Rogers Communications Inc. Q4 FY2024 earnings call

• 2024 saw Rogers attract more subscribers than competitors, with 623,000 combined wireless and Internet net additions. Delivered highest wireless and cable margins, stable ARPU, best service revenue and adjusted EBITDA growth, and grew free cash flow by 26%. • Q4 wireless: Service revenue up 2%, adjusted EBITDA up 6%, added 95,000 net postpaid and prepaid phone subs. Margin 66%, ARPU $58, postpaid churn 1.53%. • Q4 Cable: Returned to slight revenue growth, adjusted EBITDA up 5%, margin 59%, Internet net adds up 30%. • Media: Revenue up 10%, adjusted EBITDA $53 million. 2024 awarded Canada's most reliable networks, advanced industry firsts like DOCSIS 4.0 trial, wildfire detection, 5G network slicing, and satellite to mobile tech. 2025 launched Rogers Xfinity suite of services. • Announced agreement to purchase Bell's 37.5% stake in MLSE and a $7 billion structured equity investment for wireless backhaul infrastructure.

Wireless: Wireless service revenue was up 2%, adjusted EBITDA grew by 6%, added 95,000 net postpaid and prepaid phone subscribers. Margin profile was 66%, blended ARPU stable at $58. Postpaid mobile phone churn improved to 1.53%. Cable: Returned to slight year-over-year revenue growth in Q4, cable adjusted EBITDA up 5% year-over-year, cable margin 59% in Q4. Internet net adds up 30%. Media: Revenue up 10%, adjusted EBITDA $53 million.

• 2025 expects competitive markets, wireless growth impacted by new to Canada category. Service revenue, adjusted EBITDA, and free cash flow to continue growth. Capital expenditures ~$4 billion. Total service revenue and adjusted EBITDA growth in 0%-3% range, free cash flow $3.0 billion to $3.2 billion. Excludes impacts of MLSE transaction.

• Competitive market environment with intense competition. • Government policies affecting market size for new to Canada category. • Macro-economic uncertainties including tariffs. • Uncertainty around MLSE transaction approvals. • Uncertainty around progress of structured equity investment.

Q: Synergies in sports asset and organic deleveraging guidance.

A: Sports assets have growth potential, expect operating and revenue synergies. Organic deleveraging through applying free cash flow to lower leverage, priority focus on deleveraging.