Canada · Delayed Price · Currency is CAD Rogers Communications Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw 8% service revenue and 3% adjusted EBITDA growth, with free cash flow up 6% and CapEx down 16%. Full MLSE ownership is expected in Q4, with a minority stake sale planned for 2027 to reduce leverage. Capital intensity reached a historic low, and guidance for 2026 was reaffirmed.
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Disciplined revenue growth and cost management remain top priorities amid low population growth and regulatory pressures. Wireless penetration is rising through dual-device and wearable adoption, while satellite broadband supplements rural coverage. A major sports and media asset transaction is expected to unlock value and deleverage the balance sheet.
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The firm is consolidating its premier sports assets by acquiring the remaining MLSE stake and plans to sell a minority interest in the combined entity, targeting a CAD 20–25 billion valuation. Capital spending is being reduced as network investments wind down, while integration of sports, media, and telecom aims to drive synergies and customer loyalty.
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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 up 26% year-over-year, and sector-best margins. CapEx guidance was lowered, Free Cash Flow outlook raised, and the MLSE acquisition is expected to be accretive in Q4.
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Wireless pricing is stabilizing with less discounting, and churn is improving through bundling and loyalty programs. Fixed wireless and wireline expansion drive growth, while strong margins and cost efficiencies support financial performance. MLSE consolidation offers major synergy and monetization opportunities.
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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, stable ARPU, and robust free cash flow. 2025 guidance anticipates single-digit growth, ongoing capital investment, and a competitive market environment.
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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 subscriber additions and expanding margins. Cable revenue declined but EBITDA rose, and free cash flow surged 40%. Guidance for 2024 is reaffirmed, with continued focus on ARPU growth, efficiency, and disciplined capital allocation.
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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.