Technology

Cogeco Releases its Financial Results for the First Quarter of Fiscal 2025

Published

2 years ago

January 13, 2025

Strong customer momentum driven by solid Internet subscriber growth in Canada and improving subscriber performance in the U.S.Three-year transformation program centered on synergies, digitization, advanced analytics and network expansion, as well as initiatives to transform our radio business, fully underway.On track to launch wireless in Canada over the coming quarters.Adjusted EBITDA(1) grew by 1.4% over last year, while profit for the period increased by 9.8%.Fiscal 2025 financial guidelines maintained.A quarterly dividend of $0.922 per share was declared, representing an 8.0% increase over the prior year.

MONTRÉAL, Jan. 13, 2025 /CNW/ – Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the first quarter ended November 30, 2024.

“As we enter fiscal 2025 under a new operating model focused on synergies, digital, and analytics, we are already seeing positive developments in many aspects of our business,” said Frédéric Perron, President and CEO. “High-speed Internet subscriber growth remains strong in Canada, subscriber metrics are improving in the U.S, and our preparation for an upcoming Canadian wireless launch is on track.

“Our Canadian telecommunications business recorded solid Internet subscriber growth in both the Cogeco and oxio brands, as well as from the network expansion program in Ontario.

“In the U.S., our financial results were as expected. Our overall product mix continued to improve, driven by demand for higher speed offerings, while efficiency initiatives drove another quarter of solid adjusted EBITDA margin. Furthermore, we recorded improving subscriber trends, including our best performance in Ohio since we acquired the business.

“At Cogeco Media, competitive dynamics in the radio advertising market remain challenging, however, our digital advertising solutions continue to provide a growing contribution to our overall revenue, and we continue to experience strong listener engagement with radio stations remaining at the top of the ratings.

“We have successfully embarked on a three-year transformation program to improve our agility and competitiveness by pursuing new growth initiatives and forging a simpler cost-efficient North American organization. I would like to thank our employees and stakeholders for their continued support.”

Consolidated Financial Highlights

Three months ended November 30

2024

2023

(2)

Change

Change in

constant
currency

(1)

(In thousands of Canadian dollars, except % and per share data) (unaudited)

Revenue

764,960

776,172

(1.4)

(1.8)

Adjusted EBITDA (1)

371,084

366,033

1.4

1.0

Profit for the period

108,396

98,729

9.8

Profit for the period attributable to owners of the Corporation

29,809

34,541

(13.7)

Adjusted profit attributable to owners of the Corporation (1)(3)

27,221

40,038

(32.0)

Cash flows from operating activities

208,655

236,919

(11.9)

Free cash flow (1)(2)

152,451

142,078

7.3

7.2

Free cash flow, excluding network expansion projects (1)(2)

174,250

173,738

0.3

0.2

Acquisition of property, plant and equipment

153,514

153,789

(0.2)

Net capital expenditures (1)(4)

150,916

146,667

2.9

2.4

Net capital expenditures, excluding network expansion projects (1)

129,117

115,007

12.3

11.7

Diluted earnings per share

3.09

2.21

39.8

Adjusted diluted earnings per share (1)(3)

2.82

2.57

9.7

Operating results

For the first quarter of fiscal 2025 ended on November 30, 2024:

Revenue decreased by 1.4% to $765.0 million. On a constant currency basis(1), revenue decreased by 1.8% due to a decline in revenue in the American telecommunications segment and in the media activities, while revenue remained stable in the Canadian telecommunications segment.American telecommunications’ revenue decreased by 2.6%, or 3.4% in constant currency, mainly due to a decline in our subscriber base, especially for entry-level services, and to a higher proportion of customers subscribing to Internet-only services. The decline was offset in part by a better product mix.Revenue in the media activities decreased by 7.8% as competitive dynamics in the radio advertising market remain challenging.Canadian telecommunications’ revenue remained stable, mainly driven by the cumulative effect of high-speed Internet service additions over the past years, including from network expansion projects, as well as from the Niagara Regional Broadband Network acquisition completed on February 5, 2024, offset by an overall decline in video and wireline phone service subscribers as an increasing proportion of customers subscribe to Internet-only services.Adjusted EBITDA increased by 1.4% to $371.1 million. On a constant currency basis, adjusted EBITDA increased by 1.0%, mainly due to higher adjusted EBITDA in the Canadian telecommunications segment and lower corporate costs driven by initiatives undertaken in relation to the strategic wireless partnerships announced in August, offset in part by lower revenue in the media activities, while adjusted EBITDA remained stable in the American telecommunications segment.Canadian telecommunications adjusted EBITDA increased by 1.6% as reported and in constant currency, mostly due to lower operating expenses driven by lower technology licensing costs and the timing of certain operating expenses, a $2.6 million gain on disposals of certain property, plant and equipment, as well as cost reduction initiatives and operating efficiencies.American telecommunications adjusted EBITDA remained stable as reported and in constant currency, driven by cost reduction initiatives and operating efficiencies, offset by lower revenue.Profit for the period amounted to $108.4 million, of which $29.8 million, or $3.09 per diluted share, was attributable to owners of the Corporation compared to $98.7 million, $34.5 million, and $2.21 per diluted share, respectively, in the comparable period of fiscal 2024. The increase in profit for the period resulted mainly from a lower financial expense due in part to last year’s pre-tax $16.9 million non-cash loss on debt extinguishment recognized following a US$1.6 billion refinancing in September 2023, a pre-tax $13.8 million non-cash gain recognized during the first quarter of fiscal 2025 in connection with a sale and leaseback transaction of a building in Ontario, and higher adjusted EBITDA. The increase was partly offset by higher depreciation and amortization expense and higher income tax expense. The decrease in profit for the period attributable to owners of the Corporation mainly reflected the impact of the reduced ownership in Cogeco Communications following a share repurchase transaction in December 2023.Adjusted profit attributable to owners of the Corporation(3) was $27.2 million, or $2.82 per diluted share(3), compared to $40.0 million, or $2.57 per diluted share, last year. The increase of adjusted diluted earnings per share over last year reflects the benefit of last year’s December’s share buyback transaction.Net capital expenditures were $150.9 million, an increase of 2.9% compared to $146.7 million in the same period of the prior year. In constant currency, net capital expenditures(1) were $150.2 million, an increase of 2.4% compared to last year, mainly due to higher spending in the American telecommunications segment mostly due to the timing of certain initiatives, offset in part by lower spending in the Canadian telecommunications segment, also mainly due to the timing of certain initiatives and lower purchases of customer premise equipment.Excluding network expansion projects, net capital expenditures were $129.1 million, an increase of 12.3% compared to $115.0 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(1) were $128.4 million, an increase of 11.7% compared to last year, mainly due to the same factors as above.Fibre-to-the-home network expansion projects continued in both Canada and the United States, with the addition of close to 9,500 homes passed during the first quarter of fiscal 2025.Acquisition of property, plant and equipment amounted to $153.5 million and remained stable compared to last year.Free cash flow(2) increased by 7.3%, or 7.2% in constant currency, and amounted to $152.5 million, or $152.2 million in constant currency(1), mainly due to net proceeds from disposals of property, plant and equipment, including net proceeds amounting to $16.5 million received in connection with a sale and leaseback transaction of a building in Ontario, offset in part by higher current income taxes and net capital expenditures. Free cash flow, excluding network expansion projects(2) amounted to $174.3 million, or $174.0 million in constant currency, and remained stable compared to the same period of the prior year.Cash flows from operating activities decreased by 11.9% to $208.7 million, mostly due to lower cash from other non-cash operating activities, due in part to the timing of grants received in connection with network expansion projects and the collection of trade accounts receivable, and higher income taxes paid, partly offset by higher adjusted EBITDA.Cogeco maintains its fiscal 2025 financial guidelines as issued on October 31, 2024.At its January 13, 2025 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of $0.922 per share, an increase of 8.0% compared to $0.854 per share in the comparable quarter of fiscal 2024

