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Cogeco Communications announces its Q3 2026 financial results

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3 months ago

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Continued positive year-on-year revenue and adjusted EBITDA performance in CanadaWireless business continues to grow in both countriesFourth consecutive quarter of positive Ohio Internet subscriber growthExpanded welo, Breezeline’s U.S. digital challenger brand, to cover all of our Ohio footprintFiscal 2026 financial guidelines as issued on April 9th re-confirmed

MONTRÉAL, July 15, 2026 /CNW/ – Today, Cogeco Communications Inc. (TSX: CCA) (“Cogeco Communications” or the “Corporation”) announced its financial results for the third quarter ended May 31, 2026.

“Our Canadian performance remained strong in Q3, with positive year-on-year growth in adjusted EBITDA for a third consecutive quarter,” stated Frédéric Perron, President and CEO. “Our wireless sales remain ahead of plan, and we are seeing a clear churn benefit from fixed-mobile convergence, which will become more meaningful as we continue to scale up.

“In the U.S., we experienced a further intensification of the competitive environment, resulting in our financials not improving as fast as expected, despite executing well on our turnaround efforts,” continued Mr. Perron. “We are planning an optimization of capital investments going into next fiscal year, which will facilitate free cash flow generation.”

Consolidated financial highlights

Three months ended May 31

2026

2025

Change

Change in

constant
currency

(1)

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

$

$

%

%

Revenue

696,681

730,679

(4.7)

(3.6)

Adjusted EBITDA (1)

351,521

362,377

(3.0)

(2.0)

Adjusted EBITDA margin (1)

50.5 %

49.6 %

Profit (loss) for the period

(1,737,588)

(i)

73,300

—

Profit (loss) for the period attributable to owners of the Corporation

(1,356,281)

(i)

69,895

—

Adjusted profit attributable to owners of the Corporation (1)(2)

99,741

77,186

29.2

Cash flows from operating activities

319,932

400,789

(20.2)

Free cash flow (1)

169,235

143,946

17.6

18.4

Free cash flow, excluding network expansion projects (1)

190,837

157,231

21.4

22.2

Acquisition of property, plant and equipment

121,038

125,933

(3.9)

Net capital expenditures (1)(3)

120,853

125,462

(3.7)

(2.5)

Net capital expenditures, excluding network expansion projects (1)

99,251

112,177

(11.5)

(10.4)

Capital intensity (1)

17.3 %

17.2 %

Capital intensity, excluding network expansion projects (1)

14.2 %

15.4 %

Diluted earnings (loss) per share

(32.28)

(i)

1.64

—

Adjusted diluted earnings per share (1)(2)

2.35

1.82

29.1

(i)

Includes non-cash pre-tax impairment charges amounting to $2.2 billion, or US$1.6 billion ($1.8 billion, or US$1.3 billion, net of deferred income taxes) related to the American telecommunications segment.

Operating results

For the third quarter of fiscal 2026 ended on May 31, 2026:

Revenue decreased by 4.7% to $696.7 million. On a constant currency basis(1), revenue decreased by 3.6% due to a decline in the American telecommunications segment, offset in part by revenue growth in the Canadian telecommunications segment, as explained below:

American telecommunications’ revenue decreased by 10.1%, or 7.8% in constant currency, mainly due to a lower subscriber base compared to the previous year, and to a higher proportion of customers subscribing to Internet-only services, as well as a competitive pricing environment.

Canadian telecommunications’ revenue increased by 0.5%, mainly resulting from the cumulative effect of high-speed Internet service additions over the past year, offset in part by a decline in video and wireline phone service subscribers, as an increasing proportion of customers subscribe to Internet-only services, as well as a competitive pricing environment.Adjusted EBITDA decreased by 3.0% to $351.5 million. On a constant currency basis, adjusted EBITDA decreased by 2.0%, mainly due to lower revenue in the American telecommunications segment, offset in part by cost reduction initiatives and operating efficiencies across the Corporation as a result of our ongoing three-year transformation program.

American telecommunications’ adjusted EBITDA decreased by 10.0%, or 7.8% in constant currency.

Canadian telecommunications’ adjusted EBITDA increased by 3.9%(4), or 3.7%(4) in constant currency.As previously announced, as competitive pressures intensified in the U.S. during the third quarter of fiscal 2026, the Corporation recognized non-cash pre-tax impairment charges amounting to $2.2 billion, or US$1.6 billion ($1.8 billion, or US$1.3 billion, net of deferred income taxes), within its American telecommunications segment, during the third quarter of fiscal 2026.Loss for the period amounted to $1.7 billion, of which $1.4 billion, or $32.28 per diluted share, was attributable to owners of the Corporation compared to a profit of $73.3 million, $69.9 million, and $1.64 per diluted share, respectively, in the comparable period of fiscal 2025. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from the non-cash pre-tax impairment charges recognized during the quarter, as well as lower adjusted EBITDA, partly offset by lower depreciation and amortization expense and financial expense.

