Cogeco Releases its Financial Results for the First Quarter of Fiscal 2024

• Cogeco repurchased $280.0 million worth of its shares following CDPQ's acquisition of the entirety of Rogers' holdings in both Cogeco and Cogeco Communications;
• Cogeco further advanced its wireless ambitions by securing spectrum licences in Québec and Ontario in the 3800 MHz spectrum auction, for a total purchase price of $190.3 million. With this acquisition, Cogeco has spectrum covering 100% of its Canadian broadband network footprint as well as valuable spectrum in the greater Toronto, Montréal, Québec City and Ottawa regions;
• Cogeco Connexion reported another strong quarter of Internet subscriber performance, with 10,765 net customer additions, driven by a mix of new customers added under our digital oxio brand, in fibre-to-the-home network expansions and in other operating areas;
• Revenue declined by 1.7% compared to the same period last year to $776.2 million, as revenue growth at Cogeco Connexion was offset by lower revenue at Breezeline;
• Adjusted EBITDA⁽¹⁾ of $366.0 million decreased by 2.1% over last year, in line with our expectations;
• Profit for the period amounted to $98.7 million, a decrease of 20.3%, mainly due to higher financial expenses including a pre-tax $16.9 million non-cash loss on debt extinguishment following a US$1.6 billion refinancing;
• Free cash flow⁽¹⁾ amounted to $141.8 million, an increase of 29.5%, due to lower net capital expenditures, while cash flows from operating activities increased by 22.2% to $236.9 million. Free cash flow, excluding network expansion projects⁽¹⁾ was $173.5 million, stable compared to last year;
• Cogeco maintains its fiscal 2024 financial guidelines as issued on November 1, 2023; and
• A quarterly dividend of $0.854 per share was declared, representing a 16.8% increase over the prior year.

MONTRÉAL, Jan. 10, 2024 /CNW/ - Today, Cogeco Inc. (TSX: CGO) ("Cogeco" or the "Corporation") announced its financial results for the first quarter ended November 30, 2023.

"The first months of fiscal 2024 were transformational and historic moments for our company. We recently announced that Cogeco bought back 6.0 million of its shares and Cogeco Communications bought back 2.3 million of its shares, both at discounted market prices per share, providing free cash flow per share accretion and increasing the net asset value of Cogeco. In conjunction with these transactions, the public float of Cogeco Communications was increased therefore enhancing trading liquidity. This opportunity represented a unique and attractive use of our capital to build value for our shareholders, while strengthening our existing partnership with CDPQ as an anchor investor in Cogeco Communications. Another important milestone for us was when we secured wireless spectrum critical for the 5G technology and now have spectrum coverage for 100% of our wireline footprint. This spectrum was secured at a significantly lower cost compared to past spectrum auctions," said Philippe Jetté, President and Chief Executive Officer of Cogeco.

"Our Canadian telecommunications business chalked up another quarter of strong Internet subscriber performance, thanks to gains across each of our oxio, expansion and legacy footprints," continued Mr. Jetté. "We continue to be impressed by the oxio brand's growing adoption by consumers."

"In the U.S., our network expansion program along with demand from existing customers for our higher speed tiers helped offset customer losses at lower price points which were more directly impacted by competition and challenging market conditions. Consistent with our Internet led strategy to improve customer lifetime value, our attractive product mix and focus on cost efficiencies helped deliver another quarter of higher adjusted EBITDA margin."

"At Cogeco Media, our ongoing efforts to develop innovative digital solutions and adapt to a multi-platform audio content model are beginning to bear fruit. These, along with strong listener engagement across many of our stations, have resulted in solid year-over-year revenue growth during the quarter," continued Mr. Jetté.

"At Cogeco, we strive on a daily basis to deliver the best products and service to our clients, engage with the communities we serve, prioritize digital inclusion and climate action, and finally, execute a sustainable business model through responsible and ethical management to generate value for all of our stakeholders," concluded Mr. Jetté.

