Investor Update

As of July 14, 2021

TSX: CGO | TSX: CCA

Contents

Overview

5

Cogeco Communications

11

Financial Results

25

Cogeco

33

Appendices

37

Customer Profile

38

Acronyms

39

2

Forward-looking statements and

Presentation of financial information

Certain statements contained in this presentation may 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, performance and business prospects and opportunities, which we believe are reasonable as of the current date. Refer in particular to the "Corporate Objectives and Strategies" and the "Fiscal 2021 Financial Guidelines" sections in the MD&A of the 2020 annual report and the "Fiscal 2021 Revised Financial Guidelines" and the "Fiscal 2022 Preliminary Financial Guidelines" sections in the MD&A of the FY2021 third quarter shareholders' report for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements.

While we consider these assumptions to be reasonable based on the information currently available to us, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including Uncertainties and Main Risk Factors which are described in the MD&A section of the 2020 annual report and the third quarter of FY2021 shareholders' report that could cause actual results to differ materially from what we currently expect. These factors include risks such as competitive risks, business risks (including potential disruption to our supply chain), regulatory risks, public health crisis and emergencies such as the current COVID-19 pandemic, technology risks (including cybersecurity risk), financial risks (including variations in currency and interest rates), economic conditions, human-caused and natural threats to our network, infrastructure and systems, community acceptance risks, ethical behavior risks, ownership risks and litigation risks, many of which are beyond Cogeco's control. Moreover, Cogeco's radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to changing economic conditions.

Forward-looking statements also include statements relating to the following: (i) completion of the WideOpenWest Ohio broadband systems (``WOW! Ohio``) acquisition and related financing; (ii) WOW! Ohio's expected operating results and financial performance; (iii) the estimated tax benefits of the acquisition of the WOW! Ohio assets; (iv) the expected closing date of the acquisition; (v) the expected run-rate synergies; and (iv) the anticipated benefits of the acquisition and Atlantic Broadband's (ABB) ability to successfully integrate the WOW! Ohio acquisition. In addition, Cogeco Communications' and ABB's ability to close the transaction within the expected timeframe, if at all, is dependent upon the parties' ability to comply with the closing conditions, some of which are beyond the control of the parties.

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 forward-looking information contained in this presentation and forward-looking statements contained in this presentation represent our expectations as of July 14, 2021 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.

Note: All financial results in this presentation exclude the impact of the WOW! Ohio acquisition expected to close in the first quarter of fiscal 2022.

3

Non-IFRS financial measures

The following non-IFRS financial measures are used in the presentation and are described in section 16 of Cogeco Communications' FY2020 annual report and in section 12 of the 3rd quarter shareholders' report

Adjusted EBITDA

profit for the period and/or year from continuing operations

add

income taxes

financial expense

depreciation and amortization

integration, restructuring and acquisition costs

Adjusted EBITDA margin

adjusted EBITDA as a % of revenue

Free cash flow

adjusted EBITDA

add

amortization of deferred transaction costs and discounts on long-term debt

share-based payment

loss (gain) on disposals and write-offs of property, plant and equipment

defined benefit plans expense, net of contributions

deduct

integration, restructuring and acquisition costs

financial expense(1)

current income taxes

capital expenditures

repayment of lease liabilities

Capital ("CAPEX") intensity

capital expenditures(2) or acquisition of property, plant and equipment as a % of revenue

(1) Excludes the $22.9 million non-cash gain on debt modification related to the repricing of Atlantic Broadband's Term Loan B

4

recognized in the second quarter of FY2020

(2) Acquisition of property, plant and equipment, excludes purchases of spectrum licenses and non-cash acquisition of right-of-use assets.

About Cogeco

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Cogeco Communications Inc. published this content on 15 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 July 2021 02:28:03 UTC.