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Cogeco Communications Announces Q3 2025 Financial Results and Canadian Wireless Launch Français

Cision Canada16-07-2025
Continued strength in Canadian Internet customer growth.
Canadian wireless launch underway, with a first cohort of users already on the service and expansion into 12 Canadian markets over the coming weeks.
Updated fiscal 2025 financial guidelines reflect lower revenue, stable adjusted EBITDA, lower net capital expenditures and higher free cash flow compared to previously issued financial guidelines.
MONTRÉAL, July 15, 2025 /CNW/ - Today, Cogeco Communications Inc. (TSX: CCA) ("Cogeco Communications" or the "Corporation") announced its financial results for the third quarter ended May 31, 2025.
"Our financial results for the third quarter of fiscal 2025 were notable for our strong Canadian Internet subscriber loading, efficiencies-driven margin expansion and significant free cash flow," stated Frédéric Perron, President and CEO. "We are deeply excited to ramp up our wireless customer base in Canada over the coming weeks, adding to our prior launch of a similar service in the U.S. last year. Wireless will become a powerful tool to retain and grow our North American wireline customer base over time.
"We already have a first cohort using the wireless service and are progressively expanding to cover 12 Canadian markets (Alma, Magog, Rimouski, Saint-Georges, Saint-Hyacinthe, Saint-Sauveur and Trois-Rivières in Québec, and Brockville, Chatham, Cobourg, Cornwall and Welland in Ontario) over the coming weeks, in anticipation of a full geographic deployment in the fall season.
"We continued to solidly grow our Canadian Internet customer base for yet another quarter. While we experienced higher-than-usual customer losses in the U.S., this was partially caused by a few temporary factors. We are implementing several go-to-market enhancements as part of our transformation, and are confident that our U.S. customer trends will improve as these initiatives are executed over the coming quarters."
Consolidated financial highlights
Operating results
For the third quarter of fiscal 2025 ended on May 31, 2025:
Revenue decreased by 2.7% to $730.7 million. On a constant currency basis (2), revenue decreased by 4.1%, mainly explained as follows:
American telecommunications' revenue decreased by 3.5%, or 6.6% 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.
Canadian telecommunications' revenue decreased by 1.8%, mainly due to a lower revenue per customer as a result of 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, partly offset by the cumulative effect of high-speed Internet service additions over the past year.
Adjusted EBITDA decreased by 0.9% to $362.4 million. On a constant currency basis, adjusted EBITDA decreased by 2.4% mainly due to lower revenue in both the American and Canadian telecommunications segments, offset in part by lower operating expenses driven 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 0.5%, or 3.7% in constant currency.
Canadian telecommunications' adjusted EBITDA decreased by 1.5%, or 1.3% in constant currency.
Profit for the period amounted to $73.3 million, of which $69.9 million, or $1.64 per diluted share, was attributable to owners of the Corporation compared to $76.3 million, $70.4 million, and $1.67 per diluted share, respectively, in the comparable period of fiscal 2024. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher depreciation and amortization expense, financial expense and income tax expense, as well as lower adjusted EBITDA, partly offset by lower acquisition, integration, restructuring and other costs.
Adjusted profit attributable to owners of the Corporation (3) was $77.2 million, or $1.82 per diluted share (3), compared to $103.6 million, or $2.45 per diluted share, last year.
Net capital expenditures were $125.5 million, a decrease of 25.5% compared to $168.4 million in the same period of the prior year. In constant currency, net capital expenditures (2) were $123.3 million, a decrease of 26.8% compared to last year, mainly due to operational efficiencies, lower spending in the Canadian telecommunications segment, partially due to the timing of certain initiatives, as well as lower spending in the American telecommunications segment, mostly due to lower construction activity.
