Overview Key strengths Key risks Fourth-largest cable provider in Canada and eighth-largest across North America Network expansions result in increased capital intensity Sustained demand trends for highspeed internet services Debt-funded acquisitive growth strategy Strong and stable EBITDA margins Market maturity with threat of substitution for telephony and video services Fiscal 2021 saw an increased demand for residential high-speed internet offerings with extended COVID-19 pandemic restrictions resulting in widespread adoption of work-from-home practices. As a result, similar to its North American cable peers, Cogeco Communications Inc. (Cogeco) witnessed increased subscriber growth in its internet product offerings. However, these demand trends were muted in the last two quarters (fourth-quarter 2021 and first-quarter 2022) due to seasonally low internet customer additions and the