Excluding the non-cash impairment charges and certain other elements, adjusted profit attributable to owners of the Corporation(2) was $99.7 million, or $2.35 per diluted share(2), an increase compared to $77.2 million, or $1.82 per diluted share, last year.Net capital expenditures were $120.9 million, a decrease of 3.7% compared to $125.5 million in the same period of the prior year. In constant currency, net capital expenditures(1) were $122.3 million, a decrease of 2.5% compared to last year, mainly due to lower capital spending related to customer premise equipment in the American telecommunications segment, partly offset by higher spending in the Canadian telecommunications segment, mainly due to the timing of certain initiatives.

Net capital expenditures in connection with network expansion projects were $21.6 million, or $21.7 million in constant currency(1), compared to $13.3 million in the same period of the prior year. Excluding network expansion projects, net capital expenditures were $99.3 million, a decrease of 11.5% compared to $112.2 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(1) were $100.5 million, a decrease of 10.4% compared to last year.

Capital intensity was 17.3% compared to 17.2% last year. Excluding network expansion projects, capital intensity was 14.2% compared to 15.4% in the same period of the prior year.Acquisition of property, plant and equipment decreased by 3.9% to $121.0 million, mainly resulting from lower spending.Free cash flow increased by 17.6%, or 18.4% in constant currency, and amounted to $169.2 million, or $170.4 million in constant currency(1), mainly due to lower financial expense, as well as lower acquisition, integration, restructuring and other costs, in part due to lower restructuring costs related to the Corporation’s transformation initiatives. Free cash flow, excluding network expansion projects, increased by 21.4%, or 22.2% in constant currency, and amounted to $190.8 million, or $192.1 million in constant currency.Cash flows from operating activities decreased by 20.2% to $319.9 million, mostly due to the timing of payments made to suppliers and the collection of trade and other receivables and to higher income taxes paid, partly offset by lower interest paid.Cogeco Communications maintains its fiscal 2026 financial guidelines as issued on April 9, 2026. However, the assumed current income tax expense is now expected to be approximately $25 million (compared to a current effective income tax rate of approximately 8.5%, or $40 million, under the previous financial guidelines). We do not expect this revised assumption to have a significant impact on Cogeco Communications’ financial guidelines as previously issued. These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco Communications, and should be read in conjunction with the “Forward-looking statements” section of this press release.At its July 15, 2026 meeting, the Board of Directors of Cogeco Communications declared a quarterly dividend of $0.987 per share, an increase of 7.0% compared to $0.922 per share in the comparable quarter of fiscal 2025.

 

(1)

Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial 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, capital intensity, excluding network expansion projects 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)

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

(3)

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.

(4)

Following a full-scale launch of its Canadian wireless service offering across the majority of its operating footprint in Québec and Ontario during the first quarter of fiscal 2026, the Corporation changed the presentation of its reportable segments by including the Canadian wireless operations within its Canadian telecommunications segment. Cogeco Mobile’s operations were previously included within “Corporate and eliminations” during the start-up phase. Comparative figures were restated to conform to the current presentation.

Financial highlights

Change in

constant
currency

Change in

constant
currency

Three and nine months ended May 31

2026

2025

Change

(1)
(2)

2026

2025

Change

(1)
(2)

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

$

$

%

%

$

$

%

%

Operations

Revenue

696,681

730,679

(4.7)

(3.6)

2,097,488

2,201,800

(4.7)

(4.0)

Adjusted EBITDA (2)

351,521

362,377

(3.0)

(2.0)

1,043,089

1,084,091

(3.8)

(3.1)

Adjusted EBITDA margin (2)

50.5 %

49.6 %

49.7 %

49.2 %

Acquisition, integration, restructuring and other costs (3)

1,046

9,211

(88.6)

8,679

7,288

19.1

Impairment of assets

2,223,846

1,574

—

2,223,846

1,574

—

Profit (loss) for the period

(1,737,588)

73,300

—

(1,560,908)

260,097

—

Profit (loss) for the period attributable to owners of the Corporation

(1,356,281)

69,895

—

(1,187,599)

245,157

—

Adjusted profit attributable to owners of the Corporation (2)(4)

99,741

77,186

29.2

272,482

248,553

9.6

Cash flow

Cash flows from operating activities

319,932

400,789

(20.2)

666,813

872,866

(23.6)

Free cash flow (2)

169,235

143,946

17.6

18.4

449,817

409,407

9.9

10.3

Free cash flow, excluding network expansion projects (2)

190,837

157,231

21.4

22.2

504,201

460,064

9.6

10.0

Acquisition of property, plant and equipment

121,038

125,933

(3.9)

401,815

438,547

(8.4)

Net capital expenditures (2)(5)

120,853

125,462

(3.7)

(2.5)

399,594

434,002

(7.9)

(7.1)

Net capital expenditures, excluding network expansion projects (2)

99,251

112,177

(11.5)

(10.4)

345,210

383,345

(9.9)

(9.1)

Capital intensity (2)

17.3 %

17.2 %

19.1 %

19.7 %

Capital intensity, excluding network expansion projects (2)

14.2 %

15.4 %

16.5 %

17.4 %

Per share data (6)

Earnings (loss) per share

Basic

(32.28)

1.66

—

(28.25)

5.82

—

Diluted (7)

(32.28)

1.64

—

(28.25)

5.78

—

Adjusted diluted (2)(4)(7)

2.35

1.82

29.1

6.42

5.86

9.6

Dividends per share

0.987

0.922

7.0

2.961

2.766

7.0

(1)

Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current periods denominated in US dollars at the foreign exchange rates of the comparable periods of the prior year. For the three and nine-month periods ended May 31, 2025, the average foreign exchange rates used for translation were 1.4069 USD/CDN and 1.4042 USD/CDN, respectively.

