The company's Canadian subsidiary Cogeco Connexion has been facing slow growth in internet subscribers and continued attrition in the high-margin legacy video and phone services. Continued competition, loss of primary service units (PSUs) in high margin legacy services, and a heavy promotional environment have contributed to lackluster annual revenue per user (ARPU) growth in fiscal 2024. Given the mature Canadian market and broadband penetration, we believe Cogeco will be hard pressed to increase its internet penetration materially. Growth opportunities in Canada include continued expansion in rural markets and adding customers on the Oxio platform. We believe the company will take advantage of tuck in acquisitions similar to Niagara Region Broadband Network. That said, we believe stiff competition in the mature
