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Investor Update As of April 9, 2025
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Cogeco Communications (TSX: CCA) 4 Cogeco Connexion – Canadian Telecommunications Segment Breezeline – American Telecommunications Segment Supplementary Information 14 19 23 Cogeco (TSX: CGO) 25 Appendix Subscriber Profile Free Cash Flow Reconciliation 28 29 30 Contents 2
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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 anticipated events, business, operations, financial performance, financial condition or results. Particularly, statements regarding our 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 we believe are reasonable as of the current date. Refer in particular to the “Corporate Objectives and Strategy” and the “Fiscal 2025 Financial Guidelines” sections in the Fiscal 2024 annual Management Discussion and Analysis (“MD&A”) for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. Forward-looking information involves known and unknown risks and uncertainties and other factors which may cause the actual results to differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and may be affected by a number of factors, many of which are beyond the Corporation’s control. The uncertainties and main risk factors that could influence actual results are described in the “Uncertainties and main risk factors” sections of the fiscal 2024 annual MD&A and the fiscal 2025 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 we currently foresee. The reader should not place undue importance on the forward-looking information contained in this presentation and the forward-looking statements contained in this presentation represent our expectations as of April 9, 2025 and are subject to change after such date. While we may elect to do so, we are under no obligation (and expressly disclaim any such obligation) and do 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. Investor Update Forward-Looking Statements and Presentation of Financial Information Presentation of financial information This presentation also includes non-IFRS Accounting Standards and other financial measures (as indicated below and numbered from i) to viii) in the presentation) that are not standardized under IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and therefore, might not be comparable to similar financial measures presented by other companies. Certain additional disclosures for these financial measures, including reconciliations to the most directly comparable IFRS Accounting Standards measures, have been incorporated by reference and can be found in the “Non-IFRS Accounting Standards and other financial measures” sections of the Corporation’s MD&A for the second quarter of fiscal 2025 and the annual MD&A for the year ended August 31, 2024, and in the “Non-IFRS and other financial measures” section of the Corporation's annual MD&A for the years ended August 31, 2023, 2022 and 2021, available on SEDAR+ at www.sedarplus.ca. i. Adjusted EBITDA is a total of segments measure. Adjusted EBITDA margin is a supplementary financial measure ii. Free cash flow and free cash flow, excluding network expansion projects are non-IFRS Accounting Standards measures. During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. Fiscal 2024, 2023 and 2022 reconciliations to the most directly comparable IFRS Accounting Standards measures have been incorporated by reference and can be found in the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s fiscal 2024 annual MD&A, available on SEDAR+ at www.sedarplus.ca. Fiscal 2021 reconciliation to the most directly comparable IFRS Accounting Standards measures can be found in the “Appendix” section of this investor presentation, on page 30. iii. Net capital expenditures is a total of segments measure iv. Constant currency basis is a non-IFRS Accounting Standards measure or ratio v. Capital intensity is a supplementary financial measure. Capital intensity excluding network expansion projects is a non-IFRS Accounting Standards ratio vi. Net debt to Adjusted EBITDA ratio is a capital management measure vii. Available liquidity is a non-IFRS Accounting Standards financial measure viii. Free cash flow dividend payout ratio and free cash flow, excluding network expansion projects, dividend payout ratio are non-IFRS Accounting Standards ratios Totals in certain tables do not sum due to rounding. LTM refers to figures for the twelve months ended February 28, 2025. Unless otherwise noted, all amounts are in Canadian dollars. 3
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Cogeco Communications TSX: CCA 4