Consolidated Financial Highlights

Three months ended November 30	2023		2022		Change	Change in constant currency	(1)
(In thousands of Canadian dollars, except % and per share data) (unaudited)	$		$		%	%
Revenue	776,172		789,690		(1.7)	(2.3)
Adjusted EBITDA (1)	366,033		373,882		(2.1)	(2.6)
Profit for the period	98,729		123,808		(20.3)
Profit for the period attributable to owners of the Corporation	34,541		42,081		(17.9)
Adjusted profit attributable to owners of the Corporation (1) (3)	40,038		42,762		(6.4)
Cash flows from operating activities	236,919		193,821		22.2
Free cash flow (1)	141,823		109,483		29.5	29.4
Free cash flow, excluding network expansion projects (1)	173,483		175,317		(1.0)	(1.2)
Acquisition of property, plant and equipment	153,789		235,008		(34.6)
Net capital expenditures (1) (2)	146,667		197,342		(25.7)	(26.2)
Net capital expenditures, excluding network expansion projects (1)	115,007		131,508		(12.5)	(13.2)
Diluted earnings per share	2.21		2.67		(17.2)
Adjusted diluted earnings per share (1) (3)	2.57		2.71		(5.2)

Operating results

For the first quarter of fiscal 2024 ended on November 30, 2023:

• Revenue decreased by 1.7% to $776.2 million. On a constant currency basis⁽¹⁾, revenue decreased by 2.3%, driven by a lower customer base in the American telecommunications segment, which offset revenue growth in the Canadian telecommunications segment, as explained below.
  • Canadian telecommunications' revenue increased by 1.2%, mainly driven by the oxio acquisition completed on March 3, 2023 as well as the cumulative effect of high-speed Internet service additions over the past year.
  • American telecommunications' revenue decreased by 4.9%, or 6.0% in constant currency, mainly due to a lower customer base over the past year with an increasing proportion of customers only subscribing to Internet services, as well as the timing of price increases introduced in the fiscal 2023 first-quarter which gave rise to a difficult comparison between both periods. The revenue decrease was offset in part by a higher revenue per customer and a better product mix resulting from customers subscribing to increasingly fast Internet speeds.
  • Revenue in the media activities increased by 4.0%.
• Adjusted EBITDA decreased by 2.1% to $366.0 million. On a constant currency basis, adjusted EBITDA decreased by 2.6%, due to a decline in both the American telecommunications and Canadian telecommunications segments, as further explained below, in addition to higher corporate costs, primarily due to the timing of certain operating expenses including in relation to its plan to offer mobile services in Canada.
  • American telecommunications adjusted EBITDA decreased by 2.4%, or 3.6% in constant currency, mainly due to lower revenue, partly offset by a better product mix and cost reduction initiatives.
  • Canadian telecommunications adjusted EBITDA decreased by 1.1%, mainly due to revenue growth being offset by higher operating expenses.
• Profit for the period amounted to $98.7 million, of which $34.5 million, or $2.21 per diluted share, was attributable to owners of the Corporation compared to $123.8 million, $42.1 million, and $2.67 per diluted share, respectively, in the comparable period of fiscal 2023. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher financial expense, mostly due to a pre-tax $16.9 million non-cash loss on debt extinguishment recognized following a US$1.6 billion refinancing in September 2023, lower adjusted EBITDA and higher depreciation and amortization expense, partly offset by lower income tax expense.
  • Adjusted profit attributable to owners of the Corporation⁽³⁾ was $40.0 million, or $2.57 per diluted share⁽³⁾, compared to $42.8 million, or $2.71 per diluted share, last year.
• Net capital expenditures were $146.7 million, a decrease of 25.7% compared to $197.3 million in the same period of the prior year. In constant currency, net capital expenditures⁽¹⁾ were $145.6 million, a decrease of 26.2% compared to last year, mostly due to lower spending in both the Canadian and American telecommunications segments following the completion, or near completion, as well as the timing of several fibre-to-the-home network expansion projects.
  • Excluding network expansion projects, net capital expenditures were $115.0 million, a decrease of 12.5% compared to $131.5 million in the same period of the prior year. In constant currency, net capital expenditures excluding network expansion projects⁽¹⁾ were $114.1 million, a decrease of 13.2% compared to last year.
  • Fibre-to-the-home network expansion projects continued in both Canada and the United States, with homes passed additions of more than 13,000 during the first quarter of fiscal 2024.
• Acquisition of property, plant and equipment decreased by 34.6% to $153.8 million, due to reduced capital spending in both countries.
• Free cash flow increased by 29.5%, or 29.4% in constant currency, and amounted to $141.8 million, or $141.6 million in constant currency, mainly due to lower net capital expenditures. Free cash flow, excluding network expansion projects amounted to $173.5 million, or $173.1 million in constant currency, and remained stable compared to the same period of the prior year.
• Cash flows from operating activities increased by 22.2% to $236.9 million, resulting mostly from lower income taxes paid, and to a lesser extent, the timing of trade accounts receivable, offset in part by lower adjusted EBITDA and higher interest paid.
• On November 30, 2023, Cogeco Communications, through its wholly-owned subsidiary Elite General Partnership, secured 99 spectrum licences in urban and rural markets, including the greater Toronto, Montréal, Québec City and Ottawa areas, for a total purchase price of $190.3 million.
• On December 13, 2023, Cogeco completed the repurchase, for cancellation, of the 5,969,390 shares sold by CDPQ, for an amount of $280.0 million, following the purchase by CDPQ of the entirety of Rogers' holdings in both Cogeco and Cogeco Communications.
• Cogeco maintains its fiscal 2024 financial guidelines as issued on November 1, 2023.
• At its January 10, 2024 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of $0.854 per share, an increase of 16.8% compared to $0.731 per share in the comparable quarter of fiscal 2023.

