Intense Competition: Cogeco operates in highly competitive markets in Canada and the U.S., facing pressure from larger incumbents, wireless providers, and over-the-top (OTT) services that could lead to subscriber churn and pricing erosion.

Technological Obsolescence and Investment Needs: The rapid evolution of telecommunications technology requires significant ongoing capital expenditures to upgrade networks (e.g., fiber deployment) and maintain competitiveness, risking obsolescence if investments are insufficient or misdirected.

Regulatory and Political Changes: Cogeco's operations are subject to extensive government regulation in both Canada and the U.S., including spectrum licensing, pricing rules, net neutrality, and foreign ownership restrictions, any changes to which could negatively impact its business.