Cogeco Inc. · TSX:CGO
Cogeco — Q3 2026 Earnings Presentation
30 slides from Cogeco's earnings presentation, Jul 16, 2026
Slide 1: Investor Update
Investor Update As of July 15, 2026 1
Slide 2: Forward-Looking Statements and Presentation of Financial Information
Investor Update Forward-Looking Statements and Presentation of Financial Information Forward-looking statements Presentation of financial information Certain statements contained in this presentation constitute forward-looking information within the meaning This presentation also includes non-IFRS A
Slide 3: Contents
Contents Cogeco Communications (TSX: CCA) 4 Cogeco Connexion – Canadian Telecommunications Segment 14 Breezeline – American Telecommunications Segment 19 Supplementary Information 24 Cogeco (TSX: CGO) 26 Appendix 29 Subscriber Profile 30 3
Slide 4: Cogeco Communications TSX: CCA
Cogeco Communications TSX: CCA 4
Slide 5: Cogeco Communications Overview
Cogeco Communications Overview Investment Highlights » A leading North American telecommunications provider ● Providing world-class Internet, wireless, video and wireline phone services to 1.6M residential and business subscribers in Canada & the TSX: CCA U.S. ● Differentiated by speed, reliability,
Slide 6: Long History of Returning Capital to Shareholders
Cogeco Communications Overview Long History of Returning Capital to Shareholders Prudent dividend payout ratio Dividends per Share $4.50 $3.95 $4.00 F2025(1) $3.69 $3.50 Dividend payout ratioviii 30% $3.42 $3.10 $3.00 $2.82 $2.56 $2.50 $2.32 $2.10 $2.00 $1.90 $1.72 $1.56 $1.50 $1.40 $1.20 $1.00 $1.0
Slide 7: Leveraging a North American Platform
Cogeco Communications Overview Leveraging a North American Platform » High-quality product offering • Internet packages of 1 Gbps to up to 2.5 Gbps for Revenue (LTM) $M Internet Service Subscribers As of May 31, 2026 000’s residential customers, and up to 10 Gbps for commercial Canada customers Cana
Slide 8: Transformation: Focused on Driving Shareholder Value
Cogeco Communications Overview Transformation: Focused on Driving Shareholder Value Completing the second year of our three-year transformation ● Nimbler structure ● Increases flexibility ● Allows Cogeco to better serve its customers ● Brings top leaders closer to customers and front-line teams ● Ac
Slide 9: Expanding Addressable Market
Cogeco Communications Overview Expanding Addressable Market Wireless Network evolution & expansion » Wireless services have been rolled out across our U.S. and Canadian footprints. Both wireless services utilize a capital-light model under » Network expansions in Canada and the U.S., mainly using fi
Slide 10: Margins & Profitability
Cogeco Communications Overview Margins & Profitability Higher than industry average adjusted EBITDA margin* Margins driven by span of operations, stable business model and operational efficiency Adj. EBITDA & Adj. EBITDA Margini Profit / Loss(1) $M $M Adjusted profit / loss attributable to owners of
Slide 11: Cash Flow
Cogeco Communications Overview Cash Flow Cash flow generation has enabled growth investments and return of capital to investors Free Cash Flowii Cash flows from operating activities(3) $M $M 1,175 1,138 670(1) 613(1) 626(1) 112(2) 932 108(2) 137(2) LTM 558 517 476 F2024 F2025 LTM F2024 F2025 LTM (1)
Slide 12: Stable Debt Profile
Cogeco Communications Overview Stable Debt Profile Financial Position Cogeco Communications: As of May 31, 2026 Senior Secured Debt Rating • Net debt to adjusted EBITDA ratiovi of 3.2x » • Available liquidityvii of $935M BBB- Q3 F2026 Debt Statistics • Weighted average cost of debt of 5.4%(1) • Inte
Slide 13: F2026 Financial Guidelines
Cogeco Communications Overview F2026 Financial Guidelines Fiscal Original Fiscal 2026 Revised Fiscal 2026 In millions of Canadian dollars, except % 2025 Projections Projections Actual (constant currency)iv(1) (constant currency)iv(1) Revenue 2,910 Decrease of 1% to 3% Decrease of 2% to 4% Adjusted E
Slide 14: Cogeco Connexion