___________
(1)	Adjusted EBITDA and net capital expenditures are total of segments measures. Constant currency basis, adjusted profit attributable to owners of the Corporation, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS financial measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS ratios. These indicated terms do not have standardized definitions prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release.
(2)	Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.
(3)	Excludes the impact of acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, net of tax and non-controlling interest.

Financial highlights

Three months ended November 30	2023	2022	Change	Change in constant currency	(1) (2)
(In thousands of Canadian dollars, except % and per share data)	$	$	%	%
Operations
Revenue	776,172	789,690	(1.7)	(2.3)
Adjusted EBITDA (2)	366,033	373,882	(2.1)	(2.6)
Acquisition, integration, restructuring and other costs (3)	3,265	2,677	22.0
Profit for the period	98,729	123,808	(20.3)
Profit for the period attributable to owners of the Corporation	34,541	42,081	(17.9)
Adjusted profit attributable to owners of the Corporation (2)(4)	40,038	42,762	(6.4)
Cash flow
Cash flows from operating activities	236,919	193,821	22.2
Free cash flow (2)	141,823	109,483	29.5	29.4
Free cash flow, excluding network expansion projects (2)	173,483	175,317	(1.0)	(1.2)
Acquisition of property, plant and equipment	153,789	235,008	(34.6)
Net capital expenditures (2)(5)	146,667	197,342	(25.7)	(26.2)
Net capital expenditures, excluding network expansion projects (2)	115,007	131,508	(12.5)	(13.2)
Per share data (6)
Earnings per share
Basic	2.23	2.68	(16.8)
Diluted	2.21	2.67	(17.2)
Adjusted diluted (2)(4)	2.57	2.71	(5.2)
Dividends per share	0.854	0.731	16.8

(1)	Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current period denominated in US dollars at the foreign exchange rate of the comparable period of the prior year. For the three-month period ended November 30, 2022, the average foreign exchange rate used for translation was 1.3489 USD/CDN.
(2)	Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS financial measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS ratios. These 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 information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release.
(3)	For the three-month periods ended November 30, 2023 and 2022, acquisition, integration, restructuring and other costs mostly related to costs associated with the configuration and customization related to cloud computing and other arrangements.
(4)	Excludes the impact of acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, net of tax and non-controlling interest.
(5)	Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.
(6)	Per multiple and subordinate voting share.

 

As at	November 30, 2023	August 31, 2023
(In thousands of Canadian dollars)	$	$
Financial condition
Cash and cash equivalents	86,921	363,854
Total assets	9,607,256	9,869,778
Long-term debt
Current	67,540	43,325
Non-current	4,741,681	5,045,672
Net indebtedness (1)	4,815,873	4,817,113
Equity attributable to owners of the Corporation	943,601	925,863

(1)	Net indebtedness is a capital management measure. For more information on this financial measure, please consult the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the three-month period ended November 30, 2023, available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Inc.'s ("Cogeco" or the "Corporation") future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements regarding the Corporation's 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 Cogeco believes are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategies" section of the Corporation's 2023 annual MD&A and of the fiscal 2024 first-quarter MD&A, and the "Fiscal 2024 financial guidelines" section of the Corporation's 2023 annual MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as general market and other conditions, competitive risks (including changing competitive ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), talent management risks (including highly competitive market for limited pool of digitally skilled employees), human-caused and natural threats to the Corporation's network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, community acceptance risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation's control. Moreover, the Corporation's radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to changing economic conditions. For more exhaustive information on these risks and uncertainties, the reader should refer to the "Uncertainties and main risk factors" sections of the Corporation's 2023 annual MD&A and of the fiscal 2024 first-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 management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release which represent Cogeco's expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does 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.

