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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.
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Q3 2025 earnings summary16 Jul, 2025

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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Frequently asked questions

Cogeco Inc. operates through two segments: Communications and Media. The Communications segment, through Cogeco Communications Inc., provides to its residential and small business customers analog and digital video services, high-speed Internet services, telephony services, and wireless services through the Corporation s interest in Videotron Ltd; and business information technology services. The company was incorporated in 1957 and is headquartered in Montreal, Canada.

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