Q3 2025 Cogeco Inc and Cogeco Communications Inc Earnings Call Transcript

Jul 16, 2025 / 12:00PM GMT

Release Date Price: $49

Transcript

Key Points

Positve

Cogeco Inc (CGECF) reported strong Canadian Internet subscriber growth, adding 9,400 new Internet subscribers during the quarter.
The company is experiencing significant operational efficiencies and synergies, leading to a net CapEx reduction and tracking well above plan.
Cogeco Inc (CGECF) is on track to generate approximately $600 million in free cash flow by fiscal 2027, with plans to continue raising dividends and lowering debt.
The Canadian wireless launch is progressing, with an initial cohort of users and plans to broaden sales in 12 markets ahead of a full commercial launch.
Cogeco Media's radio advertising revenue increased during the quarter, supported by growth in digital advertising solutions and strong listener engagement.

Negative

Cogeco Inc (CGECF) faced revenue declines in both Canada and the US, with a 4.1% decline in consolidated revenue in constant currency.
The US operations experienced a 6.6% revenue decline due to a cumulative decline in the subscriber base, particularly for entry-level and non-Internet services.
The company is lowering its revenue outlook for the year due to pressures in the US market, although this is offset by operating efficiencies.
The Canadian regulatory environment remains challenging, with the CRTC maintaining a regime that favors larger telecom companies, impacting Cogeco's competitive position.
Cogeco Inc (CGECF) anticipates a large one-time disconnect in the US bulk segment during Q4, which will impact customer metrics.

Operator

Good day, and welcome to Cogeco Inc. and Cogeco Communications Inc. Q3 2025 earnings conference call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Patrice Ouimet, Chief Financial Officer of Cogeco Inc and Cogeco Communications Inc. Please go ahead, Mr. Ouimet.

Patrice Ouimet

Cogeco Inc - Chief Financial Officer

So good morning, everyone. Welcome to our third quarter results conference call. As usual, before we begin the call, I'd like to remind listeners that today's discussion will include estimates and other forward-looking information. We ask that you review the cautionary language in the press release and MD&A issued yesterday as well as in our annual report regarding the various risks, assumptions, and uncertainties that could cause our actual results to differ.

And with that, I'll pass the line to Fred Perron for opening remarks.

Frederic Perron

Cogeco Inc - President, Chief Executive Officer, Director

Thank you, Patrice, and good morning,

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