Cogeco Releases its Financial Results for the Second Quarter of Fiscal 2023

About this update from Cogeco Inc.

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MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT } .prnsbbb1{ BORDER-BOTTOM:black 1pt } .prnpl2{ PADDING-LEFT:0.17em } .prntar{ TEXT-ALIGN: RIGHT } .prnml10{ MARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.83em !IMPORTANT } .prnsbtb1{ BORDER-TOP:black 1pt } .prncbts{ BORDER-TOP:black 0.5pt solid } .prnpr2{ PADDING-RIGHT:0.17em } .prnbcc{ BORDER-COLLAPSE: COLLAPSE } .prnvam{ VERTICAL-ALIGN: MIDDLE } .prnvab{ VERTICAL-ALIGN: BOTTOM } .prnbsbls{ BORDER-LEFT:black 0.5pt solid } Canada NewsWire Revenue increased by 1.2% (decrease of 1.6% in constant currency (1) ) compared to the same period of the prior year to $757.2 million ; Adjusted EBITDA (1) was $351.7 million , an increase of 0.7% (decrease of 1.8% in constant currency (1) ); Profit for the period amounted to $102.6 million , a decrease of 13.6%; Earnings per share on a diluted basis was $2.15 , a decrease of 6.1%; Net capital expenditures (1)(2) amounted to $156 .8 million, an increase of 10.1% (4.6% in constant currency (1) ). Excluding network expansion projects (1) , net capital expenditures amounted to $114 .6 million, an increase of 8.6% (2.5% in constant currency (1) ); Acquisition of property, plant and equipment amounted to $173.7 million , an increase of 9.8%; Free cash flow (1) amounted to $118.3 million , a decrease of 23.0% (21.6% in constant currency (1) ) due to increased net capital expenditures and interest paid. Free cash flow, excluding network expansion projects (1) was $160 .6 million, a decrease of 15.8% (15.4% in constant currency (1) ); Cash flows from operating activities decreased by 25.8% to $206.8 million , mainly resulting from working capital items; Purchased and cancelled 117,584 Cogeco subordinate voting shares for a total consideration of $6 .9 million; Cogeco maintains its fiscal 2023 financial guidelines; and A quarterly eligible dividend of $0.731 per share was declared, compared to $0.625 per share in the comparable quarter of fiscal 2022, an increase of 17%. MONTRÉAL , April 13, 2023 /CNW/ - Today, Cogeco Inc. (TSX: CGO) ("Cogeco" or the "Corporation") announced its financial results for the second quarter ended February 28, 2023. "Our overall operating strategies proved to be effective in the context of more challenging economic and competitive environments," said Philippe Jetté, President and Chief Executive Officer of Cogeco Inc. "Our Canadian telecommunications business unit performed well in the quarter, which was marked by continued organic growth in our Internet customer base, both in our traditional markets and in our newly served areas, resulting in growing adjusted EBITDA and adjusted EBITDA margins," continued Mr. Jetté. "In addition, the acquisition in March of the telecommunications operations of oxio is a great addition to our service offering and brings a second brand to serve the telecommunications needs of Canadians." "With respect to our U.S. telecommunications business, we have grown our customer base outside our newly acquired Ohio footprint, both in our current and newly served areas," added Mr. Jetté. "In Ohio , we continued our commercial integration activities while enhancing our product line by making our IPTV product available to all our customers, setting the foundation for future growth. Our progress and marketing efforts have paid off, with Internet customer metrics improving over previous quarters." "In our broadcasting operations, while the advertising market remains challenging, Cogeco Media's performance was in line with our expectations," added Mr. Jetté. "We are pleased that our 98.5 station is still number one in the country, as confirmed by the Winter 2023 Numeris survey results. In addition, we continue to broaden our digital advertising technology solutions to expand our multiplatform audio content options." "I am pleased to highlight that we recently published our annual ESG and Sustainability Report as well as our Climate Action Plan, in which we respectively provide an update of our environmental, social and governance commitments, initiatives and performance and outline the key steps we are taking in support of urgent climate action," continued Mr. Jetté. "We are also very proud to be, for the fourth consecutive year, ranked among the 100 most sustainable companies in the world by Corporate Knights, a highly-regarded global ranking of companies that are leading the way in making the world a better place," concluded Mr. Jetté. Operating results For the second quarter of fiscal 2023: Revenue increased by 1.2% to reach $757.2 million . On a constant currency basis, revenue decreased