Slides
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Q3 2025 Investor presentation 11.06.2025 Nasdaq (TCX) | TSX (TC)
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This presentation may contain forward-looking statements, relating to the Company’s operations or to the environment in which it operates, which are based on Tucows Inc.’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate or differ materially from actual future events or results. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Consequently, investors should not place undue reliance on these forward-looking statements, which are based on Tucows Inc.’s current expectations, estimates, projections, beliefs and assumptions. These forward-looking statements speak only as of the date of this presentation and are based upon the information available to Tucows Inc. at this time. Tucows Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Safe harbor statement 2
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01 02 The Tucows Business 05 06 Wavelo 03 Tucows Domains Table of contents 07 Tucows as an Investment Slide 4 Slide 10 Slide 14 Slide 26 Slide 21 Slide 29 Quarterly Performance 3 Ting 04 08 Investor Resources Slide 18 Slide 30 Quarterly News
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Portfolio of tech businesses Balancing cash generation with long-term growth 4 4
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Corporate parent allocating capital and providing shared services to three operating segments The leading global provider of wholesale domain registration and related services Providing event-driven, cloud-based software that’s replacing the outdated systems behind global telecommunications Delivering subscribed services over owned and leased fiber-to-the-premise networks DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES Tucows | Business structure and function 5
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Portfolio of tech businesses generating consistent revenue and margin from high-volume subscription services, while investing in growth Reliable cash flow + dominant position in wholesale domains market A high margin, scalable growth engine within the Tucows portfolio. Long-term growth potential from next generation telecom services Tucows | Investment proposition DOMAIN SERVICES PLATFORM SERVICES FIBER INTERNET SERVICES 6
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1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income tax provision, interest expense, accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and costs that are not indicative of ongoing performance (profitability), including acquisition and transition costs. (Prior to 2013 Adjusted EBITDA included net deferred revenue and did not included foreign currency transactions or acquisition and transition costs) 2. Adjusted EBITDA for 2017 reflects the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Enom acquisition, which lowered Adjusted EBITDA by $7.8 million. Adjusted EBITDA for 2019 reflects the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Ascio acquisition, which lowered Adjusted EBITDA by $2.5 million. Revenue (US$ millions) Adj. EBITDA1,2 (US$ millions) NOTE: Revenue for 2020 and 2021 reflects the impact of change in Mobile business model to Wavelo in Q3 2020. Tucows | Fiscal year historical financial performance 7
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1. Adjusted EBITDA excludes depreciation, amortization of intangible assets, income tax provision, interest expense, accretion of contingent consideration, stock-based compensation, asset impairment, gains and losses from unrealized foreign currency transactions and costs that are not indicative of ongoing performance (profitability), including acquisition and transition costs. (Prior to 2013 Adjusted EBITDA included net deferred revenue and did not included foreign currency transactions or acquisition and transition costs) 2. Adjusted EBITDA for 2017 reflects the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Enom acquisition, which lowered Adjusted EBITDA by $7.8 million. Adjusted EBITDA for 2019 reflects the impact of the purchase price accounting adjustment related to the fair value write down of deferred revenue from the Ascio acquisition, which lowered Adjusted EBITDA by $2.5 million. Tucows | Historical Adjusted EBITDA and Unlevered Free Cash Flow 2.6 -102.4 -41.4 -6.4 -0.7 11.7 8
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NASDAQ:TCX US$19.40 | TSX:TC CA$27.33Share Price1 Shares out1 ~11.09m | Market cap1 ~US$214.9m 4 Facilities sit inside ring-fenced, special-purpose structures that are non-recourse to Tucows Inc. Tucows | Market & financial data US$410.8m Debt Canadian Bank Syndicate Loan: US$190.4m Maturity: Sept 2027 Unrestricted Cash US$19.8m Tucows Excluding Ting2 Debt4 ABS Notes: US$235.0m Maturity: Apr 2053 US$55.6m Maturity: Aug 2054 Preferred Shares: US$131.8m Maturity: Aug 2028 Unrestricted Cash US$33.7m Restricted Cash3 US$4.6m Secured notes reserve funds receivable3 US$12.1m Ting2 1 At November 5/2025 2 At September 30/2025 3 Restricted cash, secured notes and reserve funds are for the ABS issuances. 9
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Reliable cash flow + capital light with dominant position in wholesale domains market
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Leading global provider of wholesale and retail domain registration and related services Highly efficient operation Reliable cash flow Global network of resellers Renewal rates above industry average World’s largest wholesale domain registrar World’s second-largest domain registrar 11
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~22 million Domains under management ~1.6 million Domain transactions every month Tucows Domains | business data >35,000 reseller customers >195 countries Global footprint in Global network of Services offered today domain registration registry administration SSL certificates email Services being introduced hosting billing & provisioning Web3 and identity 12