Cogeco Connexion Canadian Telecommunications Segment 14
Slide 15: Cogeco Connexion's Broadband Network
Cogeco Connexion Cogeco Connexion’s Broadband Network Serving 600+ communities from Windsor to Gaspé Through its digital oxio brand, operates in majority of Canadian provinces 15
Slide 16: Highlights
Cogeco Connexion Highlights Financial profile Growth opportunities Product offering Growth opportunites Preferred Growth brands opportunites » Stable adjusted EBITDA » Ongoing fibre-to-the- » Fast Internet speeds and margin home expansion projects, including those in advanced video platform • Up to
Slide 17: Financial Results Overview – Canadian Telecommunications Segment
Cogeco Connexion Financial Results Overview – Canadian Telecommunications Segment Strong Adjusted EBITDA margini versus our Canadian peers* Revenue Adj. EBITDA & Adj. EBITDA Margin(1) Net CapEx & Capital Intensityv (1) $M $M $M 1,511 1,500 370 1,495 796 785 780 333 310 53.0% 52.0% 52.2% 24% 21% 22%
Slide 18: Wireless Spectrum Coverage
Cogeco Connexion Wireless Spectrum Coverage Spectrum holdings covering most of southern Québec & Ontario 92% share of spectrum powered by 5G-optimized 3500 & 3800 MHz $588 million in spectrum acquisitions 18
Slide 19: Breezeline
Breezeline American Telecommunications Segment 19
Slide 20: Breezeline's Broadband Network
Breezeline Breezeline’s Broadband Network Serving 500+ communities in 13 states in the U.S. 20
Slide 21: Highlights
Breezeline Highlights Preferred Growth brands opportunites Financial profile Product Growth offering opportunites Local brands » Consistently growing full-year adjusted EBITDA margin for the » Investing in the communities we serve by building and maintaining • Up to 2.5 Gbps Internet speeds past fiv
Slide 22: Financial Results Overview – American Telecommunications Segment
Breezeline Financial Results Overview – American Telecommunications Segment Internet-led strategy and operating efficiency are contributing to an increasing adjusted EBITDA margin while maintaining capex discipline Adj. EBITDA & Revenue Adj. EBITDA Margin Net CapEx & Capital Intensityv $M of US doll
Slide 23: welo - Our New Digital Challenger Brand
Breezeline welo - Our New Digital Challenger Brand » Launched: February 2026 » Current Availability: All of our Ohio footprint » Digital challenger brand with sales driven primarily by social media & referral marketing » Designed to complement our Breezeline brand by appealing to new customer segmen
Slide 24: Supplementary Information
Supplementary Information 24
Slide 25: Low Cost of Capital & Spread-Out Maturities
Financial Overview – Cogeco Communications Low Cost of Capital & Spread-Out Maturities Debt Maturities Excluding revolving credit facilities and lease liabilities As at May 31, 2026 $M Cogeco Communications Breezeline Net debt to May 31, (excluding Breezeline) U.S. subsidiaries(4) adjusted EBITDAvi
Slide 26: Cogeco TSX: CGO
Cogeco TSX: CGO (C; coceco
Slide 27: Investment Structure
Cogeco Overview Investment Structure TSX: CGO $597M 12.0M shares of CCA(1) 80% Voting Rights 100% Voting Rights 28% Equity Market Capitalization(1) 100% Equity 6.4% Investment in Dividend Yield(2) TSX: CCA $760M (1)(3) $98M Investment Value LTM Revenue $2.8B LTM Revenue (1) As of June 30, 2026 (2) B
Slide 28: Cogeco Media: Strong Network of Radio Stations
Cogeco Overview Cogeco Media: Strong Network of Radio Stations Radio broadcasting network and news agency STATIONS RANKED AMONGST THE BEST 21 RADIO STATIONS LARGEST 4.6 MILLION INTEGRATED SALES INDEPENDENT RADIO LISTENERS / WEEK SERVICES NEWS SERVICE IN QUÉBEC IN QUÉBEC 28
Slide 29: Appendix
Appendix 29
Slide 30: Subscriber Profile
Cogeco Communications Subscriber Profile May 31, 2026 COGECO CONNEXION BREEZELINE TOTAL Homes passed(1) 2,149,675 1,802,608 3,952,283 Primary service units(2) 1,842,408 934,054 2,776,462 Internet service subscribers 956,506 605,279 1,561,785 Video service subscribers 547,644 220,354 767,998 Wireline