by 1.6%, driven by a lower customer base in the American telecommunications segment offset by a growth in the Canadian telecommunications segment and in the media activities, which is further explained as follows: Canadian telecommunications' revenue increased by 1.7% as reported and in constant currency, mainly driven by the cumulative effect of high-speed Internet service additions over the past year and higher revenue per customer. American telecommunications' revenue decreased by 5.2% on a constant currency basis (increase of 0.6% as reported), mainly due to a lower customer base following customer losses in Ohio and an overall decline in video and phone service customers, offset in part by the cumulative effect of high-speed Internet service additions outside Ohio over the past year, higher revenue per customer and a better product mix. Revenue in the media activities increased by 5.3%. Adjusted EBITDA increased by 0.7% to reach $351.7 million . On a constant currency basis, adjusted EBITDA decreased by 1.8%, mainly due to a decline in the American telecommunications segment partly offset by an adjusted EBITDA growth in the Canadian telecommunications segment, as further explained below: Canadian telecommunications adjusted EBITDA increased by 2.6%, or 3.1% in constant currency, mostly driven by revenue growth. American telecommunications adjusted EBITDA decreased by 2.2%, or 7.8% in constant currency, mainly resulting from lower revenue, combined with higher operating expenses as last year's marketing and advertising spending and staff costs were unusually low in Ohio while operating under the previous owner's brand. Profit for the period amounted to $102.6 million , of which $33.8 million , or $2.15 per diluted share, was attributable to owners of the Corporation compared to $118.8 million , $36.7 million , and $2.29 per diluted share, respectively, in the comparable period of fiscal 2022. The decreases resulted mainly from higher financial expense, acquisition, integration, restructuring and other costs and depreciation and amortization expense, partly offset by lower income taxes. Net capital expenditures, which account for construction subsidies, were $156.8 million , an increase of 10.1% compared to $142.5 million in the same period of the prior year. In constant currency, net capital expenditures were $149.1 million , an increase of 4.6% compared to last year, driven by accelerated network expansion activities in Canada . Excluding network expansion projects, net capital expenditures were $114.6 million , an increase of 8.6% compared to $105.5 million in the same period of the prior year. In constant currency, net capital expenditures excluding network expansion projects (1) were $108 .1 million, an increase of 2.5% compared to last year. Fibre-to-the-home network expansion projects continued in both Canada and the United States , with unprecedented homes passed additions of more than 140,000 since the beginning of last year, of which approximately 70,000 were added during the first half of fiscal 2023 in addition to the 70,000 added in fiscal 2022. Acquisition of property, plant and equipment increased by 9.8% to $173.7 million , mainly due to network expansion projects in Canada . Free cash flow decreased by 23.0%, or 21.6% in constant currency, and amounted to $118.3 million , mainly due to higher financial expense, lower adjusted EBITDA, and higher net capital expenditures and acquisition, integration, restructuring and other costs. Free cash flow, excluding network expansion projects decreased by 15.8%, or 15.4% in constant currency, and amounted to $160.6 million . Cash flows from operating activities decreased by 25.8% to reach $206.8 million , driven by a net outflow in non-cash operating activities of $66.2 million compared to $25.4 million in the comparative period, resulting mostly from the timing of trade and other payables, as well as an increase in income taxes and interest paid. Cogeco purchased and cancelled 117,584 subordinate voting shares for a total consideration of $6 .9 million, compared to 154,388 subordinate voting shares purchased and cancelled in the comparable quarter of fiscal 2022, for a total consideration of $12 .3 million. Cogeco maintains its fiscal 2023 financial guidelines as issued on January 13, 2023 . At its April 13, 2023 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of $0.731 per share, an increase of 17% compared to $0.625 per share in the comparable quarter of fiscal 2022. (1) Adjusted EBITDA and net capital expenditures are total of segments measures. Constant currency basis, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS financial measures. Change in constant currency is a non-IFRS ratio. These indicated terms do