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( C ) CoGeco News Release FOR IMMEDIATE RELEASE COGECO REPORTS STRONG PERFORMANCE FOR THE FIRST QUARTER OF FISCAL 2021 • • Revenue increased by 4.5 % ( 4.7 % in constant currency ( 1 ) compared to the same period of the prior year to reach $ 646.4 million ; Adjusted EBITDA ( ¹ ) reached $ 321.1 million , an increase of 10.5 % ( 10.7 % in constant currency ) ; • Free cash flow ( ¹ ) reached $ 148.2 million , an increase of 36.1 % ( 36.3 % in constant currency ) ; • Cogeco is revising its fiscal 2021 financial guidelines following the acquisition of DERYtelecom , the third largest cable provider in the province of Québec ; and • A quarterly eligible dividend of $ 0.545 was declared . Montréal , January 14 , 2021 - Today , Cogeco Inc. ( TSX : CGO ) ( " Cogeco " or the " Corporation " ) announced its financial results for the first quarter ended November 30 , 2020 , in accordance with International Financial Reporting Standards ( " IFRS " ) . OPERATING RESULTS For the first quarter of fiscal 2021 : • Revenue increased by 4.5 % to reach $ 646.4 million . On a constant currency basis , revenue increased by 4.7 % , mainly explained as follows : о о Canadian broadband services revenue increased by 2.2 % as a result of the cumulative effect of sustained demand for residential high speed Internet since the beginning of the pandemic due to customers spending more time at home for work , online education and entertainment purposes , and rate increases implemented for certain services , partly offset by a decline in video service customers ; and American broadband services revenue increased by 9.8 % in constant currency resulting mainly from strong residential Internet service additions , rates increases , the impact of the Thames Valley Communications acquisition completed on March 10 , 2020 and increased political advertising revenue related to the United States ' presidential election . Excluding revenue from Thames Valley Communications , revenue in constant currency increased by 8.2 % ; partly offset by lower revenue in the media activities due to a decline of the radio advertising market resulting directly from the COVID - 19 pandemic . ( 1 ) The indicated terms do not have standardized definitions prescribed by IFRS and , therefore , may not be comparable to similar measures presented by other companies . For more details , please consult the " Non - IFRS financial measures " section of this press release , including reconciliation to the most comparable IFRS financial measures .