Content Customers Worldwide Providers • 65,556 netcentric connections • 41,326 corporate connections primarily • OTT Media Services in North America • Gaming Providers ‘Network Effect’ • 8,957 Enterprise connec
Slide 14: Proven integration execution
proven integration execution Investment Customers Addresses Network Building Original Peering Access PP&E Date IPv4 NetRail Sep 2001 $180 $35 Cogent purchased Allied Riser Feb 2002 $590 $335 over $34 BILLION PSINet* Apr 2002 $5,180 $2,175 (Fiber Network Solutions, Inc) FNSI Feb 2
Slide 15: Revenue growth
-5% -3% -1% 1% 3% 5% 7% 9% 11% 13% 15% -5% -10% 0% 5% 10% 15% Q1 2010 Q1 2010 Q2 2010 Q2 2010 Q3 2010 Q3 2010 Q4 2010 Q4 2010 Q1 2011 Q1 2011 Q2 2011 Q2 2011 Q3 2011 Q3 2011 Q4 2011 Q4 2011 *Q1 2012 Q1 2012 Q2 2012 Sequential Q3 2012 Q2 2012 Q4 2012 Q3 2012 Q1 2013 Q4 2012 Q2 2013 Q1 2013 Q3 2013 Q2
Slide 16: Historical & continuing margin expansion
historical & continuing margin expansion $300 Total Revenue by Segment 70% Non GAAP Gross Margin ($ in millions) (% of revenue) Q1 2010 – Q2 2026 60% Q1 2010 – Q2 2026 $250 50% $200 40% $150 30% $100 20% $50 10% $- 0% *Q2 2023 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q
Slide 17: Investing: increasing returns, demand driven, all funded internally
investing: increasing returns, demand driven, all funded internally 250 Capital Expenditures and Principal Payments on IRU Finance (Capital) Leases 189.2 33.8 ** ($ in millions) 2010 – 2026 YTD 77.4 200 150 45.5 23.0 23.1 100 19.1 18.2 24.0 15.5 16.8 11.2 20.2 12.5 11.2 10.3 9.1 50 52.8 45.9 44.3 49
Slide 18: Highlights
highlights ($ in millions) Q1 Q2 Q4 Q1 Q2 Y/Y % Q/Q % Q3 2025 Full Year 2025 2025 2025 2026 2026 Change Change On-Net Revenue $129.6 $132.3 $135.2 $134.3 $135.6 $135.4 (0.1)% 2.3% Off-Net Revenue $107.3 $102.2 $95.1 $92.9 $89.0 $84.5 (5.1)% (17.3)% Wavelength Revenue $7.1 $9.1 $10.2 $12.1 $13.6 $14.
Slide 19: Highly disciplined allocator of capital
highly disciplined allocator of capital • M&A Discipline: Cogent has evaluated and passed on 850 acquisitions since 2005. Cogent is • Sprint (T-Mobile Wireline) Acquisition: Cogent paid $1 for the Purchased Interests focused on o Less a commitment from T-Mobile to purchase (take or pay) $700 Million
Slide 20: Consistent return of capital
consistent return of capital Cumulative Total Return of Capital by type ($M) $2,000 $1,500 $1,000 $500 $- 2007* 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD *Includes June 2007 Note / Transaction Cumulative Total Share Buyback Cumulative Total Di
Slide 21: Investment highlights
investment highlights Cogent is a • Fundamentals provide for continued, consistent growth and profitability Leading Global • Focused on fastest growth products in Telecommunications • Independent, low-cost global IP network Internet • Owned, geographically unique transport network Service • • IP & T
Slide 22: Cogent Communications Holdings, Inc.
Cogent Communications Holdings, Inc.
Slide 23: Appendix
Appendix Reconciliation of non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP 23
Slide 24: Non-GAAP EBITDA reconciled to GAAP cash flows
Non-GAAP EBITDA and non-GAAP EBITDA, as adjusted, reconciled to GAAP cash flows provided by operating activities Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 ($ in 000’s) – unaudited Net cash flows provided by (used in) operating activities $36,351 $(44,039) $3,100 $(5,992) $14,834 $3,195 Changes
Slide 25: Non-GAAP gross and net leverage ratios reconciliation
Non-GAAP Gross leverage and non-GAAP Net leverage ratios, as adjusted reconciled to GAAP gross leverage and net leverage ratios As of As of As of As of As of As of March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 2025 2025 2026 2026 ($ in 000’s) – unaudited Cash and cash eq
Cogent Communications Holdings — Q2 2026 Earnings Presentation on 6ix