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NASDAQ CCOI INVESTOR PRESENTATION
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Cautionary Note Regarding Forward-Looking Statements This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which relate to future, not past, events and are subject to risks and uncertainties. The forward- looking statements, which address the Company's expected business and financial performance, among other matters, contain words such as: “will”, “expec t”, “believe”, “continue ”, “optimistic”, “should”, “ongoing” and other words and terms of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as revenue, subscriber and traffic growth, margins, capital expenditures, sales force headcount and productivity, pricing, financings and return of capital shareholders. Although the Company believes the expectations reflected in such forward- looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date on which they are made. Our acquisition of Sprint (T-Mobile Wireline) and difficulties integrating our business with the acquired Sprint Communications business; the impact of changing foreign exchange rates (in particular the Euro to US dollar and Canadian dollar to US dollar exchange rates) on the translation of our non-US dollar denominated revenues, expenses, assets and liabilities into US dollars; legal and operational difficulties in new markets; the imposition of a requirement that we contribute to the US Universal Service Fund on the basis of our Internet revenue; changes in government policy and/or regulation, including rules regarding dat a protection, cyber security and net neutrality; increasing competition leading to lower prices for our services; our ability to attract new customers and to increase and maintain the volume of traffic on our network; the ability to maintain our Internet peering arrangements and right-of-way agreements on favorable terms; our ability to renew our long-term leases of optical fiber and right-of-way agreements that comprise our network; our reliance on a few equipment vendors and the potential for hardware or software problems associated with such equipment; the dependence of our network on the quality and dependability of third-party fiber and right-of-way providers; our ability to retain certain customers that comprise a significant portion of our revenue base; the management of network failures and/or disruptions; our ability to make payments on our indebtedness as they become due and outcomes in litigation, risks associated with variable interest rates under our Swap Agreement, as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission. A further description of these uncertainties and other risks can be found in the Company’s Annual Report on Form 10- K for the year ending December 31, 2025, Quarterly Reports on Form 10-Q for the quarters ending September 30, 2025, June 30, 2025 and March 31, 2025 and the Company’s other reports filed with the Securities and Exchange Commission. Copies of these fi lings may be obtained by contacting the Company or by visiting EDGAR on the SEC’s website. These or other uncertainties may cause the Company’s actual future results to be materially different than those expressed in any forward- looking statements. The Company undertakes no obligation to update or revise any forward-looking statements. This presentation includes and discusses EBITDA, EBITDA as adjusted for Sprint acquisition costs and cash payments under IP T ransit Services Agreement, Gross Margin, and EBITDA, as Adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement Margin which are non-GAAP measures. On May 1, 2023 (the Closing Date), Cogent and TMUSA, Inc. entered into an IP Transit Services Agreement, pursuant to which TMUSA will pay Cogent an aggregate of $700 million, consisting of (i) $350 million in equal monthly installments during the first year after the Closing Date and (ii) $350 million in equal mont hly installments over the subsequent 42 months. Management uses these non-GAAP measures to evaluate its business because they believes these measures assist investors and analysts in comparing the Company’s performance across reporting periods on a consistent basis by excluding items that management believes are not indicative of the Company’s core operating performance. Management