All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation's MD&A for the three-month period ended November 30, 2023, the Corporation's condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with International Financial Reporting Standards ("IFRS") and the Corporation's 2023 Annual Report.

Non-IFRS and other financial measures

This press release includes references to non-IFRS and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of Cogeco and used in the decision-making process with regard to its business units.

Reconciliations between non-IFRS and other financial measures to the most directly comparable IFRS financial measures are provided below. Certain additional disclosures for non-IFRS and other financial measures used in this press release 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 three-month period ended November 30, 2023, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS financial measures are used as a component of Cogeco's non-IFRS ratios.

Specified non-IFRS financial measures	Used in the component of the following non-IFRS ratios
Adjusted profit attributable to owners of the Corporation	Adjusted diluted earnings per share
Constant currency basis	Change in constant currency

Financial measures presented on a constant currency basis for the three-month period ended November 30, 2023 are translated at the average foreign exchange rate of the comparable period of the prior year, which was 1.3489 USD/CDN.

Constant currency basis and foreign exchange impact reconciliation

Consolidated

			Three months ended November 30
											Change
	2023		Foreign exchange impact		2023 in constant currency		2022		Actual		In constant currency
(In thousands of Canadian dollars, except percentages)	$		$		$		$		%		%
Revenue	776,172		(4,462)		771,710		789,690		(1.7)		(2.3)
Operating expenses	410,139		(2,507)		407,632		415,808		(1.4)		(2.0)
Adjusted EBITDA	366,033		(1,955)		364,078		373,882		(2.1)		(2.6)
Free cash flow	141,823		(176)		141,647		109,483		29.5		29.4
Net capital expenditures	146,667		(1,060)		145,607		197,342		(25.7)		(26.2)

Canadian telecommunications segment

			Three months ended November 30
											Change
	2023		Foreign exchange impact		2023 in constant currency		2022		Actual		In constant currency
(In thousands of Canadian dollars, except percentages)	$		$		$		$		%		%
Revenue	376,448		—		376,448		372,084		1.2		1.2
Operating expenses	180,094		(191)		179,903		173,451		3.8		3.7
Adjusted EBITDA	196,354		191		196,545		198,633		(1.1)		(1.1)
Net capital expenditures	87,836		(388)		87,448		115,238		(23.8)		(24.1)

American telecommunications segment

			Three months ended November 30
											Change
	2023		Foreign exchange impact		2023 in constant currency		2022		Actual		In constant currency
(In thousands of Canadian dollars, except percentages)	$		$		$		$		%		%
Revenue	371,241		(4,462)		366,779		390,216		(4.9)		(6.0)
Operating expenses	193,071		(2,316)		190,755		207,710		(7.0)		(8.2)
Adjusted EBITDA	178,170		(2,146)		176,024		182,506		(2.4)		(3.6)
Net capital expenditures	55,853		(672)		55,181		80,408		(30.5)		(31.4)

Adjusted profit attributable to owners of the Corporation

	Three months ended November 30
	2023	2022
(In thousands of Canadian dollars)	$	$
Profit for the period attributable to owners of the Corporation	34,541	42,081
Acquisition, integration, restructuring and other costs	3,265	2,677
Loss on debt extinguishment (1)	16,880	—
Tax impact for the above items	(5,333)	(710)
Non-controlling interest impact for the above items	(9,315)	(1,286)
Adjusted profit attributable to owners of the Corporation	40,038	42,762

(1)	Included within financial expense.

