Aravinda Galappatthige

Batya Levi

Drew McReynolds

Jérome Dubreuil

Maher Yaghi

Vince Valentini

Tim Casey

Matthew Griffiths

David Barden

David McFadgen

Matt Griffiths

Patrick Ho

Patrick Roe

Sebastiano Petti

Simon Flannery

Stephanie Price

- Rogers Communications (RCI) is observing a **stabilizing Canadian wireless pricing environment** and has achieved **churn improvements** throughout the year, with the sector anticipating **approaching 3% subscriber growth**.  **[733099_2157476_1]**  The company is implementing add-a-line promotions and bundling services, including the Rogers Bank credit card and wireline/wireless bundles following the Shaw acquisition, to enhance customer relationships and reduce churn.  **[733099_2157476_1]** **[733099_2157476_2]** 
- The company completed the acquisition of the remaining **75% stake in MLSE in early July** and intends to acquire the **25% minority stake held by Larry Tanenbaum** around early July 2026, or potentially sooner.  **[733099_2157476_3]**  The combined MLSE and Rogers Sports & Media (100% interest) is currently valued at approximately **$20 billion Canadian**, with plans to introduce minority investors after securing the remaining stake.  **[733099_2157476_5]** 
- Rogers has significantly **reduced its leverage** from **5.3 times in April 2023 to 3.5 times at mid-year**.  **[733099_2157476_4]**  After debt reduction from the Blackstone-led investment and data center sales, the company projects to conclude the year with leverage in the range of **3.9 to four times**.  **[733099_2157476_5]** 
- Cable margins are currently at **58%**, with expectations to reach **59% again**, while wireless margins are in the **64-66% range**.  **[733099_2157476_2]** **[733099_2157476_3]**  The company is focused on driving growth in subscribers, revenues, earnings, and free cash flow, anticipating further synergies from the MLSE consolidation.  **[733099_2157476_3]**

Rogers Communications Discusses Wireless Market, MLSE Acquisition, and Leverage Reduction

- Rogers Communications has significantly improved its cable business, increasing combined margins with Shaw from 50% to **58%-59%**, and is expanding its Fixed Wireless Access (FWA) product to address approximately **7 million** additional homes.  **[733099_tx_379742_5]** **[733099_tx_379742_2]** 
- The company has made substantial progress in deleveraging, reducing its leverage from **5.3x** post-Shaw acquisition to just under **3.6x** at mid-year, with further reductions anticipated from a **$300 million** bond tender benefit and data center sale.  **[733099_tx_379742_7]** 
- Rogers now holds a **75%** stake in MLSE, alongside 100% ownership of the Toronto Blue Jays and Rogers Centre, with these sports assets collectively valued at approximately **CAD 15 billion**.  **[733099_tx_379742_7]**  The company intends to acquire the remaining minority stake in MLSE by next summer and is exploring strategies to maximize and surface this value for shareholders.  **[733099_tx_379742_6]** **[733099_tx_379742_7]** 
- Rogers anticipates a **declining capital intensity** for both its wireless and wireline businesses in the coming years.  **[733099_tx_379742_6]**

Rogers Communications Discusses Wireless, Cable, and Sports Asset Strategies

ROGERS COMMUNICATIONS (RCI)