Rogers Communications Reports Third Quarter 2026 Results

Rogers delivers topline and adjusted EBITDA growth while generating record free cash flow and its lowest capital intensity in over two decades - Total service revenue and adjusted EBITDA growth of 1% - Free cash flow of $1.4 billion, achieves over $3 billion of free cash flow year to date - Capital expenditures of $524 million and capital intensity of 9.6%, down 840 basis points and amongst the lowest in the industry asserted

Focus on efficiency and financial discipline continues to drive industry-leading Wireless and Cable margins; underlying telecom operations stable - Wireless service revenue of $2.0 billion, down 1% - Wireless adjusted EBITDA up 1%; adjusted EBITDA margin up 130 basis points to 68% - Total mobile phone net additions of 17,000 - Mobile phone ARPU of $55.22; postpaid mobile phone churn of 1.03% - Cable service revenue of $2.0 billion, stable year over year - Cable adjusted EBITDA up 1%; adjusted EBITDA margin up 40 basis points to 59% - asserted

Retail Internet net additions of 10,000 Achieves strong performance in Media helped by over 97% near-sell-out attendance at the Toronto Blue Jays; Rogers leading sports and media assets continue to show scale - Revenue of $821 million, up 9% - Adjusted EBITDA of $84 million, up 12% - Commenced 13th consecutive year of national NHL media rights ownership; expanded sublicensing agreements for both Wednesday night hockey and French-language games for duration of contract - Announced twelve-concert Backstreet Boys residency at Rogers Centre in Q1 2027, reflecting global scale opportunity of world-class assets Balance sheet improves with a debt leverage ratio of 3.7x, down 0.1x sequentially - Targets further deleveraging by the first half of 2027 through the unlocking of considerable value in Rogers Sports holdings Company reaffirms 2026 outlook for total service revenue, adjusted EBITDA, capital expenditures, and free cash flow TORONTO, Oct. 23, 2026 (GLOBE NEWSWIRE) — asserted

Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the third quarter ended September 30, 2026. asserted

“Our third quarter results demonstrate strong financial discipline, with margin expansion in Cable and Wireless, record free cash flow, and further deleveraging despite lower market activity,” said Tony Staffieri, President and CEO. asserted

“The close of the MLSE transaction marks a significant milestone in our plan to unlock shareholder value from our sports and media assets, which continue to show global breadth and scale. asserted

These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies. uncertain

The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. asserted

Be a strong national company investing in Canada - Signed an agreement with Kilmer Sports Inc. to acquire its remaining 25% stake in MLSE on October 1. - Donated $1 million to Alberta children’s charities through the Rogers Charity Classic. - Renewed Mobi by Rogers through 2029 with Vancouver Bike Share to connect riders across the city. asserted

Be the growth leader in our industry - Grew total service revenue by 1% and adjusted EBITDA by 1%. - Generated strong free cash flow of $1,370 million and cash flow from operating activities of $1,658 million. Update on sports and entertainment assets On October 1, 2026, we completed the MLSE minority interest acquisition for $4.35 billion in cash, which we funded through short-term credit facilities. asserted

Upon completing this transaction, we have obtained a 100% ownership interest in MLSE. asserted

MLSE owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), Toronto Argonauts (CFL), various minor league teams, and associated real estate holdings, including Scotiabank Arena. asserted

MLSE also holds interests in certain entities that are complementary to its sports and events businesses. asserted

On completion of the MLSE minority interest acquisition, MLSE became a wholly owned subsidiary of Rogers, further enhancing our sports and entertainment portfolio, which also includes the Toronto Blue Jays, Rogers Centre, and Sportsnet. asserted

We are pursuing the sale of a minority interest in our consolidated sports, media, and entertainment assets (Rogers Sports) to third-party investors by the first half of 2027, the proceeds from which we expect to use to repay debt and further improve our balance sheet. asserted

We remain committed to unlocking what we view as significant unrecognized value in our sports assets. asserted

Total revenue increased by 2% and total service revenue increased by 1% this quarter, primarily as a result of revenue growth in Media. asserted

Wireless service revenue decreased by 1% this quarter primarily as a result of the decline in mobile phone ARPU due to the cumulative impact of competitive intensity and lower fee revenue as a result of the Canadian Radio-television and Telecommunications Commission’s (CRTC) decision prohibiting certain fees (see “Regulatory Developments” for more information), partially offset by the year-to-date cumulative addition of new customers. asserted