believes these metrics are used in the financial community, and these metric s are presented here to enhance understanding of the Company’s operating performance. You should not consider these non-GAAP measures as alternatives to Net income, determined in accordance with GAAP, as an indicator of operating performance. Furthermore, these non- GAAP measures are not measurements of financial performance under GAAP, and thus may not be comparable to similarly titled measures of other companies. EBITDA represents net cash flows provided by operating activities plus changes in operating assets and liabilities, cash interes t expense and cash income tax expense. Management believes the most directly comparable measure to EBITDA calculated in accordance with generally accepted accounting principles in the United States, or GAAP, is net cash provided by operating activities. EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement , represents EBITDA plus costs related to the Company’s acquisition of Sprint’s (T-Mobile Wireline) Business and cash payments under the IP Transit Services Agreement. EBITDA margin is defined as EBITDA divided by total service revenue. EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement margin is def ined as EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement, divided by total service revenue. See the Appendix to this presentation for a reconciliation of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP. Gross leverage ratio is defined as total debt divided by the trailing 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. Net leverage ratio is defined as total net debt (total debt minus cash and cash equivalents) divided by the last 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. Gross leverage, adjusted for amounts Due from T -Mobile, is defined as total debt minus amounts due from T-Mobile divided by the last 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. Net leverage, adjusted for amounts Due from T-Mobile, is defined as total net debt (total debt minus cash and cash equivalents) minus amounts due from T-Mobile divided by the last 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. Non-GAAP Measures 2
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company overview Cogent is a leading, global provider of Internet Access & Transport Services . • We operate a global network carrying approximately 25% of all internet traffic • We offer high speed internet access to three customer bases: ― Corporate: 43% of revenues (49% On-Net; 51% Off-Net) ― Netcentric: 43% of revenues (89% On-Net; 11% Off-Net) ― Enterprise: 14% of revenues (12% On-Net; 88% Off-Net) ― We sell four different product categories: ― 85% of revenue from IP Services (DIA, VPN and Transit) ― 7% of revenue from IP Address Leasing (On-Net) ― 5% of revenue from Optical Transport (Waves; On-Net) ― 2% of revenue from Colocation Services (On-Net) ― 1% of revenue from non-core legacy services which Cogent acquired and continues to support but does not actively sell • We operate in 305 markets in 57 countries • We differentiate and gain share in a commodity business by focusing on price and value • We have very high operating leverage with substantial capacity on our networks 3
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4 competitive advantage The IP Address Leasing Opportunity The Enterprise Opportunity The Colocation Opportunity The Netcentric WAVE Opportunity The Off - net Corporate IP & VPN Opportunity The Netcentric IP Opportunity The On - net Corporate IP & VPN Opportunity Market Players ‒ Lumen Technologies ‒ Verizon ‒ AT&T ‒ Bell Canada ‒ Comcast ‒ Spectrum Cogent Advantage • Price per connection is comparable • Truly dedicated, non-oversubscribed bandwidth • Connected right to the heart of the internet • Faster installation: Avg. installs 63 business days vs 90 days • Real-time monitoring • Industry leading SLAs Market Players National: ‒ Lumen Technologies ‒ Arelion (fka Telia) Regional: ‒ AT&T ‒ DT ‒ NTT Cogent Advantage • New applications drive bandwidth (File sharing, Gaming, Video, and Streaming) • Product sold on a per Mbps basis from 1 Gbps to 400 Gbps • Internet connectivity is a pure commodity (Speed, connection equivalent) • Cogent prices new services at 50% of market - We win on price ‒ Verizon ‒ Tata Market