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]

Rogers delivers strong Q4 financial results with total service revenue up 16% to $5.3 billion and adjusted EBITDA up 6% to $2.7 billionWireless financials reflect continued subscriber growth with balanced marketplace discipline Q4 service revenue of $2.1 billion, consistent with 2024; adjusted EBITDA of $1.4 billion, up 1%Q4 margin up 40 basis points to industry-leading 67%Added 39,000 total mobile phone net additions in Q4, including 37,000 postpaid subscribersQ4 postpaid churn of 1.43%, down 10 basis poin ...

Core Insights - Rogers Communications has introduced Rogers Satellite for all customers on 5G+ plans in Atlantic Canada at no extra cost for up to 24 months, enhancing connectivity in areas with limited traditional wireless coverage [1][2][4] - The service is also available to all Canadians for a fee of $15/month, indicating a strategic move to expand customer base and service offerings [1][4] Group 1: Service Expansion - The inclusion of Rogers Satellite in 5G+ plans aims to provide better value and connectivity for customers in Atlantic Canada, where traditional wireless networks cover only 28% of the region [2] - Rogers Satellite supports essential applications like WhatsApp, Google Maps, and text-to-911, improving safety and connectivity during adverse weather conditions and in remote areas [2][3] Group 2: Market Positioning - Rogers Communications claims to be the only wireless provider in Canada offering satellite-to-mobile services, positioning itself as a leader in the market [4] - The service automatically connects customers' phones in areas without cell service, enhancing user experience and reliability [3]

Core Insights - Rogers Communications Inc. is recognized as one of the top telecom stocks to invest in, with TD Cowen reaffirming a Buy rating and a price target of $64, highlighting the potential value in the company's sports assets [1] Financial Performance - In Q3 2025, Rogers Communications reported revenues of C$5.34 billion, marking a 4% increase year-over-year, with services revenue also up by 4% to C$4.7 billion [3] Sports Asset Valuation - The gross valuation of Rogers Communications' sports teams is estimated at $13.9 billion, which includes full ownership of the Blue Jays and 75% ownership of MLSE. After accounting for a 25% holding company/tax reduction, the adjusted value is approximately $10.5 billion [2]

Company Overview - Rogers Communications Inc. is one of Canada's largest diversified media and telecom companies, offering a broad range of services to consumers and businesses [5] Financial Performance - For the third quarter of 2025, Rogers Communications reported revenue of C$5.34 billion, representing a 4% increase from the previous year [3] - Services revenue also increased by 4% year-over-year, amounting to C$4.7 billion [3] Operational Achievements - The company launched Rogers Satellite, providing Canadians with three times more geographic coverage than any other carrier [4] - 5G service was activated across 4,650 meters of tunnels in the Toronto Transit Commission subway system [4] - Rogers partnered with the federal government to launch the Connected Robotics Living Lab, focusing on research in 5G and AI [4] - The rollout of next-generation WiFi 7 technology continued across the country [4] Market Outlook - Morgan Stanley raised its price target for Rogers Communications to C$50 from C$46 while maintaining an Underweight rating on the shares [2]

Core Insights - Rogers Communications has launched Rogers Satellite, a pioneering service aimed at enhancing connectivity for Canadians, which includes voice and video calling through popular applications [1][2] - The service is designed to support various applications, including text messaging, weather updates, and mapping, particularly in areas lacking traditional cellular coverage [3] - The company has also introduced satellite-to-mobile IoT services for businesses, marking another first in Canada, aimed at providing connectivity in remote regions [4][5] Service Features - Rogers Satellite now supports popular applications such as WhatsApp, allowing users to make calls in previously unreachable areas [2] - The service will continue to expand its list of satellite-ready applications as developers adapt their apps for satellite use [3] - The company has initiated a beta trial for text messaging, which has seen over one million messages sent, indicating strong consumer interest [6] Business Applications - The satellite-to-mobile service is particularly beneficial for IoT applications, including fleet and asset tracking in remote locations, and automated sensors in industries like forestry and mining [4][5] - This technology is expected to transform operations for Canadian businesses and government organizations by providing reliable connectivity in challenging environments [5] Pricing and Availability - Rogers Satellite is available to all Canadians for a monthly fee of $15, with promotional discounts for beta trial participants [6] - Future expansions of the service will include data and voice services, including 911 voice services for all Canadians [7]