Free cash flow reconciliation

	Three months ended November 30
	2023	2022
(In thousands of Canadian dollars)	$	$
Cash flows from operating activities	236,919	193,821
Amortization of deferred transaction costs and discounts on long-term debt (1)	2,691	3,062
Loss on debt extinguishment (1)	16,880	—
Changes in other non-cash operating activities	58,495	69,949
Income taxes paid	2,903	47,293
Current income taxes	(8,042)	(9,290)
Interest paid	65,038	61,206
Financial expense	(84,294)	(57,527)
Net capital expenditures (2)	(146,667)	(197,342)
Repayment of lease liabilities	(2,100)	(1,689)
Free cash flow	141,823	109,483

(1)	Included within financial expense.
(2)	Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.

Net capital expenditures reconciliation

	Three months ended November 30
	2023	2022
(In thousands of Canadian dollars)	$	$
Acquisition of property, plant and equipment	153,789	235,008
Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during the period	(7,122)	(37,666)
Net capital expenditures	146,667	197,342

Adjusted EBITDA reconciliation

	Three months ended November 30
	2023	2022
(In thousands of Canadian dollars)	$	$
Profit for the period	98,729	123,808
Income taxes	19,381	33,480
Financial expense	84,294	57,527
Depreciation and amortization	160,364	156,390
Acquisition, integration, restructuring and other costs	3,265	2,677
Adjusted EBITDA	366,033	373,882

Net capital expenditures and free cash flow excluding network expansion projects reconciliations

Net capital expenditures

	Three months ended November 30
											Change
	2023		Foreign exchange impact		2023 in constant currency		2022		Actual		In constant currency
(In thousands of Canadian dollars, except percentages)	$		$		$		$		%		%
Net capital expenditures	146,667		(1,060)		145,607		197,342		(25.7)		(26.2)
Net capital expenditures in connection with network expansion projects	31,660		(162)		31,498		65,834		(51.9)		(52.2)
Net capital expenditures, excluding network expansion projects	115,007		(898)		114,109		131,508		(12.5)		(13.2)

Free cash flow

	Three months ended November 30
											Change
	2023		Foreign exchange impact		2023 in constant currency		2022		Actual		In constant currency
(In thousands of Canadian dollars, except percentages)	$		$		$		$		%		%
Free cash flow	141,823		(176)		141,647		109,483		29.5		29.4
Net capital expenditures in connection with network expansion projects	31,660		(162)		31,498		65,834		(51.9)		(52.2)
Free cash flow, excluding network expansion projects	173,483		(338)		173,145		175,317		(1.0)		(1.2)

Additional information

Additional information relating to the Corporation is available on SEDAR+ at www.sedarplus.ca and on the Corporation's website at corpo.cogeco.com.

About Cogeco Inc.

Rooted in the communities it serves, Cogeco Inc. is a growing competitive force in the North American telecommunications and media sectors, serving 1.6 million residential and business customers. Its Cogeco Communications Inc. subsidiary provides Internet, video and phone services in Canada as well as in thirteen states in the United States through its business units Cogeco Connexion and Breezeline. Through Cogeco Media, it owns and operates 21 radio stations primarily in the province of Québec as well as a news agency. Cogeco's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO). The subordinate voting shares of Cogeco Communications Inc. are also listed on the Toronto Stock Exchange (TSX: CCA).

For information:

Investors
Patrice Ouimet
Senior Vice President and Chief Financial Officer
Cogeco Inc.
Tel.: [phone]
[e-mail] 

Troy Crandall
Head, Investor Relations
Cogeco Inc.
Tel.: [phone]
[e-mail]

Media
Youann Blouin
Director, Media Relations & Strategic Communications
Cogeco Inc.
Tel.: [phone]
[e-mail] 

Conference Call:	Thursday, January 11th, 2024 at 9:30 a.m. (Eastern Standard Time)
	A live audio webcast of the analyst call will be available on the Investor Relations page and on the Events and Presentations page on Cogeco's website. Financial analysts will be able to access the live conference call and ask questions. Media representatives may attend as listeners only. A recording of the webcast will be available on Cogeco's website for a three-month period.
	Please use the following dial-in number to access the conference call 10 minutes before the start of the conference:
	Local - Toronto: 1 416-764-8658
	Toll Free - North America: 1 888-886-7786

To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is, Cogeco Inc. or Cogeco Communications Inc.

The conference call will be followed by a live webcast of the virtual Annual and Special Shareholders' Meetings at 11:30 a.m. at: https://web.lumiagm.com/#/424761509

SOURCE Cogeco Inc.

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