Cogeco Inc. · TSX:CGO
Cogeco — Q3 2025 Earnings Presentation
31 slides from Cogeco's earnings presentation, Jul 16, 2025
Slide 1: Investor Update
Investor Update As of July 15, 2025
Slide 2: Contents
Contents Cogeco Communications (TSX: CCA) 4 Cogeco Connexion – Canadian Telecommunications Segment 14 Breezeline – American Telecommunications Segment 20 Supplementary Information 24 Cogeco (TSX: CGO) 26 Appendix 29 Subscriber Profile 30 Free Cash Flow Reconciliation 31 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 Overview: 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 residential $M As of May 31, 2025 customers and 10 Gbps for commercial 000’s customers Canada U.S. Canada • Fibre-to-the-home in al
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 • Wireless services in the U.S. rolled out in most states and an • Fibre-to-the-home expansions in Canada and the upcoming wireless launch in Canada. Both services will utilize a U.S. resulting in the
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 665(1) 613(1) 1,240 585(1) 591(1) 108(2) 1,175 1,192 137(2) 1,019 489 157(2) 173(2) 963 558 476 427 418 F2021 F2
Slide 12: Stable Debt Profile
Cogeco Communications Overview Stable Debt Profile Financial Position As of May 31, 2025 • Net debt to Adjusted EBITDA ratiovi of 3.1x • Available liquidityvii of $1,330M Cogeco Communications: Senior Secured Debt Rating • Cash and cash equivalents of $245M BBB- Q3 F2025 Debt Statistics • Weighted a
Slide 13: F2025 Financial Guidelines
Cogeco Communications Overview F2025 Financial Guidelines In millions of Canadian dollars, except % Fiscal 2024 Original Projections Fiscal 2025 Revised Projections Fiscal 2025 Actual (constant currency)iv(1) (constant currency)iv(1) Revenue 2,977 Stable Low single digit decline Adjusted EBITDAi 1,4
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: Cogeco Mobile to Launch in Markets across Ontario & Québec
Cogeco Connexion Cogeco Mobile to Launch in 12 Markets across Ontario & Québec in the coming weeks 18
Slide 19: 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 19
Slide 20: Breezeline – American Telecommunications Segment
Breezeline American Telecommunications Segment 20
Slide 21: Breezeline's Broadband Network
Breezeline Breezeline’s Broadband Network Serving 500+ communities in 13 states in the U.S. 21
Slide 22: Breezeline Highlights
Breezeline Highlights Financial Profile Product Offering • Consistently growing full-year Adjusted EBITDA • Fast Internet speeds and advanced video platform margini for the past five fiscal years • 1 Gbps Internet speed • Breezeline Stream TV available across our entire footprint • Internet-led stra
Slide 23: Financial Results Overview – American Telecommunications Segment
Breezeline Financial Results Overview – American Telecommunications Segment Internet-led strategy and operating efficiency are contributing to a higher Adjusted EBITDA margin product mix Adj. EBITDAi & Net CapExiii & Revenue Adj. EBITDA Margini Capital Intensityv $M of US dollars $M of US dollars $M
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 credit facilities and lease liabilities As at May 31, 2025 $M Net debt to May 31, Cogeco Communications Breezeline Adjusted EBITDAvi 2025 (excluding Breezeline) U.S. subsidiaries(4) Actua
Slide 26: Cogeco TSX: CGO
Cogeco TSX: CGO 26
Slide 27: Investment Structure
Cogeco Overview Investment Structure Cogeco TSX: CGO 12.0M shares of CCA(1) 80% Voting Rights $648M 100% Voting Rights 28% Equity Market 100% Equity Capitalization(1) 5.5% Dividend Yield(2) Investment in Cogeco Cogeco Media Communications RADIO BROADCASTING TSX: CCA $853M $96M (1)(3) Investment Valu
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 THAT ARE RANKED AMONGST THE BEST 21 RADIO STATIONS LARGEST INDEPENDENT 4.4 MILLION INTEGRATED SALES RADIO NEWS SERVICE LISTENERS / WEEK SERVICES IN QUÉBEC IN QUÉBEC 28
Slide 29: Appendix
APPENDIX 29
Slide 30: Subscriber Profile
Cogeco Communications Subscriber Profile May 31, 2025 COGECO CONNEXION BREEZELINE TOTAL Homes passed(1) 2,118,728 1,770,585 3,889,313 Primary service units(2) 1,867,975 977,681 2,845,656 Internet service subscribers 921,178 622,411 1,543,589 Video service subscribers 586,069 240,259 826,328 Wireline
Slide 31: 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