Net capital expenditures in connection with network expansion projects were $13.3 million ($13.2 million in constant currency) compared to $24.4 million in the same period of the prior year. Excluding network expansion projects, net capital expenditures were $112.2 million, a decrease of 22.1% compared to $144.0 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects (2) were $110.1 million, a decrease of 23.5% compared to last year.
Fibre-to-the-home network expansion projects continued, mostly in Canada, with the addition of close to 9,500 homes passed during the third quarter of fiscal 2025.
Capital intensity was 17.2% compared to 22.4% last year. Excluding network expansion projects, capital intensity was 15.4% compared to 19.2% in the same period of the prior year.
Acquisition of property, plant and equipment decreased by 26.4% to $125.9 million, mainly resulting from lower spending.
Free cash flow (1) increased by 63.2%, or 61.5% in constant currency, and amounted to $143.9 million, or $142.4 million in constant currency (2), mainly due to lower net capital expenditures and acquisition, integration, restructuring and other costs, offset in part by higher financial expense, lower adjusted EBITDA and higher current income taxes. Free cash flow, excluding network expansion projects (1) increased by 39.6%, or 38.2% in constant currency, and amounted to $157.2 million, or $155.6 million in constant currency.
Cash flows from operating activities increased by 20.1% to $400.8 million, mostly due to higher cash from other non-cash operating activities, and lower income taxes paid, partly offset by higher interest paid.
At its July 15, 2025 meeting, the Board of Directors of Cogeco Communications 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.
FISCAL 2025 REVISED FINANCIAL GUIDELINES
Cogeco Communications has revised its fiscal 2025 financial guidelines as issued on October 31, 2024 for revenue, net capital expenditures, capital intensity and free cash flow. Adjusted EBITDA projections remain the same as previously disclosed. The Corporation expects additional pressure on its revenue, particularly in the United States, driven by increased competition. As part of its three-year transformation program, the Corporation has initiated several cost reduction initiatives and operating efficiencies across the organization in order to minimize the revenue impact on adjusted EBITDA. Additionally, net capital expenditures are expected to be lower than under the previous financial guidelines, partially resulting from operational efficiencies following the combination of the Canadian and U.S. management teams.
Consequently, compared to fiscal 2024, on a constant currency and consolidated basis, we are lowering Cogeco Communications' revenue projections for fiscal 2025 to a low single digit decline, while adjusted EBITDA is expected to remain stable. In addition, due to some better-than-anticipated transformation-related cost savings and lower expected net capital expenditures, we are increasing the Corporation's free cash flow financial guidelines, from a decrease compared to fiscal 2024 to a stable free cash flow, while reducing net capital expenditures and capital intensity projections.
(1)
Percentage of changes compared to fiscal 2024.
(2)
Fiscal 2025 financial guidelines are based on a USD/CDN constant exchange rate of 1.3606 USD/CDN.
(3)
The assumed current income tax effective rate is approximately 11.5% (14% under the previous financial guidelines).
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.
Change in
constant
currency
Change in
constant
currency
Three and nine months ended May 31
2025
2024
(1)
Change
(2)
(3)
2025
2024
(1)
Change
(2)
(3)
(In thousands of Canadian dollars, except % and per share data)
$
$
%
%
$
$
%
%
Operations
Revenue
730,679
750,583
(2.7)
(4.1)
2,201,800
2,228,773
(1.2)
(2.8)
Adjusted EBITDA (3)
362,377
365,824
(0.9)
(2.4)
1,084,091
1,071,896
1.1
(0.4)
Adjusted EBITDA margin (3)
49.6 %
48.7 %
49.2 %
48.1 %
Acquisition, integration, restructuring and other costs (4)
9,211
45,669
(79.8)
7,288
49,170
(85.2)
Profit for the period
73,300
76,334
(4.0)
260,097
268,648
(3.2)
Profit for the period attributable to owners of the Corporation
69,895
70,402
(0.7)
245,157
253,576
(3.3)