not have standardized definitions prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. (2) Net capital expenditures are presented net of government subsidies, including the utilization of those received in advance. Financial highlights Three and six months ended February 28 2023 2022 (1) Change Change in constant currency (2) (3) 2023 2022 (1) Change Change in constant currency (2) (3) (In thousands of Canadian dollars, except percentages and per share data) $ $ % % $ $ % % Operations Revenue 757,191 748,066 1.2 (1.6) 1,546,881 1,493,324 3.6 0.4 Adjusted EBITDA (3) 351,663 349,211 0.7 (1.8) 725,545 703,605 3.1 0.3 Acquisition, integration, restructuring and other costs (4) 6,952 1,451 — 9,629 20,086 (52.1) Profit for the period 102,592 118,781 (13.6) 226,400 237,920 (4.8) Profit for the period attributable to owners of the Corporation 33,788 36,659 (7.8) 75,869 75,182 0.9 Cash flow Cash flows from operating activities 206,843 278,768 (25.8) 400,664 576,110 (30.5) Free cash flow (3) 118,331 153,703 (23.0) (21.6) 227,814 289,523 (21.3) (20.4) Free cash flow, excluding network expansion projects (3) 160,573 190,685 (15.8) (15.4) 335,890 346,521 (3.1) (3.6) A cquisition of property, plant and equipment 173,674 158,153 9.8 408,682 304,482 34.2 Net capital expenditures (1) (3) 156,832 142,475 10.1 4.6 354,174 283,984 24.7 18.8 Net capital expenditures, excluding network expansion projects (3) 114,590 105,493 8.6 2.5 246,098 226,986 8.4 3.1 Per share data (5) Earnings per share Basic 2.17 2.30 (5.7) 4.85 4.73 2.5 Diluted 2.15 2.29 (6.1) 4.82 4.70 2.6 Dividends 0.731 0.625 17.0 1.462 1.250 17.0 As at February 28, 2023 August 31, 2022 (In thousands of Canadian dollars) $ $ Financial condition Cash and cash equivalents 355,871 379,001 Total assets 9,810,322 9,468,025 Long-term debt Current 342,963 340,468 Non-current 4,726,279 4,398,142 Net indebtedness (3) 4,832,174 4,545,809 Equity attributable to owners of the Corporation 960,725 919,843 (1) Comparative figures have been restated following the application of the IFRS Interpretations Committee issued agenda decision Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 Statement of Cash Flows) during the third quarter of fiscal 2022.  For further details, refer to the "Accounting policy developments" section of the fiscal 2023 second-quarter Management's Discussion and Analysis ("MD&A"). (2) Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current periods denominated in US dollars at the foreign exchange rate of the comparable periods of the prior year. For the three and six-month periods ended February 28, 2022, the average foreign exchange rates used for translation were 1.2709 USD/CDN and 1.2634 USD/CDN, respectively. (3) Adjusted EBITDA and net capital expenditures are total of segments measures. Free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS financial measures. Change in constant currency is a non-IFRS ratio. Net indebtedness is a capital management measure. These indicated terms do not have standardized definitions prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. (4) For the three and six-month periods ended February 28, 2023, acquisition, integration, restructuring and other costs resulted mostly from a $5.1 million retroactive adjustment recognized during the second quarter of fiscal 2023 following the Copyright Board preliminary conclusions of the 2016-2018 retransmission tariffs. For the three and six-month periods ended February 28, 2022, acquisition, integration, restructuring and other costs resulted mostly from costs incurred in connection with the acquisition, completed on September 1, 2021, and integration of the Ohio broadband systems. (5) Per multiple and subordinate voting share. Forward-looking statements Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Inc.'s ("Cogeco" or the "Corporation") future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements regarding the Corporation's financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco believes are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategies" section of the Corporation's 2022 annual MD&A and of the fiscal 2023 second-quarter MD&A, the "Fiscal 2023 financial guidelines" section of the Corporation's 2022 annual MD&A and the "Fiscal 2023 revised financial guidelines" of the fiscal 2023 first-quarter MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as competitive risks (including changing competitive ecosystems and disruptive competitive strategies adopted by our competitors), business risks (including potential disruption to our supply chain caused by economic and geopolitical instability and other contributing factors, increasing transportation lead times, scarcity and shortages of input materials and key telecommunication