Slide 1: Q3 2025 Investor presentation
Q3 2025 Investor presentation 11.06.2025 Nasdaq (TCX) | TSX (TC)
Slide 2: Safe harbor statement
Safe harbor statement This presentation may contain forward-looking statements, relating to the Company’s operations or to the environment in which it operates, which are based on Tucows Inc.’s operations, estimates, forecasts and projections. These statements are not guarantees of future performanc
Slide 3: Table of contents
Table of contents 01 02 03 04 The Tucows Business Tucows Domains Wavelo Ting Slide 4 Slide 10 Slide 14 Slide 18 05 06 07 08 Quarterly Performance Quarterly News Tucows as an Investment Investor Resources Slide 21 Slide 26 Slide 29 Slide 30 3
Slide 4: Portfolio of tech businesses
Portfolio of tech businesses Balancing cash generation with long-term growth 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 investing in growth DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES Reliable cash flow + A high margin, scalable Long-term growth potential dom
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 t
Slide 8: Historical Adjusted EBITDA and Unlevered Free Cash Flow
Tucows | Historical Adjusted EBITDA and Unlevered Free Cash Flow 11.7 2.6 -0.7 -6.4 -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, asset impairment, gai
Slide 9: Market & financial data
Tucows | Market & financial data Share Price1 NASDAQ:TCX US$19.40 | TSX:TC CA$27.33 Shares out1 ~11.09m | Market cap1 ~US$214.9m Tucows Excluding Ting2 Ting2 Debt Debt4 Canadian Bank Syndicate Loan: US$410.8m ABS Notes: US$190.4m Maturity: Sept 2027 US$235.0m Maturity: Apr 2053 US$55.6m Maturity: Au
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
Slide 11: Highly efficient operation
Highly efficient operation Reliable cash flow Leading global provider of Global network of resellers wholesale and retail domain Renewal rates above industry average registration and World’s largest wholesale domain registrar related services World’s second-largest domain registrar 11
Slide 12: Domains | business data
Tucows Domains | business data ~22 million ~1.6 million Domains under management Domain transactions every month Global footprint in Global network of >195 >35,000 countries reseller customers Services offered today Services being introduced domain registration hosting registry administration billin
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 13
Slide 14: A high margin, scalable growth engine within the Tucows portfolio
A high margin, scalable growth engine within the Tucows portfolio
Slide 15: Operating in a large and underserved space for global telecommunications
Operating in a large and underserved space at a critical time for the global telecommunications industry – where customers are aggressively seeking better value. Offering event-driven, modular, cloud-based software that’s replacing the Leveraging: outdated systems behind Global race to 5G global tel
Slide 16: The human alternative to outdated telecom billing and provisioning systems
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 a la carte services for providers: access, 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 large and growing need for a solution Future customer
Slide 18: Long-term growth from next generation telecom infrastructure & services
Long-term growth from next generation telecom infrastructure & services
Slide 19: Capitalizing on the U.S. coax-to-fiber transition by delivering subscribed services
“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 Capitalizing on the U.S. be future-proof, capable of reaching not just gigabit speeds, but multi-gigabit
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. fiber footprints and is a partner ISP for other US Fiber is the only medium builders purpose-built for transm
Slide 21: Quarterly Performance
Quarterly Performance
Slide 22: Quarterly business highlights: Q3 2025
Tucows | Quarterly business highlights: Q3 2025 (Consolidated results) ● Q3 continues momentum of four consecutive years + three quarters of topline growth ● Year-over-year growth: Revenue +7% | YoY Gross Profit +9% | YoY Adjusted EBITDA +53% YoY ● Total cash and cash equivalents +$2.1m QoQ ● Syndica
Slide 23: Summary Financial Results
Tucows | Quarterly business highlights Summary Financial Results (In thousands of U.S. Dollars, except per share data) 3 Months ended September 30 9 Months ended September 30 2025 2024 % Change 2025 2024 % Change (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Net Revenues 98
Slide 24: Adjustments for one-time impacts on Net Income (Loss) and EPS (Loss)
Tucows | Quarterly business highlights Adjustments for one-time impacts on Net Income (Loss) and EPS (Loss) (Amounts in thousands, except per share numbers) 3 Months ended September 30 9 Months ended September 30 2025 (unaudited) 2024 (unaudited) 2025 (unaudited) 2024 (unaudited) Net Income (Loss) f
Slide 25: Quarterly Business Highlights Operating Statistics
Tucows | Quarterly Business Highlights Revenue Gross Profit Adj. EBITDA¹ Operating 3 Months ended September 30 3 Months ended September 30 3 Months ended September 30 Notes: Statistics 2025 2024 2025 2024 2025 2024 1 (Amounts in thousands) (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) (
Slide 26: Leadership Succession
Leadership Succession
Slide 27: Leadership Succession
Tucows | Leadership Succession Tucows Announces Leadership Succession Following Strong Q3 Results TORONTO, November 6, 2025 – Tucows Inc. (NASDAQ:TCX, TSX:TC), a global internet services leader, today announced the appointment of long-time Tucows executive David Woroch as President and CEO, succeedi
Slide 28: Investment case for Tucows
Investment case for Tucows
Slide 29: Investment case for Tucows
Tucows | Investment case for Tucows KPI Momentum driven by strength of Domains and Wavelo 1 ● Revenue, gross profit, adjusted EBITDA all increasing year over year ● Strong recurring revenue profile and expanding margin ● Wavelo ready to scale Focus on Core Business and Move to Capital Efficiency 2 ● Adj
Slide 30: Investor Resources
Investor Resources tucows.com/investors ir@tucows.com