Part I – Financial Information [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited):) Rogers Corporation reported a Q2 2025 net loss of $73.6 million, primarily due to a 5.3% sales decline and $76.1 million in restructuring and impairment charges, including a $71.8 million curamik® unit impairment [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net sales decreased 5.3% to $202.8 million, resulting in a $67.5 million operating loss and a $73.6 million net loss, largely due to $76.1 million in restructuring and impairment charges Consolidated Statements of Operations Highlights (Q2 & H1 2025 vs 2024) | Metric (in millions, except EPS) | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Net Sales** | $202.8 | $214.2 | -5.3% | $393.3 | $427.6 | -8.0% | | **Gross Margin** | $64.0 | $73.1 | -12.4% | $121.0 | $141.3 | -14.4% | | **Restructuring & Impairment** | $76.1 | $1.4 | +5336% | $82.0 | $1.5 | +5367% | | **Operating Income (Loss)** | $(67.5) | $11.3 | N/A | $(67.8) | $23.0 | N/A | | **Net Income (Loss)** | $(73.6) | $8.1 | N/A | $(75.0) | $15.9 | N/A | | **Diluted EPS** | $(4.00) | $0.44 | N/A | $(4.08) | $0.85 | N/A | [Condensed Consolidated Statements of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) As of June 30, 2025, total assets decreased to $1,451.3 million, primarily due to a $51.7 million goodwill reduction from impairment, with cash at $157.2 million and total shareholders' equity at $1,206.7 million Key Balance Sheet Items (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $157.2 | $159.8 | | Total current assets | $500.1 | $493.9 | | Goodwill | $305.9 | $357.6 | | Total assets | $1,451.3 | $1,481.1 | | Total liabilities | $244.6 | $229.5 | | Total shareholders' equity | $1,206.7 | $1,251.6 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations for H1 2025 decreased to $25.4 million, while investing activities used $3.4 million and financing activities used $29.6 million, largely for share repurchases Cash Flow Summary (Six Months Ended June 30) | Cash Flow Activity (in millions) | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $25.4 | $51.0 | | Net cash used in investing activities | $(3.4) | $(23.5) | | Net cash used in financing activities | $(29.6) | $(38.4) | | **Net decrease in cash** | **$(2.6)** | **$(11.8)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail a $67.3 million goodwill and $4.5 million intangible asset impairment in the curamik® unit, $28.1 million in share repurchases, ongoing asbestos litigation, and post-quarter executive departures with new cost reduction initiatives - In Q2 2025, the company recorded non-cash impairment charges of **$67.3 million for goodwill** and **$4.5 million for an indefinite-lived intangible asset** related to its curamik® reporting unit within the AES segment, triggered by changing market competition, supply dynamics, and reduced demand forecasts[48](index=48&type=chunk) - The company repurchased **425,990 shares for $28.1 million** during the first six months of 2025, with **$76.1 million remaining available** under the share repurchase program as of June 30, 2025[69](index=69&type=chunk) - Subsequent to the quarter end, on July 12, 2025, the President and CEO, R. Colin Gouveia, left the company, and on July 30, 2025, new cost reduction initiatives for the curamik® reporting unit were announced, expecting to incur charges of **$12.0 million to $20.0 million**[114](index=114&type=chunk)[116](index=116&type=chunk) - The company's effective tax rate was negative for Q2 and H1 2025, primarily due to tax expense on a pre-tax loss, an increase in the valuation allowance, and a non-deductible goodwill impairment charge[104](index=104&type=chunk)[105](index=105&type=chunk) [Management's Discussion and Analysis of Results of Operations and Financial Position](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Results%20of%20Operations%20and%20Financial%20Position) Management attributes the 5.3% Q2 2025 sales decline to lower EV/HEV and wireless