____________

(1)

Adjusted EBITDA and net capital expenditures are total of segments measures. Constant currency basis, adjusted profit attributable to owners of the Corporation, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS Accounting Standards measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS® Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(2)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation. For further details, please refer to the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(3)

Excludes the impact of acquisition, integration, restructuring and other costs (gains) (which includes the non-cash gain on sale and leaseback transactions recognized in the first quarter of fiscal 2025), and the non-cash loss on debt extinguishment recognized in the first quarter of fiscal 2024 (all net of tax and non-controlling interest).

(4)

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 the utilization of those received in advance.

Financial highlights

Three months ended November 30

2024

2023

(1)

Change

Change in

constant
currency

(2)

(3)

(In thousands of Canadian dollars, except % and per share data)

Operations

Revenue

764,960

776,172

(1.4)

(1.8)

Adjusted EBITDA (3)

371,084

366,033

1.4

1.0

Acquisition, integration, restructuring and other costs (gains) (4)

(9,648)

3,265

—

Profit for the period

108,396

98,729

9.8

Profit for the period attributable to owners of the Corporation

29,809

34,541

(13.7)

Adjusted profit attributable to owners of the Corporation (3)(5)

27,221

40,038

(32.0)

Cash flow

Cash flows from operating activities

208,655

236,919

(11.9)

Free cash flow (1)(3)

152,451

142,078

7.3

7.2

Free cash flow, excluding network expansion projects (1)(3)

174,250

173,738

0.3

0.2

Acquisition of property, plant and equipment

153,514

153,789

(0.2)

Net capital expenditures (3)(6)

150,916

146,667

2.9

2.4

Net capital expenditures, excluding network expansion projects (3)

129,117

115,007

12.3

11.7

Per share data (7)

Earnings per share

Basic

3.13

2.23

40.4

Diluted

3.09

2.21

39.8

Adjusted diluted (3)(5)

2.82

2.57

9.7

Dividends per share

0.922

0.854

8.0

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Proceeds from sale and leaseback and other disposals of property, plant and equipment amounted to $19.6 million for the first quarter of fiscal 2025 ($0.3 million for the same period of fiscal 2024). Comparative figures were restated to conform to the current presentation. For further details, please refer to the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(2)

Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current period denominated in US dollars at the foreign exchange rate of the comparable period of the prior year. For the three-month period ended November 30, 2023, the average foreign exchange rate used for translation was 1.3654 USD/CDN.

(3)

Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS Accounting Standards measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS Accounting Standards and therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(4)

For the three-month period ended November 30, 2024, acquisition, integration, restructuring and other costs (gains) were mostly related to a $13.8 million non-cash gain recognized in connection with a sale and leaseback transaction of a building in Ontario. For the three-month period ended November 30, 2023, acquisition, integration, restructuring and other costs were mostly related to configuration and customization costs related to cloud computing and other arrangements.

(5)

Excludes the impact of acquisition, integration, restructuring and other costs (gains), and gains/losses on debt modification and/or extinguishment, all net of tax and non-controlling interest.

(6)

(7)

Per multiple and subordinate voting share.

As at

November 30, 2024

August 31, 2024

(In thousands of Canadian dollars)

Financial condition

Cash and cash equivalents

92,841

77,746

Total assets

10,025,750

9,773,739

Long-term debt

Current

351,728

370,108

Non-current

4,752,299

4,594,057

Net indebtedness (1)

5,072,740

4,957,594

Equity attributable to owners of the Corporation

844,428

810,437

(1)

Net indebtedness is a capital management measure. For more information on this financial measure, please consult the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s MD&A for the three-month period ended November 30, 2024, available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Inc.’s (“Cogeco” or the “Corporation”) future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”; “ensure” or other similar expressions concerning matters that are not historical facts. Particularly, statements relating to the Corporation’s financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco believes are reasonable as of the current date. Refer in particular to the “Corporate objectives and strategy” and “Fiscal 2025 financial guidelines” sections of the Corporation’s fiscal 2024 annual Management’s Discussion and Analysis (“MD&A”) for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco currently expects. These factors include risks such as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation’s network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation’s control. Moreover, the Corporation’s radio operations are significantly exposed to advertising budgets from the retail industry, which can fluctuate due to increased competition and changing economic conditions. For more exhaustive information on these risks and uncertainties, the reader should refer to the “Uncertainties and main risk factors” section of the Corporation’s fiscal 2024 annual MD&A and of the fiscal 2025 first-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.

All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation’s MD&A for the three-month period ended November 30, 2024, the Corporation’s condensed interim consolidated financial statements and the notes thereto for the same period prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the Corporation’s fiscal 2024 Annual Report.

Non-IFRS Accounting Standards and other financial measures

This press release includes references to non-IFRS Accounting Standards and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of Cogeco and used in the decision-making process with regard to its business units.

Reconciliations between non-IFRS Accounting Standards and other financial measures to the most directly comparable IFRS Accounting Standards measures are provided below. Certain additional disclosures for non-IFRS Accounting Standards and other financial measures used in this press release have been incorporated by reference and can be found in the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s MD&A for the three-month period ended November 30, 2024, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS Accounting Standards measures are used as a component of Cogeco’s non-IFRS Accounting Standards ratios.

Specified non-IFRS Accounting Standards measures

Used in the component of the following non-IFRS Accounting Standards ratios

Adjusted profit attributable to owners of the Corporation

Adjusted diluted earnings per share

Constant currency basis

Change in constant currency

Financial measures presented on a constant currency basis for the three-month period ended November 30, 2024 are translated at the average foreign exchange rate of the comparable period of the prior year, which was 1.3654 USD/CDN.

Constant currency basis and foreign exchange impact reconciliation

Consolidated

Three months ended November 30

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
|impact

constant
currency

Actual

constant
currency

Revenue

764,960

(2,723)

762,237

776,172

(1.4)

(1.8)

Operating expenses

393,876

(1,440)

392,436

410,139

(4.0)

(4.3)

Adjusted EBITDA

371,084

(1,283)

369,801

366,033

1.4

1.0

Free cash flow (1)

152,451

(204)

152,247

142,078

7.3

7.2

Net capital expenditures

150,916

(687)

150,229

146,667

2.9

2.4

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment, which includes proceeds from sale and leaseback transactions. Comparative figures were restated to conform to the current presentation.