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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, customer experience, and deep connections with the communities we serve Higher Adjusted EBITDA margin and Free Cash Flow conversion than industry average* • Driven by a stable business model and operational efficiency Multiple capital-efficient growth initiatives • Subsidized fibre-to-the-home (FTTH) geographic expansion • Expanding wireless services offering Significant return of capital while maintaining prudent leverage • Strong recent history of % dividend increases vs. industry average* • Repurchased 16%(4) of the outstanding shares since 2019 * Based on similar financial measures (1) As of March 31, 2025 (2) Based on an annualized quarterly dividend of $0.922 per share declared on April 9, 2025 divided by share price as of March 31, 2025 (3) Caisse de dépôt et placement du Québec (“CDPQ”) owns 21% of Breezeline (4) As a % of the outstanding shares at the introduction of the program in May 2019 which was 49,594,805 shares (3) TSX:CCA LTM Revenue $3.0B $3.0B Market Capitalization(1) LTM Revenue $1.5B LTM Revenue $1.5B 5.3% Dividend Yield(2) Cogeco Communications Overview Investment Highlights 5
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$0.56 $0.71 $1.00 $1.04 $1.20 $1.40 $1.56 $1.72 $1.90 $2.10 $2.32 $2.56 $2.82 $3.10 $3.42 $3.69 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 F2010 F2011 F2012 F2013 F2014 F2015 F2016 F2017 F2018 F2019 F2020 F2021 F2022 F2023 F2024 F2025 (2) Shareholder returns enhanced through return of capital to complement growth investments Cogeco Communications Overview Long History of Returning Capital to Shareholders Dividends per Share (1) Dividends declared for the year on multiple and subordinate voting shares divided by free cash flow and by free cash flow, ex cluding network expansion projects (2) Based on an annualized quarterly dividend of $0.922 per share declared on April 9, 2025. The dividend is subject to Board of Directors’ approval on a quarterly basis and there is no assur ance that it will remain at the current level 6 F2024(1) Dividend payout ratioviii 30% Dividend payout ratioviii excluding network expansions 24%
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5 High-quality product offering • Internet packages of 1 Gbps for residential customers and 10 Gbps for commercial customers • Fibre-to-the-home in all expansion territories • Plans for multi-gigabit network evolution through a balanced mix of fibre and DOCSIS 4.0 • Modern and cost-effective IPTV solution • Nationwide 5G wireless service available within our U.S. markets Distinctive customer experience • Local and high-quality customer service • Strong commitment to communities Revenue $M Internet Service Subscribers As of February 28, 2025 000’s 1,393 1,440 1,490 1,511 1,508 1,117 1,460 1,494 1,466 1,461 2,510 2,901 2,984 2,977 2,969 F2021 F2022 F2023 F2024 LTM Canada U.S. 912 633 Canada U.S. Cogeco Communications Overview Leveraging a North American Platform 7
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Cogeco Communications Overview Transformation: Focused on Driving Shareholder Value 8 • Nimbler structure • Increases flexibility • Allows Cogeco to better serve its customers • Brings top leaders closer to customers and front-line teams Breezeline and Cogeco Connexion now managed as one unified North American organization
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Network Evolution & Expansion • Fibre-to-the-home expansions in Canada and the U.S. resulting in the addition of more than 269,000 homes passed since the beginning of F2022(1)(2), representing more than 9% organic growth in our network • Participating in government subsidy programs to expand connectivity in areas with currently no high- speed wireline Internet Cogeco Communications Overview Expanding Addressable Market 5 Homes Passed 000’s (1) From September 1st, 2021 to February 28, 2025 (2) Organic growth calculated by excluding additions resulting from acquisitions • Potential to expand addressable market by adding wireless services. Mid-band spectrum licenses covering our Canadian broadband footprint • Breezeline Mobile launched in 2024 with an assortment of flexible plans across the majority of our U.S. broadband footprint 1,960 1,998 2,056 2,098 2,111 937 1,678 1,744 1,765 1,7692,897 3,676 3,800 3,864 3,880 F2021 F2022 F2023 F2024 Q2 2025 Canada U.S. 9 Wireless • Progressive rollout of wireless services in the U.S. and the announcement of strategic wireless network and technical partnerships in Canada. Both services will utilize a capital-light model under their respective MVNO frameworks