Core Insights - Rogers Communications reported strong financial performance in Q3 2025, with significant growth in wireless and media segments, alongside improved customer loyalty and reduced churn rates [1][4][5] Wireless Segment - Wireless service revenue reached CAD 2.1 billion, with adjusted EBITDA of CAD 1.4 billion, reflecting a 1% increase [5] - The company added 111,000 mobile phone subscribers, including 62,000 postpaid and 49,000 prepaid, with a year-to-date total of 206,000 additions [5] - Postpaid churn decreased to 0.99%, the lowest in over two years, contributing to a wireless margin of 67% [5][29] - Equipment revenue increased by 9% due to higher device upgrades [27] Cable Segment - Cable revenue grew by 1% to CAD 1.981 billion, driven by retail Internet subscriber growth [55] - The adjusted EBITDA margin for the cable segment improved to 58%, up 70 basis points [30] - Retail Internet net additions were 29,000, with a total of 78,000 new subscribers year-to-date [5] Media Segment - Media revenue surged by 26% to CAD 753 million, bolstered by the success of the Toronto Blue Jays and the consolidation of MLSE results [28][66] - Adjusted EBITDA for the media segment decreased by 45% to CAD 75 million, primarily due to seasonal impacts from MLSE [30][66] - The company anticipates pro forma media revenue for 2025 to be approximately CAD 4 billion, with adjusted EBITDA of CAD 0.25 billion [5][25] Financial Performance - Total revenue for the quarter increased by 4% to CAD 5.348 billion, with total service revenue also up by 4% [6][26] - Net income rose significantly to CAD 5.808 billion, largely due to a non-cash gain from the MLSE transaction [31] - Free cash flow for the quarter was CAD 829 million, down 9% from the previous year [32] Strategic Developments - The company completed the acquisition of a 37.5% stake in MLSE for CAD 4.7 billion, increasing its ownership to 75% [12][13] - Rogers launched satellite-to-mobile text messaging services, expanding its coverage significantly across Canada [5][10] - The company is exploring options to unlock additional value from its sports assets, including potential minority interest sales or public offerings [14]

Financial Data and Key Metrics Changes - In Q2 2025, consolidated service revenue and adjusted EBITDA both grew by 2% year-over-year [9][22] - Wireless service revenue and adjusted EBITDA each increased by 1% [19] - Cable service revenue and adjusted EBITDA rose by 13% respectively, marking a return to growth in this segment [10][20] - Media revenue increased by 10%, driven by strong viewership during the NHL playoffs [10][21] - Free cash flow reached $925 million, up 39% year-over-year [23] Business Line Data and Key Metrics Changes - Wireless segment saw 61,000 total subscriber net additions, including 35,000 postpaid [19] - Cable business reported a 1% increase in service revenue, supported by retail internet net additions of 26,000 [20] - Media segment revenue was boosted by the success of Sportsnet and higher revenues from the Toronto Blue Jays [21] Market Data and Key Metrics Changes - The wireless market is expected to grow about 3% for the full year, with Q2 growth estimated at around 2.5% [54] - The competitive environment remains intense, impacting ARPU, which declined by 3% year-over-year [19][56] Company Strategy and Development Direction - The company is focused on deleveraging, having achieved a leverage ratio of 3.6 times, close to pre-Shaw acquisition levels [8][26] - Plans to monetize sports and media assets are underway, with a focus on unlocking unrecognized value for shareholders [7][42] - The company aims to maintain an investment-grade balance sheet while investing in growth [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in cable and maintaining strong performance in wireless and media [6][8] - The company highlighted the importance of government leadership in fostering a competitive environment and supporting capital investments [15][17] - Future guidance for 2025 has been updated to reflect the consolidation of MLSE, with service revenue expected to grow by 3% to 5% [28] Other Important Information - The company completed a $7 billion equity investment for a minority stake in parts of its wireless network [7] - The integration of MLSE's financial results will begin in Q3 2025, with estimated full-year media revenue of $3.9 billion [27] Q&A Session Summary Question: Update on 2025 guidance and core telecom outlook - Management confirmed that the updated guidance reflects the inclusion of MLSE, with no significant changes to the core telecom outlook [33] Question: Performance expectations for MLSE in 2025 - Management indicated that the pro forma figures for MLSE are a clean aggregation and do not include aggressive synergies [36] Question: Competitive environment in wireless and back-to-school season - Management noted that the wireless market is expected to grow about 3%, with ongoing efforts to simplify the value proposition [54][56] Question: Impact of roaming on service revenue - Management acknowledged that roaming has been a headwind but expects travel to pick up, which could positively impact service revenue [61] Question: Longer-term CapEx profile and cable CapEx reduction - Management stated that while they won't provide specific numbers, they intend to drive lower capital intensity within cable [105] Question: Multi-line discounts and ARPU impact - Management explained that while multi-line discounts may dilute ARPU, they are expected to generate incremental service revenue [115] Question: Synergies related to the MLSE deal - Management indicated that it is too early to discuss specific synergies but emphasized their track record in identifying material synergies [116]