(2)

Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial 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, capital intensity, excluding network expansion projects 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.

(3)

For the three-month periods ended May 31, 2026 and 2025, acquisition, integration, restructuring and other costs were mainly related to costs associated with the configuration and customization related to cloud computing and other arrangements, as well as additional restructuring costs incurred in connection with the Corporation’s transformation initiatives. For the nine-month periods ended May 31, 2026 and 2025, acquisition, integration, restructuring and other costs were mostly related to restructuring costs incurred and costs associated with the configuration and customization related to cloud computing and other arrangements. In addition, for the nine-month period ended May 31, 2025, these costs were partly offset by a $13.8 million non-cash gain recognized during the first quarter of fiscal 2025 in connection with a sale and leaseback transaction.

(4)

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

(5)

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.

(6)

Per multiple and subordinate voting share.

(7)

For the third quarter and the first nine months of fiscal 2026, the weighted average number of diluted subordinate voting shares used for the calculation of the adjusted diluted earnings per share included 407,460 share-based compensation units (comprising stock options, incentive shares units and performance share units) and 401,046 units (comprising stock options, incentive shares units and performance share units), respectively. As for the calculation of the diluted loss per share, these share-based compensation units were deemed to be anti-dilutive due to the loss incurred during the respective periods and therefore were excluded from the calculation.

As at

May 31, 2026

August 31, 2025

(In thousands of Canadian dollars)

$

$

Financial condition

Cash

77,308

75,152

Total assets

7,489,904

9,692,395

Long-term debt

Current

268,071

43,632

Non-current

4,198,993

4,510,769

Net indebtedness (1)

4,438,261

4,527,171

Equity attributable to owners of the Corporation

1,849,815

3,160,522

(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 and nine-month periods ended May 31, 2026, available on SEDAR+ at www.sedarplus.ca.

Forward-looking statements

Certain statements contained in this press release constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Communications Inc.’s (“Cogeco Communications” 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 Communications believes are reasonable as of the current date. Refer in particular to the “Corporate objectives and strategy” and “Fiscal 2026 financial guidelines” sections of the Corporation’s fiscal 2025 annual Management’s Discussion and Analysis (“MD&A”), and the “Fiscal 2026 revised financial guidelines” presented in the press release issued on April 9, 2026 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 Communications 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 (including changes in laws or government policies and the impact of regulatory decisions, such as those of the Canadian Radio-television and Telecommunications Commission (“CRTC”) in Canada or of the Federal Communications Commission in the U.S.), tax risks, technology risks (including the evolution of technology and the threat of cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation, trade tariffs, 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. 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 2025 annual MD&A and of the fiscal 2026 third-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco Communications and future events and results may vary significantly from what management currently foresees. If management’s estimates of forecasted results deteriorate, we may be required to recognize material non-cash charges relating to impairment of assets. 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 Communications’ 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 and nine-month periods ended May 31, 2026, the Corporation’s condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) and the Corporation’s fiscal 2025 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 Communications. These financial measures are reviewed in assessing the performance of Cogeco Communications 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 and nine-month periods ended May 31, 2026, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS Accounting Standards measures are used as a component of Cogeco Communications’ 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

Net capital expenditures, excluding network expansion projects

Capital intensity, excluding network expansion projects

For the three and nine-month periods ended May 31, 2026, the average foreign exchange rates used for translation were 1.3730 USD/CDN and 1.3814 USD/CDN, respectively. Financial measures presented on a constant currency basis for the three and nine-month periods ended May 31, 2026 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.4069 USD/CDN and 1.4042 USD/CDN, respectively.

Constant currency basis and foreign exchange impact reconciliation

Consolidated

Three months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

696,681

7,897

704,578

730,679

(4.7)

(3.6)

Operating expenses

339,146

4,367

343,513

363,380

(6.7)

(5.5)

Management fees – Cogeco Inc.

6,014

—

6,014

4,922

22.2

22.2

Adjusted EBITDA

351,521

3,530

355,051

362,377

(3.0)

(2.0)

Free cash flow

169,235

1,175

170,410

143,946

17.6

18.4

Net capital expenditures

120,853

1,419

122,272

125,462

(3.7)

(2.5)

 

Nine months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

2,097,488

15,821

2,113,309

2,201,800

(4.7)

(4.0)

Operating expenses

1,036,357

8,709

1,045,066

1,102,944

(6.0)

(5.2)

Management fees – Cogeco Inc.