Canadian telecommunications segment

Three months ended November 30

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

constant
currency

Actual

constant
currency

Revenue

377,266

—

377,266

376,448

0.2

Operating expenses

177,788

(97)

177,691

180,094

(1.3)

Adjusted EBITDA

199,478

199,575

196,354

1.6

Net capital expenditures

74,161

(120)

74,041

87,836

(15.6)

(15.7)

American telecommunications segment

Three months ended November 30

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

constant
currency

Actual

constant
currency

Revenue

361,429

(2,723)

358,706

371,241

(2.6)

(3.4)

Operating expenses

182,617

(1,344)

181,273

193,071

(5.4)

(6.1)

Adjusted EBITDA

178,812

(1,379)

177,433

178,170

0.4

(0.4)

Net capital expenditures

73,727

(563)

73,164

55,853

32.0

31.0

Adjusted profit attributable to owners of the Corporation

Three months ended November 30

2024

2023

(In thousands of Canadian dollars)

Profit for the period attributable to owners of the Corporation

29,809

34,541

Acquisition, integration, restructuring and other costs (gains)

(9,648)

3,265

Loss on debt extinguishment (1)

—

16,880

Tax impact for the above items

199

(5,333)

Non-controlling interest impact for the above items

6,861

(9,315)

Adjusted profit attributable to owners of the Corporation

27,221

40,038

(1)

Included within financial expense.

Free cash flow and free cash flow, excluding network expansion projects reconciliations

Three months ended November 30

2024

2023

(1)

(In thousands of Canadian dollars)

Cash flows from operating activities

208,655

236,919

Changes in other non-cash operating activities

80,652

58,495

Income taxes paid

15,048

2,903

Current income taxes

(15,126)

(8,042)

Interest paid

63,816

65,038

Financial expense

(67,798)

(84,294)

Loss on debt extinguishment (2)

—

16,880

Amortization of deferred transaction costs and discounts on long-term debt (2)

1,532

2,691

Net capital expenditures (3)

(150,916)

(146,667)

Proceeds from sale and leaseback and other disposals of property, plant and equipment (1)

19,622

255

Repayment of lease liabilities

(3,034)

(2,100)

Free cash flow (1)

152,451

142,078

Net capital expenditures in connection with network expansion projects

21,799

31,660

Free cash flow, excluding network expansion projects (1)

174,250

173,738

(1)

(2)

Included within financial expense.

(3)

Net capital expenditures reconciliation

Three months ended November 30

2024

2023

(In thousands of Canadian dollars)

Acquisition of property, plant and equipment

153,514

153,789

Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during the period

(2,598)

(7,122)

Net capital expenditures

150,916

146,667

Adjusted EBITDA reconciliation

Three months ended November 30

2024

2023

(In thousands of Canadian dollars)

Profit for the period

108,396

98,729

Income taxes

27,336

19,381

Financial expense

67,798

84,294

Depreciation and amortization

177,202

160,364

Acquisition, integration, restructuring and other costs (gains)

(9,648)

3,265

Adjusted EBITDA

371,084

366,033

Net capital expenditures and free cash flow, excluding network expansion projects reconciliations

Net capital expenditures

Three months ended November 30

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

constant
currency

Actual

constant
currency

Net capital expenditures

150,916

(687)

150,229

146,667

2.9

2.4

Net capital expenditures in connection with network expansion projects

21,799

(16)

21,783

31,660

(31.1)

(31.2)

Net capital expenditures, excluding network expansion projects

129,117

(671)

128,446

115,007

12.3

11.7

Free cash flow

Three months ended November 30

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

constant
currency

Actual

constant
currency

Free cash flow (1)

152,451

(204)

152,247

142,078

7.3

7.2

Net capital expenditures in connection with network expansion projects

21,799

(16)

21,783

31,660

(31.1)

(31.2)

Free cash flow, excluding network expansion projects (1)

174,250

(220)

174,030

173,738

0.3

0.2

(1)

Additional information

Additional information relating to the Corporation is available on SEDAR+ at www.sedarplus.ca and on the Corporation’s website at corpo.cogeco.com.

About Cogeco Inc.

Cogeco Inc. is a North American leader in the telecommunications and media sectors. Through Cogeco Communications Inc., we provide world-class Internet, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. We also offer wireless services in most of our U.S. operating territory. Through Cogeco Media, we operate 21 radio stations in Canada, primarily in the province of Québec, as well as a news agency. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Both Cogeco Inc.’s and Cogeco Communications Inc.’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO and CCA).

For information:

Investors
Troy Crandall
Head, Investor Relations
Cogeco Inc.
Tel.: 514 764-4600
troy.crandall@cogeco.com

Media
Claudja Joseph
Director, Communications & DEI
Cogeco Inc.
Tel.: 514 764-4600
claudja.joseph@cogeco.com

Conference Call:

Tuesday, January 14th, 2025 at 9:30 a.m. (Eastern Standard Time)

A live audio webcast of the analyst call will be available on both the Investor Relations and the Events and Presentations pages on Cogeco’s website. Financial analysts will be able to access the live conference call and ask questions. Media representatives may attend as listeners only. A recording of the conference call will be available on Cogeco’s website for a three-month period.

Please use the following dial-in number to access the conference call 5 to 10 minutes before the start of the conference:

Local – Toronto: 1 289 514-5100

Toll Free – North America: 1 800 717-1738

To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is, Cogeco Inc. or Cogeco Communications Inc.

The conference call will be followed, at 11:30 a.m., by the annual meeting of shareholders of each company, which will be held this year in hybrid mode.

via live webcast at: https://my.400.lumiconnect.com/r/participant/live-meeting/400-608-173-827in-person at: Lumi Experience Montreal, 1250 René-Lévesque West, Suite 3610 (36th floor)

SOURCE Cogeco Inc.

Technology

Siris to Acquire Equiniti’s Retirement Solutions, Customer Resolutions and Lenvi Businesses

Published

32 minutes ago

July 24, 2026

Transaction to be Completed in Parallel with the Closing of Equiniti’s Previously Announced Sale to Bullish

WEST PALM BEACH, Fla., July 24, 2026 /PRNewswire/ — Siris (together with its affiliates, “Siris”), a leading private equity firm focused on control investments in mission-critical services businesses, today announced that it has elected to exercise its option to maintain ownership of EQ Retirement Solutions (“EQRS”), EQ Customer Resolutions (“EQCR”) and Lenvi from Equiniti (“EQ”). The three businesses provide essential services to UK pension schemes, financial institutions and corporate clients.

The transaction follows Siris’s previously announced agreement to sell EQ to Bullish (NYSE: BLSH), under which Siris retained the option to acquire these businesses. It is expected to be completed in parallel with the closing of EQ’s previously announced sale to Bullish in January 2027, subject to customary closing conditions and required regulatory approvals.

EQRS is a leading provider of outsourced pension administration services and proprietary administration software, including its Compendia platform, supporting more than 10 million members and £10 billion in annual payments for many of the UK’s largest public and private sector pension schemes. EQCR helps financial institutions and other regulated businesses manage customer and complaints resolution, combining specialist staffing and technical expertise with proprietary case management software. Lenvi provides loan servicing software, standby servicing and fraud detection software for banks and non-bank lenders, with more than £100 billion of credit assets managed on behalf of over 150 lenders through its FCA-regulated platform.

Siris has owned EQ since 2021 and has invested significantly in the three businesses during that period. Under renewed and dedicated Siris ownership, the businesses will further accelerate investment in technology, including AI-enabled administration capabilities, onboarding capacity and enhanced member experience, while maintaining continuity of service for clients.

