Core Insights - AT&T's fourth-quarter earnings report may provide insights into Apple's iPhone sales performance, as noted by a Wells Fargo analyst [1] Financial Performance - AT&T reported equipment operating revenue of $7.4 billion, reflecting a 12.7% increase compared to the same period last year, driven by higher wireless device sales volumes [1] Analyst Commentary - Wells Fargo analyst Aaron Rakers views the increase in AT&T Wireless Equipment sales and year-over-year upgrade rate improvements as a net positive for Apple [1] - Rakers has rated Apple as Overweight with a price target of $300 [1]

Core Insights - Dividend stocks are favored by investors, particularly Boomers and older Gen X, due to their ability to provide steady passive income and total return potential [1][2] - Total return includes interest, capital gains, dividends, and distributions, exemplified by a stock purchased at $20 with a 3% dividend yielding a total return of 13% when the price rises to $22 [1] - Anticipation of two rate cuts in 2026 suggests that investors should consider high-yield dividend stocks now [1] Dividend Stocks Overview - Since 1926, dividends have contributed approximately 32% to the S&P 500's total return, with capital appreciation accounting for 68% [4] - A study indicates that dividend stocks delivered an annualized return of 9.18% from 1973 to 2023, significantly outperforming non-payers at 3.95% [4] Featured Companies - **Altria Group Inc.**: Offers a 7.30% dividend yield and is a major player in the tobacco industry, selling primarily through wholesalers [5][6] - **Apple Hospitality REIT Inc.**: Owns a large portfolio of upscale hotels, providing an 8.10% monthly dividend [9][10] - **Energy Transfer L.P.**: A leading midstream energy company with a 7.97% distribution, owning over 114,000 miles of pipelines [11][12] - **Healthpeak Properties Inc.**: Focuses on healthcare real estate with a 7.56% dividend, managing properties across various healthcare segments [17][18] - **Verizon Communications Inc.**: A telecommunications giant with a 6.71% dividend, showing strong financial metrics and consistent dividend growth over 20 years [19][20]

Financial Data and Key Metrics Changes - Rogers Communications reported a consolidated service revenue increase of 16% to CAD 5.3 billion in Q4 2025, with adjusted EBITDA rising 6% to CAD 2.7 billion [19][20] - For the full year 2025, revenues reached CAD 21.7 billion, up 5%, while EBITDA increased by 2% to CAD 9.8 billion [19][20] - Free cash flow for Q4 was CAD 1 billion, a 16% increase year-over-year, and for the full year, free cash flow exceeded CAD 3.3 billion, up 10% [20][21] Business Line Data and Key Metrics Changes - In the wireless segment, Q4 service revenue was CAD 2.1 billion, unchanged from 2024, with adjusted EBITDA growing 1% to CAD 1.4 billion, yielding a margin of 67% [16][17] - The cable business achieved a Q4 margin of 59%, up 30 basis points from the previous year, with retail internet net additions of 22,000 [17][18] - The media segment saw Q4 revenue of CAD 1.2 billion, more than double from the previous year, driven by the Blue Jays postseason and the consolidation of MLSE results [9][10] Market Data and Key Metrics Changes - Total mobile phone net additions for Q4 were 39,000, with a full year total of 245,000, reflecting a disciplined approach amidst a competitive environment [16][17] - The overall wireless market growth is projected to be in the 2%-2.5% range for 2026, with a focus on maintaining service revenue growth [36][61] - The company noted a decline in ARPU by 2.8% to CAD 56.43 for Q4, influenced by competitive pricing pressures [16][46] Company Strategy and Development Direction - Rogers aims to maintain a disciplined approach to subscriber growth, focusing on financial performance rather than chasing market share through unsustainable discounting [7][16] - The company plans to further invest in its sports and media business, including the acquisition of the remaining 25% stake in MLSE, which is expected to enhance its value proposition [10][19] - A strategic focus on capital efficiency is evident, with a target to reduce capital expenditures to CAD 3.3 billion - CAD 3.5 billion in 2026 [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong service revenue growth in 2026, projecting a range of 3%-5% for total service revenue and 1%-3% for adjusted EBITDA [12][22] - The competitive landscape remains intense, particularly in wireless, with ongoing promotional discounting impacting market dynamics [16][36] - Management highlighted the importance of maintaining a strong balance sheet, with debt leverage reduced to 3.9 times, down 0.6 times from the previous year [21] Other Important Information - The company completed the sale of its data center business for CAD 0.2 billion, further strengthening its balance sheet [20] - Capital intensity dropped to 15%, the lowest level since Q2 2017, reflecting improved capital efficiency [11][20] Q&A Session Summary Question: What factors could lead to being at the low end versus the high end of EBITDA guidance for 2026? - Management acknowledged the unpredictability of playoff runs for sports teams and the impact of promotional discounting in the telecom sector as potential swing factors [25][28] Question: How does the company view the wireless market growth and competitive intensity? - Management noted that the postpaid net add market is down about 50%, with intense competition observed, particularly after Black Friday [34][36] Question: What is the outlook for wireless ARPU this year? - Management indicated that ARPU trends are influenced by promotional activities and that roaming revenue has been a headwind, but they expect improvements as new plans are adopted [44][46] Question: Can you elaborate on the expected improvement in capital intensity? - Management explained that reduced capital spending is due to the completion of the Shaw-Rogers integration and ongoing maintenance of business systems [74][76] Question: What are the dynamics affecting EBITDA growth in the cable business? - Management emphasized ongoing efforts to improve efficiency through new technologies and customer experience enhancements, while cautioning about the strong margin position [99]