18,042

—

18,042

14,765

22.2

22.2

Adjusted EBITDA

1,043,089

7,112

1,050,201

1,084,091

(3.8)

(3.1)

Free cash flow

449,817

1,569

451,386

409,407

9.9

10.3

Net capital expenditures

399,594

3,425

403,019

434,002

(7.9)

(7.1)

Canadian telecommunications segment

Three months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

(1)

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

376,723

—

376,723

374,900

0.5

0.5

Operating expenses

172,794

350

173,144

178,554

(3.2)

(3.0)

Adjusted EBITDA

203,929

(350)

203,579

196,346

3.9

3.7

Net capital expenditures

69,395

247

69,642

67,843

2.3

2.7

(1)

Effective as of the first quarter of fiscal 2026, the Canadian telecommunications segment includes the Canadian wireless operations, which were previously included within “Corporate and eliminations” during the start-up phase. Comparative figures were restated to conform to the current presentation, including $2.3 million of operating expenses for the third quarter of fiscal 2025, which were reclassified from “Corporate and eliminations” to the Canadian telecommunications segment.

Nine months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

(1)

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

1,127,083

—

1,127,083

1,122,377

0.4

0.4

Operating expenses

527,880

674

528,554

538,925

(2.0)

(1.9)

Adjusted EBITDA

599,203

(674)

598,529

583,452

2.7

2.6

Net capital expenditures

245,329

985

246,314

222,254

10.4

10.8

(1)

Effective as of the first quarter of fiscal 2026, the Canadian telecommunications segment includes the Canadian wireless operations, which were previously included within “Corporate and eliminations” during the start-up phase. Comparative figures were restated to conform to the current presentation, including $7.1 million of operating expenses for the first nine months of fiscal 2025, which were reclassified from “Corporate and eliminations” to the Canadian telecommunications segment.

American telecommunications segment

Three months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

319,958

7,897

327,855

355,779

(10.1)

(7.8)

Operating expenses

160,186

4,017

164,203

178,325

(10.2)

(7.9)

Adjusted EBITDA

159,772

3,880

163,652

177,454

(10.0)

(7.8)

Net capital expenditures

51,458

1,172

52,630

57,612

(10.7)

(8.6)

 

Nine months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

970,405

15,821

986,226

1,079,423

(10.1)

(8.6)

Operating expenses

488,811

8,033

496,844

545,448

(10.4)

(8.9)

Adjusted EBITDA

481,594

7,788

489,382

533,975

(9.8)

(8.4)

Net capital expenditures

154,265

2,440

156,705

211,741

(27.1)

(26.0)

Adjusted profit attributable to owners of the Corporation

Three months ended May 31

Nine months ended May 31

2026

2025

2026

2025

(In thousands of Canadian dollars)

$

$

$

$

Profit (loss) for the period attributable to owners of the Corporation

(1,356,281)

69,895

(1,187,599)

245,157

Acquisition, integration, restructuring and other costs

1,046

9,211

8,679

7,288

Impairment of assets

2,223,846

1,574

2,223,846

1,574

Gain on repurchase of debt (1)

(1,444)

—

(2,898)

—

Tax impact for the above items

(380,217)

(2,546)

(381,822)

(4,126)

Non-controlling interest impact for the above items

(387,209)

(948)

(387,724)

(1,340)

Adjusted profit attributable to owners of the Corporation

99,741

77,186

272,482

248,553

(1) Included within financial expense.

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

Three months ended May 31

Nine months ended May 31

2026

2025

2026

2025

(In thousands of Canadian dollars)

$

$

$

$

Cash flows from operating activities

319,932

400,789

666,813

872,866

Changes in other non-cash operating activities

(30,099)

(103,315)

134,721

(4,798)

Income taxes paid (received)

11,270

(12,101)

61,194

1,981

Current income taxes

(8,617)

(11,103)

(15,162)

(35,401)

Interest paid

53,142

69,857

180,170

193,523

Financial expense

(54,382)

(75,861)

(176,271)

(204,353)

Gain on repurchase of debt (1)

(1,444)

—

(2,898)

—

Amortization of deferred transaction costs and discounts on long-term debt (1)

2,693

2,608

7,959

6,300

Net capital expenditures (2)

(120,853)

(125,462)

(399,594)

(434,002)

Proceeds from disposals of property, plant and equipment, including sale and leaseback transactions

1,405

2,188

4,029

22,732

Repayment of lease liabilities

(3,812)

(3,654)

(11,144)

(9,441)

Free cash flow

169,235

143,946

449,817

409,407

Net capital expenditures in connection with network expansion projects

21,602

13,285

54,384

50,657

Free cash flow, excluding network expansion projects

190,837

157,231

504,201

460,064

(1)

Included within financial expense.

(2)

Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.