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Cogeco Communications Overview Margins & Profitability Profit $M (except per share) Adjusted EBITDAi $M Higher than industry average Adjusted EBITDA margin* Margins driven by span of operations, stable business model and operational efficiency 1,206 1,393 1,421 1,442 1,458 48.0% 48.0% 47.6% 48.5% 49.1% F2021 F2022 F2023 F2024 LTM Consolidated Consolidated Margin % 10 402 423 392 336(1)(2) 328(1) $8.40 $9.09 $8.75 $7.83(1)(2) F2021 F2022 F2023 F2024 LTM Profit attributable to owners of Cogeco Communications Diluted Earnings per Share * Based on similar financial measures (1) Profit attributable to owners of Cogeco Communications and diluted earnings per share include the impact of charges related t o a corporate reorganization aimed at combining Canadian and U.S. management teams (2) Fiscal 2024 includes pre-tax $48.7M of restructuring and other severance costs, including costs related to the new organizational structure aimed at combining Canadian and U.S. management teams, and other cost optimization initiatives
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Cogeco Communications Overview Cash Flow Free Cash Flowii $M Cash flows from operating activities $M Cash flow generation has enabled growth investments and return of capital to investors (1) Free cash flow excluding network expansions (2) Free cash flow directed to network expansions 427 418 476 502 157(2) 173(2) 137(2) 119(2) 489 585(1) 591(1) 613(1) 621(1) F2021 F2022 F2023 F2024 LTM 1,019 1,240 963 1,175 1,125 F2021 F2022 F2023 F2024 LTM 11
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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 • Cash and cash equivalents of $141M Q2 F2025 Debt Statistics • Weighted average cost of debt of 5.4%(1) • Interest rates mostly fixed • Average term to maturity for long-term debt of ~5 years Cogeco Communications: Senior Secured Debt Rating BBB- BBB (low) (1) Excludes the amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps 12
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Cogeco Communications Overview F2025 Financial Guidelines In millions of Canadian dollars, except % Fiscal 2024 Actual Fiscal 2025 Projections (constant currency)iv(1) Revenue 2,977 Stable Adjusted EBITDAi 1,442 Stable Net capital expendituresiii 638 $650 to $725 Net capital expenditures in connection with network expansion projects 137 $140 to $190 Capital intensityv 21.4% 22% to 24% Capital intensity, excluding network expansion projectsv 16.8% 17% to 19% Free cash flowii 476 Decrease of 0% to 10%(2) Free cash flow, excluding network expansion projectsii 613 Decrease of 0% to 10%(2) (1) Fiscal 2025 financial guidelines as issued on October 31, 2024. Percentage of changes compared to fiscal 2024. Fiscal 2025 fi nancial guidelines are based on a USD/CDN constant exchange rate of 1.3606 USD/CDN (2) The assumed current income tax effective rate is approximately 14%13
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Cogeco Connexion Canadian Telecommunications Segment 14
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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
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Cogeco Connexion Highlights 16 Preferred Brand • Stable Adjusted EBITDA margini • Full-year Adjusted EBITDA margini consistently in the 52% to 54% range since F2020 • Fast Internet speeds and advanced video platform • 1 Gbps Internet service offered in more than 90% of the footprint • A modern, customizable and voice-activated IPTV platform available across most of our footprint • All the building blocks now in place for a wireless offering across our broadband footprint • Launching with both wireless network and technology partners to enhance our product offering through a capital-light model • Ongoing fibre-to-the-home expansion projects, including those in collaboration with governments, are bringing our high-speed Internet services to numerous new communities • added as a second brand to serve younger or price conscious customers through a digital-only offering • An important growth driver using a cost-effective digital service platform • Positioned as a local brand champion, elevating proximity and trust with customers • Local and high-quality customer service Growth OpportunityFinancial Profile Product Offering
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Cogeco Connexion Financial Results Overview – Canadian Telecommunications Segment 17 • Strong Adjusted EBITDAmargini versus our Canadian peers* • Capital invested into acquisitions and fibre-to-the-home network expansion to drive future growth Revenue $M Adj. EBITDAi & Adj. EBITDA Margini $M Net CapExiii & Capital Intensityv $M 1,393 1,440 1,490 1,511 1,508 F2021 F2022 F2023 F2024 LTM 751 775 788 800 797 53.9% 53.8% 52.9% 52.9% 52.8% F2021 F2022 F2023 F2024 LTM 257 336 354 356 310 18% 23% 24% 24% 21% F2021 F2022 F2023 F2024 LTM Increase vs. F2021 related to network expansions * Based on similar financial measures
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Cogeco Connexion Wireless Spectrum Coverage to Enable MVNO Framework 18 100% 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
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19 Breezeline American Telecommunications Segment
