Rogers Communications Inc. Class A · TSX:RCI.A
Rogers Communications Inc. Class A — Q4 2025 Earnings Presentation
26 slides from Rogers Communications Inc. Class A's earnings presentation, Jan 29, 2026
Slide 1: Q4 & 2025 Results
Q4 & 2025 Results January 29, 2026 1
Slide 2: Cautionary note
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
Slide 3: Today's speakers
Today’s speakers Tony Staffieri President and CEO Glenn Brandt Chief Financial Officer 3
Slide 4: Q4 & 2025 Highlights
Q4 & 2025 Highlights • Rogers delivers strong Q4 financial results with total service revenue up 16% to $5.3 billion and adjusted EBITDA1 up 6% to $2.7 billion • Capital expenditures of $0.9 billion in Q4, reflecting 15% capital intensity2 – lowest level since Q2 2017 • Free cash flow4 of $1.0B in Q
Slide 5: Q4 & 2025 consolidated results
Q4 & 2025 consolidated results Q4’2025 2025 Total service Total service revenue +16% revenue +6% ($M) ($M) 19,104 18,066 5,250 4,543 Q4’24 Q4’25 2024 2025 Adjusted Adjusted EBITDA1 +6% EBITDA1 +2% ($M) ($M) 9,617 9,820 2,533 2,689 Q4’24 Q4’25 2024 2025 5
Slide 6: Q4 Wireless results
Q4 Wireless results Service Adjusted Adjusted revenue -% EBITDA +1% EBITDA Margin +40bps ($M) ($M) (%) 66.4 66.8 2,058 2,058 1,374 1,367 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 Mobile phone Mobile phone Postpaid mobile ARPU2 (2.8%) net adds 39K phone churn (10bps) ($) (‘000s) (%) 58.04 95 1.53 1.43 56.4
Slide 7: 2025 Wireless results
2025 Wireless results Service Adjusted Adjusted revenue +0.4% EBITDA +1% EBITDA Margin +40bps ($M) ($M) (%) 8,108 8,142 5,312 5,364 65.5 65.9 2024 2025 2024 2025 2024 2025 Mobile phone Mobile phone Postpaid mobile ARPU2 (2.7%) net adds 245K phone churn (10bps) ($) (‘000s) (%) 512 245 57.98 56.42 1.2
Slide 8: Q4 Cable results
Q4 Cable results Service Adjusted Adjusted revenue +0.3% EBITDA +1% EBITDA Margin +30bps ($M) ($M) (%) 1,974 59.0 59.3 1,968 1,169 1,177 Q4’24 Q4’25 Q4’24 Q4’25 Q4’24 Q4’25 Retail Internet net adds 22K (‘000s) 26 22 Q4’24 Q4’25 8
Slide 9: 2025 Cable results
2025 Cable results Service Adjusted Adjusted revenue +0.1% EBITDA +1% EBITDA Margin +90bps ($M) ($M) (%) 7,825 7,833 4,518 4,585 58.3 57.4 2024 2025 2024 2025 2024 2025 Retail Internet net adds 100K (‘000s) 111 100 2024 2025 9
Slide 10: Q4 Media results
Q4 Media results Adjusted Revenue +126% EBITDA +$166M ($M) ($M) 1,236 221 547 55 Q4’24 Q4’25 Q4’24 Q4’25 10
Slide 11: 2025 Media results
2025 Media results Adjusted Revenue +47% EBITDA +174% ($M) ($M) 3,288 2,242 241 88 2024 2025 2024 2025 11
Slide 12: Q4 & 2025 capital expenditures
Q4 & 2025 capital expenditures Q4’2025 2025 Capital Capital expenditures (7%) expenditures (8%) ($M) ($M) 4,041 3,707 1,007 934 Q4’24 Q4’25 2024 2025 Capital Capital intensity2 (330bps) intensity2 (250bps) ($M) ($M) 19.6 17.1 18.4 15.1 Q4’24 Q4’25 2024 2025 12
Slide 13: Summary Q4 & 2025 consolidated results
Summary Q4 & 2025 consolidated results In millions of dollars, except margins and per share amounts Q4’25 % Change 2025 % Change Total service revenue 5,250 16% 19,104 6% Adjusted EBITDA1 2,689 6% 9,820 2% Adjusted EBITDA margin2 43.6% (2.6pts) 45.2% (1.5pts) Net income attributable to RCI sharehold
Slide 14: Q4 financial position
Q4 financial position Available liquidity4 of $5.9B Weighted average interest rate of 4.78% with average term to maturity of 8.6 years Debt leverage ratio3 3.9x 14
Slide 15: 2026 Guidance
2026 Guidance 2025 2026 (In millions of dollars, except percentages) Actual Guidance Ranges Total service revenue $19,104 Increase of 3% to 5% Adjusted EBITDA1 $9,820 Increase of 1% to 3% Capital expenditures $3,707 $3,300 to $3,500 Free cash flow4 $3,356 $3,300 to $3,500 Note: For further informati
