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Cogeco (CGO) investor relations material
Cogeco Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved continued year-over-year revenue and adjusted EBITDA growth in Canada, while U.S. operations faced revenue and EBITDA declines but showed improving subscriber trends and new digital brand launch.
Unified management structure for Canadian and U.S. operations to drive synergies and accelerate growth, with a focus on operational efficiency, digital transformation, and customer experience.
Transformation plan remains on track, leveraging AI-based tools for operational efficiencies and retention, and expanding digital and wireless businesses in both countries.
Free cash flow is growing, de-leveraging continues, and the dividend remains well-funded, with a 7.0% increase in quarterly dividend.
Launched digital-only challenger brands (oxio in Canada, welo in the U.S.) to target new customer segments and drive future growth.
Financial highlights
LTM revenue reached $2.8B, with $1.5B from Canada and $1.3B from the U.S.; Q2 2026 revenue decreased 5.3% year-over-year to $713.0M.
Adjusted EBITDA margin consistently above 49%; Q2 2026 adjusted EBITDA fell 5.6% to $337.1M.
Free cash flow (excluding network expansions) at $636M LTM; Q2 2026 free cash flow rose 35.5% to $152.9M, mainly due to lower capex and a $14.8M retroactive tax adjustment.
Dividend yield of 5.6% with a prudent payout ratio of 30%; quarterly dividend raised 7.0% to $0.987 per share.
Net income attributable to owners at $316M LTM; diluted EPS at $7.60; adjusted diluted EPS rose 0.5% to $2.12.
Outlook and guidance
Fiscal 2026 revenue expected to decrease 2–4% and adjusted EBITDA to decrease 1.5–3.5% year-over-year (constant currency); free cash flow and free cash flow excluding network expansion projects expected to increase 0–10%.
Net capital expenditures projected at $565–$605M, with $85–$110M for network expansion.
Effective income tax rate revised to 8.5% from 11.5% due to accelerated tax depreciation measures.
Canadian business expected to continue year-over-year revenue and Adjusted EBITDA growth; U.S. revenue and Adjusted EBITDA expected to decline but at a smaller percentage than in the first half.
Transformation benefits, including AI tools and price adjustments, anticipated to support improved results in the second half.
- Revenue and EBITDA declined, but U.S. subscriber trends and credit outlooks improved.CGO
Q1 202613 Apr 2026 - Revenue and adjusted EBITDA rose, led by Canadian telecom, with 2024 guidance reaffirmed.CGO
Q3 20243 Feb 2026 - Stable revenue, strong Free Cash Flow, and high margins with lower 2025 free cash flow expected.CGO
Q4 202417 Jan 2026 - Stable EBITDA, higher free cash flow, and an 8% dividend hike amid transformation.CGO
Q2 202516 Jan 2026 - Free cash flow jumped 63.6% as capital spending fell, despite a 2.4% revenue decline.CGO
Q3 202516 Jan 2026 - Adjusted EBITDA up 1.4% and profit up 9.8% despite revenue decline; guidance maintained.CGO
Q1 202516 Jan 2026 - Transformation drove higher cash flow and dividends, with all board actions strongly approved.CGO
AGM 202615 Jan 2026 - Board, auditor, and compensation votes passed; growth driven by transformation and digitization.CGO
AGM 202510 Jan 2026 - Record Canadian internet growth and higher dividend amid revenue and EBITDA declines.CGO
Q4 202511 Dec 2025
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