Adjusted profit attributable to owners of the Corporation (3)(5)
77,186
103,597
(25.5)
248,553
301,377
(17.5)
Cash flow
Cash flows from operating activities
400,789
333,626
20.1
872,866
856,042
2.0
Free cash flow (1)(3)
143,946
88,185
63.2
61.5
409,407
327,832
24.9
23.8
Free cash flow, excluding network expansion projects (1)(3)
157,231
112,618
39.6
38.2
460,064
408,315
12.7
11.8
Acquisition of property, plant and equipment
125,933
171,034
(26.4)
438,547
504,830
(13.1)
Net capital expenditures (3)(6)
125,462
168,384
(25.5)
(26.8)
434,002
485,580
(10.6)
(12.3)
Net capital expenditures, excluding network expansion projects (3)
112,177
143,951
(22.1)
(23.5)
383,345
405,097
(5.4)
(7.4)
Capital intensity (3)
17.2 %
22.4 %
19.7 %
21.8 %
Capital intensity, excluding network expansion projects (3)
15.4 %
19.2 %
17.4 %
18.2 %
Per share data (7)
Earnings per share
Basic
1.66
1.68
(1.2)
5.82
5.91
(1.5)
Diluted
1.64
1.67
(1.8)
5.78
5.89
(1.9)
Adjusted diluted (3)(5)
1.82
2.45
(25.7)
5.86
7.00
(16.3)
Dividends per share
0.922
0.854
8.0
2.766
2.562
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 $2.2 million and $22.7 million for the three and nine-month periods ended May 31, 2025, respectively ($0.9 million and $2.8 million, respectively, for the same periods 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 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, 2024, the average foreign exchange rates used for translation were 1.3628 USD/CDN and 1.3578 USD/CDN, respectively.
(3)
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.
(4)
For the three and nine-month periods ended May 31, 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, and additional restructuring costs incurred in connection with certain cost optimization initiatives undertaken. In addition, for the nine-month period ended May 31, 2025, acquisition, integration, restructuring and other 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 of a building in Ontario. For the three and nine-month periods ended May 31, 2024, acquisition, integration, restructuring and other costs were mostly related to restructuring costs recognized during the third quarter of fiscal 2024 in connection with the strategic transformation announced in May 2024.
(5)
Excludes the impact of non-cash impairment charges, acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, all net of tax and non-controlling interest.
(6)
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.
As at
May 31, 2025
August 31, 2024
(In thousands of Canadian dollars)
$
$
Financial condition
Cash and cash equivalents
244,750
76,335
Total assets
9,866,415
9,675,009
Long-term debt
Current
338,567
361,808
Non-current
4,437,846
4,448,261
Net indebtedness (1)
4,579,854
4,803,629
Equity attributable to owners of the Corporation
3,126,389
2,979,691
(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, 2025, 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 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 2025 financial guidelines" sections of the Corporation's fiscal 2024 annual Management's Discussion and Analysis ("MD&A"), and the "Fiscal 2025 revised financial guidelines" section of the fiscal 2025 third-quarter 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 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, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, 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 2024 annual MD&A and of the fiscal 2025 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. 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, 2025, 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 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 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, 2025, 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.
Financial measures presented on a constant currency basis for the three and nine-month periods ended May 31, 2025 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.3628 USD/CDN and 1.3578 USD/CDN, respectively.
Constant currency basis and foreign exchange impact reconciliation
Consolidated
Three months ended May 31
2025
2024
(1)
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
730,679
(11,224)
719,455
750,583
(2.7)
(4.1)
Operating expenses
363,380
(5,932)
357,448
379,521
(4.3)
(5.8)
Management fees – Cogeco Inc.
4,922

