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 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 3 735,641 764,960 Operating expenses 5 373,862 393,876 Acquisition, integration, restructuring and other costs (gains) 6 1,961 (9,648) Depreciation and amortization 7 173,405 177,202 Financial expense 8 63,397 67,798 Profit before income taxes 123,016 135,732 Income taxes 9 26,880 27,336 Profit for the period 96,136 108,396 Profit for the period attributable to: Owners of the Corporation 28,212 29,809 Non-controlling interest 67,924 78,587 96,136 108,396 Earnings per share Basic 10 2.97 3.13 Diluted 10 2.92 3.09 34 • COGECO INC. Q1 2026 Condensed interim consolidated financial statements COGECO INC. INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) Three months ended November 30 2025 2024 (In thousands of Canadian dollars) $ $ Profit for the period 96,136 108,396 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 3,330 (90) Related income taxes (882) 24 2,448 (66) 37,685 76,374 Comprehensive income for the period 133,821 184,770 Comprehensive income for the period attributable to: Owners of the Corporation 37,695 46,051 Non-controlling interest 96,126 138,719 133,821 184,770 COGECO INC. Q1 2026 Condensed interim consolidated financial statements • 35 COGECO INC. INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) Equity attributable to owners of the Corporation Share capital Share- based payment reserve Accu --- mulated 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 56,433 12,493 44,531 696,980 2,570,422 3,380,859 Profit for the period — — — 29,809 78,587 108,396 Other comprehensive income (loss) for the period — — 16,245 (3) 60,132 76,374 Comprehensive income for the period — — 16,245 29,806 138,719 184,770 Share-based payment (Note 12 C)) — 577 — — 757 1,334 Issuance of subordinate voting shares by a subsidiary to non-controlling interest and other — (298) — — 2,695 2,397 Dividends (Note 12 B)) — — — (8,686) (27,608) (36,294) Effect of changes in ownership of a subsidiary on non- controlling interest — — — (143) 143 — Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans (2,819) — — — — (2,819) Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 1,307 (1,471) — 164 — — Disposal by a subsidiary to non-controlling interest of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans — — — — 409 409 Distribution to employees, by a subsidiary, of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans — (855) — 164 691 — Total distributions to shareholders (1,512) (2,047) — (8,501) (22,913) (34,973) Balance at November 30, 2024 54,921 10,446 60,776 718,285 2,686,228 3,530,656 Balance at August 31, 2025 55,149 12,302 45,552 749,948 2,730,329 3,593,280 Profit for the period — — — 28,212 67,924 96,136 Other comprehensive income for the period — — 7,425 2,058 28,202 37,685 Comprehensive income for the period — — 7,425 30,270 96,126 133,821 Share-based payment (Note 12 C)) — 919 — — 1,212 2,131 Dividends (Note 12 B)) — — — (9,327) (29,550) (38,877) Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans (3,711) — — — — (3,711) Distribution to employees of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 1,881 (1,570) — (311) — — Acquisition by a subsidiary from non-controlling interest of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans — — — — (10,055) (10,055) Distribution to employees, by a subsidiary, of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans — (534) — (46) 580 — Total distributions to shareholders (1,830) (1,185) — (9,684) (37,813) (50,512) Balance at November 30, 2025 53,319 11,117 52,977 770,534 2,788,642 3,676,589 36 • COGECO INC. Q1 2026 Condensed interim consolidated financial statements COGECO INC. INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (unaudited) Notes November 30, 2025 August 31, 2025 (In thousands of Canadian dollars) $ $ Assets Current Cash 65,375 75,577 Trade and other receivables 169,836 148,752 Income tax receivable 6,508 5,664 Prepaid expenses and other 62,552 49,600 Derivative financial instruments 5,876 2,947 310,147 282,540 Non-current Other assets 179,205 166,173 Property, plant and equipment 3,342,482 3,315,203 Intangible assets 3,860,845 3,834,417 Goodwill 2,199,775 2,166,652 Derivative financial instruments 8,280 17,635 Deferred tax assets 1,884 3,843 9,902,618 9,786,463 Liabilities and Shareholders' equity Liabilities Current Bank indebtedness 886 3,515 Tr --- ade and other payables 350,172 396,105 Provisions 31,017 41,562 Income tax liabilities 13,180 30,197 Contract liabilities and other liabilities 57,713 59,023 Derivative financial instruments 3,796 3,109 Current portion of long-term debt 11 255,675 45,543 712,439 579,054 Non-current Long-term debt 11 