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Tucows Domains | strategic priorities Margin growth Delivering a comprehensive and efficient platform for the full domains ecosystem Launching new Value Added Services to sell via reseller channel Expanding Registry services through global partnerships 13
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A high margin, scalable growth engine within the Tucows portfolio
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Offering event-driven, modular, cloud-based software that’s replacing the outdated systems behind global telecommunications 15 Operating in a large and underserved space at a critical time for the global telecommunications industry – where customers are aggressively seeking better value. Leveraging: Global race to 5G Fiber proliferation Fixed and mobile convergence Competition for customers
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The human alternative to outdated telecom billing and provisioning systems Wavelo | the premise Flexible, cloud-based, event-driven software simplifies management of mobile and internet network access, enabling providers to: Better utilize all owned and leased access Focus on customer experience Scale businesses faster Customizable and a la carte services for providers: Subscription and billing management Network orchestration and provisioning Individual developer tools and more 16
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Anchor mobile customer A neglected space with large and growing need for a solution Future customer opportunities in the global transition to fiber / wireless converged services Anchor internet customer Global telecom services revenue by 20281 $2.5T Telecom managed services spending by 20282 ~$550B Global OSS/BSS spending by 20283 ~$130B 1. Grand View Research 2. Grand View Research 3. Global Market Insights Macro trends Wavelo | the opportunity 17
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Long-term growth from next generation telecom infrastructure & services
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“A billion fiber optic connections to the Internet are coming online in just a few years. A large majority of them will be in Asia, primarily led by China. These connections have already proven to be future-proof, capable of reaching not just gigabit speeds, but multi-gigabit speeds. Fiber is not only faster; it’s also cheaper long-term. No other connection even comes close by comparison. The future of the Internet is going to be fiber. ” - Electronic Frontier Foundation, Dec 2020 Capitalizing on the U.S. coax-to-fiber transition by delivering subscribed services over owned and leased fiber-to-the-premise networks 19
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US telecom infrastructure is making a generational transition from copper and coax to fiber 20 Ting | the opportunity Over 40% of US households do not have access to fiber. Fiber is the only medium purpose-built for transmitting massive amounts of data securely. Ting has established US fiber footprints and is a partner ISP for other US builders Ting has a highly-ranked brand and low churn
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Quarterly Performance
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Tucows | Quarterly business highlights: Q3 2025 ● Q3 continues momentum of four consecutive years + three quarters of topline growth ● Y ear-over-year growth: Revenue +7% | Y o Y Gross Profit +9% | Y o Y Adjusted EBITDA +53% Y o Y ● Total cash and cash equivalents +$2.1m QoQ ● Syndicated loan repayment $2.5 million Reliable year-over-year growth: ● Revenue +5% Y o Y ● Gross Margin +7% Y o Y ● Adjusted EBITDA +5% Y o Y Strong year-over-year growth: ● Revenue + 18% Y o Y ● Gross Margin + 18% Y o Y ● Adjusted EBITDA +25% Y o Y ● Gross Margin 99% of revenue Strong year-over-year growth: ● Revenue +11% ● Adjusted EBITDA improved +83% (Consolidated results) 22
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23 Tucows | Quarterly business highlights 1 Non-GAAP financial measures are described and reconciled to GAAP measures in the company’s quarterly earnings press release. 2 Net Income (Loss) for Q3 2025 includes a one-time, non-cash impairment charge of $10.9 million. Summary Financial Results (In thousands of U.S. Dollars, except per share data) 3 Months ended September 30 9 Months ended September 30 2025 (unaudited) 2024 (unaudited) % Change (unaudited) 2025 (unaudited) 2024 (unaudited) % Change (unaudited) Net Revenues 98,558 92,297 7% 291,630 269,177 8% Gross Profit 24,181 22,188 9% 69,822 61,314 14% Income Earned on Sale of Transferred Assets, net 3,020 3,853 (22)% 8,873 10,831 (18)% Net Income (Loss)2 (23,738) (22,297) (6)% (54,508) (67,385) 19% Adjusted Net Income (Loss)¹ (16,507) (19,827) 17% (47,698) (61,042) 22% Basic earnings (Loss) per common share (2.14) (2.03) (5)% (4.93) (6.15) 20% Adjusted Basic earnings (Loss) per common share¹ (1.49) (1.81) 18% (4.32) (5.58) 23% Adjusted EBITDA¹ 13,270 8,688 53% 39,518 22,068 79% Net cash provided by (used in) operating activities (8,815) (4,564) (93)% (13,502) (13,774) 2%
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24 Tucows | Quarterly business highlights 3 Months ended September 30 9 Months ended September 30 2025 (unaudited) 2024 (unaudited) 2025 (unaudited) 2024 (unaudited) Net Income (Loss) for the period** (23,738) (22,297) (54,508) (67,385) Less: Acquisition and transition costs* 311 1,618 1,039 5,438 Impairment of property and equipment 10,885 852 11,524 905 Loss (gain) on disposition of property and equipment (3,965) 0 (5,753) 0 Adjusted Net Income (Loss)¹ for the period (16,507) (19,827) (47,698) (61,042) Adjusted Basic Earnings (Loss) Per Common Share (1.49) (1.81) (4.32) (5.58) Adjustments for one-time impacts on Net Income (Loss) and EPS (Loss) (Amounts in thousands, except per share numbers) * Acquisition and transition costs represent transaction-related expenses and transitional expenses. Expenses include severance or transitional costs associated with department, operational or overall company restructuring efforts, including geographic alignments. ** Net Income (Loss) for Q3 2025 includes a one-time, non-cash impairment charge of $10.9million for Ting, related to re-valued inventory and warehouse leases.