demand, resulting in a gross margin drop and significant operating loss due to a $71.8 million curamik® impairment, with both AES and EMS segments experiencing sales decreases [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q2 2025 net sales decreased 5.3% due to lower EV/HEV and wireless demand, with gross margin contracting to 31.6% and a significant operating loss driven by a $76.1 million restructuring and impairment charge - The decrease in net sales for Q2 2025 was primarily due to lower demand in the EV/HEV market as customers managed inventory, and in the wireless infrastructure market following the completion of a key customer program in 2024[131](index=131&type=chunk) - Gross margin declined in Q2 2025 due to utilization headwinds from lower volumes and an unfavorable product mix[133](index=133&type=chunk) - The company incurred impairment charges of **$71.8 million** and restructuring charges of **$4.3 million** in Q2 2025, with restructuring related to the wind-down of the Evergem, Belgium facility and a global workforce reduction[139](index=139&type=chunk) [Operating Segment Net Sales and Gross Margin](index=32&type=section&id=Operating%20Segment%20Net%20Sales%20and%20Gross%20Margin) In Q2 2025, both AES and EMS segments experienced 5.6% sales declines to $109.0 million and $89.4 million respectively, with gross margins contracting due to lower volumes and unfavorable product mix Q2 2025 Segment Performance vs. Q2 2024 | Segment | Q2 2025 Net Sales (M) | YoY Change | Q2 2025 Gross Margin % | Q2 2024 Gross Margin % | | :--- | :--- | :--- | :--- | :--- | | **AES** | $109.0 | -5.6% | 28.3% | 31.2% | | **EMS** | $89.4 | -5.6% | 35.2% | 37.7% | | **Other** | $4.4 | +10.0% | 36.4% | 35.0% | - AES sales decline was driven by lower demand in wireless infrastructure and EV/HEV markets, partially offset by aerospace & defense and ADAS[148](index=148&type=chunk) - EMS sales decline was driven by lower demand in the EV/HEV market, partially offset by the general industrial market[152](index=152&type=chunk) [Liquidity, Capital Resources and Financial Position](index=33&type=section&id=Liquidity,%20Capital%20Resources%20and%20Financial%20Position) The company ended Q2 2025 with $157.2 million in cash, a $2.6 million decrease driven by share repurchases and capital expenditures, with full-year 2025 capital spending projected at $30.0-$40.0 million - Cash and cash equivalents decreased by **$2.6 million** during the first six months of 2025, primarily due to share repurchases and capital expenditures[163](index=163&type=chunk) - The company expects capital spending for 2025 to be in the range of **$30.0 million to $40.0 million**[164](index=164&type=chunk) - As of June 30, 2025, approximately **$87.5 million (55.7%)** of the company's cash was held by non-U.S. subsidiaries[160](index=160&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reported no material changes in its exposure to market risk during the second quarter of 2025 - There have been no material changes in the company's market risk exposure during Q2 2025[169](index=169&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2025, with no material changes to internal control over financial reporting despite ongoing ERP system implementation - The Principal Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of June 30, 2025[170](index=170&type=chunk) - The company is undergoing a multi-year ERP system implementation, but there were no changes in internal control over financial reporting during Q2 2025 that materially affected, or are reasonably likely to materially affect, these controls[171](index=171&type=chunk)[172](index=172&type=chunk) Part II – Other Information [Legal Proceedings](index=35&type=section&id=Item%201.