equipment and competition for limited resources), regulatory risks , technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), human-caused and natural threats to our network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, community acceptance risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation's control. Moreover, the Corporation's radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to changing economic conditions. For more exhaustive information on these risks and uncertainties, the reader should refer to the "Uncertainties and main risk factors" sections of the Corporation's 2022 annual MD&A and of the fiscal 2023 second-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release which represent Cogeco's expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation's MD&A for the three and six-month periods ended February 28, 2023, the Corporation's condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with International Financial Reporting Standards ("IFRS") and the Corporation's 2022 Annual Report. Non-IFRS and other financial measures This press release includes references to non-IFRS and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of Cogeco and used in the decision-making process with regard to its business units. Reconciliations between non-IFRS and other financial measures to the most directly comparable IFRS financial measures are provided below. Certain additional disclosures for non-IFRS and other financial measures used in this press release have been incorporated by reference and can be found in the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the three and six-month periods ended February 28, 2023, available on SEDAR at www.sedar.com . Financial measures presented on a constant currency basis for the three and six-month periods ended February 28, 2023 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.2709 USD /CDN and 1.2634 USD /CDN, respectively. Constant currency basis and foreign exchange impact reconciliation Consolidated Three months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 757,191 (21,282) 735,909 748,066 1.2 (1.6) Operating expenses 405,528 (12,585) 392,943 398,855 1.7 (1.5) Adjusted EBITDA 351,663 (8,697) 342,966 349,211 0.7 (1.8) Free cash flow 118,331 2,114 120,445 153,703 (23.0) (21.6) Net capital expenditures 156,832 (7,774) 149,058 142,475 10.1 4.6 Six months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 1,546,881 (48,192) 1,498,689 1,493,324 3.6 0.4 Operating expenses 821,336 (28,020) 793,316 789,719 4.0 0.5 Adjusted EBITDA 725,545 (20,172) 705,373 703,605 3.1 0.3 Free cash flow 227,814 2,708 230,522 289,523 (21.3) (20.4) Net capital expenditures 354,174 (16,678) 337,496 283,984 24.7 18.8 Canadian telecommunications segment Three months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 368,334 — 368,334 362,323 1.7 1.7 Operating expenses 170,289 (893) 169,396 169,307 0.6 0.1 Adjusted EBITDA 198,045 893 198,938 193,016 2.6 3.1 Net capital expenditures 81,383 (3,551) 77,832 67,763 20.1 14.9 Six months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 740,418 — 740,418 717,370 3.2 3.2 Operating expenses 343,740 (2,061) 341,679 336,493 2.2 1.5 Adjusted EBITDA 396,678 2,061 398,739 380,877 4.1 4.7 Net capital expenditures 196,621 (6,911) 189,710 135,234 45.4 40.3 American telecommunications segment Three months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 368,312 (21,282) 347,030 366,226 0.6 (5.2) Operating expenses 202,254 (11,692) 190,562 196,436 3.0 (3.0) Adjusted EBITDA 166,058 (9,590) 156,468 169,790 (2.2) (7.8) Net capital expenditures 73,091 (4,223) 68,868 73,178 (0.1) (5.9) Six months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Revenue 758,528 (48,192) 710,336 729,720 3.9 (2.7) Operating expenses 409,964 (25,959) 384,005 384,166 6.7 — Adjusted EBITDA 348,564 (22,233) 326,331 345,554 0.9 (5.6) Net capital expenditures 153,499 (9,767) 143,732 146,405 4.8 (1.8) Free cash flow reconciliation Three months ended February 28 Six months ended February 28 2023 2022 2023 2022 (In thousands of Canadian dollars) $ $ $ $ Cash flows from operating activities 206,843 278,768 400,664 576,110 Amortization of deferred transaction costs and discounts on long-term debt (1) 3,045 3,010 6,107 5,952 Changes in other non-cash operating activities 66,172 25,435 136,121 5,706 Income taxes paid 23,319 5,137 70,612 31,473 Current income taxes (11,332) (10,149) (20,622) (25,698) Interest paid 51,064 40,809 112,270 73,681 Financial expense (61,985) (45,486) (119,512) (91,094) Net capital expenditures (156,832) (142,475) (354,174) (283,984) Repayment of lease liabilities (1,963) (1,346) (3,652) (2,623) Free cash flow 118,331 153,703 227,814 289,523 (1) Included within financial expense. Net capital