“Maintaining ownership of EQRS, EQCR and Lenvi will establish these businesses as a dedicated platform within our portfolio, with a clear mandate to invest in their growth,” said Frank Baker, Co-Founder and Managing Partner, and Grant Weisberg, Principal, at Siris. “We have seen firsthand the strength of these assets, the quality of their teams and the opportunities ahead for them. As a standalone platform with dedicated focus and resources behind them, these businesses will be well positioned to accelerate their momentum and create long-term value for all stakeholders in this next chapter.”

About Siris

Siris is a leading private equity firm focused on control investments in mission-critical services businesses. Based in West Palm Beach, Florida, Siris has deployed more than $9 billion of equity capital since inception. www.siris.com.

Media Contact

Madeline Jones / Kate Kelley
Joele Frank, Wilkinson Brimmer Katcher
Siris-JF@JoeleFrank.com
(212) 355-4449

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SOURCE Siris Capital Group, LLC

Technology

The PMA Rallies the International Community to Act Before the Breaking Point: The Severance of Correspondent Banking Relationships Threatens the Economy and Life

Published

32 minutes ago

July 24, 2026

RAMALLAH, Palestine, July 24, 2026 /PRNewswire/ — The PMA Governor, Mr. Yahya Shunnar, warned during a high-level meeting convened by the Palestinian Monetary Authority, with the participation of several ambassadors and representatives of international financial institutions, of the grave consequences of the severance of correspondent banking relationships (CBR). He stressed that the continuation of the Israeli measures is driving the Palestinian economy toward collapse, threatening food security and the provision of essential services.

The PMA convened the session under the title “The Breaking Point: Sounding the Alarm Before the Collapse.” Featuring remarks by the Governor of the Central Bank of Jordan, Dr. Adel Al Sharkas; the Director General and Chairman of the Arab Monetary Fund, Dr. Fahad Al Turki, via videoconference; the IMF’s Resident Representative, Mr. Tobias Roy; the Senior Adviser UNSCO, Mr. Hansjoerg Strohmeyer; and the Chairman of the Association of Banks in Palestine, H.E. Mr. Maher Al-Masri.

Governor Shunnar urged the international community to act immediately to preserve CBRs — Palestine’s only gateway to goods and services worldwide under the Paris Economic Protocol — and to secure reliable, sustainable arrangements ensuring the uninterrupted flow of trade with Israel and the wider world.

Any disruption or termination of these relationships, he warned, would reach far beyond the financial sector and could rapidly escalate into an economic and humanitarian crisis. Broken supply chains could trigger shortages of fuel, energy, and essential food commodities, alongside rising prices, unemployment, and poverty — all amid a worsening fiscal crisis driven by Israel’s continued withholding of clearance revenues, which further limits the Palestinian government’s ability to meet its obligations and deliver essential services.

Shunnar noted that 90% of Palestinian exports go to Israel, while 100% of imports originate from or pass through it, some 60% directly. Israeli correspondent banks processed roughly NIS 51 billion in transactions during 2025, underscoring how critical these channels are to sustaining economic activity.

He added that nearly NIS 18 billion (about USD 6 billion) sits idle in bank vaults, sharply constraining the banking sector.

Participants acknowledged that the window for effective action is narrowing rapidly, and that averting this scenario requires urgent, coordinated intervention to secure stable, sustainable arrangements that keep the Palestinian banking sector connected to the global financial system.

Contact:
hshehadeh@pma.ps
+972594202078

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Technology

Charter Announces Second Quarter 2026 Results

Published

32 minutes ago

July 24, 2026

STAMFORD, Conn., July 24, 2026 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”), which operates the Spectrum brand, today reported financial and operating results for the three and six months ended June 30, 2026.

Second quarter Spectrum MobileTM lines increased by 406,000 and by 1.7 million over the last twelve months. As of June 30, 2026, Charter served 12.5 million mobile lines.During the second quarter, Spectrum Internet® customers declined by 172,000. As of June 30, 2026, Charter served 29.4 million Internet customers.Video customers decreased by 21,000 in the second quarter and declined by 107,000, or 0.8%, over the last twelve months. As of June 30, 2026, Charter served 12.5 million video customers.As of June 30, 2026, customer relationships totaled 31.5 million and connectivity customers totaled 30.4 million.Second quarter revenue of $13.5 billion declined 1.7% year-over-year, primarily driven by lower residential video revenue.Net income attributable to Charter shareholders totaled $1.3 billion in the second quarter.Second quarter Adjusted EBITDA1 of $5.4 billion declined 4.3% year-over-year and by 3.2% excluding transition expenses.Second quarter capital expenditures totaled $2.9 billion.Second quarter net cash flows from operating activities of $3.9 billion vs. $3.6 billion in the prior year.Second quarter free cash flow1 of $969 million declined $77 million versus the prior year, primarily due to an unfavorable change in accrued expenses related to capital expenditures, partly offset by higher operating cash flow.During the second quarter, Charter purchased 4.0 million shares of Charter Class A common stock for $838 million and $1.2 billion in aggregate principal amount of Charter Communications Operating, LLC and CCO Holdings, LLC notes under an open market repurchase program for $1.0 billion in cash.

“We operate in a competitive environment across all of our products, and our strategy for growing connectivity services is simple — deliver the best products, at the best overall value, with the best service,” said Chris Winfrey, President and CEO of Charter. “We look forward to delivering the benefits of that strategy to Cox’s customers and communities after the transaction closes. As the nation’s leading provider of converged connectivity services, Spectrum will have additional scale to develop new products with industry and technology partners. And by saving customers money with Spectrum products, serviced by 100% US-based employees — we will drive customer and shareholder value for years to come.”

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

June 30, 2026 (d)

June 30, 2025 (d)

Y/Y Change

Footprint

Estimated Passings (e)

58,981

57,540

2.5 %

Customer Relationships (f)

Residential

29,276

29,819

(1.8) %

Small Business

2,223

2,241

(0.8) %

Total Customer Relationships

31,499

32,060

(1.7) %

Residential

(176)

(95)

(81)

Small Business

(8)

(5)

(3)

Total Customer Relationships Quarterly Net Additions

(184)

(100)

(84)

Total Customer Relationship Penetration of Estimated Passings (g)

53.4 %

55.7 %

(2.3) ppts

Monthly Residential Revenue per Residential Customer (h)

$ 117.52

$ 119.70

(1.8) %

Monthly Small Business Revenue per Small Business Customer (i)

$ 165.27

$ 162.91

1.4 %

Residential Customer Relationships Penetration (j)

One Product Penetration

47.4 %

48.7 %

(1.3) ppts

Two Product Penetration

35.1 %

33.8 %

1.3 ppts

Three or More Product Penetration

17.6 %

17.5 %

0.1 ppts

Connectivity (k)

Residential

28,306

28,705

(1.4) %

Small Business

2,069

2,076

(0.4) %

Total Connectivity Customers

30,375

30,781

(1.3) %

Residential

(140)

(53)

(87)

Small Business

(5)

(4)

(1)

Total Connectivity Quarterly Net Additions

(145)

(57)

(88)

