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]

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].