Adjusted EBITDA reconciliation

Three months ended May 31

Nine months ended May 31

2026

2025

2026

2025

(In thousands of Canadian dollars)

$

$

$

$

Profit (loss) for the period

(1,737,588)

73,300

(1,560,908)

260,097

Income taxes

(349,934)

20,180

(301,838)

69,709

Financial expense

54,382

75,861

176,271

204,353

Impairment of assets

2,223,846

1,574

2,223,846

1,574

Depreciation and amortization

159,769

182,251

497,039

541,070

Acquisition, integration, restructuring and other costs

1,046

9,211

8,679

7,288

Adjusted EBITDA

351,521

362,377

1,043,089

1,084,091

Net capital expenditures and net capital expenditures, excluding network expansion projects reconciliations

Three months ended May 31

2026

2025

Change

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

(In thousands of Canadian dollars, except percentages)

$

$

$

$

%

%

Acquisition of property, plant and equipment

121,038

125,933

(3.9)

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

(185)

(471)

(60.7)

Net capital expenditures

120,853

1,419

122,272

125,462

(3.7)

(2.5)

Net capital expenditures in connection with network expansion projects

21,602

123

21,725

13,285

62.6

63.5

Net capital expenditures, excluding network expansion projects

99,251

1,296

100,547

112,177

(11.5)

(10.4)

 

Nine months ended May 31

2026

2025

Change

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

(In thousands of Canadian dollars, except percentages)

$

$

$

$

%

%

Acquisition of property, plant and equipment

401,815

438,547

(8.4)

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

(2,221)

(4,545)

(51.1)

Net capital expenditures

399,594

3,425

403,019

434,002

(7.9)

(7.1)

Net capital expenditures in connection with network expansion projects

54,384

266

54,650

50,657

7.4

7.9

Net capital expenditures, excluding network expansion projects

345,210

3,159

348,369

383,345

(9.9)

(9.1)

Free cash flow, excluding network expansion projects reconciliations

Three months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Free cash flow

169,235

1,175

170,410

143,946

17.6

18.4

Net capital expenditures in connection with network expansion projects

21,602

123

21,725

13,285

62.6

63.5

Free cash flow, excluding network expansion projects

190,837

1,298

192,135

157,231

21.4

22.2

 

Nine months ended May 31

2026

2025

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Free cash flow

449,817

1,569

451,386

409,407

9.9

10.3

Net capital expenditures in connection with network expansion projects

54,384

266

54,650

50,657

7.4

7.9

Free cash flow, excluding network expansion projects

504,201

1,835

506,036

460,064

9.6

10.0

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 Communications Inc.

Cogeco Communications Inc. is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, wireless, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline and welo brands in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Cogeco Communications Inc.’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA).

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

Media
Isabelle Famery
Manager, External Communications
Cogeco Communications Inc.
Tel.: 514 764-4600
media@cogeco.com

Conference Call:                                       

Thursday, July 16, 2026 at 8:00 a.m. (Eastern Daylight Time)

A live audio webcast of the analyst call will be available on both the Investor Relations and the Events and Presentations pages of Cogeco Communications’ 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 Communications’ 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.

SOURCE Cogeco Communications Inc.

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Integrate Brings Governed Marketing Data Into AI Workflows B2B Teams Already Use

Published

3 minutes ago

on

October 5, 2026

By

Integrate MCP lets marketers ask business questions about their marketing campaigns, leads, spend, pipeline and ABM data, and act on the answers with the same permissions and approvals they trust in Integrate

BOULDER, Colo., Oct. 5, 2026 /PRNewswire-PRWeb/ — Integrate, a universal lead management and data governance platform for B2B marketing teams, today announced the availability of Integrate MCP, a connection that brings the Integrate platform directly into the AI workflows marketing teams already use. Built on the Model Context Protocol (MCP), the open standard for connecting AI tools to business systems, Integrate MCP is available today in most AI tools that can connect through MCP. Integrate MCP is part of the company’s broader headless Integrate initiative, which is designed to make the platform accessible and operable beyond the traditional user interface.

“Marketers don’t have a data problem, they have a distance problem,” said Mehul Nagrani, CEO of Integrate.

Go-to-market teams usually know the question they want answered. Getting the answer is the hard part: finding the right dashboard, building a saved report, remembering field names and filters, then going back into the platform to act on what they learned. Integrate MCP removes those steps. Users ask a question in business language and get an answer grounded in their governed Integrate data, with a link back into the platform where one applies.

Rather than introducing a separate AI assistant inside the Integrate platform, Integrate MCP connects the AI tools customers already use directly to Integrate. This approach gives leaders, sales and operations teammates a consistent way to access governed data and take action from their existing AI environment. Integrate remains the system of record and enforces the same permissions, data controls and approval requirements already in place. Because it is built on an open standard, Integrate MCP can reach more AI tools as customers adopt them.

“Where work gets done is going through the biggest shift since the web browser,” said Mehul Nagrani, CEO of Integrate. “Marketers don’t have a data problem, they have a distance problem. The answer is already in the platform, but getting to it means finding the right report, building the right filter, then logging back in to act on it. We didn’t want to add one more AI chatbot to the pile, with its own token tollgate. Your team already has one. Integrate MCP connects it to governed data, with the same permissions they have today.”