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Revenue Gross Profit Adj. EBITDA¹ 3 Months ended September 30 3 Months ended September 30 3 Months ended September 30 2025 (unaudited) 2024 (unaudited) 2025 (unaudited) 2024 (unaudited) 2025 (unaudited) 2024 (unaudited) DOMAINS AND WAVELO SERVICES Tucows Domain Services: Wholesale Domain Services 51,888 49,871 Value Added Services 6,107 5,175 Total Wholesale 57,995 55,046 Retail 9,842 9,669 Total Tucows Domain Services 67,837 64,715 20,526 19,039 12,097 11,529 Wavelo Services: Platform Services 11,856 10,075 Other Professional Services 0 7 Total Wavelo Platform Services 11,856 10,082 7,674 6,150 4,285 3,429 Total Domains and Wavelo Services 79,693 74,797 28,200 25,189 16,382 14,958 TING INTERNET SERVICES Fiber Internet Services 16,976 15,310 341 (577) (882) (5,070) CORPORATE & OTHER Mobile Services and Eliminations 1,889 2,190 (4,360) (2,424) (2,231) (1,200) Total 98,558 92,297 24,181 22,188 13,269 8,688 Operating Statistics (Amounts in thousands) Tucows | Quarterly Business Highlights Notes: 1 Non-GAAP financial measures are described and reconciled to GAAP measures in the quarterly press release. 2 Beginning in the third quarter of 2025, the Company revised its presentation of segment gross profit to reflect amounts net of network expenses. This change provides a more consistent view of segment-level profitability and aligns with how management evaluates operating performance. The revision did not impact gross profit, Adjusted EBITDA or revenue. 25
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Leadership Succession
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Tucows | Leadership Succession 27 Tucows Announces Leadership Succession Following Strong Q3 Results TORONTO, November 6, 2025 – Tucows Inc. (NASDAQ:TCX, TSX:TC), a global internet services leader, today announced the appointment of long-time Tucows executive David Woroch as President and CEO, succeeding Elliot Noss. After a remarkable 25-year tenure as President and Chief Executive Officer, Elliot Noss will be stepping down as CEO of Tucows Inc. and transitioning to a continuing role as a member of the Board of Directors and consultant to the Company’s Ting Internet business. More information can be found on the Tucows News Page.
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Investment case for Tucows
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1 2 3 4 5 Ting Strategic Options being Pursued ● Ting restructured into leaner, capital-light model with focus on scaling existing markets and divestiture of non-core assets ● Operational efficiency gains coming through ● Strategic review initiated to deliver shareholder value KPI Momentum driven by strength of Domains and Wavelo ● Revenue, gross profit, adjusted EBITDA all increasing year over year ● Strong recurring revenue profile and expanding margin ● Wavelo ready to scale Management Renewal ● Elliot Noss steps down after 25 years as President and CEO. Continues to serve on the Board of Tucows and advise on strategic review of Ting ● Dave Woroch, long-time leader of the Domains business, steps up to President and CEO role Focus on Core Business and Move to Capital Efficiency ● Adjusted EBITDA up 53% on 9% gross profit growth in Q3 ● Focus on the core capital-light businesses and reducing debt burden Tucows | Investment case for Tucows Focus on a Prioritized Capital Allocation Framework 29 ● Including deleveraging, reinvestment and share buybacks
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Investor Resources tucows.com/investors ir@tucows.com