Rogers Communications (RCI) investor relations material

Executive summary

• Achieved industry-leading combined mobile phone and internet subscriber additions in Q3 2025, with 111,000 mobile phone and 29,000 internet net adds, and strong performance across wireless, cable, and media segments.

• Media revenue surged 26% year-over-year, driven by a strong Blue Jays season and full consolidation of MLSE results.

• Maintained industry-best wireless and cable margins, with wireless at 67% and cable at 58%, and postpaid churn at 0.99%, the lowest in over two years.

• Completed acquisition of Bell's 37.5% stake in MLSE for $4.7 billion, becoming the 75% controlling owner and consolidating MLSE's results.

• Launched satellite-to-mobile service in beta, with over 1 million sign-ups and data capability to launch in Q4.

Financial highlights

• Total service revenue rose 4% year-over-year to $4.74 billion; total revenue reached $5.35 billion.

• Adjusted EBITDA was $2.52 billion, down 1% year-over-year, with a consolidated margin of 47%.

• Net income was $5.81 billion, up sharply due to a $5 billion non-cash gain from MLSE revaluation; adjusted net income was $726 million, down 5%.

• Free cash flow for Q3 was $829 million, down 9% year-over-year.

• Capital expenditures totaled $964 million in Q3, with capital intensity at 18.0%.

Outlook and guidance

• 2025 capital expenditures expected at $3.7 billion, down from $3.8 billion, reflecting regulatory impacts.

• 2025 free cash flow guidance raised to $3.2–$3.3 billion.

• Reaffirmed 2025 service revenue growth of 3–5% and adjusted EBITDA growth of 0–3%.

• Pro forma 2025 media revenue and adjusted EBITDA (including MLSE) expected at ~$4 billion and $250 million, respectively.

• Continued focus on capital efficiency, balance sheet deleveraging, and financial discipline into 2026.