%20Legal%20Proceedings) The company refers to Note 9 for details on legal proceedings, including ongoing asbestos litigation where outstanding claims decreased to 488 in H1 2025 - For details on legal proceedings, the report refers to Note 9, which covers environmental, asbestos, and other litigation matters[174](index=174&type=chunk) - The number of outstanding asbestos claims decreased from **523** at the start of the year to **488** as of June 30, 2025[60](index=60&type=chunk) [Risk Factors](index=35&type=section&id=Item%201A.%20Risk%20Factors) The company refers to its Annual Report on Form 10-K and other SEC filings for risk factors, with no new or updated risks presented in this report - The report refers to the risk factors discussed in the Annual Report on Form 10-K for the year ended December 31, 2024, and other SEC filings[175](index=175&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=35&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2025, the company repurchased 425,990 shares for $28.1 million, with $76.1 million remaining available under the repurchase program as of June 30, 2025 Share Repurchases in Q2 2025 | Period | Shares Purchased | Average Price Paid | Total Value (M) | | :--- | :--- | :--- | :--- | | April 2025 | 0 | N/A | $0 | | May 2025 | 406,560 | $63.09 | ~$25.6 | | June 2025 | 19,430 | $66.01 | ~$1.3 | - Total repurchases for the three months ended June 30, 2025, amounted to **$28.1 million**, with **$76.1 million** remaining authorized for repurchase under the program[177](index=177&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) During the second quarter of 2025, no directors or officers of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[178](index=178&type=chunk) [Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including officer certifications (pursuant to Sarbanes-Oxley Sections 302 and 906) and iXBRL data files - Exhibits filed include CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and iXBRL formatted financial statements[179](index=179&type=chunk)

Q2 2025 Financial Performance - Net sales increased to $202.8 million in Q2 2025, compared to $190.5 million in Q1 2025[19] - Gross margin improved to 31.6% in Q2 2025 from 29.9% in Q1 2025[19] - Adjusted earnings per diluted share increased to $0.34 in Q2 2025 from $0.27 in Q1 2025[19] - Adjusted EBITDA margin increased to 11.8% in Q2 2025 from 10.2% in Q1 2025[19] - The company reported a GAAP net loss of $73.6 million, primarily due to goodwill and other intangible impairment charges of $71.8 million related to the AES curamik® business[19] Market Dynamics and Response - The electric vehicle (EV) market is evolving rapidly, leading to a lower outlook for curamik® EV growth, particularly in North America and Europe[12, 13] - The company is right-sizing curamik® operations, expecting $13 million of annual run rate savings with approximately 1 year payback on restructuring actions[17] - The company is localizing manufacturing with a new curamik® facility in China scheduled to ramp production[17] Q3 2025 Guidance - The company expects net sales between $200 million and $215 million[27] - Gross margin is expected to be between 31.5% and 33.5%[27] - Adjusted earnings per diluted share are guided to be between $0.50 and $0.90[27]

[Rogers Corporation Q2 2025 Earnings Release](index=1&type=section&id=Rogers%20Corporation%20Q2%202025%20Earnings%20Release) Rogers Corporation's Q2 2025 results show sequential sales growth, a significant GAAP net loss due to goodwill impairment, and new cost reduction initiatives [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Q2 2025 saw sequential net sales growth to $202.8 million, a GAAP net loss of $73.6 million due to goodwill impairment, and adjusted EPS of $0.34 Q2 2025 Financial Overview | GAAP Results (dollars in millions, except per share amounts) | Q2 2025 | Q1 2025 | Q2 2024 | | --- | --- | --- | --- | | Net Sales | $202.8 | $190.5 | $214.2 | | Gross Margin | 31.6% | 29.9% | 34.1% | | Net Income (Loss) | $(73.6) | $(1.4) | $8.1 | | Diluted Earnings (Loss) Per Share | $(4.00) | $(0.08) | $0.44 | | Adjusted Earnings Per Diluted Share | $0.34 | $0.27 | $0.69 | | Adjusted EBITDA | $23.9 | $19.5 | $31.9 | - The Interim President and CEO noted