SEDAR Interim Financial Statements

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Three-month period ended November 30, 2025 Interim consolidated statements of profit or loss ................................................................................................................................................. 34 Interim consolidated statements of comprehensive income .............................................................................................................................. 35 Interim consolidated statements of changes in shareholders' equity .............................................................................................................. 36 Interim consolidated statements of financial position ......................................................................................................................................... 37 Interim consolidated statements of cash flows ..................................................................................................................................................... 38 Notes to the condensed interim consolidated financial statements .................................................................................................................. 39 COGECO COMMUNICATIONS INC. INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS (unaudited) Three months ended November 30 Notes 2025 2024 (In thousands of Canadian dollars, except per share data) $ $ Revenue 3 707,247 738,695 Operating expenses 5 347,410 368,558 Management fees – Cogeco Inc. 16 6,014 4,922 Acquisition, integration, restructuring and other costs (gains) 6 1,298 (9,958) Depreciation and amortization 7 172,079 175,899 Financial expense 8 61,643 65,489 Profit before income taxes 118,803 133,785 Income taxes 9 25,708 26,625 Profit for the period 93,095 107,160 Profit for the period attributable to: Owners of the Corporation 88,676 100,588 Non-controlling interest 4,419 6,572 93,095 107,160 Earnings per share Basic 10 2.11 2.39 Diluted 10 2.09 2.38 34 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements COGECO COMMUNICATIONS INC. INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three months ended November 30 2025 2024 (In thousands of Canadian dollars) $ $ Profit for the period 93,095 107,160 Other comprehensive income (loss) Items to be subsequently reclassified to profit or loss Cash flow hedging adjustments Net change in fair value of hedging derivative financial instruments (7,679) 1,847 Related income taxes 2,036 (489) (5,643) 1,358 Foreign currency translation adjustments Net foreign currency translation differences on net investments in foreign operations 44,435 94,339 Net changes on translation of long-term debt designated as hedges of net investments in foreign operations (3,555) (20,241) Related income taxes — 984 40,880 75,082 35,237 76,440 Items not to be subsequently reclassified to profit or loss Defined benefit plans actuarial adjustments Remeasurement of net defined benefit liability or asset 741 (120) Related income taxes (196) 32 545 (88) 35,782 76,352 Comprehensive income for the period 128,877 183,512 Comprehensive income for the period attributable to: Owners of the Corporation 115,380 157,685 Non-controlling interest 13,497 25,827 128,877 183,512 COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 35 COGECO COMMUNICATIONS INC. INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudite --- d) Equity attributable to owners of the Corporation Share capital Share- based payment reserve Accumulated other comprehensive income (loss) Retained earnings Equity attributable to non- controlling interest Total shareholders' equity (In thousands of Canadian dollars) $ $ $ $ $ $ (Note 12) (Note 13) Balance at August 31, 2024 839,701 19,719 122,401 1,997,870 494,972 3,474,663 Profit for the period — — — 100,588 6,572 107,160 Other comprehensive income (loss) for the period — — 57,185 (88) 19,255 76,352 Comprehensive income for the period — — 57,185 100,500 25,827 183,512 Share-based payment (Notes 12 C) and 16) — 1,057 — — — 1,057 Stock options exercised and other 3,447 (1,050) — — — 2,397 Dividends (Note 12 B)) — — — (38,673) — (38,673) Disposal of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 409 — — — — 409 Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 2,435 (3,011) — 576 — — Total contributions by (distributions to) shareholders 6,291 (3,004) — (38,097) — (34,810) Balance at November 30, 2024 845,992 16,715 179,586 2,060,273 520,799 3,623,365 Balance at August 31, 2025 846,001 19,986 125,959 2,168,576 523,129 3,683,651 Profit for the period — — — 88,676 4,419 93,095 Other comprehensive income for the period — — 26,159 545 9,078 35,782 Comprehensive income for the period — — 26,159 89,221 13,497 128,877 Share-based payment (Notes 12 C) and 16) — 1,693 — — — 1,693 Dividends (Note 12 B)) — — — (41,395) — (41,395) Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans (10,055) — — — — (10,055) Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 2,044 (1,879) — (165) — — Total distributions to shareholders (8,011) (186) — (41,560) — (49,757) Balance