Slides
Page 1
1 Investor Update As of October 28, 2026
Page 2
2 Forward-looking statements and presentation of financial information Forward-looking statements Certain statements contained in this presentation constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to our future outlook and anticipated events, business, operations, financial performance, financial condition or results. Particularly, statements regarding our financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which we believe are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategy" section of the Corporation's fiscal 2026 annual Management's Discussion and Analysis ("MD&A"), and the "Fiscal 2027 financial guidelines" presented in the press release issued on October 28, 2026 for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. Forward-looking information involves known and unknown risks and uncertainties and other factors which may cause the actual results to differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and may be affected by a number of factors, many of which are beyond the Corporation’s control. The uncertainties and main risk factors that could influence actual results are described in the “Uncertainties and main risk factors” section of the fiscal 2026 annual MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what we currently foresee. The reader should not place undue importance on the forward-looking information contained in this presentation and the forward- looking statements contained in this presentation represent our expectations as of October 28, 2026 and are subject to change after such date. While we may elect to do so, we are under no obligation (and expressly disclaim any such obligation) and do not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law. Presentation of financial information This presentation also includes non-IFRS Accounting Standards and other financial measures (as indicated below and numbered from i) to ix) in the presentation) that are not standardized under IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and therefore, might not be comparable to similar financial measures presented by other companies. Certain additional disclosures for these financial measures, including reconciliations to the most directly comparable IFRS Accounting Standards measures, have been incorporated by reference and can be found in the “Non- IFRS Accounting Standards and other financial measures” sections of the Corporation’s annual MD&A for the years ended August 31, 2026, and 2025, available on SEDAR+ at www.sedarplus.ca. i. Adjusted EBITDA is a total of segments measure. Adjusted EBITDA margin is a supplementary financial measure ii. Free cash flow and free cash flow, excluding network expansion projects are non-IFRS Accounting Standards measures iii. Net capital expenditures is a total of segments measure iv. Constant currency basis is a non-IFRS Accounting Standards measure or ratio v. Capital intensity is a supplementary financial measure. Capital intensity excluding network expansion projects is a non-IFRS Accounting Standards ratio vi. Net debt to adjusted EBITDA ratio is a capital management measure vii. Available liquidity is a non-IFRS Accounting Standards financial measure viii. Free cash flow dividend payout ratio and free cash flow, excluding network expansion projects, dividend payout ratio are non-IFRS Accounting Standards ratios ix. Adjusted profit attributable to owners of Cogeco Communications is a non-IFRS Accounting Standards measure Totals in certain tables do not sum due to rounding. Unless otherwise noted, all amounts are in Canadian dollars.
Page 3
3 3 Cogeco Communications Inc. (TSX: CCA) 4 Canadian Telecommunications Segment American Telecommunications Segment Subscriber Profile 16 19 22 Cogeco Inc. (TSX: CGO) 23 Contents
Page 4
4 Cogeco Communications Inc. TSX: CCA
Page 5
5 Who is Cogeco Communications? LTM Revenue $2.8B $2.7B Market Capitalization(1) 6.2% Dividend Yield(2) TSX: CCA ● $2.8B revenue (F2026) ● $1.0B operating cash flow (F2026)ii ● $554M free cash flow (F2026) ● 3.1x net debt to adjusted EBITDAvi ● 4.0M homes passed / 1.6M customers ● Québec, Ontario, 13 U.S. states ● Regional & rural focus ● Products: Financials Operations o Home Internet (1+ Gbps in ~95%) o Wireless o TV & Home Phone
Page 6
6 Why Cogeco Communications? LTM Revenue $2.8B $2.7B Market Capitalization(1) 6.2% Dividend Yield(2) TSX: CCA Stable balance sheet & FCF dividend payout ratioviii Recently launched wireless services Highly-rated digital brands* Advanced AI implementation 1 2 3 4 Regional & rural focus 5 * Based on welo’s Google review ratings in Columbus & Cleveland, OH and oxio’s awards as PlanHub’s“Best Overall 2026” Internet provider & Protégez-Vous’ “People’s Choice 2026”
Page 7
7 Wireless: a new growth area LTM Revenue $2.8B $2.7B Market Capitalization(1) TSX: CCA ● Capital-light ● Recently launched mobile services offer growth potential ● Measurable churn benefit through acquisition & retention
Page 8
8 Canadian wireless spectrum: significant value LTM Revenue $2.8B $2.7B Market Capitalization(1) 6.2% Dividend Yield(2) Spectrum holdings covering most of southern Québec & Ontario 92% of mid-band spectrum optimized for 5G wireless $588 million in spectrum acquisitions at an average price of $0.50 per MHz-POP 3 1 2
Page 9
9 Highly-rated digital brands LTM Revenue $2.8B $2.7B Market Capitalization(1) ● Acquired 2023 ● Fully-digital model ● Most loved telecom brand in Canada* ● Sales continuously growing ● Launched 2026 ● U.S. version of oxio ● 4.9/5 Google stars** ● Still at the pre-inflection stage * oxio named “Best Overall 2026” Internet provider by PlanHub. Also named “People’s Choice 2026” by Protégez-Vous ** Average of welo’s Google review ratings in Columbus & Cleveland, OH