Players Global: ‒ Lumen Technologies ‒ Zayo Regional: ‒ Uniti ‒ Crown Castle Cogent Advantage • Unique and physical diverse network along railways • Cogent owns the fiber • Rapid Provisioning with 30 business day SLAs • Simplicity of doing business • Cogent’s US-owned and carrier neutral data center footprint provides the largest reach to sell wavelengths in North America Market Players ‒ Lumen Technologies ‒ AT&T ‒ Verizon ‒ NTT ‒ BT Global Services ‒ Orange Business Services ‒ T Systems ‒ Telefonica Cogent Advantage • Global IP Network in 57 countries • Low cost connectivity • Over 750 Off-net carrier relationships • Large global salesforce Market Players ‒ Microsoft ‒ AWS Cogent Advantage • Price per address is lower than market • Cogent owns the addresses • Rapid Provisioning • Large inventory provides availability of rarely available larger contiguous blocks • Cogent owns 37.8 million IPv4 addresses of which ~40% are being utilized. Market Players ‒ Lumen Technologies ‒ Verizon ‒ AT&T ‒ Bell Canada ‒ Comcast ‒ Spectrum Cogent Advantage • Price per connection is comparable • Superior reliability (3x more than competitors): ring architecture; fiber; electronics • Significant speed advantage: 2.5x to 65.0x • Faster installation: Avg. installs 13 to 15 business days vs 90 days • Real-time monitoring • Industry leading SLAs Market Players ‒ Equinix ‒ Digital Realty Cogent Advantage • 100 On-Net Cogent Data Centers • 87 Edge Data Centers • 7,659 Access Networks • Settlement Free Peering with 22 networks • Tier 1 peering status
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Growing Wave Network Rapid Growth/Declining $/bit (IP Service) 5 22 211 265 295 516 657 808 883 938 996 1068 0 200 400 600 800 1,000 1,200 Q2 2023* Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Growth in # of Wave Service Locations Q2 2023 – Q4 2025 - 20 40 60 80 100 120 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 ARPU (Rev/Mbit) Avg Tbyts/s Growing Addressable Market 597 1,025 0 200 400 600 800 1,000 Q1 2010Q2 2010 Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012 Q2 2012Q3 2012Q4 2012 Q1 2013Q2 2013Q3 2013 Q4 2013 Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015 Q4 2015Q1 2016Q2 2016 Q3 2016Q4 2016Q1 2017 Q2 2017Q3 2017Q4 2017 Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019 Q4 2019Q1 2020 Q2 2020 Q3 2020 Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022 Q3 2022Q4 2022Q1 2023 *Q2 2023Q3 2023 Q4 2023 Q1 2024Q2 2024Q3 2024 Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 * Acquisition of Sprint Wireline business Growth in on-net MTOB SqFt in Millions Q1 2010 – Q4 2025 growth opportunity Off - net Market Served 4,427 28,138 17,824 0 5,000 10,000 15,000 20,000 25,000 30,000 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Change in # of Off-Net Buildings Served Q1 2015 – Q4 2025 * Acquisition of Sprint Wireline business Corporate and Enterprise Netcentric Optical Transport * Acquisition of Sprint Wireline business
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Connections: 42,579 Revenue Share: 43% Traffic Share: 3.6% Geography: North America Clients: Professional Services (Law Firms, Accounting, Insurance) Financial Services Universities, Schools Service Locations: MTOBs Longevity: 4+ Years: 65% 1+ Years: 92% Monthly Churn: 1.5% Legacy Sprint Customer Revenue Mix -3Q23*: 30% Legacy Sprint Customer Revenue Mix –4Q25**: 10% corporate netcentric 6 customer segmentation Connections: 64,551 Revenue Share: 43% Traffic Share: 96.2% Geography: Global Clients: Access Networks - ILECs, Cable, ISPs CDNs Streaming / OTT Online Gamers Service Locations: Data Centers Longevity: 4+ Years: 54% 1+ Years: 86% Monthly Churn: 1.2% Legacy Sprint Customer Revenue Mix -3Q23*: 21% Legacy Sprint Customer Revenue Mix –4Q25**: 7% enterprise Connections: 10,513 Revenue Share: 14% Traffic Share: 0.2% Geography: Global Clients: Fortune 500 Corporations, Corporations w/$5B rev Financial Institutions Healthcare Companies Service Locations: MTOBs & Data Centers Longevity: 4+ Years: 34% 1+ Years: 95% Monthly Churn: 2.4% Legacy Sprint Customer Revenue Mix -3Q23*: 100% Legacy Sprint Customer Revenue Mix –4Q25**: 75% *Total Sprint customer revenue declined 64% from Q3 2023 to Q4 2025. ** Total Cogent classic revenue, including wavelength service revenue, increased 27% from Q3 2023 to Q4 2025.