that sales, gross margin, and adjusted EPS were all within guidance ranges for the quarter[2](index=2&type=chunk) - The company utilized its balance sheet to repurchase **$28 million** of shares during the second quarter[2](index=2&type=chunk) [Business Performance and Operations](index=1&type=section&id=Business%20Performance%20and%20Operations) Sequential net sales increased 6.5% across AES and EMS segments, with a $76.1 million impairment charge impacting GAAP net loss - Net sales increased **6.5% sequentially**, with Advanced Electronics Solutions (AES) up **4.6%** and Elastomeric Material Solutions (EMS) up **8.2%**[5](index=5&type=chunk) - The company recorded a significant restructuring and impairment charge of **$76.1 million**, which included a **$67.3 million** non-cash goodwill impairment charge related to the curamik business in the AES segment[6](index=6&type=chunk) - The GAAP loss per share of **$(4.00)** was exacerbated by a **$3.8 million** valuation allowance recorded against deferred tax assets for certain European jurisdictions[7](index=7&type=chunk) - Ending cash and cash equivalents decreased by **$18.4 million** from the prior quarter to **$157.2 million**, following **$28.1 million** in share repurchases and **$8.1 million** in capital expenditures[8](index=8&type=chunk) [Profitability Initiatives and Financial Outlook](index=2&type=section&id=Profitability%20Initiatives%20and%20Financial%20Outlook) New cost reduction initiatives target over $13 million in annual savings, with Q3 2025 net sales projected between $200M and $215M - New cost reduction initiatives in the AES curamik business are expected to generate over **$13 million** in annual run-rate savings, with anticipated total restructuring charges of **$12 million to $20 million** related to these actions[9](index=9&type=chunk) Q3 2025 Financial Outlook | (dollars in millions, except per share amounts) | Q3 2025 | | --- | --- | | Net Sales | $200 to $215 | | Gross Margin | 31.5% to 33.5% | | Earnings Per Diluted Share | $0.00 to $0.40 | | Adjusted Earnings Per Diluted Share | $0.50 to $0.90 | - Full-year 2025 capital expenditures are projected to be between **$30 million and $40 million**[11](index=11&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The financial statements detail a significant Q2 2025 net loss driven by impairment charges and changes in asset composition [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 net sales decreased to $202.8 million, resulting in a $73.6 million net loss primarily due to a $76.1 million impairment charge Statement of Operations Highlights (Three Months Ended) | (in millions) | June 30, 2025 | June 30, 2024 | | --- | --- | --- | | Net sales | $202.8 | $214.2 | | Gross margin | $64.0 | $73.1 | | Restructuring and impairment charges | $76.1 | $1.4 | | Operating income (loss) | $(67.5) | $11.3 | | Net income (loss) | $(73.6) | $8.1 | | Diluted earnings (loss) per share | $(4.00) | $0.44 | [Condensed Consolidated Statements of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) Total assets decreased to $1,451.3 million as of June 30, 2025, primarily due to a reduction in goodwill from impairment charges Balance Sheet Highlights (in millions) | | June 30, 2025 | December 31, 2024 | | --- | --- | --- | | Cash and cash equivalents | $157.2 | $159.8 | | Goodwill | $305.9 | $357.6 | | Total assets | $1,451.3 | $1,481.1 | | Total liabilities | $244.6 | $229.5 | | Total shareholders' equity | $1,206.7 | $1,251.6 | [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section provides reconciliations of GAAP results to non-GAAP measures including Adjusted EPS, Adjusted EBITDA, and Free Cash Flow [Reconciliation of GAAP to Adjusted Earnings Per Diluted Share](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Adjusted%20Earnings%20Per%20Diluted%20Share) Q2 2025 GAAP loss per share of $(4.00) was reconciled to an adjusted EPS of $0.34, primarily by adding back restructuring and impairment costs Reconciliation of