Page 10
10 AI: ambitious agenda ● Chat bots ● Network diagnostic ● Technical troubleshooting ● Bill explanations ● Colleague efficiency ● Real-time churn prediction ● Pricing optimization ● Campaign automation ● Readiness for AI shopping ● Back-office automation ● Finance ● Legal and procurement ● HR enablement Reinvent the end-to-end customer experience Improve revenue Increase functional efficiency
Page 11
11 Shareholder returns TSX: CCA 1) Dividends declared for F2026 on multiple and subordinate voting shares divided by F2026 free cash flow 2) Based on an annualized quarterly dividend of $1.007 per share declared on October 28, 2026. The dividend is subject to Board of Directors’ approval on a quarterly basis and there is no assurance that it will remain at the current level History of dividend increases Prudent free cash flow dividend payout ratio of 30%viii(1) at CCA Dividends per share
Page 12
12 Margins & profitability Higher than industry average adjusted EBITDA margin* Margins driven by span of operations, stable business model and operational efficiency LTM 1,442 1,443 1,388 48.5% 49.6% 49.7% F2024 F2025 F2026 336 323 -1,105 359 F2024 F2025 F2026 Adjusted profit attributable to owners of Cogeco Communications(ix) Profit / loss attributable to owners of Cogeco Communications 400 337 Adj. EBITDA & Adj. EBITDA Margini ($M) Adj. Profit / Loss(1) ($M) * Based on similar financial measures 1) Profit / loss attributable to owners of Cogeco Communications include reorganization costs related to the combination of the Canadian and U.S. management teams and other operational improvements and impairment charges
Page 13
13 476 517 554 137 108 81 613 626 635 F2024 F2025 F2026 Driving free cash flow Free cash flow generation has enabled growth investments and return of capital to investors LTM 1,175 1,138 1,021 F2024 F2025 F2026 1) Includes working capital changes Cash flows from operating activities(1) ($M)Free Cash Flowii ($M) Network Expansion FCF FCF Excluding Network Expansion
Page 14
14 Stable debt profile • Weighted average cost of debt of 5.5%(1) • Interest rates mostly fixed • Average term to maturity for long-term debt of 3.9 years 1) Excludes the impact of deferred transaction costs and commitment fees, but includes the impact of interest rate swaps and cross-currency swaps, as applicable Cogeco Communications: senior secured debt rating Financial position As of August 31, 2026 • Net debt to adjusted EBITDA ratiovi of 3.1x • Available liquidityvii of $1,014M Q4 F2026 debt statistics BBB (low) BBB-» »
Page 15
15 F2027 financial guidelines In millions of Canadian dollars, except % Fiscal 2026 actual Fiscal 2027 financial guidelines (constant currency)iv(1) Revenue $2,793 Low to mid single digit % decline Adjusted EBITDAi $1,388 Mid to high single digit % decline Net capital expendituresiii $561 $425 to $475 Free cash flowii $554 $500 to $550(2) 1) Financial guidelines are presented on a constant currency basis and are obtained by translating expected financial results denominated in U.S. dollars at the foreign exchange rates of the prior fiscal year Fiscal 2027 financial guidelines are based on a USD/CAD constant exchange rate of 1.3865 USD/CAD. Percentage changes comparedto fiscal 2026 2) On a constant currency basis, current income tax expense is assumed to range from $30 to $60 million, while financial expenseis assumed to range from $250 to $300 million
Page 16
16 Canadian Telecommunications Segment
Page 17
17 Canadian broadband network Serving 600+ communities in Québec and Ontario Through its digital oxio brand, operates in majority of Canadian provinces
Page 18
18 Financial results – Canadian telecommunications segment Strong adjusted EBITDA margini versus our Canadian peers* 1) Effective as of the first quarter of fiscal 2026, the Canadian telecommunications segment includes the Canadian wireless operations, which were previously included within "Corporate and eliminations" during the start-up phase. Comparative figures were restated to conform to the current presentation 1,511 1,495 1,502 F2024 F2025 F2026 785 780 802 52.0% 52.2% 53.4% F2024 F2025 F2026 370 310 340 24% 21% 23% F2024 F2025 F2026 * Based on similar financial measures Adj. EBITDA & Margin(1) ($M) Net Capex & Capital Intensityv (1) ($M)Revenue ($M)
Page 19
19 American Telecommunications Segment
Page 20
20 American broadband network Serving 500+ communities in 13 states in the U.S. First launched in February 2026, welo digital brand now operates in Ohio, New Hampshire & Connecticut
Page 21
21 Financial results – American telecommunications segment Internet-led strategy and operating efficiency are contributing to adjusted EBITDA margin while maintaining capex discipline 197 199 160 18% 20% 17% F2024 F2025 F2026 519 504 460 48.2% 49.7% 49.4% F2024 F2025 F2026 1,077 1,014 931 F2024 F2025 F2026 Adj. EBITDA & Margin (US$M) Net Capex & Capital Intensityv (US$M)Revenue (US$M)
Page 22
22 Subscriber profile August 31, 2026 (In thousands) CANADA UNITED STATES TOTAL Homes passed 2,156 1,820 3,976 Internet service subscribers 968 594 1,562 Video service subscribers 539 215 754 Wireline phone service subscribers 332 106 438
Page 23
23 Cogeco Inc. TSX: CGO
Page 24
24 Cogeco: investment structure 12.0M Shares of CCA TSX: CGO TSX: CCA 80% Voting Rights 28% Equity 100% Voting Rights 100% Equity Telecom operator in Canada & the U.S. Radio stations in Québec & Ontario
Page 25
25 Cogeco Media: strong network of radio stations Radio broadcasting network and news agency STATIONS RANKED AMONGST THE BEST INTEGRATED SALES SERVICES 4.6 MILLION LISTENERS / WEEK IN QUÉBEC LARGEST INDEPENDENT RADIO NEWS SERVICE IN QUÉBEC 21 RADIO STATIONS