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Cogeco (CGO) investor relations material
Cogeco Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Oct, 2025
Executive summary
Completed year one of a three-year transformation program, achieving targeted cost reductions and operational synergies, with a unified management structure for Canadian and U.S. operations.
Canadian Internet customer growth was the strongest in 13 years, adding 16,988 new subscribers in Q4 2025, mainly from market share gains in legacy areas.
U.S. operations saw improved subscriber trends, with Ohio recording its first customer growth since acquisition and positive net additions for the first time in four years.
Launched Canadian wireless service ahead of plan, now deployed across most of the footprint, with strong early demand and reduced introductory offers.
Focus on operational efficiency, digitization, and customer experience to sustain growth and shareholder value.
Financial highlights
Fiscal 2025 revenue was $2.91B, with adjusted EBITDA of $1.44B and free cash flow of $517M; Q4 2025 revenue decreased by 4.9% year-over-year to $731.4M, and adjusted EBITDA fell 3.8% to $357.1M.
Adjusted EBITDA margin improved by 110 basis points year-over-year and has remained above 47% over the past five years.
Dividend increased by 7% to $0.987 per share, with a yield of 6.1% and a history of annual increases.
Net debt to adjusted EBITDA ratio at 3.1x, with available liquidity of $944M.
Free cash flow in constant currency decreased by 27.4% in the quarter but increased by 7.9% for the full year.
Outlook and guidance
Fiscal 2026 consolidated revenue expected to decrease by 1–3% in constant currency, with adjusted EBITDA anticipated to decrease by 0–2% year-over-year.
Net capital expenditures projected at $560M–$605M, with $100M–$140M for growth-oriented network expansions.
Free cash flow and free cash flow excluding network expansions expected to increase by 0–10% over fiscal 2025.
Capital intensity targeted at 19%–21%.
Dividend growth expected to continue, supported by strong free cash flow outlook.
Explain FY26 revenue decline despite transformation focus?
How will US telecom improve beyond Ohio's gains?
What are the FY26 Canadian wireless growth targets?
Impact of new US pricing strategy?
Why pull back Canadian wireless offers?
US fiber upgrade cost efficiency?
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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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