4,922
5,238
(6.0)
(6.0)
Adjusted EBITDA
362,377
(5,292)
357,085
365,824
(0.9)
(2.4)
Free cash flow (1)
143,946
(1,552)
142,394
88,185
63.2
61.5
Net capital expenditures
125,462
(2,162)
123,300
168,384
(25.5)
(26.8)
(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.
Nine months ended May 31
2025
2024
(1)
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
2,201,800
(35,353)
2,166,447
2,228,773
(1.2)
(2.8)
Operating expenses
1,102,944
(18,930)
1,084,014
1,141,163
(3.3)
(5.0)
Management fees – Cogeco Inc.
14,765

14,765
15,714
(6.0)
(6.0)
Adjusted EBITDA
1,084,091
(16,423)
1,067,668
1,071,896
1.1
(0.4)
Free cash flow (1)
409,407
(3,516)
405,891
327,832
24.9
23.8
Net capital expenditures
434,002
(8,192)
425,810
485,580
(10.6)
(12.3)
Canadian telecommunications segment
Three months ended May 31
2025
2024
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
374,900

374,900
381,877
(1.8)
(1.8)
Operating expenses
176,281
(387)
175,894
180,204
(2.2)
(2.4)
Adjusted EBITDA
198,619
387
199,006
201,673
(1.5)
(1.3)
Net capital expenditures
64,295
(346)
63,949
91,093
(29.4)
(29.8)
Nine months ended May 31
2025
2024
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
1,122,377

1,122,377
1,131,804
(0.8)
(0.8)
Operating expenses
531,788
(1,118)
530,670
535,018
(0.6)
(0.8)
Adjusted EBITDA
590,589
1,118
591,707
596,786
(1.0)
(0.9)
Net capital expenditures
212,564
(1,046)
211,518
285,274
(25.5)
(25.9)
American telecommunications segment
Three months ended May 31
2025
2024
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
355,779
(11,224)
344,555
368,706
(3.5)
(6.6)
Operating expenses
178,325
(5,543)
172,782
190,327
(6.3)
(9.2)
Adjusted EBITDA
177,454
(5,681)
171,773
178,379
(0.5)
(3.7)
Net capital expenditures
57,612
(1,812)
55,800
72,782
(20.8)
(23.3)
Nine months ended May 31
2025
2024
Change
(In thousands of Canadian dollars, except percentages)
Actual
Foreign
exchange
impact
In
constant
currency
Actual
Actual
In
constant
currency
$
$
$
$
%
%
Revenue
1,079,423
(35,353)
1,044,070
1,096,969
(1.6)
(4.8)
Operating expenses
545,448
(17,798)
527,650
574,070
(5.0)
(8.1)
Adjusted EBITDA
533,975
(17,555)
516,420
522,899
2.1
(1.2)
Net capital expenditures
211,741
(7,131)
204,610
191,490
10.6
6.9
Adjusted profit attributable to owners of the Corporation
Three months ended May 31
Nine months ended May 31
2025
2024
2025
2024
(In thousands of Canadian dollars)
$
$
$
$
Profit for the period attributable to owners of the Corporation
69,895
70,402
245,157
253,576
Acquisition, integration, restructuring and other costs
9,211
45,669
7,288
49,170
Impairment of property, plant and equipment
1,574

1,574

Loss on debt extinguishment (1)



16,880
Tax impact for the above items
(2,546)
(12,081)
(4,126)
(17,461)
Non-controlling interest impact for the above items
(948)
(393)
(1,340)
(788)
Adjusted profit attributable to owners of the Corporation
77,186
103,597
248,553
301,377
(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
2025
2024
(1)
2025
2024
(1)
(In thousands of Canadian dollars)
$
$
$
$
Cash flows from operating activities
400,789
333,626
872,866
856,042
Changes in other non-cash operating activities
(103,315)
(76,679)
(4,798)
(21,491)
Income taxes paid (received)
(12,101)
3,918
1,981
(807)
Current income taxes
(11,103)
(3,177)
(35,401)
(19,594)
Interest paid
69,857
62,509
193,523
194,769
Financial expense
(75,861)
(64,308)
(204,353)
(215,765)
Loss on debt extinguishment (2)