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7 highly focused sales organization 0 2 4 6 8 10 Q1 2008Q2 2008Q3 2008Q4 2008Q1 2009Q2 2009Q3 2009Q4 2009Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023*Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 Avg 4.8 Sales Rep Productivity (orders per month) Q1 2008 – Q4 2025 Salesforce typically wins over 40% of On-Net Proposals and 20% of Off-Net Proposals.* 24 appointments 12 proposals 4.1 orders 400 contacts Direct Sales Force Web Marketing Tele- Marketing Productivity Systematic Process • Simple products; robust training investment • Success at building the global sales team • Highly leveraged compensation Salesforce Performance 262 590 0 100 200 300 400 500 600 700 800 Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023*Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 Large Salesforce Salesforce Growth Q1 2010 – Q4 2025 *Acquisition of Sprint Wireline business ** Total sales rep headcount * Includes TMUSA “Commercial Agreement” for services consisting of 9,084 orders installed in May. *Not enough historical data to report Wave win rate
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8 business breakout Q4 2025 Q4 2025 Q4 2025 80% 13% 7% 43% 43% 14% 55%30% 7% 5% 2%1% 34% 22% 21% 12% 1% 5% 5% 1% 45% 43% 12% 96% 4% 98% 2% 98% 2% On Net Off Net 69%23% 8% 55% 36% 9% 61%16% 15% 4% 3% 2% 45% 28% 8% 7% 6% 3%2%2% US Europe CA, MX, SA, AF & AP Corporate Netcentric Enterprise IP (DIA & Transit)VPN Colo (Rack & Power) On-Net CorporateOn-Net Netcentric On-Net Enterprise Off-Net Corporate Off-Net Enterprise Off-Net Netcentric Non-core Non-Core IPv4 Addresses Wave Wave
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• Interconnected with 7,659 access networks • 3,579 On-Net buildings • 53% multi-tenant office buildings (1,881) • 42% carrier neutral data center buildings (1,511) • 5% Cogent data centers and Edge data centers (187) • Agreements with 250+ building owners (REITs) • 187 Cogent data centers and Edge data centers with 2.1+ million square feet, 40,984 server cabinets and 213 megawatts owned • Low cost network and data centers which are approximately 25% and 16% utilized respectively • 92,600+ intercity fiber route miles • 34,400+ metro fiber route miles • 1,255 metro IP networks ‒ North America Up to 6,400 Gbps per city pair ‒ Europe Up to 7,200 Gbps per city pair ‒ Transatlantic (Leased) 6,200 Gbps (7 Providers, 10 Cables) ‒ Transpacific (Leased) 3,929 Gbps (11 Providers, 29 Cables) ‒ Transindian (Leased) 2,702 Gbps (8 Providers, 9 Cables) ‒ Transcaribbean (Leased) 4,100 Gbps (6 Providers, 17 Cables) ‒ Inter-Region (Total Leased) 16,931 Gbps (26 Providers, 63 Cables) broad, deep, scaleable IP network 9
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wavelength services network 10 Cogent provides wavelength services to customers in 518 unique locations with the capability in 1,068 locations and 298 metro wave networks.
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11 network architecture IRU/owned fiber Our network is facilities based — IRUs on fiber & ownership of all optronics and routing equipment. • Longhaul and metro backbone is built from a diverse set of 380 IRU suppliers • Owned fiber is mostly on unique rights of way • IRUs primarily from 15 to 20 years; many are pre-paid and have diverse end dates • O+M expenses on IRU fiber are calculated by share of fiber pairs in the sheath thereby reducing the cost to Cogent of maintaining a network • Cogent’s IP network is ring protected at Layer 3 (IP convergence) • All transport is IP directly over DWDM and CWDM • Cogent generally controls lateral connections from the metro rings to the building • Cogent owns riser facilities in multi-tenant buildings • Cogent owns 218 IP hubs and 165 wave hubs that house core network equipment • Cogent owns 187 data centers with over 40,900 server racks in 2.1 MM square feet of floor space offering 213 MW of power • Wave network is directly connected to 1,068 data centers in the US, Mexico and Canada
