Q2 2025 Results July 23, 2025 1 Cautionary note The following materials are for presentation purposes only. They accompany the discussions held during Rogers Communications Inc.'s (Rogers) investor conference call on July 23, 2025. Certain statements made in this presentation, including, but not limited to, statements relating to expected future events, financial and operating results, guidance, objectives, plans, strategic priorities and other statements that are not historical facts, are forward-looking. ...

Core Insights - Rogers Communications Inc. reported strong financial performance in the second quarter of 2025, with growth across Wireless, Cable, and Media segments, and significant free cash flow generation [5][6][25] - The company completed a transformational investment by acquiring a 37.5% stake in Maple Leaf Sports & Entertainment (MLSE), increasing its ownership to 75% [3][14] - The updated 2025 outlook reflects the impact of the MLSE acquisition, with total service revenue expected to grow by 3% to 5% [7][21] Financial Performance - Total revenue for Q2 2025 was CAD 5,216 million, a 2% increase from CAD 5,093 million in Q2 2024 [8][41] - Total service revenue also increased by 2% to CAD 4,668 million, with adjusted EBITDA rising by 2% to CAD 2,362 million [8][41] - Free cash flow reached CAD 925 million, up 39% year-over-year [6][31] Segment Performance Wireless - Wireless service revenue increased by 1% to CAD 1,999 million, with adjusted EBITDA rising by 1% to CAD 1,305 million [44][41] - The company added 61,000 mobile phone subscribers, including 35,000 postpaid subscribers, with a postpaid churn rate of 1.00% [6][46] - Mobile phone blended ARPU was CAD 55.45, reflecting competitive market conditions [6][46] Cable - Cable service revenue increased by 1% to CAD 1,961 million, with adjusted EBITDA up 3% to CAD 1,147 million [52][41] - Retail Internet net additions were strong, with 26,000 new subscribers [6][52] - The company reported a decrease in video subscribers, with net losses of 25,000 [52][56] Media - Media revenue surged by 10% to CAD 808 million, driven by expanded content and strong NHL playoff audiences [6][63] - Adjusted EBITDA for the Media segment was CAD 5 million, a significant improvement from a loss in the previous year [63][41] - The company aims to unlock value from its sports assets, including the newly acquired MLSE [14][17] Strategic Developments - The company has made significant investments in network infrastructure, including the deployment of 5G technology and expansion of fibre networks [11][68] - Rogers became the first Internet provider in Canada to deliver WiFi 7, enhancing customer experience [11] - The company is focused on bridging the digital divide by expanding its network into underserved areas [69][70] Capital Expenditures - Total capital expenditures for Q2 2025 were CAD 831 million, a decrease of 17% from CAD 999 million in Q2 2024 [65][41] - The company continues to prioritize capital investments in network development and efficiency [70][71] - Capital intensity decreased to 15.9% from 19.6% year-over-year, reflecting improved capital management [65][73]

TORONTO, July 21, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (“Rogers” or the “Company”) (TSX: RCI.A and RCI.B; NYSE: RCI) announced the pricing terms of its previously announced separate offers (the “Offers”) to purchase for cash up to the Maximum Purchase Amount (as defined in the Offer to Purchase dated July 11, 2025 (the “Offer to Purchase”), as previously amended) of its outstanding notes of the series listed in the table below (collectively, the “Notes”). The Offers The Offers were made upon ...

Core Viewpoint - Rogers Communications Inc. has announced the results of its cash tender offers for certain series of senior notes, increasing the maximum purchase amount to accept all tendered notes in full, along with a portion of another series [1][3]. Summary by Sections Offers - The tender offers were made under specific terms and conditions, with the expiration date set for July 18, 2025 [2]. - The total principal amount validly tendered was C$2,168,414,000, with no withdrawals prior to the expiration date [3]. Notes Information - The company expects to accept the following amounts of notes: - C$274.4 million of 4.25% Senior Notes due 2049 - C$289.7 million of 2.90% Senior Notes due 2030 - C$340.5 million of 3.30% Senior Notes due 2029 - C$300.0 million of 3.25% Senior Notes due 2029 [12]. Pricing and Settlement - Pricing for the notes is expected to occur on July 21, 2025, with the settlement date anticipated for July 23, 2025 [7][8]. - An accrued coupon payment will also be made for the accepted notes, and interest will cease to accrue on the settlement date [8]. Dealer Managers - The company has appointed Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. as joint lead dealer managers for the offers [9].