4,542,874 4,664,731 Derivative financial instruments 12,989 12,049 Contract liabilities and other liabilities 17,076 17,703 Accrued employee benefits 14,150 14,447 Deferred tax liabilities 926,501 905,199 6,226,029 6,193,183 Shareholders' equity Equity attributable to owners of the Corporation Share capital 12 A) 53,319 55,149 Share-based payment reserve 11,117 12,302 Accumulated other comprehensive income 13 52,977 45,552 Retained earnings 770,534 749,948 887,947 862,951 Equity attributable to non-controlling interest 2,788,642 2,730,329 3,676,589 3,593,280 9,902,618 9,786,463 Contingencies (Note 17) COGECO INC. Q1 2026 Condensed interim consolidated financial statements • 37 COGECO 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 96,136 108,396 Adjustments for: Depreciation and amortization 7 173,405 177,202 Financial expense 8 63,397 67,798 Income taxes 9 26,880 27,336 Share-based payment 1,832 3,418 Gain on disposals and write-offs of property, plant and equipment, including sale and leaseback transactions 6 (564) (16,457) Defined benefit plans expense, net of contributions 215 478 361,301 368,171 Changes in other non-cash operating activities 14 A) (98,454) (80,652) Interest paid (59,317) (63,816) Income taxes paid (28,898) (15,048) 174,632 208,655 Cash flows from investing activities Acquisition of property, plant and equipment 14 B) (157,368) (153,514) 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 2,775 19,622 (157,273) (137,227) Cash flows from financing activities Decrease in bank indebtedness (2,629) (9,331) Net increase under revolving facilities 49,741 31,821 Issuance of long-term debt, net of discounts and transaction costs 3,588 — Repayment of notes and credit facilities (22,134) (42,196) Repayment of lease liabilities (4,021) (3,034) Acquisition of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans 12 A) (3,711) (2,819) Issuance of subordinate voting shares by a subsidiary to non-controlling interest — 2,911 Acquisition by a subsidiary from non-controlling interest of subordinate voting shares held in trust under the Incentive and Performance Share Unit Plans (10,055) — Dividends paid on multiple and subordinate voting shares 12 B) (9,327) (8,686) Dividends paid on subordinate voting shares by a subsidiary to non-controlling interest 12 B) (29,550) (27,608) (28,098) (58,942) 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 (10,202) 15,095 Cash and cash equivalents, beginning of the period 75,577 77,746 Cash and cash equivalents, end of the period 65,375 92,841 38 • COGECO INC. Q1 2026 Condensed interim consolidated financial statements 1. Nature of operations Cogeco Inc. ("Cogeco" or the "Corporation") is a holding corporation which operates in the telecommunications and media sectors. Its Cogec --- o Communications Inc. ("Cogeco Communications") subsidiary is a telecommunications corporation which provides Internet, wireless, video and wireline phone services to residential and business customers in Canada and in the United States. Its Cogeco Media subsidiary operates 21 radio stations in Canada, primarily in the province of Québec, as well as a news agency. Cogeco is a Canadian public corporation whose subordinate voting shares are listed on the Toronto Stock Exchange ("TSX") under the trading symbol "CGO". The subordinate voting shares of Cogeco Communications are also listed on the 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 presentation 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 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 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 liabilitie --- s 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' reporting 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 C --- orporation'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 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 INC. Q1 2026 Condensed interim consolidated financial statements 3. Revenue Three months ended November 30 Cogeco Communications Canadian telecommunications American telecommunications Sub-total Other Consolidated 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 $ $ $ $ $ $ $ $ $ $ Residential (1) 311,138 312,277 286,182 312,253 597,320 624,530 — — 597,320 624,530 Commercial 48,894 48,363 42,405 44,583 91,299 92,946 — — 91,299 92,946 Other (2) 16,880 16,626 1,748 4,593 18,628 21,219 28,394 26,265 47,022 47,484 376,912 377,266 330,335 361,429 707,247 738,695 28,394 26,265 735,641 764,960 (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. The column in the tables below entitled "Other" is comprised of the results of Cogeco Media and the corporate activities of Cogeco, as well as consolidation elimination entries. Three months ended November 30, 2025 