Cogent Communications Holdings, Inc. · NASDAQ:CCOI
Cogent Communications — Q4 2025 Earnings Presentation
25 slides from Cogent Communications's earnings presentation, Feb 20, 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: 43% of revenues (49% On-Net; 51% Off-Net) leading, global ― Netcentric: 43% of revenues (89% On-Net; 11% 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 Q1 2012 Q2 2012 Q2 2012 Q3 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: 42,579 Connections: 64,551 Connections: 10,513 Revenue Share: 43% Revenue Share: 43% Revenue Share: 14% Traffic Share: 3.6% Traffic Share: 96.2% Traffic Share: 0.2% Geography: North America Geography: Global Geography: Global Profess
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 ** Total sales rep headcount Q3 2013 Q4 2013 Q1 2014 Q2 2014 Salesforce Growth Q3 2014 Q1 2010 – Q4 2025 Q4 2014 Q1 2015 Q2 2015 *Acquisition of Sprin
Slide 8: Business Breakout
business breakout 5% 2%1% 5% 5% 1% 7% 7% 14% 1% 12% 34% 13% 43% 30% 55% 43% 21% Q4 2025 80% 22% 4% 2% 2% 12% 45% 43% 96% 98% 98% Q4 2025 On Net Off Net 4% 3% 2% 2% 2% 8% 9% 6% 3% 7% 36% 15% 23% 69% 8% 45% 61% 55% 16% 28% Q4 2025 On-Net Netcentric On-Net Corporate VPN IP (DIA & Transit) US Europe Cor
Slide 9: Broad, Deep, Scaleable IP Network
broad, deep, scaleable IP network • Interconnected with 7,659 access networks • 92,600+ intercity fiber route miles • 3,579 On-Net buildings • 34,400+ metro fiber route miles • 53% multi-tenant office buildings (1,881) • 1,255 metro IP networks • 42% carrier neutral data center buildings (1,511) ‒ N
Slide 10: Wavelength Services Network
wavelength services network Cogent provides wavelength services to customers in 518 unique locations with the capability in 1,068 locations and 298 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 380 IRU suppliers Our network is • • Owned fiber is mostly on unique rights of way 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 • 64,551 netcentric connections • 42,579 corporate connections • OTT Media Services primarily in North America • Gaming Providers ‘Network Effect’ • 10,513 Enterprise conne
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
$- $100 $150 $200 $250 $300 $350 $400 $0 $50 $100 $150 $200 $250 $300 $50 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 ($ in millions) Q2 2012 Q3 2012 2010 – 2025 On net IP revenue Q4 2012 Q1 2013 Q1 2010 – Q4 2025 Q2 2013 Q3 2013 Q4 2013 Q1 2014 * Acquisition of Sprint Wi
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 – 2025 77.4 200 150 45.5 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 49.0 60.0 3
Slide 18: Highlights
highlights ($ in millions) Q1 Q2 Q3 Q4 Q1 Q2 Q4 Y/Y % Q3 Q/Q % Full Year 2024 2024 2024 2024 2025 2025 2025 2025 Change Change On-Net Revenue $138.6 $140.8 $136.5 $128.8 $129.6 $132.3 $135.2 $134.3 (0.7)% (2.4)% Off-Net Revenue $118.2 $111.4 $111.3 $113.2 $107.3 $102.2 $95.1 $92.9 (2.3)% (12.5)% Wav
Slide 19: Highly Disciplined Allocator of Capital
highly disciplined allocator of capital Cogent is • M&A Discipline: Cogent has evaluated and passed on 850 acquisitions since 2005. • 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 $- 2007* 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 *Includes June 2007 Note / Transaction Cumulative Total Share Buyback Cumulative Total Dividends P
Slide 21: Investment Highlights
investment highlights Cogent is a • Fundamentals provide for continued, consistent growth and profitability Leading Global • Focused on fastest growth products in Telecommunications • Independent, low-cost global IP network Internet • Owned, geographically unique transport network Service • • IP & T
Slide 22: Cogent Communications Holdings, Inc.
Cogent Communications Holdings, Inc.
Slide 23: Appendix
Appendix Reconciliation of non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP 23
Slide 24: Non-GAAP EBITDA reconciled to GAAP cash flows
Non-GAAP EBITDA and non-GAAP EBITDA, as adjusted, reconciled to GAAP cash flows provided by operating activities Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ($ in 000’s) – unaudited Net cash flows provided by (used in) operating activities $19,219 $(22,171) $(20,226) $14,532 $36,
Slide 25: Non-GAAP Gross and Net Leverage Ratios Reconciled to GAAP
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 As of As of March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2024 2024 2024 2024 2025 2025 20
Cogent Communications Holdings — Q4 2025 Earnings Presentation on 6ix