Internet

Residential

27,358

27,868

(1.8) %

Small Business

2,030

2,040

(0.5) %

Total Internet Customers

29,388

29,908

(1.7) %

Residential

(166)

(111)

(55)

Small Business

(6)

(5)

(1)

Total Internet Quarterly Net Additions

(172)

(116)

(56)

Mobile Lines (l)

Residential

12,099

10,502

15.2 %

Small Business

441

354

24.4 %

Total Mobile Lines

12,540

10,856

15.5 %

Residential

385

471

(86)

Small Business

Total Mobile Lines Quarterly Net Additions

406

491

(85)

Video (m)

Residential

12,010

12,087

(0.6) %

Small Business

514

544

(5.4) %

Total Video Customers

12,524

12,631

(0.8) %

Residential

(11)

(73)

Small Business

(10)

(7)

(3)

Total Video Quarterly Net Additions

(21)

(80)

Voice

Residential

4,494

5,161

(12.9) %

Small Business

1,200

1,225

(2.1) %

Total Voice Customers

5,694

6,386

(10.8) %

Mid-Market & Large Business (n)

Mid-Market & Large Business Primary Service Units (“PSUs”)

364

350

3.9 %

Mid-Market & Large Business Quarterly Net Additions

(2)

In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 7 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Second quarter total Internet customers decreased by 172,000, compared to a decline of 116,000 during the second quarter of 2025. Spectrum Internet delivers the most reliable Internet1, and the Company is evolving its connectivity network to offer symmetrical and multi-gigabit Internet speeds across its entire footprint and has launched symmetrical Internet service in several markets. Spectrum expects to complete its network evolution initiative in 2027. In February 2026, Spectrum launched its Invincible WiFiTM product, a tri-band advanced WiFi 7 router that integrates 5G cellular and battery backup to keep customers seamlessly and fully connected during a power outage or network disruption. In the first quarter, Spectrum launched its $1,000 savings guarantee; new or existing Spectrum Internet customers switching two or more mobile lines from Verizon, AT&T or T-Mobile are now guaranteed $1,000 of savings in their first year, or Spectrum will cover the difference.

During the second quarter of 2026, Charter added 406,000 total mobile lines, compared to growth of 491,000 during the second quarter of 2025. Spectrum Mobile has faster wireless speeds than the competition (AT&T, T-Mobile, Verizon).2 Spectrum Mobile is central to Charter’s converged network strategy to provide customers a differentiated connectivity experience with highly competitive, simple data plans and pricing.

Total video customers decreased by 21,000 in the second quarter of 2026, compared to a decline of 80,000 in the second quarter of 2025, with the improvement driven by simplified pricing and packaging and benefits from the inclusion of programmers’ streaming applications in Spectrum’s expanded basic video packages. As of June 30, 2026, Charter had 12.5 million total video customers.

Spectrum TV Select video customers now receive up to approximately $127 per month of programmers’ streaming application retail value at no extra cost, including the ad-supported versions of Disney+, Hulu, ESPN Unlimited, HBO Max, Paramount+, Peacock, AMC+, ViX, Tennis Channel, Fox One and Discovery+. Beginning in June 2026, Spectrum customers can purchase ad-supported and ad-free versions of Netflix through the Spectrum App Store. The Spectrum App Store is an innovative digital marketplace where Spectrum TV customers can activate, manage and upgrade the streaming apps included with their video plans. The Spectrum App Store also allows Spectrum customers without a traditional TV package to purchase and manage streaming apps à la carte.

During the second quarter of 2026, total wireline voice customers declined by 178,000, compared to a decline of 220,000 in the second quarter of 2025. As of June 30, 2026, Charter had 5.7 million total wireline voice customers.

Charter continues to work with federal, state and local governments to bring Spectrum Internet to unserved and underserved communities. During the second quarter of 2026, Charter activated 127,000 subsidized rural passings. Within Charter’s subsidized rural footprint, total customer relationships increased by 47,000 in the second quarter of 2026.

Most reliable Internet claim based on Broadband Reliability Experience among top 5 national providers in Opensignal USA: Fixed Broadband Experience Report – May 2026. Based on Opensignal independent analysis of Internet connectivity, completion, and sufficiency.

Based on Download Speeds among top 5 national providers in Opensignal USA, Converged Experience, April 2026.

Second Quarter Financial Results
(in millions)

Three Months Ended June 30,

2026

2025

% Change

Revenues:

Internet

$ 5,776

$ 5,969

(3.2) %

Mobile service

1,095

921

18.9 %

Connectivity

6,871

6,890

(0.3) %

Video

3,149

3,488

(9.7) %

Voice

331

346

(4.5) %

Residential revenue

10,351

10,724

(3.5) %

Small business

1,104

1,096

0.7 %

Mid-market & large business

761

740

2.8 %

Commercial revenue

1,865

1,836

1.5 %

Advertising sales

416

371

12.3 %

Other

894

835

7.1 %

Total Revenues

$ 13,526

$ 13,766

(1.7) %

Net income attributable to Charter shareholders

$ 1,292

$ 1,301

(0.7) %

Net income attributable to Charter shareholders margin

9.6 %

9.4 %

Adjusted EBITDA1

$ 5,449

$ 5,693

(4.3) %

Adjusted EBITDA margin

40.3 %

41.4 %

Capital expenditures

$ 2,871

$ 2,874

(0.1) %

Net cash flows from operating activities

$ 3,925

$ 3,600

9.0 %

Free cash flow1

$ 969

$ 1,046

(7.4) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

Revenues

Second quarter revenue decreased by 1.7% year-over-year to $13.5 billion, driven by lower residential video revenue mostly due to higher costs allocated to programmer streaming applications and netted within video revenue and lower residential Internet revenue, partly offset by an increase in residential mobile service revenue, higher mobile device revenue and higher advertising sales revenue. Excluding advertising sales revenue and costs allocated to programmer streaming applications and netted within video revenue, second quarter total revenue declined by 0.8% year-over-year.

Residential revenue totaled $10.4 billion in the second quarter, a decrease of 3.5% year-over-year, driven by a year-over-year decline in residential customers of 1.8% and a decrease in monthly residential revenue per residential customer of 1.8%. Excluding costs allocated to programmer streaming applications and netted within video revenue, residential revenue declined by 1.8%.

Second quarter 2026 monthly residential revenue per residential customer totaled $117.52, a decrease of 1.8% compared to the prior year period. The decline was driven by $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, pricing and packaging mix within Charter’s customer base and a decline in video customers during the last year, partly offset by the growth of Spectrum Mobile. Excluding costs allocated to programmer streaming applications and netted within video revenue, monthly residential revenue per residential customer decreased 0.1% compared to the prior year period.

Internet revenue declined 3.2% year-over-year to $5.8 billion, driven by a decline in Internet customers year-over year and pricing and packaging mix within Charter’s customer base, partly offset by more favorable bundled revenue allocation year-over-year.

Second quarter mobile service revenue totaled $1.1 billion, an increase of 18.9% year-over-year, driven by mobile line growth and rate adjustments.

Video revenue totaled $3.1 billion in the second quarter, a decrease of 9.7% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter’s video customer base, $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, more unfavorable bundled revenue allocation year-over-year and a decline in video customers during the last year, partly offset by promotional rate step-ups and video rate adjustments that pass through programmer rate increases.