Slide 16: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures 16
Slide 17: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures We use the following "non-GAAP financial measures" and other "specified financial measures" (each within the meaning of applicable Canadian securities law). These are reviewed regularly by management and the Board in assessing our performance and making decision
Slide 18: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Non-GAAP ratios Specified financial measure How it is useful How we calculate it Adjusted basic ● To assess the performance of our businesses before the effects of the Adjusted net income attributable to RCI shareholders earnings per noted items, because they af
Slide 19: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Total of segments measures Specified financial measure Most directly comparable IFRS financial measure Adjusted EBITDA Net income Capital management measures Specified financial measure How it is useful Free cash flow ● To show how much cash we generate that is
Slide 20: Non-GAAP and Other Financial Measures
Non-GAAP and Other Financial Measures Supplementary financial measures Specified financial measure How we calculate it Adjusted EBITDA margin Adjusted EBITDA divided by revenue. Wireless mobile phone Wireless service revenue average revenue per user divided by (ARPU) average total number of Wireless
Slide 21: Reconciliation of adjusted EBITDA
Non-GAAP and Other Financial Measures Reconciliation of adjusted EBITDA Three months ended December 31 Twelve months ended December 31 (In millions of dollars) 2025 2024 2025 2024 Net income 710 558 6,906 1,734 Add: Income tax expense 235 158 720 572 Finance costs 584 571 2,043 2,295 Depreciation an
Slide 22: Reconciliation of adjusted net income
Non-GAAP and Other Financial Measures Reconciliation of adjusted net income Three months ended December 31 Twelve months ended December 31 (In millions of dollars) 2025 2024 2025 2024 Net income 710 558 6,906 1,734 Add (deduct): Restructuring, acquisition and other 23 83 439 406 Change in fair value
Slide 23: Reconciliation of adjusted net income attributable to RCI shareholders
Non-GAAP and Other Financial Measures Reconciliation of adjusted net income attributable to RCI shareholders Three months ended December 31 Twelve months ended December 31 (In millions of dollars) 2025 2024 2025 2024 Net income attributable to RCI shareholders 743 558 6,894 1,734 Add (deduct): Restr
Slide 24: Reconciliation of free cash flow
Non-GAAP and Other Financial Measures Reconciliation of free cash flow Three months ended December 31 Twelve months ended December 31 (In millions of dollars) 2025 2024 2025 2024 Cash provided by operating activities 1,652 1,135 6,059 5,680 Add (deduct): Capital expenditures (934) (1,007) (3,707) (4
Slide 25: Adjusted net debt and debt leverage ratio
Non-GAAP and Other Financial Measures Adjusted net debt and debt leverage ratio We use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and to make capital structure-related decisions. As at As at December 31 December 31 (In millions of dollars, except ratios) 2025 202
Slide 26: Available liquidity
Non-GAAP and Other Financial Measures Available liquidity Below is a summary of our available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings as at December 31, 2025 and December 31, 2024. As at December 31, 2025 Total sour
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