Cogeco Communications : Q2-2024 Presentation to Investors

Forward-looking statements

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, 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 Strategies" and the "Fiscal 2024 Financial Guidelines" sections in the 2023 annual Management Discussion and Analysis ("MD&A") and the "Corporate Objectives and Strategies" section in the 2024 second quarter MD&A 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" sections of the 2023 annual MD&A and the 2024 second quarter 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 forward-looking information contained in this presentation and forward- looking statements contained in this presentation represent our expectations as of April 11, 2024 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 and other financial measures (as indicated below and numbered from i) to viii) in the presentation) that are not standardized under IFRS and might not be comparable to similar financial measures disclosed by other companies. Certain additional disclosures for these financial measures, including reconciliations to the most directly comparable IFRS financial measures, have been incorporated by reference and can be found in the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the second quarter of fiscal 2024, the "Non-IFRS and other financial measures" section of the Corporation's annual MD&A for the years ended August 31, 2023, 2022 and 2021, and in the "Non-IFRS financial measures" section of the Corporation's annual MD&A for the years ended August 31, 2020 and 2019, available on SEDAR+ at www.sedarplus.ca

1. Adjusted EBITDA is total of segments measure. Adjusted EBITDA margin is a supplementary financial measure
2. Free cash flow and free cash flow, excluding network expansion projects are non-IFRS financial measures
3. Net capital expenditures is total of segments measure
4. Constant currency basis is a non-IFRS financial measure or ratio
5. Capital intensity is a supplementary financial measure. Capital intensity excluding network expansion projects is a non-IFRS ratio
6. Net indebtedness to adjusted EBITDA ratio is a capital management measure
7. Available liquidity is a non-IFRS financial measure
8. Free cash flow dividend payout ratio and free cash flow, excluding network expansion projects, dividend payout ratio are non-IFRS ratios

IFRS 16 has been applied as of September 1, 2019 using the modified retrospective approach where the comparative period was not restated but the cumulative effect is recognized in the opening retained earnings of FY2020. Accordingly, FY2019 financials and any preceding years were not restated for these changes. IFRS 16 eliminates the distinction between operating and finance leases, requiring instead that future lease payments be capitalized and recognized as lease liabilities. As a result, the presentation of expenses between operating expenses, depreciation and financial expenses has changed.

LTM refers to figures for the twelve months ended February 29, 2024.

Unless otherwise noted, all amounts are expressed in Canadian dollars.

High quality product offering

• Internet packages of up to 1 Gbps for residential customers and 10 Gbps for commercial customers
• Fibre-to-the-homein all expansion territories
• Modern and cost-effective IPTV solution available across our Canadian & U.S. markets
• Plans for multi-gigabit network evolution through a balanced mix of fibre and DOCSIS 4.0

Distinctive customer experience

• Local and high-quality customer service
• Strong, socially responsible brands

Revenue

$M

Canada

U.S.

2,901 2,984 2,963

2,510

2,384

1,460 1,494 1,464

1,117

1,097

Internet Service Customers(1)

As of February 29, 2024 000's

Canada

U.S.

660

874

Cogeco Communications Overview

Expanding Addressable Market

Network Evolution & Expansion

• Fibre-to-the-homeexpansions in Canada and the U.S. resulting in 228,000 homes passed added since the beginning of F2022(1), representing a nearly 8% increase.
• • Participating in government subsidy programs to expand connectivity in areas with currently no high-speed wireline Internet

Acquisitions

• Acquisitions of complementary broadband businesses
• 9 completed in the U.S. and Canada in the past 10+ years

Mobile

• Upcoming launch of mobile services in the U.S. and the commercialization of mobile services in Canada. Both services will utilize a capital efficient model under an MVNO framework

Homes Passed(2)(3)

000's

Canada

U.S.

• Potential to double addressable market based on customer telecom spend and mid-bandspectrum licenses covering our Canadian broadband footprint

• Launching Breezeline Mobile this spring with plans to quickly rollout to all 13 states in our U.S. broadband footprint

$4.00

$3.50

$3.00

$2.50

$2.00

$1.50

$1.00

$0.50

$-

• 10%+ annual increase over the past 10 years

$3.42

$1.20

$1.00 $1.04

$0.71

$0.56

CCA Benefits:

• Accretive on a free cash flow per share basis
• 5% reduction in shares outstanding
• Increase in the public float of 29%(3)
• Structure maintains healthy balance sheet, liquidity and financial flexibility while maintaining prudent leverage

CGO Benefits:

• Accretive on a free cash flow per share basis
• Increase in net asset per share
• 38% reduction in the pre-transaction outstanding share count
• Structure maintains healthy balance sheet, liquidity and financial flexibility while maintaining prudent leverage

CCA Share Buybacks

Shares Outstanding (M)

% of Shares Outstanding Bought Back(1)

50

45

CGO Share Buybacks

Shares Outstanding (M)

% of Shares Outstanding Bought Back (2)

43%

17

14

Adjusted EBITDAi

$M

Consolidated Consolidated Margin %

Profit

$M (except per share)

Profit attributable to owners of Cogeco Communications Diluted Earnings per Share

1,393 1,421 1,409

423

1,149

1,206

402

375

392

366

$8.40

$7.67

$8.75