Financial Data and Key Metrics Changes - Rogers Communications reported a consolidated service revenue increase of 16% to CAD 5.3 billion in Q4 2025, with adjusted EBITDA rising 6% to CAD 2.7 billion [19][21] - For the full year 2025, revenues reached CAD 21.7 billion, up 5%, while EBITDA increased by 2% to CAD 9.8 billion [19][21] - Free cash flow for Q4 was CAD 1 billion, a 16% increase year-over-year, and for the full year, free cash flow exceeded CAD 3.3 billion, up 10% [20][21] Business Line Data and Key Metrics Changes - In the wireless segment, Q4 service revenue was CAD 2.1 billion, unchanged from 2024, with adjusted EBITDA growing 1% to CAD 1.4 billion, maintaining a 67% margin [16][19] - The cable business achieved a Q4 margin of 59%, up 30 basis points from the previous year, with retail internet net additions of 22,000 [17][19] - The sports and media segment saw Q4 revenue of CAD 1.2 billion, more than double from the previous year, driven by the Blue Jays postseason and the consolidation of MLSE results [9][10] Market Data and Key Metrics Changes - Total mobile phone net additions for 2025 were 245,000, with a combined total of 345,000 new mobile phone and retail internet subscribers [17][19] - The wireless market is projected to grow at a rate of 2%-2.5% in 2026, reflecting a slowdown in subscriber growth [36][62] - The competitive intensity in the wireless market has increased, particularly following Black Friday, leading to heightened discounting from competitors [34][61] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to subscriber growth without engaging in unsustainable discounting, focusing instead on delivering solid financials [7][16] - Rogers plans to complete the acquisition of the remaining 25% stake in MLSE, which is expected to enhance the value proposition and attract more customers [10][19] - The company is targeting a reduction in capital expenditures to CAD 3.3 billion - CAD 3.5 billion in 2026, down from CAD 3.7 billion in 2025 [12][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong service revenue growth of 3%-5% and adjusted EBITDA growth of 1%-3% in 2026 [12][22] - The company noted that while the market is competitive, it remains focused on improving fundamentals and driving efficiencies across all business units [5][16] - Management acknowledged the unpredictability of playoff runs for sports teams as a factor influencing revenue, particularly for the media segment [25][28] Other Important Information - Debt leverage improved to 3.9 times, down 0.6 times from the previous year, indicating a stronger balance sheet [11][21] - Capital intensity dropped to 15%, the lowest level since Q2 2017, reflecting improved capital efficiency [11][20] - The company completed the sale of its data center business for CAD 0.2 billion, further strengthening its balance sheet [20][21] Q&A Session Summary Question: What factors could affect the EBITDA guidance for 2026? - Management indicated that the unpredictability of playoff runs and competitive discounting in the telecom sector could influence the EBITDA range [25][28] Question: How does the company view the wireless market growth and competitive intensity? - Management noted that the market growth is expected to be around 2%-2.5%, with increased promotional activity observed [34][36] Question: What is the outlook for wireless ARPU and roaming impacts? - Management stated that ARPU trends are positive but may slow due to promotional activities, and roaming revenue is expected to stabilize as new plans are adopted [44][47] Question: What are the drivers behind the expected improvement in capital intensity? - Management highlighted the completion of the Shaw-Rogers integration and a focus on ongoing maintenance as key factors for reduced capital expenditures [74][75] Question: How does the company plan to achieve further cost efficiencies? - Management emphasized the importance of adopting new technologies and synergies from combining RSM and MLSE to drive cost efficiencies [78][99]