Answers Across the Platform, in Plain English

With Integrate MCP, customers can:

Quantify lead governance. See accepted and rejected leads, ranked rejection reasons and the savings each one produced.Diagnose delivery issues. Check integration success and failure rates and see exactly why a specific lead failed to post to a CRM or marketing automation system.Track spend and pipeline. See how spend, savings, governed leads and marketing-sourced pipeline by week, month or quarter.Compare channels and publishers. Review performance across content syndication, social, webinar and custom channels, get scored publisher recommendations for a campaign, and compare publishers head to head.Follow the ABM funnel. Track target accounts from Target to Closed/Won, spot buying-group and persona gaps, and see tied Salesforce opportunities.Measure conversion. Pull MQL and SQL conversion by partner, channel, quarter or contract list.Skip the saved report. Query report data directly, or open saved reports and download the full file.

Example questions to query the MCP include: “Why were leads rejected last quarter, and what did that save us?” “Which target accounts engaged recently but have buying-group gaps?” and “Why did leads fail to post to Salesforce yesterday?”

From Answer to Action

Integrate MCP also lets users make changes from the conversation, starting with sources. A marketer can ask the assistant to find the right sources and update them, such as pushing an end date. The assistant previews every proposed change, naming each source with its current and new values, and saves nothing until the user approves.

As AI assistants and agents increasingly interact with business systems on behalf of users, Integrate is building toward a model where customers can access governed data, make decisions and take action through the AI tools and workflows they already use, while Integrate remains the underlying system of record.

The Same Governance Customers Already Trust

Integrate MCP was designed so AI access doesn’t create a new governance problem:

Same permissions as the platform. Every request runs as the signed-in user, through their existing Integrate login. The assistant sees only what the user can see and does only what the user can do.Financial and personal data stay gated. Spend, savings and conversion data require financial access, and contact-level personal information is redacted for users without PII access.Account-scoped by design. Every question runs against a single named account, and the assistant never switches accounts without the user asking.Confirm before commit. Changes are previewed and require explicit approval before anything is saved.Admin control. Administrators can turn off MCP access entirely, or keep read access on while turning off the ability to make changes.

Availability

Integrate MCP is available now to Integrate customers in most AI tools that can connect through MCP. Integrate plans to extend support to additional MCP-compatible AI tools and to expand the actions users can take from the conversation over time. To learn more, visit https://www.integrate.com/demo/ or contact your Integrate account team.

About Integrate

Integrate is the pipeline integrity platform for B2B marketing and revenue teams. It sits between every external demand source and your MAP/CRM as a single, governed intake and orchestration layer that automates and standardizes lead flow to your revenue engine. Across content syndication, events, paid digital, partners, social, webinars, list uploads and forms, Integrate validates, enriches, de-duplicates, and applies your consent, privacy and quality rules before any record reaches downstream systems. The result is clean data, faster action and pipeline that converts.

Media Contact

Keith Wiley, Integrate, 1 4152034255, keith@metzpr.com, www.integrate.com

View original content:https://www.prweb.com/releases/integrate-brings-governed-marketing-data-into-ai-workflows-b2b-teams-already-use-302898629.html

SOURCE Integrate

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MN ETF Seeks to Give Investors Access to OpenAI and Anthropic

Published

3 minutes ago

on

October 5, 2026

By

SAN FRANCISCO, Oct. 5, 2026 /PRNewswire/ — Corgi Invest today announced the launch of the MN (Corgi MANGOS ETF), an actively managed exchange-traded fund seeking to provide investors exposure to OpenAI and Anthropic, two private companies in artificial intelligence, alongside Meta Platforms, NVIDIA, Alphabet (Google), and SpaceX. MANGOS is an acronym formed from the first letter of each of the six companies’ names.

“For years, exposure to OpenAI and Anthropic has been reserved for venture investors and insiders,” said Jeff Weniger, Chief Investment Strategist, Corgi Invest. “MN puts that exposure inside a wrapper investors already know how to use a standard, exchange-traded fund, bought and sold like any other ETF, with no lockups and no accreditation requirement.” Shares may trade at a premium or discount to NAV and may have limited liquidity.

Targeted Access to OpenAI and Anthropic

OpenAI and Anthropic are companies in AI, yet neither is publicly traded, ordinarily putting them out of reach for everyday investors. MN is designed to close that gap: within a standard, exchange-traded structure, with no accreditation requirement and no private-fund lockup, the Fund seeks exposure to both companies through cash-settled total return swaps1, rather than direct share purchases.

These private-company swaps2 provide one-for-one exposure, with no leveraged return multiplier3, and are initially priced with reference to perpetual futures contracts4 linked to the respective companies. Combined exposure to OpenAI and Anthropic is limited to 15% of the Fund’s net assets at the time of investment, consistent with the Fund’s liquidity risk
management program.

Fund Overview

Beyond its OpenAI and Anthropic exposure, the Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its net assets in equity securities of all six MANGOS companies and in financial instruments including total return swaps that provide economic exposure to those companies’ equity value.

The Fund offers this exposure through a standard exchange-traded structure, investors can buy and sell shares through a brokerage account like any other ETF. MN carries a total annual operating expense ratio of 0.20%.