at November 30, 2025 837,990 19,800 152,118 2,216,237 536,626 3,762,771 36 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements COGECO COMMUNICATIONS INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited) Notes November 30, 2025 August 31, 2025 (In thousands of Canadian dollars) $ $ Assets Current Cash 65,129 75,152 Trade and other receivables 143,520 131,876 Income tax receivable 3,808 3,483 Prepaid expenses and other 59,909 46,952 Derivative financial instruments 5,876 2,947 278,242 260,410 Non-current Other assets 164,020 153,451 Property, plant and equipment 3,311,142 3,282,411 Intangible assets 3,835,266 3,808,837 Goodwill 2,199,775 2,166,652 Derivative financial instruments 8,280 17,635 Deferred tax assets 1,303 2,999 9,798,028 9,692,395 Liabilities and Shareholders' equity Liabilities Current Bank indebtedness — 1,379 Trade and other payables 334,223 380,616 Provisions 30,096 40,915 Income tax liabilities 12,626 30,089 Contract liabilities and other liabilities 57,277 58,627 Derivative financial instruments 2,478 1,961 Current portion of long-term debt 11 253,715 43,632 690,415 557,219 Non-current Long-term debt 11 4,383,980 4,510,769 Derivative financial instruments 12,989 12,049 Contract liabilities and other liabilities 17,057 17,682 Accrued employee benefits 9,376 9,572 Deferred tax liabilities 921,440 901,453 6,035,257 6,008,744 Shareholders' equity Equity attributable to owners of the Corporation Share capital 12 A) 837,990 846,001 Share-based payment reserve 19,800 19,986 Accumulated o --- ther comprehensive income 13 152,118 125,959 Retained earnings 2,216,237 2,168,576 3,226,145 3,160,522 Equity attributable to non-controlling interest 536,626 523,129 3,762,771 3,683,651 9,798,028 9,692,395 Contingencies (Note 17) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 37 COGECO COMMUNICATIONS INC. INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) Three months ended November 30 Notes 2025 2024 (In thousands of Canadian dollars) $ $ Cash flows from operating activities Profit for the period 93,095 107,160 Adjustments for: Depreciation and amortization 7 172,079 175,899 Financial expense 8 61,643 65,489 Income taxes 9 25,708 26,625 Share-based payment 1,496 2,223 Loss (gain) on disposals and write-offs of property, plant and equipment, including sale and leaseback transactions 6 726 (16,448) Defined benefit plans expense, net of contributions 116 201 354,863 361,149 Changes in other non-cash operating activities 14 A) (92,442) (74,174) Interest paid (57,554) (61,471) Income taxes paid (28,544) (6,639) 176,323 218,865 Cash flows from investing activities Acquisition of property, plant and equipment 14 B) (157,151) (153,243) Acquisition of spectrum licences (2,868) (3,522) Subsidies received in advance 188 187 Proceeds from disposals of property, plant and equipment, including sale and leaseback transactions 6 1,212 19,613 (158,619) (136,965) Cash flows from financing activities Decrease in bank indebtedness (1,379) (8,470) Net increase under revolving facilities 45,985 18,821 Issuance of long-term debt, net of discounts and transaction costs 3,588 — Repayment of notes and credit facilities (21,434) (41,258) Repayment of lease liabilities (3,574) (2,606) Issuance of subordinate voting shares — 2,911 Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 12 A) (10,055) — Dividends paid 12 B) (41,395) (38,673) (28,264) (69,275) Effect of exchange rate changes on cash and cash equivalents denominated in a foreign currency 537 2,609 Net change in cash and cash equivalents (10,023) 15,234 Cash and cash equivalents, beginning of the period 75,152 76,335 Cash and cash equivalents, end of the period 65,129 91,569 38 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements 1. Nature of operations Cogeco Communications Inc. ("Cogeco Communications" or the "Corporation") is a telecommunications corporation operating through its business units Cogeco Connexion and Breezeline. Cogeco Communications provides Internet, wireless, video and wireline phone services to residential and business customers in Canada and in the United States. The Corporation is a subsidiary of Cogeco Inc. ("Cogeco"), which as of November 30, 2025 held 28.4% of the Corporation's equity shares, representing 79.9% of the votes attached to the Corporation's voting shares. Cogeco Communications is a Canadian public corporation whose subordinate voting shares are listed on the Toronto Stock Exchange ("TSX") under the trading symbol "CCA". The Corporation's registered office is located at 1 Place Ville Marie, Suite 3301, Montréal, Québec, H3B 3N2. The results of operations for the interim period are not necessarily indicative of the results of operations for the full year. The Corporation does not expect seasonality to be a material factor in its quarterly results. 