Voice revenue decreased by 4.5% year-over-year to $331 million, driven by a decline in wireline voice customers, partly offset by voice rate adjustments.

Commercial revenue increased by 1.5% year-over-year to $1.9 billion, driven by mid-market and large business revenue growth of 2.8% year-over-year and an increase in small business revenue of 0.7%. Mid-market and large business revenue excluding wholesale increased by 3.5% year-over-year, mostly reflecting PSU growth. The year-over-year increase in second quarter 2026 small business revenue was driven by a 1.4% increase year-over-year in monthly small business revenue per small business customer, partly offset by a decline of 0.8% in small business customer relationships year-over-year.

Second quarter advertising sales revenue of $416 million increased by 12.3% compared to the year-ago quarter, primarily driven by higher political revenue. Excluding political revenue in both periods, advertising sales revenue decreased by 4.6% year-over-year driven by lower linear advertising revenue, partly offset by higher streaming advertising revenue.

Other revenue totaled $894 million in the second quarter, an increase of 7.1% compared to the second quarter of 2025, primarily driven by higher mobile device sales, partly offset by a $45 million one-time benefit in the prior year period.

Operating Costs and Expenses

Second quarter total operating costs and expenses were flat year-over-year at $8.1 billion, primarily driven by lower programming costs, offset by higher other costs of revenue and higher transition expenses.

Second quarter programming costs decreased by $218 million, or 9.7% as compared to the second quarter of 2025, reflecting $251 million of costs allocated to programmer streaming applications and netted within video revenue versus $67 million in the prior year period, a higher mix of lower cost packages within Charter’s video customer base and fewer video customers, partly offset by contractual programming rate increases and renewals.

Other costs of revenue increased by $186 million, or 11.3% year-over-year, primarily driven by higher mobile device sales, higher mobile service direct costs and higher advertising sales costs given higher political revenue.

Field and technology operations expenses increased by $21 million, or 1.6% year-over-year, primarily driven by higher vehicle fuel costs and medical expenses.

Customer operations expenses increased by $8 million, or 1.1% year-over-year, driven by medical expenses.

Marketing and residential sales expenses decreased by $31 million or 3.1% year-over-year, due to lower marketing expenses from cost savings, despite higher marketing activity.

Transition expenses represent incremental costs incurred to prepare for the integration of the previously announced Cox transaction.

Other expenses decreased by $27 million, or 2.5% as compared to the second quarter of 2025, primarily driven by lower professional services expense.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $1.3 billion in the second quarter of 2026 and 2025, with lower Adjusted EBITDA offset by a gain on extinguishment of debt related to open market debt repurchases in the second quarter of 2026.

Net income per basic common share attributable to Charter shareholders totaled $10.76 in the second quarter of 2026 compared to $9.41 during the same period last year. The increase was primarily the result of a 13.1% decrease in basic weighted average common shares outstanding versus the prior year period.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $5.4 billion declined by 4.3% year-over-year, reflecting a decline in revenue of 1.7%, while operating costs and expenses remained flat. Excluding transition expenses, Adjusted EBITDA declined 3.2% year-over-year.

Capital Expenditures

Capital expenditures totaled $2.9 billion in the second quarter of 2026, in-line with the prior year period, with lower line extension spend offset by higher upgrade/rebuild (primarily network evolution).

Charter continues to expect full year 2026 capital expenditures, excluding impacts from the previously announced Cox transaction, to total approximately $11.4 billion. The actual amount of capital expenditures in 2026 will depend on a number of factors including, but not limited to, the pace of Charter’s network evolution and expansion initiatives, supply chain timing and growth rates in Charter’s residential and commercial businesses.

Cash Flow and Free Cash Flow

During the second quarter of 2026, net cash flows from operating activities totaled $3.9 billion, an increase from $3.6 billion in the prior year. The year-over-year increase was primarily due to lower cash taxes, partly offset by lower Adjusted EBITDA.

Free cash flow in the second quarter of 2026 totaled $969 million, a decrease of $77 million compared to the second quarter of 2025. The year-over-year decrease in free cash flow was driven by an unfavorable change in accrued expenses related to capital expenditures, partly offset by higher net cash flows from operating activities.

Liquidity & Financing

As of June 30, 2026, total principal amount of debt was $93.8 billion and Charter’s credit facilities provided approximately $3.7 billion of additional liquidity in excess of Charter’s $509 million cash position.

During the three months ended June 30, 2026, Charter purchased $1.2 billion in aggregate principal amount of various Charter Communications Operating, LLC and CCO Holdings, LLC notes under an open market repurchase program for $1.0 billion in cash.

Share Repurchases

During the three months ended June 30, 2026, Charter purchased 4.0 million shares of Charter Class A common stock for $838 million.

Webcast

Charter will host a webcast on Friday, July 24, 2026 at 8:00 a.m. Eastern Time (ET) related to the contents of this release.

The webcast can be accessed live via the Company’s investor relations website at ir.charter.com. Participants should go to the webcast link no later than 10 minutes prior to the start time to register. The webcast will be archived at ir.charter.com two hours after completion of the webcast.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2026, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.

Use of Adjusted EBITDA and Free Cash Flow Information

The Company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other income (expenses), net and other operating (income) expenses, net, such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $336 million and $702 million for the three and six months ended June 30, 2026, respectively, and $366 million and $732 million for the three and six months ended June 30, 2025, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company with services available to nearly 59 million homes and small to large businesses across 41 states through its Spectrum brand. Founded in 1993, Charter has evolved from providing cable TV to streaming, and from high-speed Internet to a converged broadband, WiFi and mobile experience. Over the Spectrum Fiber Broadband Network and supported by our 100% U.S.-based employees, the Company offers Seamless Connectivity and Entertainment with Spectrum Internet®, Mobile, TV and Voice products.

More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC. Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “future,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “grow,” “focused on” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

our ability to sustain and grow revenues and cash flow from operations by offering Internet, mobile, video, voice, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless and satellite broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn;our ability to develop and deploy new products and technologies including consumer services and service platforms;any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;our ability to procure necessary services and equipment from our vendors in a timely manner and at reasonable costs including in connection with our network evolution and rural construction initiatives;our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);the ability to hire and retain key personnel;the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets;our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions;our ability to satisfy the conditions to consummate the Liberty Broadband Combination and/or the Cox Transactions and/or to consummate the Liberty Broadband Combination and/or the Cox Transactions in a timely manner or at all;the risks related to us being restricted in the operation of our business while the Liberty Broadband Merger Agreement and the Cox Communications Transaction Agreement are in effect;other risks related to the Liberty Broadband Combination as described in the definitive joint proxy statement/prospectus with respect to the Liberty Broadband Combination, filed by Charter on January 22, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein; andother risks related to the Cox Transactions as described in the definitive proxy statement with respect to the Cox Transactions, filed by Charter on July 2, 2025, including the sections entitled “Risk Factors” and “Where You Can Find More Information” included therein.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES

(dollars in millions)

Three Months Ended
June 30,

Six Months Ended
June 30,

Last Twelve Months
Ended June 30,

2026

2025

2026

2025

2026

2025

Net income attributable to Charter shareholders

$ 1,292

$ 1,301

$ 2,455

$ 2,518

$ 4,924

$ 5,264

Plus: Net income attributable to noncontrolling interest

232

194

432

386

825

790

Interest expense, net

1,276

1,263

2,532

2,504

5,070

5,089

Income tax expense

475

414

940

859

1,773

1,635

Depreciation and amortization

2,197

2,176

4,408

4,357

8,762

8,670

Stock compensation expense

138

157

341

379

635

663

Other, net

(161)

188

(22)

453

349

752

Adjusted EBITDA (a)

$ 5,449

$ 5,693

$ 11,086

$ 11,456

$ 22,338

$ 22,863

Net cash flows from operating activities

$ 3,925

$ 3,600

$ 8,229

$ 7,836

$ 16,470

$ 15,201

Less: Purchases of property, plant and equipment

(2,871)

(2,874)

(5,726)

(5,273)

(12,112)

(10,898)

Change in accrued expenses related to capital expenditures

(85)

320

(162)

377

910

Free cash flow (a)

$ 969

$ 1,046

$ 2,341

$ 2,610

$ 4,735

$ 5,213

The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.