Core Points - Rogers Communications Inc. announced an increase in the aggregate Total Consideration for its cash Offers to purchase outstanding notes from US$1,250,000,000 to US$1,400,000,000 [1] - The Offers were made for eight separate series of Senior Notes, with the intention to accept all validly tendered notes prior to the Expiration Date [1][2] - The Expiration Date for the Offers was July 18, 2025, with a Guaranteed Delivery Date set for July 22, 2025, and a Settlement Date of July 23, 2025 [3] Offer Details - A total of US$2,765,201,000 in aggregate principal amount of Notes were validly tendered before the Expiration Date [4] - The Company accepted for purchase US$1,707,133,000 in aggregate principal amount of Notes, excluding those delivered under Guaranteed Delivery Procedures [7] - Notes with Acceptance Priority Levels 1 through 5 were accepted, while those with Levels 6 through 8 were not accepted for purchase [7] Financial Information - The Total Consideration for each series of Notes is specified per US$1,000 principal amount of validly tendered Notes [7] - Holders of accepted Notes will receive cash payments equal to the Total Consideration and accrued interest up to the Settlement Date [9] - The Company has engaged BofA Securities, Citigroup Global Markets, Mizuho Securities, and Wells Fargo Securities as joint lead dealer managers for the Offers [10]

Core Viewpoint - Rogers Communications Inc. has announced cash offers to purchase outstanding notes up to a maximum of US$1,250,000,000, with specific terms and conditions outlined in the Offer to Purchase [1][2][10] Summary by Relevant Sections Offer Details - The Offers are subject to the terms and conditions set forth in the Offer to Purchase dated July 11, 2025, and the notice of guaranteed delivery [2] - The Offers will expire at 5:00 p.m. (Eastern time) on July 18, 2025, unless extended or terminated earlier [5] - Holders can withdraw their notes at any time before the expiration date [5] Total Consideration - The Total Consideration for each series of notes has been specified, with the highest being US$814.59 for the 4.350% Senior Notes due 2049 [3][4] - The Total Consideration is calculated based on the reference yield and spread over U.S. Treasury securities [4] Acceptance Priority Levels - Notes will be accepted based on the Acceptance Priority Levels, with no proration for any series of notes accepted [1][10] - The company reserves the right to increase or waive the Consideration Cap Amount at its discretion [10] Payment and Settlement - Holders whose notes are accepted will receive the Total Consideration in cash on the Settlement Date, expected to be July 23, 2025 [7][8] - In addition to the Total Consideration, holders will receive accrued and unpaid interest up to the Settlement Date [9] Dealer Managers and Agents - BofA Securities, Citigroup Global Markets, Mizuho Securities, and Wells Fargo Securities are acting as joint lead dealer managers for the Offers [11] - D.F. King & Co., Inc. is the Information and Tender Agent for the Offers [12] Company Overview - Rogers Communications Inc. is a leading communications and entertainment company in Canada, publicly traded on the TSX and NYSE [21]

Core Points - Rogers Communications Inc. announced the pricing terms for its separate cash offers to purchase outstanding notes, with a maximum aggregate total consideration of US$1,250,000,000 [1][11] - The offers are subject to conditions outlined in the Offer to Purchase dated July 11, 2025, and will expire at 5:00 p.m. (Eastern time) on July 18, 2025 [2][6] Offer Details - The total consideration for each series of notes has been calculated based on fixed spreads and U.S. Treasury reference yields as of July 18, 2025 [3][12] - The acceptance priority levels for the notes are specified, with a total of six series of senior notes listed, each with different principal amounts and total considerations [4][5] Payment and Settlement - Holders of notes accepted for purchase will receive the total consideration in cash on the settlement date, expected to be July 23, 2025, unless extended [8][9] - In addition to the total consideration, holders will receive accrued and unpaid interest from the last payment date to the settlement date [10] Conditions and Procedures - The company reserves the right to accept notes based on their acceptance priority levels, and conditions must be satisfied for the offers to proceed [11][13] - Holders must ensure they meet the deadlines for tendering notes and may withdraw their tenders before the expiration date [6][17]

