Slide 1: Investor Update
Investor Update As of April 13, 2023
Slide 2: Contents
Contents Cogeco Communications (TSX: CCA) 4 Breezeline 15 Cogeco Connexion 19 Additional Financial Information 23 Cogeco (TSX: CGO) 27 Appendix 32 Customer Profile 33 2
Slide 3: Forward-Looking Statements and Presentation of Financial Information
Forward-Looking Statements and Presentation of Financial Information Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticip
Slide 4: TSX: CCA
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Slide 5: Investment Highlights
Investment Highlights Growing competitive force in the N.A. telecom sector • Providing Internet, video and phone to 1.6M customers High adjusted EBITDA margins and strong Free Cash Flow TSX:CCA $2.9B 4.5% • Driven by stable business model, scale, and operational efficiency Dividend Market Capitaliza
Slide 6: Competitive Differentiation Driving Growth
Competitive Differentiation Driving Growth High quality product offering Internet Service Customers Revenue As of February 28, 2023 • Internet packages of up to 1 Gbps $M 000’s for residential customers and 10 Gbps for commercial customers Canada Canada U.S. U.S. • FTTH in all expansion territories
Slide 7: Expanding Addressable Market
Expanding Addressable Market Network Evolution & Expansion Homes Passed M • FTTH expansions in Canada and the U.S. resulting in 140,000 Canada U.S. homes passed added in the last 18 months(1) • including partnering with governments to expand connectivity in areas with currently no high-speed Interne
Slide 8: Strong Return of Capital to Shareholders
Strong Return of Capital to Shareholders Shareholder returns enhanced through return of capital to complement growth investments Predictable Dividend per Share Strategy Share Buybacks $3.50 • +10% annual increase over the past 9 years Shares Outstanding (M) % of Oustanding Shares(4) Bought Back • 22
Slide 9: Attractive Margins and Profitability
Attractive Margins and Profitability High profit margins due to span of operations, stable business model and operational efficiency Adjusted EBITDAi Profit $M $M (except per share) Reported Consolidated in CAD Profit attributable to owners of Cogeco Communications from Continuing Operations Consoli
Slide 10: Significant FCF Generation
Significant FCF Generation Strong cash flow generation has enabled growth investments and return of capital Free Cash Flowii Cash flows from operating activities $M $M Free Cash Flow Network Expansions 1,240 1,069 1,019 918 869 582(1) 571(1) 487 454 455 157 208 487 454 455 424 362 F2019 F2020 F2021
Slide 11: Prudent Use of Leverage to Drive Returns
Prudent Use of Leverage to Drive Returns Strong Financial Position Return on Equity(2) As of February 28, 2023 (attributable to owners of the Corporation) • Net indebtedness to adjusted EBITDA ratiovi of 3.4x • Available liquidityvii of $1.2B 17.1% 16.8% 16.4% • Cash and cash equivalents of $353M •
Slide 12: Capital Allocation Priorities
Capital Allocation Priorities Span of operations provides stability, while strong cash flow generation enables to reinvest in the business and return capital to shareholders Capital Allocation to Value Return Capital To Creation Activities Shareholders • Enhance and extend broadband networks to • Pr
Slide 13: Financial Guidelines
Financial Guidelines In millions of Canadian dollars, except Fiscal 2023 Fiscal 2022 percentages Projections Actual constant currencyiv(1) Revenue 2,901 Increase of 0.5% to 2.0% Adjusted EBITDAi 1,393 Increase of 0.5% to 2.0% Net capital expendituresiii 689 $700 to $775 Net capital expenditures in c
Slide 14: Delivering Sustainable Value to Our Stakeholders through Strong ESG Practices
Delivering Sustainable Value to Our Stakeholders through Strong ESG Practices Environmental Social Governance First Canadian telecommunications company with an Continuing to foster a culture of Diversity & Variable executive compensation linked in part to approved near-term science-based emissions I
Slide 15: Breezeline
a Cogeco company - we breezeline” =, —_
Slide 16: Breezeline's Broadband Network
Breezeline’s Broadband Network Serving 500+ communities in 13 states in the U.S. 16
Slide 17: Breezeline's Financial Results Overview