Wireless equipment revenue increased by 9%, primarily as a result of a continued shift in the product mix towards higher-value devices, higher device upgrades by existing customers, and disciplined pricing. Cable service revenue this quarter was in line with the prior year as the impact of retail Internet subscriber growth and base management activities was offset by declines in our Home Phone and Video subscriber bases. asserted

Our customer-facing data centre business, which we sold in late 2025, reflected approximately 1% of Cable service revenue in the prior year. asserted

Media revenue increased by 9% this quarter, primarily as a result of higher sports revenue and subscriber revenue from the Warner Bros. Discovery suite of channels, partially offset by lower advertising revenue. asserted

Consolidated adjusted EBITDA increased 1% this quarter, driven by EBITDA growth across all our businesses, and our adjusted EBITDA margin decreased by 40 basis points. asserted

Wireless adjusted EBITDA increased by 1%, primarily as a result of higher equipment margins. asserted

This gave rise to an adjusted EBITDA margin of 68%, up 130 basis points. asserted

Cable adjusted EBITDA increased by 1% as a result of various efficiency initiatives. asserted

This gave rise to an adjusted EBITDA margin of 59%, up 40 basis points. asserted

Our customer-facing data centre business, which we sold in late 2025, reflected approximately 0.5% of Cable adjusted EBITDA in the prior year. asserted

Media adjusted EBITDA increased by 12%, primarily due to the flow-through impact of the aforementioned revenue impacts and associated costs. Net income and adjusted net income Adjusted net income decreased by 3% this quarter, primarily as a result of higher finance costs, partially offset by higher adjusted EBITDA. asserted

Net income decreased by $5,273 million this quarter as it was also impacted by a $5 billion non-cash gain in the prior year to recognize our existing 37.5% interest in MLSE at fair value, which was required as a result of the MLSE Transaction, and the $151 million gain on the redemption of long-term debt in the prior year. asserted

Cash flow, available liquidity, and returns to shareholders This quarter, we generated cash provided by operating activities of $1,658 million (2025 - $1,515 million), which increased as a result of lower income taxes paid, and free cash flow of $1,370 million (2025 - $829 million), which increased as a result of lower capital expenditures, higher adjusted EBITDA, and lower cash income taxes, partially offset by distributions to non-controlling interests. asserted

Our free cash flow generation is expected to further strengthen our balance sheet over time through accelerated repayment of debt. asserted

As at September 30, 2026, we had $8.3 billion of available liquidity2 (December 31, 2025 - $5.9 billion), reflecting $3.2 billion in cash and cash equivalents and $5.1 billion available under our bank and other credit facilities. asserted

In September 2026, we issued three tranches of subordinated notes and received net proceeds of $2.0 billion from the issuance. asserted

We intend to use the proceeds to redeem our $2.0 billion subordinated notes due 2081 in December 2026 on their first at-par redemption date. asserted

The $4.35 billion of credit facilities we entered into in September 2026 are not included in available liquidity as they were drawn in full on October 1, 2026 to fund the MLSE minority interest acquisition (see “Update on sports and entertainment assets”). asserted

Our debt leverage ratio2 was 3.7 as at September 30, 2026 (December 31, 2025 - 4.0, which reflects the combined results of Rogers including MLSE for the period from the MLSE Transaction closing date (July 1, 2025) to December 31, 2025, and standalone Rogers results prior to July 2025 in trailing 12-month adjusted EBITDA). asserted

See “Financial Condition” in our Q3 MD&A for more information. We also returned $270 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on October 22, 2026. _______________________________________ 2 Available liquidity and debt leverage ratio are capital management measures. asserted

About this Earnings Release This earnings release contains important information about our business and our performance for the three and nine months ended September 30, 2026 and forward-looking information (see “About Forward-Looking Information”) about future periods. asserted

This earnings release should be read in conjunction with our Third Quarter 2026 Interim Condensed Consolidated Financial Statements (Third Quarter 2026 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our Third Quarter 2026 MD&A; our 2025 Annual MD&A; our 2025 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov. asserted

For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see “Understanding Our Business”, “Corporate Overview”, and “Delivering on our Priorities” in our 2025 Annual MD&A. References to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023 (see “Shaw Transaction” in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements). asserted