Canada · Delayed Price · Currency is CAD Rogers Communications Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw strong service revenue and EBITDA growth, reduced CapEx, and improved free cash flow. 2026 guidance calls for a 30% CapEx cut and higher free cash flow, with plans to monetize sports/media assets at a CAD 25B valuation and accelerate debt reduction.
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Canadian telecoms face regulatory pressure to invest in networks despite MVNO competition, with CapEx reductions balanced by ongoing infrastructure upgrades. Wireless growth is slowing, price competition is intense, and a major MLSE acquisition aims to unlock value and reduce leverage through a minority stake sale.
Fiscal Year 2025
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Strong 2025 results with industry-leading margins, robust subscriber growth, and successful integration of major sports assets. 2026 guidance targets continued revenue and EBITDA growth, lower CapEx, and higher free cash flow, despite ongoing market and regulatory challenges.
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Q3 2025 saw industry-leading subscriber growth in wireless and cable, strong media revenue from sports assets, and robust margins. CapEx and free cash flow guidance improved, with a focus on capital efficiency and deleveraging. MLSE consolidation and satellite-to-mobile innovation were key highlights.
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Wireless pricing in Canada is stabilizing, with improved churn and growth driven by bundling and fixed wireless expansion. The MLSE acquisition is progressing, with plans to buy out the minority stake and bring in institutional investors, aiming for significant synergies and value creation.
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The conference highlighted sector innovation, wireless and cable growth strategies, and the expansion into sports and entertainment as a third value pillar. Key initiatives include the direct-to-satellite service launch, asset consolidation, and ongoing focus on technology partnerships and bundling.
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Wireless pricing has stabilized with disciplined promotions and new value-focused plans, while bundling and convergence strategies are driving growth in both wireless and cable. The company is expanding reach through fixed wireless and satellite services, and consolidating sports assets to unlock synergies and value, with significant margin and capital efficiency improvements underway.
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Q2 2025 saw strong growth in wireless, cable, and media, with improved margins and free cash flow. The company completed major strategic moves, including the MLSE acquisition and a CAD 7B equity investment, while deleveraging ahead of schedule. Guidance was raised for service revenue growth.
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Management expects moderate growth in wireless and cable, driven by penetration gains, efficiency, and new product offerings. Sports and media assets are being positioned for value realization, with potential monetization events ahead. Leverage reduction remains a key priority.
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Management outlined a multi-step plan to unlock value from sports and entertainment assets, including potential equity investment and IPO options, while maintaining control. Wireless and cable segments show stable growth, with new pricing strategies and technology investments supporting ARPU and margin improvements.
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The meeting highlighted strong financial results, major investments in networks and sports, and ongoing integration of the Shaw merger. Shareholders approved all board and auditor appointments, and management addressed questions on strategy, balance sheet, and sports asset value.
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Service revenue and adjusted EBITDA each grew 2% year-over-year, with strong margin improvements and continued deleveraging supported by CAD 9 billion in new equity capital. Sports & Media revenue surged 24%, and the company renewed key NHL rights and advanced its MLSE acquisition.
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Scotiabank's TMT conference highlighted stable growth in wireless and cable, ongoing asset monetization, and disciplined pricing strategies. Regulatory and macroeconomic factors remain key, with a focus on deleveraging and surfacing hidden asset value.
Fiscal Year 2024
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Industry-leading subscriber and financial growth continued in 2024, with strong wireless and cable margins, robust free cash flow, and major investments in network reliability and innovation. 2025 guidance anticipates single-digit growth and ongoing competitive pressures.
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Reported strong Q3 results with record net additions, industry-leading margins, and reaffirmed 2024 guidance. Announced a CAD 7B structured equity financing to accelerate deleveraging, targeting a 3.7x leverage ratio by year-end.
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Network upgrades and brand consolidation are driving improved cable performance and expanded coverage. Revenue growth is targeted by year-end, supported by new streaming platforms, enterprise gains, and disciplined financial management. Regulatory changes and asset sales are being navigated to support deleveraging.
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Q2 saw strong wireless and media growth, with industry-leading margins and subscriber additions. Cable EBITDA rose despite revenue decline, and free cash flow surged 40%. Guidance and leverage targets were reaffirmed, with further efficiency gains and asset sales expected.
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Focus remains on expanding margins, integrating AI for efficiency, and leveraging partnerships for advanced technology rollouts. Fixed wireless and DOCSIS upgrades expand reach and capacity, while capital intensity is set to decline as investments shift from CapEx to OpEx.