Core Viewpoint - La Caisse intends to sell nearly 11% of its shares in Cogeco Communications at a gross price of $67.45 per share, generating approximately $229 million in gross proceeds [1][2]. Group 1: Transaction Details - The sale of shares is part of La Caisse's periodic portfolio rebalancing [2]. - The transaction will result in La Caisse remaining the largest holder of subordinate shares in Cogeco Communications, which serves 1.6 million customers in Canada and the United States [2]. Group 2: Historical Investment and Support - La Caisse has been a supporter of Cogeco Communications since 2013, having invested in various transactions, including a $350 million share purchase in 2023 [3]. - Initial investment included a $50 million loan in 2013 and a contribution of USD 315 million for acquiring MetroCast cable systems in 2017 [3]. Group 3: La Caisse Overview - La Caisse, formerly known as CDPQ, has a dual mandate to generate long-term returns for its depositors and contribute to Québec's economic development [4]. - As of June 30, 2025, La Caisse's net assets totaled CAD 496 billion, indicating its significant presence in major financial markets, private equity, infrastructure, real estate, and private credit [5].

Core Insights - Cogeco anticipates "materially improving financial trends" for its U.S. business starting in the second half of the fiscal year, supported by improved debt outlooks from Moody's and S&P [1][6] - The company is launching a new fully digital brand in the U.S. next month, aiming to enhance sales channels and marketing capabilities [1][6] Financial Performance - Cogeco reported a 4.9% decline in consolidated revenue and a 3.7% decline in adjusted EBITDA in constant currency, while maintaining its fiscal 2026 guidance [5][14] - The company declared a quarterly dividend of CAD 0.987 per share, reflecting a 7% year-over-year increase [4][5] U.S. Operations - The U.S. segment, Breezeline, experienced a 9.9% revenue decline in constant currency, attributed to a shrinking subscriber base and competitive pricing [10] - Despite a decline of 1,100 internet subscribers in the U.S. during the quarter, this was viewed as a significant improvement compared to previous periods [11] Canadian Operations - Canadian operations showed stable revenue with positive year-over-year EBITDA growth, adding 8,900 internet subscribers in the first quarter [6][7] - Adjusted EBITDA for Cogeco Connexion rose by 2% in constant currency, driven by stable revenue and lower operating expenses [8] Market Dynamics - Management noted that competitive intensity in wireline services has increased, leading to expectations of modest customer growth in the near term [8][12] - Fixed wireless access (FWA) has not significantly impacted subscriber churn, although there is ongoing experimentation with resale and promotions in the market [9] Capital Allocation and Debt Management - The company is focused on reducing debt and plans to revisit share buybacks once leverage and cash visibility improve [18][19] - Capital intensity rose to 22.2% from 20.4% a year earlier, but the company remains on track to meet its annual capital expenditure guidance [15]

Cogeco Communications Conference Summary Company Overview - **Company**: Cogeco Communications (OTCPK:CGEA.F) - **Date**: November 24, 2025 - **Speaker**: Patrice Ouimet, CFO Key Points Industry and Strategic Positioning - **Wireless Deployment**: Cogeco has launched a wireless service in Canada as an MVNO, offering 4G and 5G services bundled with internet subscriptions, which is a significant strategic shift for the company [2][4][5] - **Bundling Strategy**: The company aims to achieve a bundling rate of 15%-20% over several years, similar to large US players, with initial projections indicating a slow start [4][5] - **Churn Reduction**: The bundling of services is expected to reduce customer churn, although the benefits are still being evaluated [5] Fiber Competition - **Market Stabilization**: Recent observations indicate that fiber competition in Canada is stabilizing, with less aggressive promotions from major competitors like Bell and TELUS [6][7] Brand Strategy - **Cogeco Brand Expansion**: The company has launched its Cogeco branded internet service in Montreal and acquired Axio to target a younger demographic with a digital-only brand [8][9] U.S. Market Dynamics - **Subscriber Trends**: There are signs of improvement in subscriber trends in the U.S., particularly in Ohio, where the company has invested in network capacity and stability [11][12] - **Competitive Strategies**: Different strategies are employed based on regional competition, with a focus on high-speed internet offerings [13][14] Network Evolution - **Selective Fiber Conversion**: Cogeco is converting coax lines to fiber selectively, targeting areas with higher market penetration to optimize costs [16][17][18] Operational Efficiency - **Streamlining Plan**: The company is in the second year of a three-year transformation plan aimed at improving operational efficiencies and decision-making [19][20] - **Cost Reduction Initiatives**: Implementation of AI and chatbots has improved customer service efficiency and satisfaction [21][22] Capital Expenditure and Growth - **Reduced CapEx Expectations**: The company anticipates a return to lower capital intensity, which may impact future growth slightly, but ongoing builds in new neighborhoods will continue to drive growth [23][24][25] - **Free Cash Flow Guidance**: The company is on track to achieve CAD 600 million in free cash flow by fiscal 2027, aided by reduced CapEx and lower interest costs [27][28] Spectrum Assets - **Spectrum Utilization**: Cogeco owns valuable C-band spectrum and plans to use it for MVNO access and potential monetization strategies, although current regulations limit certain actions [29][32][33] Capital Allocation Strategy - **Leverage and Buyback Plans**: The company aims to maintain a long-term leverage target of three times EBITDA and is considering reactivating buyback programs once leverage is reduced [34][35] Additional Insights - **Customer Satisfaction**: The focus on preventative maintenance and customer service improvements has led to increased customer satisfaction metrics [22] - **Future Discussions**: Internal discussions regarding long-term capital allocation strategies and leverage targets are ongoing, influenced by economic conditions [35]