16,880
Amortization of deferred transaction costs and discounts on long-term debt (2)
2,608
2,272
6,300
6,953
Net capital expenditures (3)
(125,462)
(168,384)
(434,002)
(485,580)
Proceeds from sale and leaseback and other disposals of property, plant and equipment (1)
2,188
885
22,732
2,784
Repayment of lease liabilities
(3,654)
(2,477)
(9,441)
(6,359)
Free cash flow (1)
143,946
88,185
409,407
327,832
Net capital expenditures in connection with network expansion projects
13,285
24,433
50,657
80,483
Free cash flow, excluding network expansion projects (1)
157,231
112,618
460,064
408,315
Adjusted EBITDA reconciliation
Three months ended May 31
Nine months ended May 31
2025
2024
2025
2024
(In thousands of Canadian dollars)
$
$
$
$
Profit for the period
73,300
76,334
260,097
268,648
Income taxes
20,180
11,199
69,709
47,117
Financial expense
75,861
64,308
204,353
215,765
Impairment of property, plant and equipment
1,574

1,574

Depreciation and amortization
182,251
168,314
541,070
491,196
Acquisition, integration, restructuring and other costs
9,211
45,669
7,288
49,170
Adjusted EBITDA
362,377
365,824
1,084,091
1,071,896
Net capital expenditures and free cash flow, excluding network expansion projects reconciliations
Net capital expenditures
Free cash flow
(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. Comparative figures were restated to conform to the current presentation.
(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. Comparative figures were restated to conform to the current presentation.
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, 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. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand 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
[email protected]
Media
Claudja Joseph
Director, Communications
Cogeco Communications Inc.
Tel.: 514 764-4600
[email protected]
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SEVL-2815 labour contract in Western Québec region Français
SEVL-2815 labour contract in Western Québec region Français

Cision Canada

time30 minutes ago

  • Cision Canada

SEVL-2815 labour contract in Western Québec region Français

Members ratify tentative agreement MONTRÉAL, July 24, 2025 /CNW/ - Videotron employees in Western Québec region represented by the Syndicat des employées et employés de Vidéotron (SEVL-2815) voted, Wednesday night, in favour of the tentative agreement reached on July 4, 2025 on renewal of their collective agreement, which expires on December 31, 2025. Videotron and the union, which represents more than 2,300 employees, are pleased with the early conclusion of the bargaining talks and the resulting agreement. The new contract will take effect on January 1, 2026 and run until 2030. "I would like to underscore the productive dialogue between the parties," said Pierre Karl Péladeau, President and CEO of Quebecor. "The mutual respect, spirit of cooperation and professionalism at the bargaining table enabled us to reach a strategic agreement for Videotron's future. The proactive approach made it possible to tackle the challenges facing our industry head-on, particularly talent attraction and retention. This agreement positions us to continue innovating and delivering outstanding service to our customers, while strengthening our leadership position and maintaining some of the best employment conditions in the industry." "This agreement is a step forward for our members, who will see a real increase in purchasing power in a challenging economic environment," said Roger Boudreau, president of SEVL-CUPE 2815. "It is the result of respectful and constructive dialogue and represents a collective victory for all the workers we represent." About CUPE CUPE represents 143,000 members in Québec, including more than 6,100 in the communications industry. It also represents workers in the following sectors: social services, schools, universities, energy, municipalities, government agencies and Crown corporations, air and ground transportation, the mixed economy sector, marine transportation, and firefighting. CUPE is the FTQ's largest affiliate. About Videotron Videotron, a wholly owned subsidiary of Quebecor Media Inc., is an integrated communications company engaged in television, entertainment, Internet access, wireline telephone and mobile telephone services. Videotron is Canada's fourth strong and competitive national mobile carrier, with 4,192,600 mobile lines as of March 31, 2025. Videotron is also a leader in new technologies with its Helix home entertainment and management platform. As of March 31, 2025, Videotron had 1,293,500 subscribers to its television service, 1,729,100 subscribers to its Internet service, and 593,200 connections to its wireline telephony service. In Léger's 2025 Reputation survey, Videotron was ranked the most respected telecom provider in Québec for the 19 th time since 2006. SOURCE Videotron Ltd.