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12 cogent’s IP network advantage Cogent’s IP network offers substantial cost and operating advantages. Choice Implication IP over DWDM • Simple, predictable performance • Lowest cost network Simple Vendor / Configuration • Standardized cost and operating advantages LT Lease of Fiber Pairs • Reduced capital intensity and operating costs Ownership of riser facilities / Sprint acquired owned fiber • Unique access to high volume customer locations Ring architecture to all on- net customers • Industry leading SLAs for installation and performance Narrow, simple product line • Low cost support • Reduced sales training and costs Waves & Colo • Unique Routes • Fast Provisioning • Ubiquitous Locations • Low Cost • High Reliability
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13 big, diverse & balanced global IP network • 1,902 On-Net Data Centers* • 305 Markets • 57 Countries • 7,659 Access Networks • Settlement Free Peers with 22 networks • Tier 1 peering status • 42,579 corporate connections primarily in North America • 10,513 Enterprise connections • In 1,881 On-Net MTOBs • Over 17,800 Off-Net Buildings • 64,551 netcentric connections • OTT Media Services • Gaming Providers • CDN Networks • ASP • 1,902 On-Net Data Centers* ‘Network Effect’ Eyeballs Content Footprint / Network*These data centers are located in 1,698 buildings including 1,511 carrier neutral, 100 Cogent, and 87 Cogent Edge Data Centers. Access to Business/Residential Customers Worldwide Leading Share of Content Providers Dense Global Footprint A growing portion of Cogent’s traffic, currently over 73%, originates and terminates on-net
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Date Original Investment PP&E Network Peering Customers Building Access IPv4 Addresses NetRail Sep 2001 $180 $35 Allied Riser Feb 2002 $590 $335 PSINet* Apr 2002 $5,180 $2,175 (Fiber Network Solutions, Inc) FNSI Feb 2003 $30 $5 Firstmark Jan 2004 $1,100 $560 Carrier 1* Mar 2004 $1,035 $535 UFO Group Aug 2004 $25 $5 Global Access Sep 2004 $10 $5 Aleron Broadband Oct 2004 $200 $5 Verio* Dec 2004 $5,700 $390 Sprint (T-Mobile Wireline) May 2023 ~$20,500 $14,500 TOTAL ($ in millions) $34,550 $18,550 *Purchased the majority of assets of these companies. This list does not include Applied Theory, FiberCity Networks, OnSite Access, Last Mile Connections, PacWest, and Anet. 14 proven integration execution Cogent purchased over $34 BILLION of original investment and $815 MILLION in cash in exchange for $60 MILLION
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-5% -3% -1% 1% 3% 5% 7% 9% 11% 13% 15% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 *Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -$100 -$80 -$60 -$40 -$20 $0 $20 $40 $60 $80 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 *** -10% -5% 0% 5% 10% 15% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -10% -5% 0% 5% 10% 15% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Unlevered Free Cash Flow** Q1 2010 – Q4 2025 revenue growth Corporate revenue is North American. * Acquisition of Sprint Wireline business in Q2 2023. **Calculated as EBITDA (as adjusted for Sprint (T -Mobile Wireline) acquisition costs and cash payments made under IP Transit Services Agreement) less CAPEX, which includes principal payments on IRU finance (capital) leases *** Verizon lease prepayment at discount of 12% with cost of $114.6 Million and savings of $15.6 Million. * Loss of Megaupload in Q1 of 2012 and acquisition of Sprint Wireline business in Q2 2023. Sequential Revenue Growth Q1 2010 – Q4 2025 Sequential Revenue Growth Q1 2010 – Q4 2025 Sequential Revenue Growth Q1 2010 – Q4 2025 Qtrly Avg 2.0% Qtrly Avg 1.8% Qtrly Avg 2.3% 15 * Corporate revenue grew substantially in Q2 2023 as a result of the acquisition of Sprint Wireline business. * NetCentric revenue grew substantially in Q2 2023 as a result of the acquisition of Sprint Wireline business. Pandemic