Financial Data and Key Metrics Changes - Rogers Communications reported a consolidated service revenue increase of 16% to CAD 5.3 billion in Q4 2025, with Adjusted EBITDA rising 6% to CAD 2.7 billion [17][19] - For the full year 2025, total revenues reached CAD 21.7 billion, up 5%, while EBITDA increased by 2% to CAD 9.8 billion [17][19] - Free cash flow for Q4 was CAD 1 billion, a 16% increase year-over-year, and for the full year, free cash flow exceeded CAD 3.3 billion, up 10% [10][18] Business Line Data and Key Metrics Changes - In the wireless segment, Q4 service revenue was CAD 2.1 billion, stable compared to 2024, with Adjusted EBITDA growing 1% to CAD 1.4 billion, maintaining a 67% margin [14][15] - The cable business achieved a Q4 margin of 59%, up 30 basis points from the previous year, with retail internet net additions of 22,000 [15][18] - The media segment saw Q4 revenue of CAD 1.2 billion, more than double from the previous year, driven by the Blue Jays postseason and the consolidation of MLSE results [8][9] Market Data and Key Metrics Changes - The total mobile phone net additions for Q4 were 39,000, with a full year total of 245,000, reflecting a disciplined approach amidst a competitive environment [15][19] - The wireless market growth is projected at 2%-2.5% for 2026, with a focus on maintaining service revenue growth despite competitive pressures [35][61] Company Strategy and Development Direction - The company aims to return leverage to pre-Shaw levels, achieving this nine months ahead of schedule, and plans to continue investing in core sports and media operations [4][10] - Rogers Satellite was launched to enhance connectivity in areas lacking traditional cellular coverage, included in select 5G Plus plans [6][36] - The company is focused on driving efficiencies and cost reductions in a low-growth environment while maintaining a strong balance sheet [4][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2026 guidance targets, projecting service revenue growth of 3%-5% and Adjusted EBITDA growth of 1%-3% [11][21] - The competitive landscape remains intense, particularly in wireless, with management opting for a balanced approach rather than following aggressive discounting strategies [14][33] - Management highlighted the importance of maintaining a strong value proposition beyond price to drive subscriber growth and retention [45][63] Other Important Information - Debt leverage improved to 3.9 times, down 0.6 times from the previous year, with CAD 5.9 billion in available liquidity [19] - Capital expenditures decreased by 7% in Q4, with capital intensity at its lowest level since 2017 at 15% [10][18] Q&A Session Summary Question: Factors influencing 2026 EBITDA guidance range - Management acknowledged the unpredictability of playoff runs and competitive discounting as key factors affecting the EBITDA guidance range of 1%-3% [24][25] Question: Wireless market expectations and ARPU - Management noted that the wireless market is expected to grow at 2%-2.5%, with a focus on maintaining a balanced approach to pricing and subscriber growth [32][35] Question: Impact of roaming on ARPU - Management indicated that roaming had weighed on ARPU in 2025, but new plans are expected to drive volume and mitigate revenue declines [46][47] Question: Free cash flow guidance and below-the-line items - Management clarified that free cash flow guidance reflects variability across CapEx, EBITDA, and other financial elements, with no specific drag identified [52][66] Question: Cable market dynamics and EBITDA growth - Management emphasized ongoing efforts to improve efficiency and customer experience in the cable segment, with a focus on adopting new technologies [96][97] Question: Retail distribution network and potential cost savings - Management acknowledged the strength of the retail distribution network but indicated that it could be a source of potential cost savings in the future [105]