GAAP EPS to Adjusted EPS | | Q2 2025 | Q1 2025 | Q2 2024 | | --- | --- | --- | --- | | GAAP Earnings (Loss) Per Diluted Share | $(4.00) | $(0.08) | $0.44 | | Restructuring, Severance, Impairment & Other Related Costs | $4.14 | $0.32 | $0.17 | | Total Adjustments | $4.33 | $0.35 | $0.25 | | Adjusted Earnings Per Diluted Share | $0.34 | $0.27 | $0.69 | [Reconciliation of GAAP Net Income to Adjusted EBITDA](index=8&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20to%20Adjusted%20EBITDA) Q2 2025 GAAP net loss of $(73.6) million was reconciled to an Adjusted EBITDA of $23.9 million, primarily due to impairment charges Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in millions) | | Q2 2025 | Q1 2025 | Q2 2024 | | --- | --- | --- | --- | | GAAP Net Income (Loss) | $(73.6) | $(1.4) | $8.1 | | Restructuring, Severance, Impairment & Other Related Costs | $76.1 | $5.9 | $3.1 | | Total Adjustments | $97.5 | $20.9 | $23.7 | | Adjusted EBITDA | $23.9 | $19.5 | $31.9 | Adjusted EBITDA Margin | | Q2 2025 | Q1 2025 | Q2 2024 | | --- | --- | --- | --- | | Adjusted EBITDA Margin | 11.8 % | 10.2 % | 14.9 % | [Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow](index=8&type=section&id=Reconciliation%20of%20Net%20Cash%20Provided%20by%20Operating%20Activities%20to%20Free%20Cash%20Flow) Q2 2025 free cash flow was $5.6 million, derived from $13.7 million in operating activities less $8.1 million in capital expenditures Free Cash Flow Calculation (in millions) | | Q2 2025 | Q1 2025 | Q2 2024 | | --- | --- | --- | --- | | Net Cash Provided By Operating Activities | $13.7 | $11.7 | $22.9 | | Non-Acquisition Capital Expenditures | $(8.1) | $(9.6) | $(14.1) | | Free Cash Flow | $5.6 | $2.1 | $8.8 | [Reconciliation of GAAP to Adjusted EPS Guidance (Q3 2025)](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Adjusted%20EPS%20Guidance%20%28Q3%202025%29) Q3 2025 guidance reconciles GAAP EPS of $0.00-$0.40 to adjusted EPS of $0.50-$0.90, primarily adjusting for amortization and restructuring Q3 2025 EPS Guidance Reconciliation | | Guidance Q3 2025 | | --- | --- | | GAAP Earnings per Diluted Share | $0.00 to $0.40 | | Intangible Amortization | $0.11 | | Other Adjustments* | $0.39 | | Adjusted Earnings per Diluted Share | $0.50 to $0.90 |

Core Viewpoint - Former NBC Cable President Tom Rogers has expressed growing concerns about Netflix's competitive position, particularly due to the rise of free content on platforms like YouTube [1][5]. Group 1: Subscriber Growth and Engagement - Despite Netflix having more hit shows than all other streaming services combined, the growth of its subscriber base and total viewer engagement time has declined [2]. - In June, Netflix experienced the largest monthly viewership increase compared to its peers, but YouTube captured 13% of total monthly TV viewership, while Netflix accounted for 8% [3]. - Rogers emphasized that engagement is crucial as it influences pricing, programming budgets, and ultimately the quality of content [4]. Group 2: Financial Performance - Netflix reported positive earnings for the second quarter, beating both top and bottom line estimates and raising its full-year guidance [4]. - Despite the positive earnings report, Netflix's stock has decreased by approximately 6% since the earnings announcement and is down nearly 11% from its record high on June 30 [4]. Group 3: Impact of Artificial Intelligence - Rogers views artificial intelligence as a "double-edged sword" for Netflix, as it could enhance targeted advertising and reduce programming costs, but also empower independent content creators, benefiting platforms like YouTube [5]. - The increasing accessibility of AI tools for amateur creators may blur the lines between professional and amateur content, potentially increasing YouTube's viewership [6]. Group 4: Market Position - Despite the challenges, Rogers still regards Netflix as the most valuable media company globally, although he notes that the current lag in engagement is a point of concern [7].