Core Viewpoint - Rogers Communication is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended June 2025, with the actual results being crucial for its near-term stock price movement [1][2]. Earnings Expectations - The consensus estimate for Rogers Communication's quarterly earnings is $0.76 per share, reflecting a year-over-year decrease of 10.6%. Revenues are projected to be $3.74 billion, which is a 0.5% increase from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 0.71% higher, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Rogers Communication is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +6.42%. The company currently holds a Zacks Rank of 2, suggesting a strong likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Rogers Communication was expected to post earnings of $0.71 per share but delivered $0.69, resulting in a surprise of -2.82%. Over the past four quarters, the company has beaten consensus EPS estimates twice [13][14]. Conclusion - While Rogers Communication is positioned as a potential earnings-beat candidate, other factors should also be considered when evaluating the stock ahead of its earnings release [17].

Core Viewpoint - Rogers has launched Rogers Satellite, a new satellite-to-mobile text messaging service that significantly expands wireless coverage across Canada, particularly in remote areas, and invites all Canadians to participate in a free beta trial [1][2][4]. Group 1: Service Launch and Coverage - Rogers Satellite covers over 5.4 million square kilometers, which is more than 2.5 times the coverage of any other Canadian wireless provider [1][4]. - The service will initially support text messaging and text-to-911, with plans to expand to apps, data, and voice services, including 911 voice services [2][3]. Group 2: Beta Trial and Pricing - All Canadians can sign up for the Rogers Satellite beta trial at no cost, which will run until October [2][3]. - After the beta trial, the service will be included at no additional cost for customers on the Rogers Ultimate Plan and will be available for $15 per month for all Canadians, with a $5 discount for beta participants for the first 12 months [3]. Group 3: Technological Innovation - Rogers Satellite utilizes low-earth orbit (LEO) satellites combined with Rogers' national wireless spectrum, allowing most modern smartphones to connect automatically in areas without cell service [6]. - The company has invested $45 billion over the past 40 years to develop various wireless technologies, marking a legacy of innovation in the telecommunications sector [7]. Group 4: Public Safety and Community Impact - The new service is expected to enhance public safety and emergency response capabilities in remote areas, allowing users to send text messages, including to emergency services, without traditional coverage [9][10]. - Local organizations have expressed support for the service, highlighting its importance in closing the digital divide and improving connectivity for rural and remote communities [10].

Core Points - Rogers Communications Inc. has announced the commencement of separate cash offers to purchase up to C$400,000,000 of its outstanding senior notes [1][2] - The offers are subject to certain conditions and may be adjusted at the company's discretion [1][12] Offer Details - The total amount of notes purchased and the allocation among different series will be determined by the company [3] - The offers will expire at 5:00 p.m. (Eastern time) on July 18, 2025, unless extended [5][6] - The settlement date for accepted notes is expected to be July 23, 2025 [7] Notes Information - The company is offering to purchase various series of senior notes, including: - 4.25% Senior Notes due 2049 with an outstanding amount of C$300 million [4] - 2.90% Senior Notes due 2030 with an outstanding amount of C$500 million [4] - 3.30% Senior Notes due 2029 with an outstanding amount of C$500 million [4] - 3.25% Senior Notes due 2029 with an outstanding amount of C$1,000 million [4] - 4.25% Senior Notes due 2032 with an outstanding amount of C$1,000 million [4] - 3.65% Senior Notes due 2027 with an outstanding amount of C$1,500 million [4] Total Consideration - The total consideration for each series will be based on the fixed spread and the yield of the applicable Canadian reference security [5] - Holders of accepted notes will also receive accrued and unpaid interest in addition to the total consideration [9] Dealer Managers - The company has retained Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Scotia Capital Inc., and TD Securities Inc. as joint lead dealer managers for the offers [13]