Cogeco Inc. (CGO) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and welcome to Cogeco. Welcome to Cogeco, Inc. and Cogeco Communications, Inc. Q4 2025 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Petras Wemip, Chief Financial Officer of Cogeco, Inc. and Cogeco Communications, Inc. Please go ahead, Mr. Wemip. Thank you, Operator. So good morning, everyone. Welcome to our fourth quarter conference call. So as usual, before we begin the call, I'd like to remind listeners that today's discussion will include estimates and other forward-looking information. We ask that you review the cautionary language in the press releases and annual report issued yesterday regarding the various risks, assumptions, and uncertainties that could cause our actual results to differ. So with that, I'll pass the line to Fred Perrault for opening remarks. Thank you, Patrice. Good morning, everyone. For Cogeco Communications, the fourth quarter marked the end of year one of our three-year transformation program, focused on synergies, digital, analytics, network expansion, and wireless, and we're pleased to report that we're on track. Year one was mainly focused on OpEx and CapEx synergies, and we delivered on those targets. as you can see by our 110 basis points year-on-year improvement in adjusted EBITDA margin and our $38 million year-on-year increase in free cash flow in constant currency. It's worth mentioning that the CapEx efficiency enabling our growth in free cash flow comes mainly from maintenance synergies, as we're continuing to make important investments in growing and enhancing our networks. A recent report by Ookla, for example, noted a significant increase in our Canadian upload speeds as a result of our ongoing network upgrade initiative. And in the U.S...