About the MN Companies

The Fund seeks to give exposure to six companies: Anthropic, a privately held AI safety company and developer of the Claude family of AI models; OpenAI, a privately held developer of ChatGPT and frontier AI research; Meta Platforms (social media and virtual/augmented reality); NVIDIA (GPUs and AI computing infrastructure); Alphabet/Google (search, cloud, and AI); and SpaceX (launch services, Starlink, and, through its ownership of xAI and X, AI and social media). Portfolio weightings are determined through active management rather than index replication.

Availability

MN began trading on Cboe BZX Exchange on October 2, 2026, and is available through brokerage accounts nationwide.

About Corgi Invest

Corgi Strategies, LLC is an SEC-registered investment adviser founded in 2025. As of June 30, 2026, the firm managed approximately $821 million in assets. Corgi Invest builds actively managed exchange-traded funds designed to give everyday investors access to concentrated, high-conviction themes.

Media Contact
Corgi Invest
operations@founderledfunds.com

Important Disclosures 

Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This and other information is contained in the Fund’s prospectus, which should be read carefully before investing. Shares are bought and sold at market price, not NAV, and are not individually redeemable from the Fund.

Investing involves risk, including possible loss of principal. Anthropic and OpenAI are privately held companies for which substantially less public information is available; the Fund’s exposure to these companies through swaps involves counterparty, valuation, liquidity, and pricing risks, including reliance on perpetual futures reference pricing that may differ materially from the companies’ actual value, and is limited to 15% of net assets. The Fund is non-diversified and concentrates its investments in six companies and the related industries in which they operate, which may make the Fund more volatile than a more broadly diversified fund. The Fund is newly organized and has no operating history. See the prospectus for a complete description of principal risks.

This press release is not an offer to sell or a solicitation of an offer to buy shares of the Fund, and is not a prospectus. The Fund’s registration statement, including its prospectus, has been filed with the SEC:
https://www.sec.gov/Archives/edgar/data/2078265/000207826526000415/cik0002078265-2026 0929.htm. Shares are not FDIC-insured, may lose value, and have no bank guarantee.

This release contains forward-looking statements regarding the Fund and the companies to which it has exposure. Actual results may differ materially from those expressed or implied.

Corgi ETF Trust I. Distributed by Paralel Distributors LLC, member FINRA.

Definitions

1. Total return swaps: Contracts under which the Fund receives an investment’s gains and income, pays its losses and typically pays financing costs, without owning the investment directly.

2. Private-company swaps: Total return swaps linked to companies whose shares are not publicly traded.

3. One-for-one exposure, with no leveraged return multiplier: The swap is designed to reflect the referenced investment’s gains or losses at a 1:1 rate, before fees and costs, without magnifying them. The Fund’s overall return may differ.

4. Perpetual futures contracts: Contracts with no fixed expiration date that use periodic payments between traders to help keep their prices aligned with a referenced asset. Their prices may differ from its actual value.

View original content to download multimedia:https://www.prnewswire.com/news-releases/mn-etf-seeks-to-give-investors-access-to-openai-and-anthropic-302898634.html

SOURCE Corgi Strategies, LLC

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Work4Flow and LogicMonitor Deepen Edwin AI Investigations in ServiceNow with New Agent-to-Agent Capabilities

Published

3 minutes ago

on

October 5, 2026

By

Work4Flow’s ServiceNow and agentic AI engineering expertise supports new Agent-to-Agent (A2A) capabilities connecting LogicMonitor observability intelligence with the ServiceNow AI Platform

CUPERTINO, Calif., Oct. 5, 2026 /PRNewswire/ — Work4Flow, solving the Last-Mile Challenges of Agentic AI Adoption, today announced its collaboration with LogicMonitor, the AI-first platform for Autonomous IT, to develop new Agent-to-Agent (A2A) capabilities that extend LogicMonitor’s Edwin AI intelligence into ServiceNow.

The initiative combines LogicMonitor’s observability intelligence and Edwin AI capabilities with Work4Flow’s expertise in ServiceNow architecture, integrations and agentic AI. The resulting A2A experience brings Edwin AI’s event correlation and AI-powered investigation into ServiceNow, enriching incidents with operational intelligence as they unfold.

Connecting Intelligence with the Customer Experience
IT operations teams increasingly rely on multiple enterprise platforms to investigate and resolve technology issues. LogicMonitor provides the operational intelligence enterprises need as they move toward Autonomous IT, and many LogicMonitor customers use ServiceNow to manage incidents and operational processes. The opportunity is to bring that intelligence directly into the environment where teams are managing the response.

Edwin AI provides operational intelligence by correlating signals across the IT environment and using LogicMonitor’s ITOps Context Graph to help teams understand relationships, impact, root cause and recommended next steps. LogicMonitor sought to make that intelligence more directly accessible , allowing customers to use relevant operational context as part of an investigation without requiring that intelligence to be recreated within ServiceNow.

Engineering the A2A Connection
Working alongside LogicMonitor’s product and engineering teams, Work4Flow brought specialized expertise across ServiceNow architecture, agentic AI, integrations and implementation to bring the A2A experience to market, enabling ServiceNow AI agentsto request specific Edwin AI capabilities as needed.

