The earnings call reflected a mixed outlook. While the company reported strong growth in Internet subscribers and improvements in EBITDA margins, challenges such as revenue decline in the U.S., a tough advertising market, and anticipated decreases in Q2 revenue and EBITDA indicate some headwinds.

Company Guidance

During the Q1 2025 earnings call, Cogeco Inc. and Cogeco Communications Inc. provided guidance that maintained their annual financial outlook despite a 1.6% decline in consolidated revenue and a 1.4% increase in EBITDA. The company expects Q2 consolidated revenue and adjusted EBITDA in constant currency to decrease in the low single digits due to competitive pressures and business investments. Capital intensity is anticipated to be approximately 200 basis points higher than Q2 of last year. In Canada, Q2 revenue is projected to decrease in the low-single-digits with adjusted EBITDA to decrease in the mid-single digits, reflecting lower revenue and increased costs. In the U.S., Breezeline is expected to see a mid-single-digit decrease in revenue and a low-single-digit decrease in adjusted EBITDA. Despite these challenges, the company continues to focus on its transformation program, targeting a net debt-to-EBITDA ratio in the low three turns range over time.

Strong Internet Subscriber Growth in Canada

Cogeco Connexion in Canada experienced strong Internet subscriber growth, with the base expanding by 10,700 subscribers under both the Cogeco and oxio brands.

Successful U.S. Market Expansion

In Ohio, Cogeco had its best quarter since acquiring the business, showing improvement in subscriber metrics and customer satisfaction.

EBITDA Margin Expansion

Transformation efforts contributed to an expansion of EBITDA margins, supported by efficiency improvements and higher-margin service offerings.

Increased Free Cash Flow

Free cash flow in constant currency increased by 7.8%, largely due to proceeds from a sale and leaseback transaction and higher adjusted EBITDA.

Improved Diluted Earnings Per Share

Diluted earnings per share increased by 18.4% due to lower financial expenses, higher adjusted EBITDA, and fewer shares outstanding.

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Cogeco Communications (CGEAF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CGEAF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 31, 2018	2018 (Q4)	- / 0.99	0.999	-1.39% (-0.01)	―	―
Jan 10, 2019	2019 (Q1)	- / 0.98	1.068	-8.44% (-0.09)	―	―
Apr 09, 2019	2019 (Q2)	- / 1.14	1.936	-41.22% (-0.80)	―	―
Jul 10, 2019	2019 (Q3)	- / 1.35	0.853	57.72% (+0.49)	―	―
Oct 30, 2019	2019 (Q4)	- / 1.23	0.985	24.65% (+0.24)	―	―
Jan 14, 2020	2020 (Q1)	- / 1.18	0.978	20.57% (+0.20)	―	―
Apr 08, 2020	2020 (Q2)	- / 1.54	1.138	35.37% (+0.40)	―	―
Jul 16, 2020	2020 (Q3)	- / 1.30	1.346	-3.61% (-0.05)	―	―
Oct 27, 2020	2020 (Q4)	- / 1.30	1.228	6.21% (+0.08)	―	―
Jan 14, 2021	2021 (Q1)	- / 1.54	1.179	30.59% (+0.36)	―	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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CGEAF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 13, 2025	$46.03	$43.16	-6.24%
Oct 31, 2024	$49.16	$48.27	-1.81%
Jul 11, 2024	$37.34	$38.96	+4.34%
Apr 12, 2024	$38.14	$38.82	+1.78%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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