UNAUDITED ALTERNATIVE PRESENTATION OF ADJUSTED EBITDA

(dollars in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

% Change

2026

2025

% Change

REVENUES:

Internet

$ 5,776

$ 5,969

(3.2) %

$ 11,628

$ 11,899

(2.3) %

Mobile service

1,095

921

18.9 %

2,147

1,835

17.0 %

Connectivity

6,871

6,890

(0.3) %

13,775

13,734

0.3 %

Video

3,149

3,488

(9.7) %

6,401

7,068

(9.4) %

Voice

331

346

(4.5) %

669

702

(4.7) %

Residential revenue

10,351

10,724

(3.5) %

20,845

21,504

(3.1) %

Small business

1,104

1,096

0.7 %

2,194

2,184

0.4 %

Mid-market & large business

761

740

2.8 %

1,510

1,474

2.4 %

Commercial revenue

1,865

1,836

1.5 %

3,704

3,658

1.2 %

Advertising sales

416

371

12.3 %

774

711

9.0 %

Other

894

835

7.1 %

1,800

1,628

10.6 %

Total Revenues

13,526

13,766

(1.7) %

27,123

27,501

(1.4) %

COSTS AND EXPENSES:

Programming

2,035

2,253

(9.7) %

4,123

4,555

(9.5) %

Other costs of revenue

1,837

1,651

11.3 %

3,602

3,235

11.3 %

Field and technology operations

1,313

1,292

1.6 %

2,571

2,574

(0.1) %

Customer operations

785

777

1.1 %

1,551

1,549

0.2 %

Marketing and residential sales

927

958

(3.1) %

1,846

1,907

(3.2) %

Transition expenses (b)

—

n/a

—

n/a

Other expense (c)

1,115

1,142

(2.5) %

2,255

2,225

1.3 %

Total operating costs and expenses (c)

8,077

8,073

— %

16,037

16,045

(0.1) %

Adjusted EBITDA (a)

$ 5,449

$ 5,693

(4.3) %

$ 11,086

$ 11,456

(3.2) %

All percentages are calculated using whole numbers. Minor differences may exist due to rounding. See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(dollars in millions, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

$ 13,526

$ 13,766

$ 27,123

$ 27,501

COSTS AND EXPENSES:

Operating costs and expenses (exclusive of items shown separately below)

8,215

8,230

16,378

16,424

Depreciation and amortization

2,197

2,176

4,408

4,357

Other operating expenses, net

204

10,463

10,487

20,852

20,985

Income from operations

3,063

3,279

6,271

6,516

OTHER INCOME (EXPENSES):

Interest expense, net

(1,276)

(1,263)

(2,532)

(2,504)

Other income (expenses), net

212

(107)

(249)

(1,064)

(1,370)

(2,444)

(2,753)

Income before income taxes

1,999

1,909

3,827

3,763

Income tax expense

(475)

(414)

(940)

(859)

Consolidated net income

1,524

1,495

2,887

2,904

Less: Net income attributable to noncontrolling interests

(232)

(194)

(432)

(386)

Net income attributable to Charter shareholders

$ 1,292

$ 1,301

$ 2,455

$ 2,518

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$ 10.76

$ 9.41

$ 20.00

$ 18.00

Diluted

$ 10.66

$ 9.18

$ 19.81

$ 17.59

Weighted average common shares outstanding, basic

120,121,017

138,205,810

122,789,924

139,889,251

Weighted average common shares outstanding, diluted

121,255,667

141,684,415

123,969,262

143,098,493

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

June 30,

December 31

2026

2025

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$ 509

$ 477

Accounts receivable, net

3,651

3,680

Prepaid expenses and other current assets

813

987

Total current assets

4,973

5,144

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

47,955

46,444

Customer relationships, net

238

440

Franchises

67,471

Goodwill

29,710

Total investment in cable properties, net

145,374

144,065

OTHER NONCURRENT ASSETS

5,271

5,004

Total assets

$ 155,618

$ 154,213

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable, accrued and other current liabilities

$ 12,779

$ 12,556

Current portion of long-term debt

999

750

Total current liabilities

13,778

13,306

LONG-TERM DEBT

92,960

94,006

EQUIPMENT INSTALLMENT PLAN FINANCING FACILITY

1,596

1,447

DEFERRED INCOME TAXES

20,237

19,841

OTHER LONG-TERM LIABILITIES

5,146

5,094

SHAREHOLDERS’ EQUITY:

Controlling interest

16,952

16,054

Noncontrolling interests

4,949

4,465

Total shareholders’ equity

21,901

20,519

Total liabilities and shareholders’ equity

$ 155,618

$ 154,213

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$ 1,524

$ 1,495

$ 2,887

$ 2,904

Adjustments to reconcile consolidated net income to net cash flows from operating activities:

Depreciation and amortization

2,197

2,176

4,408

4,357

Stock compensation expense

138

157

341

379

Noncash interest, net

Deferred income taxes

203

(53)

417

(80)

Other, net

(212)

117

(86)

350

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

Accounts receivable

(141)

(238)

(136)

(286)

Prepaid expenses and other assets

(3)

(169)

Accounts payable, accrued liabilities and other

213

(127)

382

366

Net cash flows from operating activities

3,925

3,600

8,229

7,836

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(2,871)

(2,874)

(5,726)

(5,273)

Change in accrued expenses related to capital expenditures

(85)

320

(162)

Other, net

(243)

(67)

(285)

(199)

Net cash flows from investing activities

(3,199)

(2,621)

(6,173)

(5,425)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

4,394

3,723

11,610

5,116

Borrowings of equipment installment plan financing facility

—

112

148

233

Repayments of long-term debt

(4,609)

(3,184)

(12,108)

(4,793)

Payments for debt issuance costs

—

(1)

(30)

(1)

Purchase of treasury stock

(852)

(1,451)

(1,878)

(2,253)

Proceeds from exercise of stock options

Purchase of noncontrolling interest

—

(232)

—

(252)

Distributions to noncontrolling interest

(20)

(121)

(22)

(124)

Other, net

327

(44)

212

(213)

Net cash flows from financing activities

(749)

(1,196)

(2,055)

(2,268)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

(23)

(217)