2. Basis of presentation and accounting policy developments A) Basis of presentati --- on These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standards ("IAS") 34, Interim Financial Reporting, as issued by the International Accounting Standards Board ("IASB") and were approved and authorized for issuance by the Board of Directors of the Corporation on January 14, 2026. These condensed interim consolidated financial statements have been prepared with the same accounting policies and methods of computation followed by the Corporation in its 2025 annual consolidated financial statements. These condensed interim consolidated financial statements do not include all the information required for annual financial statements and should be read in conjunction with the Corporation's 2025 annual consolidated financial statements. Certain comparative amounts in the condensed interim consolidated financial statements have been reclassified in order to conform to the fiscal 2026 consolidated financial statements presentation. Financial information is presented in Canadian dollars, unless otherwise indicated. B) Foreign currency translation Foreign currency rates used to translate the Corporation's foreign operation, Breezeline, are as follows: Closing rates as of Average rates for the three months ended November 30 November 30, 2025 August 31, 2025 2025 2024 US dollar vs Canadian dollar 1.3979 1.3742 1.3960 1.3759 COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 39 C) Accounting policy developments Future changes to accounting standards The following new standard and amendments to accounting standards were issued by the IASB and were not yet applied in preparing these condensed interim consolidated financial statements. Amendments to the Classification and Measurement of Financial Instruments - Amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments, which amended IFRS 9 and IFRS 7, to clarify when a financial asset or a financial liability is recognized and derecognized and to introduce an accounting policy choice to derecognize financial liabilities settled using an electronic payment system before the settlement date. The amendments also clarify the classification of financial assets with environmental, social and governance ("ESG")-linked features, non-recourse loans and contractually linked instruments, and introduce disclosure requirements for financial instruments with contingent features and equity instruments classified at fair value through other comprehensive income. The amendments are effective for annual reporting periods beginning on or after January 1, 2026, with earlier application permitted. The Corporation is currently assessing the impact of these amendments on its consolidated financial statements, but does not expect to have any material impact. IFRS 18, Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, Presentation of Financial Statements. IFRS 18 introduces three sets of new requirements to improve companies' r --- eporting of financial performance and give investors a better basis for analyzing and comparing companies: • improved comparability in the statement of profit or loss by introducing three defined categories for income and expenses (operating, investing and financing) and requiring companies to provide two new defined subtotals, i.e. operating profit and profit before financing and income taxes; • enhanced transparency of management-defined performance measures by requiring companies to disclose explanations of those company-specific measures that are related to the income statement; and • enhanced guidance on how companies group information in the financial statements, including guidance on whether information is included in the primary financial statements or is further disaggregated in the notes. The IASB also made consequential amendments to other accounting standards, including IAS 7, Statement of Cash Flows, IAS 33, Earnings per Share, and IAS 34, Interim Financial Reporting. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with earlier application permitted. The Corporation is currently assessing the impact of these new and amended accounting standards on its consolidated financial statements presentation and disclosure. Based on a high level assessment, the Corporation currently expects the following to be the most significant impacts on the presentation and disclosure of its consolidated financial statements: • Consolidated statements of profit or loss: Although there will be no impact on the Corporation's reported profit for the period/year, the presentation of the Corporation's consolidated statements of profit or loss will change, including presenting the two new defined subtotals and classifying income and expenses into the IFRS 18 defined categories. Certain line items presented may also change as a result of the application of the new 'useful structured summary' concept and the enhanced principles on aggregation and disaggregation. • Consolidated statements of cash flows: The starting point will change from profit for the period/year to the new operating profit subtotal to be reported, while interest paid will move from cash flows from operating activities to cash flows from financing activities. • Notes to the consolidated financial statements: Certain financial measures and related information currently reported as 'non-IFRS Accounting Standards and other financial measures' in the Corporation's management's discussion and analysis are expected to be considered 'management-defined performance measures' under IFRS 18 (e.g. adjusted EBITDA and adjusted profit attributable to owners of the Corporation). Accordingly, specific required disclosures for these management-defined performance measures will need to be provided within a single note to the consolidated financial statements. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 40 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements 3. Revenue Three months ended November 30 Canadian telecommunications American telecommunications Consolidated 2025 2024 2025 2024 2025 2024 $ $ $ $ $ $ Residential (1) 311,138 312,277 286,182 312,253 597,320 624,530 Commercial 48,894 48,363 42,405 44,583 91,299 92,946 Oth --- er (2) 16,880 16,626 1,748 4,593 18,628 21,219 376,912 377,266 330,335 361,429 707,247 738,695 (1) Includes revenue from Internet, video, wireline phone and wireless residential subscribers, as well as bulk residential subscribers. (2) Includes revenue mainly from Internet wholesale-based providers and advertising. 4. Segment information The Corporation's results are reported in two operating segments: Canadian telecommunications and American telecommunications. Information related to each reportable segment is set out below. Adjusted EBITDA, which is equal to Revenue less Operating expenses, is used to measure the performance of each segment as management believes it to be the most relevant in evaluating their results and making decisions about resources to be allocated to them. Transactions between operating segments are measured at the amounts agreed to between the parties. Three months ended November 30, 2025 Canadian telecommunications American telecommunications Corporate and eliminations Consolidated $ $ $ $ Revenue 376,912 330,335 — 707,247 Operating expenses 176,591 165,502 5,317 347,410 Management fees – Cogeco Inc. — — 6,014 6,014 Adjusted EBITDA 200,321 164,833 (11,331) 353,823 Acquisition, integration, restructuring and other costs 1,298 Depreciation and amortization 172,079 Financial expense 61,643 Profit before income taxes 118,803 Income taxes 25,708 Profit for the period 93,095 Net capital expenditures (1) 105,691 51,272 — 156,963 COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 41 Three months ended November 30, 2024 Canadian telecommunications American telecommunications Corporate and eliminations Consolidated restated (2) restated (2) $ $ $ $ Revenue 377,266 361,429 — 738,695 Operating expenses 180,706 182,617 5,235 368,558 Management fees – Cogeco Inc. — — 4,922 4,922 Adjusted EBITDA 196,560 178,812 (10,157) 365,215 Acquisition, integration, restructuring and other costs (gains) (9,958) Depreciation and amortization 175,899 Financial expense 65,489 Profit before income taxes 133,785 Income taxes 26,625 Profit for the period 107,160 Net capital expenditures (1) 76,918 73,727 — 150,645 (1) Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including subsidies received in advance recognized as a reduction of the cost of property, plant and equipment. Refer to Note 14 B) for a reconciliation of net capital expenditures to cash payments for acquisition of property, plant and equipment as reported in the consolidated statements of cash flows. (2) Following a full-scale launch of its Canadian wireless service offering across the majority of its operating footprint in Québec and Ontario during the first quarter of fiscal 2026, the Corporation changed the presentation of its reportable segments by including the Canadian wireless operations within its Canadian telecommunications segment. Cogeco Mobile's operations were previously included within "Corporate and eliminations" during the start-up phase. Comparative figures were restated to conform to the current presentation, including $2.9 million of o --- perating expenses which were reclassified from "Corporate and eliminations" to the Canadian telecommunications segment. 5. Operating expenses Three months ended November 30 2025 2024 $ $ Salaries, employee benefits and outsourced services 105,661 115,593 Service delivery costs (1) 174,964 187,980 Customer related costs (2) 30,137 33,513 Other external purchases (3) 36,648 31,472 347,410 368,558 (1) Includes content and programming costs, payments to other carriers, franchise fees and network costs. (2) Includes advertising and marketing expenses, selling costs, billing expenses, bad debts and collection expenses. (3) Includes office building expenses, professional service fees, Canadian Radio-television and Telecommunications Commission ("CRTC") fees and other administrative expenses. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 42 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements 6. Acquisition, integration, restructuring and other costs (gains) Three months ended November 30 2025 2024 $ $ Acquisition and integration costs — 148 Restructuring costs 645 1,038 Configuration and customization costs related to cloud computing and other arrangements (1) 653 1,545 Gain on sale and leaseback transactions (2) — (13,844) Other costs — 1,155 1,298 (9,958) (1) Fiscal 2025 first-quarter ended November 30, 2024 included $1.2 million of technology licensing costs related to the implementation of the Canadian wireless technology system, whereas these costs, amounting to $1.7 million for the first quarter of fiscal 2026, are now included within Operating expenses of the Canadian telecommunications segment, since the system is now in operation. (2) In connection with a sale of a building and its leaseback for a period of two years, with an option to renew for an additional year, completed during the first quarter of fiscal 2025. 7. Depreciation and amortization Three months ended November 30 2025 2024 $ $ Canadian telecommunications 82,951 86,031 American telecommunications 88,822 89,573 Corporate and eliminations 306 295 172,079 175,899 8. Financial expense Three months ended November 30 2025 2024 $ $ Interest on long-term debt, excluding interest on lease liabilities 66,107 70,157 Interest on lease liabilities 760 742 Net foreign exchange loss (gain) (897) 1,996 Interest and other income (1,208) (2,727) Capitalized borrowing costs (1) (3,979) (5,330) Other 860 651 61,643 65,489 (1) Mainly in connection with debt incurred for the purchase of spectrum licences and the construction of certain networks. For the three-month period ended November 30, 2025, the weighted average interest rate used for the capitalization of borrowing costs was 4.61% (5.97% for the comparative period of the prior year). COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 43 9. Income taxes Three months ended November 30 2025 2024 $ $ Current 10,978 14,628 Deferred 14,730 11,997 25,708 26,625 The following table provides the reconciliation between income ta --- x expense at the Canadian statutory federal and provincial income tax rates and the consolidated income tax expense: Three months ended November 30 2025 2024 $ $ Profit before income taxes 118,803 133,785 Combined Canadian income tax rate 26.5 % 26.5 % Income taxes at combined Canadian income tax rate 31,483 35,453 Difference in operations' statutory income tax rates (79) (167) Recognition of previously unrecognized capital losses — (2,338) Impact on income taxes arising from non-deductible expenses and non-taxable profit 406 (1,951) Pillar Two global minimum tax (1) 1,058 2,518 Tax impacts related to foreign operations (7,071) (7,271) Other (89) 381 Income taxes at effective income tax rate 25,708 26,625 Effective income tax rate 21.6 % 19.9 % (1) The Corporation has applied a temporary mandatory relief from deferred tax accounting for the impacts of the Pillar Two global minimum tax and it is recognized as a current income tax in the period it is incurred. 10. Earnings per share The following table provides the components used in the calculation of basic and diluted earnings per share: Three months ended November 30 2025 2024 $ $ Profit for the period attributable to owners of the Corporation 88,676 100,588 Weighted average number of multiple and subordinate voting shares outstanding 42,105,043 42,047,859 Effect of dilutive stock options (1) 12,958 40,574 Effect of dilutive incentive share units 67,290 64,840 Effect of dilutive performance share units 291,476 149,154 Weighted average number of diluted multiple and subordinate voting shares outstanding 42,476,767 42,302,427 (1) For the first quarter of fiscal 2026, 563,358 stock options (735,621 for the same period of the prior year) were excluded from the calculation of diluted earnings per share due to the exercise price of the options being greater than the average share price of the subordinate voting shares. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 44 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements 11. Long-term debt November 30, 2025 August 31, 2025 $ $ Notes and credit facilities 4,554,227 4,470,302 Lease liabilities 66,374 67,005 Balance due on business combinations 17,094 17,094 4,637,695 4,554,401 Less current portion 253,715 43,632 4,383,980 4,510,769 COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 45 A) Notes and credit facilities Maturity Interest rate (1) November 30, 2025 August 31, 2025 % $ $ Corporation Term Revolving Facility Revolving loan – US$192.1 million (US$159 million at August 31, 2025) May 2030 3.63 (2) 268,537 218,498 Senior Secured Notes - Series B - US$150 million September 2026 4.29 209,614 206,036 Senior Secured Notes - Series 1 September 2031 2.99 497,980 497,900 Senior Secured Notes - Series 2 February 2033 5.30 298,501 298,457 Senior Secured Notes - Series 3 February 2035 4.74 323,379 323,343 Senior Unsecured Notes February 2029 6.13 272,521 272,343 Senior Unsecured Non-Revolving Facility November 2042 5.75 5,346 1,711 U --- .S. subsidiaries First Lien Credit Facilities Senior Secured Term Loan B Facility Tranche 2 - US$866.3 million (US$868.5 million at August 31, 2025) September 2028 5.20 (3) 1,201,412 1,183,349 Tranche 3 - US$606.4 million (US$618.4 million at August 31, 2025) September 2030 7.21 (4) 832,258 833,884 Farm Credit - US$466.7 million (US$467.9 million at August 31, 2025) September 2028 7.17 (5) 644,679 634,781 Senior Secured Revolving Facility September 2028 — — — 4,554,227 4,470,302 Less current portion 239,669 29,545 4,314,558 4,440,757 (1) Interest rate as of November 30, 2025, which excludes the impact of deferred transaction costs and commitment fees but includes the impact of the outstanding interest rate swaps and cross-currency swaps, as applicable. (2) An amount of US$192.1 million drawn under the Corporation's Term Revolving Facility was hedged until January 12, 2026, using a cross-currency swap agreement which sets the amount redeemable at maturity at $271.1 million. (3) As of November 30, 2025, a U.S. subsidiary had outstanding interest rate swap agreements to fix the interest rate on an amount of US$600 million of the Senior Secured Term Loan B Facility - Tranche 2. These agreements have the effect of converting the floating SOFR base rate, or the 39 bps SOFR floor if higher, into fixed rates ranging from 1.32% to 3.25%, plus an applicable credit spread, for maturities between October 31, 2026 and August 31, 2028. The interest rate includes the impact of the outstanding interest rate swaps. (4) As of November 30, 2025, a U.S. subsidiary had outstanding interest rate swap agreements to fix the interest rate on an amount of US$550 million of the Senior Secured Term Loan B Facility - Tranche 3. These agreements have the effect of converting the floating SOFR base rate into fixed rates ranging from 3.82% to 4.18%, plus an applicable credit spread, for maturities between February 28, 2027 and February 28, 2029. The interest rate includes the impact of the outstanding interest rate swaps. (5) The interest rate does not include the impact of a rate rebate earned under a patronage program, which is included in Interest and other income within Financial expense. Senior Unsecured Non-Revolving Facility On September 29, 2025, Cogeco Communications drew $6.3 million from the Senior Unsecured Non-Revolving Facility, of which $2.7 million was recognized as a government grant. The credit facility, having an aggregate principal amount of up to $38.1 million, can only be drawn to finance the network expansion projects undertaken in connection with Ontario's Accelerated High Speed Internet Program. On November 30, 2025, the remaining availability under the facility amounted to $27.0 million. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 46 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements B) Other information November 30, 2025 August 31, 2025 Weighted average interest rate on long-term debt (1) 5.5 % 5.3 % Weighted average term to maturity of long-term debt (in years) 4.3 4.5 (1) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. 12. Share capital A) Issued and paid Multiple voting shares Subordinate voting shares Number of shares Amount Nu --- mber of shares Amount $ $ Issued and outstanding, November 30, 2025 and August 31, 2025 12,000,871 75,217 30,277,651 783,447 Shares held in trust, August 31, 2025 (1) — — (168,700) (12,663) Subordinate voting shares acquired — — (152,265) (10,055) Subordinate voting shares distributed to employees — — 29,924 2,044 Shares held in trust, November 30, 2025 (1) — — (291,041) (20,674) Issued and outstanding, net of shares held in trust, November 30, 2025 12,000,871 75,217 29,986,610 762,773 (1) Shares held in trust under the Incentive Share Unit and Performance Share Unit plans. B) Dividends The following tables provide a summary of the dividends declared for the Corporation's multiple and subordinate voting shares during the three-month periods ended November 30, 2025 and 2024: Declaration date Record date Payment date Dividend per share (in dollars) October 29, 2025 November 12, 2025 November 26, 2025 0.987 October 31, 2024 November 14, 2024 November 28, 2024 0.922 Three months ended November 30 2025 2024 $ $ Dividends on multiple voting shares 11,845 11,065 Dividends on subordinate voting shares 29,550 27,608 41,395 38,673 At its January 14, 2026 meeting, the Board of Directors of Cogeco Communications declared a quarterly dividend of $0.987 per share for multiple and subordinate voting shares, payable on February 11, 2026 to shareholders of record on January 28, 2026. The Corporation hereby notifies that all dividends are eligible dividends unless indicated otherwise. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 47 C) Share-based payment plans The following table shows the compensation expense recorded with regard to the Corporation's share-based payment plans. Three months ended November 30 2025 2024 $ $ Stock options — 87 SARs 27 60 ISUs 288 267 PSUs 719 210 DSUs 684 1,101 1,718 1,725 Stock options and SARs Changes in the outstanding number of stock options and SARs for the three-month period ended November 30, 2025 were as follows: Stock options Weighted average exercise price SARs Weighted average exercise price $ $ Outstanding at August 31, 2025 1,064,464 78.26 34,687 67.45 Granted (1) 253,563 64.36 34,992 64.36 Exercised (2) — — (995) 61.62 Cancelled (247,274) 77.06 — — Outstanding at November 30, 2025 1,070,753 76.00 68,684 65.96 Exercisable at November 30, 2025 