Cogeco Communications FY Conference Summary Company Overview - **Company**: Cogeco Communications (OTCPK:CGEA.F) - **Date of Conference**: September 09, 2025 Key Points Restructuring and Organizational Changes - The company has successfully merged its two operating units into one organizational structure, moving from three org charts to one, which is expected to enhance operational efficiency [4][7] - The restructuring is a multi-year project aimed at reducing operational and capital expenditures, with savings ahead of plan for the first year [7] Wireless Market Performance - Cogeco's entry into the wireless market in Canada has exceeded expectations, launching in 13 markets with sales surpassing internal targets [5][6] - The company is pulling back on initial promotional offers due to strong early sales velocity [6] - In the U.S., customer losses have been noted, but there is growing confidence in reversing these trends by applying successful Canadian practices [6][10] Strategic Priorities - Key strategic priorities include scaling wireless services profitably, turning around U.S. subscriber trends, and continuing the three-year transformation plan [10] - The company aims to grow cash flow to $600 million within two years, which will support dividend growth and debt reduction [7][8] Competitive Environment - A more constructive competitive environment has been observed in Canada, with major competitors reducing promotional activities, which is seen as beneficial for average revenue per user (ARPU) [12] - Fixed wireless access (FWA) has posed some challenges, particularly in Quebec, but overall, the impact is manageable [14] Product Strategy - The company maintains an internet-first strategy, with continued offerings in video and voice, despite declines in those segments [16] - The oxio brand, a digital-only internet provider, is performing well and is being used to drive digital transformation within the company [18][19] Regulatory Challenges - Cogeco has been vocal against the TPIA (Telecommunications Policy Act) in Canada, arguing it is detrimental to regional players and creates an unbalanced competitive landscape [27][30] - The company is pursuing legal action to address these regulatory issues and is advocating for a more equitable framework [29][30] U.S. Market Insights - The U.S. market remains competitive, with challenges from fixed wireless players and fiber upgrades from former DSL providers [35] - The company is optimistic about improving customer trends in the U.S. through better execution and the application of successful Canadian strategies [34][38] M&A and Financial Outlook - Currently, there are no major acquisition plans, but small tuck-in acquisitions may be considered in the future [44] - The company aims to maintain steady dividend growth, with a focus on reducing leverage to around 2 turns in the midterm [45] Conclusion - Overall, Cogeco Communications is focused on leveraging its restructuring efforts to enhance operational efficiency, grow its wireless business, and navigate competitive and regulatory challenges while maintaining a strong financial outlook [10][45]

Core Viewpoint - Breezeline is set to deploy fiber-to-the-home (FTTH) technology in St. Mary's County, enhancing internet service quality and speed for both residential and business customers [1][2]. Company Overview - Breezeline is the eighth-largest cable operator in the United States, providing internet, TV, and phone services across 13 states, and is a subsidiary of Cogeco Communications [5]. Investment and Technology - The company is continuously investing in advanced technologies to accommodate the increasing demand for internet data usage, aiming to deliver faster speeds and improved reliability [2]. - Breezeline's fiber technology promises ultra-fast download and upload speeds, which are essential for modern digital needs [3]. Economic Impact - High-speed internet is expected to bring economic benefits to local communities by attracting employers, fostering business innovation, and enhancing job growth and productivity [2]. - The deployment of FTTH is seen as crucial for keeping Maryland's communities and businesses connected and competitive in the digital landscape [3]. Customer Transition - Current Breezeline customers will have a seamless transition to the new fiber platform, with free installation offered [3].