Small Brazilian coffee producers fear for the future after Trump's 50% tariff
Small Brazilian coffee producers fear for the future after Trump's 50% tariff

Winnipeg Free Press

time30 minutes ago

  • Winnipeg Free Press

Small Brazilian coffee producers fear for the future after Trump's 50% tariff

PORCIUNCULA, Brazil (AP) — Brazilian José Natal da Silva often tends to his modest coffee plantation in the interior of Rio de Janeiro state in the middle of the night, sacrificing sleep to fend off pests that could inflict harm on his precious crops. But anxiety has troubled his shut-eye even more in recent weeks, following President Donald Trump's announcement earlier this month of a 50% tariff on Brazilian imported goods, which experts expect to drive down the price of coffee in Brazil. Da Silva sighed as he recounted his fears, sitting on the dry earth surrounded by his glossy green arabica coffee shrubs, in the small municipality of Porciuncula. 'We're sad because we struggle so much. We spend years battling to get somewhere. And suddenly, everything starts falling apart, and we're going to lose everything,' da Silva said. 'How are we going to survive?' Tariff linked to Bolsonaro trial Trump's tariff on Brazil is overtly political. In his public letter detailing the reasons for the hike, the U.S. president called the trial of his ally, former President Jair Bolsonaro, a ' witch hunt.' Bolsonaro is accused of masterminding a coup to overturn his 2022 election loss to left-leaning President Luiz Inácio Lula da Silva. The tariff has sparked ripples of fear in Brazil, particularly among sectors with deep ties to the American market such as beef, orange juice — and coffee. Minor coffee producers say the import tax will hit their margins and adds to the uncertainty already generated by an increasingly dry and unpredictable climate. Brazil, the world's largest coffee producer, exports around 85% of its production. The United States is the country's top coffee buyer and represents around 16% of exports, according to Brazil's coffee exporters council Cecafe. The president of Cecafe's deliberative council, Márcio Ferreira, told journalists last week that he thinks the U.S. will continue to import Brazilian coffee, even with the hefty tariff. 'It's obvious that neither the United States nor any other source can give up on Brazil, even if it's tariffed,' he said. Tariff could hurt competitiveness of Brazilian coffee in U.S. But the tariff will likely decrease Brazilian coffee's competitiveness in the U.S. and naturally reduce demand, said Leandro Gilio, a professor of global agribusiness at Insper business school in Sao Paulo. 'There's no way we can quickly redirect our coffee production to other markets,' Gilio said. 'This principally affects small producers, who have less financial power to make investments or support themselves in a period like this.' Family farmers produce more than two-thirds of Brazilian coffee. They are a majority in Rio state's northwestern region, where most of the state's coffee production lies. Coffee farming is the primary economic activity in these municipalities. In Porciuncula, which neighbors Brazil's largest coffee-producing state Minas Gerais, gentle mountains are layered with symmetrical lines of coffee shrubs. Da Silva, who wore a straw hat for protection from the sun and a crucifix around his neck, owns around 40,000 coffee trees. He started working in the fields when he was 12. Besides coffee, he grows cassava, squash, bananas, oranges and lemons and has a few chickens that provide fresh eggs. 'We have them because of the fear of not being able to eat. We wouldn't manage if everything were bought, because the profit is very low,' he said. Last year, drought — made more likely by human-caused climate change — devastated large swathes of da Silva's production. The reduction in supply pushed coffee prices up, but only after many small-scale farmers had already sold all their crops. Since peaking in February, prices of arabica have fallen, dropping 33% by July, according to the University of Sao Paulo's Center for Advanced Studies in Applied Economics, which provides renowned commodity price reports. 'When you make an investment, counting on a certain price for coffee, and then when you go to sell it the price is 20-30% less than you calculated, it breaks the producers,' said Paulo Vitor Menezes Freitas, 31, who also owns a modest plantation of around 35,000 coffee trees in the nearby municipality of Varre-Sai. The demands of coffee farming Life out in the fields is tough, according to Menezes Freitas. Monday Mornings The latest local business news and a lookahead to the coming week. During harvest season, he sometimes gets up at 3 a.m. to turn on a coffee drier, going to bed as late as midnight. The rest of the year is less intense, but still, there are few to no breaks because there's always work to do, he said. Menezes Freitas, who is expecting his first child in October, said the tariff's announcement increased his fears for the future. 'It's scary. It feels like you're on shaky ground. If things get worse, what will we do? People will start pulling out their coffee and finding other ways to survive because they won't have the means to continue,' he said. In addition to slashing the value of his coffee beans, Menezes Freitas said the tariff will impact machinery and aluminum — goods that producers like him use every day. 'We hope this calms down. Hopefully, they'll come to their senses and remove that tariff. I think it would be better for both the United States and Brazil,' he said.