578,450 84.17 9,083 66.07 (1) The weighted average fair value for options and SARs granted during the three-month period was $7.71 and $7.78, respectively. (2) The weighted average share price for SARs exercised during the three-month period was $64.17. ISUs, PSUs and DSUs Changes in the outstanding number of ISUs, PSUs and DSUs for the three-month period ended November 30, 2025 were as follows: ISUs PSUs DSUs Outstanding at August 31, 2025 68,034 290,256 128,047 Granted/Issued (1) 24,889 77,376 — Performance-based additional units granted — 466 — Distributed/Redeemed (14,125) (22,737) (11,695) Cancelled (3,743) (18,204) — Dividend equivalents — 4,736 1,680 Outstanding at November 30, 2025 75,055 331,893 118,032 (1) The weighted average fair value of the ISUs and PSUs granted during the three-month period was $64.36. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDAT --- ED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 48 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements 13. Accumulated other comprehensive income Cash flow hedge reserve Foreign currency translation Total $ $ $ Balance at August 31, 2024 29,999 92,402 122,401 Other comprehensive income 1,358 55,827 57,185 Balance at November 30, 2024 31,357 148,229 179,586 Balance at August 31, 2025 6,272 119,687 125,959 Other comprehensive income (loss) (5,643) 31,802 26,159 Balance at November 30, 2025 629 151,489 152,118 14. Additional cash flows information A) Changes in other non-cash operating activities Three months ended November 30 2025 2024 $ $ Trade and other receivables (10,758) (10,194) Prepaid expenses and other (12,665) (6,214) Other assets (8,990) (5,441) Trade and other payables (46,425) (28,662) Provisions (10,872) (14,664) Contract liabilities and other liabilities (2,732) (8,999) (92,442) (74,174) B) Acquisition of property, plant and equipment The following table shows the reconciliation between the cash payments for acquisition of property, plant and equipment, as reported within the investing section in the interim consolidated statements of cash flows, and the net capital expenditures, as presented in Note 4. Three months ended November 30 2025 2024 $ $ Acquisition of property, plant and equipment 157,151 153,243 Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during the period (188) (2,598) Net capital expenditures 156,963 150,645 COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 49 15. Financial instruments A) Financial risk management Management's objectives are to protect the Corporation and its subsidiaries against material economic exposures and variability of results, and against certain financial risks including credit, liquidity, interest rate, foreign exchange and market price risks which are described in the Corporation's 2025 annual consolidated financial statements. Credit risk The lowest credit rating of the counterparties to the derivative financial instruments agreements at November 30, 2025 is "A" by Standard & Poor's rating services ("S&P"). Management monitors its exposure to financial institutions which is primarily in the form of deposits, derivatives and revolver commitments. Liquidity risk The following table shows the amount used and remaining availability under the Corporation's and its U.S. subsidiaries' revolving facilities at November 30, 2025: Total amount Amount used Remaining availability Corporation Term Revolving Facility $750.0 million $268.9 million $481.1 million U.S. subsidiaries Senior Secured Revolving Facility $349.5 million $3.0 million $346.5 million (US$250.0 million) (US$2.2 million) (US$247.8 million) Interest rate risk On November 30, 2025, all of the Corporation's long-term debt was at a fixed rate, except for the amounts drawn under the Term Revolving Facility and First Lien Credit Facilities, which are subject to floating interest rates. To reduce the risk on the floating intere --- st rate instruments and mitigate the impact of interest rate variations, the Corporation's U.S. subsidiary entered into fixed interest rate swap agreements. The following table shows the interest rate swaps outstanding at November 30, 2025: Type of hedge Notional amount Receive interest rate Pay interest rate (1) Maturity Hedged item Cash flow US$550 million Term SOFR 3.82% - 4.18% February 2027 - February 2029 Senior Secured Term Loan B - Tranche 3 Cash flow (2) US$600 million Term SOFR with a 39 bps floor 1.32% - 3.25% October 2026 - August 2028 Senior Secured Term Loan B - Tranche 2 (1) Hedges have the effect of converting the floating SOFR base rate into fixed rates, plus an applicable credit spread. (2) In October 2025, US$400 million interest rate swaps reached maturity and were partially replaced with new US$200 million interest rate swaps, bringing the outstanding balance to US$600 million. The new fixed interest rate swaps have a 3.25% interest rate and mature on August 31, 2028. A 1% increase (decrease) in the interest rate applicable to the unhedged portion of the floating interest rate facilities would result in an increase (decrease) of approximately $13.7 million in the Corporation's annual financial expense, based on the outstanding debt and swap agreements at November 30, 2025. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 50 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements B) Fair value of financial instruments The carrying value of all the Corporation's financial instruments approximates fair value, except as otherwise noted in the following table: November 30, 2025 August 31, 2025 Carrying value Fair value Carrying value Fair value $ $ $ $ Notes and credit facilities 4,554,227 4,545,279 4,470,302 4,495,260 C) Capital management The Corporation's objectives in managing capital are to ensure sufficient liquidity to support the capital requirements of its various businesses, including development of the business by acquisition, internal growth opportunities and innovation. The Corporation manages its capital structure and makes adjustments in light of general economic conditions, the regulatory environment, the risk characteristics of the underlying assets and the Corporation's working capital requirements. Management of the capital structure involves the issuance of new debt, the repayment of existing debt, the issuance or repurchase of equity and distributions to shareholders. The capital structure of the Corporation is composed of shareholders' equity, cash, bank indebtedness and long-term debt. On November 30, 2025 and August 31, 2025, the Corporation was in compliance with all of its debt covenants and was not subject to any other externally imposed capital requirements. The Corporation monitors and manages its capital structure using a number of measures, including the following key ratio: As at, or for the 12-month periods ended November 30, 2025 August 31, 2025 Components of debt ratio Net indebtedness (1) 4,620,979 4,527,171 Adjusted EBITDA (1) 1,431,253 1,442,645 Debt ratio Net indebtedness / adjusted EBITDA 3.2 3.1 (1) Net indebtedness reflects the US denominated debt converted at the exchange rate at the end of the period, while adjusted EBITDA reflects the average exch --- ange rate throughout the corresponding 12-month period. Net indebtedness is a measure used by management to assess the Corporation's financial leverage, as it represents the debt net of the available unrestricted cash and cash equivalents. The reconciliation of net indebtedness to long-term debt is as follows: November 30, 2025 August 31, 2025 Long-term debt, including the current portion 4,637,695 4,554,401 Discounts, transaction costs and other 48,413 46,543 Long-term debt before discounts, transaction costs and other 4,686,108 4,600,944 Bank indebtedness — 1,379 Cash (65,129) (75,152) Net indebtedness 4,620,979 4,527,171 COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements • 51 16. Related party transactions Management fees and other related party transactions As of November 30, 2025, Cogeco held 28.4% of the Corporation's equity shares, representing 79.9% of the votes attached to the Corporation's voting shares. The following table shows the management fees paid to Cogeco for its executive and administrative services provided to Cogeco Communications under the Management Services Agreement: Three months ended November 30 2025 2024 $ $ Management fees paid to Cogeco 6,014 4,922 No direct remuneration is payable to Cogeco's executive officers by the Corporation. The following table provides the number of stock options and PSUs granted during the three-month periods ended November 30, 2025 and 2024 to these executive officers, as executive officers of Cogeco Communications, the value of which was charged back to Cogeco: Three months ended November 30 (In number of units) 2025 2024 Stock options 189,845 143,978 PSUs 24,679 89,991 The following table shows the amounts that the Corporation charged Cogeco with regard to the Corporation's stock options, ISUs and PSUs granted to these executive officers, as well as DSUs issued to Board directors of Cogeco: Three months ended November 30 2025 2024 $ $ Stock options 246 198 ISUs 27 40 PSUs 646 255 DSUs 83 36 1,002 529 17. Contingencies Class action proceedings On September 20, 2024, an application seeking authorization to commence a class action against Cogeco Connexion was filed before the Superior Court of Québec. The application alleges that Cogeco Connexion breached Québec's Consumer Protection Act by failing to properly notify Québec-based residential customers of rate increases since September 20, 2021, and seeks reimbursement of the rate increases and punitive damages. A hearing on the authorization of this class action took place on June 26, 2025. On December 5, 2025, the Superior Court of Québec authorized the class action. We are vigorously defending against this action. Due to the significant uncertainty surrounding the outcome and its financial implications, the Corporation has not recorded any liability as at November 30, 2025. COGECO COMMUNICATIONS INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except number of shares/units and per share data, or unless otherwise noted) 52 • COGECO COMMUNICATIONS INC. Q1 2026 Condensed interim consolidated financial statements