Slide 1: Investor Update
Investor Update As of April 9, 2025
Slide 2: Contents
Contents Cogeco Communications (TSX: CCA) 4 Cogeco Connexion – Canadian Telecommunications Segment 14 Breezeline – American Telecommunications Segment 19 Supplementary Information 23 Cogeco (TSX: CGO) 25 Appendix 28 Subscriber Profile 29 Free Cash Flow Reconciliation 30 2
Slide 3: 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 may constitute forward-looking information within the This presentation also includes non-IFRS Accou
Slide 4: Cogeco Communications TSX: CCA
Cogeco Communications TSX: CCA 4
Slide 5: Cogeco Communications Investment Highlights
Cogeco Communications Overview Investment Highlights North American leader in the telecommunications sector • Fibre-powered network delivers high-speed Internet, video and wireline phone services to 1.6M residential and business subscribers • Differentiated by speed, reliability, innovation, custome
Slide 6: Long History of Returning Capital to Shareholders
Cogeco Communications Overview Long History of Returning Capital to Shareholders Shareholder returns enhanced through return of capital to complement growth investments Dividends per Share $4.00 $3.69 F2024(1) $3.50 $3.42 Dividend payout ratioviii 30% $3.10 $3.00 $2.82 Dividend payout ratioviii 24%
Slide 7: Leveraging a North American Platform
Cogeco Communications Overview Leveraging a North American Platform High-quality product offering Revenue Internet Service Subscribers • Internet packages of 1 Gbps for $M As of February 28, 2025 residential customers and 10 Gbps for 000’s commercial customers Canada U.S. Canada • Fibre-to-the-home
Slide 8: Transformation: Focused on Driving Shareholder Value
Cogeco Communications Overview Transformation: Focused on Driving Shareholder Value Breezeline and Cogeco Connexion now managed as one unified North American organization • Nimbler structure • Increases flexibility • Allows Cogeco to better serve its customers • Brings top leaders closer to customer
Slide 9: Expanding Addressable Market
Cogeco Communications Overview Expanding Addressable Market Wireless Network Evolution & Expansion • Progressive rollout of wireless services in the U.S. and the • Fibre-to-the-home expansions in Canada and the announcement of strategic wireless network and technical U.S. resulting in the addition o
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 Adjusted EBITDAi Profit $M $M (except per share) Consolidated Profit attributable to owners of Cogeco Com
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 $M $M 613(1) 621(1) 1,240 585(1) 591(1) 1,175 1,125 119(2) 137(2) 1,019 489 157(2) 173(2) 963 476 502 427 418 F2021 F2
Slide 12: Stable Debt Profile
Cogeco Communications Overview Stable Debt Profile Financial Position As of February 28, 2025 • Net debt to Adjusted EBITDA ratiovi of 3.4x • Available liquidityvii of $1,195M Cogeco Communications: Senior Secured Debt Rating • Cash and cash equivalents of $141M BBB- Q2 F2025 Debt Statistics • Weigh
Slide 13: F2025 Financial Guidelines
Cogeco Communications Overview F2025 Financial Guidelines In millions of Canadian dollars, except % Fiscal Fiscal 2025 2024 Projections Actual (constant currency)iv(1) Revenue 2,977 Stable Adjusted EBITDAi 1,442 Stable Net capital expendituresiii 638 $650 to $725 Net capital expenditures in connecti
Slide 14: Cogeco Connexion – Canadian Telecommunications Segment
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: Cogeco Connexion Highlights
Cogeco Connexion Highlights Financial Profile Growth Opportunity • Stable Adjusted EBITDA margini • Ongoing fibre-to-the-home expansion projects, including those in collaboration with governments, • Full-year Adjusted EBITDA margini consistently in are bringing our high-speed Internet services to th
Slide 17: Financial Results Overview – Canadian Telecommunications Segment
Cogeco Connexion Financial Results Overview – Canadian Telecommunications Segment • Strong Adjusted EBITDA margini versus our Canadian peers* • Capital invested into acquisitions and fibre-to-the-home network expansion to drive future growth Adj. EBITDAi & Adj. EBITDA Net CapExiii & Capital Revenue
Slide 18: Wireless Spectrum Coverage to Enable MVNO Framework
Cogeco Connexion Wireless Spectrum Coverage to Enable MVNO Framework 100% broadband footprint covered by wireless spectrum for launch of MVNO wireless services 92% share of spectrum powered by 5G-optimized 3500 & 3800 MHz $588 million in acquired spectrum 18
Slide 19: Breezeline – American Telecommunications Segment
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: Breezeline Highlights
Breezeline Highlights Financial Profile Product Offering • Consistently growing Adjusted EBITDA margini • Fast Internet speeds and advanced video platform since F2020 • 1 Gbps Internet service offered in approximately 97% of the • Growing revenue per user as our Internet-led strategy footprint drive
Slide 22: Financial Results Overview – American Telecommunications Segment
Breezeline Financial Results Overview – American Telecommunications Segment Internet-led strategy and operating efficiency are contributing to revenue per user growth and a higher Adjusted EBITDA margin product mix Adj. EBITDAi & Net CapExiii & Revenue Adj. EBITDA Margini Capital Intensityv $M of US
Slide 23: Supplementary Information
Supplementary Information 23
Slide 24: Low Cost of Capital & Spread-Out Maturities
Financial Overview – Cogeco Communications Low Cost of Capital & Spread-Out Maturities Debt Maturities Excluding credit facilities and lease liabilities As at February 28, 2025 $M Net debt to February 28, Cogeco Communications Breezeline Adjusted EBITDAvi 2025 (excluding Breezeline) U.S. subsidiarie
Slide 25: Cogeco TSX: CGO
Cogeco TSX: CGO 25
Slide 26: Investment Structure
Cogeco Overview Investment Structure Cogeco TSX: CGO 12.0M shares of CCA(1) 80% Voting Rights $612M 100% Voting Rights 28% Equity Market 100% Equity Capitalization(1) 5.8% Dividend Yield(2) Investment in Cogeco Cogeco Media Communications RADIO BROADCASTING TSX: CCA $842M $95M (1)(3) Investment Valu
Slide 27: Cogeco Media: Strong Network of Radio Stations
Cogeco Overview 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 4.6 MILLION INTEGRATED SALES RADIO NEWS SERVICE LISTENERS / WEEK SERVICES IN QUÉBEC IN QUÉBEC 27
Slide 28: Appendix
APPENDIX 28
Slide 29: Subscriber Profile
Cogeco Communications Subscriber Profile February 28, 2025 COGECO CONNEXION BREEZELINE TOTAL Homes passed(1) 2,110,560 1,769,261 3,879,821 Primary service units(2) 1,865,624 997,135 2,862,759 Internet service subscribers 911,749 632,836 1,544,585 Video service subscribers 590,269 245,672 835,941 Wir
Slide 30: Free Cash Flow Reconciliation
Cogeco Communications Free Cash Flow Reconciliation Free cash flow reconciliation (For F2022, F2023 & F2024 reconciliations, please refer to the F2024 Annual Report) Fiscal 2021 (In thousands of Canadian dollars) $ Cash flows from operating activities 1,019,059 Changes in other non-cash operating ac