Q4 & 2025 Results January 29, 2026 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 January 29, 2026. Certain statements made in this presentation, including, but not limited to, statements relating to expected future events, financial and operating results, guidance, including our 2026 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, ...

Core Viewpoint - The analyst maintains a hold rating on AT&T Inc. due to mixed fundamentals and outlook, which justifies a contraction in valuation [1] Summary by Relevant Categories Company Performance - AT&T Inc. is experiencing mixed fundamentals, leading to a cautious outlook for investors [1] Investment Outlook - The current valuation contraction is seen as justified based on the company's performance and future expectations [1]

Group 1 - AT&T predicts growth ahead, but the current stock price does not reflect this optimism and seems to anticipate further disappointments similar to those in the third quarter [2] - The oil and gas industry is characterized as a boom-bust, cyclical sector, requiring patience and experience for successful investment [3] - The investing group Oil & Gas Value Research focuses on under-followed oil companies and out-of-favor midstream companies that present compelling investment opportunities [3] Group 2 - The analysis provided in the Oil & Gas Value Research service includes detailed assessments of balance sheets, competitive positions, and development prospects of oil and gas companies [1]

Core Viewpoint - AT&T has issued a profit forecast for the current year that surpasses Wall Street expectations, driven by strategic acquisitions aimed at enhancing its fiber and wireless infrastructure [1] Group 1: Strategic Transactions - The company announced a $6 billion acquisition of Lumen's consumer fiber operations and a $23 billion purchase of spectrum licenses from EchoStar, which are expected to enhance network capacity, improve mobile coverage, and boost broadband speeds [2] - These investments are anticipated to strengthen AT&T's competitive position as remote work and data-intensive usage continue to rise [2] Group 2: Service Bundling and Reporting Structure - AT&T is focusing on offering discounted bundles that combine wireless and fiber broadband services [3] - Starting in the first quarter, the company will report results across three operating segments, including a core domestic 5G and fiber unit that is projected to account for the majority of 2025 revenue [3] Group 3: Financial Projections - For fiscal 2026, AT&T projected free cash flow of at least $18 billion, increasing to $21 billion by 2028, which is above Wall Street expectations [4] - Adjusted earnings for the current year are forecasted in a range of $2.25 to $2.35 per share, compared to a consensus estimate of $2.23 [4] Group 4: Recent Performance - In the fourth quarter, AT&T reported adjusted earnings of $0.52 per share, exceeding expectations of $0.46, despite net additions of monthly bill-paying wireless subscribers being slightly below forecasts [5] - Revenue increased by 3.7% year over year to $33.5 billion, surpassing consensus expectations of $32.83 billion [5]

Group 1 - The fourth quarter earnings season is underway, with major tech companies like Microsoft, Meta, Tesla, and Apple leading the earnings calendar [1] - An optimistic consensus is forming, with 13% of S&P 500 companies having reported fourth quarter results, and analysts estimating an 8.2% increase in earnings per share for the quarter, marking the 10th consecutive quarter of annual earnings growth if this rate holds [2] - Analysts had initially expected an 8.3% jump in earnings per share heading into the reporting period, a decrease from the third quarter's 13.6% growth rate, but expectations have been raised for tech companies recently [3] Group 2 - The earnings season will test the improved stock market breadth observed at the start of 2026, with ongoing themes from 2025 such as artificial intelligence and economic policies continuing to influence investor sentiment [4] - In addition to the major tech stocks, earnings updates will come from a diverse range of companies including UnitedHealth, Boeing, General Motors, IBM, Starbucks, and others, indicating a broad economic impact [5]