Group 1 - Rogers Communication (NYSE: RCI) has experienced significant stock price increases over the past month and three months, attributed to improved margins and stable top-line growth along with consistent dividends [1] - The company's tariff exposure is low, which may contribute to its financial stability [1] Group 2 - The analysis focuses on foreign stocks, particularly in the Nordic market, covering a range of companies from stable blue-chip firms to emerging market leaders [1] - There is an emphasis on identifying undervalued opportunities and exploring unique business models within the U.S. growth stock market [1]

Core Insights - Rogers Communications (RCI) reported Q2 2025 adjusted earnings of 82 cents per share, exceeding the Zacks Consensus Estimate by 2.5% but down 3.5% year over year [1][7] - Total revenues reached $3.77 billion, missing the consensus mark by 0.39% and reflecting a year-over-year increase of 1.3% [1][7] - The company experienced growth in service revenues across Wireless, Cable, and Media segments [7] Revenue Breakdown - Total revenues increased 2.4% year over year to C$5.22 billion, driven by growth in Wireless, Cable, and Media services [2] - Wireless revenues accounted for 48.7% of total revenues, increasing 3% year over year to C$2.54 billion, with service revenues rising 0.6% to C$2 billion [3] - Cable revenues, representing 37.7% of total revenues, grew 0.2% year over year to C$1.97 billion, while equipment revenues decreased significantly by 56.3% to C$7 million [5] - Media revenues, making up 15.5% of total revenues, increased 9.8% year over year to C$808 million [8] Subscriber Metrics - As of June 30, 2025, the prepaid mobile phone subscriber base increased by 92K to 1.16 million, with a monthly churn rate of 3.23% [3] - The postpaid wireless subscriber base reached 10.91 million, with net additions of 312K subscribers year over year and a churn rate of 1.0% [4] - Retail Internet subscribers totaled nearly 4.446 million, reflecting a net increase of 232K subscribers year over year [5] - Smart Home Monitoring subscribers reached 141K, an increase of 40K, while Home Phone subscribers decreased by 111K to nearly 1.45 million [6] Financial Performance - Adjusted EBITDA rose 1.6% year over year to C$2.36 billion, with a margin contraction of 40 basis points to 45.3% [9] - Free cash flow surged 38.9% year over year to C$925 million, driven by increased adjusted EBITDA and lower capital intensity [12] - Operating expenses increased 3.1% to C$2.85 billion, with a slight increase in operating costs as a percentage of revenues [9] Balance Sheet and Cash Flow - As of June 30, 2025, RCI had C$11.8 billion in available liquidity, including C$7 billion in cash and cash equivalents [10] - The debt leverage ratio was 3.6 times, nearing pre-Shaw acquisition levels, indicating accelerated deleveraging progress [11] - Cash flow from operating activities was C$1.60 billion, an increase of 8.4% year over year [11] Guidance - For 2025, RCI expects total service revenues to grow between 3% and 5%, with adjusted EBITDA growth projected between 0% and 3% [13]

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]

Group 1 - The Conservative Income Portfolio aims to target value stocks with high margins of safety while reducing volatility through well-priced options [1] - The Enhanced Equity Income Solutions Portfolio is designed to generate yields of 7-9% while minimizing volatility [1] - The Covered Calls Portfolio focuses on lower volatility income investing with an emphasis on capital preservation [1][2] Group 2 - Trapping Value is a team of analysts with over 40 years of combined experience in generating options income and capital preservation [2] - The investing group operates the Conservative Income Portfolio in partnership with Preferred Stock Trader, featuring two income-generating portfolios and a bond ladder [2]

Core Insights - The article highlights the 40th anniversary of Canada's first wireless call, marking a significant milestone in the evolution of wireless communication in Canada [2][4] - Rogers Communications has played a pivotal role in this journey, investing $45 billion in wireless technology over four decades, leading to various innovations in mobile communication [3][4] Company Overview - Rogers Communications is recognized as Canada's leading communications and entertainment company, publicly traded on both the Toronto Stock Exchange and the New York Stock Exchange [5] - The company was founded in 1960 by Ted Rogers, starting with the purchase of a radio station in Toronto [4] Technological Milestones - The evolution of wireless technology is outlined, starting from 1G voice calls to the current 5G capabilities, which offer faster speeds and lower latency [3] - In July 1985, mobile networks managed only 100 calls per day, whereas today, Canadians make 100 million calls and use 6.5 billion megabytes of data daily on Rogers' network [4] Leadership and Innovation - Tony Staffieri, President and CEO of Rogers, emphasizes the company's legacy of leadership and innovation in connecting Canadians through reliable networks [3]

Group 1 - Investors in Rogers Communications Inc. should monitor stock movements due to high implied volatility in the options market, particularly the July 18, 2025 $40.00 Put option [1] - Implied volatility indicates the market's expectation of future stock movement, suggesting potential significant price changes or upcoming events that could impact the stock [2] - Rogers Communications holds a Zacks Rank 3 (Hold) in the Diversified Communication Services industry, which is in the top 37% of the Zacks Industry Rank, with mixed earnings estimate revisions from analysts [3] Group 2 - The high implied volatility for Rogers Communications may signal a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay [4]