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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% $0 $50 $100 $150 $200 $250 $300 $350 $400 EBITDA, as adjusted for Sprint costs & IP Transit Agreement EBITDA- margin - adjusted for Sprint costs & IP Transit Agreement 16 historical & continuing margin expansion On-Net IP ARPU = $509 Q4 2025 Off-Net IP ARPU = $1,234 Q4 2025 EBITDA, as Adjusted for Sprint Costs and Payments under IP Transit Agreement ($ in millions) & (% of revenue) 2010 – 2025 0% 10% 20% 30% 40% 50% 60% 70% Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 *Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Non GAAP Gross Margin (% of revenue) Q1 2010 – Q4 2025 $- $50 $100 $150 $200 $250 $300 Q1 2010Q2 2010Q3 2010Q4 2010Q1 2011Q2 2011Q3 2011Q4 2011Q1 2012 Q2 2012Q3 2012Q4 2012Q1 2013Q2 2013Q3 2013Q4 2013Q1 2014Q2 2014Q3 2014Q4 2014Q1 2015Q2 2015Q3 2015Q4 2015Q1 2016Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2 2018Q3 2018Q4 2018Q1 2019Q2 2019 Q3 2019Q4 2019Q1 2020 Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023*Q2 2023Q3 2023Q4 2023 Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025 On net IP revenue Off net revenue Noncore revenue Wave revenue * Revenue grew in all segments in Q2 2023 as a result of the acquisition of Sprint Wireline business. * Acquisition of Sprint Wireline business Total Revenue by Segment ($ in millions) Q1 2010 – Q4 2025 * Acquisition of Sprint Wireline business Wave ARPU = $2,114 Q4 2025
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investing: increasing returns, demand driven, all funded internally 17 52.8 45.9 44.3 49.0 60.0 35.6 45.2 45.8 49.9 47.0 56.0 69.9 79.0 129.6 195.0 187.6 19.1 15.5 16.8 11.2 18.2 20.2 12.5 11.2 10.3 9.1 24.0 23.1 45.5 77.4 189.2 33.8 0 50 100 150 200 250 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023* 2024* 2025 CapEx Principal Payments on IRU Finance (Capital) Leases Capital Expenditures and Principal Payments on IRU Finance (Capital) Leases ($ in millions) 2010 – 2025 Growing Returns (Revenue to CapEx & Principal Payments on IRU Finance (Capital) Leases) ($ in millions) 2010 – 2025 YTD 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 200 400 600 800 1000 1200 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Revenue CapEx and Principal Payments on IRU Finance (Capital) Leases / Revenue ** * Assumed Sprint Capital Leases and integration CapEx ** Verizon lease prepayment at discount of 12% with cost of $114.6 Million and savings of $15.6 Million ** Verizon lease prepayment at discount of 12% with cost of $114.6 Million and savings of $15.6 Million **
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18 highlights Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q/Q % Change Y/Y % Full Year Change On-Net Revenue $138.6 $140.8 $136.5 $128.8 $129.6 $132.3 $135.2 $134.3 (0.7)% (2.4)% Off-Net Revenue $118.2 $111.4 $111.3 $113.2 $107.3 $102.2 $95.1 $92.9 (2.3)% (12.5)% Wavelength Revenue $3.3 $3.6 $5.3 $7.0 $7.1 $9.1 $10.2 $12.1 18.8% 100.3% Non-Core Revenue $6.0 $4.6 $4.1 $3.3 $3.0 $2.7 $1.4 $1.2 (11.6)% (54.1)% Total Revenue $266.2 $260.4 $257.2 $252.3 $247.0 $246.2 $241.9 $240.5 (0.6)% (5.8)% Gross Profit (Non-GAAP) $97.6 $104.6 $96.1 $97.6 $110.1 $109.3 $110.8 $112.5 1.5% 11.8% Gross Margin (Non-GAAP) 36.7% 40.2% 37.4% 38.7% 44.6% 44.4% 45.8% 46.8% 1.0% 7.2% EBITDA $18.5 $27.1 $35.9 $41.9 $43.8 $48.5 $48.8 $51.7 6.1% 57.0% EBITDA Margin 6.9% 10.4% 13.9% 16.6% 17.7% 19.7% 20.2% 21.5% 1.4% 7.9% Sprint Acquisition Costs $9.0 $12.4 - - - - - - 0% (100.0)% Cash Payments under IP Transit Services Agreement $87.5 $66.7 $25.0 $25.0 $25.0 $25.0 $25.0 $25.0 0% (51.0)% EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement $115.0 $106.2 $60.9 $66.9 $68.8 $73.5 $73.8 $76.7 4.0% (16.0)% EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement Margin 43.2% 40.8% 23.7% 26.5% 27.8% 29.8% 30.5% 31.9% 1.4% 5.4% ($ in millions)
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19 highly disciplined allocator of capital Cogent is focused on driving profitability and efficiently allocating capital . • M&A Discipline: Cogent has evaluated and passed on 850 acquisitions since 2005. • Sprint (T-Mobile Wireline) Acquisition: Cogent paid $1 for the Purchased Interests o Less a commitment from T-Mobile to purchase (take or pay) $700 Million in IP Transit services from Cogent in the 54 months post-closing o Cogent receives payments for short-term leases in months 55 to 58 post- closing o Cogent received 1.9 million square feet of technical space, 482 buildings, ~9.9 Million IPv4 addresses, and over 20,000 owned route miles of fiber o Acquisition bargain purchase gain of $1.4 Billion, or $29.69 per share • Cost Discipline: Cogent has improved its EBITDA and Adjusted Gross Margin consistently over 20 years. • Returning Capital: Cogent has returned $1.8 Billion to shareholders since our 2005 public offering. • Share Buybacks: Bought back 10.9 Million shares since inception.