Breezeline’s Financial Results Overview Strong growth in revenue and adjusted EBITDAi, with capital invested into FTTH network expansion and acquisition integration to drive future growth Adj. EBITDA & Adj. EBITDA Net CapExiii & Capital Revenue Margini Intensityv $M of Canadian dollars $M of Canadia
Slide 18: Breezeline's Highlights
Breezeline’s Highlights Strong Financial Enhanced Growth Strategic Residential Profile Opportunity Broadband First Positioning Growing adjusted EBITDAi Major growth plan to extend Strategy puts broadband Superior Internet speeds and solid margini, fibre services into New at the center of customer an
Slide 19: Cogeco Connexion
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Slide 20: Cogeco Connexion's Broadband Network
Cogeco Connexion’s Broadband Network Serving 600+ communities from Windsor to Gaspé 20
Slide 21: Cogeco Connexion's Financial Results Overview
Cogeco Connexion’s Financial Results Overview Strong growth and industry leading adjusted EBITDA margini, with capital invested into government subsidized FTTH network expansion to drive future growth Adj. EBITDA & Adj. EBITDA Revenue Margini Net CapExiii & Capital Intensityv $M $M $M 1,000 100% 450
Slide 22: Cogeco Connexion's highlights
Cogeco Connexion’s highlights Strong Financial Network Expansion in Key Growth vectors Preferred Brand Profile Attractive Areas Strong adjusted EBITDAi Ambitious network expansion Potential for Internet Leverage data & Artificial and margini with solid cash projects, including partnering ARPU gains
Slide 23: Additional Financial Information
Additional Financial Information 23
Slide 24: History of De-Leveraging Following Acquisitions
History of De-Leveraging Following Acquisitions Evolution of net indebtedness to adjusted EBITDA ratiovi Available liquidity: $1.2B February 28, 2023 Breezeline Connecticut system MetroCast Sale DERYtelecom Ohio $M (formerly Atlantic Acquisition Acquisition of data Acquisition broadband Broadband) &
Slide 25: Low Cost of Capital and Spread-Out Maturities
Low Cost of Capital and Spread-Out Maturities Debt Maturities Excluding credit facilities and lease liabilities(2) $M February August 2023 2022 Cogeco Communications Breezeline (excluding Breezeline) U.S. subsidiaries(6) Average Cost 4.8% 4.0% of Debt(1) $2,121(3)(4) $1,145(3)(5) $500 $300 $327(3) $
Slide 26: Compensation Aligned with Economic Value Creation (EVC)
Compensation Aligned with Economic Value Creation (EVC) Between 50% and 80% of senior executives’ INCENTIVE PROGRAMS SUMMARY FEATURES compensation is variable and at risk based Annual Bonus 60% based on the level of EVC achieved on long-term creation of Economic Value vs target and 40% based on stra
Slide 27: TSX: CGO
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Slide 28: Cogeco
Cogeco Cogeco TSX: CGO 15.7M shares of CCA $3.0B 85% Voting Rights LTM Revenue 100% Voting Rights 35% Equity 100% Equity $951M Market Capitalization(1) 4.5% Dividend Yield(2) Investment in Cogeco Cogeco Media Communications RADIO BROADCASTING TSX: CCA $1.0B (1)(3) $96M Investment Value(1) LTM Revenu
Slide 29: Cogeco Media: Strong Network of Radio Stations
Cogeco Media: Strong Network of Radio Stations Radio broadcasting network and news agency STATIONS THAT ARE RANKED AMONGST THE BEST 21 RADIO STATIONS LARGEST INDEPENDENT MORE THAN 5 MILLION INTEGRATED SALES RADIO NEWS SERVICE LISTENERS / WEEK SERVICES IN QUÉBEC IN QUÉBEC 29
Slide 30: Cogeco Media Top Ratings
Cogeco Media Top Ratings Most important radio broadcaster in Québec(1) and talented radio hosts in the industry ● 98.5 is the most listened to station in Canada ● RYTHME 105.7 is the #1 music station of Montrealers ● 92.5 THE BEAT is the #1 English music station in Montréal ● 96.9 CKOI reaches 1.7 M
Slide 31: Cogeco Media Digital Footprint
Cogeco Media Digital Footprint Web Sites Unique users : 1.7M /monthly App 230K downloads Podcasts 7.2M downloads /annually Live Streaming 1.2M /monthly listeners 12.7M /monthly sessions Social fan base FB : 1.4M fans IG : 126K fans MIQ x Cogeco Media Exclusive representation agreement in the Quebec
Slide 32: Appendix
Appendix 32
Slide 33: Customer Profile
Customer Profile February 28, 2023 COGECO CONNEXION BREEZELINE TOTAL Homes passed 2,033,475 1,712,640 3,746,115 Primary service units(1) 1,808,448 1,137,524 2,945,972 Internet service customers 782,862 689,903 1,472,765 Internet penetration(2) 38.5% 40.3% 39.3% Video service customers 639,994 300,68