expenditures reconciliation Three months ended February 28 Six months ended February 28 2023 2022 (1) 2023 2022 (1) (In thousands of Canadian dollars) $ $ $ $ Acquisition of property, plant and equipment 173,674 158,153 408,682 304,482 Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during the period (16,842) (15,678) (54,508) (20,498) Net capital expenditures 156,832 142,475 354,174 283,984 (1) Comparative figures have been restated. For further details, refer to the "Accounting policy developments" section of the fiscal 2023 second-quarter MD&A. Adjusted EBITDA reconciliation Three months ended February 28 Six months ended February 28 2023 2022 2023 2022 (In thousands of Canadian dollars) $ $ $ $ Profit for the period 102,592 118,781 226,400 237,920 Income taxes 24,801 32,182 58,281 50,565 Financial expense 61,985 45,486 119,512 91,094 Depreciation and amortization 155,333 151,311 311,723 303,940 Acquisition, integration, restructuring and other costs 6,952 1,451 9,629 20,086 Adjusted EBITDA 351,663 349,211 725,545 703,605 Net capital expenditures and free cash flow excluding network expansion projects reconciliations Net capital expenditures Three months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Net capital expenditures 156,832 (7,774) 149,058 142,475 10.1 4.6 Net capital expenditures in connection with network expansion projects 42,242 (1,322) 40,920 36,982 14.2 10.6 Net capital expenditures, excluding network expansion projects 114,590 (6,452) 108,138 105,493 8.6 2.5 Six months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Net capital expenditures 354,174 (16,678) 337,496 283,984 24.7 18.8 Net capital expenditures in connection with network expansion projects 108,076 (4,684) 103,392 56,998 89.6 81.4 Net capital expenditures, excluding network expansion projects 246,098 (11,994) 234,104 226,986 8.4 3.1 Free cash flow Three months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Free cash flow 118,331 2,114 120,445 153,703 (23.0) (21.6) Net capital expenditures in connection with network expansion projects 42,242 (1,322) 40,920 36,982 14.2 10.6 Free cash flow, excluding network expansion projects 160,573 792 161,365 190,685 (15.8) (15.4) Six months ended February 28 Change 2023 Foreign exchange impact 2023 in constant currency 2022 Actual In constant currency (In thousands of Canadian dollars, except percentages) $ $ $ $ % % Free cash flow 227,814 2,708 230,522 289,523 (21.3) (20.4) Net capital expenditures in connection with network expansion projects 108,076 (4,684) 103,392 56,998 89.6 81.4 Free cash flow, excluding network expansion projects 335,890 (1,976) 333,914 346,521 (3.1) (3.6) Additional information Additional information relating to the Corporation is available on the SEDAR website at www.sedar.com and on the Corporation's website at corpo.cogeco.com . About Cogeco Inc. Rooted in the communities it serves, Cogeco Inc. is a growing competitive force in the North American telecommunications and media sectors with a legacy of more than 65 years. Through its business units Cogeco Connexion and Breezeline, Cogeco Communications provides Internet, video and phone services to 1.6 million residential and business customers in Québec and Ontario in Canada as well as in thirteen states in the United States . Through Cogeco Media, Cogeco owns and operates 21 radio stations primarily in the province of Québec as well as a news agency. Cogeco's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO). The subordinate voting shares of Cogeco Communications Inc. are also listed on the Toronto Stock Exchange (TSX: CCA). For information: Investors Patrice Ouimet Senior Vice President and Chief Financial Officer Cogeco Inc. Tel.: 514-764-4700 [email protected] Media Marie-Hélène Labrie Senior Vice President and Chief Public Affairs, Communications and Strategy Officer Cogeco Inc. Tel.: 514-764-4700 [email protected] Conference Call: Friday, April 14, 2023 at 11:00 a.m. (EDT) The conference call will be available on Cogeco's website at https://corpo.cogeco.com/cgo/en/investors/investor-relations/ . Financial analysts will be able to access the conference call and ask questions. Media representatives may attend as listeners only. The conference replay will be available on Cogeco's website for a three-month period. Please use the following dial-in number to have access to the conference call 10 minutes before the start of the conference: Local - Toronto: 1 416-764-8658 Toll Free - North America: 1 888-886-7786 To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is, Cogeco Inc. or Cogeco Communications Inc. SOURCE Cogeco Inc. View original content: http://www.newswire.ca/en/releases/archive/April2023/13/c7237.html

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