Cogeco Communications Canadian telecommunications American telecommunications Corporate and eliminations Sub-total Other Consolidated $ $ $ $ $ $ ) ) Revenue (1) 376,912 330,335 — 707,247 28,394 735,641 Operating expenses 176,591 165,502 5,317 347,410 26,452 373,862 Management fees – Cogeco Inc. — — 6,014 6,014 (6,014) — Adjusted EBITDA 200,321 164,833 (11,331) 353,823 7,956 361,779 Acquisition, integration, restructuring and other costs 1,298 663 1,961 Depreciation and amortization 172,079 1,326 173,405 Financial expense 61,643 1,754 63,397 Profit before income taxes 118,803 4,213 123,016 Income taxes 25,708 1,172 26,880 Profit for the period 93,095 3,041 96,136 Net capital expenditures (2) 105,691 51,272 — 156,963 217 157,180 COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements • 41 Three months ended November 30, 2024 Cogeco Communications Canadian telecommunications American telecommunications Corporate and eliminations Sub-total Other Consolidated restated (3) restated (3 --- ) $ $ $ $ $ $ Revenue (1) 377,266 361,429 — 738,695 26,265 764,960 Operating expenses 180,706 182,617 5,235 368,558 25,318 393,876 Management fees – Cogeco Inc. — — 4,922 4,922 (4,922) — Adjusted EBITDA 196,560 178,812 (10,157) 365,215 5,869 371,084 Acquisition, integration, restructuring and other costs (gains) (9,958) 310 (9,648) Depreciation and amortization 175,899 1,303 177,202 Financial expense 65,489 2,309 67,798 Profit before income taxes 133,785 1,947 135,732 Income taxes 26,625 711 27,336 Profit for the period 107,160 1,236 108,396 Net capital expenditures (2) 76,918 73,727 — 150,645 271 150,916 (1) For the first quarter of fiscal 2026, revenue by geographic market includes $405.3 million in Canada and $330.3 million in the United States. For the same period of the prior year, revenue included $403.5 million in Canada and $361.4 million in the United States. (2) 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. (3) 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 operating 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 126,270 134,413 Service delivery costs (1) 175,762 188,726 Customer related costs (2) 31,918 35,250 Other external purchases (3) 39,912 35,487 373,862 393,876 (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 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 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 1,308 1,129 Configuration and customization costs related to cloud computing and other arrangements (1) 653 1,764 Gain on sale and leaseback transactions (2) — (13,844) Other costs — 1,155 1,961 (9,648) (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 Cogeco Communications 172,079 175,899 Other (1) 1,326 1,303 Consolidated 173,405 177,202 (1) "Other" includes Cogeco Media and the corporate activities of Cogeco. COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements • 43 8. Financial expense Three months ended November 30 2025 2024 $ $ Interest on long-term debt, excluding interest on lease liabilities 68,332 72,343 Interest on lease liabilities 1,002 1,004 Net foreign exchange loss (gain) (1,520) 1,959 Interest and other income (1,217) (2,749) Capitalized borrowing costs (1) (3,979) (5,330) Other 779 571 63,397 67,798 (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). 9. Income taxes Three months ended November 30 2025 2024 $ $ Current 11,259 15,126 Deferred 15,621 12,210 26,880 27,336 COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements The following table provides the reconciliation between income tax 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 123,016 135,732 Combined Canadian income tax rate 26.5 % 26.5 % Income taxes at combined Canadian income tax rate 32,599 35,969 Difference in operations' statutory income tax rates (79) (167) Recognition of previously unrecognized capital losses (68) (2,338) Impact on income taxes arising from non-deductible expenses and non-taxable profit 530 (1,797) Pillar Two global minimum tax (1) 1,058 2,518 Tax impacts related to foreign operations (7,071) (7,271) Other (89) 422 Income taxes at effective income tax rate 26,880 27,336 Effective income tax rate 21.9 % 20.1 % (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 28,212 29,809 Weighted average number of multiple and subordinate voting shares outstanding 9,502,459 9,518,821 Effect of dilutive incentive share units 73,513 64,699 Effect of dilutive performance share units 76,573 64,552 Weighted average number of diluted multiple and subordinate voting shares outstanding 9,652,545 9,648,072 11. Long-term debt November 30, 2025 August 31, 2025 $ $ Notes and credit facilities 4,693,561 4,604,232 Lease liabilities 87,894 88,948 Balance due on business combinations 17,094 17,094 4,798,549 