Rogers Communications (RCI) 18th Annual Sports & Media Symposium summary

Company overview and strategic positioning

• Owns leading wireless and cable operations in Canada, plus major sports and media assets including full ownership of the Toronto Blue Jays and 75% of MLSE, which controls the Maple Leafs, Raptors, and Toronto FC.

• Market cap is CAD 29 billion with net debt of CAD 43 billion; A and B shares trade around CAD 54 and CAD 53, respectively.

• Leadership team has deep experience, with CEO and CFO both long-tenured at the company.

• Asset mix includes team ownership, stadiums, and a robust concert business, with Sportsnet as the top sports broadcaster in Canada.

Capital allocation and financial priorities

• Recently reduced capital expenditures as a major investment cycle in network quality and coverage concludes.

• Adjusted capital spending to reflect slower market growth and less favorable regulatory environment.

• Focused on maintaining industry-leading margins in cable and wireless, targeting continued cost discipline.

• Achieved synergy targets from the Shaw acquisition one year ahead of schedule.

Sports asset monetization and growth strategy

• Plans to acquire the remaining 25% of MLSE in early Q4, consolidating all sports assets under one umbrella.

• Will combine Rogers Sports & Media, Blue Jays, and MLSE franchises, then sell a 20%-30% minority stake in the combined entity.

• Target valuation for the combined sports portfolio is CAD 20–25 billion, aiming to raise CAD 5–8 billion to deleverage the balance sheet.

• Sports and entertainment assets are seen as underappreciated in current valuation, with cash flow and asset values outpacing industry averages.