Earnings

Cogeco Announces Q4 2025 Financial Results

By The Northwire Desk — AI Analysis Oct 29, 2025 · 20:13 CGO · 60.07 COGECO INC. SV

CGO · Price

Cogeco Inc. reported Q4 2025 results (three months ended August 31, 2025) showing revenue of C$731.4 M, a 4.9% decline year‑over‑year, and adjusted EBITDA of C$357.1 M, down 3.8%.
Net profit attributable to owners fell 14.4% to C$16.5 M; adjusted profit attributable to owners declined 19.8% to C$20.5 M.
The Board increased the quarterly dividend by 7.0% to C$0.987 per share and released FY 2026 financial guidance, projecting modest revenue decline (‑1% to ‑3%) and adjusted EBITDA change of ‑0% to +2%.

Revenue: C$731,367 K (‑4.9% YoY; constant‑currency ‑5.0%).
Canadian telecom revenue –1.5% decline.
U.S. telecom revenue –9.0% decline.
Media segment revenue +8.5%.
Adjusted EBITDA: C$357,084 K (‑3.8% YoY; constant‑currency ‑3.9%).
Canadian telecom adjusted EBITDA –1.4%; U.S. telecom adjusted EBITDA –7.6%.
Profit for the period: C$76,197 K (‑6.4% YoY).
Profit attributable to owners: C$16,483 K (‑14.4% YoY); diluted EPS $1.71 (‑14.1%).
Adjusted profit attributable to owners: C$20,491 K; adjusted diluted EPS $2.12 (‑20.0%).
Free cash flow: C$101,596 K (‑29.0% YoY); free cash flow excl. network expansion projects C$159,414 K (‑20.3%).
Net capital expenditures: C$155,871 K (↑0.8% YoY). Network‑expansion capex C$57,818 K; non‑expansion capex C$98,053 K.
Homes passed in FY 2025: 47,000 total, >15,000 in Q4.
Dividend: Quarterly dividend increased 7.0% to C$0.987 per share (Board approval at Oct 29 meeting).
FY 2026 Guidance (constant‑currency):
Revenue: decline of 1%–3% (≈C$3,008 M).
Adjusted EBITDA: change of ‑0% to +2% (≈C$1,453 M).
Net capital expenditures: C$565 M – C$605 M (incl. $100 M–$140 M for growth‑oriented network expansion).
Free cash flow (and excl. network projects): increase of 0%–10%.

“Our Canadian business is firing on all cylinders, achieving its best Internet subscriber growth in 13 years…,” – Frédéric Perron, President & CEO.
“We just finished year one of our 3‑year transformation program, where we met our internal cost reduction targets…” – Frédéric Perron.

Materiality: Material – Neutral (earnings release and forward‑looking guidance constitute a material corporate event).

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