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Cogeco (CGO) investor relations material
Cogeco Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Canadian internet subscriber growth remained strong, offsetting U.S. subscriber declines due to competition and execution gaps; a new Canadian wireless service launched in 12 markets, with full rollout expected in the fall.
Transformation and cost reduction initiatives drove margin expansion and significant free cash flow growth, with unified management structures supporting synergies.
Regulatory challenges persist in Canada, especially with the CRTC's TPIA regime, but commitment to competition and investment remains strong.
Media segment revenue increased due to digital advertising and strong radio audience engagement, despite a challenging ad market.
Company maintains a strong history of capital returns, including consistent dividend increases and share repurchases.
Financial highlights
LTM consolidated revenue was $2.98B, with Q3 2025 revenue at $758.5M, down 2.4% year-over-year; adjusted EBITDA margin was 47.6%.
Free cash flow rose 63.6% in Q3 2025 to $147.5M, driven by lower capital expenditures and restructuring costs.
Net capital expenditures fell 25.9% to $125.8M in Q3 2025, reflecting operational efficiencies.
Dividend per share increased 8.0% to $0.922, with a yield of 5.2%.
LTM profit attributable to owners was $327M, with diluted EPS of $7.83.
Outlook and guidance
Fiscal 2025 revenue is expected to decline low single digits year-over-year, with stable adjusted EBITDA.
Net capital expenditures guidance lowered to $600–$650M; free cash flow guidance increased to stable or higher versus prior year.
Capital intensity forecasted at 16.5–18.5% (excluding network expansions).
Q4 consolidated revenue expected to be lower than Q3, with adjusted EBITDA similar to or slightly better than Q3.
Additional U.S. revenue pressure anticipated due to competition, but cost savings and operational efficiencies are expected to offset the impact.
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