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Breezeline Breezeline’s Broadband Network Serving 500+ communities in 13 states in the U.S. 20
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Breezeline Highlights 21 • Consistently growing Adjusted EBITDA margini since F2020 • Fast Internet speeds and advanced video platform • 1 Gbps Internet service offered in approximately 97% of the footprint • Breezeline Stream TV available across our entire footprint • Internet-led strategy • Broadband at the center of the customer experience enhances contribution margins and customer lifetime value • Breezeline Mobile • Focus on bundling with wireline services through a capital-light model• Investing in the communities we serve by building and maintaining state-of-the-art networks • Strong, locally-focused and socially responsible brand Preferred Brand Product OfferingFinancial Profile • Growing revenue per user as our Internet-led strategy drives higher-margin product adoption
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Breezeline Financial Results Overview – American Telecommunications Segment 22 Internet-led strategy and operating efficiency are contributing to revenue per user growth and a higher Adjusted EBITDA margin product mix Revenue $M of US dollars Adj. EBITDAi & Adj. EBITDA Margini $M of US dollars Net CapExiii & Capital Intensityv $M of US dollars 215 273 250 197 219 24% 24% 23% 18% 21% F2021 F2022 F2023 F2024 LTM 403 532 515 519 519 45.8% 46.3% 46.4% 48.2% 49.2% F2021 F2022 F2023 F2024 LTM 880 1,148 1,110 1,077 1,056 F2021 F2022 F2023 F2024 LTM
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Supplementary Information 23
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Financial Overview – Cogeco Communications Low Cost of Capital & Spread-Out Maturities 24 Net debt to Adjusted EBITDAvi February 28, 2025 Actual 3.4x Target Low 3x Cogeco Communications (excluding Breezeline) Breezeline U.S. subsidiaries(4) (1) Converted at February 28, 2025 closing exchange rate of USD/CDN 1.4438 (2) Balance payable in FY2029 after giving effect to annual mandatory repayments of US$14M (CDN$20M) (3) Balance payable in FY2031 after giving effect to annual mandatory repayments of US$8M (CDN$11M) (4) Financing the American telecommunications segment on a non-recourse basis to Cogeco Communications Debt Maturities Excluding credit facilities and lease liabilities As at February 28, 2025 $M $1,870(1)(2) $1,046(1)(3) F2029 F2031 $310(1) $217(1) $275 $500 $300 $325 F2025 F2026 F2027 F2028 F2029 F2030 F2031 F2032 F2033 F2034 F2035
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25 Cogeco TSX: CGO
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Cogeco Overview Investment Structure 26 12.0M shares of CCA(1) Cogeco TSX: CGO Cogeco Media RADIO BROADCASTING Investment in Cogeco Communications TSX: CCA (1) As of March 31, 2025 (2) Based on a quarterly annualized dividend of $0.922 per share declared on April 9, 2025 divided by share price as of March 31, 2025 (3) Based on a CCA share price of $70.18 multiplied by CCA shares held by CGO 80% Voting Rights 28% Equity 100% Voting Rights 100% Equity LTM Revenue $95M LTM Revenue $3.0B $612M Market Capitalization(1) Dividend Yield(2) 5.8% $842M (1)(3) Investment Value
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Cogeco Overview Cogeco Media: Strong Network of Radio Stations 27 Radio broadcasting network and news agency STATIONS THAT ARE RANKED AMONGST THE BEST INTEGRATED SALES SERVICES 4.6 MILLION LISTENERS / WEEK IN QUÉBEC LARGEST INDEPENDENT RADIO NEWS SERVICE IN QUÉBEC 21 RADIO STATIONS
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APPENDIX 28
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Cogeco Communications Subscriber Profile 29 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 Wireline phone service subscribers 363,606 118,627 482,233 (1) Homes passed represents the number of serviceable homes and businesses which can be connected to the Corporation's broadband distribution network in the geographic area where the Corporation's services are offered (2) Includes Internet, video and wireline phone service subscribers but excludes mobile phone service subscribers
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Cogeco Communications Free Cash Flow Reconciliation 30 (1) Included within financial expense (2) Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance 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 activities (40,289) Income taxes paid 101,715 Current income taxes (65,070) Interest paid 123,657 Financial expense (124,163) Amortizationof deferred transactioncosts and discounts on long-term debt (1) 9,277 Net capital expenditures (2) (533,186) Proceeds on disposals of property,plant and equipment 2,458 Repaymentof lease liabilities (4,123) Free cash flow 489,335