4,710,274 Less current portion 255,675 45,543 4,542,874 4,664,731 COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements • 45 Notes and credit facilities Maturity Interest rate (1) November 30, 2025 August 31, 2025 % $ $ Corporation Term Revolving Facility Revolving loan - US$50.3 million (US$47.6 million at August 31, 2025) May 2030 3.86 (2) 70,314 65,412 Non-Revolving Term Credit Facility Term loan - US$49.5 million (US$50 million at August 31, 2025) May 2028 3.88 (3) 69,020 68,518 Subsidiaries Term Revolving Facility Revolving loan – US$192.1 million (US$159 million at August 31, 2025) May 2030 3.63 (4) 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 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 (5) 1,201,412 1,183,349 Tranche 3 - US$606.4 million (US$618.4 million at August 31, 2025) September 2030 7.21 (6) 832,258 833,884 Farm Credit - US$466.7 million (US$467.9 million at August 31, 2025) September 2028 7.17 (7) 644,679 634,781 Senior Secured Revolving Facility September 2028 — — — 4,693,561 4,604,232 Less current portion 239,669 29,545 4,453,892 4,574,687 (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$50.3 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 $71.0 million. (3) An amount of US$49.5 million drawn under the Corporation's Non-Revolving Term Credit Facility was hedged until January 12, 2026, using a cross-currency swap agreement which sets the amount redeemable at maturity at $69.8 million. (4) An amount of US$192.1 million drawn under Cogeco Communications' 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. (5) 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 Secur --- ed 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. (6) 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. (7) 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. COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements Subsidiaries 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. 12. Share capital A) Issued and paid Multiple voting shares Subordinate voting shares Number of shares Amount Number of shares Amount $ $ Issued and outstanding, November 30, 2025 and August 31, 2025 1,602,217 10 8,040,562 64,347 Shares held in trust, August 31, 2025 (1) — — (144,073) (9,208) Subordinate voting shares acquired — — (60,217) (3,711) Subordinate voting shares distributed to employees — — 29,432 1,881 Shares held in trust, November 30, 2025 (1) — — (174,858) (11,038) Issued and outstanding, net of shares held in trust, November 30, 2025 1,602,217 10 7,865,704 53,309 (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 and Cogeco Communications' 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) Cogeco Cogeco Communications October 29, 2025 November 12, 2025 November 26, 2025 0.987 0.987 October 31, 2024 November 14, 2024 November 28, 2024 0.922 0.922 Three months ended November 30 2025 2024 $ $ Attributable to owners of the Corporation Dividends on multiple voting shares 1,582 1,477 Dividends on subordinate voting shares 7,745 7,209 9,327 8,686 Attributable to non-controlling interest Dividends on subordinate voting shares 29,550 27,608 COGECO INC. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS November 30, 2025 (unaudited) (tabular amounts in thousands of Canadian dollars, except num --- ber of shares/units and per share data, or unless otherwise noted) COGECO INC. Q1 2026 Condensed interim consolidated financial statements • 47 At its January 14, 2026 meeting, the Board of Directors of Cogeco 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. C) Share-based payment plans The following table shows the compensation expense recorded with regard to the Corporation's and Cogeco Communications' share-based payment plans. Three months ended November 30 2025 2024 $ $ Stock options 246 285 SARs 27 60 ISUs 561 467 PSUs 1,557 582 DSUs 1,108 2,055 3,499 3,449 Stock options and SARs Under Cogeco Communications' Stock Option and SAR plans, 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. COGECO 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) 48 • COGECO INC. Q1 2026 Condensed interim consolidated financial statements ISUs, PSUs and DSUs Under the ISU, PSU and DSU plans of the Corporation, 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 70,600 76,196 85,103 Granted/Issued (1) 30,882 30,882 — Performance-based additional units granted — 49 — Distributed/Redeemed (15,019) (14,413) (7,232) Cancelled — (2,910) — Dividend equivalents — 1,381 1,198 Outstanding at November 30, 2025 86,463 91,185 79,069 (1) The weighted average fair value of the ISUs and PSUs granted during the three-month period was $59.47. Under the ISU, PSU and DSU plans of Cogeco Communications, 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. 