Rogers Communications (RCI) 24th Annual CIBC Eastern Institutional Investor Conference summary

Wireless market trends and strategy

• Canadian wireless pricing is stabilizing, with less aggressive discounting and lighter volumes due to lower immigration, leading to a slower growth market but still near 3% subscriber growth sector-wide.

• Focus on reducing churn through add-a-line promotions, bundling with broadband, and leveraging loyalty programs like the Rogers Bank credit card, which deepens customer relationships and provides self-funded discounts.

• Bundling wireline and wireless services, especially after the Shaw acquisition, enables coast-to-coast offerings and reduces reliance on wireless-only discounts.

Wireline and fixed wireless expansion

• Fixed wireless is being deployed nationwide, particularly effective in Quebec and Ontario, offering easy setup and serving areas without wireline footprint.

• Growth in Alberta and British Columbia is driven by bundling wireless with existing wireline customers, and vice versa, creating a healthy mix of new subscribers.

• Network slicing investments ensure dedicated capacity for fixed wireless and emergency services, maintaining reliability and competitive speeds.

Financial performance and efficiency

• Cable margins are strong at 58–59%, with wireless margins at 64–66%, placing the business at the leading edge globally; further upside is modest but possible.

• Focus remains on subscriber, revenue, and free cash flow growth, with ongoing cost efficiencies and synergies expected from the MLSE consolidation.