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consistent return of capital $- $500 $1,000 $1,500 $2,000 2007* 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative Total Return of Capital by type ($M) Cumulative Total Share Buyback Cumulative Total Dividends Paid 2.4 2.1 1.8 1.6 1.6 1.5 1.6 2.4 3.0 2.9 2.9 2.9 2.9 3.4 3.6 4.2 2.4 4.2 6.6 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023** 2024** 2025** Net Debt/LTM EBITDA* *EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement ** Total net debt is adjusted for Amounts Due from T-Mobile including 1) Due from T-Mobile, IP Transit Services Agreement, current portion, 2) Due from T-Mobile, IP Transit Services Agreement, long-term portion and 3) Due from T-Mobile, Purchase Agreement, all amounts net of their applicable discounts. *Includes June 2007 Note / Transaction 20
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21 investment highlights Cogent is a Leading Global Internet Service Provider & Emerging North American Wavelength Provider • Fundamentals provide for continued, consistent growth and profitability • Focused on fastest growth products in Telecommunications • Independent, low-cost global IP network • Owned, geographically unique transport network • IP & Transport network footprints targeted at high traffic locations • Three attractive customer bases: Corporate, Netcentric & Enterprise • Rapid expansion in North American market for wavelength sales currently estimated at $2 billion annually • Extensive Cogent owned and leased data center footprint of 187 locations and 213 megawatts available • Extensive inventory of 37.8 million IPv4 addresses owned • Proven ability to grow revenue and drive margin expansion and cash flow growth • Management committed to returning increasing amounts of capital to shareholders
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Cogent Communications Holdings, Inc.
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23 Appendix Reconciliation of non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP
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24 Non-GAAP EBITDA and non-GAAP EBITDA, as adjusted, reconciled to GAAP cash flows provided by operating activities Non-GAAP gross profit and non-GAAP gross margin reconciled to GAAP gross profit and GAAP gross margin (1) EBITDA represents net cash flows provided by operating activities plus changes in operating assets and liabilities, cash interes t expense and cash income tax expense. Management believes the most directly comparable measure to EBITDA calculated in accordance with generally accepted accounting principles in the United States, or GAAP, is net cash prov ided by operating activities. The Company also believes that EBITDA is a measure frequently used by securities analysts, investors, and other interested parties in their evaluation of issuers. EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement, represents EBITDA plus costs related to the Company’s acquisition of Sprint’s Wireline Business. EBITDA margin is defined as EBITDA divided by total service revenue. EBITDA, as adjusted for Sprint acquisition costs and cash payments under IP Transit Services Agreement margin is defined as EBITDA, as adjusted for Sprint (T-Mobile Wireline) acquisition costs and IP Transit Agreement, divided by total service revenue. (2) GAAP gross profit is defined as total service revenue less network operations expense, depreciation and amortization and equi ty based compensation included in network operations expense. GAAP gross margin is defined as GAAP gross profit divided by total service revenue. (3) Non-GAAP gross profit represents service revenue less network operations expense, excluding equity -based compensation and amounts shown separately (depreciation and amortization expense). Non- GAAP gross margin is defined as non-GAAP gross profit divided by total service revenue. Management believes that non-GAAP gross profit and non-GAAP gross margin are relevant metrics to provide to investors, as they are metrics that management uses to measure the margin and amount available to the Company after network service costs, in essence these are measures of the efficiency of the Company’s network. Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ($ in 000’s) – unaudited Net cash flows provided by (used in) operating activities $19,219 $(22,171) $(20,226) $14,532 $36,351 $(44,039) $3,100 $(5,992) Changes in operating assets and liabilities $(34,640) $11,077 $22,868 $27,892 $(26,614) $42,244 8,941 7,795 Cash interest expense and income tax expense $33,873 $38,220 $33,219 $(571) $34,022 $50,290 36,871 48,491 EBITDA (1) $18,452 $27,126 $35,861 $41,853 $43,759 $48,495 $(131) $1,449 PLUS: Sprint (T-Mobile Wireline) acquisition costs $9,037 $12,370 $- $- $- $- $- $- PLUS: Cash payments made to the Company under IP Transit Services Agreement $87,500 $66,667 25,000 25,000 25,000 25,000 25,000 25,000 EBITDA, as adjusted for Sprint (T-Mobile Wireline) acquisition costs and IP Transit Services Agreement (1) $114,989 $106,163 $60,861 $66,853 $68,759 $73,495 $73,781 $76,743 EBITDA margin (1) 6.9% 10.4% 13.9% 16.6% 17.7% 19.7% 20.2% 21.5% EBITDA, as adjusted for Sprint (T-Mobile Wireline) acquisition costs and IP Transit Services Agreement, margin (1) 43.2% 40.8% 23.7% 26.5% 27.8% 29.8% 30.5% 31.9% Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 ($ in 000’s) – unaudited Service revenue total $266,168 $260,443 $257,202 $252,291 $247,048 $246,247 $241,949 $240,518 Minus - Network operations expense including equity-based compensation and including depreciation and amortization expense $239,824 $230,203 $247,367 $222,455 $213,477 $212,782 $192,106 $186,776 GAAP Gross Profit (2) $26,344 $30,240 $9,835 $29,836 $33,571 $33,465 $49,843 $53,742 Plus - Equity-based compensation – network operations expense 385 350 469 477 490 506 570 319 Plus – Depreciation and amortization expense $70,891 $74,036 $85,815 $67,272 $76,038 $75,290 $60,429 $58,422 Non-GAAP Gross Profit (3) $97,620 $104,626 $96,119 $97,585 $110,099 $109,261 $110,942 $112,483 GAAP Gross Margin (2) 9.9% 11.6% 3.8% 11.8% 13.6% 13.6% 20.6% 22.3% Non-GAAP Gross Margin (3) 36.7% 40.2% 37.4% 38.7% 44.6% 44.4% 45.8% 46.8%
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25 Non-GAAP Gross leverage and non-GAAP Net leverage ratios, as adjusted reconciled to GAAP gross leverage and net leverage ratios (1) Gross leverage ratio is defined as total debt divided by the trailing 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. (2) Net leverage ratio is defined as total net debt (total debt minus cash and cash equivalents) divided by the last 12 months EB ITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. (3) Gross leverage, adjusted for amounts Due from T-Mobile, is defined as total debt minus amounts due from T-Mobile divided by the last 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. (4) Net leverage, adjusted for amounts Due from T-Mobile, is defined as total net debt (total debt minus cash and cash equivalents) minus amounts due from T-Mobile divided by the last 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments under the IP Transit Services Agreement. As of March 31, 2024 As of June 30, 2024 As of September 30, 2024 As of December 31, 2024 As of March 31, 2025 As of June 30, 2025 As of September 30, 2025 As of December 31, 2025 ($ in 000’s) – unaudited Cash and cash equivalents & restricted cash $163,274 $426,241 $316,092 $227,916 $183,970 $306,725 $226,294 $205,112 Debt Capital (finance) leases – current portion 64,043 21,253 21,939 21,225 24,685 26,523 24,990 $26,112 Capital (finance) leases – long term 453,473 405,176 460,632 517,161 543,852 578,634 576,851 $597,239 Senior Secured 2032 Notes 600,000 600,000 $600,000 Senior Secured 2026 Notes 500,000 500,000 500,000 500,000 500,000 Secured IPv4 Notes 206,000 206,000 206,000 206,000 380,400 380,400 $380,400 Senior Unsecured 2027 Notes 450,000 750,000 750,000 750,000 750,000 750,000 750,000 $750,000 Total debt 1,467,516 1,882,429 1,938,571 1,994,386 2,024,537 2,335,557 2,332,241 2,353,751 Total net debt 1,304,242 1,456,188 1,622,479 1,766,470 1,840,567 2,028,832 2,105,947 2,148,639 Trailing 12 months EBITDA, as adjusted for Sprint acquisition costs and cash payments from the IP Transit Services Agreement 411,001 463,102 392,525 348,392 302,636 269,968 282,888 292,785 Gross leverage ratio (1) 3.57 4.06 4.94 5.72 6.69 8.65 8.24 8.04 Net leverage ratio (2) 3.17 3.14 4.13 5.07 6.08 7.52 7.44 7.34 Total amounts Due from T-Mobile $383,981 $323,650 $304,497 $284,979 $265,090 $244,821 $224,167 $203,120 Total debt, adjusted for amounts Due from T-Mobile 1,083,535 1,558,779 1,634,074 1,709,407 1,759,447 2,090,736 2,108,074 2,150,631 Total net debt, adjusted for amounts Due from T-Mobile 920,261 1,132,538 1,317,982 1,481,491 1,575,447 1,784,011 1,881,780 1,945,519 Gross leverage ratio, adjusted for amounts Due from T-Mobile (3) 2.64 3.37 4.16 4.91 5.81 7.74 7.45 7.35 Net leverage ratio, adjusted for amounts Due from T-Mobile (4) 2.24 2.45 3.36 4.25 5.21 6.61 6.65 6.64