Slides
Page 1
1 October 23, 2025 Q3 2025 Results
Page 2
Cautionary note 2 The following materials are for presentation purposes only. They accompany the discussions held during Rogers Communications Inc.’s (Rogers) investor conference call on October 23, 2025. Certain statements made in this presentation, including, but not limited to, statements relating to expected future events, financial and operating results, guidance, including our 2025 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, and free cash flow, which were originally provided on January 30, 2025, objectives, plans, strategic priorities and other statements that are not historical facts, are forward-looking. By their nature, forward-looking statements require Rogers’ management to make assumptions and predictions and are subject to inherent risks and uncertainties, thus there is risk that the forward-looking statements will not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as various factors could cause actual future results and events to differ materially from that expressed in the forward-looking statements. Accordingly, our comments are subject to the disclaimer and qualified by the assumptions and risk factors in Rogers’ 2024 Annual Report and Rogers’ Q3 2025 MD&A, as filed with securities regulators at sedarplus.ca and sec.gov, and also available at investors.rogers.com. The forward-looking statements made in this presentation and discussion describe our expectations as of today and, accordingly, are subject to change going forward. Except as required by law, Rogers disclaims any intention or obligation to update or revise forward-looking statements. This presentation includes non-GAAP financial measures and other specified financial measures (as described below) that are not standardized under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in Rogers’ 2024 Annual Report and Rogers’ Q3 2025 MD&A for more information about these measures. 1 Adjusted EBITDA is a total of segments measure. 2 Mobile phone ARPU, adjusted EBITDA margin, and capital intensity are supplementary financial measures. 3 Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. Adjusted diluted earnings per share attributable to RCI shareholders is a non-GAAP ratio. Adjusted net income attributable to RCI shareholders is a non-GAAP financial measure and a component of adjusted diluted earnings per share attributable to RCI shareholders. 4 Free cash flow and available liquidity are capital management measures. This presentation discusses certain key performance indicators used by Rogers, including total service revenue (total revenue excluding equipment revenue in Wireless and Cable) and subscriber counts. Descriptions of these indicators can be found in the disclosure documents referenced above. Trademarks in this presentation are owned or used under license by Rogers Communications Inc. or an affiliate. This presentation also includes trademarks of third parties. The trademarks referred to in this presentation may be listed without the symbols. ©2025 Rogers Communications.
Page 3
3 President and CEO Tony Staffieri Today’s speakers Chief Financial Officer Glenn Brandt
Page 4
4 • Delivered strong total service revenue growth of 4% • Drove steady performance in both Cable and Wireless with adjusted EBITDA growth of 2%, and 1%, respectively • Focus on efficiency and financial discipline continues to drive industry- leading Wireless margin of 67%, and 58% on Cable • Added 111,000 mobile phone subscribers and 29,000 retail Internet subscribers • Delivered best wireless customer loyalty in over two years; postpaid churn of 0.99% • Media revenue growth enhanced by strong Toronto Blue Jays regular season and consolidation of MLSE results; revenue up 26% • Executed on strong balance sheet management while making meaningful progress on our third pillar of growth – sports and media; achieved debt leverage ratio3 of 3.9x Q3 Highlights
Page 5
5 Q3 consolidated results Q3’25Q3’24 ($M) 2,5152,545 Total service revenue +4% Q3’25Q3’24 ($M) 4,7394,567 Adjusted EBITDA1 (1%)
Page 6
6 Q3’25Q3’24 ($M) 2,0592,066 Q3’25Q3’24 ($) 56.7058.57 Q3’25Q3’24 ($M) 1,3741,365 Q3’25Q3’24 (%) 66.766.1 Q3’25Q3’24 (‘000s) 111194 Q3’25Q3’24 (%) 0.991.12 Q3 Wireless results Service revenue -% Adjusted EBITDA +1% Adjusted EBITDA Margin2 +60bps Mobile phone ARPU2 (3%) Mobile phone net adds 111K Postpaid mobile phone churn (13bps)
Page 7
7 Q3’25Q3’24 ($M) 1,9741,962 Q3’25Q3’24 ($M) 1,1531,133 Q3’25Q3’24 (‘000s) 2933 Q3 Cable results Q3’25Q3’24 (%) 58.257.5 Service revenue +1% Adjusted EBITDA +2% Adjusted EBITDA Margin +70bps Retail Internet net adds 29K
Page 8
8 Q3’25Q3’24 ($M) 753 597 Q3 Media results Revenue +26% Adjusted EBITDA (45%) Q3’25Q3’24 ($M) 75136
Page 9
9 Q3 capital expenditures Q3’25Q3’24 (%) 18.0 19.0 Q3’25Q3’24 ($M) 964977 Capital expenditures (1%) Capital intensity2 (100bps)
Page 10
Detailed Q3 consolidated results 10 Total service revenue 4,739 4% Adjusted EBITDA1 2,515 (1%) Adjusted EBITDA margin2 47.0% (2.6pts) Net income attributable to RCI shareholders 5,754 n/m Diluted earnings per share attributable to RCI shareholders $10.62 n/m Adjusted net income attributable to RCI shareholders3 740 (3%) Adjusted diluted earnings per share attributable to RCI shareholders3 $1.37 (4%) Capital expenditures 964 (1%) Capital intensity2 18.0% (1.0pts) Cash provided by operating activities 1,515 (20%) Free cash flow4 829 (9%) In millions of dollars, except margins and per share amounts Q3’25 % Change
Page 11
11 Available liquidity4 of $6.4B Weighted average interest rate of 4.80% with average term to maturity of 8.7 years Debt leverage ratio3 3.9x Q3 financial position
Page 12
12 Note: For further information, please see the “Financial Guidance” and “About Forward-Looking Information” sections of our Q3 2025 MD&A. (In millions of dollars, except percentages) 2024 Actual July 23, 2025 Guidance Ranges October 23, 2025 Guidance Ranges Total service revenue $18,066 Increase of 3% to 5% Increase of 3% to 5% Adjusted EBITDA1 $9,617 Increase of 0% to 3% Increase of 0% to 3% Capital expenditures $4,041 Approximately $3,800 Approximately $3,700 Free cash flow4 $3,045 $3,000 to $3,200 $3,200 to $3,300 2025 Guidance
Page 13
13 October 23, 2025 Q3 2025 Results