Upcycle Minerals Inc. Announces Kickoff of its SOP Fertilizer Project
Upcycle Minerals Inc. Announces Kickoff of its SOP Fertilizer Project

Cision Canada

time3 hours ago

  • Cision Canada

Upcycle Minerals Inc. Announces Kickoff of its SOP Fertilizer Project

SASKATOON, SK, July 23, 2025 /CNW/ - Upcycle Minerals Inc. (" Upcycle" or the " Company") (Private) announces the official kickoff of its Brine to Potassium Sulfate Fertilizer with Carbon Capture project located in south-central Saskatchewan. Upcycle has retained Stantec Consulting Ltd. (" Stantec") (TSX, NYSE: STN) to carry out preliminary engineering assessments and review activities in a multi-phased approach to project development. Stantec offers technical expertise in exploration programs across Western Canada, with extensive experience in potash and brine-hosted mineral resource development within the Western Canadian Sedimentary Basin, including the Prairie Evaporite formations. Their Mining, Minerals and Metals group supports clients throughout the full mining life cycle, from target generation to closure, with a multidisciplinary team of geologists, engineers, and environmental specialists ready to support Upcycle's long-term vision. The company plans to use its mineral assets, including the Tuxford potash mineral permit and the Whiteshore and Lydden Lake Alkali Leases as feedstock for its patented process. Along with the production of Potassium Sulfate (SOP), two co-products with established markets; Ammonium Sulfate (AMS) fertilizer and Precipitated Calcium Carbonate (PCC) are outputs of the process. Upcycle intends to become an ecologically conscious, low-cost producer of SOP with low net CO 2 emissions. SOP is a premium form of potash fertilizer providing both potassium and sulfur macronutrients. About Upcycle Minerals Upcycle Minerals Inc. is based in Saskatoon, Saskatchewan and is focused on developing an ecologically conscious Potassium Sulfate (SOP) production facility. The facility is anticipated to be constructed in two phases; a small-scale demonstration facility followed by expansion. Ammonium sulfate (AMS) fertilizer and Precipitated Calcium Carbonate (PCC) are co-products of the process. About Stantec Stantec empowers clients, people, and communities to rise to the world's greatest challenges at a time when the world faces more unprecedented concerns than ever before. Stantec is a global leader in sustainable architecture, engineering, and environmental consulting. Our professionals deliver the expertise, technology, and innovation communities need to manage aging infrastructure, demographic and population changes, the energy transition, and more. Today's communities transcend geographic borders. At Stantec, community means everyone with an interest in the work that we do—from our project teams and industry colleagues to our clients and the people our work impacts. The diverse perspectives of our partners and interested parties drive us to think beyond what's previously been done on critical issues like climate change, digital transformation, and future-proofing our cities and infrastructure. We are designers, engineers, scientists, project managers, and strategic advisors. We innovate at the intersection of community, creativity, and client relationships to advance communities everywhere, so that together we can redefine what's possible. Stantec trades on the TSX and the NYSE under the symbol STN.

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