At the center of the experience are two core use cases: event correlation and AI-powered investigation. Edwin AI correlates signals across the IT environment to understand the broader operational issue, then supports deeper investigation through operational metrics, root cause analysis and diagnostic guidance. Through A2A, that intelligence can feed directly into and enrich the ServiceNow incident as it unfolds, giving responders and AI-driven workflows better context for determining what comes next.

Underpinning those use cases are six Edwin AI capabilities: Alert Metrics, Insight Metrics, Root Cause Analysis, Alert Summary, Insight Summary, and Diagnosis Guidance. Rather than receiving a fixed package of information, ServiceNow can call on these capabilities as an investigation progresses, drawing on correlated event context early in an incident, supporting metrics as more evidence is needed, and root cause analysis or diagnostic guidance as the investigation deepens.

LogicMonitor remains the source of the underlying observability intelligence and product experience, while A2A provides a structured way to bring that specialized intelligence into ServiceNow workflows, creating a tighter connection between investigation and action.

Building the A2A Experience Together
Work4Flow brought specialized expertise across ServiceNow architecture, agentic AI and implementation, working alongside LogicMonitor’s product and engineering teams to bring the A2A experience to market. The collaboration builds on an existing relationship supporting LogicMonitor customers operating ServiceNow environments.

“The real value of AI agents comes from giving them access to the right intelligence at the right moment,” said Karthik Sj, Chief AI Officer, LogicMonitor. “With A2A, Edwin AI can bring LogicMonitor’s observability context, from metrics to root cause analysis, directly into ServiceNow as an investigation unfolds. Work4Flow brought the ServiceNow and agentic AI expertise that helped us turn that vision into a production-ready experience for customers.”

Why LogicMonitor Was the Right Project for Work4Flow
For Work4Flow, the engagement reflects the company’s broader focus on helping technology providers make their existing products and intelligence accessible to enterprise AI.

LogicMonitor presented a strong use case: an established technology platform with advanced observability intelligence, a clear customer requirement, and an opportunity to extend that intelligence into ServiceNow through agent-to-agent interaction.

“LogicMonitor trusted Work4Flow’s growing ServiceNow and agentic AI capabilities to bring Edwin AI into the ServiceNow ecosystem,” said Sanjay K. Gupta, Founder and CEO of Work4Flow. “Our team combined deep ServiceNow expertise with agentic AI engineering to build the A2A integration connecting ServiceNow AI agents with Edwin AI. As enterprise AI moves toward multi-agent orchestration, secure and governed AI, and production-scale adoption, this collaboration demonstrates how A2A can connect specialized AI capabilities across platforms, extending the value of Edwin AI and delivering scalable, measurable business outcomes and greater ROI for joint customers.”

Extending the Value of Edwin AI for ServiceNow Customers
For organizations using both LogicMonitor and ServiceNow, incidents can remain within the ServiceNow workflow while Edwin AI supplies the specialized operational intelligence needed to understand what is happening, why it is happening and what to investigate next. As agent-driven workflows become more capable, access to specialized domain intelligence like Edwin AI will become increasingly important to what those agents can accomplish.

“At Bell Techlogix, we’re building toward an operating model where AI takes on more of the repeatable work and our people can focus on improving the processes around it,” said Tim Wheeler, Chief AI Officer, Bell Techlogix. “Bringing Edwin AI’s operational intelligence into ServiceNow is a natural extension of that strategy. As agent-to-agent capabilities mature, we see an opportunity to give teams better context at the point of action, automate more of the Tier 1 workload, and scale more intelligent IT operations without scaling resources at the same rate.”

About Work4Flow
Work4Flow is a ServiceNow-focused agentic AI implementation and engineering company helping technology providers and enterprises design, build, and deploy AI solutions across the ServiceNow ecosystem. Work4Flow specializes in agentic AI development, custom integrations, applications, Skills, accelerators, and enterprise AI enablement.

Learn more: www.work4flow.com

About LogicMonitor
LogicMonitor® is the AI-first platform for Autonomous IT, enabling enterprises to operate complex digital systems with greater resilience, efficiency, and confidence. By unifying visibility from user to code across infrastructure, cloud, Internet, and digital experience, LogicMonitor delivers the intelligence required to anticipate issues, eliminate blind spots, and take action automatically. Powered by Edwin AI, LogicMonitor helps IT and business leaders reduce operational toil, protect revenue, and accelerate innovation.

For more information, visit www.logicmonitor.com and our blog, or follow us on LinkedIn, X, Facebook, and YouTube.

Media Contacts
Work4Flow
Sanjay K. Gupta
408-839-2810
contact@work4flow.com

LogicMonitor
Paige Thornton
press@logicmonitor.com

ServiceNow, the ServiceNow logo, and other ServiceNow marks are trademarks and/or registered trademarks of ServiceNow, Inc. in the United States and/or other countries.

View original content to download multimedia:https://www.prnewswire.com/news-releases/work4flow-and-logicmonitor-deepen-edwin-ai-investigations-in-servicenow-with-new-agent-to-agent-capabilities-302898638.html

SOURCE Work4Flow Inc

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