13. Accumulated other comprehensive income Cash flow hedge reserve Foreign currency translation Total $ $ $ Balance at August 31, 2024 12,971 31,560 44,531 Other comprehensive income 385 15,860 16,245 Balance at November 30, 2024 13,356 47,420 60,776 Balance at August 31, 2025 6,161 39,391 45,552 Other comprehensive income (loss) (1,601) 9,026 7,425 Balance at --- November 30, 2025 4,560 48,417 52,977 COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements • 49 14. Additional cash flows information A) Changes in other non-cash operating activities Three months ended November 30 2025 2024 $ $ Trade and other receivables (20,202) (14,841) Prepaid expenses and other (12,659) (7,373) Other assets (8,989) (5,441) Trade and other payables (43,313) (28,194) Provisions (10,598) (15,769) Contract liabilities and other liabilities (2,693) (9,034) (98,454) (80,652) 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 157,368 153,514 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 157,180 150,916 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. COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements Liquidity risk The following table shows the amount used and remaining availability under the Corporation's and Cogeco Communications' revolving facilities at November 30, 2025: Total amount Amount used Remaining availability Corporation Term Revolving Facility $100.0 million $70.9 million $29.1 million Cogeco Communications Term Revolving Facility $750.0 million $268.9 million $481.1 million Senior Secured Revolving Facility - U.S. subsidiaries $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 and Cogeco Communications' long-term debt was at fixed rate, except for the amounts drawn under the Corporation's Term Revolving Facility and Non-Revolving Term Credit Facility, and under Cogeco Communications' Term Revolving Facility and First Lien Credit Facilities, which are subject to floating interest rates. To reduce the risk on the floating interest rate instruments and mitigate the impact of interest rate variations, Cogeco Communications' U.S. subsidiary entered into fixed intere --- st 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 $15.2 million in the Corporation's annual financial expense, based on the outstanding debt and swap agreements at November 30, 2025. 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 4,693,561 4,684,790 4,604,232 4,629,382 COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements • 51 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 and its subsidiary, Cogeco Communications, were in compliance with all of their debt covenants and were not subject to any other externally imposed capital requirements. The financial covenants related to the indebtedness of Cogeco are primarily based on a ratio of net indebtedness to adjusted EBITDA, computed on the basis of Cogeco Media subsidiary's adjusted EBITDA results, and the dividends and management fees received from Cogeco Communications, net of corporate expenses. Corporation 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, i --- ncluding the current portion 4,798,549 4,710,274 Discounts, transaction costs and other 49,819 47,510 Long-term debt before discounts, transaction costs and other 4,848,368 4,757,784 Bank indebtedness 886 3,515 Cash (65,375) (75,577) Net indebtedness 4,783,879 4,685,722 Cogeco Communications The following table presents the key ratio used to monitor and manage Cogeco Communications' capital structure: 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 exchange rate throughout the corresponding 12-month period. COGECO 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 INC. Q1 2026 Condensed interim consolidated financial statements 16. Related party transactions Management fees and other related party transactions Cogeco is the parent company of Cogeco Communications and, as of November 30, 2025, held 28.4% of Cogeco Communications' equity shares, representing 79.9% of the votes attached to Cogeco Communications' voting shares. The following table shows the management fees paid by Cogeco Communications for the executive and administrative services provided by Cogeco under the Management Services Agreement: Three months ended November 30 2025 2024 $ $ Management fees paid by Cogeco Communications 6,014 4,922 No direct remuneration is payable to Cogeco's executive officers by Cogeco Communications. 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 Cogeco Communications charged Cogeco with regard to Cogeco Communications' 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 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 INC. Q1 2026 Condensed interim consolidated financial statements • 53