143

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period

622

866

598

506

CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period

$ 599

$ 649

$ 599

$ 649

CASH PAID FOR INTEREST

$ 1,439

$ 1,444

$ 2,506

$ 2,439

As of June 30, 2026, March 31, 2026, December 31, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, cash, cash equivalents and restricted cash includes $90 million, $105 million, $121 million, $43 million, $70 million and $47 million of restricted cash included in prepaid expenses and other current assets in the consolidated balance sheets, respectively.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED SUMMARY OF OPERATING STATISTICS

(in thousands, except per customer and penetration data)

Approximate as of

June 30,
2026 (d)

March 31,
2026 (d)

December 31,
2025 (d)

June 30,
2025 (d)

Footprint

Estimated Passings (e)

58,981

58,661

58,399

57,540

Customer Relationships (f)

Residential

29,276

29,452

29,609

29,819

Small Business

2,223

2,231

2,237

2,241

Total Customer Relationships

31,499

31,683

31,846

32,060

Residential

(176)

(157)

(125)

(95)

Small Business

(8)

(6)

(2)

(5)

Total Customer Relationships Quarterly Net Additions

(184)

(163)

(127)

(100)

Total Customer Relationship Penetration of Estimated Passings (g)

53.4 %

54.0 %

54.5 %

55.7 %

Monthly Residential Revenue per Residential Customer (h)

$ 117.52

$ 118.44

$ 117.19

$ 119.70

Monthly Small Business Revenue per Small Business Customer (i)

$ 165.27

$ 162.71

$ 159.85

$ 162.91

Residential Customer Relationships Penetration (j)

One Product Penetration

47.4 %

47.7 %

48.0 %

48.7 %

Two Product Penetration

35.1 %

34.8 %

34.5 %

33.8 %

Three or More Product Penetration

17.6 %

17.5 %

Connectivity (k)

Residential

28,306

28,446

28,563

28,705

Small Business

2,069

2,074

2,077

2,076

Total Connectivity Customers

30,375

30,520

30,640

30,781

Residential

(140)

(117)

(95)

(53)

Small Business

(5)

(3)

—

(4)

Total Connectivity Quarterly Net Additions

(145)

(120)

(95)

(57)

Internet

Residential

27,358

27,524

27,641

27,868

Small Business

2,030

2,036

2,039

2,040

Total Internet Customers

29,388

29,560

29,680

29,908

Residential

(166)

(117)

(119)

(111)

Small Business

(6)

(3)

—

(5)

Total Internet Quarterly Net Additions

(172)

(120)

(119)

(116)

Mobile Lines (l)

Residential

12,099

11,714

11,370

10,502

Small Business

441

420

396

354

Total Mobile Lines

12,540

12,134

11,766

10,856

Residential

385

344

406

471

Small Business

Total Mobile Lines Quarterly Net Additions

406

368

428

491

Video (m)

Residential

12,010

12,021

12,072

12,087

Small Business

514

524

533

544

Total Video Customers

12,524

12,545

12,605

12,631

Residential

(11)

(51)

(73)

Small Business

(10)

(9)

(5)

(7)

Total Video Quarterly Net Additions

(21)

(60)

(80)

Voice

Residential

4,494

4,665

4,832

5,161

Small Business

1,200

1,207

1,214

1,225

Total Voice Customers

5,694

5,872

6,046

6,386

Mid-Market & Large Business (n)

Mid-Market & Large Business Primary Service Units (“PSUs”)

364

360

357

350

Mid-Market & Large Business Quarterly Net Additions

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES

(dollars in millions)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Customer premise equipment (o)

$ 654

$ 593

$ 1,322

$ 1,066

Scalable infrastructure (p)

336

371

646

664

Upgrade/rebuild (q)

657

457

1,332

852

Support capital (r)

494

425

884

785

Capital expenditures, excluding line extensions

2,141

1,846

4,184

3,367

Subsidized rural construction line extensions

390

543

816

1,010

Other line extensions

340

485

726

896

Total line extensions (s)

730

1,028

1,542

1,906

Total capital expenditures

$ 2,871

$ 2,874

$ 5,726

$ 5,273

Capital expenditures included in total related to:

Commercial services

$ 293

$ 324

$ 579

$ 597

Subsidized rural construction initiative (t)

$ 391

$ 545

$ 818

$ 1,013

Mobile

$ 70

$ 59

$ 129

$ 112

Transition (b)

$ 34

$ —

$ 37

$ —

See footnotes on page 7.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES
FOOTNOTES

(a)

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating (income) expenses, net such as special charges, merger and acquisition costs and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our businesses as well as other non-cash or special items, and is unaffected by our capital structure or investment activities. Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

(b)

Transition represents incremental costs incurred to prepare for the integration of Cox Communications’ operations and to bring systems and processes into a uniform operating structure.

(c)

Other expense excludes stock compensation expense. Total operating costs and expenses excludes stock compensation expense, depreciation and amortization and other operating (income) expenses, net.

(d)

We calculate the aging of customer accounts based on the monthly billing cycle for each account in accordance with our collection policies. On that basis, at June 30, 2026, March 31, 2026, December 31, 2025 and June 30, 2025, customers included approximately 84,000, 87,600, 82,300 and 99,400 customers, respectively, whose accounts were over 60 days past due, approximately 10,100, 7,800, 9,700 and 11,600 customers, respectively, whose accounts were over 90 days past due and approximately 13,400, 13,600, 13,600 and 18,900 customers, respectively, whose accounts were over 120 days past due.

(e)

Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and small business and mid-market & large business sites passed by our cable distribution network in the areas where we offer the service indicated. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available.

(f)

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, mobile, video and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude mid-market & large business customer relationships.

(g)

Penetration represents residential and small business customers as a percentage of estimated passings.

(h)

Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter.

(i)

Monthly small business revenue per small business customer is calculated as total small business quarterly revenue divided by three divided by average small business customer relationships during the respective quarter.

(j)

One product, two product and three or more product penetration represents the number of residential customers that subscribe to one product, two products or three or more products, respectively, as a percentage of residential customer relationships.

(k)

Connectivity customers represent all customers receiving our Internet and/or mobile connectivity services.

(l)

Mobile lines include phones and tablets which require one of our standard rate plans (e.g., “Unlimited” or “By the Gig”). Mobile lines exclude wearables and other devices that do not require standard phone rate plans.

(m)

Video customers only include customers that purchase Spectrum traditional or streaming linear video packages and exclude customers that only purchase streaming applications.

(n)

Mid-market & large business PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

(o)

Customer premise equipment includes equipment and devices located at the customer’s premise used to deliver our Internet, video and voice services (e.g., modems, routers and set-top boxes), as well as installation costs.

(p)

Scalable infrastructure includes costs, not related to customer premise equipment or our network, to secure growth of new customers or provide service enhancements (e.g., headend equipment).

(q)

Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including our network evolution initiative.

(r)

Support capital includes costs associated with the replacement or enhancement of non-network assets (e.g., back-office systems, non-network equipment, land and buildings, vehicles, tools and test equipment).

(s)

Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(t)

The subsidized rural construction initiative subcategory includes projects for which we are receiving subsidies from federal, state and local governments, excluding customer premise equipment and installation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/charter-announces-second-quarter-2026-results-302833892.html

SOURCE Charter Communications, Inc.

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